Ep. 27 | Alternative Investments (Wildlife Conservation)
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Speaker 2:Hey, everybody. Welcome back to Teaching Tactical, the podcast. On to episode 27 today, alternative investments. Specifically, we're gonna take a glimpse into the exotic wildlife industry. Yes.
Speaker 2:That's a thing. Now, if you're not familiar with this, I almost guarantee you're asking yourself, what in the world are you guys doing talking about exotic animals and how in the world does that relate to taxes? Well, strep in, you ready for this one? But before we do that and introduce you to our fantastic guest as always, let's take a moment and thank our sponsor.
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Speaker 2:Welcome back to the Teaching Tax Flow podcast. I am John Trypalski from the TTF team here with Chris Pacquero. How are we, Chris?
Speaker 4:I am amazing, and I'm extremely excited about today's podcast. And there's another Chris on the cast today. The subject matter is absolutely fascinating, and it's one of my favorite things to talk about when it
Speaker 2:comes to tax planning and strategy. Well, Chris, you guys just like to make it difficult. Normally, like, John's a more common name. Like, I mean, there's a lot of you know, the name John can be a a lot of things that we won't go into that topic on the podcast. But how about we talk about something different than taxes for a minute?
Speaker 2:Right? Let's let's talk to probably the best individual that either of us have ever met or know in the industry. And, of course, we do weird stuff here or some people think that may or may not be related, so we will let you figure out how that plays into effect. But let's talk about the exotic wildlife business. So if your ears, pun intended, ears are not perked.
Speaker 2:Chris, why don't you give the introduction to this gentleman here? Absolutely. We are honored to be joined by Chris Gilroy of Wildlife Partners. Wildlife Partners, like you said, is a innovative wildlife conservation company, and we talk about that tax laws or tax agencies are your involuntary business partner all
Speaker 4:the time. That's one of our three laws of teaching tax flow. And if you didn't know that and you're listening, one, welcome to the podcast, and two, go back and start listening to episode one and catch up. But we're happy you're here. But but we know that so tax laws are written to encourage and discourage certain behavior.
Speaker 4:We talk a lot about real estate as being in an industry that is very much tax advantaged. But today and there are a couple other industries that are tax advantaged. But today, the wildlife, agriculture, that whole industry is very tax advantaged, and we're gonna dive into some of those tax advantages along with some other things today with Chris Gilroy. So, Chris, welcome to the podcast.
Speaker 5:Thanks, guys. I appreciate it. And, it is it will be fun to, tag team with John today, given the fact we have two Chris'. I only have one rule, and you cannot call me Chris Exotic. Oh, former stage name?
Speaker 2:Why let's, I mean, everybody knows we do cheesy things. Let's address the elephant in the room. Literally, should we? What what in the world is exotic where what is the exotic wildlife business? I mean, do you guys run a zoo?
Speaker 2:What what in the world are you guys doing over there in San Antonio?
Speaker 5:No. No. John, it's actually kinda funny. There is this awesome, amazing industry that started in 1930 in Texas, and it's, it started to really get its new look in the fifties, and then it's just grown dynamically ever since then. And what it is is it's wealthy landowners who have these amazing animals on their ranches.
Speaker 5:We're now up to about a 25 species. I'm talking everything from rhinos down to the smallest little gazelle that you see on that geo being chased by a cheetah. It is everything in between, and it was it was started, like I said, back in the thirties. It grew over time. And, what's I think one of the most amazing things about it is people don't understand where the animals came from.
Speaker 5:They think that they were floating over on airplanes from Africa or Asia, and reality is they all came from zoos. It's it's something that's been chronicled in many different, you know, news outlets over the last fifteen years where there's been stories written about. But it's just this amazing industry where people are protecting wildlife, many of which, by the way, are extinct where they come from in Africa, but they're thriving here in Texas. So you
Speaker 2:guys really are in the in the conservation business.
Speaker 5:Absolutely. We've got we've got 15 species that are on the endangered species list. Everything from absolutely gone where they come from in Africa to on the verge of extinction in Africa, and then some that are more stable, like our Kenyan mountain bongo I'm sorry, the, the Grevy zebra. The Grevy zebra, there's about 3,000 globally. There's 2,000 in Africa.
Speaker 5:Thankfully, those are stable, but it's one of the species that we have here in Texas, and we have some on each one of
Speaker 2:our ranches. Awesome. Awesome. Well, I'm gonna I'm gonna keep sucking the air out of the room. I don't know if I'm gonna let the other Chris talk today because I'm so intrigued with this.
