Show: Market WineDown Episode: 3 Title: Why Picking Direction Is the Wrong Question for Options Traders | Market WineDown Show Ep. 3 Date: May 15, 2026 Runtime: ~32 min Video ID: c4YTtepccM4 URL: https://www.youtube.com/watch?v=c4YTtepccM4 ============================================================ Welcome to the windown. This is my co-host Mark Phillips and this is my co-host Lex. I got my finger wrong again. It was really fun. It's so hard to do this backwards. Um, good to see you, dude. Uh, you know, I always look forward to this show because one, I fake drink on it and you really drink on it. And, you know, that's just not fair. This is my opportunity. I guess I am an hour later than you, but I don't know. That's not really any excuse. No matter what day of the week it is, after the close, it's time for a drink. Yep. That's for sure. So, this show is going to be on Thursdays at Are we doing 3:15? right after the the SPX closed sort of. Are we doing three o'clock? That's central time. Sorry. It depends. Do we want to give people time to get off the floor or not? Yeah, let's give them 15 minutes. Get off the floor, have a break, get up, swirl it, chew some gum, get ready. So, this show, the windown, the market windown sponsored by my x will start beginning live um on a Thursday. We will let you know full in advance when we do the promos. um 4:15 Eastern, 3:15 Central after the market close. You know what? We're going to talk about the markets a little bit about specific things that Mark and I notice in the markets. We're going to do a little bit of education. We're always going to answer your questions when you have them. So, make sure that you ask them, okay? You need to ask in order for us to answer. Um and we're going to talk a lot about lifestyle and some of the things that happen along the way. Um I would say, Mark, that we traders have a how do I say this? an interesting lifestyle, per se. And for some reason, we always sort of gravitated to dining, good wine, travel, great dinners. What would you agree with that? It's all part of the same excitement, right? It's all all trying to scratch that itch that trading does, too. Yeah. I I can't figure out what it is. And I always said when we were on the trading floor and and you know as everyone should know, Mark and I are former market makers. We actually did step foot on trading floors when they were when they existed. Um it to me it was like the it felt like the world's biggest high school for you know adults in a way, right? You know, it was it really was like that. Did didn't you feel a little bit like that? There's a lot going on on the floor. The floor is nothing like any other office environment you've been in, right? Um, honestly that was like, you know, I joke about like coming off the floor and going upstairs. Like when people made that transition, like you had a huge environmental shift too, right? It wasn't just that the trading was different. It was that you were in a completely different location, right? Like, you know, next to your frenemies in the pits, uh, like the information that you got in the pits, like what you could hear, you know, you could tell something was going on just from the rumble over in the corner over there. Uh, no, it's an environ like honestly the first time I saw one, I was like, I had to work here. Yeah. No, I agree. And and you know I know I know a lot of the retail not a lot but several retail traders um they like to use what we call unusual activity reports right and unusual activity is outsized trades that occur in a in a class you know a class of stock or whatever that are you know three to probably 5x normal volume and they happen in one option. And the thought there is that the reason it happens is is is is interesting and if you can interpret the reason you can jump on and ride the wave as it were of whatever that trade is indicating right now. Retail people do that today. But going back to your point of our being on the floor in the day, um it was interesting because we were the first to know when an order would move a market because it came to us, right? So, we had the most the most time-sensitive unusual options activity report every single day. Broker comes in the crowd, I got 20,000 of these to move. Well, we know before anyone knows. They haven't even traded yet. We already know that they're there, right? Agree. Yeah. And like, you know, as soon as you say something like that, I'm sure everyone's jumping out and going, "Oh my god, you had inside information. Like, you guys were front running these orders." You're not allowed to move your markets, right? like once that order comes in there, you can't necessarily start going and like moving your markets on the backside, right? Like you're going to get you're going to get in trouble for that. But you did know immediately when something happened that h 25,000 lot no matter what the name is that it's time to move not just your front month but every month back too, right? So, and I forget, you know, I forget the exact rules and how it was policed, but let's say someone's buying a bunch of calls and you got to hedge deltas, right? Um, Goldman comes in. They've got 10,000 calls to buy. You know which way the stock's going. Are you jumping on stock right away before you get your number? My compliance officer looking officer. There's nothing to see here. Move along. Kyle, I hope you're not watching. Yeah, I mean, you know, you had to anticipate that you had a had to buy some deltas. Um, and there's only one place to go generally uh