World Food Prices Hit Four-Year Highs: Is Food Inflation Already Baked into the Next CPI Report?

0:00This is Invest Talk from KPP Financial. Helping investors make sense of the markets one day at a time. Here's your host Justin Klein. Good afternoon fellow investors and welcome back to Invest Talk. This is our Monday, Monday, Friday, September 11th, 2026. A edition of Invest Talk which means it's my birthday show. Don't everybody rush the phones at once to call and wish me a happy birthday. You don't need to do that. But I would love to hear from you whatever's on your mind. That's what this show is about. We want to hear what you are thinking about, what questions you have, about money, investing, the world at large, whatever that might be. I would love to hear your thoughts, your comments, your questions. So that I can give you my perspective, data, develop over 25 years of investment experience.

1:04I love doing the show. So whether it's my birthday or not, it's a treat for me. So we're here for this hour, this next hour with you. Give me a call at 8-8-99. Just a bit. I'm going to talk about today's more performance and run down the show topics for this hour. But first let's tackle this color question now. I just started looking calling today about Cisco CSCO. I'm up a little bit on this company and I was just wondering if you think now is a good time to take some profits or maybe exit entirely. I'm trying to consolidate my portfolio right now. Thank you very much for your time. I'm happy then. All right, looking at Cisco. He's up on it. And he's thinking about maybe taking profits. Well, we own this stock for clients and some of our strategies. So we like it. We're also up nicely. Did have a pretty big run. We bought it earlier this year. Oh, it was in the 70s and it ran up to a high recently around 130.

2:07Now it's at about 112. So has pulled back. But if you go look at a chart, it's just bullish consolidation. There's nothing wrong with the chart. There's nothing wrong with the trajectory of the business either earnings or socials. We have 18% this year that another 9% next year. And based on forward looking earning, it's trading about a 20 multiple. That's not very expensive by any means. And they're writing the heart of the AI data center build up. They sell networking equipment, security, cloud management, hardware, etc. Huge company, $423 billion market cap. So I don't understand why you'd want to. Tremet your up. Yes, that's good. That's as you want to be. You want to be.

3:09Watering your flowers, continuing to let them bloom and trimming the fat, trimming the things that are not doing well. This is secular tailwinds to it. And to me, yes, there are going to be the hyper scalers that over invest and they have to pull back and I think in time the the AI data center build out will trend will pull back. But that doesn't mean the secular tailwinds aren't there. And in fact, they are selling the picks and shovels and I've said this many times that within the AI build out, AI data center build out the ecosystem. You want to own the companies that are selling the picks and shovels of the entire ecosystem. Because you see these hyper scalers and they are looking at this as life and death. They're willing to pay up. They're willing to pay high margins.

4:09Or high prices so that these companies like us to go can get high margins of what I mean. So now I would continue to hold it. We continue to hold it. There's no reason to jump ship right now, especially technically everything looks to be constructive. You know, we're going to look into what's going on with food prices food prices are at the highest level since 2022. Supply risk is mounting. So we're going to dig into that data. We also are answering lesser questions on ACWI, the I shares, MSEI ACWI index. It's a foreign equity index. Actually, sorry, that's what we talked about yesterday. Yesterday we talked about that. We also talked about diesel prices and it record inflationary wild card was was really is really a big factor here.

5:11So if you happen to miss it, go check out Tuesday's show. We missed the last couple of days. That's why I got a bit confused there. Luke has been out sick and I was traveling and so I'm back. Luke is still sick. Hopefully he's mended by next week. But that was our last live show. So if you want to go check that out, check out Tuesday's show wherever you get your podcast. Then we'll add a ground to cover today. Over the next 45 minutes or so and today we're going to focus on like I said, whole food prices world. Food prices being a four year high food inflation is already baked into the next CPI report or is it? So we're going to dig in to the UN's new food and agricultural organization report on different types of food as well. What is really getting a big price increase? We also have other topics on the docket as well. I want to highlight one of yield max yield max is an ETF fun family ETF fun family that has taken off in a U M over the past few years mainly driven by selling or coming out with covered call ETFs.

