{"version":"https://jsonfeed.org/version/1","title":"The Market Call Show","home_page_url":"https://podcast.pathtorealwealth.com","feed_url":"https://podcast.pathtorealwealth.com/json","description":"Timely and actionable investment insights for executives, business owners, and family offices, with Louis Llanes, CFA CMT.","_fireside":{"subtitle":"Timely and actionable investment insights for executives, business owners, and family offices, with Louis Llanes, CFA CMT","pubdate":"2024-11-29T06:00:00.000-07:00","explicit":false,"owner":"The Market Call Show","image":"https://media24.fireside.fm/file/fireside-images-2024/podcasts/images/2/2cc6d10e-3d8c-4966-8232-1021b2beaac4/cover.jpg?v=1"},"items":[{"id":"ba1c8fc4-3ec4-4c13-b017-c56a48733157","title":"Winning Strategy for Investors Who Want Rising Income | Ep 97","url":"https://podcast.pathtorealwealth.com/097","content_text":"\n\nIn this episode of The Market Call Show, I discuss a practical strategy for investors seeking a rising income stream, particularly in the face of inflation and increasing retirement expenses. I outline a dividend growth approach that combines consistent income with long-term capital appreciation, making it a core strategy for retirement portfolios.  \n\nI explain how to identify and select a \"winning universe\" of stocks, emphasizing the importance of companies with strong fundamentals, reliable earnings, and a history of steadily increasing dividends. The process includes filtering stocks based on criteria like liquidity, a 10-year track record, and consistent dividend growth. This narrows the focus to high-quality companies that can provide stable and growing returns.  \n\nPortfolio construction is another key element. I share how to build and manage a diversified portfolio by limiting sector and industry concentrations, maintaining balanced position sizes, and setting guidelines for rebalancing. I also discuss how to evaluate stocks continuously, using both fundamental and quantitative rankings to guide investment decisions.  \n\nThis approach is designed for long-term investors aiming for reliability rather than speculative gains. I highlight the benefits of blending this core strategy with other satellite investments, such as bonds or private real estate, to enhance returns and reduce risks. Whether you're retired or planning for the future, this strategy can serve as a foundation for a resilient and income-generating portfolio.  \n\nListen in for actionable insights and tips to build your financial future.  \n\n \n\nSHOW HIGHLIGHTS\n\n\n  I discuss the need for a rising income strategy in response to inflation and retirement expenses, emphasizing the importance of long-term capital appreciation alongside growing income.\n  I explain the value of dividend growth investing, focusing on selecting companies with a consistent track record of increasing dividends and strong earnings.\n  I outline criteria for selecting stocks, such as filtering for liquidity, excluding companies with less than 10 years of performance history, and prioritizing sustainable dividends.\n  Portfolio construction is discussed, including limiting sector concentration, balancing position sizes, and maintaining diversification to reduce risk.\n  Stock analysis involves both qualitative and quantitative methods, focusing on profitability, analyst coverage, and adaptability to ensure steady growth.\n  I highlight the importance of ongoing portfolio management, including regular reconstitution and rebalancing to maintain alignment with investment goals.\n  Criteria for selling stocks include dividend cuts, declining fundamentals, and insufficient liquidity, ensuring the portfolio remains strong.\n  Strategies for blending dividend-focused portfolios with other investments, like bonds or real estate, are explored to enhance returns and mitigate risks.\n  This approach is positioned as suitable for long-term investors, offering stability and income generation, particularly for retirees.\n  The episode concludes with a discussion on integrating this strategy with faster-growing investments for a well-rounded portfolio.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nLouis:Okay, today we're going to be talking about a winning strategy for people who are looking for rising income. What spurred me to want to talk about this was that, frankly, there's a lot of people that are needing rising income. They need rising income because inflation continues to go up.  And many people are retiring and they need an income stream that's going to keep up with inflation. So I wanted to talk about a strategy that is very effective, really as a core strategy for people who are needing rising income. Because one of the most common challenges that investors face Is that over the long term, especially, you know, when you're trying to fight inflation, your expenses continually rise and you need a combination of long term capital appreciation and a growing income.\nSo a dividend growth approach is one of the best strategies to achieve dividend growth. Now, I want to share today a method to accomplish this goal, and I'm going to be very specific because I find that people really feel more comfortable when they understand what's behind the curtain in generating a portfolio that you can really rely on, especially when you're dealing with your core strategies.So, this method can give you some ideas to form a core strategy, and Within a retirement income plan, and it's designed to be, really the bedrock of the portfolio, but it's also a good idea to have satellite strategies to enhance the returns over time for the portfolio. But let's just start off with the first thing that you need to do in order to have a good, rising income approach with stocks.\n\nThe first is you need to choose winning a winning group of stocks. You need to choose a winning group of stocks that have a successful dividends track record. So you got to get that universe, right? And that's crucial. So what I like to do is I like to start off with the S\u0026amp;P1500.  The S\u0026amp;P1500 includes large companies, mid cap companies, as well as small cap companies, and they're all in the United States. And I like to filter out from that group companies that have excessively high yields because companies that have really high yields, it's generally unsustainable. I want to make sure that the dividends that are there are well supported by earnings as well as the company fundamentals and that they have the ability to provide a competitive advantage. So the numbers are basically showing us that these companies have a strong business and a competitive advantage. So I want to explain a little bit more about, like, establishing the universe, if you will.the other thing I like to look at is, I want to look at the daily dollar volume and eliminate those stocks that are really illiquid.\n So the dollar, daily dollar volume just says, Okay, what is the average volume of the stock in the market? And multiply that times its price, and that gives you kind of the dollar value that is traded in a given day. So typically, So I rank order those companies and I want to make sure that they have a that they're generally usually in the top 90%.\n So like the bottom 10 percent of illiquid stocks I generally want to ignore them. And then I also  have a cutoff, a dollar cutoff to say it needs to be at least x. And that number does change depending on the purpose. So basically get rid of those stocks that are too illiquid. You don't want to have them in your.\nIn your strategy, because you're really looking for those solid companies. So I also want companies that have a long term track record. So I exclude stocks that have a track record that is less than 10 years. Now, some people say, well, wow, there's a lot of great companies that you're missing out on. Well, that is true, but I like to look at those younger companies for different types of strategies.\n For this strategy, this is a strategy that's designed for steady growing income stream. And, long term capital appreciation. So we're not really trying to hit the cover off the ball. We're trying to get steady growth of rising income and also getting rising capital appreciation. So we want to get rid of those companies that have a 10 year, less than a 10 year record.\n\nAnd now it's for the best part of the universe selection.I want to exclude stocks that are not raising their dividends. So I'm looking for companies that are raising their dividends every year and they haven't cut their dividend in the most recent four quarters. So in the last year, they haven't cut their dividend.\nThey may have kept them the same, not necessarily raised them. But we're looking for annually, successively, higher dividends. And then we're looking at the quarters and saying, you're not cutting the dividend. This really narrows the universe down. And like, for example, as of right now, that universe is 341 companies.\nThat I just outlined. So you want to start off with those winning stocks. So now we've got this group, this universe of companies that, you know, you've really shut off a lot of dead weight. You're only including those companies that have a long term track record of rising income, and they have the characteristics that can get you headed in the right direction.\n But you don't want to leave right there. You also want to actually move from there and actually look at these companies fundamentally. So, you know, you want to demand from these companies that they have steady rising dividends and strong earnings. So, a critical aspect of this strategy is to focus on companies that have adequate analyst coverage.\nSo, analyst coverage would be, Is good to have. You want to make sure that you don't want to make it too stringent because there are some smaller companies that you want to have investment in and they may have less analysts following them. So I have found in today's marketplace that the sweet spots right around five analysts.\n\nSo five analysts are covering it. You still have a big universe of companies that are in a smaller market caps. As well as the mid cap and the large cap. So why do you care about whether or not Wall Street is looking at these companies? Well, the first thing is there's a lot of value in actually assessing and analyzing the change in what's happening with analyst expectations because stock returns have high correlation to  these changes.\nSo we're looking at. You know, earning surprise. We're looking at, you know, whether the company is beating expectations or whether, analysts are starting to upgrade a stock because that's really indicative showing that the company is actually improving their results. So part of the equation is looking at expectations and another part is actually looking at what is actually printing and what the company is demonstrating with their fundamentals.\nSo, that's why we want to have at least five analysts covering that. Another thing that we want to do is we want to, you know, like I had mentioned, we want to have rising dividends. So as we narrow that universe down, we're getting to a high quality basket of stocks that can build a reliable income source.\nNow the next step is to, I like to connect, kind of think of, building a portfolio like cooking. You know, it's like having a good recipe. So I'm really what I'm outlining for you right now is a recipe. So you want to build a tasty recipe to get better results. And  that means you got to build and manage the portfolio.\nAnd select from this list of companies, you can just buy all of them if you wanted to, but if you want to get better results, I recommend, or I like to limit the sectors and the industry weights of companies. And I like to first look at them fundamentally. So. You know, looking at these companies from many different directions, you know, the first would be quality.\n\nHow profitable are they? What is the return on capital? We like companies that are capital efficient. are they growing their sales and their earnings? And to what extent are they really printing good numbers there? the other thing I like to look at is, you know, there's just so many different things, but I mentioned the sentiment aspect about what the analysts are viewing, how they're viewing the company, but also we want to actually look at just the profitability, the quality, the valuation.\nSo once that's been, analyzed, there's another, there's a qualitative thing that I like to look at and, I call it ADP, A as in apple, D  as in dog, and P as in profits, . I outlined that in my book actually. the financial freedom blueprint. And you know, I'm really thinking about writing another book because I have a lot more that I want to share with people.\nBut if you go to my book and you go to page 22,I outlined the ADP criteria and this is how focusing your capital on companies that have a few different characteristics. Number one, are they adaptable to changes in technology and innovation? And number two are, do they have desirable products and services, that are desirable now and likely to be desirable in the future?\nSo it's not a fickle thing because for this portfolio, we're really looking for long term growth, right? And compounding growth and are they profitable? Is their business model such that they have getting, they're getting good? Returns on capital now and is likely to do so in the future. So it's really an assessment of now actually demonstrating it as well as, you know, when you're looking at the company's business model, is it likely to sustain in the future?\n\nSo those three things can really help you. to have better returns than sticking your money under the mattress. And, and also, better returns are more likely than you would get in bonds, by a significant margin. Okay, so once we've done that, you know, we've done the fundamental aspects and looked at all the quantitative methods.\n basically, I like to quantify those into ranks. And that really keeps you disciplined so that you can compare companies to each other. So, I, the next step in this is something that's really important because what a lot of people don't understand, is that stock selection or investment selection is very important, but what is equally important and could be sometimes more important is how you blend And how you put the portfolio together.\nThat's called portfolio construction. So there's some key elements and I'm just going to give you some of the broad strokes here,  limiting your sector and your interest, what industry weights is important because you don't want to have too much concentration and you want to make sure that you're not.\nYou know, 70 percent in tech stocks or, you know, 50 percent in energy stocks, anything like that. You want to have some balance there because that generally will improve your risk adjusted return because when you're retired or when you're generating income from pulling from your portfolio consistently, you need to have some more stability in the portfolio.\nSo we also want to have individual position sizes. So the amount of capital allocated to each individual stock should also be,limited. So typically the range between one and 5 percent of, initial capital is a good place to go in terms of getting adequate diversification for a portfolio like this, looking at a lot of different ways you could go, really, 50 stock portfolio is a good starting point for a high net worth investor.\n\nYou want to own those stocks individually rather than going out and buying some package product. This gives you a lot  more ability to home in on exactly what you need. So once you've, you know, invested in these stocks, it's not just set it and forget it, it's an ongoing process. So you want to allow some drift with these stocks.\nAnd typically I like to let stock portfolios or individual stock positions drift about 30 percent from the target. So if we have a target weight of 5%, then it could go up, you know, point, 0. 3 times,0. 05, you know, so 30 percent of your target position could go up or down. Thank you. So you want to give some drift because you don't want to have,you want to give these companies some room and you don't want to rebalance too frequently because this will minimize, this needs to minimize your turnover.\nSo we want to place those constraints on sectors and industries to ensure Good diversification and their businesses should have non correlated,factors of returns that, that, that generate revenue and expenses for the company. They should be relatively non correlated. Okay.  So let's talk about like how much capital that you put in stocks over time.\nSo my approach is to dynamically adjust the, target weights based on fundamental rankings, basically. And the fundamental ranking is all those factors that I mentioned to you, the quality of the valuation. And there's multiple dimensions, you know, and how you look at those companies, but how are they, are they improving?\n\nAre they not improving relative to the whole basket? And typically, if you look at the whole universe, we're typically focusing capital in the top quartile. of companies in there,in the universe. And if the companies fall out, maybe falling into the bottom quartile, typically they're going to be, removed from the portfolio.\nThere's let's talk a little bit about selling and how important that is. So this strategy generally, it's a moderate,turnover strategy. So it's not a high turnover strategy, because you're really looking to You're really looking to hold on to those great stocks as long as possible and learn to earn the compounding dividends.\nBut you also want to make sure these companies are doing well, fundamentally. So, one reason that a company can get pulled out of the portfolio would be if they cut their dividends, because they're no longer in the universe at that time. So if their dividends are getting cut, they'll, they're going to be eliminated from this strategy.\nif they are no longer as liquid as they need to be, they'll be eliminated. eliminated. That rarely happens. the other thing is if their fundamental fundamentals deteriorate enough, then we're going to need to pull that stock out of the portfolio because they no longer meet the criteria of strong fundamentals, which is a high,correlation to expected returns in the company.\n\nSo, so those are the main reasons why you pull stocks out.this, you know, and you want to just do this continually. So there's really basically two processes. There's what's called reconstitution, which is basically when we say, okay, what does the universe look like? And then what are the rankings right now?\nAnd who's in and who's out. Right. And then there's rebalancing and that's the process of saying, okay, here's our target weights, based on the fundamentals now and the market cap, et cetera. and based on that. how far are we off from that? If it's within range, no problem. If it's out of range, then we need to pull that back.\nSo let's talk a little bit about that. So we're talking about recognizing when you need to cash out, right? So just to recap, selling criteria is really straightforward. Stocks are removed if they cut their dividend. If they drop in their fundamental ranks, right, typically below the 25th percentile. And again, this approach helps you maintain our portfolio of top performing liquid stocks with a strong track record of dividend growth.\n\nIt's a really simple concept that is very effective. So by adhering to these rules, the portfolio remains robust and avoids over concentration in one sector or industry, right? Because we have those constraints and is providing steady, reliable, Income and returns over time relative to more speculative investment strategies.\nSo we're talking a little bit about the mindset of this strategy of some, you know, having this as a core part of a portfolio for somebody looking for rising income, you really should have a mentality of hold and prosper. I like to think of it that way. You want to hold and prosper because these, you really reap the rewards over time with these stocks as they're building their profits, they're growing, the dividends moving up and it just keeps going up and we're focusing our capital and our attention in those companies.\nSo it's designed for longterm investors who are seeking that steady growth and income. It's not meant for market timing. It's again, it's meant for that reliable income, and the volatility of this strategy has been lower than the overall market. So one of the things we like to look at a standard deviation.\nYou probably have heard of that before, but if you look at a simulated result of this It's a standard deviation is 13. 19 percent since February of 2004 and the beta is 0. 72  compared to the S\u0026amp; P 500. So it makes it suitable for a retirement portfolio where stability is important. Right? And historically, this strategy has performed well, too.\n It's annualized at 12. 2%. But whenever you're looking on at simulated strategies, it's important to understand as with any investment strategy, past performance doesn't always be an indication of future results, right? It's important to understand that and returns, you know, that I'm talking about here have a provision for transaction costs, but it doesn't include advisory fees.