Mr. Market is both charming and bipolar

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a Certified Financial Planner Practitioner

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and Senior Vice President and Financial Advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Well, hello, and welcome to another edition of

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Something More with Chris Boyd.

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Chris Boyd is off this week, so you

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have myself, Jeff Perry, and Russ Ball as

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your host for this week's episode of Something

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More.

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Russ, thanks for making the time to join

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me.

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Yeah, of course.

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Happy to be with you, Jeff.

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We were joking, as we do frequently.

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We were joking as we started the recording

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of I wonder how many people are going

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to see the headline of the podcast and

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click it to see what it is.

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If you're just listening and you didn't see

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the headline because you just listened to all

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the shows and subscribed, then we appreciate you

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subscribing and listening all the time.

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Mr. Market, he's both charming and bipolar.

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I think it's the perfect time for to

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go back and to do some thoughts about

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the market, certainly, and to review a book

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that has been reviewed time and time again,

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The Intelligent Investor.

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It's a famous book by Benjamin Graham, and

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what got it on my radar is I

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was reading Bottom Line magazine, which is a

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magazine that I enjoy, and there was an

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article about Warren Buffett.

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We all like to learn about the Oracle

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of Omaha and how he makes his decisions.

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For those listeners who might have heard his

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name and don't know who he is, he's

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the CEO of Berkshire Hathaway, and he's a

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legendary investor.

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Lots of people in the financial services business

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and individual investors really follow him, and he's

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proven to be right time and time again.

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When asked who he learned everything from, who

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was his mentor, where did he get his

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foundation for his investment principles, I guess he

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always says the same thing, that he got

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them from Benjamin Graham and the book, The

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Intelligent Investor.

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Right.

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He actually studied under Benjamin Graham, so he's

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definitely a mentor of Warren Buffett.

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When some market volatility hits, it's always good

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to go back and see what the people

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who've been through it all have to say,

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and going back to their sage words of

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wisdom.

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Most people, when they have a career in

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a certain field, usually can point to something

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that a professor certainly is relevant, and that

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happens frequently, or a boss early in your

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career, a supervisor, or sometimes it's a book,

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or something that a class that you took.

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One of the first books that I read

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that had a meaningful impact on me was

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Peter Lynch's book, one up on Wall Street,

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the Main Street kind of logic, like keep

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it simple, invest in what you know, don't

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be too aggressive.

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I still follow the lessons of Peter Lynch,

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and certainly Warren Buffett.

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Back to, I went on a small tangent.

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Have you read a book or had an

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impact that has seemingly stuck with you yet?

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I know you're relatively new in your career,

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but have something jumped out to you?

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I have actually read that book by Peter

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Lynch.

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I thought that was probably the first investing

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book that I read.

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It was a little bit over my head,

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I would say, some parts of it, but

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the core fundamentals definitely resonated.

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A little bit more recently, within the last

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few years, I read a random walk down

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Wall Street by, I think, Burton Malkiel, and

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he talks about all the different bubbles that

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have occurred over time.

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It kind of goes through a little bit

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of a history of the market, and then

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gets a little bit more granular on the

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past allocation, and different trends that have guided

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markets.

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It's been updated over and over the years,

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but I found that to be a really

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useful resource, and definitely frames the way I

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think about investing now in this role.

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Well, I think it's important that you go

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back, and not you specifically, but all of

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us, and learn the lessons that have been

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learned from history, because in these times of

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volatile markets, and we're certainly in a time

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of extreme volatility, if you have that base

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of knowledge, if you have studied under people

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who espouse certain principles, like Benjamin Graham, Warren

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Buffett, Peter Lynch, and we could add others,

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we're missing some, of course, but you know

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not to make certain mistakes that feel right

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at the moment, or out of good times

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or bad times, and that's why the headline

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of this podcast is Mr. Market, so Mr.

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Market is the stock market, primarily, both charming,

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because the Mr. Market can be charming, and

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bipolar, and lately, I guess since President Trump

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announced his tariff plan, I don't know if

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it's a plan, but his tariffs feel like

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a plan, I hope it's a plan, since

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his tariff policy, the market has been acting

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in a, not to misuse the word, I

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know it's a mental disease for some people,

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but in a very volatile way, right, up

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and down, seemingly for no reason, and that's

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part of what was in this article, so

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I thought as we're co-hosting today, it

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would be fun to go through the principles

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of Benjamin Graham, and now Warren Buffett, and

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many of us, and kind of try to

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relate them to where we are, because it's,

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you know, it's right on point, right, it's

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right on point.

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Definitely, and you know, reading this article, this

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was definitely the first time I've heard of

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this idea of Mr. Market, kind of personifying

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the market, I think that helps, like to

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make it a little bit more relatable, where

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you're watching the market day after day, and

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it seems to swing on, you know, a

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tweet here, a tweet there, there's no, seemingly

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no rival reason some days.

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More amazing than in my memory, like that

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one tweet, or one suggestion, or one even

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comment at walking down the hallway, can, yeah,

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dramatically move, dramatically move the market, and you

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know, this is like an idea of making

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Mr. Market a character that you consider.

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Yeah, maybe you want to dive into some

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of your thoughts on that, yeah.

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After, let me describe it, because it has

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four sections in this article that's going off

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of Intelligent Investor by Benjamin Graham.

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The first one is handling stock market volatility,

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and that's where we're introduced to Mr. Market.

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So Benjamin Graham describes Mr. Market as a

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bipolar fellow, very charming, but suffering from incurable

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emotional problems.

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Some days he shows up feeling euphoric, and

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will sell to you only at a reasonably

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high price.

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Other times he's no obvious reason, he's desperate

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to sell at any price.

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Mr. Market constantly moves between degrees of unsustainable

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optimism and unjustified pessimism, and I think that's

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how many people feel lately, you know.

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The market's down.

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So how many times, you know, do you

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hear a client when the market is down,

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or a friend, or you know, just a

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neighbor or whatever, the market's down, and then

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the next statement is something like, I gotta

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get out.

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I can't stand this, I gotta get out.

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Or when the market was at record highs,

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people would say, the market's doing so good,

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have you seen it?

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I gotta get in.

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I gotta buy more.

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And I think that's what Mr. Graham's suggesting,

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is that he's making kind of some wrong

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decisions at the wrong time.

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I mean, don't we want to buy low

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and sell high?

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I mean, that's not oversimplify it, but.

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Yeah, and I think a lot of investors

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and just people that have money in the

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market think, well, let's get out when things

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are starting to go down, let's get back

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in when things are starting to go up.

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If it were only that easy, we all

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wouldn't lose any money.

