What Does a Second Trump Term Mean for the Markets?

We've got a lot to talk about and we want to get right into the meat. So we're going to take a quick break, but when we come back, we're going to talk about what the Trump presidency means for the markets, what you should be doing with your portfolio or your clients and what it means for the fed and interest rates in 2025.

We'll be right back.

Welcome back everybody. It's a historic day in the markets today, Wednesday, November 6th. Markets are popping. They're doing what the Trump trade expected to do. Stocks are up. Bonds are down. Small caps are popping. Crypto is hitting new all time highs. And like I said, bond yields. Are also popping. So, Chris, this is coming after the market.

The S and P 500 is up more than 20 percent so far on a year to date basis. Are you surprised at this type of reaction? If you look at the betting markets? They had anticipated a Trump win. A lot of investors had been positioning for this. Some folks were saying that the rise over the last couple months in the market was related to the potential for a Trump win.

Are you surprised?

[00:01:38] Chris Versace: I am a little surprised. But then again, Lindsey, , the Republicans took the Senate, as you pointed out in your opening. Comment. And I think that really makes , more difference than not right? Because remember, it's not just who's in the top seat, who's flying the plane, who is manning, , the ship.

And are we going to get somewhere? What's our, what's our um, God, Lindsey, I'm trying to, , finish the analogy here, but I'm stymied where are we going? How fast are we going to get there? We get any turbulence, any uncertainty along the way. Those are all the things. And to the extent that we wind up having a Republican Senate and a Republican house, boy, oh boy, does that potentially clear does that give us a clear flight path?

For tax extensions for less regulation and other things out there. And I think you're seeing the market respond to that. Is it possible we're a little bit ahead of ourselves? Yeah, I think it is. volatility is coming down and we get that relief pop. I'm sure Bob will have more to say on that.

But , let's wait and see where the house is. And I would also say too, let's wait and see. What matriculates from candidate and campaigning Trump to president elect and president Trump.

[00:02:52] Lindsey Bell: That's a very, very good point, but I think you made a smart comment there. I think something has changed and something big has changed.

And that's that we potentially have this red sweep, which you, me, Bob, a lot of people that are studying the markets and investing in the markets on a daily basis. A lot of times you'll hear us talk about how this. Like gridlock in dc is good for the market because that means nothing gets done and it's the status quo We know we know where we're going, right?

But I think what the market might like a little more is a pro business Government and that's what you have with this red suite pro pro business pro growth and investors are reacting to that today Now bob talk to me though about About volatility. We've seen a lot of different swings happening. do you expect volatility to remain elevated into the end of the year?

Now that we've had this moment past us. We can kind of call it the markets can calm down.

[00:03:49] Bob Lang: Well as you mentioned there Lindsey the election was just a moment it was being built up as some big giant long term event that was going on especially with implied volatility and I might have mentioned here a while back that People were buying volatility about a year ago because they were expecting some chaos and confusion and perhaps something similar to what happened January 6th, 2021 to happen.

So they wanted to, to make sure that they had some protection on. So people, again, a year ago, people were buying, buying this volatility that actually expires next week, but that didn't come to pass. And what ends up happening is after the event was over, in fact, we, I think by and large, the markets rallied yesterday because the election was going on and it was basically effectually over and we did see a little bit of a drop in volatility.

And now today on the 6th of November, we're seeing a huge drop in volatility as it's kind of a release of air out of the balloon not just a little bit at a time, but a lot of bit at a time, The VIX is down something like 25 for 30 percent today. Now, we have another event coming up this week, which is a federal reserve meeting, which starts started today and will end tomorrow with a policy decision.

And I, I think that once that is over, that's an event that was also Lindsey pricing in volatility as well, too, because , clearly the market is looking for a rate cut. The Fed somewhat signaled towards a rate cut coming, but we don't really know what the next meeting is going to be like in December.

So, again, the market is trying to Price in a little bit of fear and anxiety and confusion and doubt here into the markets. But once this event is over, I think volatility is going to come right back down. And we're in a seasonally strong period with volatility is usually pretty low. And I think that's going to continue.

