Ready to turbocharge your real estate investments? Join host Mike Zlotnik, the Big Mike, for an illuminating discussion with Terry Judge, founder of Core Advisors and a 19-year veteran in cost segregation. Recorded in early May 2025 amid tariff uncertainties and high interest rates, this episode dives into how cost segregation can unlock massive tax savings, especially with the anticipated return of 100% bonus depreciation. Terry, nearing Core Advisors’ 20th anniversary, shares insights on navigating market volatility, the game-changing “lazy man’s 1031 exchange,” and why a reputable engineering-based cost segregation study is critical to withstand IRS scrutiny.
From the potential economic boost of Trump’s “big beautiful tax bill” to strategies for savvy operators, Terry’s expertise offers a roadmap for real estate investors to thrive. Connect with Terry to explore how Core Advisors can optimize your portfolio!
HIGHLIGHTS OF THE EPISODE
00:00 – Welcome to the BigMikeFund Podcast
00:26 – Guest introduction: Terry Judge
01:51 – Cost segregation recap: 19 years of tax savings
03:31 – Market volatility: Tariffs, rates, and uncertainty
06:59 – Bonus depreciation: 100% expensing comeback
11:37 – Lazy man’s 1031: Offsetting gains with cost seg
14:26 – Tax bill timeline: July 4th or end of summer?
18:07 – Industry changes: IRS audits and study quality
22:13 – Choosing a reputable cost segregation firm
24:35 – Book and podcast recommendations
26:16 – How to connect with Terry and Core Advisors
If you found this episode substantial and want to dig deeper into real estate, or maybe you want to discover better investment opportunities, be sure to check out www.tempofunding.com.
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Full Transcript:
Mike Zlotnik: Welcome to the BigMikeFund Podcast.
I’m the Big Mike, Mike Zlotnik, and today it is my pleasure and a privilege to welcome back Terry Judge. Hi Terry.
Terry Judge: Hey Mike. How are you?
Mike Zlotnik: I’m great. Good to be back. Thanks for coming back on our podcast. You already repeat guest and I’m grateful for your wisdom in the past and. The new set of wisdoms.
We’re recording this in, early May, 2025. The episode will come out probably in a little bit, but let’s talk about, latest and greatest, anything new going on. Let’s start with, with the news. And Terry is with, core advisors, specialist in cost, segregation and related services tax. specialty tax engineering and number of related, topics.
So, what’s new?
Terry Judge: Well, just a little recap. So I’ve been in the cost segregation business for 19 years, January of 2026, we’ll hit 20 years. So we’re kind of planning our 20 year anniversary. Like, you know, we wanna do something kind of cool, something special. So I’ve been through many real estate cycles.
I’ve been through many different, well, obviously different presidents over the, over the course of the last, you know, 20 years. And, thank God this is a very bipartisan tax strategy. I think it’s so important. That, we protect it as a country and, ’cause it really does spur the, the economy and when, when, as, as everybody knows.
And if you don’t know, I’ll just touch on, you know, cost segregation is just a very rapid way to write off a property. And then you can front load that depreciation, and bonus depreciation. Is is is different than than depreciation. When we say that it’s, it’s, it’s kind of, it’s kind of has a couple, it has a separate kind of, application.
But when bonus depreciation got introduced, back in late 2017, it really set the real estate markets on fire. And as everybody’s been kind of watching the news, we, you know, it’s been mentioned many times by the Trump administration. Matter of fact, Donald Trump himself mentioned it in his inauguration speech that a hundred percent expensing is what he calls it, is coming back.
And, it’s been mentioned many times, throughout his administration in the last a hundred days, that a hundred percent bonus depreciation is coming back. We can touch on, you know, for those of the, that wanna really dive deeper into that, what, what does that really mean? We certainly can touch on that.
you know as well. So it’s, right now my business has been impacted. I think a lot of businesses have been impacted, once Trump finally took office, ’cause he is pro business, I. Everything kind of just went crazy. We had a, our biggest month was in December, in January. Now things have settled down because of the tariffs, interest rates, uncertainty, prices, new construction.
a lot of it is really, I, I don’t, it’s just been on hold or paused. it’s still happening, but it’s, there’s definitely been a dip over the last couple months. We anticipate. that to settle down in a, i I, I meant to, you know, give this thing about, I’m telling my clients like, just be patient. There’s a lot of adjustment happening in the world right now.
