Talk Your Book: Custom Portfolio Protection
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Today's Animal Spirits Talk, your book, is presented by Halo Investing. Go to haloinvesting.com to learn more about their structured note platform and also their brand new SMA marketplace. If you're a financial advisor, go check out haloinvesting.com to learn more.

Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching. All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. This podcast is for informational purposes only and should not be relied upon for any investment decisions. Clients of Ritholtz Wealth Management may maintain positions in the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. On today's show, we're joined by Matthew Radgowski. Matthew is the CEO of Halo. Ben, one of the things that's exploding in popularity or access, I should say, in the wealth management industry is customization at scale. And those things might sound like they're contradictory because how do you achieve such a feat?

Well, luckily, there are now platforms like Halo that are as much technology platforms as there are financial platforms. Back in the day, creating a portfolio of structured notes would have been laborious as all get out. I like that phrase, all get out. Don't say that too often. You should see how big the private placement memorandums are for an individual structured note if you went straight to a bank. It's like 200 pages of legalese. It's a lot. Yeah, it's a lot.

No, yeah, but I do think there was this shift for simplicity in financial advisor space going from active management to index funds that took place in the- Mission accomplished. Check the box. Done. Yes. But then people realized like we-

We have to be more customized to the circumstances, needs, and desires of our clients. And that is where things are going. I think that's the 2020s decade to me is advisors learning how to customize for their clients, whether it's taxes, investments, income, downside protection, whatever it is.

customization. So we've had Halo on a couple of times in the past to talk about how structure notes work, the downside, the upside, the soft protection, the hard protection. On today's episode, we expand a little bit more into some of the new things that they're getting into. So hope you enjoy this conversation with Matthew Radagowski.

Matt, welcome back to the show. Thank you. Yeah, appreciate the chance to get back here. Hope all has been well. All has been well. Thank you for asking. So we've had your predecessor, Jason, on a few times. You've been on once before. But for people that might be new to your platform, remind the listener, who is Halo?

What are you doing? Who do you serve? So Halo is an investment technology and marketplace for protective investments. So we offer the ability for financial advisors to find and buy structured notes, fee-based annuities, and other protective investment products. We'll talk about our SMAs today, but we connect the manufacturer of those products to the consumer, which is the advisor who uses them in their client portfolios.

offering a wide range of access to investment banks on the structured note side, insurers on the annuity side. These types of products seem to be exploding in popularity, and not only from your side of things, but also on the ETF space. There's a lot of other option-type strategies that

Michael and I have talked to a number of different managers that have these type of strategies, and we get questions all the time from our listeners asking, what do you think about them? Because I think people really like the sort of defined outcome nature of these things, right? They don't know exactly what their outcome is going to be, but they have a couple of different paths to go depending on what happens, right? And so it's a little easier to understand for people, I think especially for older investors who don't want as much risk and want to have things be a little more certain and

So how do you all separate yourselves from the ETF space that's coming in and having these more options-based strategies? What would you say the biggest differences are? Yeah, so it really comes down to, you know, it's balancing out, I'll say, the ease of purchase versus the ability to tailor and customize. And so the buffers that you're talking about, buffered ETFs,

do offer the ability to provide protection to the investor through the purchase of that ETF. It's tickered, so it's easy. I would say the structured notes do offer the ability. We think about personalization as a key dynamic in the industry today. The structured note, given the individual nature of that note, the bond that it is, it does allow the ability to increase the personalization of that strategy.

So you think the ETFs are complete garbage, hot garbage? No, not at all. I think about it in the spectrum of needs, right? So as far as like ease of implementation and liquidity, right? So certainly the ETF has the highest level, right, of ease of implementation and liquidity.

giving up some of that ease of implementation, you gain, right? And so it's all about trade-offs. I think I'm actually personally excited about the fact that more people are interested in defined outcome investments that offer the appreciation with the protection as well as income. And so I think for the industry, it's good that we're paying more attention to these products.

We believe that the structured node is a great mousetrap, quite frankly. And we're trying to build better technology to make it easier to access and manage these types of strategies. The concept of protection in a portfolio, and Jason speaks about this. He said, you insure your house, why wouldn't you insure your portfolio? Yeah.