Speaker 2:So before we we find a way to circle this back into the tax space, just very, very briefly, how in the world did you ever get into this?
Speaker 5:It was a tax dodge. That's what it was. My brother and I were in a different industry and was fairly successful for us. And we had heard that if you purchased exotic wildlife for your ranch for the purpose of breeding, that you got to deduct at the time, it was bonus depreciation was 50%. So it was simply a way to cut our tax bill.
Speaker 5:It was the animals were purchased, as a means for reducing the tax bill. And then, of course, we figured out a couple years later, we had to justify it as a business instead of a hobby. So we started selling some of the animals. And back through that process, we discovered there was this amazing industry out there where there was just a very sophisticated industry because it was an industry of the wealthy. And so we spent a few months really digging into it and decided to start a business around it.
Speaker 5:So truly a hobby that became a business that started by trying to avoid taxes. Dave Wary.
Speaker 2:Well, now I'll let the other Chris talk. Now now that now that you you talk about double teaming. Now that you completely stole my thunder, because I'm trying to avoid him talking, then you've reeled it back into taxes. So congratulations, Chris, as you get the mic back.
Speaker 4:Well, I wanna talk about the tax part of the, of of wildlife. But, again, what I was surprised by is I've been working working with the wildlife partners for a few years in our private CPA practices, the conservation efforts. But, again, we we kinda think about that tax play, but but there's also the conservation that you you described and that the industry has been around for almost a hundred years at this point. So it's not something that just popped out in the last couple years. I mean, could well, I'm gonna ask a little one more thing is, how did you pick, San Antonio, and why does San Antonio work for this industry?
Speaker 5:So we were already based there. I mean, that that's home for us. So that's the clear obvious thing. But the other aspect of it is the climate and terrain of the Texas Hill Country and surrounding areas, it mimics Africa. It's the same type of land, the same type of trees, the same type of grasses, the same weather for the most part.
Speaker 5:We get a little bit colder here than we do and then they do in Africa, but it mimics it. And it's just ideal, and it's it's why Texas is Noah's Ark for these species.
Speaker 4:Well, everything's bigger in Texas, we know, and not all but not all the animals are are large animals. Now let's let's pivot on to the tax part of this. As you mentioned, with the tax cuts and well, bonus depreciation isn't a new concept. What bonus depreciation is for for listeners that aren't familiar with it is it's it's an additional deduction you get the first year that you buy an asset or place an asset in the service. And a lot of times, we think about assets as a vehicle or a piece of property, But when you are breeding animals or far even farmers, if they're if they're breeding cattle, the actual, animal itself is considered a depreciable asset.
Speaker 4:Doesn't mean we don't love them and we don't take care of them, but from a tax perspective, they're depreciating assets. So with the Tax Cuts and Jobs Act of 2017, we were in a in the glory days of a % bonus depreciation. We're still in a great situation here with 80% bonus depreciation here at 2023. And what that means is that, any amount invested in a depreciable asset, which is, not any depreciable asset, but let's say non real estate related, minus the cost segregation study, but that's another episode. John knows I can't go down that rabbit hole.
Speaker 4:You can deduct 80% of that asset immediately. So that makes someone that's investing in allowing wildlife partners to expand expand its efforts, to pick up some tax deductions. So, Chris, can you talk just a little bit about, you know, what what type of, bonus depreciation someone might be able to enjoy, typically with, with looking at the Wildlife Partners investment?
Speaker 5:Sure. So right now with Bose Mission appreciation being at 8080%, generally, right now, someone's looking at a first year deduction of about 82 or 83% because of the other expenses plus the depreciation of the animals.
Speaker 4:And the nice thing is with with something like this, a lot of times, let's say someone's self employed and they they do wanna put some money in motion in a tax advantage way. When you they're talking about retirement plan contributions like a SOP or or something like that. There is some significant limitations on how much you could put in those accounts. So this is an investment that really complements, a lot of the other things that you're doing and diversifies, your asset class also. So, there's another part of this too that lends itself to other strategies.
Speaker 4:We also know you know, we know that different income is taxed, or income is taxed differently based on what type of income it is. And we know that capital gains, especially long term capital gains, are taxed at, let's say, about a 50% of the rate of of normal income. Do does the capital gains tax play
Speaker 5:a role with Wildlife Partners at all? It actually does. So, the cash flow that we generate from the funds that we manage, because we keep that offspring for at least a year and a day, the income that's generated, from those sales is taxed at long term cap gains.