6:23And one of their one of the ones that has attracted the most amount of money is one called the ultra option income strategy ULTY. And it's where people are chasing yield aggressively. The question is. Is it a good buy? We'll look at some total return numbers that can give you a sense of you know why these are. Much higher risk than most people realize right now ULTY. Has a quoted yield of 41% is that too good to be true? We're going to dig into the numbers. And then yields are up 10 year treasury approaching 5% once again. Can that crack the stock market? We're going to dig into four mechanisms for the stock market potentially or of higher rates cracking the stock market. There's different ways not just one way we're going to dig into that as well.

7:26We also have voice bank questions one is on long term shares and then sterling infrastructure strl we have some questions that came in via the comment section of the invest talk YouTube channel. As always but we're going to do a quick break. Hope you know by now that you can call anytime and leave your question on the invest talk voice bank and if you're listening via our live stream or possibly an AM-1220 in the Bay area. You can call right now at 888 99 chart up next. I'll comment on today's market activity. It's official total lifetime downloads for the invest talk podcast are now more than 63 million. Justin Klein is here now taking your calls live invest talk 888 99 chart. 888 99 chart 888 9924278. How you get through and ask your question on today's show.

8:28Let's go take a look at the market today and it was a bounce back after a pretty weak week overall. You had the pull this up you had the down up about 1% S&P up about 86 basis points NASDAQ also up just shy of 1% so about a 1% bounce back day across the board. You had dollar up about 0.1% gold was up slightly silver up 0.4% Bitcoin down 0.2% WTK crude ended down 2.4% after an 8 day run still above $100 a barrel and it looks like there's more issues in the middle east it looks like the east west pipeline inside the rabia is being shut down due to drone strikes from I believe Yemen. So there could be I believe that news hit after the bell fight or after a trading finished up in the WTI market so we'll see what that looks like next week and you continue to see oil pushing higher.

9:40Even though it does look like there's a report was report that the middle east leaders are going to meet with Iran and Oman on Monday to discuss a proposal on joint management of the straight street of our moves on a temporary basis so that could unlock some more supply and maybe even more needed now that you had that east west pipeline being hit. So a lot of moving parts as we've been seeing over the past 6-7 months now since the war began and I don't think that's going to change it's funny. I remember saying this three four months ago on air that I thought that the war in Iran and the problems middle east are going to drag on through the midterms. I remember some comment on YouTube saying that I was being politically biased because of that it's so funny but here we are.

10:43I know we're not to the midterms but it just continues to drag on and I continue to say it probably will for some time with fits and starts but now you're starting to see that upside move. I saw something that diesel prices approaching $10 a gallon here in California so that's that's a problem we talked about on Tuesday and that's going to feed continue to feed into CPI along with the food inflation we're going to talk about a little bit later so that is the issue national retail average for diesel is now above $6 per barrel per gallon excuse me for gallon. Next week the big news though will be the will be the Fed meeting right now let's see let's do a little refresh here where are we on the odds of a rate hike yeah right 86% that there will be a rate hike next week that's coming up on the 16th so is that Wednesday.

11:45So looks like we're going to get rates going higher and you're seeing that in the bond market as well consumer sentiment came at 47.8% of 52.5 so clearly these higher energy prices higher food prices and now it looks to be a bit of a stagnant equity market. I started to weigh on the consumer in a big big way inflation expectations jumped jump month over month to 4.6% from 4% that's the highest since June and well above February's pre Iran conflict of 3.4 long term expectations as up to 3.4% as well so inflation expectations continue to build and that's another reason why bond prices continue to fall and rates moving higher. We're heading to a break our 24 7 voice bank never closes so we're ready for your calls right now or anytime at 8.89 chart.

12:45As retirement gets closer the questions often become more complicated how much can you afford to spend from where should you get your income how should your portfolio change. This isn't a game it's your life KPP financial helps investors work through important decisions before retirement begins so learn more request a conversation or get a free portfolio review you can start now at invest talk dot com. ULTY that is a symbol for the yield max ultra option income strategy ETF. Now if you look on a lot of websites there might be a total trading 12 month yield number of 4.41% and for a lot of people they think that that is the return they're going to get by buying this particular ETF now this is the extreme example and that's why I'm using it but there are many others are dozens and dozens of others of these yield max and other fun family ETFs that are basically many.