[00:05:46] Lindsey Bell: Yeah, no, I will talk. We'll get into the Fed and interest rates later on in this episode, too, because I do think that probably is the next focus for investors. But, , the move, the pop we're seeing today, perhaps, , internally as individuals, we're all feeling a little emotional one way or the other about, , The outcome of the election and that's just kind of serves Chris.

I feel like as a reminder that You don't invest in the market based on politics, right?

[00:06:14] Chris Versace: Right

[00:06:15] Lindsey Bell: politics or emotions at the end of the day, right? and so , as an investor. Yeah, it's exciting to see a pop and stocks of 3 percent on the Dow more than 2 percent on the S and P 500 this morning. But what does it mean from a portfolio management perspective?

Because that's what you and Bob do on a daily basis. And I know we got a lot of folks. Financial advisors listening in and they probably are getting calls right from their individual clients. Like, what's the difference? What do you do as an active portfolio manager versus what an advisor should be doing?

[00:06:50] Chris Versace: I, I could tell you what we did do. Right? So, we talked about how , I, I lead the management of the Street Pro portfolio and we, we actually stepped in and picked up some shares of some different holdings. some of them had, come back a little bit. One of them reported earnings last night, but we liked what we heard.

Another company came in and announced the completion of an acquisition this is waste management that will take them into the medical waste field, some quick analysis said that the projected synergies are likely conservative, so we're able to up our price target but the only Trump trade, if you will, that we made was picking up some additional shares of a defense contractor, one that we've owned in the portfolio for some time , and the logic there is that during the campaign, Trump has talked about getting NATO to pay more.

And, , typically NATO countries have to dedicate or should be dedicating 2 percent of GDP towards their defense budgets. He wants to take it to 3%. Now he's one person. Do I think that's going to happen to 3%? Maybe not, but could it go higher? I think it could if that happens, it also means that U.

S. defense spending is going to go higher, and that's at a time when this company, Lockheed Martin, already has a record backlog. So, a lot of positives there, but the other thing, just as we think about Trump coming in , one of the things that he hung his hat on was cutting regulation. And that's likely to happen again, but , the other thing that we have to consider is that Lena Khan's term as FTC chair was over in September.

Now, are we likely to get to something you said earlier, a more business friendly administration? I think so. And that could take some of the heat off of big tech, especially Alphabet, which has really been in the crosshairs with a threatened breakup. So that's kind of how I'm. I'm positioning it. But, , as we again, as we get more insight on potential policy, that's what matters most.

Politics are one thing. We have to, as investors, follow policy. The last thing I'll say is, to the extent you see a huge pop, right, in one of your positions, if it becomes an outsized piece of your portfolio, do not be afraid to take some chips off the table, lock in those gains.

[00:09:09] Lindsey Bell: Yeah. It doesn't, it doesn't count as a gain until you sell Right.

[00:09:12] Chris Versace: you always Well, but, but here's the thing though. You don't, don't make the mistake that you have to sell all of it. Right. Just be prudent. Yes. Take some chips off the table. You can buy in increments. You can sell in increments as well.

[00:09:25] Bob Lang: one thing, one thing I was gonna mention here Lindsey and Chris is the difference between a Trump administration. And what we're in right now is Biden administration is the rhetoric is going to get raised up even more under the Trump administration. And some of the promises that he he made during the campaign. Some are going to be fairly easy to deliver on, but others not so much. And one thing that we've, Become comfortable with in the, the Biden administration is, is the quietness of how things are done unless it's a large situation like the warring in Gaza and in Israel or Ukraine and, and so forth.

So the rhetoric is going to be heightened and that's going to cause a lot more volatility in the markets. And. Maybe some of the, some of the promises , that he's made, even some of the things that the policy stuff that Chris was just talking about, , maybe it's just all talk and no action.

I don't know. I mean, all we can go on is from the four years that he was in there and, , of the things that he got done and things that he promised that did not get done. So

[00:10:29] Chris Versace: we'll have to see. Remember, remember Bob, I think you bring a good point up, but if you remember back, , one of Trump's Stock trade secrets, if you will, and this really not really a secret comes out of his book.