I think the purist would say anything that's going to put a flaw in your downside, right, is going to eliminate some of the upside. To which I would say, yeah, okay, fine. If you are a young person, not like Ben, but like myself, if you are a young, vibrant person and you've got a long time horizon and you've got the ability to stomach 50% drawdowns, why would you cut off any of your upside? However –

This is a behavioral science, a behavioral exercise, and not everybody can handle all the smoke. So what I am, what I find intriguing about these products that might sound antithetical to like the buy and hold type of ethos that I have is

is that not everybody can handle all of the downside. And so what these give you is a way to define, Matt, you said personalize. So you can say, okay, this downside, that upside. No, I don't like that. This, no. Okay. Oh, that one I like. Like you could define your terms.

Absolutely. I've spent a lot of time and career building glide paths. So if we kind of think about it into the future, we'll talk about some of the technology we're building later. But if you think about the traditional glide path, you mentioned earlier investors have more long-term horizons and they can afford some of that volatility.

the way we're thinking about structured notes is along that protection path, right? So as you move through time, your ability to withstand those downside events grows less and less, right? And so traditionally, we've taken equity risk off the table, right?

put it into fixed income. Now, that just creates a different risk, just in terms of shortfall into the future. There's inflation risk and things of that nature. You're trading risks. For us, as you move through time, your ability to dial up the protection while maintaining that equity exposure is absolutely critical to success in terms of building the wealth you need, and then quite frankly, making sure it can sustain your needs through retirement as well.

One of the things that we've talked about over the years is just the fact that the pricing on these things can and will change depending on market dynamics, right? It's interest rates and volatility. And sometimes the timing on these things and the type of environment you're in can dictate the types of yields that you're able to earn on these structured notes. So maybe you could take us through where we are today with...

being in a bull market, but also having rates much higher than they were in the past, maybe than the first few times we talked to Jason when rates were much lower? Yeah. So, you know, I think what tends to happen is the use of the product, the type of the product, you know, tends to change, you know, given the rate environment, as you think about use and implementation, I think volatility is obviously a key driver in, you know, in the pricing of the notes as well. And so,

A couple of things I'd say there, you know, obviously, well, maybe not obviously, but recent spikes in volatility, you'll see activity grow. We'll talk about why using a professional manager inside our structured SMAs can be helpful as far as some of that timing. But if we look at it on a year over year basis, as rates increased and maybe some of the income oriented users of the product,

start to wane growth nodes, where you're participating in the market on the appreciation side with downside risk protection, those products certainly come into play. Yes, it impacts pricing. But overall, if you think about the impact in terms of maintained participation on the upside but downside protection, they're still a valuable tool even in the interest rate market we have today.

You'll also see from an income perspective, what tends to happen is more creativity in terms of the underliers. You'll see different indexes use different underlying individual equities that try and, again, help maintain the income exposure that that client is seeking. So yes, there is dynamics around pricing. But

all in, still feel there's valuable use regardless, quite frankly, of the current situation around volatility and interest rates. So Matt, you guys built the platform based around the idea of protection, structure notes, customization, technology, all that good stuff. What else have you been up to? What's new on the platform?

Yeah. So the Structured Note SMAs, so Separately Managed Accounts, this is a program we're super excited about. It offers the ability for advisors to use Structured Notes in their practices and portfolios. But similar to models and other separate account strategies, it allows them to utilize a professional money manager to do so. And so excited about the launch of the program. We've had some recent news in terms of expansion of

access through places like InvestEd and SmartX. But we're super excited about the program and what it offers. So what exactly does that mean? Is this like a best ideas collection? Like, what does the SMA look like? Yes. And so, you know, the Halo platform, you think of the Halo platform as, quite frankly, you know, think of Halo as a traditional separate account program sponsor.

And so what does that mean? And we act a lot like a TAMP in terms of the implementation and ongoing management of the strategies. And so we provide all of the operational infrastructure for the investment manager, right? So they need to source, build, and manage their portfolios of structured notes. We offer them our platform to do that. We have investment expertise in-house to curate. So it's a curated list of managers today. We can talk about who they are and the strategy types, but

So it's not a full-blown marketplace, at least today. It is a curated list of managers. And then on the investor side, it's really all of the infrastructure that they need to evaluate, select, and then monitor those separately managed account allocations within their portfolios as well. So is this, I'm curious, did you build this because

Although some people really love the customization piece, other people would rather just have the sort of access or the exposure to structured notes and want to pick a certain style. Is it one style? Are there multiple? Is it, you know, a conservative, a moderate, an aggressive, whatever it is? Are there different styles that you can choose or is it one whole strategy?