\n\nOkay. So that's just, you know, something to understand. So, The performance has shown to be very competitive and it's generating what we're looking for, a rising stream of income. So you want to choose the best stocks and let go of the rest. That's really the key on this. So historically this, again, this portfolio shows moderate turnover.\n It's been around 0. 57 percent annually, 57 percent I should say. And the average holding period over  is over years. Typically winners are held on average 646 days. So that's well over a year while losers are held for roughly on average 300 days. So you want to have, you know, we're not trying to generate a lot of short term gains here, right?\nWe're trying to build longterm capital appreciation. But one of the key aspects is you will, you'll notice is that the days held for losers is a lot lower than the days held for winners. And sometimes you can hold winners for years and years. Like for example, Costco or Microsoft, you know, Apple.\nYou know, Nvidia has been in there is in there now, so you want to understand that there's going to be some outlier stocks that you hold for a very long period of time and you're, and, but this, these are just average statistics to understand, but this discipline longterm approach helps you balance this risk and return target that you're looking for and gives you that steadier, return.\n\nSo just overall, this is a big. bedrock. I consider it a bedrock strategy for people who are retired. it adds for stability. and one of the things you can do with this is you can blend in other portfolios around it as satellite positions. For example, you can have high quality municipal bonds to save on taxes and that could give you a different return stream and more conservative. same with corporate bonds if that makes sense for you and your tax bracket or the type of account that you have. private real estate can be very good. in this, and, you know, that is something to really consider, depending on, which areas look the most attractive there, but that can enhance your income and mitigate risk during market downturns.Because again, this is a stock portfolio, so it's going to fluctuate. It generally has historically fluctuated less than the overall market. Most people the S\u0026amp; P 500 type companies, and those stocks have fluctuated more, which makes sense because these are lower duration stocks that are paying you dividends now,And then, you know, owning around 50 stocks offers diversification across those industries and it can help you counter that inflation and the tax problem that people have over time, over retirees lifetime, which could be 20, 30 years.\n\nSo, that's pretty much it, that I had for you today. I hope you've gotten some ideas, insights, maybe on how to incorporate a dividend investing strategy. Thank you. for yourself, even for people who aren't retired. A portion of your portfolio in this type of strategy is a great compliment to more aggressive, fast growing type company strategies.\nthere's another strategy that I managed called the fundamental trend strategy that is more geared towards fast growing companies. They could be younger companies, more dynamic. Companies like that. it's a great compliment to that type of strategy. When you put those two strategies together, you get a really nice blend.\n So, thank you for listening. And, you know, hopefully you get some ideas about, dividend strategies. And if you found this helpful, share it with your colleagues, any friends or family. And, you know, follow me for more and, like and subscribe. Hope you're doing well. And we'll talk to you next time. ","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/0rp5Tscb1Zs?si=45UynjM5ka38mL_1\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003eIn this episode of The Market Call Show, I discuss a practical strategy for investors seeking a rising income stream, particularly in the face of inflation and increasing retirement expenses. I outline a dividend growth approach that combines consistent income with long-term capital appreciation, making it a core strategy for retirement portfolios.  \u003c/p\u003e\n\n\u003cp\u003eI explain how to identify and select a \u0026quot;winning universe\u0026quot; of stocks, emphasizing the importance of companies with strong fundamentals, reliable earnings, and a history of steadily increasing dividends. The process includes filtering stocks based on criteria like liquidity, a 10-year track record, and consistent dividend growth. This narrows the focus to high-quality companies that can provide stable and growing returns.  \u003c/p\u003e\n\n\u003cp\u003ePortfolio construction is another key element. I share how to build and manage a diversified portfolio by limiting sector and industry concentrations, maintaining balanced position sizes, and setting guidelines for rebalancing. I also discuss how to evaluate stocks continuously, using both fundamental and quantitative rankings to guide investment decisions.  \u003c/p\u003e\n\n\u003cp\u003eThis approach is designed for long-term investors aiming for reliability rather than speculative gains. I highlight the benefits of blending this core strategy with other satellite investments, such as bonds or private real estate, to enhance returns and reduce risks. Whether you\u0026#39;re retired or planning for the future, this strategy can serve as a foundation for a resilient and income-generating portfolio.  \u003c/p\u003e\n\n\u003cp\u003eListen in for actionable insights and tips to build your financial future.  \u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n  \u003cli\u003eI discuss the need for a rising income strategy in response to inflation and retirement expenses, emphasizing the importance of long-term capital appreciation alongside growing income.\u003c/li\u003e\n  \u003cli\u003eI explain the value of dividend growth investing, focusing on selecting companies with a consistent track record of increasing dividends and strong earnings.\u003c/li\u003e\n  \u003cli\u003eI outline criteria for selecting stocks, such as filtering for liquidity, excluding companies with less than 10 years of performance history, and prioritizing sustainable dividends.\u003c/li\u003e\n  \u003cli\u003ePortfolio construction is discussed, including limiting sector concentration, balancing position sizes, and maintaining diversification to reduce risk.\u003c/li\u003e\n  \u003cli\u003eStock analysis involves both qualitative and quantitative methods, focusing on profitability, analyst coverage, and adaptability to ensure steady growth.\u003c/li\u003e\n  \u003cli\u003eI highlight the importance of ongoing portfolio management, including regular reconstitution and rebalancing to maintain alignment with investment goals.\u003c/li\u003e\n  \u003cli\u003eCriteria for selling stocks include dividend cuts, declining fundamentals, and insufficient liquidity, ensuring the portfolio remains strong.\u003c/li\u003e\n  \u003cli\u003eStrategies for blending dividend-focused portfolios with other investments, like bonds or real estate, are explored to enhance returns and mitigate risks.\u003c/li\u003e\n  \u003cli\u003eThis approach is positioned as suitable for long-term investors, offering stability and income generation, particularly for retirees.\u003c/li\u003e\n  \u003cli\u003eThe episode concludes with a discussion on integrating this strategy with faster-growing investments for a well-rounded portfolio.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\n\u003cstrong\u003eLouis:\u003c/strong\u003eOkay, today we\u0026#39;re going to be talking about a winning strategy for people who are looking for rising income. What spurred me to want to talk about this was that, frankly, there\u0026#39;s a lot of people that are needing rising income. They need rising income because inflation continues to go up.  And many people are retiring and they need an income stream that\u0026#39;s going to keep up with inflation. So I wanted to talk about a strategy that is very effective, really as a core strategy for people who are needing rising income. Because one of the most common challenges that investors face Is that over the long term, especially, you know, when you\u0026#39;re trying to fight inflation, your expenses continually rise and you need a combination of long term capital appreciation and a growing income.\u003cbr\u003e\nSo a dividend growth approach is one of the best strategies to achieve dividend growth. Now, I want to share today a method to accomplish this goal, and I\u0026#39;m going to be very specific because I find that people really feel more comfortable when they understand what\u0026#39;s behind the curtain in generating a portfolio that you can really rely on, especially when you\u0026#39;re dealing with your core strategies.So, this method can give you some ideas to form a core strategy, and Within a retirement income plan, and it\u0026#39;s designed to be, really the bedrock of the portfolio, but it\u0026#39;s also a good idea to have satellite strategies to enhance the returns over time for the portfolio. But let\u0026#39;s just start off with the first thing that you need to do in order to have a good, rising income approach with stocks.\u003c/p\u003e\n\n\u003cp\u003eThe first is you need to choose winning a winning group of stocks. You need to choose a winning group of stocks that have a successful dividends track record. So you got to get that universe, right? And that\u0026#39;s crucial. So what I like to do is I like to start off with the S\u0026amp;P1500.  The S\u0026amp;P1500 includes large companies, mid cap companies, as well as small cap companies, and they\u0026#39;re all in the United States. And I like to filter out from that group companies that have excessively high yields because companies that have really high yields, it\u0026#39;s generally unsustainable. I want to make sure that the dividends that are there are well supported by earnings as well as the company fundamentals and that they have the ability to provide a competitive advantage. So the numbers are basically showing us that these companies have a strong business and a competitive advantage. So I want to explain a little bit more about, like, establishing the universe, if you will.the other thing I like to look at is, I want to look at the daily dollar volume and eliminate those stocks that are really illiquid.\u003cbr\u003e\n So the dollar, daily dollar volume just says, Okay, what is the average volume of the stock in the market? And multiply that times its price, and that gives you kind of the dollar value that is traded in a given day. So typically, So I rank order those companies and I want to make sure that they have a that they\u0026#39;re generally usually in the top 90%.\u003cbr\u003e\n So like the bottom 10 percent of illiquid stocks I generally want to ignore them. And then I also  have a cutoff, a dollar cutoff to say it needs to be at least x. And that number does change depending on the purpose. So basically get rid of those stocks that are too illiquid. You don\u0026#39;t want to have them in your.\u003cbr\u003e\nIn your strategy, because you\u0026#39;re really looking for those solid companies. So I also want companies that have a long term track record. So I exclude stocks that have a track record that is less than 10 years. Now, some people say, well, wow, there\u0026#39;s a lot of great companies that you\u0026#39;re missing out on. Well, that is true, but I like to look at those younger companies for different types of strategies.\u003cbr\u003e\n For this strategy, this is a strategy that\u0026#39;s designed for steady growing income stream. And, long term capital appreciation. So we\u0026#39;re not really trying to hit the cover off the ball. We\u0026#39;re trying to get steady growth of rising income and also getting rising capital appreciation. So we want to get rid of those companies that have a 10 year, less than a 10 year record.\u003c/p\u003e\n\n\u003cp\u003eAnd now it\u0026#39;s for the best part of the universe selection.I want to exclude stocks that are not raising their dividends. So I\u0026#39;m looking for companies that are raising their dividends every year and they haven\u0026#39;t cut their dividend in the most recent four quarters. So in the last year, they haven\u0026#39;t cut their dividend.\u003cbr\u003e\nThey may have kept them the same, not necessarily raised them. But we\u0026#39;re looking for annually, successively, higher dividends. And then we\u0026#39;re looking at the quarters and saying, you\u0026#39;re not cutting the dividend. This really narrows the universe down. And like, for example, as of right now, that universe is 341 companies.\u003cbr\u003e\nThat I just outlined. So you want to start off with those winning stocks. So now we\u0026#39;ve got this group, this universe of companies that, you know, you\u0026#39;ve really shut off a lot of dead weight. You\u0026#39;re only including those companies that have a long term track record of rising income, and they have the characteristics that can get you headed in the right direction.\u003cbr\u003e\n But you don\u0026#39;t want to leave right there. You also want to actually move from there and actually look at these companies fundamentally. So, you know, you want to demand from these companies that they have steady rising dividends and strong earnings. So, a critical aspect of this strategy is to focus on companies that have adequate analyst coverage.\u003cbr\u003e\nSo, analyst coverage would be, Is good to have. You want to make sure that you don\u0026#39;t want to make it too stringent because there are some smaller companies that you want to have investment in and they may have less analysts following them. So I have found in today\u0026#39;s marketplace that the sweet spots right around five analysts.\u003c/p\u003e\n\n\u003cp\u003eSo five analysts are covering it. You still have a big universe of companies that are in a smaller market caps. As well as the mid cap and the large cap. So why do you care about whether or not Wall Street is looking at these companies? Well, the first thing is there\u0026#39;s a lot of value in actually assessing and analyzing the change in what\u0026#39;s happening with analyst expectations because stock returns have high correlation to  these changes.\u003cbr\u003e\nSo we\u0026#39;re looking at. You know, earning surprise. We\u0026#39;re looking at, you know, whether the company is beating expectations or whether, analysts are starting to upgrade a stock because that\u0026#39;s really indicative showing that the company is actually improving their results. So part of the equation is looking at expectations and another part is actually looking at what is actually printing and what the company is demonstrating with their fundamentals.\u003cbr\u003e\nSo, that\u0026#39;s why we want to have at least five analysts covering that. Another thing that we want to do is we want to, you know, like I had mentioned, we want to have rising dividends. So as we narrow that universe down, we\u0026#39;re getting to a high quality basket of stocks that can build a reliable income source.\u003cbr\u003e\nNow the next step is to, I like to connect, kind of think of, building a portfolio like cooking. You know, it\u0026#39;s like having a good recipe. So I\u0026#39;m really what I\u0026#39;m outlining for you right now is a recipe. So you want to build a tasty recipe to get better results. And  that means you got to build and manage the portfolio.\u003cbr\u003e\nAnd select from this list of companies, you can just buy all of them if you wanted to, but if you want to get better results, I recommend, or I like to limit the sectors and the industry weights of companies. And I like to first look at them fundamentally. So. You know, looking at these companies from many different directions, you know, the first would be quality.\u003c/p\u003e\n\n\u003cp\u003eHow profitable are they? What is the return on capital? We like companies that are capital efficient. are they growing their sales and their earnings? And to what extent are they really printing good numbers there? the other thing I like to look at is, you know, there\u0026#39;s just so many different things, but I mentioned the sentiment aspect about what the analysts are viewing, how they\u0026#39;re viewing the company, but also we want to actually look at just the profitability, the quality, the valuation.\u003cbr\u003e\nSo once that\u0026#39;s been, analyzed, there\u0026#39;s another, there\u0026#39;s a qualitative thing that I like to look at and, I call it ADP, A as in apple, D  as in dog, and P as in profits, . I outlined that in my book actually. the financial freedom blueprint. And you know, I\u0026#39;m really thinking about writing another book because I have a lot more that I want to share with people.\u003cbr\u003e\nBut if you go to my book and you go to page 22,I outlined the ADP criteria and this is how focusing your capital on companies that have a few different characteristics. Number one, are they adaptable to changes in technology and innovation? And number two are, do they have desirable products and services, that are desirable now and likely to be desirable in the future?\u003cbr\u003e\nSo it\u0026#39;s not a fickle thing because for this portfolio, we\u0026#39;re really looking for long term growth, right? And compounding growth and are they profitable? Is their business model such that they have getting, they\u0026#39;re getting good? Returns on capital now and is likely to do so in the future. So it\u0026#39;s really an assessment of now actually demonstrating it as well as, you know, when you\u0026#39;re looking at the company\u0026#39;s business model, is it likely to sustain in the future?\u003c/p\u003e\n\n\u003cp\u003eSo those three things can really help you. to have better returns than sticking your money under the mattress. And, and also, better returns are more likely than you would get in bonds, by a significant margin. Okay, so once we\u0026#39;ve done that, you know, we\u0026#39;ve done the fundamental aspects and looked at all the quantitative methods.\u003cbr\u003e\n basically, I like to quantify those into ranks. And that really keeps you disciplined so that you can compare companies to each other. So, I, the next step in this is something that\u0026#39;s really important because what a lot of people don\u0026#39;t understand, is that stock selection or investment selection is very important, but what is equally important and could be sometimes more important is how you blend And how you put the portfolio together.\u003cbr\u003e\nThat\u0026#39;s called portfolio construction. So there\u0026#39;s some key elements and I\u0026#39;m just going to give you some of the broad strokes here,  limiting your sector and your interest, what industry weights is important because you don\u0026#39;t want to have too much concentration and you want to make sure that you\u0026#39;re not.\u003cbr\u003e\nYou know, 70 percent in tech stocks or, you know, 50 percent in energy stocks, anything like that. You want to have some balance there because that generally will improve your risk adjusted return because when you\u0026#39;re retired or when you\u0026#39;re generating income from pulling from your portfolio consistently, you need to have some more stability in the portfolio.\u003cbr\u003e\nSo we also want to have individual position sizes. So the amount of capital allocated to each individual stock should also be,limited. So typically the range between one and 5 percent of, initial capital is a good place to go in terms of getting adequate diversification for a portfolio like this, looking at a lot of different ways you could go, really, 50 stock portfolio is a good starting point for a high net worth investor.\u003c/p\u003e\n\n\u003cp\u003eYou want to own those stocks individually rather than going out and buying some package product. This gives you a lot  more ability to home in on exactly what you need. So once you\u0026#39;ve, you know, invested in these stocks, it\u0026#39;s not just set it and forget it, it\u0026#39;s an ongoing process. So you want to allow some drift with these stocks.\u003cbr\u003e\nAnd typically I like to let stock portfolios or individual stock positions drift about 30 percent from the target. So if we have a target weight of 5%, then it could go up, you know, point, 0. 3 times,0. 05, you know, so 30 percent of your target position could go up or down. Thank you. So you want to give some drift because you don\u0026#39;t want to have,you want to give these companies some room and you don\u0026#39;t want to rebalance too frequently because this will minimize, this needs to minimize your turnover.\u003cbr\u003e\nSo we want to place those constraints on sectors and industries to ensure Good diversification and their businesses should have non correlated,factors of returns that, that, that generate revenue and expenses for the company. They should be relatively non correlated. Okay.  So let\u0026#39;s talk about like how much capital that you put in stocks over time.\u003cbr\u003e\nSo my approach is to dynamically adjust the, target weights based on fundamental rankings, basically. And the fundamental ranking is all those factors that I mentioned to you, the quality of the valuation. And there\u0026#39;s multiple dimensions, you know, and how you look at those companies, but how are they, are they improving?