The art of the deal is to keep your opponents off balance, right? So he's like, maybe I will. If you remember in the last time he was president, maybe I will raise tariffs. Maybe I won't. Maybe I'll extend it. , we'll see. And it's that type of uncertainty that I think can bring about market volatility that you're referring to.

You are right. , the Biden administration was kind of more business as usual. Let's not disrupt things. And the market likes that.

[00:11:08] Lindsey Bell: Yeah, no, the market definitely definitely likes a lack of disruption, right? Certainty is what it likes. But what I would say, too, is you both kind of talked about it from an active management perspective, which I thought was really good.

Because Chris, what I heard from you was you you're making changes based on fundamentals first and then policy second, which I think is an important distinction. And I do think that This change in leadership is is an important one, and it is a bit of a game changer, and it is one of those moments in time as a long term investor, someone that's not actively managing a portfolio like you two are, but as as a long term investor, it is that moment in time where you think, okay, do I have exposure to the areas that new policy that is It's highly likely that I believe is highly likely to pass is going to benefit like tech has done really well for a really long time.

And like, I agree with you, I think tech has this opportunity now with Lena con potentially out But for long term investors, my point is, is it's not like the core of your portfolio should probably stay the same based on what your long term goals are, but you should have an edge and exposure to some of these areas that might benefit and run up more significantly in the next four years.

it's just different chunks of your portfolio is the way I would managed my own money. So.

[00:12:29] Chris Versace: Yeah, the only, the only thing that I would add to that, Lindsey, is, , as an investor, whether you're active or a trader, I'm, I'm more of an active investor but I think it still holds is, , you have to adjust your perspective as new data becomes available.

And at the end of the day, what we're talking about with Trump becoming president and the change in the Senate is a change. In the data, and we have to figure out how do we position ourselves as investors to take advantage of that?

[00:13:00] Lindsey Bell: I think that's a perfect summary of that. 1st topic you hit the nail on the head.

Chris. Thank you so much on though. Bob. I want to dig a little more into the Trump trade because. Small caps are popping. Crypto, like I said, hitting new highs. Energy doing well. Banks, etc. The list goes on. Now, some of those themes have been really riding into, in the last couple months. , are these trades that if you haven't been involved in or are there any that you like that are still investable at this point in time?

[00:13:32] Bob Lang: Yeah, , Chris and I had a discussion earlier this morning and, we both agreed that One of the new influencers in this election was a group of crypto investors who threw billions and billions of dollars because , they seem to feel comfortable and confident that Donald Trump was going to help their situation out , in terms of regulation , and so forth, at least here in the United States, , maybe not across the world.

So in previous years Donald Trump pooh, poohed the crypto world and didn't really believe that Bitcoin was a viable alternative to the dollar or other currencies. But now he, they throw money at him and he's embracing it. So , I still think that Bitcoin and crypto. At least the from a technical standpoint are still very, very strong.

I think that there are some other areas and technology that are good. But the one thing I would worry about is this is that anything that the Biden administration. Put together in these last four years, Trump has stated that he's willing to dismantle just about all of it.

And just last week, we heard some comments from Mike Johnson, who's the Speaker of the House, and somebody asked him about the chips act. And he said, Yeah, probably going to dismantle that. and lo and behold, I mean, some of these chip stocks, Tanked on that, but they're and obviously returning back today But still that is a worry that chris is talking about you have to worry about these sort of things happening out there The rhetoric there now, is he really going to dismantle the chip stack which created a lot of jobs which created a lot of supply and and helped all these companies Ramp up their AI.

I don't know. I mean, is that something that he's gonna hold prisoners over here among these technology companies. It's quite possible. I mean, all the cards are on the table, I guess.

[00:15:16] Chris Versace: So I'm going to take the other side of that, Bob. I think if he's trying to drive High paying jobs in the U.

S. I don't think he's going to fight reshoring, especially if he is at the same time talking about tariffs against, , non U. S. Friendly countries. , I also think, given what he wants to do on the defense side that he wants to ensure that we have adequate supply of he chips and related technology.