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Yeah, go ahead.

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Yeah, I think this idea, one piece I

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highlighted here is just the idea that there's

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nothing you can do to reason with Mr.

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Market or, you know, there's just, there's going

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to be those mood swings, it's going to

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happen day to day.

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And maybe the more you focus on, I

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don't know if this was specifically noted, but

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the more you focus on it, the more

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you're prone to have that way of thinking

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sort of temperamental and all over the place

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with the market.

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Better to think of it, all right, that's

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what Mr. Market's going to do.

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And I'm going to do my own thing.

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Yeah, excellent point.

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And I think you're also right about the

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focusing of it.

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I think people who, there's a fine line

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between being informed and being just so emotionally

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attached to what's going on.

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And this can be, geez, in the days

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of 24-hour breaking news, and you know,

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all the cable channels who are rooting for

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one team or another, and usually we watch

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what our team is, you know, so you

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can get, especially if you don't have a

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you know, distractions, if you don't have a

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job that you go to and leave the

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TV or the computer, you know, if you're

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focused in on these either market moves or

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news cycles, you can really get so absorbed

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into it that it can change your, certainly

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change your emotions, you can worry, you can

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be overly excited like Mr. Market sometime, and

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you can make the wrong decisions, or you

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can worry about things that you have no

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control about.

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And I think that's, and taking into account

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that he wrote this book in 1949, he's

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not writing it in the, I'm describing the

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current setting where we have all this stuff

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coming at us, and we can get totally

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absorbed by it.

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He's writing this, you know, 76 years ago.

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And that's, it's very insightful.

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And it's still, it's probably more true today

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than it was in 1949.

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So your point is well taken.

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Don't get into the emotional decisions of the

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volatility, because it's probably going to be wrong.

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One another thing, you were listing some things

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that you've heard people say, and they're all

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correct is, I'm going to get out now.

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And I'm going to get in back in

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when things settle.

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Yeah.

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I'm, you know, I've been in the market

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for 35 years, say, things haven't settled.

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It can be, you know, the economic cycle,

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boom or bust, it can be the political

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cycle, it can be wars or things in

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the news that you concern, it can be

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trade, it can be foreign relations, it can

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be whatever it might be, seasonal adjusted stuff,

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inflation, stagflation, recession, whatever it is, it's never

266
00:12:13,190 --> 00:12:13,630
settled.

267
00:12:14,070 --> 00:12:16,130
There's no bell that rings and says, it's

268
00:12:16,130 --> 00:12:17,590
now a good time to get in.

269
00:12:18,070 --> 00:12:18,550
Right?

270
00:12:19,070 --> 00:12:19,550
Exactly.

271
00:12:19,850 --> 00:12:20,070
Yeah.

272
00:12:20,510 --> 00:12:23,390
So don't be affected by the day to

273
00:12:23,390 --> 00:12:23,890
day volatility.

274
00:12:24,790 --> 00:12:26,610
If you're hanging out with Mr. Market, and

275
00:12:26,610 --> 00:12:29,510
he's going off on one of his euphoric

276
00:12:29,510 --> 00:12:31,850
happiness, don't think that it's time to get

277
00:12:31,850 --> 00:12:32,110
in.

278
00:12:32,610 --> 00:12:34,730
And if he's having a bad pessimistic day,

279
00:12:34,730 --> 00:12:39,470
and you're a long term investor, it's not

280
00:12:39,470 --> 00:12:40,690
time to get out probably.

281
00:12:41,650 --> 00:12:41,790
Right.

282
00:12:42,230 --> 00:12:42,510
Right.

283
00:12:42,850 --> 00:12:45,490
One more part about volatility, I'm going to

284
00:12:45,490 --> 00:12:49,350
ask you about is dollar cost averaging, right?

285
00:12:49,490 --> 00:12:52,690
So take it from there, because I think

286
00:12:52,690 --> 00:12:56,130
a lot of people don't understand or don't

287
00:12:56,130 --> 00:12:57,730
appreciate the concept of it.

288
00:12:57,870 --> 00:13:00,070
And why, especially the younger you are, but

289
00:13:00,070 --> 00:13:03,190
certainly any age, why it's so valuable and

290
00:13:03,190 --> 00:13:04,890
why people should participate in it.

291
00:13:05,670 --> 00:13:09,330
Yeah, well, personally, in my investing life, I

292
00:13:09,330 --> 00:13:11,790
definitely preferred dollar cost averaging and cost support.

293
00:13:12,390 --> 00:13:14,770
Now there's mixed research that says, you know,

294
00:13:14,850 --> 00:13:16,630
it might be better to just put all

295
00:13:16,630 --> 00:13:17,370
your money in at once.

296
00:13:17,490 --> 00:13:19,690
And just for context, dollar cost averaging would

297
00:13:19,690 --> 00:13:22,510
be, rather than investing all in one go,

298
00:13:22,610 --> 00:13:24,450
let's say you had $10,000 to invest,

299
00:13:24,670 --> 00:13:26,850
you can decide to invest it tomorrow, or

300
00:13:26,850 --> 00:13:28,050
you can spread it out over time.

301
00:13:28,130 --> 00:13:30,510
So if the market goes up, you're participating

302
00:13:30,510 --> 00:13:31,130
in that growth.

303
00:13:31,230 --> 00:13:33,110
If it goes down, you're buying at lower

304
00:13:33,110 --> 00:13:36,710
prices and you just spread out your $10

305
00:13:36,710 --> 00:13:40,310
,000, let's say, over a couple of months,

306
00:13:40,490 --> 00:13:42,470
three months, four months, whatever it is, any

307
00:13:42,470 --> 00:13:44,150
period of time that you like, that would

308
00:13:44,150 --> 00:13:45,050
be dollar cost averaging.

309
00:13:45,470 --> 00:13:48,830
And for me, psychologically, it just is something

310
00:13:48,830 --> 00:13:50,390
that really resonates.

311
00:13:50,570 --> 00:13:53,730
It's like, if I continue to contribute, and

312
00:13:53,730 --> 00:13:55,970
that's usually what you're doing with a 401k

313
00:13:55,970 --> 00:13:57,230
or your work plan.

314
00:13:58,070 --> 00:14:01,890
If you continue to contribute, you're always going

315
00:14:01,890 --> 00:14:03,230
to be feeling like, well, you know, I

316
00:14:03,230 --> 00:14:04,510
had this at a loss, but at least

317
00:14:04,510 --> 00:14:05,810
I'm still investing now.

318
00:14:05,950 --> 00:14:07,710
So it's going to grow from here.