at that time in space. So, You could have your finger on the trigger button, but uh get get too aggressive. How many did I get? Yep. How many did I do? How many? Lex, how many I do? 100. Sure. As soon as he says 100, guess what I do? I hit the go button, right? It's uh And I mean, sometimes, you know, if you know you're not going to be first, maybe it makes more sense to wait, right? Because there's there's the whole hump. You know, everyone buys and it goes up up up up and then everyone realizes it's not news and then it starts to drift back down, right? Yeah, like that's what we always found ourselves starting to get caught in is that like, you know, if you weren't the very first, even if you were, you're still running up the price on yourselves. So, sometimes you want to be patient on those hedges, too. Yep. That's for sure. Um, so yeah, I think, you know, and and the I guess what I'm getting at here for for the retail person who's who's watching is that I love the unusual activity um uh softwares that are out there. There's a handful of them. Um, it's good stuff, I think. Uh but don't forget that news is probably old news even when you see it. Don't you think even in today's electronic world that's been you know Goldman's sending that order down they've already called a few people and said hey I need to move a lot of this stuff where can I do it right yeah a lot of the bigger orders are of course getting priced upstairs or they're you know the complex mechanisms that are trading you know increasingly sizable orders right these you know it might not all just be voice you know their auction mechanisms are taking down big size now too but uh you know I'll maybe take the other side a little on this that like volume tends to be get volume, right? So, you know, from a perspective of, hey, this 25,000 lot just traded. Yeah, maybe that's not necessarily going to be new pricing information and things are going to have adjusted, you know, by the time anyone's able to really like look at that, but that is a signal that something could happen in the future. You know, whether that's closing activity, whether that's someone that disagrees with that order and wants to bend the curve in another way. So, you know, even as market makers, we would look at unusual activity and say, hey, like what does our liquidity footprint look like here? Do we have the right number of quotes out there, the right size out there? Are we covering all the exchanges where it might be trading? Um, and I think retail can learn a little bit from that, too. Um, it's not necessarily another immediate trade, but it's something that's in play and and that's always worth knowing what names are actively becoming, you know, the the next hot ticket. Right. Right. No, that's good. Um, yeah, I you know, I I'm still I'm still searching for the holy grail, gotta be honest, in retail trading. Sorry. Um, and what I mean by that is, you know, there's there's technical analysis, there's fundamental analysis, there's implied volatility analysis, all and among many other things. All all those things can help you make a trading decision, right? And, you know, I know we could list a bunch of those out, but you I just thought of three off the top of my head. Um, so you need you need that that sort of trigger that tells you, hey, now I have a thesis and my thesis is X and I'm going to make an options trade to take advantage of these. Now, in my humble opinion, which isn't so humble, um, the the trade that you make is the easiest part to me. The hardest part is why why in the world am I going to make this stupid trade, right? Is the stock do I believe the stock's going higher? Is it sideways? Is it going higher explosively? Is it going lower? Lower explosively? yada yada. Right? And I find that to be the hardest thing because I cannot, like we've said before, I cannot read a chart. Um I really don't want to read, you know, fundamental analysis reports of stocks. That would bore me to tears. One thing I do know is in volatility though. Um I understand skew very well. Um what other kind of things can contribute to you having a thesis? you know, besides your your gut feeling, which you'll look at, hey, it gut feeling isn't the end of the world either. I it's not it it shouldn't be just thrown in the in the in the laundry hopper, because some people might say it's kind of the Peter Lynch theory. I go to a Starbucks, the feel's great, I love the coffee, it's high quality, stocks trading too low, this is ridiculous, this is a great store, and they're going to get their together and I'm going to do a, you know, an outdated call spread. No, gut feels huge, right? Like I think to your point the Peter Lynch uh idea behind it, but it's also, you know, like for me what I say play with gut feel all day. Play with that in your play account. Keep the sizes small. I mean, I'm starting to sound like a boring financial adviser here, but I'm saying that because that's like a practice ground, right? Like you can absolutely hone your intuition, the more you actually like put some risk on and and take some trades, right? Um, but what I was going to say to your earlier point about, you know, some of the ideas about like, you know, looking at the trade, how do you find all that? I think a good thing for the retail investor to think is to ask the same question we used to ask ourselves, right? Like, what would you ask yourself when someone comes down with the biggest berry, looks like it's got a quarter in edge, it's going to be easy to move, what you ask yourself, why