So I would say that that's more bluster than anything. I could be wrong. I could be wrong. But that that's just kind of the way I see it.

[00:15:47] Lindsey Bell: Then I I'll jump in and I, I kind of, I lean towards towards what Chris has has said. Also, I think that the 1 of the big changes with the Trump administration and potentially red sweep is is the benefits of small caps, which have run up recently.

But I think that they've got more room to run. If you look at it on a P. E. basis, they're like 17 times versus their 10 year historic average of 19 times. and, you know,, he's all about domestic growth and he's going to do what he can there. I think what it's going to come down for them. And we're going to talk about in the next segment really is, Is what our interest rates because they a lot of them have exposure to to the floating rate interest rates on their debt.

And so they're more sensitive to economic cycles, but if we're in this, potential pro growth landscape for the next, , Couple years it could definitely benefit these guys. So I kind of think there's still opportunity there I think you've got to be selective though

[00:16:41] Chris Versace: 100 it's funny you say that Lindsey because I don't think anybody's out there going I buy small caps Right.

People buy individual stocks or they buy, , they might get some small cap exposure through a particular ETF or something like that. But by and large, folks are buying, , individual securities. And I always laugh because, , people's like, well, the market is this. And I'm like, yes, but do you buy the market?

No, you don't. So just something to keep in mind. You always want to buy. In my opinion, well positioned companies that are growing their earnings faster than the market, or in this case, faster than the small cap average, and you want to buy them at a favorable risk to reward, trade off entry point.

That's all.

[00:17:22] Lindsey Bell: Yeah, and Bob, I like how you phrased that, though. Like, you were phrasing it as areas you're worried about. Like, the obvious Trump trades are popping like crazy, right? So where is there going to be weakness? One area I thought of just, I'll just mention quickly, but you could go wherever direction you want to, is housing.

my take, again, we'll get into, I don't want to get into interest rates because we'll do that in a minute. But I just think if interest rates are going to remain somewhat elevated, this could be continued to put pressure on the housing market or at least cause people to not move.

So I don't know, but that's just my quick two cents take. Bob, where do you, what else do you see risk?

[00:17:56] Bob Lang: I agree with that. I see some risk also in health care. I think there's some health care stocks that could be in trouble here, even though some of the deregulation is going to possibly occur and may free up some of these HMOs, but other areas in health care are going to have some difficulties.

And so that's an area I'd be worried about. I also think that , small caps, which Chris just mentioned are not necessarily a slam dunk. I know they're having a , good day here, but if interest rates start to rise, that's like kryptonite for small cap stocks. And we've noticed over the past year, year and a half, whenever interest rates go up, small caps go down.

I mean, higher interest rates are simply Portraying one of two things, either strong growth or higher inflation. And if we have higher inflation, which I think is going to happen Chris and I talked about this earlier, deficits far as the eye can see are going to keep exploding. The debt's going to explode.

At some point in time, some of these investors in bonds are going to say, Hey, look, you know what? Enough. I don't trust that I'm going to get repaid my capital. And, It's going to be where a full stop. We're not going to buy any more, fixed income or bond.

So I think the bond market scenario and certainly clearly the housing market with home builders, which, which is what you mentioned, Lindsey is going to be challenged in the next couple of years.

[00:19:11] Chris Versace: we got to get to this next segment because I got a lot to say on interest rates based on what you two said.

[00:19:15] Lindsey Bell: All right, well, then wrap this segment up for us. What do you think about the Trump trade? Is it still viable?

[00:19:20] Chris Versace: I think like any other trade, when you have a sea change, you're, you've got to figure out where. There's opportunity and where there's not. And I think you guys did an okay job spotlighting some of them.

I beg to differ on one or two of them. And we'll get into that in a second. But, but remember, the landscape is going to evolve and you want to pay attention to that data and formulate where you want to be over the medium to long term. , that quote from Wayne Gretzky, I go where the puck is going really stems to mind.