319
00:14:09,010 --> 00:14:10,810
So I think a lot of, as I

320
00:14:10,810 --> 00:14:12,490
said, the research is a little mixed as

321
00:14:12,490 --> 00:14:15,570
far as, is it more advantageous, is it

322
00:14:15,570 --> 00:14:18,530
optimal to dollar cost average or to invest

323
00:14:18,530 --> 00:14:19,130
all at once?

324
00:14:19,130 --> 00:14:21,670
Typically, the longer you're invested, the better.

325
00:14:22,810 --> 00:14:26,970
But psychologically, it's definitely a useful tool just

326
00:14:26,970 --> 00:14:27,750
to get over that hurdle.

327
00:14:27,850 --> 00:14:29,350
If you don't feel like you're ready to

328
00:14:29,350 --> 00:14:32,270
commit, with all the volatility we've seen, not

329
00:14:32,270 --> 00:14:33,310
a lot of people are thinking, oh yeah,

330
00:14:33,350 --> 00:14:34,630
I'm just going to invest everything I have

331
00:14:34,630 --> 00:14:35,930
right now that's been sitting on the sidelines.

332
00:14:36,090 --> 00:14:37,030
Like now's the perfect time.

333
00:14:37,470 --> 00:14:38,990
You just don't know what the market's going

334
00:14:38,990 --> 00:14:39,550
to do tomorrow.

335
00:14:39,810 --> 00:14:40,790
And it can be intimidating.

336
00:14:41,570 --> 00:14:43,570
Some people don't care about that stuff, but

337
00:14:43,570 --> 00:14:44,150
other people do.

338
00:14:44,370 --> 00:14:46,130
Dollar cost averaging is a way around that.

339
00:14:46,890 --> 00:14:47,610
Very good.

340
00:14:47,750 --> 00:14:49,150
I share that sentiment.

341
00:14:50,470 --> 00:14:50,910
Exactly.

342
00:14:51,570 --> 00:14:54,730
And so, you know, with the volatility, don't

343
00:14:54,730 --> 00:14:57,530
make rash decisions, don't make emotional decisions.

344
00:14:58,370 --> 00:15:00,470
And if you're not sure, sometimes the best

345
00:15:00,470 --> 00:15:01,290
thing to do is nothing.

346
00:15:02,410 --> 00:15:03,790
And it's always a good idea when you're

347
00:15:03,790 --> 00:15:06,330
feeling uncertain is to call your investment advisor

348
00:15:06,330 --> 00:15:08,230
and talk it out.

349
00:15:08,350 --> 00:15:10,190
Talk about if you're in the risk allocation,

350
00:15:10,650 --> 00:15:13,690
the risk profile and asset allocation.

351
00:15:14,870 --> 00:15:17,070
And, you know, I think some of the

352
00:15:17,070 --> 00:15:20,130
times the best service that we as fiduciaries,

353
00:15:20,810 --> 00:15:23,170
meaning people who put our clients' best interest

354
00:15:23,170 --> 00:15:26,990
first, both legally and ethically, I think sometimes

355
00:15:26,990 --> 00:15:29,250
we give them, our clients, the most value

356
00:15:29,250 --> 00:15:32,390
when they have these feelings, like Mr. Market,

357
00:15:32,470 --> 00:15:35,590
when they're feeling emotional about their finances, worried

358
00:15:35,590 --> 00:15:39,510
about them or too euphoric about them and

359
00:15:39,510 --> 00:15:41,610
talking to them about their long-term financial

360
00:15:41,610 --> 00:15:41,970
plan.

361
00:15:42,090 --> 00:15:43,070
I know we've been doing a lot of

362
00:15:43,070 --> 00:15:45,370
that with clients, reviewing their financial plan and

363
00:15:45,370 --> 00:15:49,310
saying, okay, what's changed since we reviewed it

364
00:15:49,310 --> 00:15:49,930
last time?

365
00:15:50,810 --> 00:15:53,550
Often very little because these are long-term

366
00:15:53,550 --> 00:15:54,510
financial plans.

367
00:15:55,350 --> 00:15:58,090
And it gives most clients the feeling of

368
00:15:58,830 --> 00:15:59,270
stability.

369
00:16:00,110 --> 00:16:01,910
And, you know, once again, they can see

370
00:16:01,910 --> 00:16:04,090
what their long-term plan is, that their

371
00:16:04,090 --> 00:16:06,950
cashflow is there, and that we expect as

372
00:16:06,950 --> 00:16:11,090
part of our projections, corrections in the market,

373
00:16:11,330 --> 00:16:13,270
and we expect bear markets from time to

374
00:16:13,270 --> 00:16:13,530
time.

375
00:16:13,690 --> 00:16:17,290
And that's all factored into our clients' projections.

376
00:16:18,350 --> 00:16:18,530
Yeah.

377
00:16:18,670 --> 00:16:20,350
And we've been doing a lot of stress

378
00:16:20,350 --> 00:16:23,190
testing as well, at least over here, Jeff,

379
00:16:23,250 --> 00:16:26,090
I'm sure you have too, just looking at

380
00:16:26,090 --> 00:16:28,290
the what-if scenarios, what if the market

381
00:16:28,290 --> 00:16:30,870
goes down, what if taxes are higher, what

382
00:16:30,870 --> 00:16:34,950
if these tariffs go into effect, what is

383
00:16:34,950 --> 00:16:35,550
that going to do?

384
00:16:36,090 --> 00:16:38,490
And a lot of clients come in understandably

385
00:16:38,490 --> 00:16:40,750
worried and saying, you know, this is different,

386
00:16:40,850 --> 00:16:41,670
this time it's different.

387
00:16:42,430 --> 00:16:44,890
And what I keep hearing and reading again

388
00:16:44,890 --> 00:16:46,350
and again, and as you can see with

389
00:16:46,350 --> 00:16:49,870
this article we're referencing, it's from the book

390
00:16:49,870 --> 00:16:52,550
that was written in the mid-20th century,

391
00:16:53,910 --> 00:16:56,710
that yes, it might feel different, but this

392
00:16:56,710 --> 00:16:58,770
kind of thing happens time and time again.

393
00:16:59,110 --> 00:17:02,570
And the market has consistently proven to be

394
00:17:02,570 --> 00:17:03,890
the best hedge against inflation.

395
00:17:05,390 --> 00:17:07,270
So there are certain assumptions that we can

396
00:17:07,270 --> 00:17:08,310
make based on history.

397
00:17:08,930 --> 00:17:10,849
There are things that are going to unsettle

398
00:17:10,849 --> 00:17:11,609
that in the short term.