\u003c/p\u003e\n\n\u003cp\u003eAre they not improving relative to the whole basket? And typically, if you look at the whole universe, we\u0026#39;re typically focusing capital in the top quartile. of companies in there,in the universe. And if the companies fall out, maybe falling into the bottom quartile, typically they\u0026#39;re going to be, removed from the portfolio.\u003cbr\u003e\nThere\u0026#39;s let\u0026#39;s talk a little bit about selling and how important that is. So this strategy generally, it\u0026#39;s a moderate,turnover strategy. So it\u0026#39;s not a high turnover strategy, because you\u0026#39;re really looking to You\u0026#39;re really looking to hold on to those great stocks as long as possible and learn to earn the compounding dividends.\u003cbr\u003e\nBut you also want to make sure these companies are doing well, fundamentally. So, one reason that a company can get pulled out of the portfolio would be if they cut their dividends, because they\u0026#39;re no longer in the universe at that time. So if their dividends are getting cut, they\u0026#39;ll, they\u0026#39;re going to be eliminated from this strategy.\u003cbr\u003e\nif they are no longer as liquid as they need to be, they\u0026#39;ll be eliminated. eliminated. That rarely happens. the other thing is if their fundamental fundamentals deteriorate enough, then we\u0026#39;re going to need to pull that stock out of the portfolio because they no longer meet the criteria of strong fundamentals, which is a high,correlation to expected returns in the company.\u003c/p\u003e\n\n\u003cp\u003eSo, so those are the main reasons why you pull stocks out.this, you know, and you want to just do this continually. So there\u0026#39;s really basically two processes. There\u0026#39;s what\u0026#39;s called reconstitution, which is basically when we say, okay, what does the universe look like? And then what are the rankings right now?\u003cbr\u003e\nAnd who\u0026#39;s in and who\u0026#39;s out. Right. And then there\u0026#39;s rebalancing and that\u0026#39;s the process of saying, okay, here\u0026#39;s our target weights, based on the fundamentals now and the market cap, et cetera. and based on that. how far are we off from that? If it\u0026#39;s within range, no problem. If it\u0026#39;s out of range, then we need to pull that back.\u003cbr\u003e\nSo let\u0026#39;s talk a little bit about that. So we\u0026#39;re talking about recognizing when you need to cash out, right? So just to recap, selling criteria is really straightforward. Stocks are removed if they cut their dividend. If they drop in their fundamental ranks, right, typically below the 25th percentile. And again, this approach helps you maintain our portfolio of top performing liquid stocks with a strong track record of dividend growth.\u003c/p\u003e\n\n\u003cp\u003eIt\u0026#39;s a really simple concept that is very effective. So by adhering to these rules, the portfolio remains robust and avoids over concentration in one sector or industry, right? Because we have those constraints and is providing steady, reliable, Income and returns over time relative to more speculative investment strategies.\u003cbr\u003e\nSo we\u0026#39;re talking a little bit about the mindset of this strategy of some, you know, having this as a core part of a portfolio for somebody looking for rising income, you really should have a mentality of hold and prosper. I like to think of it that way. You want to hold and prosper because these, you really reap the rewards over time with these stocks as they\u0026#39;re building their profits, they\u0026#39;re growing, the dividends moving up and it just keeps going up and we\u0026#39;re focusing our capital and our attention in those companies.\u003cbr\u003e\nSo it\u0026#39;s designed for longterm investors who are seeking that steady growth and income. It\u0026#39;s not meant for market timing. It\u0026#39;s again, it\u0026#39;s meant for that reliable income, and the volatility of this strategy has been lower than the overall market. So one of the things we like to look at a standard deviation.\u003cbr\u003e\nYou probably have heard of that before, but if you look at a simulated result of this It\u0026#39;s a standard deviation is 13. 19 percent since February of 2004 and the beta is 0. 72  compared to the S\u0026amp; P 500. So it makes it suitable for a retirement portfolio where stability is important. Right? And historically, this strategy has performed well, too.\u003cbr\u003e\n It\u0026#39;s annualized at 12. 2%. But whenever you\u0026#39;re looking on at simulated strategies, it\u0026#39;s important to understand as with any investment strategy, past performance doesn\u0026#39;t always be an indication of future results, right? It\u0026#39;s important to understand that and returns, you know, that I\u0026#39;m talking about here have a provision for transaction costs, but it doesn\u0026#39;t include advisory fees.\u003c/p\u003e\n\n\u003cp\u003eOkay. So that\u0026#39;s just, you know, something to understand. So, The performance has shown to be very competitive and it\u0026#39;s generating what we\u0026#39;re looking for, a rising stream of income. So you want to choose the best stocks and let go of the rest. That\u0026#39;s really the key on this. So historically this, again, this portfolio shows moderate turnover.\u003cbr\u003e\n It\u0026#39;s been around 0. 57 percent annually, 57 percent I should say. And the average holding period over  is over years. Typically winners are held on average 646 days. So that\u0026#39;s well over a year while losers are held for roughly on average 300 days. So you want to have, you know, we\u0026#39;re not trying to generate a lot of short term gains here, right?\u003cbr\u003e\nWe\u0026#39;re trying to build longterm capital appreciation. But one of the key aspects is you will, you\u0026#39;ll notice is that the days held for losers is a lot lower than the days held for winners. And sometimes you can hold winners for years and years. Like for example, Costco or Microsoft, you know, Apple.\u003cbr\u003e\nYou know, Nvidia has been in there is in there now, so you want to understand that there\u0026#39;s going to be some outlier stocks that you hold for a very long period of time and you\u0026#39;re, and, but this, these are just average statistics to understand, but this discipline longterm approach helps you balance this risk and return target that you\u0026#39;re looking for and gives you that steadier, return.\u003c/p\u003e\n\n\u003cp\u003eSo just overall, this is a big. bedrock. I consider it a bedrock strategy for people who are retired. it adds for stability. and one of the things you can do with this is you can blend in other portfolios around it as satellite positions. For example, you can have high quality municipal bonds to save on taxes and that could give you a different return stream and more conservative. same with corporate bonds if that makes sense for you and your tax bracket or the type of account that you have. private real estate can be very good. in this, and, you know, that is something to really consider, depending on, which areas look the most attractive there, but that can enhance your income and mitigate risk during market downturns.Because again, this is a stock portfolio, so it\u0026#39;s going to fluctuate. It generally has historically fluctuated less than the overall market. Most people the S\u0026amp; P 500 type companies, and those stocks have fluctuated more, which makes sense because these are lower duration stocks that are paying you dividends now,And then, you know, owning around 50 stocks offers diversification across those industries and it can help you counter that inflation and the tax problem that people have over time, over retirees lifetime, which could be 20, 30 years.\u003c/p\u003e\n\n\u003cp\u003eSo, that\u0026#39;s pretty much it, that I had for you today. I hope you\u0026#39;ve gotten some ideas, insights, maybe on how to incorporate a dividend investing strategy. Thank you. for yourself, even for people who aren\u0026#39;t retired. A portion of your portfolio in this type of strategy is a great compliment to more aggressive, fast growing type company strategies.\u003cbr\u003e\nthere\u0026#39;s another strategy that I managed called the fundamental trend strategy that is more geared towards fast growing companies. They could be younger companies, more dynamic. Companies like that. it\u0026#39;s a great compliment to that type of strategy. When you put those two strategies together, you get a really nice blend.\u003cbr\u003e\n So, thank you for listening. And, you know, hopefully you get some ideas about, dividend strategies. And if you found this helpful, share it with your colleagues, any friends or family. And, you know, follow me for more and, like and subscribe. Hope you\u0026#39;re doing well. And we\u0026#39;ll talk to you next time. \u003c/p\u003e","summary":"In this episode of The Market Call Show, I discuss a practical strategy for investors seeking a rising income stream, particularly in the face of inflation and increasing retirement expenses. I outline a dividend growth approach that combines consistent income with long-term capital appreciation, making it a core strategy for retirement portfolios.  \r\n\r\nI explain how to identify and select a \"winning universe\" of stocks, emphasizing the importance of companies with strong fundamentals, reliable earnings, and a history of steadily increasing dividends. The process includes filtering stocks based on criteria like liquidity, a 10-year track record, and consistent dividend growth. This narrows the focus to high-quality companies that can provide stable and growing returns.  \r\n\r\nPortfolio construction is another key element. I share how to build and manage a diversified portfolio by limiting sector and industry concentrations, maintaining balanced position sizes, and setting guidelines for rebalancing. I also discuss how to evaluate stocks continuously, using both fundamental and quantitative rankings to guide investment decisions.  \r\n\r\nThis approach is designed for long-term investors aiming for reliability rather than speculative gains. I highlight the benefits of blending this core strategy with other satellite investments, such as bonds or private real estate, to enhance returns and reduce risks. Whether you're retired or planning for the future, this strategy can serve as a foundation for a resilient and income-generating portfolio.  \r\n\r\nListen in for actionable insights and tips to build your financial future.  ","date_published":"2024-11-29T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/ba1c8fc4-3ec4-4c13-b017-c56a48733157.mp3","mime_type":"audio/mpeg","size_in_bytes":21735896,"duration_in_seconds":1316}]},{"id":"6a741569-e624-47b5-b02a-26bedd3b3ed4","title":"AI Driven Investment Breakthroughs | EP 96","url":"https://podcast.pathtorealwealth.com/096","content_text":"\n\nIn this episode of the Market Call Show, I dive into the transformative role of artificial intelligence in wealth management. Together, we’ll explore how AI is reshaping portfolio management, moving beyond a mere tool to become a revolutionary force in investment strategies. Drawing on groundbreaking insights from Brooklyn Investment Group’s latest white paper, we’ll uncover how AI enables wealth managers to scale their operations, cut time commitments, and reduce costs, all while enhancing the quality of client service.\n\nAI's ability to automate complex tasks like portfolio rebalancing allows managers to oversee hundreds of accounts more accurately and efficiently. AI can cut a portfolio manager’s time spent on routine tasks by up to 82% and reduce computational costs by as much as 85%. \n\nJoin me as we discuss why adopting AI-driven strategies isn’t just beneficial—it’s essential for staying competitive in today’s fast-paced investment world. Whether you're a wealth manager or someone interested in the future of investing, this episode offers practical insights into how AI is setting new standards in wealth management, making it possible to serve clients with precision and speed.\n\n \n\nSHOW HIGHLIGHTS\n\n\n  I explore how artificial intelligence is revolutionizing wealth management, offering significant improvements in efficiency and personalization.\n  The episode discusses insights from the Brooklyn Investment Group's research, highlighting AI's potential to scale operations and reduce time and computational costs.\n  AI technology allows wealth managers to oversee numerous unique accounts with precision and speed, enhancing client service without increasing workload.\n  According to research, integrating AI into portfolio monitoring can reduce a portfolio manager's time commitment by up to 82% and computational costs by up to 85%.\n  AI-driven strategies are becoming essential in delivering exceptional client service, making personalized investment management more accessible to a wider range of clients.\n  AI models predict when accounts need attention, optimizing tasks such as cash management, risk assessment, and tax loss harvesting.\n  Advanced AI techniques, like zero-shot and multi-shot learning, enhance the adaptability and accuracy of investment strategies.\n  The importance of human judgment in AI-supported systems is emphasized, ensuring decisions are reviewed and validated for consistency and accuracy.\n  Challenges in AI implementation, such as handling complex conditions, are addressed by simplifying calculations and ensuring human oversight.\n  Continuous improvement and evaluation of AI models are crucial, as AI is set to become an integral part of the finance world, enhancing efficiency and decision-making.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nLouis: Hi, I'm Louis Llanes, and this is the Market Call Show. Today, I'm going to be diving into a topic that's really reshaping the way wealth managers work. I'm going to be talking about how artificial intelligence can not only help wealth managers manage large numbers of investment portfolios more effectively, but also improve the results for investors, which is very, very important. Our discussion really was inspired by a white paper that I read. It was put out by Brooklyn Investment Group and it's titled AI and Portfolio Management Portfolio Monitoring. It was put out the third quarter of 2024. \n\nThis research provides what I consider eye-opening data on how generative artificial intelligence is really able to help wealth managers scale operations, save time and reduce costs and also produce better results for clients. So I wanted to kind of break this down, because this is not an area that is optional anymore. This is something that is actually mandatory now in order to do a very good job for clients. So the first part I want to talk about is just the concept of offering personalized investments, very personalized investment management, more so than could have been done in the past, and being able to do it at scale, doing a lot of it. So one of the biggest takeaways that I've been reading in a lot of different research is that making personalized investments more accessible is really important. Making personalized investments more accessible is really important. So, people you know, historically, separate account management or direct indexing with tax loss harvesting, it was really only reserved for high net worth clients because it was so resource intensive. It took a lot of resources to get the job done, both with technology and with people. But now with AI, wealth managers can really scale personalization to a wider range of clients without there being like a proportional increase in the workload. This is really good news for a lot of investors. So imagine if you're a wealth manager that you can handle hundreds of separate accounts, each with a unique profile. The artificial intelligence can step into that automation and make many of those operational tasks a lot easier to do and much more accurate, freeing up a lot of time for portfolio managers. And this means that, instead of being restricted to a smaller group of clients, wealth managers can actually have more time and they can broaden their significant reach to more people and give you more individual attention. That's a big important takeaway here. \n\nThe other thing I took away from my research recently is that the time and the cost efficiency is really going to be improved. So I want to talk a little bit about numbers. According to that research report that Brooklyn Investment Group put out, integrating artificial intelligence into portfolio monitoring and specifically can cut down on the portfolio manager's time by up to 82%. That's not just a little gain in efficiency, it's literally a game changer. And it's not just the time saving, it's also that there's potentially 63 to 85% reduction in the computational costs. \n\nYou know, I've been in this business for a long time close to 30 years and actually over 30 years now and you know when we first started rebalancing portfolios, it was very intense and it's just gotten better and better. But now we've really had some breakthroughs on reducing the computational costs, so we're able to get much more precision and speed. So this is achieved by using that artificial intelligence and looking at accounts that need to be rebalancing. So a big part of our job is to make sure that all of our clients have their portfolios rebalanced and we need to know if something needs to be changed. So we're spending our time more on what we should be investing in and why we should be investing in a certain way, but the actual execution of making sure that we're aligned with that strategy is really a portfolio monitoring task, so we can allocate more resources truly on what's more important, which is understanding what we want to be investing and why we want to be investing in certain investments, and more time discussing with clients issues and customizing portfolios, and less time computating. So the other thing that I have taken away is that we've got a smarter portfolio monitoring, really algorithm. So the human brain can do a lot of things and we can really capture exceptions, but we can only do a certain number of things at a time, whereas in the technology world, we can give it guidelines and guardrails and rules to help us make sure that we are being consistent, which is really important in delivering consistent results. \n\nSo how does artificial intelligent monitoring work? Well, basically, we have models that can predict when an account needs attention, whether it's deploying access to cash, if it needs more cash or less cash, or if the management of risk is an important element, what's happening with risk and is there some change in the risk relative to how we want it to be to be, whether or not there's an ability and an opportunity to harvest tax losses, to lower the tax bills. The system achieves nearly a perfect recall, meaning that there's almost no important rebalancing opportunity that is missed because these screens are looking at everything. So this predictive accuracy it really ensures that we, as wealth managers, investment managers we can trust our systems and identify the right moments for action without having to sift through every portfolio one by one. That's crucial when you're managing a large number of accounts. So I want to talk about another takeaway that's really important. \n\nAdvanced AI techniques now are allowing us to do even more, so the technology is really fascinating. If you use large language models, these abilities really give you a performance that is much more extensive when we train the data, and so we can train the data based on how we trade and what certain things that we really want to be prioritized, and this can help identify even more effectively things that need to be done. And there's different, I guess, methodologies. One is zero-shot or multi-shot learning approaches and, in simple terms, zero shot learning allows artificial intelligence to make decisions with little or no context, which is not always what we want, whereas multi-shot learning allows us to use past examples to further enhance performance, and these techniques ensure that your predictions are more accurate and adaptable to what's happening in the portfolio and in the markets. So, and always, we have decision support. It's always ultimately human-based, but it's just a tool to help us to identify things and then make the ultimate decision as to what needs to happen. \n\nAs we all know, even AI, you know it's wise, but you have to trust, but verify every approach. So you want to have the human in the loop, which we do, and we want to ensure that these guardrails are in place to oversee every aspect and to make sure that things are flagged for trading only and when there's certain breaches or certain limits that we are looking at and it's automatically marked for human review. So each one must be reviewed, and that's a really important part of this. So the combination of AI's computational power and human judgment makes for a robust system that's efficient and reliable. That, by the way, is also a big part of how we manage money itself. So there's a lot of human judgment about, for example, the valuation of a stock or what may be happening with interest rates, and that can be overlaid on top of quantitative analysis. That helps to make sure that you're on track and you can