New Year’s Resolutions, the $15 Trillion Liquidity Flood With Garrett Baldwin, Reacting vs Predicting

29:39I was surprised by that. That's crazy. 2024, 57 new all-time highs. And 2025, again, 38. My comment was, and I might just be repeating something I just said, but think of what's been thrown at us in this period of time. A record drop in employment during this period. A record bear market. Like the speed of a 20 % decline. I think it happened in three days, five days. Record comeback, back into a bull market from a bear market, which happened in April and May of 2020. We had the Fed hiking rates, the Fed cutting rates. We had every type of stimulus under the sun. We had 9 % CPI readings. Like there's no financial condition you can dream up outside of a Great Depression that hasn't.

30:34Think about it. We had Democrats in office. We had Republicans in office. We had tax cuts. We had every type of stimulus, fiscal, monetary. There's nothing that we didn't experience during this period, good and bad, outside of an outright depression. And think about the number of new highs we're seeing in this period. It's truly remarkable. Well, it goes back to the argument of Hal's chart, right? Because that liquidity cycle bottoms out sometime around 2018 and expands. You move into 2021. We peak November 2021, and then rates start to move up. And then we start to see a liquidity squeeze out of the market.

31:16I was stunned to actually see that we only had one record high in 2023. Yeah. No, none. None. None. That's crazy. In other words, the 21 high was not eclipsed. That's crazy. Until 24. And the funny thing about 2022, you know when that new high was? The first day. First day. right because it was all downhill from there yeah because our momentum our momentum signal turned negative on the third and it was just off to the races and then we you know we had that period in uh the first second month february wasn't that during that cyber security event and we lost we weren't we didn't we were flying blind on on hedge fund data for like two months so good times um yeah just such a happy a happy time fed minutes came out today didn't appear to be like terribly market moving um they approved the quarter percentage point cut by a vote of nine to three which um sean notes uh my research guy sean russo notes that's the most descents since 2019.

32:26Yields were sort of mixed. Short-term yields went lower, which I guess they interpreted that as being dovish. Long-term yields were flat. And the one-month yield dropped five basis points to three spot five, four. And that was it. So much ado about nothing in the minutes. Okay. Can we talk about silver and gold? Yeah, let's do it. Okay. Massive rallies this year for both gold and silver. I'm going to show you some charts and then have you react to them. Give me the 20-year gold chart. Hey, now. So gold spent most of the 20-teens in a consolidation period. At some point, it was bear market-ish.

33:10Stocks were rallying and gold was doing nothing. And then around the pandemic, it broke out to a new high, consolidated a little bit longer. And then last year and this year just went absolutely vertical. Here's silver. Yep. So gold has annualized at 11.3 % over the last 20 years. So after all those consolidation periods, it more than made up for it in the last couple of years. Silver, same thing, 11.6 over the last 20 years. But it's parabolic. It's$20 an ounce in 2023 to$80. And here is three-year gold performance to illustrate that. Silver annualizing at 34.5 % over the last three years, which is amazing.

33:55Silver annualizing at 49.4 % over the last three years. Is that silver up on the chart up? This year, gold is up 66%. Best year since 1979. And silver, also the best year since 79, up 169 nice percent. So gold and silver in 79 were ripping on geopolitical stuff like the Iran hostage crisis. The Hunt brothers tried to corner the market. And obviously you had like massive inflation. I don't know. What's going on now? What's the story behind this now? And how can it continue? I think our audience cares about. Now, the gold's easy because what happened in February 2022? The United States freezes Russia's assets.

34:50And that becomes a catalyst for massive amounts of central banking purchases. Now, at the same time, you're seeing a lot of speculation. We're at that peak of the liquidity cycle. That's typically where we do see a lot of speculation around metals. But what's so critical about this is just the fact that this is central bank buying. There is an ample amount of central bank buying because those central banks realize, look, the US dollar, if they can freeze Russia's reserves, they can freeze ours. So I think that that's one thing. Again, we did mention the excess global liquidity. I think that that's leaking into stuff that has no counterparty risk.

35:32That's very critical. So it's not a panic trade. It's more of a balance sheet trade. Non-U.S. central banks, sovereign pools, large private capital. I don't think retail was late to this. Retail has been buying the dip of every gold run the last couple of months. They were mobbing Costco and buying the physical coin. The stores couldn't keep physical gold coins in stock for years and years and years. You're right. And then you have silver. You've got to go back to earlier this year. The gold-silver ratio hit 100. And everybody said, look, historically, silver catches up. Silver's also got a very important AI component to it as well.