399
00:17:11,650 --> 00:17:13,530
And I think that's Mr. Market, you know,

400
00:17:13,750 --> 00:17:15,930
I think that's the idea of this piece

401
00:17:15,930 --> 00:17:16,190
here.

402
00:17:16,630 --> 00:17:18,630
And one other piece that I highlighted in

403
00:17:18,630 --> 00:17:22,569
the section we're discussing is, it says, view

404
00:17:22,569 --> 00:17:25,349
volatility not as a debilitating handicap, but as

405
00:17:25,349 --> 00:17:28,130
opportunity to sell to the optimist and buy

406
00:17:28,130 --> 00:17:28,890
from the pessimist.

407
00:17:29,070 --> 00:17:31,470
So I thought that was pretty useful and

408
00:17:31,470 --> 00:17:33,450
kind of being that contrarian mindset and you

409
00:17:33,450 --> 00:17:34,630
kind of have to take a step back

410
00:17:34,630 --> 00:17:37,410
and not go along with the flow just

411
00:17:37,410 --> 00:17:40,590
because everyone's nervous and panicking and freaking out.

412
00:17:41,270 --> 00:17:43,250
That's a great lead-in to number two

413
00:17:43,250 --> 00:17:44,810
is deal with investment at risk.

414
00:17:46,890 --> 00:17:49,370
And, you know, the concept of putting a

415
00:17:49,370 --> 00:17:52,470
fair value or a good value on a

416
00:17:52,470 --> 00:17:54,710
particular stock or a sector or whatever you're

417
00:17:54,710 --> 00:17:56,610
investing in, most of the sections talk about

418
00:17:56,610 --> 00:17:57,590
individual stocks.

419
00:17:57,790 --> 00:17:59,870
They talk about Warren Buffett's, you know, the

420
00:17:59,870 --> 00:18:02,490
cigar butt reference and people think of a

421
00:18:02,490 --> 00:18:04,390
cigar butt as something that's been thrown away

422
00:18:04,390 --> 00:18:05,050
by someone.

423
00:18:05,890 --> 00:18:11,390
And Buffett has been famous for finding companies

424
00:18:11,390 --> 00:18:13,650
that are cigar butts, if you will, meaning

425
00:18:13,650 --> 00:18:17,150
they're not worthless, but they're not appreciated appropriately,

426
00:18:17,330 --> 00:18:17,550
right?

427
00:18:18,030 --> 00:18:21,630
And so when I was reading this, certainly

428
00:18:21,630 --> 00:18:23,390
all true, but it brought me back to

429
00:18:23,390 --> 00:18:26,050
Peter Lynch and how things I learned from

430
00:18:26,050 --> 00:18:29,470
his lessons and what he did at Fidelity

431
00:18:29,470 --> 00:18:33,570
is to set evaluations of a company and

432
00:18:33,570 --> 00:18:35,530
have a reason that you're buying it, right?

433
00:18:35,590 --> 00:18:37,770
Whether that's a price target, because you think

434
00:18:37,770 --> 00:18:39,110
it's a cigar butt and it's going to

435
00:18:39,110 --> 00:18:41,870
be appreciated in the near future, or if

436
00:18:41,870 --> 00:18:44,250
you think it's potentially going to be sold

437
00:18:44,250 --> 00:18:46,030
and, you know, get a premium for that.

438
00:18:46,590 --> 00:18:48,330
But to have a reason why you buy

439
00:18:48,330 --> 00:18:51,870
it and to have a target, because it's,

440
00:18:51,970 --> 00:18:54,470
I believe, the hardest thing to do when

441
00:18:54,470 --> 00:18:56,370
you buy an individual stock, and it could

442
00:18:56,370 --> 00:18:57,810
be an investment, you know, it could be

443
00:18:57,810 --> 00:18:59,530
a mutual fund, but it's harder with an

444
00:18:59,530 --> 00:19:01,550
individual stock is not when to buy it.

445
00:19:01,950 --> 00:19:05,030
You know, you hear something, you read something,

446
00:19:05,030 --> 00:19:07,970
you do some analysis, your advisor maybe gives

447
00:19:07,970 --> 00:19:09,950
you advice, we think you should buy X,

448
00:19:10,030 --> 00:19:10,530
Y, or Z.

449
00:19:11,370 --> 00:19:13,590
It's when to sell it, right?

450
00:19:14,110 --> 00:19:16,330
Because two things, back to Mr. Market a

451
00:19:16,330 --> 00:19:18,930
little bit, but it's relevant in the category

452
00:19:18,930 --> 00:19:21,230
of having fair value and having good value.

453
00:19:22,730 --> 00:19:26,070
People get emotionally attached to a stock, they

454
00:19:26,070 --> 00:19:27,530
bought it, it did well, and they can

455
00:19:27,530 --> 00:19:29,870
hold on to it far beyond the price

456
00:19:29,870 --> 00:19:33,450
target they set, or it can go the

457
00:19:33,450 --> 00:19:34,790
reason that you bought it in the first

458
00:19:34,790 --> 00:19:35,170
place.

459
00:19:35,690 --> 00:19:37,550
I bought it because I had a healthy

460
00:19:37,550 --> 00:19:40,350
view of this sector, I thought this company

461
00:19:40,350 --> 00:19:43,230
had good products and was not appropriately valued.

462
00:19:43,650 --> 00:19:45,850
So that says that you should sell it

463
00:19:45,850 --> 00:19:49,490
if the market recognizes that value and starts

464
00:19:49,490 --> 00:19:52,030
to give you a premium for it, but

465
00:19:52,030 --> 00:19:54,850
you might own it too long, or something

466
00:19:54,850 --> 00:19:57,230
could change on the negative, you could make

467
00:19:57,230 --> 00:19:59,270
a mistake when you bought it, and it

468
00:19:59,270 --> 00:20:00,990
could go down, and then it's tough to

469
00:20:00,990 --> 00:20:03,590
say I made a mistake, you know, personally,

470
00:20:03,830 --> 00:20:05,150
I made a mistake.

471
00:20:06,450 --> 00:20:09,050
Things have changed, or what I assumed was

472
00:20:09,050 --> 00:20:11,010
true was not, I should sell it and

473
00:20:11,010 --> 00:20:11,730
cut my losses.

474
00:20:13,070 --> 00:20:15,650
And I think dealing with that investment risk

475
00:20:15,650 --> 00:20:18,870
of being, this is the last one, I

476
00:20:18,870 --> 00:20:19,910
don't want to jump to it, but being

477
00:20:19,910 --> 00:20:22,090
disciplined and having a reason why you bought

478
00:20:22,090 --> 00:20:24,010
it, and having a reason why you would

479
00:20:24,010 --> 00:20:27,530
sell something, really makes a lot of sense.

