Trump, Tariffs, Mayhem – The Week From Investing Hell | From The Trenches with James Boyle

“When selling feels right, that’s when it’s most dangerous,” warns James Boyle in this week’s From The Trenches. Richard Taylor sits down with James to look at one of the most turbulent weeks in the market in recent history.

The S&P 500 took a massive 12% dive over four days, stirring up investor panic similar to past financial crises. This panic often leads to hasty decisions; James and Richard stress the need to stay on course, even when the stock market feels like a rollercoaster. A steady investment strategy is key to preserving long-term gains and avoiding reactive trading pitfalls.

Right after the market dropped, the S&P 500 bounced back with a 10% gain the third-highest since World War II, a perfect example of the volatility that can trap you into trying to time the market. Richard emphasises that while it’s natural to want to act during downturns, a buy-and-hold strategy helps you benefit from market recoveries instead of locking in losses by selling at a low.

Also, consider how taxes impact your financial returns. Using strategies like tax-loss harvesting during downturns can boost your after-tax returns. This involves selling losses to offset gains, reducing taxable income, and is valuable for long-term portfolio health. In times of market volatility, make sure your investment strategy matches your risk tolerance and financial goals.

We’re the Brits in America is affiliated with Plan First Wealth LLC, an SEC-registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

About Richard

Richard Taylor is a British expat, dual citizen (UK & US). Originally from Bolton, he now lives in Greenwich, CT, where Plan First Wealth has its head office.

As the firm’s leader, Richard launched Taylor & Taylor, now Plan First Wealth, and continues to fuel the firm’s growth. Richard is a Chartered Financial Planner (UK – CII) in addition to holding the IMC (CFA UK) and Series 65 (US – FINRA).

Connect with Richard on LinkedIn

Transcript:

Richard:

[00:00:00 – 00:00:16]

Welcome back to another episode of From The Trenches. This is a show where James and I get together and we bring you behind the curtain at Plan First Wealth as we build this business, and as we work with our clients to give you some insight into what it’s like building a business and working with clients. Hi, James.

 

James:

[00:00:16 – 00:00:17]

How are you, Rich?

 

Richard:

[00:00:18 – 00:00:58]

Do you know this has been an enormous week. This has been a – yeah, this is one of those weeks where we will – you’ll remember this in 30 years time. You know, there’s certain weeks in your career and this has been one of them. So just for anyone who’s listening, this is April 10th. We’re recording this. It’s just over a week since we had Liberation Day. The down up and currently down again a little bit. That the market, the journey the market has taken us on, it’s been a wild ride, a truly wild ride. And we’re going to, we’re going to just basically throw our agenda today and talk about talking, talk about this and what, what this week has been like for us.

 

James:

[00:00:58 – 00:01:06]

Whiplash, right? That. That’s the word that keeps coming to mind. And our clients are feeling it. I think we’re feeling it professionally.

 

Richard:

[00:01:06 – 00:02:12]

I was, I was almost in a state of shock, honestly, last night, just, just, just digesting what had happened. It really like, it. It took me back to that week, that. The week in Covid where all hell broke loose, everyone got sent home, market absolutely tanked and everyone panicked. Everyone panicked. It really took me back to that and before that it took me back to the global financial crisis when Layman went down. But I wasn’t advising clients then. I was working for Scottish Widows and going around seeing financial advisors, which is totally different, working with clients whose money is, is on the line here and who, who you’re responsible for, for managing their money. It’s a whole different gravy. And yeah, you really feel it. You really feel it. The, the risk. We take this responsibility very, very seriously. And when these times happen, despite knowing they’re going to happen, despite being. Knowing they’re going to happen multiple times, and despite having absolute confidence that everything will, will work out in the end, we will recover. It really does weigh on you. I dreamed about a client on Sunday night.

 

James:

[00:02:12 – 00:02:15]

It’s hard. That was someone that was investing right over the weekend.