Thank you

[00:19:54] Lindsey Bell: All right with that, let's dive into the 3rd topic of the day. We want to talk about the Fed. We want to talk about interest rates. There's been a big pop post election in pre and post election the since the Fed started cutting rates. The 10 year was up 60 basis points going into the election today.

I mean, it was up to. 20 basis points at one point. I think it's going to probably settle below that. But this post election pop, I think the premise is on inflation. It's on tariffs. Given, , Trump is the tariff man. I think he calls himself that, right? Does the market have this right? I mean, we're almost at four and a half percent on the 10 year.

[00:20:35] Chris Versace: Yeah, , what's interesting, and this is the reason why I'm not as negative maybe on the housing market as you and Bob just were, is if you remember when he was last president, Trump was railing on interest rates and how much better the economy would be if he had a more cooperative Fed and that, oh, his economy is being published by, , high interest rates, blah, blah, blah, blah, blah.

I honestly suspect that to happen yet again. We also know he wants more favorable exchange rates So, a strong dollar does not exactly help him with that To some extent, so our strong dollar passed a certain point, I should say. So I suspect that he is going to hammer the Fed on being more accommodating.

And I suspect that, , the Fed will find out is already moving in that path. They want to get back to neutral rate. , we've talked about this several times on the podcast. I don't really see that changing other than the fact that the cadence to get there just Again, as we've talked about, may not be as quick as the market has expected.

[00:21:38] Lindsey Bell: Well, the market, Bob, this morning was pricing in, they're still pricing in. At least 20, 25 basis points at this week's meeting. And I didn't look at lost . December's. I think there's still a pretty good chance that December gets a 25 basis point cut, but I looked at 2025 and it's more like 75 basis points next year rather than the a hundred basis points that the Fed has penciled in, by the way, the dot plot, what are you thinking?

From an interest rate perspective, you heard what Chris thinks he's he Chris seems to think that our interest rates are going to come down,

[00:22:11] Chris Versace: come down, come down over time. Come on. Don't don't put words in my mouth. Sorry,

[00:22:19] Bob Lang: I think Chris is right about the cadence for interest rates and, to use a word.

From my good friend Lindsey Bell I think they're going to recalibrate the markets here a little bit and try and , give a little bit of religion out there in terms of timing , and saying the same mantra that they've been saying for months. We're going to rely on the data to, help us drive a decision, no more of this forward guidance.

And as, as the data. , tells us where to go with interest rates. We'll we'll drop them accordingly. I think the neutral rate somewhere between 3 to 3. 5 percent 3. 25. So there's really not a whole heck of a lot of room left to get there. I've been on record and Chris and I kind of agreed with this somewhat that.

It's going to take months to get to that three and a quarter to three and a half percent, maybe up to early 26. Right. if that happens, it's a slow slog. And now if Trump wants to come in and start. Pushing some buttons and telling the Fed what to do. That's a whole different argument, but I think that the path that the Fed is on is a good path, is a healthy path.

And once it gets down to that neutral rate, they stop. And we'll see how well the economy moves in a 3 percent Fed funds environment, 3 to 3 and a quarter.

[00:23:40] Chris Versace: Let's think of it this way too, right? So, by the time Trump gets sworn in, the cabinet's assembled, they start to put policy out, and it gets approved, and all that other stuff, this is not weeks we're talking about.

This is months, , potentially middle of the year, second half of 2025. So the Fed can continue to move and course correct as it sees fit, but also remember too that to the extent that, , Trump eventually wants a more , friendly Fed, Powell's term is up in May of 2026. That gives Trump a very strong second half of his term, potentially.

[00:24:20] Lindsey Bell: Yes, that's one job. I would never want

[00:24:23] Chris Versace: or are you kidding? And look, I think that Powell has done, , a very good job. , he's, if you really listen to what he says, I think you can really figure out what, where the Fed is going.

Too late,

[00:24:36] Bob Lang: Lindsey. I already submitted your name for the job.

[00:24:39] Lindsey Bell: Well, I would kindly decline it, but I don't think anyone else is voting for me.

[00:24:45] Chris Versace: Well, if you promise to, , make Recalibrate a drinking game, I'll be right there, Lindsey.