me? Why why am I the one that got this amazing trade that seems like free money? because there's got to be something else going on, right? And like, you know, you at the end of the day, you sometimes you had to take those trades, sometimes you didn't, sometimes you figured out why. Sometimes it was, you know, uh just a really fat trade. But I think the retail investor should ask themselves the same kind of thing. Like why why did I figure this out? Why am I the only one that realizes implied volatility is over historical volatility? And so I so I should sell that. uh that you know it really battle test your edge by asking that same why me question that like what makes this so special that I've discovered it when we've got AI bots crawling every piece of financial data that exists. Right. Right. So we we're not going to get to it all in this show, but maybe we talk about this in in another episode. Um but if if you're a retail person looking at the screen, do you feel like you're at at at a disadvantage? Okay. in that you have to you have to absorb some negative edge to get into a trade and some negative edge to get out of it because you can't buy a bid and you can't sell an offer. Probably not even close to a bid in an offer. Okay, I'll give you Spider, I'll give you Apple, maybe Tesla. You're going to get midpoint, maybe a little bit shy, but it's still a negative edge. Okay, you know, mostly um so how do you compensate for that negative edge of of trade entry trade exit with the thesis part of the the trade, right? Where do where does the retail person get his or her edge to overcome that? It's got to be greater than your negative edge that you get in otherwise why do it, right? And if you tell me investment and you're investing your buy and hold or whatever you do, okay, I don't I think that's a great answer, but is there another one that we're missing or several others? The I think first of all the amount of negative edge that retail investors are paying these days has gone down to like basically squat. Um to your point about like the top tiers, absolutely right, like you risk transfer in any of those like basically at fair value, which is a huge boom. Like that's amazing how tight and liquid those markets are because means you don't have to think about it. It means there's billions of other dollars that are forcing that price into line and you can be pretty confident that you know for your hedged equity for your overlay type strategies that are just you know using options for risk transfer type purposes that you're going to get a pretty good price. Um and that it's you know relatively close to fair value. Um, and the markets are pretty good about pricing, you know, volatility in the top tier names. Um, but that doesn't mean there aren't temporary mispricings and there aren't places where you can deploy capital because other people don't want to because skews over bid or because um, you know, like you're playing ahead of flows or you know, some some other tactical edge out there. um you know if your edge isn't enough to comp like to compensate for that two or three cents getting into the option like there's no way it's worth trading right like you know even market makers are worried about the fuzziness of their edge at that at that degree no one really prices something that perfectly so you need to be willing to say this is off by a quarter you know 50 cents uh um for that to start to make sense in my opinion yeah I agree with all that I think it's a great analysis I think, you know, the other thing I'm I'm curious about um I don't know why I'm asking you all these questions because I don't think I know the answer. Um the other the other thing I'm curious about is Are you just squeezing me for trading strategies? I mean, like you want to like buy my book and uh sign up for my platform? I I'm going to do both. I already did both probably. Um but but do you think a non big-time uh institutional shop, so someone that's not that retail person can pick direction? Okay, now hold on, let me finish. Um, what I mean by that is can they can he or she be consistently right in terms of direction? Whatever they see in Tesla, I don't care if it's a ch. I don't care what it is. I don't care if they're like reading marbles. Can they be consistently right? If you say yes, okay, they can be 60% right, 70% right, 80%. I don't care what the numbers, maybe 51% right. I will tell you straight out that I would make a unmitigated fortune if you can tell me that's true. I don't know how to do it. That's my problem. That's maybe that's what I'm searching for is is get my direction correct or lack of direction for that matter. You tell me that too, I know what to do with that one as well. What are your thoughts there? Uh I I'm with you. I I certainly don't know how to do it. And I think that also makes me skeptical of uh anyone that does say they know how to do it. Um I it all depends on what horizon you're playing in, right? Like, are we talking about, you know, picking long-term value stocks over periods of time, or are we talking about like which way the S&P is going to go by the end of the day? Like, you know, that's anyone's guess. And anyone that tells you they got an endto-day signal, uh, I mean, is high on their own supply. Uh, but the, you know, medium to longer terms, sure. I mean, that's the basis of passing invest passive investing, right? That the market goes up 10% a year. uh you know with a 10% annual draw down. Yeah. So so yeah, having said that then it's probably wiser for for