 

Richard:

[00:02:15 – 00:02:32]

It was someone who, you know, we’d got some cash, that there was a great opportunity. I’d advise them to invest some of it. And, and I know I’d done the right thing. Bigger picture. I know I had and yet on Sunday night, I had a dream about where. About them investing their money.

 

James:

[00:02:33 – 00:03:44]

We’ll talk about the emotional side of things. Right. And that is chiefly what we work through. Right. What our clients. We’re there to talk with our clients through periods of uncertainty like this and pretty extreme uncertainty. Right. Just taking a step back, obviously, the S And P dropped 12% in four days, one of the largest routes since World War II. People notice that. Right. When it starts to hit the mainstream medium, obviously we’re looking at headlines on financial websites and reading about this as it happens. But when you start hearing Joe down the street ask you, should I be selling out? Or friends or family members coming to you and saying, pure panic, it’s like you see the whites of their eyes, and it’s hard not to empathize with that being in our position. Right. That’s part of what we need to do is bear some of that emotional weight while also retaining some level of rationality and, you know, a plan going forward to help people get through this white knuckle or not. Right. And that’s kind of key is looking beyond this immediate turmoil to what comes next. And what does my plan suggest I should be doing at a time like this?

 

Richard:

[00:03:44 – 00:03:47]

Did you get the texts and calls from?

 

James:

[00:03:47 – 00:04:21]

I did. I absolutely did. Yep. And people that I would say are normally fairly stalwart and come to me for, you know, advice here and there, and I try to help where I can, but even people who historically have been pretty relaxed and take a broader view of things are feeling it, which is understandable. Right. It is in some ways unprecedented. You never want to say this time is different because, of course, each shock, economic or otherwise, is. Is different in its own way, but we know the outcomes are the same and we have confidence in that.

 

Richard:

[00:04:21 – 00:04:38]

Yeah, no, I’ve had. I’ve had texts and calls as well, and there’s a couple of people who I know when I know. It’s like a signal for me. Yeah, I know. Oh, it’s reached a fever pitch. And, Yeah, I got those on Wednesday morning. Right. Just before.

 

James:

[00:04:40 – 00:04:55]

You know, surprisingly, the last time. I don’t know if you got this. I’m reminded of the SVB bank collapse. Yeah. I was getting texts and concerns and calls then, which in retrospect feels like an overreaction.

 

Richard:

[00:04:55 – 00:04:55]

Right.

 

James:

[00:04:55 – 00:05:18]

Obviously, with the benefit of hindsight, that didn’t turn out to be a larger banking crisis. But in the moment, you. You know, no one is to know that. Right. We don’t know what that next step is. And that kind of uncertainty is what generates this. It’s, it’s pure lizard brain, primitive anxiety, fear. And it’s understandable, it’s completely valid, it’s absolutely understandable.

 

Richard:

[00:05:19 – 00:07:41]

But it’s also so dangerous. And I’ve been spending a lot of time on, on Reddit actually recently, and I’ve been finding that quite helpful because you realize everyone’s going through the same thing. You also realize that good advisors really, really care and it weighs on them. There was a guy last night, I assume it’s a guy, it could be a girl agonizing. A twenty million dollar client had, had gone to cash. I don’t know if it was the whole portfolio the day before the huge rally of Wednesday. And this guy was, our girl was just agonizing over did I do enough? And they went, there was a whole story behind it. They tried multiple times to save this person from going to cash and eventually they just, they insisted. And we are advisors, we’re not dictators, we’re advisors. And ultimately we have to take direction. And this person, this big account had gone to cash the day before the rally yesterday. And this person was just in bits about it. And I can tell you from the COVID crash, we were, we were sufficiently small then that we could call every client. And we did. And I, and one of my clients went to cash and I did everything I could to talk him out of it. And this guy is really smart, really sophisticated, very, very successful. And he just said to me, richard, this is different, stop. Basically said, stop, stop. I don’t want to hear it. Yeah, it’s different. And he, and he, he, he listed all the reasons why it was different and he was right. And he said, I’m telling you right now, this is what I want to do. Go and do it. And I had no choice. I want to do it. And obviously, you know, we know what happened afterwards. And at the time I was emailing out weekly and you know, my weekly emails would say, this is why we don’t buy it, this is why we don’t time the market, stay with it, et cetera, et cetera. And at some point later on he said to me, I feel like every one of these emails is targeted, targeted at me. And he said it friendly because we got back in the market pretty soon actually, which is another important point. But he missed, he did miss out. He crystallized a loss. He didn’t crystallize. He got back in when it was substantially higher. And the reason I’m telling you this story is that’s one client out of all the clients we’ve. We’ve got. And I will remember this to the day I die. It stays with you. It’s a fail. It feels like a failure.