I think it’s a overall good adjustment. We’re gonna feel the pain, I think, for the next several months, and things are gonna start to settle down. We anticipate. not only bonus depreciation is going to be back and it’s gonna be back in the tax code probably by the end of summer. it’s already in the big beautiful bill.
We just gotta get that thing passed. it’ll be one of the biggest tax cuts, you know, in American history, and I really think that’s gonna spur the economy again, especially in our world, Mike, in terms around, you know, commercial lending, commercial real estate, commercial development, really anticipate, you know, that’s gonna get a good shot in the arm, which it.
Which it desperately needs. I think things are just kind of idling along here and, and, and people are just, everyone’s chirping and bitching and moaning and tariffs are bad. Tariffs are good. And, and, you know, we’re all sitting here like, okay, well what really is it? Is it good? Is it bad? I think it’s good long term.
I think it’s bad short term. So I think we just gotta kind of have to wait it out. And let’s see how this thing, lands, you know, how, how it settles down. We’ll start to see, trade deals start to happen. Hopefully, you know, China comes to the table. I think that’s an interesting dynamic of, this has never been done before, so I think we, we have to be patient.
so I’ll just kind of pause there and see if you have any other, comments, feedback for me.
Mike Zlotnik: Yeah, thanks Terry. You, you, you got a lot of, Updates here and key points. So first of all, let’s just, dissect a little bit on a couple of points. So, as of right now, the 2017, I think it was called Jobs Act, the, the bonus depreciation has sunset to 40% this year used to be a hundred percent, and it’s been sunset last few years.
And then new bill will renew it back to a hundred percent. And then you’re saying it shot in the arm. Or tail in, you know, in, in, in the back. sorry. The wind in the, tailwind. The sale, simply because it’ll, create significant tax incentives for people to buy commercial real estate, whatever the asset class.
And it’s not just real estate to make general capital investments. The bonus depreciation will help, expense that all in the current year. So all the items that go to the bonus, it’s the five year schedules, the seven, the tens, the fifteens, they’re all gonna come back and that should. Significantly help the demand for these type of assets.
So that this is how I, I, I guess this is, this is, this is common sense, but I’m just kind of dissecting the, the most basic concept. When it gets renewed, it’ll help, commercial real estate. And then on the other side, of course, we’re dealing with uncertainty, because, you know, one of the latest things that I heard is what, what, what, what Trump is doing is, I think air, air.
The fighter jet pilots, they call them rolls or something, they just go through their routine. They get into something very fast, and then they see what happens. And if it’s not working, adjust very, very quickly. And this environment where you are observing, learning and adjusting very, very quickly is a little nerve wracking.
Because it’s a high pressure environment. It’s a high uncertainty environment, but fighter pilots deal with it every day. This is part of the part of the business operating in that environment, so we’re just not used to it. Majority of us used to, you know, these policies, taking a long time in Washington, coming up with a plan and then ultimately pulling the trigger.
After a lot of study and a lot of preparation and a lot of delays, et cetera. So this is not how the world is done under Trump, but, there is some sanity to, to this insanity that. Fighter pilots learn fast. You can learn fast and adjust as long as you’re responsive. You, you’re trying to take us in one direction and that thing doesn’t work.
You gotta quickly adjust before the missile hits you or you crash.
Terry Judge: One
Mike Zlotnik: of
Terry Judge: those things. Yeah. Yeah. Just we’re just, you know, unfortunately, none of, none of us are, fighter pilots, or at least, you know, I’m not, most of us are not come from that world, so we don’t know how to maybe pivot or, or accept or adapt.
You know, we had a good, such a good 10 year run in real estate. I mean, even if you weren’t a good operator, you could still make money. But things are changing the good you have to become a really savvy operator. And I think from managing, buying, you know, and then, you know, what, what are your tax strategies?
So, you know, obviously cost sake is still such a huge component of any syndication deals, any, any investment deals. you know, we’re still seeing, you know, a lot, a lot of people that are still, I mean, we’re still seeing deals being done, right? It’s just not. I think some of the development deals have slowed down.
People are still trying to acquire good properties, off market properties. That’ll never change, you know, if we still, if we get an interest, reduction here, next quarter, this quarter, next quarter, I think that’s gonna definitely kickstart some things too. I know there, there was some confusion with Trump and Powell and, you know.
And, and, and chatter again, like, you know, he’s throwing him under the bus a little bit, but, so hopefully, you know, we’ll see an interest, rate reduction. I think that’ll be, needed and helpful, to get things rolling again. But I, like I said, I think we, we, we need about a 60 to 90 days to let things kind of calm down.