480
00:20:29,850 --> 00:20:32,470
Yeah, I think, you know, just looking at

481
00:20:32,470 --> 00:20:36,130
the companies you're buying, or whatever investments you're

482
00:20:36,130 --> 00:20:39,630
looking at, the idea of entry points kind

483
00:20:39,630 --> 00:20:43,370
of matter as well, and you know, every

484
00:20:43,370 --> 00:20:45,650
stock is going to come with risk, it's

485
00:20:45,650 --> 00:20:46,550
just inevitable.

486
00:20:47,250 --> 00:20:49,930
The stock swings, you know, year to year,

487
00:20:50,230 --> 00:20:51,650
and within the year, and then it ends

488
00:20:51,650 --> 00:20:54,410
up at a high, so individual names especially

489
00:20:54,410 --> 00:20:57,890
are, you know, always going to carry some

490
00:20:57,890 --> 00:21:00,770
risk, but part of that analysis is, you

491
00:21:00,770 --> 00:21:02,590
know, is this a company I like over

492
00:21:02,590 --> 00:21:03,230
the long term?

493
00:21:03,690 --> 00:21:06,170
Is this a company that is trading at

494
00:21:06,170 --> 00:21:08,430
a valuation that I think is reasonable relative

495
00:21:08,430 --> 00:21:09,290
to where it's going to be?

496
00:21:09,330 --> 00:21:12,590
I think definitely on our team, that's what

497
00:21:12,590 --> 00:21:14,630
Brian does in the stock portfolio that he

498
00:21:14,630 --> 00:21:17,010
runs, and he's taking a look at all

499
00:21:17,010 --> 00:21:20,410
the various analytics, and all the things that

500
00:21:20,410 --> 00:21:23,710
he's, you know, trying to do, and determine

501
00:21:23,710 --> 00:21:25,550
those different price points.

502
00:21:26,710 --> 00:21:29,990
So just, yeah, I think having that perspective

503
00:21:29,990 --> 00:21:32,710
definitely changes the way you think as a

504
00:21:32,710 --> 00:21:33,310
long term investor.

505
00:21:33,730 --> 00:21:36,130
Yeah, and don't have, it's not in this

506
00:21:36,130 --> 00:21:39,070
article, but you know, investors, individual investors who

507
00:21:39,070 --> 00:21:42,470
do buy and sell stocks can have some

508
00:21:42,470 --> 00:21:47,070
some problems of being too confident in their

509
00:21:47,070 --> 00:21:48,170
own ability, right?

510
00:21:48,290 --> 00:21:50,730
I mean, you're buying and selling stocks with

511
00:21:50,730 --> 00:21:55,690
organizations against, basically, because you're buying something, selling

512
00:21:55,690 --> 00:22:00,050
or selling something somebody's buying, and they often

513
00:22:00,050 --> 00:22:02,870
have a lot more insight into the market,

514
00:22:03,050 --> 00:22:07,130
insight into certain company, insight into what just

515
00:22:07,130 --> 00:22:09,770
happened, you know, but inside a board room

516
00:22:09,770 --> 00:22:10,910
or with a sector.

517
00:22:11,830 --> 00:22:14,830
So use caution and control your investment risk.

518
00:22:14,950 --> 00:22:16,710
And you can do that with diversification, you

519
00:22:16,710 --> 00:22:18,970
can do that with professional management.

520
00:22:21,510 --> 00:22:23,290
Yeah, I think that's the point there.

521
00:22:23,750 --> 00:22:25,410
The third point is you started to talk

522
00:22:25,410 --> 00:22:27,590
about was maintain a long term perspective.

523
00:22:27,810 --> 00:22:30,970
And that's, you know, the, it's bolded in

524
00:22:30,970 --> 00:22:33,170
the article, stop thinking of a stock prices

525
00:22:33,170 --> 00:22:35,470
as a bet on a flashing ticker symbol

526
00:22:35,470 --> 00:22:38,830
on your computer screen or TV.

527
00:22:39,870 --> 00:22:42,970
The reality is, you're part of a real

528
00:22:42,970 --> 00:22:44,790
business, you own, you own something, right.

529
00:22:44,910 --> 00:22:48,030
So and the other part of that was,

530
00:22:48,310 --> 00:22:49,810
and I like this very much.

531
00:22:49,870 --> 00:22:52,090
It's a quote from Benjamin Graham, remember that

532
00:22:52,090 --> 00:22:53,610
over the short term, the market is a

533
00:22:53,610 --> 00:22:54,350
voting machine.

534
00:22:54,890 --> 00:22:56,790
Like on any one given day, at any

535
00:22:56,790 --> 00:22:58,210
one given moment, who do you want to

536
00:22:58,210 --> 00:22:58,890
be your president?

537
00:22:59,370 --> 00:23:01,390
Who's buying and selling the stock?

538
00:23:02,810 --> 00:23:04,090
That's not in the quote, by the way.

539
00:23:05,010 --> 00:23:05,850
Back to the quote.

540
00:23:06,430 --> 00:23:08,310
But in the long run, it's a weighing

541
00:23:08,310 --> 00:23:08,790
machine.

542
00:23:09,810 --> 00:23:09,910
Right?

543
00:23:09,990 --> 00:23:13,650
So it's more deliberate, it's more measured, it's

544
00:23:13,650 --> 00:23:15,910
looking at everything over periods of time.

545
00:23:16,510 --> 00:23:16,870
Yeah.

546
00:23:17,190 --> 00:23:18,810
And it's not, it's not just looking at

547
00:23:18,810 --> 00:23:21,130
the one day it's up, one day it's

548
00:23:21,130 --> 00:23:23,070
down, it's looking big picture, taking a step

549
00:23:23,070 --> 00:23:23,390
back.

550
00:23:23,730 --> 00:23:25,110
And I really like that what you what

551
00:23:25,110 --> 00:23:25,630
you mentioned.

552
00:23:25,950 --> 00:23:27,110
I thought that was a good point, too.

553
00:23:27,170 --> 00:23:28,150
It's not a bet.

554
00:23:28,230 --> 00:23:31,110
It's not like, yeah, this is a, this

555
00:23:31,110 --> 00:23:31,930
feels like a good bet.

556
00:23:32,010 --> 00:23:33,710
This is like a better than 5050 bet.