 

James:

[00:07:41 – 00:07:41]

Yeah.

 

Richard:

[00:07:41 – 00:08:02]

Our whole mission is about many things, but trying to not let people fall make that unbelievably common. Certainly according to Reddit that I’m seeing right now, unbelievably common mistake. And we failed. And. And I feel it. Still feel it five years on. And I feel it going into this one because I don’t want another failure on my. On my hands.

 

James:

[00:08:02 – 00:09:02]

We’ve talked about this. I know. Last time we did a friend, the Trenches, we talked about when selling feels right, when it feels most attractive, that’s actually when it’s most dangerous, generally speaking. So it’s a threshold of pain. Right. And sometimes people cross that threshold and they are screaming for relief. I mean, they want it to end. Sounds like this client similar story. And it is really difficult to try to. You know, I’m sure you had conversations and rational reasons and logic and stats that we can share all day long. Yeah. When. When the emotional state is such that we are in that peak panic, fight or flight. Right. And their answer is flee, it is really difficult to. To feel like you lost that battle. Right. Or that conversation or, you know, a decision was made that, you know, at your heart is not what is optimal long term.

 

Richard:

[00:09:02 – 00:09:27]

Do you know what, James? This feels like the right time to bring. We. We had a. Our biggest fan left us a comment on YouTube recently, and I’ll read it out to you. This is. I think this is in response to one of our clips. Not the full podcast, one of our longer clips. Worst podcast I’ve heard in a while. No data or anything. Like two emotional girls talking.

 

James:

[00:09:28 – 00:09:31]

It’s sort of impressive to be the worst one. That.

 

Richard:

[00:09:31 – 00:11:14]

That’s the worst ever. In a while. Sorry. In a while. Yeah, maybe it’s not that bad. So the reason I share that right now is. Well, first of all, just a point of order. In the actual clip he’s talking about, we literally quote from a J.P. morgan study. Like, literally provide data to what we’re talking about. But that’s kind of beside the point. That is beside the point, because this whole thing, this pod, specifically this, that we’re doing from the Trenches is not about data. You know, there are. Obviously data is a big part. Data and evidence is a big part of our job, each other portfolios and other such things. But really the biggest part of our job is managing people. The behavioral side of it and that is all emotions and from the trenches. This podcast is meant to bring you behind the scenes as we build the business and work with clients. And most of our work with clients honestly is behavioral and emotional. The data stuff, the evidence stuff happens behind the scenes. We build the portfolios. The working with people is emotional, is behavioral. That’s always the case in times like this. The week we’ve just been through and especially like the last four weeks since all this tariff, tariff noise started, really building. It’s all emotional. And if you want data and stats, there are podcasts out there that do it much, much better than we’re ever going to because we’re not even trying. Go listen to the compound of friends I do every single week. I love it. We are all about the emotional, the client, the from the front lines working with people to help them make better or good decisions with their money and their wealth to achieve better outcomes. And that, my friend, is emotional. It’s behavioral. Especially right now.

