Republican Outsmarted Wall Street with Political Value-Based Investments

TRANSCRIPT

Kevin Schneider: [00:00:00] Welcome to The Hidden Money Podcast. Our guest today is Hal Lambert. He's the founder of Point Bridge Capital and creator of the politically responsible Investing Strategy. Hal has over 20 years of experience managing investment portfolios and has been active in Republican politics for over 15 years.

He frequently appears on CNBC and Fox Business to discuss global markets, the Federal Reserve policy and the economy. If you're a Republican and wanna align your investment portfolio with your values, you're really going to enjoy today's episode.

Mike Pine: Welcome, Hal! Thanks for joining us, very much. We appreciate your time.

Hal Lambert: Yeah. Thanks for having me on.

Mike Pine: Before we get into any direct questions or detailed questions, how did you get into what you're into? Who gets into big investment managing of billion dollar portfolios? How did you get there?

Hal Lambert: Well, it's a long process, right? But I've always been in this business. So, when I graduated from college, I went directly to work for a closely-held private bank, managing fixed income. I then went on and got an MBA, [00:01:00] and then went into the hedge fund world and worked for a hedge fund in Connecticut, doing convertible bond arbitrage, and ultimately became a portfolio manager and managed all the discretionary money for the region for JP Morgan and Ultimate Credit Suisse, and then started my own firm, Point Bridge Capital, in 2013.

So, I've been doing it a while; I've always enjoyed it, and the process of launching a political investment strategy grew from being involved in politics as well as investments. I basically combined the two.

Mike Pine: Very cool, very impressive! So, you are the only client I've had that has created their own ETF..

Tell us about your ETF - what was the background... why you decided to create it... and also, we'd love to hear about its incredible performance, especially why everything else is down this past year.

Hal Lambert: Yeah. It grew logically. I'll give you, kind of the backstory on it.. there's a lot of left-leaning investment approaches out there. The whole ESG movement, which stands for Environmental Social [00:02:00] Governance - people may have heard about it - it's being pushed in a huge way right now.

In fact, the Biden administration came out recently and said that the pension plans and government funds should start investing according to ESG.

And I can go into that a little bit at some point, but the gist of it was there's a lot of left investment approaches out there; there was nothing on the conservative side - literally zero. I was sitting at my desk one morning and Target had come out and said that they were going to this was in 2016, that they were going to open up their their dressing rooms and their bathrooms to whatever gender you identified as, and I was like, "Wow! I think that's going to be bad for the stock."

.. and I own Target. I sold it that morning out of the portfolios I was managing. Then shortly after that, you started to receive some protests on it and people were upset about it and they were speaking out against it. There were literally protests on Target, and I started thinking, "A lot of these people are protesting Target, and they probably own it in their mutual funds and don't even realize it.

So, they're saying [00:03:00] they're not going to shop at Target, but they actually own Target stock through some sort of fund vehicle. That's what led me to start thinking, "How can someone invest, based on their political ideology, more to the conservative side?" and I created the ETF in 2017.

So, it launched in September. It's now been out over five years. It's got a good track record, but what I did was, I didn't want it to be me personally deciding what company is conservative or not conservative. I decided, what really makes sense, and this kind of comes from my political background, is let's see where they're actually giving their money.

Where are these corporations giving their political contributions and where their employees giving their money? And so I screened the S&P 500 for those political contributions and I took the top Republican-supporting companies in the S&P 500 and created it. It's a top 150 supporting companies.

And because money matters in politics, at the end of the day, you can't get elected, unfortunately, in this country without political contributions, and that first screening I did it, there were.. the companies I put in the [00:04:00] portfolio had given literally over $ 120,000,000 more to Republicans than to Democrats.

So that's very meaningful and very much will affect election outcomes, and I felt like the Republicans were better for the economy, better for corporations. I felt like the management teams that leaned that way would run their companies better, and I felt like that investment approach would be very much in line with what some of the people out there would like to see from an investment perspective.

Kevin Schneider: That's a tremendous idea. Yeah, that is a great idea...

and just thinking how... so how are you scrubbing your data? Because that's so interesting that you can actually trace and find the cash, 'cause they're public companies that have audited financial statements. So, are you just looking at the footnotes, the balance sheet, P&L.. How are you finding this detail, and how do you weed someone out?