the retail public to be more of an investor than a trader, right? I mean so so you can what I guess what I'm getting at there is that you know as an investor my my feeling is is that you're picking a longer term horizon. Okay. and and as a result, your interest in in P&L isn't such that every tick means something to you up or down, right? Week in and week out. You're saying you're saying, I believe in in this company, this this stock as a company, and over the long run, it's going to, you know, be my value is going to be enhanced, and I don't care about the the the fluctuations along the way. I just know it's here today and I think it's going to be here in a year from now, two years, five years, whatever it is, that to me I think is can be valid. But if you say in the next month and a half, I think Tesla's it's at a an inflection point. It's at a resistance and I think it's going to go back down to the Fibonacci number and you know, I'm going to sell a call spread or buy a put spread because I that's going to happen in the next 30 days. I'm like, okay, someone tell me that one. I want to see that secret playbook. I mean why do you think theta decays the way it does right because anything can happen in the short term right like long-term predictions you know are you know relatively consistent you know volatility never you know you look at the back months V implied V never goes as crazy as the front month of the uh you know VIX term structure but like in the short term anything can happen like as long as there's time on the clock like order flow is going to zig and zag the markets and that short-term like weighing effect is going to dominate any fundamental technical or you know astrological analysis you want to do. Right. Right. Okay. I wonder if it I wonder if it's if it speaks to the shorter term player who wants to be a trader. Um I mean you know because the options markets today are so inviting and so tempting to be a part of it on a regular basis. We had zero DTE. Okay. We'll deal with that topic on another show. We have zero DTE. We you know every day of the week now. Um, we have, you know, just complete massive liquidity. We have cost that has gone down tremendously. We have a new PDT rule that's coming into effect soon. Um, that we will talk about exclusively on another show. Um, all these things are good for the retail person. You can take your computer to the beach. If you had some sort of Starlink or Wi-Fi connection, you could trade right from your beach chair if you wanted to. The temptation is great to keep pushing the button. Send, send, send, buy, buy, sell, sell, sell. Right? I I I I as an old trader, I want the more volume I touched as a as a former market maker, the more money I made. I don't think it's the same for the retail person. I think you have to be a little bit more choiceful. Did I make that word up? I don't know if that's choiceful. Yeah. Uh, no, I I definitely agree. And I mean, like, at the end of the day, options are a zero- sum game, right? So, if someone's constantly collecting a little bit of edge, that just raises the bar, like we were talking about for what people need to overcome. And that's not to say stay away from options by any means. It's to know what to expect getting out of it and to align your strategies with something that you can reliably make dimes and quarters, not just trying to shave pennies. Yep. Okay, fair enough. Uh I would say that's the biggest thing is uh when people get all excited about option strategies, even if you're actively trading um and most good strategies, you kind of do need to keep some nip and tucks going. Uh your earning expectations are not going to be 20% a month. Like you get a 20% a year consistently and you're going to have a billion dollars of AUM coming your way, right? Like the expectations need to I think just be tempered. Um, and there's a lot of powerful things you can do because a couple percentage points a year compounds quite nicely. So, be happy with that. Um, you know, but the expectation of these double digit months and tripledigit years, uh, you know, that that's not the right way to look at the options market. Yeah, I agree. Okay, we're going to get Mark and I will get into some specific strategies uh down the road here. Um, you know, we're going to talk about everything options and, you know, we'll throw some stocks in there and probably some crypto and you name it. If it's tradable, we'll talk about it. Okay. Um, and we'll always share some of our experiences from from the our floor days and give a little bit of a, you know, market maker spin. Mark's definitely um, in the RAIA space. Did I say that right? Um, so you can take people's money and help them invest it, I think. Is that also accurate? That is. Okay. So Mark's open for business just so we're clear. Um that's the uh harvested financial part of this. Um I on the other hand I'm not registered. I it took me uh four tries to pass the series 24 which was what we had to take after FINRA thought it was a good idea for market makers to have that or something like that. Um I was an adult. That's the option of the principal, I think, right? Or the male, married for many years, grown kids, drinking wine like we do every night around the TV, trying to study while we're watching some show, this massive book, and I'm like, there's just no way I'm going to retain this. It was brutal. I ultimately passed, but it was not with flying colors. Anyhow, um I digress. Uh but we're going to talk about all this kind of stuff, and we're going to talk