Speaker 4:Mhmm. And now that's very valuable when we're talking in the teaching tax flow system, tax free income and growth. And a lot of times, we see taxpayers that want to diversify their their portfolio. They want to talk to the folks at Wildlife Partners. And let's say they're sitting on a long term capital loss of a a real real situation.
Speaker 4:We looked at a tax return in our private practice just today, had a $200,000 long term capital loss carry forward, that they're only being able to deduct $303,000 per year. They've they were involved with some bad investments, had had some bad advice. Well, for someone like that, the long term capital gain from an investment like this would actually be tax free until they expire that $200,000 of capital loss. So a lot of time, it's called capital gain harvesting, but a lot of times, not only could this be a good investment, it could also have some big tax benefits. And I have another question as far as if we strip away the tax benefits, we're just gonna touch on that one more time before we end.
Speaker 4:What are just from a from a can you walk us through our typical life cycle of a transaction with breeding the animal's offspring and how they're you know, how are they how are they monetized? Sure.
Speaker 5:So the way our funds generally model out is, when we start the fund, we're going to acquire the entire herd of animals. It's gonna take a good year to get those all in place. Then as we mentioned, we keep all of the offspring born for at least a year before we sell them. So you're not looking at any type of return other than that initial year tax savings until somewhere around the eighteenth to the twenty first month of the fund being active. I can't remember if you said three or four pinnacles to what you were talking about with teaching tax flow.
Speaker 5:I look at any investment in today's world as having three things that I personally look for. One is, does it do something good for the world, so an impact investment? Two is, does it actually have the ability to make money? And three is, can it also reduce my tax bill? And I like the fact that what we do touches all of those for each person we built with.
Speaker 5:Absolutely. You'd you nailed that. And a question we get in the teaching tax flow community in, in our defeating taxes private Facebook group, defeatingtaxes.com,
Speaker 4:if you have a question and wanna jump in. Can you so a lot
Speaker 5:of times, people wanna get involved taxpayers wanna get involved with, with with with an investment like this, but they might not have the liquid cash available. They're interested in investing within a retirement plan. Is that possible at all? Yes. We're always set up with multiple different, houses that have our facility on their have our product on their platform.
Speaker 5:So we've got several different, custodians across America we've used over the last five years. That's on
Speaker 4:and that's how we connected a few years ago Yep. As well. And and, again, one of the you know, we talk a lot about blending. We're talking about breeding today, so we're gonna talk a little bit about blending tax strategies. And there are some really we're not gonna dive into the weeds too much, but there's some really good ways that you can blend an investment like this with with strategies like a Roth conversion.
Speaker 4:So a lot of especially a lot of our listeners, our business owners, they might they might have a good amount of cash flow in a year, but they won't have a lot of taxable income. And they find it it's a good year to accelerate income and and maybe do a Roth conversion. And then with you couple that with an investment like this, and and we just had a great episode with a self directed IRA expert, then you could really do some cool things. So, yeah, we don't want someone to dive oh, go ahead. No.
Speaker 4:No. No. I'm sorry.
Speaker 2:That's I say Chris and everybody raised their hand. I'm not. Chris, you're right, Chris. Before we before we get too far into it too, like, talk us maybe through a little bit not to not to deviate or pull off of the tech side, but what are some myths that people may think of, you know, that you may maybe get these questions of and it's just it's either so far fetched that it's almost hilarious or ones that just may be a little bit different of what somebody's thinking. Just because e even from a personal opinion or a personal perspective, Chris Pacuro, Chris, had mentioned, you know, y'all to me probably a few years ago now maybe, and I had that moment of, like, what, again, like, what in the world is that?
Speaker 2:And then, obviously, after that kind of state of shock, if you will, comes a lot of questions. So maybe walk us through three or four or however many come to mind of just kind
Speaker 5:of myths we could debunk here. Sure. So the biggest myth without any question is most people from not in Texas make the assumption that these animals are simply raised for someone to go hunt them, and that's not what we do. And there are several factors for that. Look.
Speaker 5:I I enjoy hunting. A lot of our partners enjoy hunting, but we're not a big player in the commercial hunting industry. There's a a myriad of factors. There's the fact we do a lot of business with zoos, the fact that some of those guys don't hunt ethically, so we don't work with them. But if what it really comes down to is there's this very sophisticated industry of wealthy landowners that like having these animals on their ranches, and they don't ever plan to hunt them.