36:14You can't do anything with it. And then you have all this other nonsense and madness going on with comics. And I really haven't followed that story close enough because it is the holidays. But there were rumors floating around today that some bank blew up and that the Fed had to step in. And I haven't been able to confirm any of that. But obviously, the CME group stepping in, raising margin requirements for precious metals contracts, that's plumbing. That's not really a conviction thing. Margin hikes force leverage out of vertical moves and creates volatility, not typically trend reversals. So I've been very, very bullish on silver and gold since 2022 when all this happened with Russia.

36:59and if you believe a guy like Eric Sprott who's been buying Highcroft HYMC a stock hand over fist it was at three now it's at 23 he thinks he thinks that it's possible that the silver and gold ratio drops to 34 on the way to then meeting somewhere which I believe he has argued that it is the global mining ratio, which is something like eight to one. So a lot of the people who are, what's the, what's the adage go, you know, that sometimes it takes, nothing happens for decades and then decades happens in weeks or something like that. You know, that that's kind of where we are. It's a, it's a total repricing.

37:40There are years where nothing happens and there are weeks where years happen or something, something like that. Yeah. This feels, uh, I mean, I don't want to make a short-term price prediction. This feels like everyone is way too confident that gold is just going right to 5 ,000. It sort of reminds me of Bitcoin ripping to 17 ,000 and change. Sure. And then next thing you know, it's 10. I don't think gold would be that volatile, but it feels too easy. like you buy it it's definitely going higher um for the people that have been accumulating it for years bravo i don't so i don't trade gold i buy the i buy the i don't think it's the gld whatever the other one is and i buy it no no no no not gold miners i buy one of the gold etfs um iau is that okay um it's it but it's in like my public account and the same amount goes into it every month i don't even look at the price um i do the same thing with bitcoin i don't have a view on gold.

38:49But I would just, I would say it seems like it's too obvious right now. If I were like looking to trade it long, I'd probably want to see somebody get scared and nobody's scared in this market. Well, I mean, I've been in, I trade a Sprott closed end fund, a P H Y S. So I have a long position in that. And then I bought CEF, which is the Sprott physical silver and gold ETF. And that's my preferred way to do it because I know that that's really more of a one-to-one claim than dealing with anything with the miners. But that's kind of where my focus has been. And I still think that gold has room to run.

39:27But yeah, we're certainly in an environment right now where things feel stretched. And I mean, a palladium move of 16 % the other day. I mean, that was quite a bit. All right. There was a little bit of volatility in this market, though, recently. So let me just share this. margin requirements were raised at the CME, which I suppose makes sense as an asset does what this has done. You don't want people taking more risk at today's prices, at least not if you're the one lending them the money to do it. So let me read this. After a strong week-long rally that sent gold, silver, and other precious metals to all-time high prices, fell sharply Monday after exchange operator CME Group made a key change to its contracts.

40:09After peaking at$45.65 per Troy ounce Friday. Spot gold was down more than 4%. Spot silver fell 9%. Prices for platinum and palladium also fell dramatically on Monday. The CME group raised its margin requirements for precious metals contracts, forcing traders to add money to accounts that insured against defaults. Exchange operators ordinarily raise margin requirements after strong price rallies. Essentially, it raises the minimum amount traders must give brokers. Okay, so then why do the prices fall? Because not everybody come up with the money. Simple as that. Okay, short-term distraction, not really the story here, would you say?

40:53Again, I think that this is more of a monetary debasement story than it is anything else. And again, if they're going to keep printing money and pumping money into the system, it's going to be beneficial to metals. But there's no real prediction figure. I view it more through the lens of what we talked about earlier, where gold is certainly impacted by liquidity. You also could potentially see some strength coming out of China relatively soon because China, I believe, just hit the 1 ,000 yuan per gram. And that's behavioral. That's where people step in and start by. Probably a lucky number or something.