I think we’re gonna be fine. I think the economy’s gonna be fine. Real estate’s gonna be fine. Bonus depreciation again, you know, is just a, it’s just a way that you can take all the available depreciation that we do through a cost segregation study, you know, typically falls into a five year. I heard you say that, Mike.
I’m just gonna, you know, recap on it. A five year, seven year, and a 15 year, you know, life where we can land. Improvements are our 15 year asset. All the interior of, of a building is a five-year asset. What that basically means is that we can, you know, you hire a cost segregation firm, we’re gonna pluck apart all the interior and exterior like driveways, parking lots, curbs, drainage, fencing, et cetera.
And we we’re able to write it off. but we can only put ’em in certain buckets. Like, you know, like I said, your, your interior would be a five year. Your exterior improvements of the property falls normally into a 15 year, but when we bring bonus depreciation into the, into the, into the equation, we’re now able to take your 15 year, put it into one year, your five year, put it into one year.
You get to take all of it and you the, the, the immediately. And for some of us that are real estate professionals, we have other things going on. We now can take all that depreciation and we can use it against, income against. Let’s say capital gains. Maybe you’ve sold a property, maybe you’ve got other income coming in from another business.
You now can use that depreciation and, and, and use it against all this other income in capital gains. So when bonus was first instituted. Back in 17. and then it obviously, it slid down 20% every year. And now we’re, like you said, we’re in a 40%, 40% bonus depreciation. So it’s still good. It’s just not as good.
People were just soaking that they were just, they couldn’t get enough of bonus depreciation. Right. There was so much money being made in the real estate market, so it just, like, our business doubled when bonus got introduced. ’cause it just, it just, it lit it on fire. Right. So now it’s, it’ll.
Mike Zlotnik: I think it’ll, it’ll come back from the point of view that,
Terry Judge: oh, it’s coming back.
It’s, it’s, yeah, I
Mike Zlotnik: think it’s, let’s just cover this so we all pretty clear on the fact that it has massive benefits. and the things you mentioned, it, it, it’s great for real estate professionals. It’s also great for passive, a little, it came from a conference. Then you’ve heard of this concept, it’s called Lazy Man 10 31 Exchange, where people don’t do 10 31, which, which, which has a ton of, you know, let’s call them.
Complications and execution, logistics and, and sometimes people blow it up. They don’t make the, the time timing requirements and they can still do lazy man’s 10 31. They basically, I. Take their capital gains on sale, and then they invest into a new deal, run the new bonus depreciation cost segment, and then you wind up with fresh deductions and they offset each other and all that, which you mentioned makes a ton of sense.
So it provides a lot of, options and a lot of opportunity to buy more real estate because you can do exactly what we described, Laman 10 31. Real estate professionals can get deductions, et cetera. But when do you think the bill will pass? ’cause this is the issue. It’s been discussed, discussed, discussed, but it’s dragging out and out, out.
Is, is this a summer type of bill or is this gonna be a September bill?
Terry Judge: Well, Trump wants it passed July 4th. 4th of July, which would be kind of a celebration of, you know, obviously of America. So that’s his goal. can the Democrats block it? They’re, they’re trying like hell, they don’t wanna see it passed, so there’s a lot of infighting.
There’s a few Republicans that are not supporting the bill, which could be a big issue to get it passed. So we’re just gonna have to, you know, cross our fingers and hopefully Trump can get this thing through. So if it does go through, like I said, his goal is to get it passed, signed July 4th. Will that happen?
I don’t know. I’ve always been telling people that it’s gonna happen by the end of the summer, so I’m still standing by that. I. If it happens sooner, great. If it doesn’t happen by then, then, then we got issues, you know, meaning that it maybe it didn’t pass and then they have to regroup. So that would be devastating for our economy ’cause we’d have such a major tax hikes on every, every American, including real estate investors.
So we guys gotta hope and pray that this bill gets passed in a timely fashion and we can get on with business. That’s, yeah. Yeah.
Mike Zlotnik: I, I, I have a lot of confidence here, and it’ll be, it’ll, I think it’ll, the law will be applicable either from January 1st or January 20th rehearsal. The integration date.
Terry Judge: Yeah.