Speaker 5:They simply have them there for aesthetics, for conservation, for, keeping up with the genitals, bragging rights, fun factor. But the other side of that is we've taught them, to steal some pages out of Chris Chris's bucket. We've taught them how to convert their ranch property, their vacation property into a business. So now they're able to take tax deductions on their ranches. We're coming back, and we're buying all of the offspring they produce in the second year.
Speaker 5:So now they're generating income. So they're literally justifying their vacation property as a business, and there are endless possibilities to that. So the hunting industry is not where we play. The animals that we produce from Lee Ssons are not sold directly to commercial hunting ranches. So it's that's the biggest myth that's out there.
Speaker 5:It's one of the first questions I get from anyone that's not around this world is, are they just being raised so somebody can help them? So, apparently, what are the next big myth might be? I think people generally assume these animals are running around at a zoo type environment. They're shocked to find out that between our four ranches, we have 11,000 acres. And an average pin, if you will, the air quotes for the audio of that proportion of this is about 500 acres.
Speaker 5:So that's a pen for us. So
Speaker 2:you're definitely not throwing them into a doghouse. No.
Speaker 5:These these these animals are running around in a very wild environment. We want them getting about 80% of their nutrition off the land and then about 20% supplemented from us. That will teeter more towards us in the winter, you know, or down during lean rain years. But, that's probably the biggest, I guess, myths that are out there. Most people quite frankly have just never heard of it.
Speaker 5:They're they're shocked to hear that there's this billion dollar industry in Texas selling animals because it's just it's they don't under it. It's kinda like when you when you first heard about it, John, you're like, state what? Like, this is doing what? Where? It's actually been talked about recently on another podcast from a guy named Joe Rovin.
Speaker 5:You may know the name. Mhmm. He's talked about it twice in the last three months because he now lives in Texas, and he's seen it. And it's it's flooring to most people. That'd probably be it for miss.
Speaker 5:No. But and
Speaker 2:thank you for diving to both of those two in detail. Right? Because it's something that if you don't know what it is, again, you have more questions than answers. So to kinda reiterate a couple things, one of which you said, you know, early on, I mean, this is not something that you just kinda pull out of a hat and said, you know what? I'm gonna start raising animals and, you know, saving the the wildlife world.
Speaker 2:It's been going out for a hundred plus year. Well, almost a hundred years in nineteen thirties. So it's so, obviously, the credibility is there. And then to also hear that, you know, y'all are just raising these, like, sheep. You know, nothing against sheep, but, you know, they they have a very specific purpose in life or cattle.
Speaker 2:You know what I mean? Just it's not a not, I should say, designed and and executed in a commercial environment for consumption or or enjoyment in that sense. So thank you for going to going to those two details too. We really appreciate it.
Speaker 5:Probably one more myth, doc, now that you bring that up, there's probably one more myth out there that's just because the industry has been just on fire for the last fifteen years or so. Everybody's making the assumption there has to be some bubble, if you will, coming. They compare it to the ostrich and the emu thing back in the nineties. I don't know if you recall that or not where it was supposed to be the next food source, and they were really easy to raise and breed. And so everybody was buying up ostrich and emu, and you had individual pairs, like two ostrich selling for a hundred grand.
Speaker 5:We're we've seen similar prices. A great example is there was an auction this last weekend with a friend of ours. They had one cape buffalo in that auction, and she sold for $790,000.
Speaker 2:Woah. Holy cow. What if you don't mind me asking, like, what would what makes that buffalo worth that much versus, you
Speaker 5:know, the one couple miles up the road from me? There's only a few hundred cape buffalo in America. The the animal you're talking about is a bison. It's an American bison where there's thousands and thousands of those here in America. In America, we estimate there's no more than about 400 cape buffalo.
Speaker 5:We happen to be the largest owner of Cape Buffalo in America. We've got about probably 65 of them right now. But that price that got set was even beyond we had just sold three the prior week for an average of 500,000 each, And we saw them set for $7.90, so we have a very happy customer right now. Mhmm. But people make the as the assumption that there's this bubble getting ready to burst, and what they don't understand is there's a very substantial gap between supply and demand right now in Texas.