Hal Lambert: Actually, you don't have to go to the reporting. Any political contributions above $250 have to be reported to the Federal Election Commission. So that data is public. And you can see [00:05:00] in the political action committees, the PACs of the corporations, that information is public.

So, you can screen for what the companies are doing politically and then the employees - when you give money politically, you put on there who your employer is. So, that information is public; So, you can scrape it. I hired a data sign this week, we scraped the data and pulled that information because it is public and that's how we did the screening.

People think, "Oh, corporations, they just started getting woke. I don't understand what happened. No. This has been pushed for literally 30 plus years and it's taken that long to get traction.

And you're seeing the fruits of what they've done playing out everywhere around us.

Mike Pine: It's one thing, I think, for governments to be woke, but when businesses start being woke, it makes a big difference in your investment.. in your investment returns, right? Why? Without getting political, we're here and trying to help listeners find hidden money in all areas, especially the tax code.

We'll get into that in a second, but why is it bad from an [00:06:00] investment perspective, for money to be redistributed based on social values versus economics?

Hal Lambert: Well, there's a lot of things happening, so as a corporation, if you are constantly bombarded, which they are - publicly traded companies with ESG requirements being pushed at you by these 501 C3s you spend a lot of time on it. I've talked to CFOs that spend, huge amounts of time preparing reports,

and a lot of these reports are, "How do you cut carbon emission, and how do you do..."- you look at all the expense around this and a big, big part of this is reducing fossil fuels in your business, right? - which is not the business of outside groups to dictate that type of policy.

So, you're going to, by definition, increase cost if that's all you're focused on... is instances like that. Believe me, that's a huge factor in what they're doing. They're also pushing all kinds of requirements for hiring or board positions. They effectively are trying to do what they [00:07:00] did to the colleges and universities.

That's what they're trying to do to corporate America. And it works - it's all the way through. So, if you're out there and you think, "Oh, I don't work for a big public company, that's not going to affect me..." it does, because they're pushing it down to their suppliers; they're requiring their suppliers to have the same woke policies.

So, it's really bad economically for the entire system here in the United States, because it's not about the shareholders - it's about agendas, and that's why people should care because as they're investing in companies, the 'woker' the companies are, the more likely they're going to be less profitable.

And you're starting to see that - these companies were able to get away with it for a number of years because we had really good times, right? Free money, low interest rates, Facebook and Google and Amazon, and all these groups were making lots and lots of money, and they could do all this woke stuff...

and now they're laying off employees, their markets, their profits are going lower, and they're starting to realize maybe we ought to focus on our business, and will these policies that we're trying to push[00:08:00] be able to continue? I think it's going to be interesting to see what happens over the next two, three years as the free money has now been pulled away.

Mike Pine: Great point.

Kevin Schneider: So, as a general investing strategy, just taking a step back.. 'cause I love the idea of investing where your heart is, but also... (what Mike was saying - I want to invest in what my heart's in), ..But I also wanna make money. So is the ETF you have... do you combine that with other investments to make it more secure.

It just seems like it might be a little not risky but not as diversified as you could be if you had the whole market available to you. Do you find it more risky to be in just some single-targeted fund like this or do you hedge your risk by other investments outside of that or someone you know interested in this?

Are they strictly investing in this, and this alone, and you try to diversify the E T F itself inside to kind of hedge some of that risk?

Hal Lambert: Yeah no. I don't have any client that's just in the C T F. So, this is something you [00:09:00] could add as part of a portfolio, but as far as the risk goes, so think about it this way - one of the ways I've controlled risk on it is you have to be an S&P 500 company. So the S&P 500 does a pretty decent job of making sure you don't have companies in there that are going to go bankrupt. You have quality companies that're typically going to be kicked out of the S & P prior to getting even close to bankruptcy. So, you've got that screening mechanism, and then it's diversified - it's equally weighted with 150 stocks.

So it's pretty.. It's very diversified from a number of stock positions, and it's diversified across sectors and things like that. So, there is that diversification, but that's not typically enough for everybody. So, what I'm recommending for this type of ETF is, if you're going to own large cap equities in the U.S., let's say S&P 500-type stocks, this could be an alternative for that.

But around that, people typically will put all kinds of things. They'll have fixed income; they'll have small-cap companies; they'll have private investments; and things like that. So, there's all kinds of ways to diversify around... around this, but this would be a [00:10:00] component, I would say, of one particular asset category, which would be U.S. large-cap equities.