557
00:23:33,810 --> 00:23:35,390
It's like, no, if you like the company

558
00:23:35,390 --> 00:23:37,930
you're buying, you like the sector you're buying

559
00:23:37,930 --> 00:23:41,530
into over the long term, and you're going

560
00:23:41,530 --> 00:23:44,390
to be investing that literally, you're going to

561
00:23:44,390 --> 00:23:46,570
become a part owner of it or a

562
00:23:46,570 --> 00:23:47,690
participant in it.

563
00:23:47,890 --> 00:23:51,730
With all the sports betting opportunities out there.

564
00:23:53,210 --> 00:23:55,870
Maybe, maybe you get a better chance at

565
00:23:55,870 --> 00:23:58,470
picking your favorite basketball team in the playoffs

566
00:23:58,470 --> 00:24:02,070
here, then you do have analyzing a stock

567
00:24:02,070 --> 00:24:03,430
and picking on a certain day at a

568
00:24:03,430 --> 00:24:05,950
certain moment, whether or not the price is

569
00:24:05,950 --> 00:24:07,650
right and what the future of that is.

570
00:24:09,130 --> 00:24:11,070
But that goes on to something he says

571
00:24:11,070 --> 00:24:14,190
in the last section of this article, with

572
00:24:14,190 --> 00:24:16,190
the title of the section four is develop

573
00:24:16,190 --> 00:24:17,170
emotional discipline.

574
00:24:17,810 --> 00:24:19,150
And there's a lot in there.

575
00:24:19,430 --> 00:24:21,690
But what I'm talking about is that one

576
00:24:21,690 --> 00:24:23,410
of the suggestions is to keep a mad

577
00:24:23,410 --> 00:24:24,190
money account.

578
00:24:24,190 --> 00:24:27,250
Um, so if you're compelled, I worked with

579
00:24:27,250 --> 00:24:28,750
a guy once, it was a long time

580
00:24:28,750 --> 00:24:28,990
ago.

581
00:24:29,510 --> 00:24:32,490
This is when you used to have to

582
00:24:32,490 --> 00:24:36,050
call your broker to buy a stock before

583
00:24:36,050 --> 00:24:36,890
your day, Russell.

584
00:24:39,670 --> 00:24:42,390
So he would read something in the paper,

585
00:24:42,390 --> 00:24:44,290
or someone would tell him something.

586
00:24:44,750 --> 00:24:46,270
And if he thought it was a good

587
00:24:46,270 --> 00:24:48,350
idea, he would literally say, I'll be right

588
00:24:48,350 --> 00:24:48,650
back.

589
00:24:49,130 --> 00:24:50,710
Kind of like the movies, you get the

590
00:24:50,710 --> 00:24:52,570
tip, he would go and call and say,

591
00:24:52,830 --> 00:24:55,790
give me 50 shares of whatever.

592
00:24:56,510 --> 00:24:59,610
And seems like it's a whole nother world.

593
00:24:59,710 --> 00:25:01,210
Actually, I'm sure a lot of our listeners

594
00:25:01,210 --> 00:25:02,190
remember those days.

595
00:25:02,450 --> 00:25:04,830
Now you can do it yourself or your

596
00:25:04,830 --> 00:25:06,030
advisors doing it for you.

597
00:25:06,270 --> 00:25:09,730
But, and he never talked about and I

598
00:25:09,730 --> 00:25:11,550
would, I would remember I was interested in

599
00:25:11,550 --> 00:25:11,850
this.

600
00:25:13,650 --> 00:25:15,170
I was investing myself.

601
00:25:15,490 --> 00:25:17,530
So I was listening and I didn't take

602
00:25:17,530 --> 00:25:17,930
notes.

603
00:25:18,190 --> 00:25:21,150
Obviously, he was a friend, but he never

604
00:25:21,150 --> 00:25:22,370
talked about his losers.

605
00:25:23,650 --> 00:25:24,130
Yeah.

606
00:25:24,870 --> 00:25:26,390
You know, and just like people who bet,

607
00:25:26,550 --> 00:25:26,750
right?

608
00:25:27,450 --> 00:25:30,170
Most people, most, most people who gamble, most

609
00:25:30,170 --> 00:25:32,330
people who go to Vegas or they do

610
00:25:32,330 --> 00:25:35,630
sports betting, and they say, you wouldn't believe

611
00:25:35,630 --> 00:25:35,790
it.

612
00:25:35,990 --> 00:25:37,970
I went to Vegas this weekend and I

613
00:25:37,970 --> 00:25:38,890
won $5,000.

614
00:25:39,230 --> 00:25:39,710
Right.

615
00:25:39,890 --> 00:25:40,330
Yeah.

616
00:25:41,530 --> 00:25:43,390
And they believe me folks.

617
00:25:43,390 --> 00:25:45,530
And I think, you know, this, there are

618
00:25:45,530 --> 00:25:46,850
no exceptions long-term.

619
00:25:47,370 --> 00:25:48,910
Somebody might get lucky, right?

620
00:25:49,030 --> 00:25:51,650
People do win the lottery, but most people

621
00:25:51,650 --> 00:25:54,090
who gamble or day trade, the data is

622
00:25:54,090 --> 00:25:56,050
very clear on either one.

623
00:25:56,670 --> 00:25:58,110
They do not make money.

624
00:25:59,430 --> 00:25:59,550
Right.

625
00:26:00,010 --> 00:26:02,270
But still they tell you about their wins,

626
00:26:02,350 --> 00:26:02,550
right?

627
00:26:03,090 --> 00:26:03,370
Yeah.

628
00:26:03,430 --> 00:26:05,310
I have a very short memory for the,

629
00:26:05,310 --> 00:26:06,230
for the losers.

630
00:26:08,070 --> 00:26:10,950
So as part of this developing emotional discipline,

631
00:26:11,190 --> 00:26:14,650
I think Benjamin Graham and most people, most

632
00:26:14,650 --> 00:26:18,370
advisors, us included, know that some clients have

633
00:26:18,370 --> 00:26:20,470
this propensity that they want to pick their

634
00:26:20,470 --> 00:26:20,890
own stocks.

635
00:26:20,930 --> 00:26:21,770
They want to day trade.

636
00:26:22,110 --> 00:26:23,330
They want to invest short-term.

637
00:26:23,470 --> 00:26:26,590
They want to pick their own like things

638
00:26:26,590 --> 00:26:28,010
that they have a hunch about.

639
00:26:28,330 --> 00:26:30,830
And so they call it a, they call

640
00:26:30,830 --> 00:26:31,870
it a mad money account.

641
00:26:31,950 --> 00:26:34,790
We call it a sandbox account where clients

642
00:26:34,790 --> 00:26:36,290
will say, okay, I want you to manage

643
00:26:36,290 --> 00:26:37,450
our, this is super common.