Speaker 5:You'd get a demand that is through the roof that is increasing every single day because our industry is becoming more sophisticated, more intelligent, and and they're becoming more successful with animals because of things that we and others are doing to make the industry a better place. Well, at the same time, the supply is tiny. And it's been that way forever, and there's really no way to change it because we can't import anything because of foot and mouth disease. So or or mad cow disease. So you can't bring anything here from Africa because every country in Africa has had a history of that disease.
Speaker 5:So we've got this crazy ever growing demand and a supply that's very, very tight and really isn't having trapping trouble growing. And so I don't feel like there's a bubble, but there's that's what everybody assumes that there's going to be some bubble. But you can look to the history of South Africa. They say a similar story. It took them thirty years of 20% compounding growth before they had what they call the bubble, and it was because they went from a hundred thousand animals to 28,000,000, which is a big number.
Speaker 5:Right now, we have less than 200,000 animals here. So we're, like, in 1994 when they started their industry in 1991 to put in perspective. Well, I will I'll shut up with
Speaker 2:my questions because I feel like I can talk for hours on this. I'm so intrigued. And and I know, Chris, we're we're headed out your way, a little bit later, I think, in in the next quarter or a couple months to come, you know, play with some animals. No. I'm just kidding.
Speaker 2:I'm not gonna try to ride a zebra. I promise.
Speaker 4:Although to see that, and I feel bad for the zebra.
Speaker 2:Although Chris would hear the
Speaker 5:he'd also have a buffalo.
Speaker 2:You know, I'd I don't think me lasso on a 500 well, no. A 750,000 animal now is probably a good idea. Although, you know Yeah. Yeah. The other, Chris, you know, he runs like a gazelle.
Speaker 2:So, you know, we could just let him loose in a field, then I'll I'll run it down.
Speaker 4:Oh, no. I don't think I don't think I don't I don't think I'm gazelle like anymore. And if John, I thought I think if you if you imagine dry riding a $790,000 riding in something or on something $790,000, you're probably thinking of exotic car because I know you're a car guy.
Speaker 2:I just wanted to test Those are a little more predictable, I think. You know, it's it's easier to yeah. Anyways, I I digress.
Speaker 4:Wanna tell us that, I mean, we had a, of of one of my friends who's a one of our a client of our private CPA firm go out to do his own due diligence at the Wildlife Partners and took his buddy, and went to one of the auctions, and they had a a great time and just were had glowing, things to say about the operation and how professional things are. And, and, you know, that was that's and I could say from experience on the tax side, you know, this is, for the right person, this could really make sense. One of the challenges is and that's what I'm gonna mention now, is that there like Chris Gilroy said, you don't there's not a, supply is tough to develop. So you there's not an unlimited amount of supply, meaning, they don't take in an unlimited amount of money. It's not like a a mutual fund that could just you could just dump as much money as you wanted to.
Speaker 4:And I will say that these these investment opportunities will it's not a matter of if, it's when they when they cap out. And and every year I've been working with this, it caps out sooner and sooner in the year. And so, in fact, there's a lot of times there are investors at the end of the year that are trying to take advantage of the strategy, and there's no more inventory of of, of, left to to invest in. So if you if you wanna learn more about this, please let us know here at teaching tax flow or check out the Wildlife Partners Facebook or not Facebook, but wildlifepartners.com Website will have that in in the show notes, and they have a really cool, Facebook. They have Instagram page, really cool Facebook page that updates, statistics and inventory and things from the auctions, that I I like to follow myself.
Speaker 4:So Excellent. Excellent. Well well, Chris, Jewelry, is there anything else maybe that you might wanna might wanna toss in here?
Speaker 2:I know we kinda dove off on on a couple angles, and, again, we look forward to chatting with you for a long time when we're out there. But
Speaker 5:I think we can I just I tell you one thing that's been amazing about this is there's a lot of things you can do in the world, and it's with with your investments and your tax savings, strategies, and everything else, I think the best thing for me I have the best thing, but something that surprised me is how much people wanna be involved in this? When we have an auction, like, we have an auction coming up May, there will be 350 to 400 people there. So of that group, there's gonna be over a hundred of those that are partners in what we do. And, like, you know, Chris mentioned, his partner he one of his client long time clients came down, brought a buddy, and they were just floored. He got to meet all these people from all different walks of life from all across America that shared this common bond of being involved in this crazy wildlife partners thing.
Speaker 5:And it was just a lot of fun, and people tend to come visit, you know, once a year besides the auctions. And it's it's just fun watching people get involved with stuff because it's hard to get involved in a real estate deal. It's hard to get involved in other stuff like that. So it's, but this is something that people can actually be involved in, and who wouldn't wanna see a Bongo or a Grevy zebra or a, you know, maybe not a Cape Buffalo. They're kind of an angry cow, but They're expensive too.