It’ll, it’ll retro back to January 20th is what we’re hearing, which basically means January one of 25. We were hoping, and it could still, it could be changed back to 24. That’s normally how it works. It’ll usually retro back a year. A tax year, and, but right now we’re hearing, you know, it’ll be available for 25 tax tax year.
Yeah.
Mike Zlotnik: So by the way, besides obviously Sunset provisions, on the bonus, anything else changed in a big way. Obviously this sunset has been, you know, significant negative impact on, People are running cosec and I delayed it. It’s kind of interesting how it has, it has functioned and the commercial markets have softened up with the, the, benefits sun setting where the buyer’s not having that extra incentive.
So the buyers have been skittish really waiting for. The renewal of the, of, the, these 2017, you know, jobs act similar. So at this point, if this passes, then it’s a, it’s a massive, obviously, like you’re calling it shot in the arm. But what other changes, sort of have, have taken place in the industry?
anything else has been different or it’s just been pretty much same game for many years other than, You know, everyone got used to that and then now that’s been withdrawn. So it’s a significant incentive, you know, WW withdrawal that that has taken place. Right. And on top of that, of course, high interest rates have been, it’s almost a perfect storm, right?
We’ve got high interest rates on setting. bonus depreciation provisions and a lot of uncertainty, making people kind of nervous about everything. So we need things to settle down, and then the interest rates may actually come down as a result of, more certainty. It’s almost like this, I observe every time trade rhetoric gets, escalated a little bit, you know, gets a little hotter, interest rates spike, and then when things come down, interest rates come down as well.
It’s, it’s a. I don’t know. We’ll see. We’ll see what happens. But it’s, it’s a 30 to 40 year in making, which you can’t really change in, in, in very short time. And that, that, you know. China produces us imports, US consumer gets used to that. It’s, that’s the problem. You, you set it for 30 years and you wanna break it overnight.
That it doesn’t, not easy to do. It’s very hard.
Terry Judge: It’s gonna take time. Yeah. You hear Trump talk about like, have your, don’t buy your kids $30. Your, your daughters don’t, they don’t need $30, just have have three. It’s like, oh my god. It was funny. Well, it’ll,
Mike Zlotnik: it’ll hardly, you know, wi with the 160% or a hundred fifty five, forty 5%.
I don’t know where they settled tariffs. Yeah. It’ll, it, it’ll, it’ll reduce the demand. Even shipping has already, you know, kind of really, really slow down. Yeah. People mean, you know, we’re, they’re waiting for something to settle down before they put the, the stuff on ships, because they don’t wanna pay the tariff when they, these ships arrive.
Terry Judge: A hundred percent. I mean, we gotta get Europe on board, you know, and then JA Japan get, get them on board. South Korea, India, you know, get them all going, get, get new trade deals going. You know, and tighten that up. So US is still doing strong business with all these other countries and then China eventually has gotta come to the table.
They can’t survive without the US economy. So I think that’s the only card that we have eventually. You know, they’re gonna have to, I think there’s gonna be some, I think there’s already negotiations going on. They’re probably not really talking about it that much because it is kind of volatile. But hopefully, you know, we’ll, we’ll hear some things that China wants to come to the table.
And then the stock market is gonna just rock once that gets announced. So I, I really feel like give this 60 to 90 days without everybody kind of panicking and let’s see how this unfolds. I, it, the momentum is in our favor that good things are gonna come out of all this. I just think right now it’s gonna be bumpy for the next 60 to 90 days.
Truly. the only other thing that Mike, that I I’ll touch on around CO eg is, everything else has really solid, like nothing has changed dynamically. You know, again, right now we’re in 40% bonus climate, you still get the other 60%. It’s just gonna be spread out over the five years, or, and, or 15 years for land improvement.
So you’re not losing people freak out because, oh, we’re only getting 40%. I, I can’t do anything until a hundred percent comes back in. You’re getting 40 upfront, you’re still getting the other 60 over five and 15 years, so you’re not losing anything. It’s just not as generous as it could be. the IRS is cracking down on certain companies.
There are some provisions, that have changed on what can be taken into personal property. so you know, as legitimate, hopefully if you’re working with a EC firm, they are. They’re up to speed on certain, some of these audit changes that these field examiners that are working for the IRS, they’re really training them on how to read a cost segregation study.
So be prepared to have more, I wouldn’t call ’em audits, but be prepared to have more reviews from IRS agents looking to make sure that the cost EG provider is, is doing it right. There was a brand new. Technique and guidelines that finally got published for 2025, and it’s probably this thick and it’s really our business Bible.