 

James:

[00:11:14 – 00:12:10]

100%. 100%. The emotions outweigh the logical brain, rational brain at this time, especially even at the best of times, quite frankly, and I’ll go one step further, that, you know, our hope also is that when we share these client experiences and share, you know, what we’re doing behind the scenes, that that helps people stay the course or stick to their financial plan. Investing feel inherently isolating. Right. If someone’s just looking at their 401k and they’re seeing these paper losses, it’s upsetting and not feeling like you have support or an advisor or a planner or that other people are going through similar cycles and thoughts and uncertain feelings. That’s dangerous. We want to provide a platform to share some of these stories, let people know they’re not alone. And it is valid, like I say, and understandable to feel anxious at times like this and leave comments on YouTube.

 

Richard:

[00:12:11 – 00:12:29]

James, I have that feeling and I truly drink the Kool Aid. You know, I, we, I live and breathe this stuff and I have you and Martha. And I still go find myself on Reddit on the CFP forums, benefiting from the experiences and stories other advisors are sharing.

 

James:

[00:12:30 – 00:12:30]

Like.

 

Richard:

[00:12:30 – 00:12:43]

So if we feel this and this is our day job, this is, this is our raison d’etre. Just imagine what it’s like for other people who aren’t as perhaps steeped in this as we are, which is pretty much everyone who’s not in the industry, right?

 

James:

[00:12:44 – 00:12:52]

Yep, absolutely. It’s really. You can get in your own thoughts very easily. Right. As an investor feeling I really.

 

Richard:

[00:12:52 – 00:12:53]

Yeah.

 

James:

[00:12:53 – 00:13:42]

So last episode we talked a bit about diversification. Right. We’re not going to go stats heavy. We’re talking about the emotional side today. But I thought yesterday was an interesting illustration of one of the points we had made, which is that the best days in the markets tend to cluster around the worst days. Right. So we came off this 12% route of the S&P 500. We had conversations with clients with higher risk tolerances, obviously, who were discussing, I have some cash on the sidelines, I want to get invested. I see this as a buying opportunity. We’re all for that. If this is a long term play, you’re not going to need these funds immediately. You rarely see 12% off in a few days. What’s the old adage? Stock market’s the only store that posts 25% off and everyone rushes to the exit. Right.

 

Richard:

[00:13:42 – 00:13:46]

So. But I can’t, I can’t let you continue without just wondering. Adage.

 

James:

[00:13:47 – 00:13:49]

Is that. What’s that? Is that too French?

 

Richard:

[00:13:49 – 00:13:50]

I don’t know.

 

James:

[00:13:50 – 00:13:50]

It was.

 

Richard:

[00:13:50 – 00:13:53]

I mean, I’ve never heard the old adage.

 

James:

[00:13:54 – 00:13:58]

I try to go for the. What’s the other one? That niche.

 

Richard:

[00:13:58 – 00:14:05]

That niche. Or you would say niche, but I’ve never heard. So is that how Americans say it or is that.

 

James:

[00:14:05 – 00:14:08]

No, that’s how Philly. That’s how South Philly we say it.

 

Richard:

[00:14:08 – 00:14:16]

Okay, okay. Well, in Britain, we say the old adage. Look, what was the old adage?

 

James:

[00:14:16 – 00:14:24]

The old adage was the stock market’s the only store that posted 25% off.

 

Richard:

[00:14:24 – 00:14:26]

Oh, that older Dodge. Yes.

 

James:

[00:14:26 – 00:14:27]

That auto Dodge.

 

Richard:

[00:14:27 – 00:14:27]

Yes.