[00:24:50] Lindsey Bell: Yeah, I mean, at least Bob gave me credit for using recalibrate for for our listeners. I've claimed that word before, but Chair Powell started using it. I've been using it for a year, a year plus now. Anyway, moving past that.

I do think the market participants have gotten comfortable with a less aggressive Fed, but they do expect a dovish Fed. Yes, Chris.

[00:25:13] Chris Versace: I think that's right. I'll just say this, that I do think that as we emerge from the Fed's policy meeting the market should pay very close attention to Powell's comments, especially given the election, but also coming off of that wonderful, , in terms of the economy, October services PMI report where it's , the headline was up for services.

New orders were up for services. Employment was up for services. Inflation was actually ticked down slightly on the services side, but that, in my opinion, is offset by the renewal of inflation in the ISM's October manufacturing PMI. do I think that the Fed is going to say what Bob had to say?

Data dependent meeting by meeting? Absolutely. But at the margins, we have to really parse Powell's language just for some additional clues, because remember, when the December meeting comes, they're going to update their set of economic projections. So the market's going to be trying to be triangulating.

Okay, to your point, Lindsey, is the Fed going to dial back 2025? It said four. Is it more like three? What do we think?

[00:26:19] Lindsey Bell: I know, which is only a few weeks from this week. Yeah, think about it. But I, my problem with interest rates and the ability for the Fed to be more dovish regardless of presidential pressure that they might receive is that inflation has been sticky.

Like the core PC number 2. 7%, three months in a row, which is higher than the 2. 6 in June, which the Fed has pegged. 2024 for PC at 20 at 2. 6. So I'm sure they'll adjust that and they expect it to come down to I think 2. 2 Next year and it worries me like you like you're talking about the moving components like goods have been deflationary for several months now, but if Services have been inflationary.

Maybe there's a changing of the guard there and obviously tariffs are We don't know what they'll do. Like I was looking at an EPI report and they did this analysis and you can see the, the increase in tariffs in 18 and 19, but inflation didn't really spike to 2021. Who knows about the lag effect? I don't know.

But what I will say is that regardless of any of that, like, I just think spending and tax cuts and things like that, these are all inflationary things. And look at the deficit. So these are things that the feds has to be mindful of. It's not just the price of a good. It's these other things that create inflation in our economy.

And so I, I think inflation has been sticky and I worry it's going to continue to be sticky. Sticky and one last point. I just want to I haven't been thinking this for months I'm, just going to get it off of my chest and that is where are the people i'm not going to name them And I don't think either of you is one of them But where are the people that kept pointing to the zillow data where housing?

Prices were just falling off of a cliff and how Be deflationary and this that and the other thing We haven't seen that.

[00:28:13] Chris Versace: Well, not only that, you were starting to see rents go back up.

[00:28:17] Lindsey Bell: Yeah!

[00:28:17] Chris Versace: of all the things, that's what's been stuck in your craw, Lindsey Bell?

[00:28:21] Lindsey Bell: Yeah, because I haven't wanted to offend people.

[00:28:24] Chris Versace: Alright, well, well, I mean, your point, Lindsey, about all of that is kind of why I said that, , Powell's comments, should he opt to discuss the outcome of the election and the things the Fed will be watching? That's going to be important.

[00:28:37] Lindsey Bell: Yeah. Well, Bob, why don't you just wrap it up for us here?

Fed interest rates and Republican government. What's, what's the summary? What's the biggest takeaway?

[00:28:47] Bob Lang: Well, big segue here is that with this election, it's a completely new data point. Chris mentioned earlier for the Fed to consider moving forward with policy. And I think the policy statement that comes out tomorrow, along with some words from Powell are gonna be , really meaningful for us over the coming months.