use it as guardrails. It gives you much more consistency in your decision making Another, I guess, takeaway that I've gotten from research is that there's challenges and solutions, so let me explain a little bit. \n\nLike any innovation that you have when you use AI and portfolio management, it isn't without challenges. When you use AI and portfolio management, it isn't without challenges. One issue that this paper mentioned, that kind of brings us to light, is that sometimes you can struggle with complex conditions, such as comparing small percentage values, but there are solutions to this. To simplify, you can convert these values into basis points, you can make calculations more straightforward, and simplifying is always a good idea. So I forget who actually said it. It might have been Einstein, but you always want to have the simplest solution that is the most effective. You don't want to have something overly complex, because the more something that is complex, the harder it is, the less reliable it is, the less robust it is complex. The harder it is, the less reliable it is, the less robust it is. \n\nSo the research that I've been looking at really is a balance between precision and recall, so you want to note that it's better to have false positives than to risk missing a necessary trade, something that you need to do. So that's why you need human review. So you want to be more stringent and it's better to have something tagged that is a false positive, meaning that it looks like it might be something you need to do, but you don't need to do it, so you can say, no, we don't want to have that, because that makes sure you don't want to miss something that's really important. You don't want to miss training opportunities that could impact the portfolio's performance. So, as I've been looking at this, you know this continuing improvement is really kind of the future and the future steps. \n\nSo what's next? I mean, I think there's evaluation of new models, there's new AI type algorithms that are coming out and they're always going to be part of the finance world from here on out. We just have to get used to that because truly, it makes you smarter. Actually, it just makes you more efficient, and the human ingenuity and having that overlay with human touch is so important. But we want to have these algorithms and we want to make sure these algorithms are better and better. That's really all I have. I want to just to wrap it up AI really isn't just a buzzword. It's a really a practical, powerful tool for wealth managers. It allows us to scale our operations, save a lot of time, cut costs, provide better service for you, the client. And, like I said, the future of portfolio management is going to have AI in it, whether you like it or not, but it's always best to be smarter and faster and more efficient with human judgment, because truly nothing will replace human beings in the end, and our clients are not a number, and we want to have that ability to be as customizable and to offer the best solutions that we can at the lowest price and have the best experience we possibly can, and technology and AI really is helping us in that realm. \n\nOkay, so that's it for now. That's the Market Call Show for this round. If you've enjoyed today's episode, don't forget to subscribe. Leave us a review. I'm Louis Llanes. I'll catch up with you next time, where I'll dive into more insights to stay ahead of the investment management world. I hope you have a great day. Talk to you later. ","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/ZX1P0FU7KG0?si=Y1Wof7ncQgwCIBcy\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003eIn this episode of the \u003cem\u003eMarket Call Show\u003c/em\u003e, I dive into the transformative role of artificial intelligence in wealth management. Together, we’ll explore how AI is reshaping portfolio management, moving beyond a mere tool to become a revolutionary force in investment strategies. Drawing on groundbreaking insights from Brooklyn Investment Group’s latest white paper, we’ll uncover how AI enables wealth managers to scale their operations, cut time commitments, and reduce costs, all while enhancing the quality of client service.\u003c/p\u003e\n\n\u003cp\u003eAI\u0026#39;s ability to automate complex tasks like portfolio rebalancing allows managers to oversee hundreds of accounts more accurately and efficiently. AI can cut a portfolio manager’s time spent on routine tasks by up to 82% and reduce computational costs by as much as 85%. \u003c/p\u003e\n\n\u003cp\u003eJoin me as we discuss why adopting AI-driven strategies isn’t just beneficial—it’s essential for staying competitive in today’s fast-paced investment world. Whether you\u0026#39;re a wealth manager or someone interested in the future of investing, this episode offers practical insights into how AI is setting new standards in wealth management, making it possible to serve clients with precision and speed.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n  \u003cli\u003eI explore how artificial intelligence is revolutionizing wealth management, offering significant improvements in efficiency and personalization.\u003c/li\u003e\n  \u003cli\u003eThe episode discusses insights from the Brooklyn Investment Group's research, highlighting AI's potential to scale operations and reduce time and computational costs.\u003c/li\u003e\n  \u003cli\u003eAI technology allows wealth managers to oversee numerous unique accounts with precision and speed, enhancing client service without increasing workload.\u003c/li\u003e\n  \u003cli\u003eAccording to research, integrating AI into portfolio monitoring can reduce a portfolio manager's time commitment by up to 82% and computational costs by up to 85%.\u003c/li\u003e\n  \u003cli\u003eAI-driven strategies are becoming essential in delivering exceptional client service, making personalized investment management more accessible to a wider range of clients.\u003c/li\u003e\n  \u003cli\u003eAI models predict when accounts need attention, optimizing tasks such as cash management, risk assessment, and tax loss harvesting.\u003c/li\u003e\n  \u003cli\u003eAdvanced AI techniques, like zero-shot and multi-shot learning, enhance the adaptability and accuracy of investment strategies.\u003c/li\u003e\n  \u003cli\u003eThe importance of human judgment in AI-supported systems is emphasized, ensuring decisions are reviewed and validated for consistency and accuracy.\u003c/li\u003e\n  \u003cli\u003eChallenges in AI implementation, such as handling complex conditions, are addressed by simplifying calculations and ensuring human oversight.\u003c/li\u003e\n  \u003cli\u003eContinuous improvement and evaluation of AI models are crucial, as AI is set to become an integral part of the finance world, enhancing efficiency and decision-making.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\n\u003cstrong\u003eLouis:\u003c/strong\u003e Hi, I\u0026#39;m Louis Llanes, and this is the Market Call Show. Today, I\u0026#39;m going to be diving into a topic that\u0026#39;s really reshaping the way wealth managers work. I\u0026#39;m going to be talking about how artificial intelligence can not only help wealth managers manage large numbers of investment portfolios more effectively, but also improve the results for investors, which is very, very important. Our discussion really was inspired by a white paper that I read. It was put out by Brooklyn Investment Group and it\u0026#39;s titled AI and Portfolio Management Portfolio Monitoring. It was put out the third quarter of 2024. \u003c/p\u003e\n\n\u003cp\u003eThis research provides what I consider eye-opening data on how generative artificial intelligence is really able to help wealth managers scale operations, save time and reduce costs and also produce better results for clients. So I wanted to kind of break this down, because this is not an area that is optional anymore. This is something that is actually mandatory now in order to do a very good job for clients. So the first part I want to talk about is just the concept of offering personalized investments, very personalized investment management, more so than could have been done in the past, and being able to do it at scale, doing a lot of it. So one of the biggest takeaways that I\u0026#39;ve been reading in a lot of different research is that making personalized investments more accessible is really important. Making personalized investments more accessible is really important. So, people you know, historically, separate account management or direct indexing with tax loss harvesting, it was really only reserved for high net worth clients because it was so resource intensive. It took a lot of resources to get the job done, both with technology and with people. But now with AI, wealth managers can really scale personalization to a wider range of clients without there being like a proportional increase in the workload. This is really good news for a lot of investors. So imagine if you\u0026#39;re a wealth manager that you can handle hundreds of separate accounts, each with a unique profile. The artificial intelligence can step into that automation and make many of those operational tasks a lot easier to do and much more accurate, freeing up a lot of time for portfolio managers. And this means that, instead of being restricted to a smaller group of clients, wealth managers can actually have more time and they can broaden their significant reach to more people and give you more individual attention. That\u0026#39;s a big important takeaway here. \u003c/p\u003e\n\n\u003cp\u003eThe other thing I took away from my research recently is that the time and the cost efficiency is really going to be improved. So I want to talk a little bit about numbers. According to that research report that Brooklyn Investment Group put out, integrating artificial intelligence into portfolio monitoring and specifically can cut down on the portfolio manager\u0026#39;s time by up to 82%. That\u0026#39;s not just a little gain in efficiency, it\u0026#39;s literally a game changer. And it\u0026#39;s not just the time saving, it\u0026#39;s also that there\u0026#39;s potentially 63 to 85% reduction in the computational costs. \u003c/p\u003e\n\n\u003cp\u003eYou know, I\u0026#39;ve been in this business for a long time close to 30 years and actually over 30 years now and you know when we first started rebalancing portfolios, it was very intense and it\u0026#39;s just gotten better and better. But now we\u0026#39;ve really had some breakthroughs on reducing the computational costs, so we\u0026#39;re able to get much more precision and speed. So this is achieved by using that artificial intelligence and looking at accounts that need to be rebalancing. So a big part of our job is to make sure that all of our clients have their portfolios rebalanced and we need to know if something needs to be changed. So we\u0026#39;re spending our time more on what we should be investing in and why we should be investing in a certain way, but the actual execution of making sure that we\u0026#39;re aligned with that strategy is really a portfolio monitoring task, so we can allocate more resources truly on what\u0026#39;s more important, which is understanding what we want to be investing and why we want to be investing in certain investments, and more time discussing with clients issues and customizing portfolios, and less time computating. So the other thing that I have taken away is that we\u0026#39;ve got a smarter portfolio monitoring, really algorithm. So the human brain can do a lot of things and we can really capture exceptions, but we can only do a certain number of things at a time, whereas in the technology world, we can give it guidelines and guardrails and rules to help us make sure that we are being consistent, which is really important in delivering consistent results. \u003c/p\u003e\n\n\u003cp\u003eSo how does artificial intelligent monitoring work? Well, basically, we have models that can predict when an account needs attention, whether it\u0026#39;s deploying access to cash, if it needs more cash or less cash, or if the management of risk is an important element, what\u0026#39;s happening with risk and is there some change in the risk relative to how we want it to be to be, whether or not there\u0026#39;s an ability and an opportunity to harvest tax losses, to lower the tax bills. The system achieves nearly a perfect recall, meaning that there\u0026#39;s almost no important rebalancing opportunity that is missed because these screens are looking at everything. So this predictive accuracy it really ensures that we, as wealth managers, investment managers we can trust our systems and identify the right moments for action without having to sift through every portfolio one by one. That\u0026#39;s crucial when you\u0026#39;re managing a large number of accounts. So I want to talk about another takeaway that\u0026#39;s really important. \u003c/p\u003e\n\n\u003cp\u003eAdvanced AI techniques now are allowing us to do even more, so the technology is really fascinating. If you use large language models, these abilities really give you a performance that is much more extensive when we train the data, and so we can train the data based on how we trade and what certain things that we really want to be prioritized, and this can help identify even more effectively things that need to be done. And there\u0026#39;s different, I guess, methodologies. One is zero-shot or multi-shot learning approaches and, in simple terms, zero shot learning allows artificial intelligence to make decisions with little or no context, which is not always what we want, whereas multi-shot learning allows us to use past examples to further enhance performance, and these techniques ensure that your predictions are more accurate and adaptable to what\u0026#39;s happening in the portfolio and in the markets. So, and always, we have decision support. It\u0026#39;s always ultimately human-based, but it\u0026#39;s just a tool to help us to identify things and then make the ultimate decision as to what needs to happen. \u003c/p\u003e\n\n\u003cp\u003eAs we all know, even AI, you know it\u0026#39;s wise, but you have to trust, but verify every approach. So you want to have the human in the loop, which we do, and we want to ensure that these guardrails are in place to oversee every aspect and to make sure that things are flagged for trading only and when there\u0026#39;s certain breaches or certain limits that we are looking at and it\u0026#39;s automatically marked for human review. So each one must be reviewed, and that\u0026#39;s a really important part of this. So the combination of AI\u0026#39;s computational power and human judgment makes for a robust system that\u0026#39;s efficient and reliable. That, by the way, is also a big part of how we manage money itself. So there\u0026#39;s a lot of human judgment about, for example, the valuation of a stock or what may be happening with interest rates, and that can be overlaid on top of quantitative analysis. That helps to make sure that you\u0026#39;re on track and you can use it as guardrails. It gives you much more consistency in your decision making Another, I guess, takeaway that I\u0026#39;ve gotten from research is that there\u0026#39;s challenges and solutions, so let me explain a little bit. \u003c/p\u003e\n\n\u003cp\u003eLike any innovation that you have when you use AI and portfolio management, it isn\u0026#39;t without challenges. When you use AI and portfolio management, it isn\u0026#39;t without challenges. One issue that this paper mentioned, that kind of brings us to light, is that sometimes you can struggle with complex conditions, such as comparing small percentage values, but there are solutions to this. To simplify, you can convert these values into basis points, you can make calculations more straightforward, and simplifying is always a good idea. So I forget who actually said it. It might have been Einstein, but you always want to have the simplest solution that is the most effective. You don\u0026#39;t want to have something overly complex, because the more something that is complex, the harder it is, the less reliable it is, the less robust it is complex. The harder it is, the less reliable it is, the less robust it is. \u003c/p\u003e\n\n\u003cp\u003eSo the research that I\u0026#39;ve been looking at really is a balance between precision and recall, so you want to note that it\u0026#39;s better to have false positives than to risk missing a necessary trade, something that you need to do. So that\u0026#39;s why you need human review. So you want to be more stringent and it\u0026#39;s better to have something tagged that is a false positive, meaning that it looks like it might be something you need to do, but you don\u0026#39;t need to do it, so you can say, no, we don\u0026#39;t want to have that, because that makes sure you don\u0026#39;t want to miss something that\u0026#39;s really important. You don\u0026#39;t want to miss training opportunities that could impact the portfolio\u0026#39;s performance. So, as I\u0026#39;ve been looking at this, you know this continuing improvement is really kind of the future and the future steps. \u003c/p\u003e\n\n\u003cp\u003eSo what\u0026#39;s next? I mean, I think there\u0026#39;s evaluation of new models, there\u0026#39;s new AI type algorithms that are coming out and they\u0026#39;re always going to be part of the finance world from here on out. We just have to get used to that because truly, it makes you smarter. Actually, it just makes you more efficient, and the human ingenuity and having that overlay with human touch is so important. But we want to have these algorithms and we want to make sure these algorithms are better and better. That\u0026#39;s really all I have. I want to just to wrap it up AI really isn\u0026#39;t just a buzzword. It\u0026#39;s a really a practical, powerful tool for wealth managers. It allows us to scale our operations, save a lot of time, cut costs, provide better service for you, the client. And, like I said, the future of portfolio management is going to have AI in it, whether you like it or not, but it\u0026#39;s always best to be smarter and faster and more efficient with human judgment, because truly nothing will replace human beings in the end, and our clients are not a number, and we want to have that ability to be as customizable and to offer the best solutions that we can at the lowest price and have the best experience we possibly can, and technology and AI really is helping us in that realm. \u003c/p\u003e\n\n\u003cp\u003eOkay, so that\u0026#39;s it for now. That\u0026#39;s the Market Call Show for this round. If you\u0026#39;ve enjoyed today\u0026#39;s episode, don\u0026#39;t forget to subscribe. Leave us a review. I\u0026#39;m Louis Llanes. I\u0026#39;ll catch up with you next time, where I\u0026#39;ll dive into more insights to stay ahead of the investment management world. I hope you have a great day. Talk to you later. \u003c/p\u003e","summary":"In this episode of the Market Call Show, I dive into the transformative role of artificial intelligence in wealth management. Together, we’ll explore how AI is reshaping portfolio management, moving beyond a mere tool to become a revolutionary force in investment strategies. Drawing on groundbreaking insights from Brooklyn Investment Group’s latest white paper, we’ll uncover how AI enables wealth managers to scale their operations, cut time commitments, and reduce costs, all while enhancing the quality of client service.\r\n\r\nAI's ability to automate complex tasks like portfolio rebalancing allows managers to oversee hundreds of accounts more accurately and efficiently. AI can cut a portfolio manager’s time spent on routine tasks by up to 82% and reduce computational costs by as much as 85%. \r\n\r\nJoin me as we discuss why adopting AI-driven strategies isn’t just beneficial—it’s essential for staying competitive in today’s fast-paced investment world. Whether you're a wealth manager or someone interested in the future of investing, this episode offers practical insights into how AI is setting new standards in wealth management, making it possible to serve clients with precision and speed.\r\n","date_published":"2024-11-17T20:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/6a741569-e624-47b5-b02a-26bedd3b3ed4.mp3","mime_type":"audio/mpeg","size_in_bytes":13401554,"duration_in_seconds":837}]},{"id":"9446c1a5-79d8-4ba9-a55d-bd10596e04a0","title":"Fishing in Less Crowded Technology Stocks | Ep 95","url":"https://podcast.pathtorealwealth.com/095","content_text":"\n\nToday, on the Market Call Show,  we dive into smarter tech investing, I paint a vivid picture of the current tech sector, likening it to overfished rivers where investors crowd around large-cap stocks, inflating prices and squeezing out value.\n\nWe come up with a fresh approach: focusing on smaller tech companies and early-stage private equity to achieve better diversification and risk reduction. \n\nWe explore the valuation landscape as of October 22, 2024,  shedding light on the significance of return on invested capital for predicting returns. We reveal that only a small fraction of U.S. tech companies achieve over 10% in return on invested capital, while high cash flow ratios make even profitable companies seem overvalued. \nTune in to hear why I believe looking beyond the usual tech giants can open doors to sustainable growth in this crowded market.