Yeah. Let's jump in a little bit on the strategies, then we can talk about who's using them, why and how. Today, we have five structured note strategies.

that are available from three different managers. So New Edge, Piton, and WisdomTree. In terms of the strategy types, they do differ. They really follow along, I'll say, two main lines, income. So those that are looking to utilize the structured note to generate periodic income within their portfolios. And they can do that to replace fixed income, or they can do that to basically try and drive equity like returns, but

but using those periodic, those coupons. And then growth, growth-oriented investment strategies from both New Edge and WisdomTree that are really focused on participating in a market upside, but also providing that downside risk mitigation. If we dig even a little further into that, you have WisdomTree, right? Unique investment strategy that really follows along their ETF models, right?

So if you're a user of an ETF strategy, you can use this to replace your equity side, equity growth-oriented investments, but provide that downside protection. And so we also, it's interesting, as we traveled with our advisors, we received some asks around fixed income. So we have an intermediate fixed income strategy strategy.

as well as an ultra short. So when coupons are paid or when capital is ready to deploy, we talked a little bit about pricing and the movement of, you know, we have an ultra short strategy that allows you to keep your cash while you're looking for those opportunities. And so, yeah, really trying to make sure the objective, right? So are you seeking appreciation, preservation, or consumption? And how are you thinking about balancing those things? And then the investment strategies align. We curate them to align with those objectives. And so-

Interestingly, from a user perspective, it's a combination of those that we go out that are new to notes and basically say, love the concept, just not ready to build and manage strategies on my own. And so they can use this to get themselves into the product using a professional manager. And then those, quite frankly, that are experts that say, you know,

My practice, my structure, I want to build scale and efficiency. Again, love the product. I want to use that manager. I know how to integrate it into my portfolio and want to use that professional manager for scale and implementation.

I'm trying to wrap my head around this. Like what is the, so walk me through this. So, so wisdom tree has a model portfolio. They and others have been in that business forever working with advisors that are more planning oriented and say, we'll get the investment side. So they're doing that, but they're using halo to build a model portfolio based on of structure notes. That's exactly correct. So if we think about the growth strategy offered by new edge and the growth strategy offered by wisdom tree, uh,

The whole idea there is to align with your equity allocation, right? So take a portion of that equity allocation, put it in that growth portfolio that has downside risk protections for the notes. Why would you do that, right? Yeah, like that's what I'm trying to figure out. Yeah, yeah. So it really, back to the core principles of the note,

It is meant to maintain that equity exposure, but reduce that downside volatility. And so I'll say a super practical use case. There's two super practical use cases that effectively illustrate why you should have these in the portfolio all the time. But you have individuals that are looking to put money to work, are not sure if it's the right time to do so. So they have money to put to work. The advisor is trying to convince that investor to get into the market, right?

the structured note allocation can really help get money off the sidelines, right? It's providing that. I buy that. Yep. And so when it's there then, right? So it's getting that money to work, get it in the market, because obviously, as we know, you need equity investments to get to where you want to go.

obviously, unless you're ultra, ultra high net worth. Once they're in that strategy, our feeling is that it also helps maintain consistency. Because you have that downside buffer in the portfolio itself, when things do get volatile and the investor begins to question the flight out of

strategies when stuff hits the fan, it does offer the ability to keep them in that strategy. So the whole idea is to get them invested in the market and keep them in that model based on an allocation to the structured node SMA.

So that part of it resonates with me. As I said earlier, like if we're all cyborgs, nobody would need any insurance. We just ride all the downside, ride all the upside. But of course, that's not real life. So I've actually had a couple of conversations in the last weeks, even with like younger people that have way too much cash.

are waiting for a pullback. Who knows when it's going to come? Who knows how it's going to, how they're going to behave when it actually does come, right? Maybe like, ah, I'm not going to buy now. I'll wait for a deeper pullback. So for people that are like trying to dip a toe in the water, Matt, you look like you're salivating. So, so for people that like need, uh, uh, an entrance into the market, but are, but are, uh,

uncomfortable just buying today. This is a potentially really good option. So talk about how this works. Is this, all right, we get into the portfolio and there's, these are six month maturities or two years or like, so how does this work? And then how do we get them? I know this is not to your benefit, but as an advisor, how would we get somebody out of this and into the