So I see a lot of these other competitors out there that have popped up using software, virtual site visits. beware. You pay for what you get and my advice always is. You know, make sure you’re getting a a, a engineering based, cost segregation study done. You have a real engineer coming out to your property, walking the facilities, making sure what’s there, making sure like what was removed in terms of renovations, what the renovations are gonna look like.
and it’s, it’s a big deal now if you have a single family home that you paid 200 grand for and you wanna get a, a, a desktop as we call it, a cost tax study. It’s, it’s a do, it’s a, do it yourself Coex study. It’s a two pager. Don’t expect audit defense. Don’t expect, you know, maximum. There’s probably gonna be some savings left on the table, but these are a few hundred bucks.
And I, I, I, you know, I just hate tell people to, if you, if you’ve got a single family home and you wanna do that, try it out, whatever. But if you’ve got, you know, a fourplex on up and you’re spending 500. To a million, 2 million, 5 million, $10 million on a property. Better make sure you have the. You know, the, the, the most reputable way or the most IRS approved way because you, the audits are gonna start being, I think could become a little bit more significant and you wanna make sure you’ve got your ducks in a row and you’ve got your i’s dotted and t’s crossed if the field examiner comes knocking because there’s a lot of companies that can’t defend their work because there is no work, there’s nothing behind the report that, you know, kind of backs up, what they’re claiming.
The depreciation is right. Every depreciation number. There’s, there’s usually a tax ruling or why you can take it into and move it into personal property as opposed to not, so it’s important to have a, a reputable firm handling your taxes because these numbers, as you know, Mike, are big. These are huge savings that can go, you know, you have a 20 year carry forward, on these, on these numbers to offset tax.
So it’s, it’s just, you know, again, get it done. Right. Work with a reputable company, don’t try to save a couple hundred bucks. it’s not worth it because if you hire a company like mine, you’re gonna, I always tell our comp, our, our clients that you’ll make it up. ’cause we’re gonna get more, way more benefit because we’re gonna be so much more thorough.
So that’s a just, I wanted to throw that out there ’cause it’s important.
Mike Zlotnik: Yeah, I appreciate you touched on a couple, really, really great point. Obviously using very experienced, high quality EC company, important. And then, so it’s interesting discussion. I just came to a conference and this, this point did come up when you’re on a course.
Second commercial, of course, you always hire an engineer to do a proper study. So that’s generally, okay. Represents the actual, when the site engineer comes out. But on residential, there are these desktop, EC products and they are all guesstimates. Right? So it’s kind of interesting that you cover that.
It’s, it’s, people can still do it, it’s just a, you know, it’s a little, little bit more of a, of an estimate, and it’s a less of a battle because when you are taking, you know, a $20 million cost sag versus you’re doing a, you know. Across s that’s generating you, you know, 50,000 in savings. So it is a gigantic difference, the, the, the game of millions versus the game of thousands.
Yeah. Very different approach. So agree a hundred percent. just before we wrap up, any good book, advice and how would folks reach out if they wanted to talk to you in advance of. Running their course sag and you know, assuming we’ll get this tax card done and everyone is
Terry Judge: no, you
Mike Zlotnik: know, operating under that assumption.
Terry Judge: Yeah. You know, I, I guess I, I’ve kinda, I’ve been listening to more podcasts lately and one of the podcasts that I really am enjoying is all in the All In podcast. You know, obviously that’s, they, you get a good mix of what. You know, the, the Democrats versus the repo, you know, it, it’s a good mix and balance.
So that I, that’s a good educational format that I like to, plug into. I, I am reading a book. I don’t know where it’s at. It’s a, it’s a tax book. Oh, man. It’s, it’s downstairs. I’m in the, I’m, those
Mike Zlotnik: are very exciting reads. I’m sure it’s, it’s
Terry Judge: so boring. I don’t even want to talk about it. But it’s, it’s, it’s, it’s, it’s a wealth building.
It’s taking, you know, kind of what I do and, and other I’m learning, I’m learning some things too. I, I can’t mark Kohler. I think it’s, unlimited tax wealth or something like that. I, I got a damn it. I wish I had it with me, Mike. I’m sorry I’m having a blank here. But, it’s, yeah, it, it’s a good book. Yeah, more, more podcasts Right now, just kind of trying to stay on top of things, you know, what’s happening real time with the IRS and where this is all leading and, man, it’s, it’s, it’s exciting times, it’s stressful times. It’s people need, just need to be educated, be patient, you know, I think all of the, the buying principles are gonna remain the same.