41:30Right. Yeah. I got a guy here in Boca that I met recently who was like the original cash for gold guy. And I'm tempted to tell him to get the band back together. Because if that labor market does end up cracking, you are going to have retail gold buying like we haven't seen since 2011 or whatever it was, 2010. um so i'm almost i'm almost tempted to tell them the let's let's let's start let's start it up again what do you think i mean i'm on board they had they had one of the guys who's from like one of those uh one of those not hoarder show i forget what it is um one of the one of the um not repo um what am i blanking on here um pawn shop like a pawn shop star was on fox business today like as the as the bitcoin gold expert and like okay that might be a top if we're if we're bringing in people like that um no i think the top will be like i think it will be something reality show ish right it'll be it'll be like a plot line on real housewives where the husband is like buying the biggest house in his city because he's a gold person or like kevin o 'leary mining ventures that start advertising on CNBC, something like that.

42:56I don't think we're quite, quite, quite there, but we're directionally, we're headed there. This is you writing at your fabulous sub stack, me and the money printer. You said, the reality is this, we have nothing to compare our current situation to. There are too many variables. A Federal Reserve that's printing money out of thin air and then telling us they're not. The Treasury Department is manipulating our debt issuance to stabilize the fiat banking system, a bifurcation of global trade partners, a reserve currency on the brink, billions of people on the planet all acting in their self-interest, a Congress with an approval rating lower than colonoscopies.

43:39Told you guys, Garrett's a great writer. But worst of all, people who really don't understand how the system works after 2008. Everyone is a self-proclaimed expert and everyone has an opinion, but it's clear that so many people are still stuck in a 1990s mentality on how money moves. My argument is to avoid predicting too much. Just react. That is what you can control in the year ahead. We have a specific momentum signal that has navigated the post-2020 era very well, despite all the unprecedented actions by our financial elite. Why is it important to react rather than predict these days more than ever?

44:23And how do the traders and investors in our audience implement what you're talking about? Yeah. So again, I see the world through a very unique set of macro factors. I look at Hal's focus on liquidity, Druckenmiller's focus on liquidity. I have studied insider buying my entire career. I look at what JD Henning's doing on momentum. I focus on policy, policy, policy. And then I watch that thing, the FNGD. And the reality is that in this environment, we are, I don't want to say that you use the term the new normal, but there are tools that are in play. There are things that people can use that work, but people are still very, very frustrated.

45:10But work for what? avoiding risk or capitalizing on? In terms of market timing, I mean, as far as just, I mean, doing something as simple as just looking at the bell curve, the far ends of the bell curve of stocks, you know, up 5 % on a week and up on a month and down 5%. I mean, that alone can give you a lot of conviction. And, you know, I go back and I built a system, a momentum strategy on the work of JD Henning on Gary Antonacci, my father-in-law. And what we've been able to do is avoid those massive downturns because we are doing a simple math. It's physics. It's an equation. It's not a model.

45:49It's not an algorithm. It's just watching money move and watching how it behaves. And then, as I've said, the insiders have called the bottom over and over again. Policy has been dictating these markets. I remember it was, you know, I know you're reading what I write and, you know, November 20th, I could not have been more bearish. I really couldn't have. And then I wake up in the morning and Japan says they're printing$117 trillion or billion dollars. And then I go and I look at secform4.com and see the insider buying spike to the highest level since April of this year. Right. So you have, right.

46:26So you're going to have contradictory signals all the time. It's unavoidable. Unless you're using a single variable like me, I just use a 200 day because I'm a dumb dumb. And I think that that's a very good strategy. I think it's good to do things where you have a list of stocks and follow the 20. But if you're using economic signals, market-based signals, price-based signals, things like insider buying, which is sort of like you have to come up with some sort of systematized way to value what it's doing, meaning you might have one insider who buys so much stock, it's a false signal because it's not being repeated by other buyers and other stocks.

47:06That's a thing that could happen, I suppose. So you have to not only have all of these signals and have nuanced ways of reading them, but then you have the secondary thing where you have to decide which over, which overrides, which sure. And I think that's so hard for people to do, right. Cause it's like competing thoughts in your mind at the same time. But again, what I continue to just focus on is just capital in capital out. And that, and that alone has been, you know, what, what do you have to look at? Right. Is I don't think that Henning and the, and the work that Antonacci had done with momentum systems is enough by itself.

47:46There can be false signals. It might just be the S &P 500 bouncing off the 20-day moving average, and then it doesn't break down and it rebounds. What I have seen and what I have studied is that the work of HAL, when there is this big negative event that's transpiring, that is tied to liquidity in the system. That is likely tied to repo. That is likely tied to leverage leaving the system in a very quick moment. So I think that it's very important because there's so much damn noise. Like we've worked in financial media long enough to know that everybody's got an opinion, but things have drastically changed in the financial system, particularly after 2008.