14:04The real thing is that we're actually doing a lot of manufacturing a headline number of a big yield and it's roping a lot of people in chasing that yield and they usually get that yield by selling cover calls something we do I do that for clients I buy the underlying security and we sell call options and bring income in and roll those monthly and it can be a good strategy if executed well problem is is that a name like this is really chasing. That premium by buying some of the riskier names better out there. If you go look at its portfolio. It's top holding is Mercata Libre that is a tech company in South America. The momentum holdings AMD lamb research comfort systems caterpillar. Palincy or et cetera those are some of the top 10 names with that they all have a common is they're very high volatility which means that when the sell call options you're getting high premiums.

15:04And therefore of the 55 holdings you're getting some diversity but you're still very concentrated in technology about 45% portfolio is technology versus about 34% of the broader S&P. But the devil is in the details once again yes their headline is high and I'll say I think the SEC or whatever regulatory body should come in and say that's not really what you should how you should think of it as pure income. So what you're doing is you're selling off upside potential for that income and that can be good once again. But just selling high what is called implied volatility get high premiums doesn't automatically guarantee you high returns. And you can see that by the actual trailing returns total returns of this portfolio. And that's what you have to look at for all of these ETFs you have to look at total returns and we're going to go and look at the last 12 months the NAV is following by 50% why because the especially the recent payouts have all been return of capital return of capital and not income.

16:21So that's one big issue. But if you go all the way back to the start of this March to 2024 when it launched so you're talking now about two and a half years. Total return is roughly flat $10,000 which turned into $10,792 so you'd be up. But if you were just buy the NASDAQ 100 which is a pretty good representation of the type of stocks in this portfolio you'd have $16,415. And even worse if you had just bought the 90 day T bill that investment 90 day basically zero risk you have $11,089 so it's effectively under performing cash. Think about that. And it's been so bad that in December of last year they actually changed their strategy and what did they do they started to invest to up to 50% of its portfolio into lower volatility stocks.

17:22So it tells you that they figured out something was wrong. This is not a great strategy. Despite that huge yield headline yield. They replaced two of the three fund managers and changed their strategy altogether. Now the performance has improved slightly but it's still pretty bad. And the premium income from those call options is not enough to pay out that high distribution and that's why in 2024 all the distributions were income last year though of the $17 only $17 was income $36 was the return of capital. And this year $7 has been income and $7 has been return of capital so half of this year's distributions just been money your money given back to you. It's not really yield and it's not good total return and that is the problem here with all these yield max ETFs all these covered call ETFs the devil is in the details. So when you see a headline of the big yields you need to pay heed there's a famous quote from leg Mason strategist Raymond DeVoe.

18:29What he says more money has been lost reaching for yield than at the point of a gun I love that quote. So paid do not chase these yield headlines or any yield really. The next investor talk we look into this story Chinese rare earth export halts when supply chain leverage becomes a market weapon. The story is Monday but for now I'm just in client and ready to take your calls now at 899 chart. At KPP financial accountability means more than advice it means we invest alongside you through our parallel investing approach when we recommend an investment for clients one or more KPP principles. Invest their own capital at the same time same day same price same percentage if your portfolio moves ours does too that is alignment that is transparency that is the KPP difference.

19:31Visit investtalk.com to get your free portfolio review. The weekend is here or almost here but you've got finance and investment questions so step up and call in invest talk 888 99 chart. Now our main focus point today is about food prices talked about diesel prices and that's going to feed into CPI and many shapes and forms over the next couple of months. It already has two degrees since the start of the Iran war but the problems are heating up on that side and the weather is heating up as well which is impacting food supply mainly in Europe but also throughout the world. I know we had a recent heat wave here in California it's cool down a little bit today but still hot high looking tonight be looking to be cheer today 79 which is.

20:36Hot for this time of year but. You know as well into the 80s and low 90s over the weekend. And this is El Nino this is the weather pattern everyone knew about and this is one the strongest El Nino's on record I believe it hit 80 degrees off the coast in the water the water 30 degrees in San Diego recently and so this is having an impact. On ag markets across the world from a weather perspective and then you have the war so grain prices are to three year high sugar and a one year high and the FAO food price index which tracks a basket of internationally traded food commodities average of 133.3 in August up from 130.8 in July. That was the highest score since November of 2022 just a handful of months after the Ukraine and Russia war started. Now the extreme weather in Europe is impacting corn and sugar beats as well as livestock output that's in Europe but then in Asia El Nino is expected to upend palm oil and sugar output.