And within that space, I think I'd feel comfortable... and everybody's going to have different risk parameters, so they're all going to have their own individual risk tolerance, but, I think it's diversified enough from that perspective for that one particular asset class.

Mike Pine: So, now to the hidden money in the tax code with ETFs... you taught me this not. Too long ago... but, one of the big difference between ETF and a mutual fund is capital gains distributions. So, if you're invested in capital in a mutual fund, whether you're pulling any money out or letting it ride, you get hit at the end of each year.

They send you those 10 99s and it says, "Oh, you got $10,000 in capital gain. You have to pay tax on that," but you didn't get any money. How do ETFs work? Did they do that?

Hal Lambert: Yeah, that's one great thing about the tax code around ETFs is - within an ETF the underlying administrator of the ETF can trade to offset any realized [00:11:00] gains throughout the year. That's typically done at the end of the year, and so if the ETF is managed properly, they typically distribute zero type-capital gains. In other words, if you're up, let's say 15% on the year in your ETF, you typically are going to have zero tax liability on that, whereas in a mutual fund, all the trades that are done inside there - if at the end of the year, there's no way to offset gains (which a lot of times there's not if you're in an upmarket),

you're going to get distributed-out capital gains per share that you own, and then you ultimately have to pay tax on that. And that's obviously going to.. (longer term you do that over 3, 4, 5, 6, 7 years and you're now having paid tax on gains).. and you're going to have, effectively, a lower return at the end of the day.

So, if you had an ETF and a mutual fund that had the exact same return over five years, and one, you pay zero tax until the end, and the other you pay taxes all along the way, you know that you're going to have made less in a mutual fund.

Mike Pine: Right. So, even though you own the same amount of mutual fund or ETF at the end of [00:12:00] each year, you have to come out of pocket for those taxes, whereas you could redeploy that in another investment. So, if you're looking at overall ROI, you always want to be looking at tax-advantaged investments - ETFs are one of those compared to mutual funds.

Hal Lambert: That's right. Yep, that's exactly right, and one of the things I would recommend to people now, that I've been recommending to my investors is, depending on your age and where you are, they did away with the rules on Roths where you used to have to... you used to have income limitations and things like that.

Now, they still have limitations on what you can contribute to a Roth just out of pocket, but if people have a 401k or they have an IRA and.. and they've got, a number of years left, they could definitely consider contributing... rolling that to a Roth, at which time you pay tax on it, but at the end of it, you're never going to be taxed on that Roth.

So, it's really a nice vehicle for people, especially in their.. probably, at least in their forties and fifties, that are going to have a number of years left. They should.. (I think that's another thing I've been doing with clients), [00:13:00] is converting 401K or IRA money to Roths,

and and letting that ultimately be completely tax free. You also get the flexibility where you don't have to take it out. So, with an IRA, once you hit a certain age, you're going to... you're forced to take distributions, whereas with a Roth, you can time it. You could say, "Well, one year I want to take X amount out, and the next year I want to take zero."

You can do that; you CAN'T do that with an IRA.

Mike Pine: Right, especially if you can time it by surfing the tax brackets in down years where your overall taxable income is down, man, backdoor Roth conversions can be beautiful! And like you said, if you're in your mid forties and you've got some stock that.. Or some kind of equity ownership in something that's going to see major appreciation in the next 20 years...

if you can get that (especially if it's discounted right now) you can get that into a Roth, you'll never pay tax on it again, and boom! There's your hidden money in the tax code using just very smart strategic investment techniques while considering tax. On that note, how important do you think it is for someone trying to grow their portfolio, trying to get ready for [00:14:00] hopefully a comfortable retirement,

how important is it for that person to develop a good team around them, including good tax advisory team?

Hal Lambert: Yeah, I think it's good. And part of it is that, when we go into down markets like we had last year, people get emotional, right? And you've got to take emotion out of it and you've gotta have a plan, and you've got to typically, especially, when you have a lot of time left, you probably need to be investing when the market's down 20%.