48:25We became a refinancing system. And on top of that, as I laid it out, it's really about, people keep saying the AI trade, the AI trade, it's not the AI trade. It's the leverage and the passive flows that are providing all the support. And at the end of the day, valuations are not necessarily as important anymore because valuations continue to money just continues to come into the system it flows into these very similar stocks and then yeah i agree with that we go rsi mfi overbought oh weird it's sold off there are money managers who who who are regularly buying apple at a p e ratio of 16 and at 32 and then at and then at 40 and then at 24.

49:11They don't give a fuck about the valuation. It has nothing to do with it. They might say they do because they sort of have to because they went to Wharton and they're speaking to an audience of other people that went to Wharton. They have to nod to the valuation, but they view their job as explaining the valuation, not caring about what it is. So at any given moment, they could tell you why 40 makes sense as a trailing PE ratio. They could tell you why 30 makes sense. Right. And the story could change. It made sense last year because of this. And next year, it makes sense because of that. And the job is explaining it.

49:52And they're really good at it. And they're buying it either way. Right. Taking new money. Apple's a 4 % weight. Why am I buying it at 40 times earnings? I don't know. I bought it at 30. Nobody stopped me. And you also have to know where you are. And if you subscribe to the theory of what Hal does with liquidity and what we've talked about in this kind of oscillation, I go back to 2022. I tell this story a lot because I don't think I have respect for the man. Jim Cramer goes on CNBC and he was very upset because in October, 2022, Meta got crushed. And it was a very iconic moment of him saying, I got this wrong.

50:43I got this wrong. I got this wrong. But the reality is it was a, it was a liquidity event that was transpiring that year. And if you turn around and you look at what happens, the moment that the liquidity cycle starts to inflate again, meta goes up from 80 bucks to 700. And it, again, it's high beta stocks, lots and lots of passive flows. I think it's 1500 ETFs on meta now. You have the valuation expansion. We have a chart on that that we pull up in a minute or two. And valuation expansion, to your point, drove those equity gains and have done so of every up and down move that we have had there it is so okay so it is true that there is earnings growth sure but it's this is so this is the whole world i think that's important to point out we have had multiple expansion in countries all over the world and ironically in the u.s i think earnings growth has kind of kept pace or outgrown we might have had multiple compression this year for for i think the S &P 100, meaning those stocks grew earnings faster than their prices rose.

51:57But for all over the, as a global phenomenon, you're absolutely right. I think some of this is like, I'll let you explain the chart in a second, but I think some of this is like just this massive global realization that the US rebounded better from COVID than any other country. and what sets us apart, the breadth and depth of our capital markets have built in this resiliency into the overall economy. And so I think you saw countries around the world get really serious about removing regulations or in the case of Japan, forcing reformation into their markets and basically demanding CEOs to create value again.

52:42And I think that's been reflected. this like new push toward capital markets as the savior of an economy, here's what you get. You get multiple expansion in England, France, like of all places. Right? Germany. Germany at a time that everybody's complaining. Put the chart back up. Tell us what we're looking at. Yeah, tell us what we're looking at. So this is valuation expansion and what drove it. And it's being driven by, effectively we're still arguing this, that it's being driven by that liquidity cycle again. But it's not earnings. It's somebody willing to pay$23 for the same earnings that somebody paid for$21 a year ago.

53:25And this is the big question, Josh. When I look at risk in the market, we are at, I believe, 19 % of the S &P 500 or U.S. markets is foreign capital. I believe it was 8 % in 2008, so more and more money. The question is, it's almost chicken and egg. What actually would lead to the market having that valuation compression happen again? And the only thing that I could potentially think of is foreign money leaves. And then from that point, you start to see that valuation compression happen from the leverage funds and possibly the passives. But at the same time, you've already hit the nail on the head that every two weeks, Americans are just buying the same stock over and over and over again.