21:45And you have the war heating up in Russian Ukraine so tax on the black seas curtailing range events and the US around wars creating problems with fertilizer supplies the sugar benchmark is up 11.9% the highest since June of 2025. And you're having problems with production in Brazil as well as the problems in in in your opinion when it comes to sugar. The 2026 global cereal production forecast was cut by 3.4 million metric tons from a previous estimate of 2.98 billion tons. Now 2% below the 2025 target. So all of this is adding up to as I've been saying before an inflationary environment. This is why the Fed is likely to raise raise rates next week. Why interest continue to rise. It all adds up.

22:47And so anybody who expects the interest to turn around and move south anytime soon. I think you're sorely mistaken. There are too many problems going on in the world both with the climate as well as geopolitically. So some important to highlight keep an eye on because now you're getting inflate the inflationary impact from all sides. Let's keep things moving in segue back to the best like voice bank at 8.99 chart. Hi Justin Erluk. This is Bob from Ohio. I'm calling to ask today about sterling infrastructure. Ticker SPRL. I bought a starter position around 550 trying to frontrun the 200 period simple moving average. I'm not looking to really trade it off of that. I just use it as like a general entry point. It's all below that. But I had a couple of nice days recently. We'll be here with your guys thoughts are if I should go on to it or to sell it and take my losses. Thanks. I'm looking at sterling infrastructure. They provide construction solutions.

23:50They have transportation solutions, e infrastructure solutions. So that's your data center building solutions as well. That's part data center. The transportation solution segment has infrastructure and rehabilitation for services for highways, roads, bridges, airports, ports, light rail systems, water, wastewater facilities and storm drainage systems. Clearly an area that we need to put a lot more money in. We're not doing that. We're obviously spending it more on. Wars overseas. So I think there's some long term tailwinds there. So that's new. And then we have the infrastructure segment which develops advanced large scale site development systems and services for data centers e commerce distribution centers warehouse facilities, transportation projects, energy infrastructure and other specialized developments. The building size more residential commercial concrete foundation services single family multi family homes, parking structures elevated slabs, things like that. I think that will probably be a drag for some time.

24:51It will be relatively low level, but the first two certainly are the strongest. And have some secular tailwinds. So from that perspective, I like it. Return equity 40%. It has pulled back. It is into some major support here right in right around $500 per share. It's high recently. It was $1,000 per share. So it's about a 50% pullback. Pretty pretty nice pullback. Reset expectations honestly earnings next year. So it's to be $25.35. So you're about 20 times multiple. I think that's I think this whole back has reset the expectations. I like that. I'm a fan of it. It's e infrastructure solutions is 59% of its business transportation is 26 building solutions only 15. 85% of their revenue comes from areas that have a lot of good secular tailwinds. So I'm going to give sterling infrastructure a thumbs up. Valuation looks fine now that it's reset profitability is still very good.

25:54Even though I don't expect to continue to have this level of profitability because historically the return equity is not this high. It's closer to the 20 range, which is still very healthy. Good free cash flow 500 about 500 million on a 15 billion dollar enterprise value. They have net cash in their balance sheets and a leverage. I'm assuming let's see are they taking their cash flow and buying that shares. Little bit but nothing too major. But overall I'm a fan of this. I like starting infrastructure STRL is the symbol. Let's make it to in a row from 888 99 chart. I'm going to find out if there's any truth to something that I've heard and I'll try to explain it as an example. If I had 10 shares of Apple for a year and in a year and a half I had another share and let's say now I have 11 shares are the 10 original share still long term gains.

26:54I had also heard that once you add to your position that timing starts over. So just interested in understanding how that works appreciate it and things again. Very simple all you're talking about are share lots. So if you bought those 10 shares it's a year and a half later. You and you buy more shares there are those new lots will start will have a new start date for whenever you buy it. But those old lots stay the same. So no there's no reset on the new shares. You just have different share lots. So let's say. You know 8 months later you buy that extra share and then in two months you sell the whole lot you sell all of it 11 11 shares. Well those 10 shares will be long term because they'll be. Over a year and you'll be taxed at that long term capital gains rate but that one share will be short term because you're only on it for a few months. And you'll pay or in your income tax on that short term capital gain of that one share.