I'm looking for a better metaphor, but like a raw dog exposure where they're fully in. Forgive me. I love it. So, yes, and you saw me salivating there. It really is in terms of focusing on the investor, the outcome that they desire, that cash, right? There's a lot of it today, right? Sitting on the sideline, tons of it, right? And so you're exactly correct, right? So the structure note does offer the ability for them to say, okay –

get into the market, right? We don't know when that, you know, when that next pullback is going to happen. You don't know if you're going to miss the run-up. And so, you know, now is always the best time. But what we're also saying is we understand your concerns, right? Whether they're, you know, whether they're behavioral or whether they're from a horizon perspective, if you don't have, you know, the luxury of losing money now, or if you're just super concerned about it,

The note definitely, again, allows you to invest in a broad-based index exposure. You can create notes that are, again, associated with individual occupations. But again, it entices them to do what they need to do, which is get that money to work and do it now. And so you mentioned, right, when do you move from the structured note SMA to the individual SMA?

It really, quite frankly- Don't say never. Yeah, right? So, of course. But I look at them as valuable, again, back to the question first around using buffered ETFs versus using structured notes. I think there's the ability to use both of them effectively in practice, as well as individual notes, right? Individual notes and the structured note SMA. And so I think of that structured note SMA as more of a core integrated allocation that should remain.

So depending on the risk type of the investor, the size of that investment, and hence the protections that it offers, you want to allocate in size, but keep it in there. How about this, Matt? Sorry to cut you off, but how about somebody's like, all right, I've got whatever, this pile of cash, and I'm nervous. So what if, okay, I understand. I get nervous too. What if we're going to take, I'm making this up,

40% of the money, we're going to put it in this structure note model wrapper. We're going to take the remaining 60% and put it on with note protection. And this way, if your worst fears come to fruition, at least we've got you some insurance. That's it. That's absolutely correct. And then I would say the pivot to when you start using the individual notes. So as your experience grows,

Well, taking a big step back, like we are super focused on integration of these products into the portfolio allocation process. They can't hang off the side of the desk. They need to be part of that core allocation model. So now you've gained exposure to the structured node through our professional managers. Now you see in your own practice,

whether it's from a valuations perspective, from a macroeconomic or geopolitical, you see some dislocation in a sector, in an asset class, in an exposure. You then, once you have that expertise, right? So for instance, if you want international exposure these days, right? Let's go China. Talk about China because China was probably blown out last year. You probably had great opportunities there. For sure, right? And so those are situations where if you as an advisor either think there is

from a valuation perspective, dislocation to the low side, right? So undervalued, right? Or overvalued. If you still want to, again, express or maintain an exposure that you have in your model, but you want to do it in a highly competitive

I'll say tactical way, though aligned with your core allocation strategy, the note's perfect. We have a ton of interest today, like you mentioned China, but also like Eurostox. International exposure, Europe in particular, the participation in some of those notes are absolutely phenomenal with decent downside protection as well, strong downside protection, I should say.

Again, as you become that note expert, whether it's China, whether it's Tesla, whether it's Euro stocks, whether it's small caps, you can use that structured note in collaboration with your other allocations, whether the structured note SMA or your core portfolio. And that's the whole idea of Halo though, is to teach advisors, right? Educate them not only on what they are, right? Education sometimes is around like,

like deep, dark infrastructure around how the node is built. But it's as important to us to show how do you actually put this in a portfolio? What's its role? And then how do you, again, adjust it over time based on these market dynamics? For the SMAs, is there any difference between in the liquidity structure or the fees or anything? Tell us how that works compared to the other platform where you're creating them yourself.

Yeah, so there is. So as with any externally managed strategy, so SMA, right, there are advisory fees associated with them, right? And so they vary by the strategy and strategy type. What you're looking for, anywhere from 40 to 80 basis points in terms of the advisory fee that's associated. So that's the fees you're paying for the professional management by those new edge piton or wisdom tree.

And so you get very similar to using other SMAs across other asset classes. But that gives you some sense from an advisory fees perspective. So if you're managing them on your own, you come to our platform, you source a note, you're only paying, I'll say, a transaction fee on the note itself. We've talked about pricing structure for notes there.