 

James:

[00:14:28 – 00:15:56]

Now it sounds like, isn’t Dodge the one that’s cutting all the. I’ll really lean into the Philly accent. We could see if that boosts my credentials at all for the podcast, you know, and we don’t mean to be dismissive and glib, obviously. Right. But 12% off in four days. If you have cash on the sideline and you’re looking at this as a long term opportunity. Absolutely. Go ahead and get it into the market Yesterday. And again, we’re recording this on 10th April, market was up 10%, third highest gain since 10% in a day. And it’s just, you know, you don’t see that. Right. That was the third largest gain since World War II. Highest since 1950, I think. So you are talking about volatility to the utmost extreme. And the problem becomes, if you make the wrong decision and sell and then you miss, what will be the recovery? I cannot. We don’t have A crystal ball. I cannot tell you if this is ultimately going to be a recovery, if we are going to leg down another 20, 30%, right. We do not know. But if you are in, in hindsight, the early stages of the recovery and you miss that first 10% step up, you are permanently damaging your portfolio, your returns. And not only, you know, that’s too abstract. Your potential future lifestyle in retirement, right. To tie it into what we do in planning, those are errors. Those are own goals that are really, really difficult to overcome.

 

Richard:

[00:15:58 – 00:16:21]

That really is what’s at stake here. You know, people just think with some of the stock market, as you say, it’s all very abstract, but, but it really, at our level, we’re talking about people’s futures, their future lifestyles. I think that’s why it weighs so heavy. But it’s really hard because everything is screaming, you know, protect myself, protect myself, take action, take action. We all want to take action. That’s how we’re hardwired.

 

James:

[00:16:21 – 00:18:08]

And there are things you can do, right? Not saying time the market, not saying go to cash and then panic. But there are actions you can take at a time like this, when it’s top of mind for everyone to feel better going forward or to start to implement a plan. Number one, like I mentioned, we’re beating this horse about diversification. But if you are someone who is diying your investments or looks at your 401k once every five years, maybe it is time to take a look and see where you’re overexposed. Do your investments reflect your own risk tolerance? Which can be a difficult question, right? Until you get a test like this, ensure that your investments are aligned and make you comfortable in such a way that you won’t panic. And also, you know, we’ve talked about the mechanism of rebalancing, but tax loss harvesting as well, if you have a taxable brokerage account, if you are dealing with different tax vehicles going into retirement, right, Maybe you have a mix of Roth accounts, pre tax accounts and taxable brokerage. You should be doing your utmost most to ensure that your after tax return is as high as it can be. And there are different strategies there. Tax loss harvesting is one certainly that you’ll see in the headlines and people talk about. It’s something we implement systematically for our clients. These periods of intense volatility offer an enormous opportunity to not only defer or save taxes immediately, you know, taken off up to $3,000 in ordinary income for this current tax year, but also deferring against gains next year, the year after and beyond. So there are things you can do, right? Obviously not trying to time the market and sell and all those things, but there are actions you can take now while it is top of mind to ensure that your plan is in place and you know what you’re doing moving forward.

 

Richard:

[00:18:08 – 00:18:11]

Absolutely. Never let a good crisis go to waste.

 

James:

[00:18:12 – 00:18:16]

That’s a good adage there, what a Natasha one is.

 

Richard:

[00:18:16 – 00:18:26]

You know, the other thing I’ve noticed from my Reddit travails is how much the buy and hold message is despised.

 

James:

[00:18:26 – 00:18:27]

Yes.

 

Richard:

[00:18:27 – 00:19:19]

Almost like it’s some conspiracy we’ve all cooked up. There’s various investing forums and there’s a real, there’s a real mismatch between advisors who are, who obviously like, like us. Truly, truly to their core. Believe this based on everything we’ve studied for many, many years that you get, find the appropriate portfolio, be diversified, buy it and hold it or just quite simply all you have to do. Incredibly simple. At a certain level, not very easy. And then the, the mental anguish that we expire, trying to get people to follow that and then a whole host of people who essentially think that, that that’s basically a scam and it makes them viscerally angry.

 

James:

[00:19:19 – 00:19:33]

I was gonna say visceral reactions. Right. You, you feel that fury, almost rage that there is no one size fits all, quick fix solution. And the truth is there’s not. Yeah.