about the the markets, right, Mark? We're going to talk about policy. We're going to talk about, you know, just crazy things we've seen, crazy things we've done. You know, listen, I'm guessing if you're like me, you don't win every time you you open your mouth or or hit the button, the send button. Sometimes there's losses, and you have to know how to manage that, in my opinion, better than you know how to get in. I I could handle I could hire a monkey and teach it how to get into a trade. That get teaching the monkey how to get out is a tough one. That's the tougher one, right? How to exit. So that's this in my opinion the real skill of this thoughts comments before we move to you know what some veno that's the thing about options is they're always moving right like it's it's not like equities at all it's always moving in some dimension so couldn't agree with you more it's always requires some kind of management nip tuck roll reset whatever it is yep yep for sure all right let's move along let's get to uh the fun part of Uh we're going to talk about a little bit of wine. We have two today. Um I've got Let me go first only because mine's a little cheapy and it's not as fun and I'll let you go second. Okay. All right. Um I am going to start out with a flowers rosé. Now, what the hell is this little girly pink thing on the screen? Okay. And no offense to giries and pinks because I love all of it. Um it is a rosé. It is a 100% pon noir grape. Okay. That makes this beautiful light pink color. Um, do you drink roses, by the way? I love rosé. I love pon Noir rosé. I had uh, as you know, I had a fantastic one last week. Well, here's the reason why I have this. Okay. And I bought this over the weekend. Um, Mark sent me a rosé and you pronounce because your French is perfect and mine sucks. Chauvin. No. Uh, Chevvinol. Chevielle and it's really expensive and fancy and it's French. Um 100% pon noir I think as well, right? Yep. From the fair region. It's delicious. So it it probably hits the triple digit price barrier, you know, $100 plus. This particular one, this Flowers one only about, you know, I got it for 25 bucks that was on sale. It's probably 35ish on average, give or take. Um, so I found a little little discount and I know Flowers makes great Chardonnay and I always love their Chardonnay. So total flyer for me. Um, but they gently press this these grapes to make this pale um, provenal kind of look and feel, right? Uh, with with this kind of a wine. This was delicious. We had it this weekend. Only reason we got it, two reasons. Mark Mark's wine he shot said and coincidentally my daughter said, "How about a rosé with dinner this week?" So I said, "Oh, I'm out and about. I'll go get one because I I don't think I I I store this up. It's from the Soma coast of California. Um the climate there super cool. It's very coastal fog driven, you know, uh that kind of thing. It's kind of got this, you know, marine sediment in the ground there in the soil. Um who the hell cares about that? But that's how this wine is produced pretty well. Um so, uh you know, acidity levels probably pretty much on the high side. Um pretty dis distinct flavor. Now, what I would say about these kind of wines, um, probably little watermelon here and a little strawberry. Um, and it's going to have a little citrusy, you know, kind of kind of, uh, palette, I'd say. Um, what do you think about food for this? I'm thinking shrimp, grilled fish, you know, some kind of appetite, little cheese course or something, right? That kind of something on the grill would go fantastic with this. Okay. And you drink this around the pool, man. I'm telling you, I'm in my I'm in my my freaking pool hat with the the the goofy glasses, the crazy shorts, the big Tommy Bahama shirt on. I'm drinking one of these uh by that pool. So, Oh, yeah. It's great by the pool, but it's also a serious enough rosé, I think, that like it stands up to food, right? And those are some of my favorite roses these days that are like the more gastronomic style of rosé that isn't just a bunch of chilled pink juice, but something that like you say has some of these like stronger fruit notes, little citrus to go against like you know some of that tang from the grill like you know this is more serious than just uh you know funny shades and floating in the pool rosé. Yeah. No, for sure. It definitely is. And and don't forget it's that it's that sole pon noir grape in this thing. Um this is a really good wine. I, you know, for me personally, this isn't something I'd have, you know, as the main star. This is something I I I warm up with. Uh, quite honestly, it's it's to get going on a summer day. It make just makes me feel good. I don't know. Just makes me feel happy around the pool. Uh, but yeah, you could you could definitely have this with with some kind of seafood as well. All right. So, this is delicious. It's it's not expensive. Like I said, 25 35 that ballpark. Um, you can probably find it, you know, just about anywhere, but it's it's it's definitely worth the shot. So, let's go to Mark's Deeper Red now. Mark, I'll turn it over to you. Sure. So, uh I'm I'm drinking the Italian Pon Noir right here. Uh which would be Nebio. And uh I knew we were having lasagna tonight, so I said, "All right, I gotta I got to dig into the Italian collection." And uh this is a Barbaresco from uh Satimano is the name of the producer. Um, and while they're relatively kind of new on the block, not that new, you know, 50 years old instead of 150 years old, um, still a very traditional style