644
00:26:38,070 --> 00:26:40,010
I've been with Chris five years now, and

645
00:26:40,010 --> 00:26:41,950
I did not know that this was common,

646
00:26:41,990 --> 00:26:44,970
but people are prudent enough.

647
00:26:45,150 --> 00:26:47,590
And, you know, wise enough to say, here's

648
00:26:47,590 --> 00:26:48,390
my nest egg.

649
00:26:49,050 --> 00:26:50,810
I know what I don't know.

650
00:26:51,510 --> 00:26:53,050
So I want you to manage it.

651
00:26:53,130 --> 00:26:54,450
And we, I want a financial plan.

652
00:26:54,590 --> 00:26:56,650
I want it professionally managed because they are

653
00:26:56,650 --> 00:27:00,310
smart enough to know that they should have

654
00:27:00,310 --> 00:27:01,390
some help, right?

655
00:27:01,850 --> 00:27:06,490
But they also have this desire to trade

656
00:27:06,490 --> 00:27:09,970
stocks or to make investments on their own.

657
00:27:10,110 --> 00:27:11,770
And so they have a sandbox account and,

658
00:27:11,970 --> 00:27:14,030
you know, obviously it comes from the idea

659
00:27:14,030 --> 00:27:15,670
of we're all kids at heart.

660
00:27:16,250 --> 00:27:18,230
We like, are you still playing the sandbox?

661
00:27:20,190 --> 00:27:22,150
So it's okay.

662
00:27:22,290 --> 00:27:24,450
If you have this propensity, it's having the

663
00:27:24,450 --> 00:27:26,230
discipline to keep it to a very small

664
00:27:26,230 --> 00:27:30,510
amount of your net worth and to keep

665
00:27:30,510 --> 00:27:33,230
it not part of your financial plan, just

666
00:27:33,230 --> 00:27:36,370
as if you had a, you know, a

667
00:27:36,370 --> 00:27:39,010
little secret fund where you gambled on sports

668
00:27:39,010 --> 00:27:42,170
that shouldn't be written into your financial plan.

669
00:27:42,290 --> 00:27:44,490
Either of that, when you turn 65, you're

670
00:27:44,490 --> 00:27:45,570
going to win the biggest bet of your

671
00:27:45,570 --> 00:27:47,310
life and that's your financial plan, right?

672
00:27:47,710 --> 00:27:47,850
Yeah.

673
00:27:48,350 --> 00:27:50,190
So emotional discipline.

674
00:27:51,370 --> 00:27:54,410
And it's interesting that it notes that Graham

675
00:27:54,410 --> 00:27:56,450
actually, it wasn't like, oh yeah, you can

676
00:27:56,450 --> 00:27:58,630
have your sandbox account and your mad money

677
00:27:58,630 --> 00:27:58,810
account.

678
00:27:58,850 --> 00:28:00,930
He actually advocated for the idea to have

679
00:28:00,930 --> 00:28:04,170
one of these like sandbox type accounts and

680
00:28:04,170 --> 00:28:07,750
speculating with restraint was what he recommended.

681
00:28:07,910 --> 00:28:09,170
I think that's the idea.

682
00:28:09,350 --> 00:28:11,790
Just, you know, a little smaller sum of

683
00:28:11,790 --> 00:28:13,410
money that you can play around with.

684
00:28:13,430 --> 00:28:14,490
You can take bets on those.

685
00:28:15,670 --> 00:28:17,030
And that's a little bit more like the

686
00:28:17,030 --> 00:28:17,350
betting.

687
00:28:17,950 --> 00:28:19,070
It is like betting.

688
00:28:19,310 --> 00:28:23,930
I mean, really anything short term, the analogy

689
00:28:23,930 --> 00:28:27,230
with sports betting is, I think, very accurate

690
00:28:27,230 --> 00:28:31,030
because, I mean, if you're sports bet, you

691
00:28:31,030 --> 00:28:32,850
don't, it's not like you're playing bingo and

692
00:28:32,850 --> 00:28:33,710
you're waiting for your number.

693
00:28:33,850 --> 00:28:36,210
It's just a random spin of the roulette

694
00:28:36,210 --> 00:28:37,530
wheel buying a lottery ticket.

695
00:28:37,610 --> 00:28:39,650
That's gambling, certainly.

696
00:28:39,830 --> 00:28:42,250
But when you're sports betting, most of the

697
00:28:42,250 --> 00:28:44,730
people that I know think that they know

698
00:28:44,730 --> 00:28:46,530
who's going to win the game or they

699
00:28:46,530 --> 00:28:49,650
think that they're confident in, you know, which

700
00:28:49,650 --> 00:28:52,430
basketball player is going to get the most

701
00:28:52,430 --> 00:28:54,070
points tonight in a playoff game.

702
00:28:54,690 --> 00:28:58,350
They make that bet with a feeling that

703
00:28:58,350 --> 00:29:00,070
they are going to win because of their

704
00:29:00,070 --> 00:29:03,470
knowledge and experience in watching basketball games.

705
00:29:04,010 --> 00:29:07,090
And the same thing really applies to day

706
00:29:07,090 --> 00:29:07,470
trading.

707
00:29:08,310 --> 00:29:10,970
Because you can be, you can study a

708
00:29:10,970 --> 00:29:14,610
company for a month.

709
00:29:14,830 --> 00:29:15,870
You can read everything.

710
00:29:16,070 --> 00:29:17,930
You can listen to all the earnings calls.

711
00:29:18,070 --> 00:29:19,110
You can watch CNBC.

712
00:29:19,390 --> 00:29:22,530
You can get advice from five different people

713
00:29:22,530 --> 00:29:24,270
about an individual stock.

714
00:29:24,270 --> 00:29:26,930
And if you're investing in it at one

715
00:29:26,930 --> 00:29:29,650
given time for a short term gain, there's

716
00:29:29,650 --> 00:29:31,410
no way any of those people that you

717
00:29:31,410 --> 00:29:33,570
talk to or anything that you read can

718
00:29:33,570 --> 00:29:36,010
accurately predict what's going to happen in the

719
00:29:36,010 --> 00:29:38,730
short term, which is, you know, a section

720
00:29:38,730 --> 00:29:41,710
we talked about long-term perspective.

721
00:29:42,410 --> 00:29:43,890
So you can be totally right.

722
00:29:44,010 --> 00:29:45,670
You can be totally right about the talent

723
00:29:45,670 --> 00:29:48,070
of Jason Tatum on the Celtics and he

724
00:29:48,070 --> 00:29:49,790
can still have a bad couple of games.