Speaker 5:They're expensive angry cows. That is correct. But, so it's it's a perfect storm. I I feel very, very blessed and fortunate to be a part of this industry, and I've just I've met we've met so many awesome people over the years, and it's fun when those people developed, I think of the right word, an appreciation and admiration for exactly what's going on here in Texas and not just with us. It's with everybody.
Speaker 5:You can't have a dentistry of our size with just one company, and there's just there's a lot of people out there doing a lot of good for these animals. Excellent. I really want I've again, I thank you so much for coming on.
Speaker 4:Please let us know. Jump in that defeating taxes private Facebook group or just message us, here, hello, at teachingtaxflow.com or wildlifepartners.com. There you're a cool website with a lot of neat information. Excellent.
Speaker 2:Well, thank well, thank you both Chrises. We'll call it Chris squared for jumping out of this, both sides of the fence. And, again, Chris Gilroy will be will be seeing you. I haven't had the opportunity to meet you in person yet, so I really look forward to that. And, yeah, you know, we'll find a good place so we can let the
Speaker 5:let the other Chris run
Speaker 2:out in the field somewhere. You know, maybe maybe release something behind them and chase them around a little bit. But I would pay for that. I would definitely sell tickets to that, and we that would be some good YouTube content. Right?
Speaker 4:Oh, yeah. Of course. Chase's CPA.
Speaker 2:There we go. We'll we'll place bets.
Speaker 5:But all
Speaker 2:kidding aside, thank you gentlemen so much. And, Chris, thank you for going into detail too on those myths and really just everything that you guys are doing out there. As expected, it's it's even better than I thought it was. So I really appreciate your insight. Awesome, guys.
Speaker 2:I appreciate it. Absolutely. And thank you everybody for joining us again on our podcast here. We have some great guests coming up here in the next week. Actually, a couple weeks after this, we got some good ones and some good topics too, so be on the lookout for those.
Speaker 2:And, again, as Chris Pacuro mentioned, any questions that you guys may have, please jump into that defeating taxes Facebook group. Send us a message. Reach directly out to Wildlife Partners. I know we would love to help out and answer any questions that we can, but, obviously, they would be a great resource on their own as well. So thank you so much, and we will see everybody next week.
Speaker 2:Hey, everybody. John Topolsky here as always from Teaching Taxville, the podcast. Again, just wanted to wrap this up. Thank you as always for taking the time hanging out with us for about twenty five minutes or so. Chris Pacuro, always an awesome cohost with myself, Chris Gilroy from the Wildlife Partners, fantastic guest.
Speaker 2:Learned a lot in this one. And to be honest, it was one that I had no idea what it even was until maybe about a year ago or so when me and Chris Picuro were chatting about some alternative investments and really just the opportunities that those present, as part of a really, really robust tax strategy. So as we always, we've mentioned jump into our defeating taxes private Facebook page or group, I should say, with any questions you have. But on this one, maybe a little different. If you're not comfortable asking those questions on there, maybe related to these alternative investments or or wildlife partners specifically, again, reach out to them, Chris and the team, or send us an email at hello@teachingtaxflow.com.
Speaker 2:We're happy to make some connections. We're happy to answer some questions for you one on one, whether that's from Chris on our team, Nate on our team, or myself, we're happy to help you out. But a little bit different on this one as well. I think the big ask that I have for everybody now is wherever you listen to this podcast, give us a rating. Leave some comments.
Speaker 2:Share with your friends, your colleagues, your family. Really just get it out there. We're seeing our download skyrocket on this show which obviously we love seeing. We love that people are interacting with this and really consuming these podcasts, sending us their questions, sending us their comments. We love doing these.
Speaker 2:So be sure to give us them ratings, bump us up there in the listings a little bit, help us out, and we'll keep trucking along. So thank you as always. The content of this podcast does not constitute an offer of securities. Offerings can only be made through an offering memorandum, and you should carefully examine the risk factors and other information contained in the memorandum. The content provided is for educational purposes only.
Speaker 2:We encourage you to seek personalized investment advice from your financial professional. For all tax and legal advice, please consult your CPA or attorney. Investment advisory services are offered through Cabin Advisors, a registered investment adviser. Securities are offered through Cabin Securities, a registered broker dealer.