of Barbaresco. Um, and one of my favorite things about them is that they identify all their different crew. Um, so they do make a blend. Um, but they also distinctly identify all their individual villages. So, uh, this is from Kata, uh, I believe I'm pronouncing that right. Um, which is just outside the town proper of Barbaresco. Um, and so these tend to be some of the more like, you know, it's relatively hilly up there. Uh, pretty steep soils. Um, these are some of the more kind of like structured serious barbaresos. Uh, we've got some really nice kind of flavors on the nose. I, you know, I get, I want to say like some wild raspberries. Like there's definitely like a citrus, you know, maybe like a richer orangey kind of flavor to it, too. A little bit. Um, any spice on that baby? you got any any kind of, you know, um, a little bit more on the pallet than on the nose. You know, the tannins are like mediumish. Um, you know, they they kind of come at you later. Uh, but, uh, definitely like a very elegant food wine. The, like I said, this is going with lasagna tonight, and there's zero chance this bottle gets it through dinner. Um, you're gonna you're gonna tap this one. Oh, yeah. Corks are for quitters. That's that. Yeah. old people like me. My god, I can't drink a bottle anymore. I went out to dinner on Saturday night. Was it Saturday night at a great steak place in our area, right? So, I go out to dinner. Eight of us, no, sorry, take it back. Six of us, three guys, three wives. Our wives, too, by the way. Um, so that was good news. We had one bottle of wine among all six of us. Now, to be clear, one guy doesn't drink wine. Okay? So, it's five. Three ladies, two guys drinking wine. We finished the wine, the one bottle. We had a second bottle ready to go. We said, "Ah, let's not open it." You know, we're done. That's pathetic, if you ask me. Were we having cocktails, too? No. No, I didn't have a cocktail. I I had a club soda. I'm such a little baby now. I swear. I used to be such a good, you know, Sunday to Sunday boozer in terms of enjoying wine with dinner. I'm just not selling the wine down too much, am I? If you need help on that seller, let me know. I uh happy to help you with that. We'll be down in the cellar for one of these shows. I'll get down there sooner or later. Yeah, you got to see it. It's pretty pretty pretty crazy. Um but yeah, it's it's the kind of thing that um uh you know, I we've just drunk less. But the wines that Mark and I will bring to this show, you know, uh they're always going to be fun. Um they're not always going to be crazy expensive. Um they will be sometimes or crazy cheap. They're gonna be all over the place. I think Mark's bottle you probably what 7500 rangeish there maybe a little more. Yeah, I've been storing it for a number of years so I got it cheaper on release but yeah that's about where they're trading now. Yeah. Okay. Got it. Got it. So all good. And then by the way folks, if you have something you want us to try or you've heard about, we'll give you our opinion on it. Um pretty good pallets, pretty good noses. Um you know between the two of us, um let us know. put something in the comments. Um, don't forget to watch us regularly Thursday at 3:15 Central time, 4:15 Eastern, right? It's the market windown and we'll be talking about all the things we we hit today. Um, once in a while I'm going tell you how bad I play golf and Mark's going to say how good he plays and, you know, all that kind of good stuff. Anything else? Uh, for the record, I play terribly at golf. So, Well, I can sympathize with you on those. Yeah, I should be so good at this game for all the money I've invested in it and my natural what I would call athletic ability, which I'm good at other things. I just cannot figure this stupid game out. It's just beyond me. My kids, my son is really good golf. He just looks at me goes, "Dude, I cannot believe you can't hit this ball. It's I mean, I can hit it, but you just you are just a a laughingstock." I go, "You're right. It's that's me." So, it's a fun game, though. Oh, I love it. I love it. I do. It's nice being out there with some buddies and you know there's always a cocktail involved on a on a golf course so that's always fun. So all right man we got to go. Good to see you as always. Uh until next time market windown. Don't forget these are going to be live. This is taped so you know that. Um but in the future they will be live and you will be able to get them on our YouTube channel which will ultimately be um the trade of your hub which whose name is changing. I don't even know if Mark knows that. We're going to be changing that name. All new dials and all new cool things on the new hub page, which might not be called hub anymore. Stay tuned for all that info. Don't get ahead of the game, but everything's changing. We're in the works of redesigning the whole thing. Cool. Mark, what else? Harvested Financial, give us all those details. harvestedfinanicial.com, you can find uh all details on my advisory products and uh most importantly, the till uh where I blog weekly about wine markets and options. Yep. Good. And I love reading it. I love when Mark has a new one out. I I I get to that right away. It's my It's my morning read. So, very good. All right, guys. Uh Mark, have a great uh rest of the weekend and weekend and uh I will see you next time on the Windown. Cheers. Cheers. You know how the financial wolf goes. Here comes the buzzkill. Please make sure to take some time to read this boring disclaimer. We will owe you one.