\n\n \n\nSHOW HIGHLIGHTS\n\n\n    I explore hidden investment opportunities in the tech sector with Luis Llanes, emphasizing the value of looking beyond large-cap stocks.\n    Louis uses the metaphor of overfished rivers to describe the crowded and overvalued large-cap tech market, suggesting a shift towards small tech companies and early-stage private equity.\n    We discuss the current valuation landscape of the U.S. tech sector, highlighting that only a small percentage of companies achieve a return on invested capital above 10%.\n    Louis notes the median price to cash flow ratio for profitable tech companies is 25, indicating high valuations even among successful firms.\n    We analyze the tech sector's high median price to book ratio of 5.11 and its implications for investors.\n    The conversation touches on the challenges of navigating the crowded index world and the benefits of a bottom-up investment approach.\n    Louis discusses the impact of artificial intelligence on the tech sector, drawing parallels to the dot-com bubble and the need for risk management.\n    We consider the advantages of targeting small tech companies with strong fundamentals, profitability, and growth potential.\n    The episode emphasizes the importance of a diversified investment strategy, combining both indexing and active equity management.\n    Throughout the discussion, we encourage listeners to assess investments based on fundamentals and to be prepared for potential market volatility.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nLouis:Hi, this is Louis Llanes for the Market Call Show. Today I'm going to be talking about fishing for less crowded technology stocks and it's really a suggestion to help you reduce risk and diversify your portfolio. So I live in the beautiful state of Colorado, which offers excellent fly fishing for trout, and when I first moved here I learned that the fish on the Blue River in Silverthorne. You had to be a really good fisherman. The fish was. There was a lot of fish there. The rivers were full of trout, but it was located behind a popular outlet mall and it drew a lot of tourists to that mall. So there was a lot of men out there who would leave their wives to go shopping and they'd head down to the river and it to that mall. So there was a lot of men out there who would leave their wives to go shopping and they'd head down to the river and it made the river really crowded and you could see the trout everywhere. They were all over the place. The water was very clear and you could perfectly present your fly because we were fly fishing, you could perfectly present that fly and you could even be bumping them on the nose with the perfect fly and they would still not bite. They would just leave it alone, and that's what happens when an area is overfished. \n\nThat's what I'm feeling the tech sector feels like. The tech sector feels real similar, because there's tons of money that has been chasing these tech stocks and in the market where the large cap tech stocks dominate and the IPO market has dried up, it makes more sense to seek opportunities in less obvious places, in my opinion, like select small tech companies and early stage private equity. Instead of putting all your money into well known names that dominate the large portion of the S\u0026amp;P 500 that everybody's talking about, it's more logical to look for less crowded areas. In my opinion, there's way too much money chasing the same indexes and that's also pushing up those tech stocks, because the tech stocks represent almost a third or, depending on how you categorize tech stocks, it represents over a third even of the S\u0026amp;P 500. So here's the valuation picture today, and today is October 22nd 2024. \n\nTo put things in perspective, I ran some numbers on the US technology sector using the GIX standards. The GIX is a it's basically it's a standard for categorizing tech stocks, or really all the stocks. Now there's 638 companies that are in the technology sector in the United States, but only 21.2% have a return on invested capital above 10%. So I like to buy companies that are profitable, that have good returns on capital, because that is a big determinant of expected returns. So most companies in the tech sector right now have a negative return on invested capital. \n\nFor those with a reasonably good return on invested capital, the median price to cash flow ratio is 25.26 and the median return on invested capital is 19 in just in the tech sector. So these companies trade at a median price to book ratio of 5.11. So, based on using a multi-stage fair value calculation, which a lot of analysts would do for companies that are growing fast and then they start slowing their growth and then go into more of a steady state, if you just use reasonable expectations for companies in the tech sector, you find out that you generally rarely would be in a situation where your price to cash flow ratio is above 20. Yet the median right now is 25. So for even the most profitable tech companies they're very expensive. So, if you know, take a look at them in terms of percentile. You'll see that. You know the vast majority of the tech companies are really below the line and a lot of them are significantly below the line, like at the 10th percentile in return on invested capital. The average return on capital invested capital is like negative 27% negative 27% and even when you go to the most profitable, if you look at the decile, the top 10% of return on invested capital in the tech sector, the average return on capital is 21%. So you know, I mean we're in a situation. My main point, I guess, is that we're expensive right now. \n\nSo finding opportunity and better rivers is really what we want to do. We want to look at areas where there's a bigger return potential and maybe smaller companies are a better place to look, companies that have higher returns on capital and strong business models with smaller allocations to maybe early stage private equity, things like that, because in the index world today it's overcrowded, like we talked about. And, to make matters worse, a lot of the brokerage firms and a lot of advisors are indexing right now and a lot of people are offering a lot of like. Investment advisors are offering direct indexing, where you're able to buy the stocks directly in an index, and many RIAs or registered investment advisors they're adopting this. Registered investment advisors, they're adopting this. \n\nI see a lot of advisors who are, you know, maybe not quite as experienced, out there looking at how well indexing has done recently and kind of extrapolating that's how indexes are gonna do in the future and they're making that assumption. So they're choosing to go this way and this is really in their minds makes them feel like, hey, indexing is a no brainer and I'm not anti-indexing and I think a proportion of portfolios could be indexed. In fact, we have strategies that are a core plus, where there's some indexing and then some active. But if I look at things kind of more the investment landscape, more from a rational standpoint in terms of expected return based on fundamentals, I think you have to kind of be prepared for either a melt-up or a melt-down situation, and you hear this a lot. There's certain research firms that will talk about this melt-up concept where you have stocks running up really rapidly because we're printing money and there's money is trying to find a place to go and that's probably gonna go into stocks, and then other people say, hey, this is just the opposite. Inflation's going to get high, interest rates are going to go up and then we can have like a meltdown. So the truth of the matter is we don't know exactly which direction this is going to go, and that the best way to invest really is to have more of a bottom-up approach, where you're looking at individual businesses based on fundamentals and, like I, always talk about the quality, et cetera, et cetera. So I want to be prepared for either scenario and that means just going bottom up. Now this type of environment is kind of more ripe for volatility spikes. In fact, I've heard some analysts are expecting volatility to increase after the election. So, but volatility spikes can catch investors off guard. \n\nIn my view, it's prudent to incorporate active equity management with indexes like the core plus year bound that invests in both indexing as well as active strategies that concentrate their holdings in the active strategies. Concentrate their holdings on those stocks that have the best fundamentals and I think if investors do that, it puts you in a better position. If the market heats up, then you'll have a sensible allocation to the indexes and then you also have a fundamental approach and that blend. I would expect to have better risk-adjusted returns over time. This approach is really often what I tend to take with high net worth investors. In the active equity portion of the portfolio, I like to target companies with strong fundamentals, like I mentioned, and a real chance to outperform the index, and you don't want to have too many stocks in there because you want to have some level of concentration in that portion, and it's a great example of diversification. You could go all into one strategy, but why limit yourself? You're better off having a blend, in my opinion. \n\nNow, all the buzz right now in tech has to do with artificial intelligence, and to me that kind of echoes the dot-com bubble, and I know that history rhymes and it's not always exactly the same, but there are some corollaries. Artificial intelligence is heavily and it's clearly going to change the world. That we know. That's an easy conclusion to come to. But what's harder to know is which companies are going to be the ones who are going to be the winners, which will thrive and which will literally disappear. We have to make some educated guesses and apply risk management when dealing with artificial intelligence. So if you kind of look at the dot-com bubble, that's exactly what we saw. We knew the internet was going to be transforming everything, and here we are looking back and we say, yeah, that's exactly what happened. Yet most of those companies that had the huge valuations ended up collapsing over time and a few did very well, but overall the business became more efficient across the economy. So that increase in efficiency using the Internet boosted the entire economy in a lot of different ways and it led to a lot of new industries. And I think that's likely what's going to happen with artificial intelligence. I think AI will follow a similar path. \n\nI have charted what it looks like with the market cap as a percentage of the S\u0026amp;P 500. And if you look at the kind of the graph of that percentage, so basically how much concentration does tech represent in the S\u0026amp;P 500,? And we're near the peaks that we saw at the dot-com era. So we're not quite up there as we were. We pulled back a little bit from there, but we're pretty close. So in history you could make an argument that we're, you know, we have to be somewhat careful, you would think. So small tech companies on the positive side that meet my criteria, I think is a good way to go. \n\nI like to invest in these smaller companies that exhibit certain characteristics and I modify them somewhat for the smaller companies. But I really am looking at three categories and the first category is sentiment, which involves the shift in the brokerage firm's recommendations, the shift in the earnings. You know how well we want to see you know the estimates moving up. The company is doing better. The revenue is moving higher. There's growth in the smaller companies. We're looking for them to be moving up the market cap rank, moving from a smaller company to a larger company. \n\nThe second category I like to focus in, obviously, is quality, which includes how profitable they are. What are the returns? What are the return on invested capital and the strength of their balance sheet? And, lastly, I like to look at the valuation assessing the company's metrics compared to free cash flow, asset sales and earnings per share. You know how much are you paying for those metrics of cash flow and assets. So there's a few companies out there right now that we own. Now, in investing in these strategies, it's definitely more dynamic, and so companies can fall in and out depending on how they rank on these issues, because we're trying to focus our capital in those companies that are doing well. So there are a few companies. \n\nI don't want to necessarily mention tickers, because these are smaller companies and I don't really want to have that out there right now, but that is, and so I like to have some money there and another way to fish in kind of less crowded streams is to you know you don't want to, instead of focusing where everybody knows I'm looking for under a great like mid caps and private equity. \n\nSo I'm underweighted large cap tech names right now, and these are the names that mostly everybody knows about. They're kind of priced to perfection. So I'd like to think I'd like to hear more about what your thoughts are about this. I am bullish on technology, I'm bullish on a, I'm bullish on the United States and I'm bullish on our overall future. I think it's just a matter of saying what price, or I should say asking ourselves what price are we paying for these investments and does it make sense? So that's all for now. I hope you got some value out of this. Feel free to contact us if you have any questions about any type of investment strategies. I'm Luis Llanos, market Call Show signing out. Have a great day. \n\nOutro Sequence\nFor the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly known as Twitter, and YouTube. Go to wwwmarketcallshowcom for all our past episodes and sign up to get alerts. If you enjoy the content of this episode, please share it and comment. The information in this podcast is general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriately qualified professional prior to making a final decision. ","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/wbTWhyJdD_4?si=PHXlN4ETT0uAT2bV\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003eToday, on the Market Call Show,  we dive into smarter tech investing, I paint a vivid picture of the current tech sector, likening it to overfished rivers where investors crowd around large-cap stocks, inflating prices and squeezing out value.\u003c/p\u003e\n\n\u003cp\u003eWe come up with a fresh approach: focusing on smaller tech companies and early-stage private equity to achieve better diversification and risk reduction. \u003c/p\u003e\n\n\u003cp\u003eWe explore the valuation landscape as of October 22, 2024,  shedding light on the significance of return on invested capital for predicting returns. We reveal that only a small fraction of U.S. tech companies achieve over 10% in return on invested capital, while high cash flow ratios make even profitable companies seem overvalued. \u003cbr\u003e\nTune in to hear why I believe looking beyond the usual tech giants can open doors to sustainable growth in this crowded market.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n    \u003cli\u003eI explore hidden investment opportunities in the tech sector with Luis Llanes, emphasizing the value of looking beyond large-cap stocks.\u003c/li\u003e\n    \u003cli\u003eLouis uses the metaphor of overfished rivers to describe the crowded and overvalued large-cap tech market, suggesting a shift towards small tech companies and early-stage private equity.\u003c/li\u003e\n    \u003cli\u003eWe discuss the current valuation landscape of the U.S. tech sector, highlighting that only a small percentage of companies achieve a return on invested capital above 10%.\u003c/li\u003e\n    \u003cli\u003eLouis notes the median price to cash flow ratio for profitable tech companies is 25, indicating high valuations even among successful firms.\u003c/li\u003e\n    \u003cli\u003eWe analyze the tech sector's high median price to book ratio of 5.11 and its implications for investors.\u003c/li\u003e\n    \u003cli\u003eThe conversation touches on the challenges of navigating the crowded index world and the benefits of a bottom-up investment approach.\u003c/li\u003e\n    \u003cli\u003eLouis discusses the impact of artificial intelligence on the tech sector, drawing parallels to the dot-com bubble and the need for risk management.\u003c/li\u003e\n    \u003cli\u003eWe consider the advantages of targeting small tech companies with strong fundamentals, profitability, and growth potential.\u003c/li\u003e\n    \u003cli\u003eThe episode emphasizes the importance of a diversified investment strategy, combining both indexing and active equity management.\u003c/li\u003e\n    \u003cli\u003eThroughout the discussion, we encourage listeners to assess investments based on fundamentals and to be prepared for potential market volatility.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\n\u003cstrong\u003eLouis:\u003c/strong\u003eHi, this is Louis Llanes for the Market Call Show. Today I\u0026#39;m going to be talking about fishing for less crowded technology stocks and it\u0026#39;s really a suggestion to help you reduce risk and diversify your portfolio. So I live in the beautiful state of Colorado, which offers excellent fly fishing for trout, and when I first moved here I learned that the fish on the Blue River in Silverthorne. You had to be a really good fisherman. The fish was. There was a lot of fish there. The rivers were full of trout, but it was located behind a popular outlet mall and it drew a lot of tourists to that mall. So there was a lot of men out there who would leave their wives to go shopping and they\u0026#39;d head down to the river and it to that mall. So there was a lot of men out there who would leave their wives to go shopping and they\u0026#39;d head down to the river and it made the river really crowded and you could see the trout everywhere. They were all over the place. The water was very clear and you could perfectly present your fly because we were fly fishing, you could perfectly present that fly and you could even be bumping them on the nose with the perfect fly and they would still not bite. They would just leave it alone, and that\u0026#39;s what happens when an area is overfished. \u003c/p\u003e\n\n\u003cp\u003eThat\u0026#39;s what I\u0026#39;m feeling the tech sector feels like. The tech sector feels real similar, because there\u0026#39;s tons of money that has been chasing these tech stocks and in the market where the large cap tech stocks dominate and the IPO market has dried up, it makes more sense to seek opportunities in less obvious places, in my opinion, like select small tech companies and early stage private equity. Instead of putting all your money into well known names that dominate the large portion of the S\u0026amp;P 500 that everybody\u0026#39;s talking about, it\u0026#39;s more logical to look for less crowded areas. In my opinion, there\u0026#39;s way too much money chasing the same indexes and that\u0026#39;s also pushing up those tech stocks, because the tech stocks represent almost a third or, depending on how you categorize tech stocks, it represents over a third even of the S\u0026amp;P 500. So here\u0026#39;s the valuation picture today, and today is October 22nd 2024. \u003c/p\u003e\n\n\u003cp\u003eTo put things in perspective, I ran some numbers on the US technology sector using the GIX standards. The GIX is a it\u0026#39;s basically it\u0026#39;s a standard for categorizing tech stocks, or really all the stocks. Now there\u0026#39;s 638 companies that are in the technology sector in the United States, but only 21.2% have a return on invested capital above 10%. So I like to buy companies that are profitable, that have good returns on capital, because that is a big determinant of expected returns. So most companies in the tech sector right now have a negative return on invested capital. \u003c/p\u003e\n\n\u003cp\u003eFor those with a reasonably good return on invested capital, the median price to cash flow ratio is 25.26 and the median return on invested capital is 19 in just in the tech sector. So these companies trade at a median price to book ratio of 5.11. So, based on using a multi-stage fair value calculation, which a lot of analysts would do for companies that are growing fast and then they start slowing their growth and then go into more of a steady state, if you just use reasonable expectations for companies in the tech sector, you find out that you generally rarely would be in a situation where your price to cash flow ratio is above 20. Yet the median right now is 25. So for even the most profitable tech companies they\u0026#39;re very expensive. So, if you know, take a look at them in terms of percentile. You\u0026#39;ll see that. You know the vast majority of the tech companies are really below the line and a lot of them are significantly below the line, like at the 10th percentile in return on invested capital. The average return on capital invested capital is like negative 27% negative 27% and even when you go to the most profitable, if you look at the decile, the