 

Richard:

[00:19:33 – 00:20:36]

That at its core is that simple. You know, once, once a comp, once a hard, complicated stuff done is building the portfolio, the appropriate portfolio, getting your risk profile thereafter. The message is largely, and there’s always some stuff to do around the edges, but like you just mentioned tax loss, harvesting, maybe some tactical stuff, but largely it’s just hold it through hell or high water for 50 years, 60 years, whatever it is, that, that’s it. Simple, incredibly hard. And yeah, it makes people angry, like we’re conning them. I think part of it is just like it can’t be this easy, it can’t be, sorry, it can’t be this simple. And then the second part is, I think it’s almost a knee jerk reaction to if this, if it’s this simple, why would I ever need. Ever need help? Because you’re a human. We’re all humans. We’re hardwired for an entirely different era where the response to danger was to get the hell out of Dodge, to shift, to move, to take action. And now we’re here preaching the exact opposite of that. And I think, and it really does, it really, really gets people angry and upset.

 

James:

[00:20:37 – 00:21:07]

It Goes against the very most basic fundamental human instincts that when we sense danger, move, take action, do something. Don’t just stand there. And unfortunately, that is the exact wrong advice when it comes to investing. Again, from a fundamental sort of core positioning point, we’ll get listeners who say there’s things I do on the side and they’re strategic and tactical. Fine. But at its core the philosophy is to, to, to buy and hold essentially.

 

Richard:

[00:21:07 – 00:21:45]

I do believe. Look, I know we do so much more than investing, particularly in the cross border space. But it’s times like this where you do realize, oh, we’ve got a job for life. Because it, it’s just so instinctive to do the wrong move. And I believe, I truly believe, I’ve been through enough of these to know now that we, we do make a significant difference in people’s lives. And we have been part two. We have been, we a direct result. People have got a lot more money in their accounts because we’ve been there through with them, through periods like this. So it’s. These weeks are really brutal. But this is when we earn our stripes. All right. Do we need to flog this dead horse?

 

James:

[00:21:45 – 00:21:51]

I think, I think we’ve, we’ve done enough. My adages are out. I don’t have any more to share.

 

Richard:

[00:21:51 – 00:21:59]

Yeah. And I’m. I think we’ve suitably left out any and all data and facts.

 

James:

[00:21:59 – 00:21:59]

Yeah.

 

Richard:

[00:21:59 – 00:22:04]

I was gonna say two emotional girls. Which is a bit sexist, mind you. That is.

 

James:

[00:22:04 – 00:23:05]

That is. Yeah, I agree. That was the most objectional part. I really enjoyed the comment. I think I told you. I told my mom to stop commenting on the YouTube. She won’t listen. A quick stat so that we’re not getting these comments right or that we’re appeasing the people who want the stat. And I shared this last time. I do think this is pretty striking. We talked about Compound and Friends. Very investment heavy. We really are fans of what they do over there. Callie Cox has a newsletter part of their team. In the past 20 years, if you sold on a 2% down day. Now we’ve just gone on about four or five of those. Right. The past week. If you waited two weeks. Just giving you an idea of how quickly reversals can happen. You miss out on a third of your total gains. I know I shared that last time, but I think that’s a really striking picture of you sell out, you panic, you get back in two weeks later. That’s how quickly you can get back in and be re exposed to the market. You’ve cut Your gains by a third. Stunning.

 

Richard:

[00:23:05 – 00:23:09]

Yeah. Get out of here with your stats and.

 

James:

[00:23:09 – 00:23:10]

Yeah, yeah, that’s it, James.

 

Richard:

[00:23:10 – 00:23:12]

I’m only here for dodges.

 

James:

[00:23:12 – 00:23:14]

Go back to Gavin.

 

Richard:

[00:23:14 – 00:23:21]

Yeah, right, listen, before we wrap up, anything you’re watching, reading, consuming now of interest, Pick and mix.