And typically, these are sold in advisory accounts, right? So the advisor still charges what they charge from an advisory perspective. And then the cost of issuance and the cost of delivery of that note is embedded in the re-offer of the bond. What about implementation? Is this something where they click a button and all the notes are bought? Or is it like, I have to go, I have to do this part of it and this part of it and that part?

Yeah, that's the beauty of the platform. And so you can go out to haloinvesting.com if you're onboarded with the platform. And similar as you would see in a typical SMA infrastructure, you have

access to information about the strategy. What is its objective? Who is the manager, right? You know, historical information about the strategy itself. You then basically, yes, as you point out, you click to buy the note. Now, I will say it's just as simple or just as it's similar to buying a separate account strategy as a custodian, as you would at a custodian today. And so from an operational lift,

you have to make sure, obviously, you have an account open at the custodian, and then there's the investment management agreement. And then with the advisor, we have our platform services agreement. So again, nothing out of line with what they would expect to see and engage on a traditional TAMP-like infrastructure and a separate account strategy. So the customization is fantastic. Advisors love that, clients love that. But

How does that, how does that, uh, contrast with like, uh, scaling, right? Like the ability to do this, that scale is, uh, does the customization like make it make that tricky?

Well, so customization at scale, right? This has been industry focus across all products for a long time. You've seen the advent of model portfolios to really try and help address that, right? So create models that have objectives such that they can be used in different sizes at different times to personalize and customize, right? And so

The whole idea of the technology infrastructure is to basically make this easy for the advisor to do at scale. And so they have note types, right? So the platform itself allows them to curate notes, create watch lists for notes so that they can monitor pricing or pricing or terms. And so the whole idea of the platform is to easily buy them and deliver them back into the client portfolio. Now,

When you talk about that integration at scale, we're launching a tool called Aura.

And the whole idea of Aura is to demonstrate the impact of that structured note inside the client's portfolio. And in the case of an advisor that uses models, we demonstrate the impact of that model or that impact of the occlusion of the structured note SMA or individual note in that diversified asset allocation. And so back to scaling, right? So in order to drive the adoption of that across their investor base, or in the case where there's models used at the home office level,

You can demonstrate to that investor, what is the impact that the note is having? Why is it there? Right. And so in terms of easing the adoption of the product, it becomes for us, we're convinced it's much more seamless when you can show, right, here's the impact on risk. Here's the impact on negative returns. Here's the impact on income, if that's your focus of the notes in a, you kind of think about it in a traditional TAMP investment proposal framework, right?

I worked at Morningstar for a long time. You think about the advisor workstation or other investment proposal tools, the advisor or the TAMP, the TAMP investment proposal. It's so core to that client engagement and showing them why this is happening. And we are convinced that if we can help the advisor do that,

the ease of getting clients into the portfolios, but also then again, the management of it over time given Aura and then the core platform can really drive that scale. So your Aura platform is essentially a portfolio modeling and analytics that allows you to do some scenario analysis of here's our current allocation. If we put a 10% allocation into these structured notes, here's what it does to the

drawdown potential for the portfolio or whatever it is, or the upside or any of that stuff. It just kind of allows you to integrate better with the rest of your portfolio. That's it. Yep. Yeah. Show the impact it has, right? What is its place, right? Because it's very important to make sure it is appropriate, right? We don't want you, again, you want the product to be used, used effectively, used right, but you've nailed it, right? That's exactly what it does.

It shows them why. Why is this note, why is this structured note SMA in that client's allocation and what is its role? For most advisors,

And clients, obviously the downside protection, Michael keeps talking about the behavioral thing. I tend to think that the income is a really important piece for people too. Do you think just for clients, just the safety and comfort of feeling and knowing that income is coming in, whatever the percentage is, I'm getting 6% a quarter or 10 or 8 or whatever the number is, is that income piece just as good for the psyche as the downside protection?

Absolutely. It's another form of security, as you point out. That steady stream of income is extremely attractive to a lot of advisors and investors where they can just show the periodic nature of that cash flow. Many are using it as a way to try and replicate the equity returns based on those underliers, but also some are heavily focused. If you think about the PTON strategy that we offer, it's a high-income strategy that uses

individual security, individual equity notes to drive higher yields. You absolutely agree behaviorally, having that defined protection in the portfolio is critical and some want again to manifest that in the secured and periodic income as well. When did Peloton get into the structured note game?