top 10% of return on invested capital in the tech sector, the average return on capital is 21%. So you know, I mean we\u0026#39;re in a situation. My main point, I guess, is that we\u0026#39;re expensive right now. \u003c/p\u003e\n\n\u003cp\u003eSo finding opportunity and better rivers is really what we want to do. We want to look at areas where there\u0026#39;s a bigger return potential and maybe smaller companies are a better place to look, companies that have higher returns on capital and strong business models with smaller allocations to maybe early stage private equity, things like that, because in the index world today it\u0026#39;s overcrowded, like we talked about. And, to make matters worse, a lot of the brokerage firms and a lot of advisors are indexing right now and a lot of people are offering a lot of like. Investment advisors are offering direct indexing, where you\u0026#39;re able to buy the stocks directly in an index, and many RIAs or registered investment advisors they\u0026#39;re adopting this. Registered investment advisors, they\u0026#39;re adopting this. \u003c/p\u003e\n\n\u003cp\u003eI see a lot of advisors who are, you know, maybe not quite as experienced, out there looking at how well indexing has done recently and kind of extrapolating that\u0026#39;s how indexes are gonna do in the future and they\u0026#39;re making that assumption. So they\u0026#39;re choosing to go this way and this is really in their minds makes them feel like, hey, indexing is a no brainer and I\u0026#39;m not anti-indexing and I think a proportion of portfolios could be indexed. In fact, we have strategies that are a core plus, where there\u0026#39;s some indexing and then some active. But if I look at things kind of more the investment landscape, more from a rational standpoint in terms of expected return based on fundamentals, I think you have to kind of be prepared for either a melt-up or a melt-down situation, and you hear this a lot. There\u0026#39;s certain research firms that will talk about this melt-up concept where you have stocks running up really rapidly because we\u0026#39;re printing money and there\u0026#39;s money is trying to find a place to go and that\u0026#39;s probably gonna go into stocks, and then other people say, hey, this is just the opposite. Inflation\u0026#39;s going to get high, interest rates are going to go up and then we can have like a meltdown. So the truth of the matter is we don\u0026#39;t know exactly which direction this is going to go, and that the best way to invest really is to have more of a bottom-up approach, where you\u0026#39;re looking at individual businesses based on fundamentals and, like I, always talk about the quality, et cetera, et cetera. So I want to be prepared for either scenario and that means just going bottom up. Now this type of environment is kind of more ripe for volatility spikes. In fact, I\u0026#39;ve heard some analysts are expecting volatility to increase after the election. So, but volatility spikes can catch investors off guard. \u003c/p\u003e\n\n\u003cp\u003eIn my view, it\u0026#39;s prudent to incorporate active equity management with indexes like the core plus year bound that invests in both indexing as well as active strategies that concentrate their holdings in the active strategies. Concentrate their holdings on those stocks that have the best fundamentals and I think if investors do that, it puts you in a better position. If the market heats up, then you\u0026#39;ll have a sensible allocation to the indexes and then you also have a fundamental approach and that blend. I would expect to have better risk-adjusted returns over time. This approach is really often what I tend to take with high net worth investors. In the active equity portion of the portfolio, I like to target companies with strong fundamentals, like I mentioned, and a real chance to outperform the index, and you don\u0026#39;t want to have too many stocks in there because you want to have some level of concentration in that portion, and it\u0026#39;s a great example of diversification. You could go all into one strategy, but why limit yourself? You\u0026#39;re better off having a blend, in my opinion. \u003c/p\u003e\n\n\u003cp\u003eNow, all the buzz right now in tech has to do with artificial intelligence, and to me that kind of echoes the dot-com bubble, and I know that history rhymes and it\u0026#39;s not always exactly the same, but there are some corollaries. Artificial intelligence is heavily and it\u0026#39;s clearly going to change the world. That we know. That\u0026#39;s an easy conclusion to come to. But what\u0026#39;s harder to know is which companies are going to be the ones who are going to be the winners, which will thrive and which will literally disappear. We have to make some educated guesses and apply risk management when dealing with artificial intelligence. So if you kind of look at the dot-com bubble, that\u0026#39;s exactly what we saw. We knew the internet was going to be transforming everything, and here we are looking back and we say, yeah, that\u0026#39;s exactly what happened. Yet most of those companies that had the huge valuations ended up collapsing over time and a few did very well, but overall the business became more efficient across the economy. So that increase in efficiency using the Internet boosted the entire economy in a lot of different ways and it led to a lot of new industries. And I think that\u0026#39;s likely what\u0026#39;s going to happen with artificial intelligence. I think AI will follow a similar path. \u003c/p\u003e\n\n\u003cp\u003eI have charted what it looks like with the market cap as a percentage of the S\u0026amp;P 500. And if you look at the kind of the graph of that percentage, so basically how much concentration does tech represent in the S\u0026amp;P 500,? And we\u0026#39;re near the peaks that we saw at the dot-com era. So we\u0026#39;re not quite up there as we were. We pulled back a little bit from there, but we\u0026#39;re pretty close. So in history you could make an argument that we\u0026#39;re, you know, we have to be somewhat careful, you would think. So small tech companies on the positive side that meet my criteria, I think is a good way to go. \u003c/p\u003e\n\n\u003cp\u003eI like to invest in these smaller companies that exhibit certain characteristics and I modify them somewhat for the smaller companies. But I really am looking at three categories and the first category is sentiment, which involves the shift in the brokerage firm\u0026#39;s recommendations, the shift in the earnings. You know how well we want to see you know the estimates moving up. The company is doing better. The revenue is moving higher. There\u0026#39;s growth in the smaller companies. We\u0026#39;re looking for them to be moving up the market cap rank, moving from a smaller company to a larger company. \u003c/p\u003e\n\n\u003cp\u003eThe second category I like to focus in, obviously, is quality, which includes how profitable they are. What are the returns? What are the return on invested capital and the strength of their balance sheet? And, lastly, I like to look at the valuation assessing the company\u0026#39;s metrics compared to free cash flow, asset sales and earnings per share. You know how much are you paying for those metrics of cash flow and assets. So there\u0026#39;s a few companies out there right now that we own. Now, in investing in these strategies, it\u0026#39;s definitely more dynamic, and so companies can fall in and out depending on how they rank on these issues, because we\u0026#39;re trying to focus our capital in those companies that are doing well. So there are a few companies. \u003c/p\u003e\n\n\u003cp\u003eI don\u0026#39;t want to necessarily mention tickers, because these are smaller companies and I don\u0026#39;t really want to have that out there right now, but that is, and so I like to have some money there and another way to fish in kind of less crowded streams is to you know you don\u0026#39;t want to, instead of focusing where everybody knows I\u0026#39;m looking for under a great like mid caps and private equity. \u003c/p\u003e\n\n\u003cp\u003eSo I\u0026#39;m underweighted large cap tech names right now, and these are the names that mostly everybody knows about. They\u0026#39;re kind of priced to perfection. So I\u0026#39;d like to think I\u0026#39;d like to hear more about what your thoughts are about this. I am bullish on technology, I\u0026#39;m bullish on a, I\u0026#39;m bullish on the United States and I\u0026#39;m bullish on our overall future. I think it\u0026#39;s just a matter of saying what price, or I should say asking ourselves what price are we paying for these investments and does it make sense? So that\u0026#39;s all for now. I hope you got some value out of this. Feel free to contact us if you have any questions about any type of investment strategies. I\u0026#39;m Luis Llanos, market Call Show signing out. Have a great day. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOutro Sequence\u003c/strong\u003e\u003cbr\u003e\nFor the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly known as Twitter, and YouTube. Go to wwwmarketcallshowcom for all our past episodes and sign up to get alerts. If you enjoy the content of this episode, please share it and comment. The information in this podcast is general in nature and does not take into consideration the listener\u0026#39;s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriately qualified professional prior to making a final decision. \u003c/p\u003e","summary":"Today, on the Market Call Show,  we dive into smarter tech investing, I paint a vivid picture of the current tech sector, likening it to overfished rivers where investors crowd around large-cap stocks, inflating prices and squeezing out value.\r\n\r\nWe come up with a fresh approach: focusing on smaller tech companies and early-stage private equity to achieve better diversification and risk reduction. \r\n\r\nWe explore the valuation landscape as of October 22, 2024,  shedding light on the significance of return on invested capital for predicting returns. We reveal that only a small fraction of U.S. tech companies achieve over 10% in return on invested capital, while high cash flow ratios make even profitable companies seem overvalued. \r\nTune in to hear why I believe looking beyond the usual tech giants can open doors to sustainable growth in this crowded market.","date_published":"2024-11-03T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/9446c1a5-79d8-4ba9-a55d-bd10596e04a0.mp3","mime_type":"audio/mpeg","size_in_bytes":13672314,"duration_in_seconds":799}]},{"id":"32e01f86-4592-4606-819f-bc5b013739f3","title":"Are You Leaving Money On the Table? | Ep 94","url":"https://podcast.pathtorealwealth.com/094","content_text":"\n\nToday, on the Market Call Show, we're uncovering three powerful yet underutilized strategies that could revolutionize your retirement savings approach.\n\nWe dive deep into the world of the mega backdoor Roth IRA, revealing how high-income earners can bypass traditional contribution limits and potentially save thousands in taxes over time.\n\nNext, we explore the often-overlooked realm of self-directed investment options within 401(k) plans. Using examples from industry giants like Fidelity and Charles Schwab, we illustrate how these tools can dramatically expand your investment choices and potentially boost returns.\n\nDrawing from years of experience in wealth management, I share insights on the critical importance of asset location. We discuss how strategic placement of investments across various account types can significantly reduce your tax burden and enhance overall portfolio performance.\n\nAs we navigate through these complex strategies, we emphasize the value of holistic financial planning. Whether you're a seasoned investor or just starting to take control of your retirement savings, these techniques offer a roadmap that focuses on wealth accumulation.\n\n \n\nSHOW HIGHLIGHTS\n\n\n  I discussed the concept of a \"mega backdoor Roth IRA,\" which allows for substantial after-tax contributions to a Roth IRA, even for high-income earners.\n  Explained the different types of 401k contributions: pre-tax or traditional, Roth, and after-tax, emphasizing the importance of checking if your plan supports after-tax contributions.\n  Detailed the steps required to maximize contributions using the mega backdoor Roth IRA strategy, including the need to max out regular 401k contributions and then contribute additional after-tax dollars.\n  Highlighted the overall 401k contribution limits for 2024, which are $66,000 for those under 50 and $73,500 for those over 50, including all sources of contributions.\n  Outlined the advantages of the mega backdoor Roth IRA strategy, such as high Roth contributions, tax-free growth, bypassing income restrictions, and avoiding required minimum distributions (RMDs).\n  Discussed the potential disadvantages of the mega backdoor Roth IRA strategy, including plan limitations, tax complexity, contribution limits, and immediate taxes on gains if not converted promptly.\n  Introduced the concept of a self-directed 401k investment strategy, which allows for greater investment flexibility and the potential for higher returns through options like Fidelity Brokerage Link or Charles Schwab PCRA.\n  Emphasized the importance of checking plan eligibility for self-directed investment options and the benefits of utilizing investment advisors for managing these accounts.\n  Explained the concept of asset location, stressing the importance of placing tax-inefficient investments in tax-deferred or tax-free accounts to optimize tax management and overall returns.\n  Highlighted the use of technology and advisory expertise to integrate retirement accounts into a comprehensive financial plan, improve tax efficiency, and optimize rebalancing strategies.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nLouis: Welcome to the Market Call Show, where we discuss investing wisely and living well. Tune in every Thursday to Apple Podcasts, Spotify, Google Play or subscribe on YouTube.\n\nHi there and welcome to the Market Call Show. This is Louis Llanes. Today, I'm going to ask you a question: Are you leaving money on the table? Are you leaving money on the table when it comes to your retirement accounts? This is one of the things that I've found to be very common. A lot of people don't understand some of the strategies they could be doing that could increase their wealth, lower their tax bill and, overall, make their financial plans much better, in particular, for those people who have high income and are really in a situation where they're trying to maximize their retirement accounts.\n\nSo let me just kind of set the stage about what I'm talking about here. There's really three less known strategies with your retirement accounts that can significantly help you build more wealth, create more income for longer and save on taxes. And basically what's happening is most people who have built capital in their 401k and now it's grown to a significant amount of their net worth, they really become to rely and will need to rely on these funds for future income.\n\nSo typically these people are high income earners and they have high income taxes, and one of the things that's concerning now is many people are concerned that taxes could increase, especially since the sunset rules may be ending, you know, so that we may see that the tax rates will be bumped up automatically. And also inflation has been raising income brackets for a lot of people. So this is not talked a lot about, but it's really happening and I see it every day when we're working with clients where their incomes are going higher because of inflation.\n\nJust to stay even, incomes have to go up, but the tax rate brackets stay the same, so the cutoffs, the amount of income that you need for each tax bracket, doesn't really change. So in essence, everybody's tax rates go up because as you make more income, the tax rates go up, so that that creep in an income tax rate increase is also affecting many people. We have a lot of uncertainty in capital gains tax and income taxes. Next year there's a lot of election uncertainty and that's also leading me to want to get this out there and hopefully this can help you.\n\nYou know, when you have money in your retirement account, one of the basic things that I'm sure you understand. Most people do understand that all of the money that you take out from your retirement accounts when you retire is taxable as income. It's taxed to your income tax bracket. That bracket may be higher than the capital gains tax rate, depending on how things turn out.\n\nSo I want to talk about these three strategies. You may have heard of them, you may not have, but I want to make sure that we cover them because they can mean a lot of money in your pocket.\n\nThe first one some people call it the mega backdoor Roth IRA. This is an advanced retirement strategy. It allows you, as an income earner, to contribute substantial amount of after-tax dollars into a Roth IRA, even if you exceed the typical income limits for a Roth contribution. So here's a breakdown of how this concept works and its pros and cons.\n\nThe first thing is a 401k contribution has different types. You can contribute into a 401k into three different ways. First is pre-tax or traditional contributions. The second is going to be a Roth or after-tax contribution. And then there's after-tax. It's different from Roth. It's not common in all plans, so you have to check to see if in your plan you can do an after-tax contribution as well. Most big plans that we see, or sizable plans, do allow for this, so you'll have to check to see if that is available to you.\n\nSo the second thing is the mega backdoor. Roth has a few steps that you have to take in order to maximize your contributions and get the most tax benefit. The first step is you max out your regular 401k contributions. So, for example, in 2024, this is $23,000 per year if you're under 50. If you're over 50, it's $30,000. And your employee contributions, whether pre-tax or Roth, that is your maximum contribution you can put in.\n\nBut the second step is really important. You can contribute additional after-tax dollars in your plan. So some employers allow for after-tax contributions above that standard $23,000 or $30,000 limit. The overall 401k contribution limit in 2024 is $66,000. That's if you sum them up and that's if you're under 50. If you're over 50, it's $73,500 in 2024. So this includes all sources your employee contribution, your employer match and any after-tax contributions.\n\nSo a lot of people think that limit is only $23,000 to $30,000. For many plans, if you add it up to the total contribution limit, including after-tax contributions, you could get that number to be significantly more. In fact it's over double the amount. So that's important to understand and over time you can significantly increase your tax savings.\n\nSo now here's the other thing. The third step here that I want to talk about really is the kicker. If you perform an in-plan Roth conversion or roll the after-tax contributions into your Roth IRA, this allows these contributions and their earnings to grow tax-free.\n\nSo let's just use an example: Assume in 2024, you contributed the maximum $23,000 in pre-tax contributions to your 401k and then your employer contributed another, let's say, $10,000 in a match. That leaves you with room to contribute another $33,000 in after-tax dollars and that would give you that total of $66,000. You can then convert these after-tax contribution to a Roth or a Roth 401k and if you do that immediately, you will not have a gain problem. It's very important to understand that.\n\nSo let's talk about who can do this. First of all, the employer plan must be compatible. Not all 401k plans allow after-tax contributions but I must say many, many do. So it's important to check. Some don't offer in-plan Roth conversions, so you'll need to check with your plan to make sure they have these features. But if they do, that could be a goldmine for you.\n\nSecond is the income limit income limits. The backdoor strategy bypasses those income limits that normally restrict Roth IRA contributions. Anyone can use this strategy, regardless of your income level, as long as your 401k plan permits it. So that's a big boon because there's many high income earners who can't put money in a Roth IRA. This will allow you to get more money in a Roth IRA which is tax-free, and tax-free is a big deal, especially if tax rates go up.\n\nSo let's talk about what the advantages are. Obviously, high Roth contributions. It allows contributions far above that regular Roth IRA limit, which is only $6,500 in 2024 and $7,500 if you're over 50. So that's the first advantage. Second is it's tax-free growth. So once you convert that money to your Roth IRA, both of the contributions and future earnings growth are tax-free, and that can compound significantly over time.