And I'm looking forward. I'm kind of a Fed nerd. I'm looking forward to those projections that come out in December to see how things change because we're also going to get some new fresher data into their thinking into 2026 so not next year, but the year after, because I think a lot of this policy that's going to be implemented in 2025 is going to have an effect.

in out years, maybe in 2026, maybe even a year later. So I'm I'm looking. Further ahead than everybody else's

[00:29:32] Lindsey Bell: Bob. You're always one step ahead, aren't you? That's the options guy. All right We're going to take a break and we're going to come back and wrap it up with our biggest takeaways of the call Welcome back fellas.

That's a wrap for this week but what are our biggest takeaways? Chris, you start. Well, what did you learn this week from Bob and I?

[00:29:54] Chris Versace: I, I liked your reminder, Lindsey Bell, that inflation has been sticky. Despite everything else that we've been talking about, whether it's obviously the election or other economic data, , potential policy changes, , inflation has remained sticky, and there's reasons to think that it may not recede as quickly, and that could continue to cause a little pain for consumers, and that could prompt the Fed to do less than expected. We'll see.

[00:30:25] Lindsey Bell: Yeah, and I think it might be what hurt Democrats in the election, too.

[00:30:30] Chris Versace: Because, oh my God, did anybody watch, I watched Amazon Primes with Brian Williams last night.

If I had a dollar for every time that man said, what's the price for a gallon of milk, I, I would be a millionaire.

[00:30:42] Lindsey Bell: I did not watch it, but noted. Bob, what about you? What was the biggest takeaway today?

[00:30:48] Bob Lang: our discussion about a Trump presidency and what it means for markets was a very good, meaningful discussion between all of us here.

And I think that we all have to remember how things were about, , 2016 to 2020. And obviously the end of that term, we had a nasty pandemic that lasted for a couple of years. And, , if you want to Put an asterisk around that and then see what Trump's performance , was like, and , it wasn't horrible, but we'll see if that happens, I did want to close with one quick.

nugget here, maybe trivia or whatever. Trump's presidency. Now there's a gap in between the two presidencies. There was only one other president in history. Nope, that's not right. No, it would be sure it would be Grover Cleveland, Chris. It was Grover Cleveland back in the 1800s. He, he had a gap in his well, Roosevelt had two terms in Skipped and he ran again, but he didn't

[00:31:43] Chris Versace: that that must be what that must that's probably what I'm thinking.

Yeah He ran as an independent didn't he this is the second time

[00:31:49] Bob Lang: That's right. That's right. But Grover Cleveland they consider him the 22nd and the 24th president. So I don't know. I don't know if we were really going to consider Trump as the 45th and the 47th or whatever, or is he just the 45th?

I don't know. But yeah, Grover Cleveland won from 1885 to 1889. And then he won he skipped a term. I guess he didn't, maybe he ran a loss to the thing. He came back and again, 1897, 1897, Chris.

[00:32:13] Chris Versace: I am so glad you waited to the very end to spring this on us. Ha

[00:32:17] Bob Lang: anything to enrich the uh, Good luck, Lindsey.

Good luck. You gotta

[00:32:20] Chris Versace: wrap this up now.

[00:32:22] Lindsey Bell: I know. Well, now I'm ready for trivia, I guess, which I'm horrible at. But anyway, my biggest takeaway really was that while we got this big uncertainty, a massive uncertainty, For the market and investors out of the way there still are levels of uncertainty in the market and that's I guess what makes investing fun but the good news is is that I think it allows us folks that focus on the market to do what we do best and that's focus on the market and move on from politics at least for two years right so

[00:32:54] Chris Versace: it sounds like we still have jobs Lindsey

[00:32:57] Lindsey Bell: we still have jobs so

[00:32:59] Bob Lang: Lindsey, I did hear somebody actually mentioned yesterday that they're looking forward to handicapping the 2028 election. If we didn't get enough of it for the past couple of years, now they're looking forward to 2028. My goodness.

[00:33:14] Lindsey Bell: All right. I'm not going to think about that though, over the weekend. And I hope you, anyway, that's going to do it. That's going to do it. You chatter boxes check out the show notes and resources.

If you need more info, check out Bob at explosive options. net. Find Chris at the street pro portfolio, and you can find me on LinkedIn and Twitter at just Albelle. Thanks for listening. And we're going to be right back with you next week.