54:17So, you know, that's my risk. But I don't want to sit here and say that it's going to happen in the next four months, because once again, we're pumping$40 billion a month through April. And then you have, what, 117 coming from Japan. And then China is going to start relatively soon. And that's going to be bullish for copper and bullish for manufacturing for them because they're kind of at the low end of their liquidity cycle right now. We got two more things to get to. We do this one quickly. New Year's resolution? getting in the pool i gotta get back in the pool that's what you want to do thursday morning thursday morning i will be done at well we're not markets closed but friday morning when the market uh when my show is over i am driving to the gym and i will be back in the pool and i will try to get back up to swimming a mile a day you want to hear what an asshole i am i have three resolutions and they're all about getting people to leave me alone.

55:18I wrote these up on my blog. And I do it like almost every year. It's a good exercise for me. But it was like, I'm going to stop paying attention to other people's political bullshit and letting it affect me. I probably say that every few years. But I really mean it this time. The second is I'm going to stop being so much of a people pleaser and getting myself involved with things I don't want to do just to avoid hurting someone's feelings. And I already forgot what my third one was. Well, it's hard. I mean, look, it's hard to say no. I mean, it's hard to say no to people. So yeah, I got to do a better job.

56:00I hate it so much. I hate that. Oh, I said I'm going to be skeptical, but not cynical. Right. Which I think I already blew that today. I'm going to – because I think skepticism leaves room to change your mind or to say I missed something. Cynicism, it's really hard to – cynicism is like burning the boats. Right. Like it's really hard to about face from cynicism. It's easier to be skeptical and then say, you know what? Actually, the ATM machine is helpful. The ETF is a good innovation. Like if you're cynical about everything new that comes along, you can't change your mind. so well again i think you one of the one of the very when we first when i first launched the sub stack and it when it was postcards from the florida republic before it became me and the money printer the slogan of it or the the argument of it was i wanted my audience to focus on three things their health their wealth and their self and if you can't do those three things first get out of other people's business i mean that that's kind of the way that the way that i you I want to live my life.

57:11And again, if I can't get my act together, I'm not going to be worried about other people's political opinions. All right. So the word of the year, according to whoever's in charge of this stuff, maybe it's Merriam-Webster, I forget, is slop, as in AI slop, which probably could become the word of the year next year too. my word of the year the word that I out of nowhere just heard more of than any other word I can think of this year was grift I just I mean even with this Somali stuff going on in Minnesota now I just I feel like this is like very much in the zeitgeist everyone looks at everyone else as though they're grifting everyone's a grifter okay so I thought this was funny put this graphic up guys this is from a great site called securities docket grift etf tied to washington access in trump era hits a wall um so you know the guy at tuttle capital management he did like the anti-kramer conversation about him the other day and i can't remember where yeah i don't know him personally he's clever though he comes up with matt tuttle he comes up with uh he created the inverse he created the inverse kathy wood i think that was like the first claim to fame was Sark.

58:28Right. And I think at the bottom of the tech market, but that's neither here nor there. All right. Connecticut-based Tuttle Capital Management proposed an exchange-traded fund tracking the perceived value of political access, but the machine ran into a wall. The Tuttle Capital Government Grift ETF, this is true. I'm not making this up. Ticker GRFT is designed to target firms with apparent ties to Washington power brokers from cabinet officials to stock trading lawmakers. Yet no major exchange has agreed to list it, according to Matt Tottle. So Eric Boutounis said, this is the first time I can recall an ETF where they can't list anywhere.

59:11Right. Well, and it's funny too, because this news hits the same day that Trump announced five ETFs today as well. The Made in America, with the Made in America focused. And I think what this is really, what this really showcases. And I think we talked about it last time. Right now, there's 4 ,200 US stocks. There's 4 ,800 ETFs. And what is - Nonsense. It's nonsense stacked on top of nonsense. And you have to judge a market or a system by its incentives. And people are incentivized to just create an ETF that tracks the S &P 500. I think we talked about the Catholic ETF, CATH. which is just it's just the s &p 500 and people are collecting 30 basis points for that so is that a form of grift i don't know i consider it more of a form of the problem is not more et the problem no the etf the launch of the etf is not in and of itself grift i think just the idea sure that like grift is so big in the zeitgeist right now that somebody would even come up with the idea of like well can we at least invest in it i thought that was interesting um uh it was pointed out, Taking Care of Business Loco in the chat said public can do that for you.