\n\nNumber three you bypass income restrictions, so high income earners who normally can't contribute to a Roth IRA due to income limits can use this mega backdoor Roth strategy to fund Roth accounts. Fourth, your Roth IRA advantages. Roth IRAs do not have required minimum distributions, also known as RMDs. This gives you flexibility for retirement withdrawals. Many people are stuck and they have to take those withdrawals. I look at our clients that are retired and you know, when we pull that plan up, we just know we're going to be paying taxes on those RMDs no matter what, and this gives you some flexibility so that you don't have to take those RMDs out.\n\nSo there are, however, disadvantages: First, plan limitations. Not all 401ks allow for you to have that tax contribution. You know you may not be able to use this strategy if it doesn't offer it. And second is there's tax complexity on after-tax contributions before conversion which may be subject to tax. So it's important that you do these conversions at the right time, the right amounts, so that you can avoid paying extra taxes.\n\nAlso, you have the contribution limits. You still may be limited to your overall amounts and you have to make sure that that includes your employer match. So the strategy only works for those who can afford to contribute significant amounts of after-tax dollars. So this is for high-income earners typically.\n\nSo fourth, immediate taxes on gains. Any gains on that after-tax contribution before you convert may be taxable when you roll those funds into that Roth IRA. So it's important to roll it quickly so that you don't have those gains. If you wait a long time and you have a big move up in your value, then that could be taxed. That's not good, so you want to avoid that.\n\nSo now we talked about the 2024 limits on the employer-employee. We've also talked about that. You can get a lot more money in, so this is a significant strategy. This is the first strategy I wanted to mention. If you're not doing this and you qualify for it, your plan qualifies. I'd check it out and see if that's something you want to do. So in summary, that's great for high earners and to get more money tax free.\n\nNow I want to talk about the second strategy. This is one that we bump into a lot, so a lot of the larger plans. They allow you to do what's called a self-directed investment strategy in your 401k money. So typically, when you put money into your 401k or your retirement account, they give you a list of funds that you could choose from and they're many times rather limited and they generally are invested in just your core type of investments like large cap, mid cap, small cap, all United States stock. There might be like a Barclays global bond or maybe just a domestic Barclays bond index, and typically there's money funds or other types of secure, guaranteed return type investments that pay lower yields but have no ability and have stability in the value. In fact, a lot of times they're called stable value funds.\n\nYou might have some international developed and a lot of times you're seeing them being indexed. You might have emerging markets in there and if you're lucky you might have some real estate and gold and things like that, but that's typically not in many plans, so you have some limitations with most 401K plans. So you have some limitations with most 401k plans, but if you check in the fine print, you might have the ability to do a self-directed IRA.\n\nNow I'm just going to mention two of the major brokerage firms that you typically see with these. Typically, if your retirement plan is at Fidelity, they have what's called a brokerage link and with a brokerage link account you basically are opening up a regular brokerage account that you can invest in a broad range of mutual funds stocks, bonds, ETFs you know, really like a brokerage account, because it is a brokerage account but it's still linked to your 401k. So it is a 401k account but you have self-control to be able to, or self-direction to be able to invest those funds in a much better way.\n\nNow you can also use investment advisors, like we managed PCRA accounts or brokerage link accounts as well. So Charles Schwab's version of this is called a PCRA. They have some differences in how they're put together, but they're basically the same thing.\n\nSo let me tell you a little bit about how this works. In a self-directed account, when you opt into that brokerage link, for example, a portion or all of your retirement assets are moved into a self-directed brokerage account within Fidelity or Schwab, if it's a PCRA, and then you get expanded investment choices so you can now invest in, like I said, stocks, bonds, ETFs across the board. You can get much more diversification and, on the account management side, you can manage this account yourself or you can have an investment advisor or a money manager help you manage that and that you know that would really take a load off of you for the buying and selling decisions, decisions, rebalancing, and you can get your account more suitable for your particular situation.\n\nBecause, depending on what your assets are outside of the 401k you might it might be better for you to have a different allocation than is available to you. If you just did a normal 401k, if you didn't have self-directed, you wouldn't have the ability to customize and make that allocation excuse me, make that allocation right for you. So that's the big advantage. You have greater investment flexibility. You have potentially higher returns, especially if you have expertise or if you have advisors who have the expertise to help you construct a better portfolio for you. And you get better diversification because your asset classes that you can invest in the sectors the security selection is much wider.\n\nSo what's the downside to this? Well, there's more complexity. You know self-directed investments add complexity. You have to monitor and manage these investments. That's why using an investment advisor or money manager to help you can be very helpful. If you like to do it yourself, then it could be good for you as well, but it could be time consuming and require a strong understanding of the financial markets.\n\nSo if you don't have the time or inclination to do that, obviously you could use an advisor to help you with that, but it also can increase your risk. If you do it on your own and maybe you're not up to speed about what the risks are of all these investments, there's the danger that you don't do well with it because your portfolio is not managed in a way that's sound. So it's important that when you invest in individual stocks or sectors or other funds, that you know how to construct a good portfolio and it's cohesive with your financial plan.\n\nThere could be some additional fees. Some investments may have trading fees or they may have management fees that are associated with them. So you have to see what those fees are. Now when you look at the brokerage for the two I mentioned, Fidelity and Schwab, they tend to have very reasonable fees and if you do security selection correctly, you know typically there's not a commission per se on the like an explicit commission on buying stocks and bonds, and many of the exchange traded funds don't have commissions and they have very low fees. So you can really get around a lot of the fee issues.\n\nSo who should use a brokerage link? I would say it's either experienced investors who are more suitable for it. If it represents a big part of your portfolio, like if you've been putting a lot of money there away, there that becomes an important part of your plan. That could also really give you a strong case to use a brokerage link because you want to take better care of those assets. And it's also good if you have advisors that can help you seek customization so you can build a tailored portfolio that your standard employer plan just can't give you and the benefits and features are much more broad.\n\nSo how would you access a brokerage link? The first thing you'd need to do is you need to or PCRA, by the way. First thing you need to do is you need to check your plan eligibility right. Not all employers offer it. Then you would open up a brokerage link account and then you would fund, you would transfer those money and you would fund it over and then you could invest it. So that's a good way to go. Look at, look for the see if your plan has those self-directed plans, particularly with Fidelity Brokerage Link or Personal Choice Retirement Account, PCRA for Charles Schwab. Those are, those are a good thing and not underutilized benefit that you may benefit significantly from.\n\nOkay, so now let's move on to the last strategy that I wanted to mention to you and that actually has to do with wait for it Asset location, all right. So one of the most important things to understand is that and you probably already understand this, I'm beating a dead horse, but I have to say it taxes are so important to your returns. There's lots of studies out there trying to estimate how much of your return is dragged down, pulled down by taxes, and on average, you see the number estimated to be anywhere from one to 3% of your returns. So it could be a lot and some people go well, that's not that big of a deal. Well, over time, that adds up to a lot of money.\n\nSo managing taxes is really important and in doing that, it's important to be able to have strategies. There's many different ways for managing taxes and this is not a tax strategy only podcast, so I want to talk about it in particular, with the 401k, and we've already talked about conversions, right, converting to the Roth. Now I want to talk more about asset location.\n\nSo there are certain investments that are better suited to be in a tax deferred account or tax free account, and that has to do with how much taxation those investments spin up. So if you have. You know when you look at your total portfolio, if you have a balanced portfolio that is invested properly, with good diversification, you're going to have some investments that spin off more taxes than others. For example, high dividend yield paying stocks tend to spin off more taxes because those dividends are taxed. Taxable bonds that generate interest, that will be more taxable, that will cause more taxes. Or if you have investments like, say, private credit, which is a good asset class to consider, where you can get higher yields than traditional bonds, and then you can access those in the private markets, have them in your investments and then you could put those tax free so that you're not paying taxes on all that interest. So those are just a few examples of the types of investments that you would want to or consider having located in your retirement accounts.\nSo when you look at your total picture and it's really related to how much you have outside of your, how much investments you have outside of your qualified plans, your retirement accounts, and you know what your balance is. Do you have rental real estate? So it requires a holistic view of your situation.\n\nNow one of the most powerful things that you can do is there is technology now where you can analyze your total picture, including your investments inside your retirement accounts and outside, and make some asset allocation decisions to optimize your taxes and optimize your returns. So typically, if you combined this type of technology which allows you to look inside. For example, we as investment managers, we have access to these tools we can look inside any of these plans and see what are the options that are available. You have a list of options. Okay, what are those options? And we can look at the holdings-based analysis down to the holdings level. What does that portfolio look like if we structured it in different ways?\n\nAnd if you look at that, you can really tailor your investment portfolio of your retirement accounts to your whole picture. So instead of just isolating each investment, it's better and more sound to look at the whole picture. So it gives you better tax management, gives you better integration into your total financial plan and gives you a comprehensive look. So this is probably the biggest advantage of using technology to look at that. And also, with this technology, you can also get the advisory expertise. You can also get fund selection that's more detailed and you get portfolio rebalancing.\n\nSo one of the biggest advantages to having a well-run strategy is having a system on how you're going to rebalance your investments. There are different ways to rebalance. You have time-based, where you just do it based on the calendar. You know every quarter, for example, or every year, you you know if stocks went up versus bonds and you sell off some stocks and buy some bonds or vice versa. You can do it based on time or the calendar, or you can do it based on volatility. So if you have a target allocation and it moves a certain percentage above or below what your target is, then that would be a triggering event that would cause a rebalance. There's some studies that show that that can be advantageous relative to calendar based, because it's based more on, you know, changes in the risk return profile of the overall portfolio. So having that rebalancing capability is really important.\nSo this is really more about a technology, strategic way of thinking about and managing your retirement account in the context of your overall portfolio and also you can optimize that to your specific goals and risk tolerance. Risk tolerance is a big part of it and your retirement timeline. So with the retirement timeline, what you're you know, everybody's situation is different. So you may it may be optimal for you to first start taking income from your taxable accounts or from it may make more sense to take some from Social Security first or from an annuity first or from a pension first. There's a lot of different variables for different people.\n\nMaybe you should take it from your tax-deferred account first as a default that's not the best way to go usually. Or it may be better for you to take a ratio income that's prorated over certain accounts and that requires full financial planning to understand what's optimal for you because everybody's different. But getting that tax and investment efficiency, getting the ongoing monitoring and rebalancing, improving your risk management that is the biggest benefit of using these types of technologies.\n\nSo I want to summarize here. These are three of the what I would consider least utilized, most important things that a lot of people can do where you're leaving money on the table with your retirement accounts. First is the contribution and conversion strategies that I mentioned. That allows you to put more money away. Perhaps that makes sense for you. The other would be self-directed either a PCRA, a brokerage link or anything like that, and utilizing expertise to get that done correctly. And then also tax location, using a holistic investment allocation that can lower your tax bill and give you longer term investment results.\n\nSo that is pretty much it for this podcast today. I guess my suggestion to you is to check these things out and see if they can work for you and if you want any assistance on that. As always, you can always reach out to us and we'd be happy to answer any questions for you as to how you can best get this done for your situation. That's all for now. Thanks for tuning in and we'll talk to you later.","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/Npd1NLDCa-E?si=1kQynU2gF8EkTg8j\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003eToday, on the Market Call Show, we\u0026#39;re uncovering three powerful yet underutilized strategies that could revolutionize your retirement savings approach.\u003c/p\u003e\n\n\u003cp\u003eWe dive deep into the world of the mega backdoor Roth IRA, revealing how high-income earners can bypass traditional contribution limits and potentially save thousands in taxes over time.\u003c/p\u003e\n\n\u003cp\u003eNext, we explore the often-overlooked realm of self-directed investment options within 401(k) plans. Using examples from industry giants like Fidelity and Charles Schwab, we illustrate how these tools can dramatically expand your investment choices and potentially boost returns.\u003c/p\u003e\n\n\u003cp\u003eDrawing from years of experience in wealth management, I share insights on the critical importance of asset location. We discuss how strategic placement of investments across various account types can significantly reduce your tax burden and enhance overall portfolio performance.\u003c/p\u003e\n\n\u003cp\u003eAs we navigate through these complex strategies, we emphasize the value of holistic financial planning. Whether you\u0026#39;re a seasoned investor or just starting to take control of your retirement savings, these techniques offer a roadmap that focuses on wealth accumulation.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n  \u003cli\u003eI discussed the concept of a \"mega backdoor Roth IRA,\" which allows for substantial after-tax contributions to a Roth IRA, even for high-income earners.\u003c/li\u003e\n  \u003cli\u003eExplained the different types of 401k contributions: pre-tax or traditional, Roth, and after-tax, emphasizing the importance of checking if your plan supports after-tax contributions.\u003c/li\u003e\n  \u003cli\u003eDetailed the steps required to maximize contributions using the mega backdoor Roth IRA strategy, including the need to max out regular 401k contributions and then contribute additional after-tax dollars.\u003c/li\u003e\n  \u003cli\u003eHighlighted the overall 401k contribution limits for 2024, which are $66,000 for those under 50 and $73,500 for those over 50, including all sources of contributions.\u003c/li\u003e\n  \u003cli\u003eOutlined the advantages of the mega backdoor Roth IRA strategy, such as high Roth contributions, tax-free growth, bypassing income restrictions, and avoiding required minimum distributions (RMDs).\u003c/li\u003e\n  \u003cli\u003eDiscussed the potential disadvantages of the mega backdoor Roth IRA strategy, including plan limitations, tax complexity, contribution limits, and immediate taxes on gains if not converted promptly.\u003c/li\u003e\n  \u003cli\u003eIntroduced the concept of a self-directed 401k investment strategy, which allows for greater investment flexibility and the potential for higher returns through options like Fidelity Brokerage Link or Charles Schwab PCRA.\u003c/li\u003e\n  \u003cli\u003eEmphasized the importance of checking plan eligibility for self-directed investment options and the benefits of utilizing investment advisors for managing these accounts.\u003c/li\u003e\n  \u003cli\u003eExplained the concept of asset location, stressing the importance of placing tax-inefficient investments in tax-deferred or tax-free accounts to optimize tax management and overall returns.\u003c/li\u003e\n  \u003cli\u003eHighlighted the use of technology and advisory expertise to integrate retirement accounts into a comprehensive financial plan, improve tax efficiency, and optimize rebalancing strategies.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\n\u003cstrong\u003eLouis:\u003c/strong\u003e Welcome to the Market Call Show, where we discuss investing wisely and living well. Tune in every Thursday to Apple Podcasts, Spotify, Google Play or subscribe on YouTube.\u003c/p\u003e\n\n\u003cp\u003eHi there and welcome to the Market Call Show. This is Louis Llanes. Today, I\u0026#39;m going to ask you a question: Are you leaving money on the table? Are you leaving money on the table when it comes to your retirement accounts? This is one of the things that I\u0026#39;ve found to be very common. A lot of people don\u0026#39;t understand some of the strategies they could be doing that could increase their wealth, lower their tax bill and, overall, make their financial plans much better, in particular, for those people who have high income and are really in a situation where they\u0026#39;re trying to maximize their retirement accounts.\u003c/p\u003e\n\n\u003cp\u003eSo let me just kind of set the stage about what I\u0026#39;m talking about here. There\u0026#39;s really three less known strategies with your retirement accounts that can significantly help you build more wealth, create more income for longer and save on taxes. And basically what\u0026#39;s happening is most people who have built capital in their 401k and now it\u0026#39;s grown to a significant amount of their net worth, they really become to rely and will need to rely on these funds for future income.\u003c/p\u003e\n\n\u003cp\u003eSo typically these people are high income earners and they have high income taxes, and one of the things that\u0026#39;s concerning now is many people are concerned that taxes could increase, especially since the sunset rules may be ending, you know, so that we may see that the tax rates will be bumped up automatically. And also inflation has been raising income brackets for a lot of people. So this is not talked a lot about, but it\u0026#39;s really happening and I see it every day when we\u0026#39;re working with clients where their incomes are going higher because of inflation.\u003c/p\u003e\n\n\u003cp\u003eJust to stay even, incomes have to go up, but the tax rate brackets stay the same, so the cutoffs, the amount of income that you need for each tax bracket, doesn\u0026#39;t really change. So in essence, everybody\u0026#39;s tax rates go up because as you make more income, the tax rates go up, so that that creep in an income tax rate increase is also affecting many people. We have a lot of uncertainty in capital gains tax and income taxes. Next year there\u0026#39;s a lot of election uncertainty and that\u0026#39;s also leading me to want to get this out there and hopefully this can help you.