Even though your mind emotionally, is saying, "Oh, I'm scared. I don't want to do this." So, by having a team around you, it helps you get through that. So, I'll be surprised that the robo-advisors were... have been a pretty big deal over the last four or five years.. (they've rolled out these robo-advisors where, effectively, you just do everything online and you've got a computer telling you).. I think people, if that's what they're doing, most people will have a tough time because they're going to emotionally not want to do what the computer's telling them to do.

And so, that's why I think it... it ultimately, those were great [00:15:00] and when we had a bull market.. I think you're going to see a lot of people going, "I've got to talk to an advisor 'cause I just don't know what to do with this market down over 20% and I've lost money, and I've got to figure out what I need to do and I need to talk to somebody."

And so, I think you're going to see that... that type of investor that historically wasn't working with an advisor or working with a tax advisor; I think they're going to come back to the table, especially if we start off this year with another... some more down markets.

Mike Pine: Yeah, so just like any big profitable company or any medium size profitable company, there's always a board of advisors or a management committee that's leading that firm, and every individual should have their own kind of board of advisors with management committee, and that would include financial advisors, tax advisors, attorneys, legal advisors.

So, couldn't agree with you more there, Hal.

Hal Lambert: I was just going to say, I want to add to that... I think a lot of people.. they think, "Hey, I don't want to pay the fees and I can do it myself." but ultimately, that's not always the best thing, especially if you're running a business or you're doing [00:16:00] other things.

You just don't have time to focus on it. And you're not.. you may get home at the end of the night and go, "Okay, well, the market's down today, what happened? What's going on?" You really need someone that you can talk to, rather than I think, trying to spend all your time trying to figure it out,

and then ultimately maybe not even reaching the right conclusion.

Mike Pine: Great point.

So... I have asked you over the years since we've been working together, question after question, especially at the end of the year, "What do you think's going to happen next year? What's going to go on with the economy?" and I have been shocked at how often you've been right - much more so than anyone I see on TV usually, unless it's you I'm watching on TV. Right now, a lot of people are scared. They're nervous about inflation. There's layoffs all over the place. What do you think the outlook on our economy's going to be? Where do you think the economy's going over the next 6, 12, 18 months, and maybe long term?

Hal Lambert: Yeah, so good question. ... A lot of it revolves around what the Fed's going to be doing and there's a lot of speculation [00:17:00] about interest rates with the Fed. I think that as far as this year, y'know.. market goes and the economy, I think the market could do better than the economy's going to do - is my point. I think... I think the market ultimately will be weak here in the first quarter, and then ultimately pick up and probably have a decent year.. especially if inflation stabilizes and maybe even drops a little bit, and the Fed stops raising rates. So, with those two things happening, people will begin to focus on 2024, and that's why you could see a decent market for this year, and it'll happen quickly.

So that - that's one thing to say, but as far as the economy goes, I think we're going to see more layoffs, and the economy - the economic numbers will ultimately get worse, and that's where you get this weird paradox for people, right? 'Cause they're like, "Why is the stock market going up when the economy's getting worse?!"

Well, because the stock market's looking at 2024. That's where we are, and I think, economically, we should see unemployment tick up. We hit all time lows of 3.5 percent, but [00:18:00] mainly, we're at lows because so many people have dropped out of the workforce.

We've had millions of people that simply aren't working because they're being paid not to work, and, because of government policies. So, you know, that's a problem. And... but I think ultimately, you're starting to see the layoffs being announced to companies.

So I think that picks up and and we end up with higher unemployment, weaker housing market, and that causes major economic slowdown in the economy.

Mike Pine: So, you think market may go up, economy may go down, and now would be the time to invest - not get scared, not put your money under a mattress, but consider strategic, well thought out, and hopefully, get some advice by some professionals you work with, investing this year, right?

Hal Lambert: Yeah, this year I don't know necessarily, today, or in the month of January, but certainly this year. And by the way, if you're on the sidelines, here's the other thing - we finally are getting paid to be in cash. You can buy treasuries right now- T-bills - six month T-bills at north of 4% interest.

So, you can earn 4% [00:19:00] and basically take zero risk. So I think that's an alternative that people are going to have, and that's why I think you're going to see the market be a little bit weaker here until we get more clarity from the Fed - which I think will happen, I think probably, March timeframe could be an interesting period to try to begin to go back in,

if you've pulled out. If you've been, if you're still in the equity markets right now and you rode through last year, I wouldn't recommend trying to time it at this point and sell out. I think you've missed the ability to sell out, but if you have cash, you could earn some interest here, and then work your way back in. Again, working with an advisor is probably the best way to do it.