 

James:

[00:23:21 – 00:24:12]

You know what? I was struggling. I don’t know if it was the mental, you know, the toll this week of the stress and feeling our clients going through this uncertainty. I have a run and I’m curious to hear if you have these. I’ve read about three or four fiction books in the past month. All of them have been complete duds. And I am. I tell myself I’m, oh, I’ll just not finish. You know, I. I struggle with that. I try to force my way through. And you’re never. You’re never glad you did, like, halfway through a book if you think maybe it gets better towards the end. It doesn’t usually. And I’m not gonna. I don’t want to end on a sour note, so I’m not gonna name what it was. But, yeah, just three or four in a row that really I was frustrated by. So instead, White Lotus.

 

Richard:

[00:24:12 – 00:24:19]

I’ve not watched it yet. No spoilers, please. Waited for all episodes to drop before hitting it.

 

James:

[00:24:19 – 00:25:17]

So I’m not gonna say any spoilers. I’m not even gonna say my feeling on the season. But I’ll say this. It is such a unique show, a blueprint that you’ve seen in season one and two, that on its surface, if you tried to describe what it is you like about it to someone or why it’s so compelling, it would be difficult to do. But it is really fascinating, riveting television watching. Again, no spoilers. There is a cameo by a fairly high profile Hollywood actor. I had no idea this person was in the show. He has a scene. You will know the scene when you finish the season. That is one of the most compelling monologues in a show I’ve seen in years. And it comes out of nowhere. And it’s a. It’s a dialogue between this person and someone else. And it is one person monologuing and the other person reacting. And it is fantastic. Television is really compelling. Yeah. So enjoy it.

 

Richard:

[00:25:17 – 00:25:38]

I won’t say any more on our agenda. You know, I’m struggling and I’ve actually stopped. And I know I need to pick it back up again with severance. Season two. And you told me, and I’ve heard elsewhere, that it starts as a bit of a slogan and it ends on a enormous high. But I’m in the slog part right now and yeah, everything we’ve had this week, I’ve not been mentally prepared for a slog. I want some easy watching.

 

James:

[00:25:38 – 00:25:58]

It is not easy watching severance is. It’s. It’s pretty dense. Yeah, I thought that. Again, I won’t spoil, but I thought the season ended really strongly. Yeah, but in the middle, you’re kind of these, these sort of mystery box shows, you’re thinking, am I enjoying the act of watching this or do I just want to know, like, what’s happening, what comes next?

 

Richard:

[00:25:59 – 00:26:08]

Yes. And I’ve got to. I’m. I’m in right in the middle and I’m kind of like not really enjoying it, but like you not wanting to put the book down. I want to find out what happens at the end.

 

James:

[00:26:09 – 00:26:11]

Sunk cost fallacy, right?

 

Richard:

[00:26:11 – 00:26:12]

Cost fallacy.

 

James:

[00:26:12 – 00:26:16]

Yeah, yeah, I said sunk cost fallacy. There. I’m really struggling pronouncing today.

 

Richard:

[00:26:17 – 00:26:51]

It’s the week we’ve had, my friend. It’s the week. All right, so we will get back together in four weeks. So since we did our last one, last time we did this, the market was already down 10. He was making noises about tariffs. And then in the four weeks since then, boy, oh boy, did we get terrorists ratchet. Yeah. Did we get tariffs? Well, we got tariffs about six hours and this whole thing’s about China, let’s be honest. But anyway, we’re not going there. I wonder where we’re going to be in four weeks time. I really.

 

James:

[00:26:54 – 00:27:16]

Yes. Just. I know we end with this little button of. Check us out on YouTube. We don’t usually say to subscribe through Apple Podcasts wherever you listen to podcasts. And if you can give us a five star rating, it really does help with Apple’s algorithm. As much as we love the stunning, glowing YouTube comments, we get that rating. Five stars really helps out.

 

Richard:

[00:27:17 – 00:27:24]

But yeah, please go and subscribe. Give us a rating or review. We appreciate it.

 

James:

[00:27:24 – 00:27:26]

Thanks all for listening. See you in four weeks.