Well, I don't know. Who's Pitan? Pitan, Pitan. So Pitan is an investment manager on our platform. So in terms of the expertise, I think two things to note. Annalie Capital, if you recall, a very large fixed income manager, that's the predecessor of the firm. And so in terms of sophisticated utilization of fixed income instruments, they've been at this for quite a long time. So it's

It's P-I-T-O-N for those. It's not Peloton for those that are listening. And so in terms of their portfolio management capabilities, they also have a lot of exposure building custom portfolios for high net worth and ultra high net worth individuals. And so structured notes have always been a part of the investment strategies that they build and manage for both their own portfolios and that of their clients.

so we're basically leveraging that. Chris Conrad is the portfolio manager on it, leveraging that expertise in the single name, single stock income note strategy to again drive high income yields through the allocation portfolio. So Matt, Ben mentioned that income is one of the

the easiest things for advisors to sell because clients love it. And that's, in my opinion, one of the reasons that private credit has exploded.

Because clients are able to get that 10% coupon, whatever it is. What sort of yields can we generate using these strategies-ish? Yeah. So, you know, it's that 10% yield that you mentioned can certainly be replicated inside of the structure node. It really, I mean- How, how, how? That sounds- Yeah.

It sounds too good to be true, so tell me why it's not. Yeah. So typically, in that case, you're looking at either – I mentioned some of the single stock notes, and those yields can actually push even higher than that. Obviously, it's subject to all the market conditions we talked about. Yeah, Jason showed us some Tesla yields back in the day. They were very high. Obviously, with a more volatile stock like that, you would expect to have higher yields. Yeah, but the trade-off there is that you can get knocked in. That's exactly right. So you want to make sure it's balanced, right? And so I'll say –

Today, typically, you're going to see a three index worst of. So think about Russell 2, NASDAQ, S&P 5 note. So based on the worst performance of those three, you're generating. I'd have to look to see what the price is actually this morning. I should have done that. But if you take that worst of basket and convert that into an income note,

Again, you can create accessibility to yields, I'll say, in line similar to what you're seeing there. Now, if you want to take on more risk, as we mentioned, you can push those yields higher. Single stocks, obviously, can drive higher income given their volatility than the broad-based indexes. The fewer indexes you have associated with that income note, the higher your yield is going to be as well. All right. I want to know it on MicroStrategy this afternoon. What are we looking at? Yeah. Yeah.

I'll go ahead and have the crew price that up for you, Michael. But I guess I'm joking, obviously. But the thing is that you really – there is flexibility in the platform to do more or less whatever you want. More or less whatever you want. Absolutely, right? So as long as it can be hedged, right, the issuing bank or your issuing banks will, of course, price up the note real time. And that's the whole – again, the beauty of the platform itself is access to multiple issuers, right, multiple banks, right?

to price up that note. So yeah, the platform, there's, quite frankly, it's the, in some cases, curse of choice, right? There's infinite, basically infinite combinations of underliers, protection, duration. And so that's kind of back to the point of the SMA. It does allow for a streamlining of that. But the other thing too is just the ability to kind of set filters and screen, define your objective, it will help you curate

We have humans. It's always helpful. We have a team that's at the ready to help advisors hone in on the note that they need as well. I'm going to sneak back to the SMA because one of the things I do think is important is credit risk is always something people talk about within the structured note world. Obviously, the bank is issuing the note. It's based on their credit.

One of the additional dimensions that could be important to investors is that the managers can, through the platform, they can see their issuer level exposure. And so they can balance their exposures across the banks to make sure there's not too much concentration in a single bank as well. And again, it's something that's taken off of their plate. The manager themselves is, again, making sure they're diversified across the issuers as well. If financial advisors want to learn more, where do we send them at?

Yeah. So send them to haloinvesting.com. There's a lot of resources that are there. The Halo Journal is not password protected. A ton of great thought leadership, education, and certainly you can find information about the platform and how you sign up for it there. Perfect. Thanks for coming on, Matt. Yeah. Thank you very much. Appreciate it. Okay. Thanks to Matt. Remember, check out haloinvesting.com to learn more. Email us, animalspirits at thecompoundnews.com.