Kevin Schneider: Hey Hal, I'm just curious... and with all this decentralized finance and crypto and everything, what's your view on crypto... at a high level? I'm just curious... your take on it.

Hal Lambert: Yeah, I'm personally invested in it. I've never advised clients to do it because it's pretty volatile and high risk, but I've done it personally and I've made money in it. I've been only in [00:20:00] Bitcoin, I've never done anything but Bitcoin.

But I would say this, crypto as a whole - I think there's a lot of fraudulent tokens and coins out there, right? So, I think if people are out there buying some of these things like Tether and other types of coins and products, they run a much higher risk than I think, say a Bitcoin or Ethereum. Those are the two widely held and more popular coins. You know where it's going? That's a good guess. I'm surprised it's held up pretty well, considering the FTX fraud and all the problems. It's stayed right around 16,500 to 17,000 for the last couple of months,

even with a lot of negative news out there. I think you're going to see some more negative news. I think there's some more fraudsters out there on the exchange side of things, and those will be weeded out here over the next... over the next six months. So, I think you will see some more negative news,

but ultimately, I think Bitcoin (if people wanna speculate), I think it probably goes higher, ... over the next couple [00:21:00] years.

Kevin Schneider: Interesting. Yeah! It seems always so risky. I wanted to dip my toes into it... it seemed like someone could just get some codes and take your money and I was just like, 'Uh-uh!', so I'm more traditional - stock bonds, mutual funds, but alternative investments too... but I know there's a lot of money to be made out there;

I just don't know if I have the stomach for it.

Hal Lambert: Yeah, I don't think it's for the average person, honestly. I don't know that... and people could do it - Coinbase is the main place where people can hold Bitcoin. Coinbase trades on the New York Stock Exchange and it's one of those exchanges that's regulated, so it's not offshore like FTX was.

So I think it's unlikely that they're going to have those kinds of problems, but it's certainly not for everybody, and if people like to take a small amount of money and play with it, that's fine. I certainly wouldn't have large amounts of your net worth in it.

None. I think, unfortunately, a lot of inexperienced people did that. I think they put a lot of their money into Bitcoin or all these other Doge coins and all these coins and lost, a [00:22:00] huge amount of their money and that's unfortunate. So again, that goes back to really needing an advisor that's helping you.

Kevin Schneider: Yep.

Mike Pine: Agree. You're talking to a guy who bought a bag of silver this year, or last year, versus buying crypto. I can hold those coins.

Hal Lambert: Commodities are... The commodities have come down some because of the rising interest rates but, gold and silver have held up really well, and gold continues to hold up well, I guess, near its year-highs or so, on gold.

So, for people that are worried about the printing of money, those are obviously options that people look at - gold and silver - to offset all the massive printing of the US dollar.

Mike Pine: Yeah, we've been told now for a decade, "Hey, look, we're printing more. It's not hurting our economy. The inflation everyone keeps warning us about isn't happening. You got nothing to worry about."

I think we're seeing the result of that now, and will be for a while.

Hal Lambert: Well, one of the things that nobody's focusing on, including the media, is we've been able to do this because we're the global reserve currency.

Okay?

Russia and China are [00:23:00] trying very hard to take that away from us, and one of the ways they're doing it is - China is really cozied up to Saudi Arabia.

We were able to become the global currency... reserve currency because of oil being traded in dollars, and that deal was made... that deal was made in the 1970s, early '70s with the Saudis, and we agreed to.. (they agreed to)... like, always trade in dollars. So, oil globally, is always in dollars.

If you wanna buy oil or sell oil, it's going to happen in dollars, and oil is currency... and the Chinese are trying to disrupt that and have cut a deal with the Saudis to try to buy it in Yuan- Chinese Yuan and that's happening.

So now, the good thing for us, the good news for us is that nobody really trust the Chinese. The Saudis ultimately, aren't going to want to sit around and hold a bunch of Chinese Yuan. There's always that factor that ultimately, the criminal states, none of them trust each other.

We still have that, and right now, it's not been a problem, but I think it's [00:24:00] something that, that we should be thinking about and focus on, because if we weren't the reserve currency, we would have some major inflation problems.