27:55So no does not reset and you can also if you're if you're broker for example you can also go to your broker you can say OK I want to sell 10 shares and make sure that only those first 10 shares are sold but not that one share you recently sold. So you can hold on to that for longer and potentially get that long term capital gain now you have to. Either specify it which lot you're selling or you have to have a setting on your broker account that's usually defaulted I believe is first in first out. So for example in that case if you sold 10 shares. And you own the 11 well it's going to sell those first 10 because it's first in first out those the first 10 shares you bought. And so it sell that now if you had it said as life oh last and first out it would sell that one share that you had recently purchased and then nine shares of that original 10.

28:57Because that's those the last shares that you purchased and keep one share of the original lot. That's how that works there's also other settings that they have that have more complex calculations depending on. You know a lot of times you might have multiple share lots or you bought it multiple times throughout the throughout the years so maybe it again so might be a loss and so there's some complexities of way the way which lots are sold if you're not specifying so you want to look into that as well so no overall it does not reset all of your holdings it's just the start of a new lot whenever you make that purchase. I hope that helps let's go it's Friday so let's go take a look at some major numbers as we close the week to your treasure yield 4.62 last week up was it was 4.37 so big move this week really pricing in that rate hike on higher inflation numbers 10 year treasure yield 4.97 so approaching that 5% level which we'll talk about a little bit later last week was that 4.7.

30:02So 20 basis points that is a massive move in just one week gold 4,351 an ounce that's down $62 from last week but still way up from where we were a little over a year ago which was at $3 300 per ounce so over today 64 45 a dollar 36 decrease compared to last week oil a hundred dollars. 100 dollars and 50 cents per barrel and $9.66 increase week over week the national average for gasoline $4.29 a 15 cent increase from last week here in California $5.92 per gallon a 12 cent increase compared to just one week ago and that compares to North Carolina averaging $3.96 per gallon that's nearly $2. So it's less than what we're paying here in California so pretty big run down pretty big week pretty big movement in all the major indices and all the major commodities and interest rate markets now from time to time we received questions via web form from best talk.com

31:20So I'm going to give you an earlier Michael says what do you think of SGRTSG RT smart earnings growth ETF looks like they target 30 companies with high earnings growth based on their most recent quarterly reports. Okay, it's interesting. SGRT. So I remember Steve saying that generally stocks rise when earnings rise therefore this should be an ideal ETF I have single position on the growth portfolio and consider making a large portion well okay so yes earnings or prices do tend to go up with earnings however you can certainly pay too much for. There's earnings bettering growth that happens all the time throughout history this a fairly recent ETF came out middle of last year let's go look at its portfolio. So stop names are data dog Western digital Dell H and C investment Oscar health so pretty interesting mix micron in here as well 57% is technology 25% energy 8% is health care very very interesting.

32:29Okay, so if you look at its return invested capital it's about 32% index is about 41% categories 45% it's priced the free cash flow at 13 free cheap actually let's see but that's also because of very interesting I think this is too difficult I don't understand their. I mean I kind of understand their process it's going to have a lot of portfolio turnover. Yeah right now they're important turnover 175% so this moves dramatically let me look at this how's this done no let's just look at the one year it's all we really have from a performance perspective so this year it's up 31% categories so it's doing much better over the past just this year the one year return 51% so it's it's certainly done well here's my problem is you know it's micron and what's it Western digital these are names I've said before that are you have to have huge earnings growth huge price growth growth as of late but they're momentum slowing we know that's a very circle business and will

33:47this name get out before those eventually roll over there I've already lost momentum they haven't sold anything recently see if they sold that it doesn't look like it so yeah I just think there's not enough data here for me to give you a strong perspective of the strategy okay it's a 30 fastest growers but that's going to move a lot from quarter to quarter I usually the market moves before the stock before the actual earnings report does right micron and Western digital will break dramatically lower 20 30 40 50 60 maybe up to 80 90% before you even get to an earnings report that shows the the earnings slowing in a dramatic way and will this name get out probably not so I just don't I think this is a TBD I think you have to watch it it's a two short of a period a period where there's a lot of names that have grown dramatically in in price based on earnings growth that's been now extrapolated very similar I was used the zoom analogy back in COVID when everyone thought zooms earnings was going to continue to double triple quadruple and a year after year for infinitum and that certainly wasn't the case and that's going to be

35:04let's going to be the same here for a lot of these a i names and that's what this is filled with so I would continue to watch it I don't think this will be probably a great long term performer although in the short term it can do fairly well and certainly has so far so still the jury's out on this name. This is invest doc and Justin Klein with one goal here each and every big day it's help you achieve your own version of financial freedom and our work continues after this final breaks to get to questions and now it's 88 99 chart. Every investor is working to build a secure financial future how they get there and when they get there that depends on many factors the more you learn about how the market works the better your chances for success. So don't forget to call invest talk 88 99 chart good morning this is Josh from the UK I had a quick question on your comparison between two stocks the first one is Vistra VST versus BWXT technologies just looking to start a position in one or potentially half position and both I'm just interested to hear you comparison as I think I'm over analyzing the the timing of this whole thing appreciate it thanks bye.