725
00:29:50,210 --> 00:29:50,650
Yeah.

726
00:29:51,110 --> 00:29:51,410
Right.

727
00:29:51,450 --> 00:29:53,750
And you can be totally right about hypothetically

728
00:29:53,750 --> 00:29:57,630
buying Apple because of X, Y, Z reasons.

729
00:29:57,810 --> 00:29:59,590
And they can be very valid, but that

730
00:29:59,590 --> 00:30:02,270
doesn't mean that something in the world, a

731
00:30:02,270 --> 00:30:07,290
tariff, a war, you know, whatever, one bad

732
00:30:07,290 --> 00:30:10,290
earnings report doesn't submarine that bet in the

733
00:30:10,290 --> 00:30:10,750
short term.

734
00:30:11,670 --> 00:30:14,210
So having that long-term perspective, keeping that

735
00:30:14,210 --> 00:30:18,590
emotional intelligence, watching out for stock market volatility

736
00:30:18,590 --> 00:30:21,750
and controlling your investment risk of the lessons

737
00:30:21,750 --> 00:30:25,030
of the day from Warren Buffett.

738
00:30:25,430 --> 00:30:27,650
Really, though, I mean, we give him credit

739
00:30:27,650 --> 00:30:30,390
for those, but really from his mentor and

740
00:30:30,390 --> 00:30:33,790
his professor and the author of The Intelligent

741
00:30:33,790 --> 00:30:34,910
Investor, Benjamin Graham.

742
00:30:35,130 --> 00:30:37,350
So thanks.

743
00:30:37,450 --> 00:30:39,190
Thanks for joining me today, Russ.

744
00:30:39,730 --> 00:30:41,250
I think it was a great discussion.

745
00:30:41,390 --> 00:30:43,990
It's really interesting to go back and put

746
00:30:43,990 --> 00:30:47,890
all that history starting in 1949, I guess,

747
00:30:48,450 --> 00:30:50,110
started before that, but when he writes the

748
00:30:50,110 --> 00:30:53,790
book 1949 and thinking about what Warren Buffett

749
00:30:53,790 --> 00:30:58,110
has learned from him, Benjamin Graham, and the

750
00:30:58,110 --> 00:30:59,310
success that he has had.

751
00:30:59,510 --> 00:31:02,170
And it just is smart to take these

752
00:31:02,170 --> 00:31:04,050
lessons of the people who've come before us

753
00:31:04,050 --> 00:31:05,630
and apply them to today's principles.

754
00:31:05,930 --> 00:31:07,350
And it kind of takes you out of

755
00:31:07,350 --> 00:31:07,990
your bubble too.

756
00:31:08,130 --> 00:31:10,850
It takes you, you know, away from this

757
00:31:10,850 --> 00:31:12,830
thinking of, oh my gosh, the market's doing

758
00:31:12,830 --> 00:31:14,410
this and that one day to the next.

759
00:31:14,410 --> 00:31:16,490
And when you build a big picture, like

760
00:31:16,490 --> 00:31:18,070
this kind of stuff has been happening for

761
00:31:18,070 --> 00:31:20,590
a very long time and we're not the

762
00:31:20,590 --> 00:31:21,930
first to go.

763
00:31:22,130 --> 00:31:23,230
I mean, we're the many of the first

764
00:31:23,230 --> 00:31:25,990
to go through something specifically like this scenario.

765
00:31:26,410 --> 00:31:29,890
And every time there's a new, this time

766
00:31:29,890 --> 00:31:30,430
is different.

767
00:31:30,890 --> 00:31:32,830
It's going to feel like this is brand

768
00:31:32,830 --> 00:31:32,950
new.

769
00:31:32,990 --> 00:31:34,630
This is like, this changes the game.

770
00:31:34,730 --> 00:31:35,610
This changes everything.

771
00:31:35,830 --> 00:31:38,350
But that has been happening for, you know,

772
00:31:38,390 --> 00:31:39,530
the last hundred plus years.

773
00:31:39,530 --> 00:31:40,190
Forever.

774
00:31:40,430 --> 00:31:40,670
You're right.

775
00:31:40,830 --> 00:31:43,850
It could have been the financial crisis, could

776
00:31:43,850 --> 00:31:44,930
have been the housing crisis.

777
00:31:45,210 --> 00:31:46,090
It could have been 9-11.

778
00:31:47,190 --> 00:31:50,270
It could have been COVID and now it's

779
00:31:50,270 --> 00:31:50,930
tariffs.

780
00:31:51,810 --> 00:31:54,870
So, you know what they say about mistakes,

781
00:31:55,090 --> 00:31:56,710
you're bound to repeat them unless you learn

782
00:31:56,710 --> 00:31:57,670
the lessons from history.

783
00:31:58,570 --> 00:32:00,390
So that was our intent today.

784
00:32:00,430 --> 00:32:02,790
And I hope you enjoyed the podcast and

785
00:32:02,790 --> 00:32:04,310
I hope you'll tune in each week to

786
00:32:04,310 --> 00:32:05,790
listen to something more with Chris Boyd.

787
00:32:05,890 --> 00:32:08,130
Chris Boyd will be back next week for

788
00:32:08,130 --> 00:32:09,330
another interesting topic.

789
00:32:09,470 --> 00:32:12,350
Until then, keep striving for something more.

790
00:32:37,390 --> 00:32:41,290
Send us your questions to amr-info at

791
00:32:41,290 --> 00:32:42,850
wealthenhancement.com.

792
00:32:43,270 --> 00:32:44,970
You're listening to Something More with Chris Boyd

793
00:32:44,970 --> 00:32:45,810
Financial Talk Show.

794
00:32:45,950 --> 00:32:48,430
Wealth Enhancement Advisory Services and Jay Christopher Boyd

795
00:32:48,430 --> 00:32:50,750
provide investment advice on an individual basis to

796
00:32:50,750 --> 00:32:51,290
clients only.

797
00:32:51,450 --> 00:32:53,430
Proper advice depends on a complete analysis of

798
00:32:53,430 --> 00:32:54,630
all facts and circumstances.

799
00:32:54,870 --> 00:32:56,710
The information given on this program is general

800
00:32:56,710 --> 00:32:58,750
financial comments and cannot be relied upon as

801
00:32:58,750 --> 00:33:00,310
pertaining to your specific situation.

802
00:33:00,530 --> 00:33:02,510
Wealth Enhancement Group cannot guarantee that using the

803
00:33:02,510 --> 00:33:04,510
information from this show will generate profits or

804
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ensure freedom from loss.

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Listeners should consult their own financial advisors or

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conduct their own due diligence before making any

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financial decisions.