I, I feel like. This year is gonna be an interesting year. Let’s just see how it plays out. But I really think we’re setting the tone for some dynamic times coming up. I really feel for the real estate investors out there, man, I think there’s gonna be some amazing buys. I think there’s gonna be a big boost and you know, we’re just preparing for it.
So pretty excited and optimistic overall.
Mike Zlotnik: Appreciate that. what’s the best way for folks to reach out to you? is there website, phone number? What’s the email? What you prefer? Yeah.
Terry Judge: so I think the best way I’m on all the social channels. You can reach out to me on LinkedIn, Terry Judge, just, you know, put my name in Instagram, Facebook, but you can, you can reach out.
Terry TJ Judge, email is just my name. So, terryjudge@coreadvisors.net, you can go to my website, www.coreadvisors.net and check us out, reach out if you’ve got a property, we’re, we’re, we’re happy to work with, with anybody that, you know, we’ll do a pro bono benefit analysis on any properties and give you some advice for at no cost, just to kind of point you in the right direction.
Make sure your CPA’s on, on, on this as well. ’cause we see a lot of CPAs that, you know, this is an afterthought and, sometimes you need somebody non-biased to kind of look at what you’re doing from a real estate standpoint and long-term wealth standpoint. When, and I I do this as a kind of a complimentary, consultation.
So feel free to reach out, happy to jump on a 15 minute call and, and, see if I can help.
Mike Zlotnik: I appreciate you, you sharing, and I just, you know, final thoughts here. I, I do share the optimism when we settle things down a little bit on the trade front and in parallel past this, It’s called Beautiful Tax Bill, renewing the, the bonus depreciation and all other, you know, provisions.
We should get a pretty significant tailwind and, and I, I don’t know how else to put it. You’re calling it short, short, shorten in, in the arm. I’m just calling it tailwind. Simply. we’ve been in this sort of, there was a lot of excitement, for pro business folks when Trump come into, come into the office and then, things are really, you know.
Turn around to the, to, to the negative and it’s, they’re back to the positive, to the negative. Where do we go? So pro pro, pro business, pro real estate people thought he’d be a, a huge boost, but it did shake things up a little bit too much and, and, and now, we gotta, I hear, gotta stabilize at the end of the day.
we just gotta come to a clear path. What are the rules of the game?
Terry Judge: Yeah, a hundred percent.
Mike Zlotnik: So that, that, that’s, that’s get, let’s say it’s, you know, 90 days from now. And by the way, just one comment you had over, you know, over the summer rate cuts are sort of unlikely. It’s just, you know, we’re recording this in early May when this comes out.
I don’t know, maybe, it’ll be a very strong, positive surprise. the big issue at hand is, as long as Fed is independent, Trump can. Bark on Jay Powell. He can do whatever he wants. He could, you know, kiss him. He could like, you know, he could squeeze him. He could beat him, but he’s still gonna act dependent.
And, and, and the Fed looks in a rear view mirror. Mirror, no matter what you’re gonna say,
Terry Judge: right?
Mike Zlotnik: Rear view mirror takes time. So whatever they do, they have to look in the back and unfortunately. If you add 90 days to now and, and you look at the last, next best opportunity to cut rates, probably, you know, September timeline.
if it happens early, it’d be wonderful, but that’s the difficult part. And what the bond market will do, where the 10 year treasury yields, wind up or wind down, all depends on. I think more of a certainty and where things will, will, will shake out rather than what the Fed does. The Fed kind of the Fed follows the markets.
In essence, it’s almost as much as they provide forward, forward guidance. I. But markets are pretty smart, I would say. The markets are sometimes way smarter than Fed, and even though they’re the front, they’re the driver of change in the markets. But at the same time, during the periods of, uncertainty where they’re not acting, the markets often get ahead of the Fed and then they’ll forward predict and project where things will wind up.
So we’ll see. We’ll, we’ll, I’m cautiously optimistic for the rest of, second half of this year, but for now we’ve gotta get through a little bit of this, rollercoaster ride and
Terry Judge: yep.
Mike Zlotnik: It’s what it is. So thank you for coming again. Terry and, core advisors.net is the website. thanks for tuning in and enjoy the rest of, you know, the rest of the spring and summer.
Terry Judge: All right, man. Thank you so much. Great to see you. Great to be on again.
Mike Zlotnik: Thank you.
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