Mike Pine: Yeah, the pressure's definitely increasing and a lot of other nations out there don't like having to trade in dollars for some reason or another. So that's something that all this additional quantity of money supply in the US is something you should think about.

It's hanging us out there. It's like a hanging liability from a CPA's perspective.

Hal Lambert: Well, look, there's no way for us as a country to pay back $31 trillion without inflating our way out of it. So ultimately, you're going to have to pay the 31 trillion back with dollars that are worth less than what you borrowed them at, and so, it's going to be notional dollars that are worth a lot less on the return and

that's the way that's going to happen - we're going to have to grow our way out of it. The question is how much inflation's going to be in there at the same time?

Mike Pine: And what I would say to our listeners and our mutually shared clients is, hey, there's always hard times in the economy. There's ups, there's [00:25:00] downs. The US has gone through some really rough times, and it's always come out stronger. So don't panic. Don't freak out. Talk to your advisors and take advantage of these on downturns.

The people who took advantage during the depression, came out being the leading companies of this past century. We might have those kind of opportunities going forward. I'm not saying we're getting into depression, but again, every downturn offers opportunities. So don't freak out; look for the opportunity and take it.

Kevin Schneider: So Hal, going back to the ETF, and we talked about diversification a little earlier, and we're investing with our heart, but we also wanna make money. So just cutting to brass tacks, how does... how's your fund been performing over the... since its inception, compared to traditional S&P or the market?

Hal Lambert: Yeah... I feel really good about the performance. Past year, 2022, down slightly, maybe... (I don't have it in front of me), but maybe a half percent. So, S&P was down, close to 20%, basically flat on the year, and then, past three years, it's massively outperformed the S&P.

It's outperformed on a [00:26:00] since-inception basis, which is now over five years. So, it's got a... it's got a nice long track record that people can look at... and years in that, in the ETF world is a good amount of time to be able to judge how it's been doing. Those numbers are all on the website at investpolitically.com;

there's a fact sheet that has performance information on there.

Mike Pine: That's amazing. So actually, thinking about business fundamentals as a corporate governance makes a difference, doesn't it?

Hal Lambert: Yeah, I would argue... and in fairness, again the wokeness out there... the S&P 500, the index, which is what a lot of people benchmark things to... they've dramatically reduced their oil and gas exposure in the index. I think, at one point it was below 3%, and, 20 plus years ago, it was 35% of the index.

So, they've deliberately done that, obviously, and so now it's coming back to bite them and there's a lot of oil and gas in my ETF - there's industrials. There's military the Lockheeds of the world, the general dynamics of the world... [00:27:00] so, the world's getting more dangerous, so, those companies tend to do well. And so, the fact that they've got... they've had such a huge tech component, which was over 30% prior to this selloff they got hammered. And that's because if you look at the tech stocks, they all got crushed. And I own very little tech in my E T F.

Mike Pine: That's great. And it's also interesting to think about the reason that you own Little Tech and the fundamentals work, people, fundamentals are called Fundamentals for a reason and I think you're a genius Hal for, haven't figured that out five years ago, almost six years ago. Well, for having actually created an ETF that's focused on that.

So, nice work, man.

Kevin Schneider: Yeah, that's a very good point. If I was listening to this, and let's say I don't have a team, I'm not heavily invested in ETFs or even mutual funds- we could have some people in that position. How would you get someone started by politically responsible investing like this?

What's their next steps? Can you give them a clear path to getting started?

Hal Lambert: Well, I [00:28:00] have a couple of websites. The website for the ETF is investpolitically.com. So they can go there to learn about it, and you can buy that ETF at most places where you have a brokerage account.

Most online places like Schwab or E-Trade, and things like that... they, you can buy it there, or, Point Bridge Capital is my firm. So if people want to work with me on more than just that, then they could certainly reach out to me at Point Bridge Capital and, all my information is there and I'm pretty easy to find online.

Mike Pine: Hal, we greatly appreciate you taking the time to talk with us and I highly recommend anyone who's looking to grow their portfolio, consider ETFs and consider working... at least, looking at Hal's content.

You'll see him. He's got a lot of links to a lot of his interviews that I've found very informative over the years. Thank you very much, Hal.

Kevin Schneider: Thanks,

Hal.

Hal Lambert: Well, thank you very much, Mike. Thanks, Kevin.

Kevin Schneider: You bet.

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