Dave Chilton

Well, if they could successfully trade, they wouldn't need your $299 clearly.

And most of these are just disasters for people.

You mentioned very briefly the amount of leverage that you're seeing, especially stateside by a lot of the retail investors.

Where I see it playing out now is when you see speculative securities go down five to 7% with an Iran war, with anything, they almost by nature now have to go down 15, 20 and 25 because there's so much force selling that sets in quickly because the amount of leverage across all of these securities.

Walk us through the Smith Maneuver.

We haven't talked about that in the podcast, interestingly.

What is the basis of it and how often is it used?

What do you see as its pros and cons?

Return of capital, for sure it is.

For listeners, when Brian talks about CAPE, it's a cyclically adjusted price earnings ratio of the entire market.

And basically right now, like all valuation metrics, it's saying the market is expensive.

Now, neither he or I are smart enough to call for market tops, market bottoms, or anything else, but it does suggest that the return's

in the next 10 years are unlikely, not impossible, but unlikely to be as good as they have been the last 10, 15 and 20 years.

So it's perhaps an odd time to be taking on a lot of leverage.

You use the expression there, tracing what you're up to.

That is so important.

When you're going to get involved with any of these that involve taking the tax rate off and the interest, you have to chronicle all of this extremely well.

You could get audited and CRA I've actually found is quite reasonable.

when they've come in to audit these situations, but they need to be able to track what you're doing in a very efficient manner.

You've got to lay all that out very, very well.