36:28All right looking at VST versus BWXT now we own BWXT we do not own VST now VST is more of a utility company it's not a bad utility company it's fine operates in Texas but it's profitability and it's leverage is is probably is good it's leverages very high I don't have any major issues with it however it's business. It's business is pretty up and down lost money in 2021 2022 I just don't. We just don't think this is a great long term secular hold versus BWXT earnings continue to grow pretty much a year after year and they are more in the nuclear nuclear business. So they're selling the picks and shovels of the energy business is opposed to in the energy business which tends to be fairly regulated can be very cyclical as well we just think BWXT BWXT technologies is in the heart of the nuclear renaissance both military scale as well as from an energy perspective and it has come down but it's now at a pretty reasonable valuation.

37:465 dollars and 29 cents in earnings next year that's up 12% from this year $4.74 that's up 18% from last year so continued to see good secular growth and earnings expectations continue to move higher so for picking one or the other I'm definitely going BWXT let's talk a little bit about interest rates interest rates. We said before 10 years approaching the 5% once again and a lot of people are asking when do these yields crack the stock market we know that in highly indebted economies high interest tends to crack something even go back hundreds of years every major bubble ended when foreign costs rose significantly for companies at the core of the economy. There's no magic number that automatically tips over equities but there are reasons why high rates impact parts of the economy number one is high rates slow this cyclical parts of the business sectors profits fall stocks follow and then sentiment shifts.

38:57Number one then you have higher rates reduce the present value of companies future cash flows making stocks less valuable and then high rates also pull capital away from stocks and into bonds as they are safer and you know rates go up enough well might make more sense to be in bonds and then the force high rates force governments to cut the deficit let's address all of these quickly number one is that the market usually this is a housing market right higher rates creates problems in the housing market which manifests in construction renovation transportation furnishings all of that the key swing factor for the economy housing is the business cycle a lot of people say the problem right now is that the status centers are picking up the slack housing sector has been slow for a few years as rates have gone up but data center spending is reach 85 billion dollars on the construction side in 2026 up from 45 billion two years ago.

40:00So until AI or the hyper scalers pull back that's not really going to be a reason for the market to turn over number two is rates rose in 2021 2022 we saw that big drop 33% drop in the NASDAQ because of higher interest rates. That higher discount rate on future earnings the problem is that profit growth followed in valuations return to levels we saw in 2021 2022. And there's not an automatic process for those valuations to contract once again so as long as momentum's decently positive people tend to stay in their stocks and they don't really pay attention to the valuation quite yet. And then what was number three was if I remember this correctly there we go yeah you're starting to see some money and move away from stocks into bonds but it's been pretty minor as of yet the big question will be number four is when will governments be forced to cut their deficit we're not seeing that quite yet I think that is the swing factor as when do rates get too high and you get a government that actually looks at the balance sheet and says enough is enough.

41:14Well that about does it I'm just inclined running of key people financials parallel investing make a trade for our clients the same trade for ourselves same day same price same percentage no front running no special treatment we invest right alongside our clients to show the same risk and potential for success and you can learn more over at invest talk dot com please start your friends and family about a free podcast downloads which you can find anytime and iTunes Spotify or our YouTube channel be sure to rate your review on iTunes as well independent thinking should success is in best stock good night. Invest talk is a trademark of KP P financial because of the nature of the interactive dialogue inherent in the format of this program it's important for the listener to understand that not all comments made will apply to them specifically nothing said shall be taken to be investment advice or shall statements on this program be considered an offer to buy or sell security because such advice is rendered solely on an individual basis and at times will require that the investor review a prospectus before investing. Invest talk is a copyrighted program of Klein Pavless and Peasley financial a registered investment advisor firm which retains all rights for more information regarding KP P's investment advisors call 1 800 557 54 61.