1:00:28That's right. Our sponsor, Public, is Generated Assets. I'm going to see if we can log on there and create a grift generated asset portfolio. Somali Day Carry TF would be hot right now. All right. We have like one minute left. I wanted you to just tell me your favorite investment theme or individual idea or whatever for 2026. We normally end the show with a make the case. So I know you guys have something to say. Still want to see your ministry chart. But yeah, so I have another letter called Postcards from the Edge of the World. And this is a pretty simple theme. It's buying what families in history bought during times of great uncertainty.

1:01:11So I went back and I really assessed what was happening in Judea in 60 AD, what was happening in periods of when Caesar was around. And the reality is this, they were just sovereign wealth funds. They were legitimately just investing in choke points in the economy. And we just talked about the concept of grift. I view it through the lens of like extraction. I think that people right now know that they're being nickeled and dimed everywhere. and that kind of concept is like, look, the reality is this. If you want to own these things, you want to own things that are pricing in the ongoing expansion and cost of insurance.

1:01:56I mean, I just recommended Kinsey. You want to own the, you want to invest in the extractors. I want to invest in the extractors. I love that idea. Yeah. All right, let's you and I explore that idea more thoroughly thoroughly the next time we we chat because that deserves that deserves a i think a bigger a bigger segment you want you want to own what pays what pays rent and it's slow and it's boring and it's cash heavy and it's annoyingly necessary i love it um all right i have a mystery chart i'm gonna i'm gonna stop you okay all right well let me give you let me give you a clue at least i'll give you two clues, okay?

1:02:36Okay. All right. One is, this is one of the 11 sectors of the S &P 500. So you have one out of 11 shot of guessing it. And the second clue is,

1:02:52it's got a relatively heterogeneous, generous? How do I want to say that word? Mix of companies, meaning it's not the energy sector where they all go up and down together. So now you have a one in 10 shot because I told you it's not energy. Which S &P sector, excluding energy, is this a chart of? And this goes back 15 years?

1:03:24I'm going to say the XLV. No. Okay. Any other guesses? I'll give you one more. Healthcare. that's the XLV. You guys say it twice. Oh, sorry. Forgive me, financials. All right. Got it on the second guess. Let's go. Show me the reveal. That's what I actually meant to say. Nailed it. And I said XLV instead. I mentioned healthcare. I actually was going with financials. All right. I got a couple of other XLF charts worth all of us looking at. This massive performance in that 15-year chart. This year was interesting. They ran up into the summer. They paused, and now they're off to the races again. I want people to remember, yeah, this is dominated by J.P.

1:04:08Morgan and Bank of America, but you got insurance here. You got alternatives. You got brokerage. You've got payments. There's a lot of different things happening here. Do we have one more, or is that a total return price percentage? Pretty good year. When did Japan print? And that's that bottom right there in November, isn't it? And again, it goes back to the argument that when we engage in support, it's good for banks. And when China does it, it's good for manufacturing and metals because they are a manufacturing economy. Guys, let's let everybody know. Garrett's newsletter is you've got postcards from the edge of the world, which I love because I'm into history.

1:04:57You've got me and the money printer, which I never miss in addition. and you're doing this Market Master show. So for the people that are into YouTube and live streaming, tell us the details. How can they find that? Yeah, so we're at Theotrade.com, and we do this show every morning, 8.45 to about 9.20, and then the rest of my team, they go live from 9.30 all the way to 4 o 'clock. So we're busy. We're in the room every day doing trading education, and yeah, I've done this morning show. I even did it yesterday after the Phish concert. I can't believe I actually got it done. Look at you. You're a beast.

1:05:32And here you are ending the day on another live stream. So, hey, thank you so much for doing this. Guys, follow Garrett everywhere. He's writing. He's fantastic. He makes me think. I learn things. I laugh. And you will too. Shout out to Michael Batnick, who will be back after the first of the year. And I do want to, yeah, in Disney, I do want to let you guys know, this is not a surprise. We're letting you know in advance. We're actually going to do an impromptu compound and friends live stream on Friday morning, which I guess is the second. Yep. Here we go. So it'll be Ben Carlson, myself and Michael.

1:06:13We're going to come on live at 930 for the Open of Trade of the first day of the year. And I hope you guys can join us. All right. That's it from us tonight. Love you. We'll see you soon.

1:06:29Thank you.

1:06:59Egal ob Studium, Job oder Umzug. Stimmt, krass. Fühlt sich gar nicht wie Steuern an. Steuern erledigt? Safe. Mit Viso Steuer.