\u003c/p\u003e\n\n\u003cp\u003eYou know, when you have money in your retirement account, one of the basic things that I\u0026#39;m sure you understand. Most people do understand that all of the money that you take out from your retirement accounts when you retire is taxable as income. It\u0026#39;s taxed to your income tax bracket. That bracket may be higher than the capital gains tax rate, depending on how things turn out.\u003c/p\u003e\n\n\u003cp\u003eSo I want to talk about these three strategies. You may have heard of them, you may not have, but I want to make sure that we cover them because they can mean a lot of money in your pocket.\u003c/p\u003e\n\n\u003cp\u003eThe first one some people call it the mega backdoor Roth IRA. This is an advanced retirement strategy. It allows you, as an income earner, to contribute substantial amount of after-tax dollars into a Roth IRA, even if you exceed the typical income limits for a Roth contribution. So here\u0026#39;s a breakdown of how this concept works and its pros and cons.\u003c/p\u003e\n\n\u003cp\u003eThe first thing is a 401k contribution has different types. You can contribute into a 401k into three different ways. First is pre-tax or traditional contributions. The second is going to be a Roth or after-tax contribution. And then there\u0026#39;s after-tax. It\u0026#39;s different from Roth. It\u0026#39;s not common in all plans, so you have to check to see if in your plan you can do an after-tax contribution as well. Most big plans that we see, or sizable plans, do allow for this, so you\u0026#39;ll have to check to see if that is available to you.\u003c/p\u003e\n\n\u003cp\u003eSo the second thing is the mega backdoor. Roth has a few steps that you have to take in order to maximize your contributions and get the most tax benefit. The first step is you max out your regular 401k contributions. So, for example, in 2024, this is $23,000 per year if you\u0026#39;re under 50. If you\u0026#39;re over 50, it\u0026#39;s $30,000. And your employee contributions, whether pre-tax or Roth, that is your maximum contribution you can put in.\u003c/p\u003e\n\n\u003cp\u003eBut the second step is really important. You can contribute additional after-tax dollars in your plan. So some employers allow for after-tax contributions above that standard $23,000 or $30,000 limit. The overall 401k contribution limit in 2024 is $66,000. That\u0026#39;s if you sum them up and that\u0026#39;s if you\u0026#39;re under 50. If you\u0026#39;re over 50, it\u0026#39;s $73,500 in 2024. So this includes all sources your employee contribution, your employer match and any after-tax contributions.\u003c/p\u003e\n\n\u003cp\u003eSo a lot of people think that limit is only $23,000 to $30,000. For many plans, if you add it up to the total contribution limit, including after-tax contributions, you could get that number to be significantly more. In fact it\u0026#39;s over double the amount. So that\u0026#39;s important to understand and over time you can significantly increase your tax savings.\u003c/p\u003e\n\n\u003cp\u003eSo now here\u0026#39;s the other thing. The third step here that I want to talk about really is the kicker. If you perform an in-plan Roth conversion or roll the after-tax contributions into your Roth IRA, this allows these contributions and their earnings to grow tax-free.\u003c/p\u003e\n\n\u003cp\u003eSo let\u0026#39;s just use an example: Assume in 2024, you contributed the maximum $23,000 in pre-tax contributions to your 401k and then your employer contributed another, let\u0026#39;s say, $10,000 in a match. That leaves you with room to contribute another $33,000 in after-tax dollars and that would give you that total of $66,000. You can then convert these after-tax contribution to a Roth or a Roth 401k and if you do that immediately, you will not have a gain problem. It\u0026#39;s very important to understand that.\u003c/p\u003e\n\n\u003cp\u003eSo let\u0026#39;s talk about who can do this. First of all, the employer plan must be compatible. Not all 401k plans allow after-tax contributions but I must say many, many do. So it\u0026#39;s important to check. Some don\u0026#39;t offer in-plan Roth conversions, so you\u0026#39;ll need to check with your plan to make sure they have these features. But if they do, that could be a goldmine for you.\u003c/p\u003e\n\n\u003cp\u003eSecond is the income limit income limits. The backdoor strategy bypasses those income limits that normally restrict Roth IRA contributions. Anyone can use this strategy, regardless of your income level, as long as your 401k plan permits it. So that\u0026#39;s a big boon because there\u0026#39;s many high income earners who can\u0026#39;t put money in a Roth IRA. This will allow you to get more money in a Roth IRA which is tax-free, and tax-free is a big deal, especially if tax rates go up.\u003c/p\u003e\n\n\u003cp\u003eSo let\u0026#39;s talk about what the advantages are. Obviously, high Roth contributions. It allows contributions far above that regular Roth IRA limit, which is only $6,500 in 2024 and $7,500 if you\u0026#39;re over 50. So that\u0026#39;s the first advantage. Second is it\u0026#39;s tax-free growth. So once you convert that money to your Roth IRA, both of the contributions and future earnings growth are tax-free, and that can compound significantly over time.\u003c/p\u003e\n\n\u003cp\u003eNumber three you bypass income restrictions, so high income earners who normally can\u0026#39;t contribute to a Roth IRA due to income limits can use this mega backdoor Roth strategy to fund Roth accounts. Fourth, your Roth IRA advantages. Roth IRAs do not have required minimum distributions, also known as RMDs. This gives you flexibility for retirement withdrawals. Many people are stuck and they have to take those withdrawals. I look at our clients that are retired and you know, when we pull that plan up, we just know we\u0026#39;re going to be paying taxes on those RMDs no matter what, and this gives you some flexibility so that you don\u0026#39;t have to take those RMDs out.\u003c/p\u003e\n\n\u003cp\u003eSo there are, however, disadvantages: First, plan limitations. Not all 401ks allow for you to have that tax contribution. You know you may not be able to use this strategy if it doesn\u0026#39;t offer it. And second is there\u0026#39;s tax complexity on after-tax contributions before conversion which may be subject to tax. So it\u0026#39;s important that you do these conversions at the right time, the right amounts, so that you can avoid paying extra taxes.\u003c/p\u003e\n\n\u003cp\u003eAlso, you have the contribution limits. You still may be limited to your overall amounts and you have to make sure that that includes your employer match. So the strategy only works for those who can afford to contribute significant amounts of after-tax dollars. So this is for high-income earners typically.\u003c/p\u003e\n\n\u003cp\u003eSo fourth, immediate taxes on gains. Any gains on that after-tax contribution before you convert may be taxable when you roll those funds into that Roth IRA. So it\u0026#39;s important to roll it quickly so that you don\u0026#39;t have those gains. If you wait a long time and you have a big move up in your value, then that could be taxed. That\u0026#39;s not good, so you want to avoid that.\u003c/p\u003e\n\n\u003cp\u003eSo now we talked about the 2024 limits on the employer-employee. We\u0026#39;ve also talked about that. You can get a lot more money in, so this is a significant strategy. This is the first strategy I wanted to mention. If you\u0026#39;re not doing this and you qualify for it, your plan qualifies. I\u0026#39;d check it out and see if that\u0026#39;s something you want to do. So in summary, that\u0026#39;s great for high earners and to get more money tax free.\u003c/p\u003e\n\n\u003cp\u003eNow I want to talk about the second strategy. This is one that we bump into a lot, so a lot of the larger plans. They allow you to do what\u0026#39;s called a self-directed investment strategy in your 401k money. So typically, when you put money into your 401k or your retirement account, they give you a list of funds that you could choose from and they\u0026#39;re many times rather limited and they generally are invested in just your core type of investments like large cap, mid cap, small cap, all United States stock. There might be like a Barclays global bond or maybe just a domestic Barclays bond index, and typically there\u0026#39;s money funds or other types of secure, guaranteed return type investments that pay lower yields but have no ability and have stability in the value. In fact, a lot of times they\u0026#39;re called stable value funds.\u003c/p\u003e\n\n\u003cp\u003eYou might have some international developed and a lot of times you\u0026#39;re seeing them being indexed. You might have emerging markets in there and if you\u0026#39;re lucky you might have some real estate and gold and things like that, but that\u0026#39;s typically not in many plans, so you have some limitations with most 401K plans. So you have some limitations with most 401k plans, but if you check in the fine print, you might have the ability to do a self-directed IRA.\u003c/p\u003e\n\n\u003cp\u003eNow I\u0026#39;m just going to mention two of the major brokerage firms that you typically see with these. Typically, if your retirement plan is at Fidelity, they have what\u0026#39;s called a brokerage link and with a brokerage link account you basically are opening up a regular brokerage account that you can invest in a broad range of mutual funds stocks, bonds, ETFs you know, really like a brokerage account, because it is a brokerage account but it\u0026#39;s still linked to your 401k. So it is a 401k account but you have self-control to be able to, or self-direction to be able to invest those funds in a much better way.\u003c/p\u003e\n\n\u003cp\u003eNow you can also use investment advisors, like we managed PCRA accounts or brokerage link accounts as well. So Charles Schwab\u0026#39;s version of this is called a PCRA. They have some differences in how they\u0026#39;re put together, but they\u0026#39;re basically the same thing.\u003c/p\u003e\n\n\u003cp\u003eSo let me tell you a little bit about how this works. In a self-directed account, when you opt into that brokerage link, for example, a portion or all of your retirement assets are moved into a self-directed brokerage account within Fidelity or Schwab, if it\u0026#39;s a PCRA, and then you get expanded investment choices so you can now invest in, like I said, stocks, bonds, ETFs across the board. You can get much more diversification and, on the account management side, you can manage this account yourself or you can have an investment advisor or a money manager help you manage that and that you know that would really take a load off of you for the buying and selling decisions, decisions, rebalancing, and you can get your account more suitable for your particular situation.\u003c/p\u003e\n\n\u003cp\u003eBecause, depending on what your assets are outside of the 401k you might it might be better for you to have a different allocation than is available to you. If you just did a normal 401k, if you didn\u0026#39;t have self-directed, you wouldn\u0026#39;t have the ability to customize and make that allocation excuse me, make that allocation right for you. So that\u0026#39;s the big advantage. You have greater investment flexibility. You have potentially higher returns, especially if you have expertise or if you have advisors who have the expertise to help you construct a better portfolio for you. And you get better diversification because your asset classes that you can invest in the sectors the security selection is much wider.\u003c/p\u003e\n\n\u003cp\u003eSo what\u0026#39;s the downside to this? Well, there\u0026#39;s more complexity. You know self-directed investments add complexity. You have to monitor and manage these investments. That\u0026#39;s why using an investment advisor or money manager to help you can be very helpful. If you like to do it yourself, then it could be good for you as well, but it could be time consuming and require a strong understanding of the financial markets.\u003c/p\u003e\n\n\u003cp\u003eSo if you don\u0026#39;t have the time or inclination to do that, obviously you could use an advisor to help you with that, but it also can increase your risk. If you do it on your own and maybe you\u0026#39;re not up to speed about what the risks are of all these investments, there\u0026#39;s the danger that you don\u0026#39;t do well with it because your portfolio is not managed in a way that\u0026#39;s sound. So it\u0026#39;s important that when you invest in individual stocks or sectors or other funds, that you know how to construct a good portfolio and it\u0026#39;s cohesive with your financial plan.\u003c/p\u003e\n\n\u003cp\u003eThere could be some additional fees. Some investments may have trading fees or they may have management fees that are associated with them. So you have to see what those fees are. Now when you look at the brokerage for the two I mentioned, Fidelity and Schwab, they tend to have very reasonable fees and if you do security selection correctly, you know typically there\u0026#39;s not a commission per se on the like an explicit commission on buying stocks and bonds, and many of the exchange traded funds don\u0026#39;t have commissions and they have very low fees. So you can really get around a lot of the fee issues.\u003c/p\u003e\n\n\u003cp\u003eSo who should use a brokerage link? I would say it\u0026#39;s either experienced investors who are more suitable for it. If it represents a big part of your portfolio, like if you\u0026#39;ve been putting a lot of money there away, there that becomes an important part of your plan. That could also really give you a strong case to use a brokerage link because you want to take better care of those assets. And it\u0026#39;s also good if you have advisors that can help you seek customization so you can build a tailored portfolio that your standard employer plan just can\u0026#39;t give you and the benefits and features are much more broad.\u003c/p\u003e\n\n\u003cp\u003eSo how would you access a brokerage link? The first thing you\u0026#39;d need to do is you need to or PCRA, by the way. First thing you need to do is you need to check your plan eligibility right. Not all employers offer it. Then you would open up a brokerage link account and then you would fund, you would transfer those money and you would fund it over and then you could invest it. So that\u0026#39;s a good way to go. Look at, look for the see if your plan has those self-directed plans, particularly with Fidelity Brokerage Link or Personal Choice Retirement Account, PCRA for Charles Schwab. Those are, those are a good thing and not underutilized benefit that you may benefit significantly from.\u003c/p\u003e\n\n\u003cp\u003eOkay, so now let\u0026#39;s move on to the last strategy that I wanted to mention to you and that actually has to do with wait for it Asset location, all right. So one of the most important things to understand is that and you probably already understand this, I\u0026#39;m beating a dead horse, but I have to say it taxes are so important to your returns. There\u0026#39;s lots of studies out there trying to estimate how much of your return is dragged down, pulled down by taxes, and on average, you see the number estimated to be anywhere from one to 3% of your returns. So it could be a lot and some people go well, that\u0026#39;s not that big of a deal. Well, over time, that adds up to a lot of money.\u003c/p\u003e\n\n\u003cp\u003eSo managing taxes is really important and in doing that, it\u0026#39;s important to be able to have strategies. There\u0026#39;s many different ways for managing taxes and this is not a tax strategy only podcast, so I want to talk about it in particular, with the 401k, and we\u0026#39;ve already talked about conversions, right, converting to the Roth. Now I want to talk more about asset location.\u003c/p\u003e\n\n\u003cp\u003eSo there are certain investments that are better suited to be in a tax deferred account or tax free account, and that has to do with how much taxation those investments spin up. So if you have. You know when you look at your total portfolio, if you have a balanced portfolio that is invested properly, with good diversification, you\u0026#39;re going to have some investments that spin off more taxes than others. For example, high dividend yield paying stocks tend to spin off more taxes because those dividends are taxed. Taxable bonds that generate interest, that will be more taxable, that will cause more taxes. Or if you have investments like, say, private credit, which is a good asset class to consider, where you can get higher yields than traditional bonds, and then you can access those in the private markets, have them in your investments and then you could put those tax free so that you\u0026#39;re not paying taxes on all that interest. So those are just a few examples of the types of investments that you would want to or consider having located in your retirement accounts.\u003cbr\u003e\nSo when you look at your total picture and it\u0026#39;s really related to how much you have outside of your, how much investments you have outside of your qualified plans, your retirement accounts, and you know what your balance is. Do you have rental real estate? So it requires a holistic view of your situation.\u003c/p\u003e\n\n\u003cp\u003eNow one of the most powerful things that you can do is there is technology now where you can analyze your total picture, including your investments inside your retirement accounts and outside, and make some asset allocation decisions to optimize your taxes and optimize your returns. So typically, if you combined this type of technology which allows you to look inside. For example, we as investment managers, we have access to these tools we can look inside any of these plans and see what are the options that are available. You have a list of options. Okay, what are those options? And we can look at the holdings-based analysis down to the holdings level. What does that portfolio look like if we structured it in different ways?\u003c/p\u003e\n\n\u003cp\u003eAnd if you look at that, you can really tailor your investment portfolio of your retirement accounts to your whole picture. So instead of just isolating each investment, it\u0026#39;s better and more sound to look at the whole picture. So it gives you better tax management, gives you better integration into your total financial plan and gives you a comprehensive look. So this is probably the biggest advantage of using technology to look at that. And also, with this technology, you can also get the advisory expertise. You can also get fund selection that\u0026#39;s more detailed and you get portfolio rebalancing.\u003c/p\u003e\n\n\u003cp\u003eSo one of the biggest advantages to having a well-run strategy is having a system on how you\u0026#39;re going to rebalance your investments. There are different ways to rebalance. You have time-based, where you just do it based on the calendar. You know every quarter, for example, or every year, you you know if stocks went up versus bonds and you sell off some stocks and buy some bonds or vice versa. You can do it based on time or the calendar, or you can do it based on volatility. So if you have a target allocation and it moves a certain percentage above or below what your target is, then that would be a triggering event that would cause a rebalance. There\u0026#39;s some studies that show that that can be advantageous relative to calendar based, because it\u0026#39;s based more on, you know, changes in the risk return profile of the overall portfolio. So having that rebalancing capability is really important.\u003cbr\u003e\nSo this is really more about a technology, strategic way of thinking about and managing your retirement account in the context of your overall portfolio and also you can optimize that to your specific goals and risk tolerance. Risk tolerance is a big part of it and your retirement timeline. So with the retirement timeline, what you\u0026#39;re you know, everybody\u0026#39;s situation is different. So you may it may be optimal for you to first start taking income from your taxable accounts or from it may make more sense to take some from Social Security first or from an annuity first or from a pension first. There\u0026#39;s a lot of different variables for different people.\u003c/p\u003e\n\n\u003cp\u003eMaybe you should take it from your tax-deferred account first as a default that\u0026#39;s not the best way to go usually. Or it may be better for you to take a ratio income that\u0026#39;s prorated over certain accounts and that requires full financial planning to understand what\u0026#39;s optimal for you because everybody\u0026#39;s different. But getting that tax and investment efficiency, getting the ongoing monitoring and rebalancing, improving your risk management that is the biggest benefit of using these types of technologies.\u003c/p\u003e\n\n\u003cp\u003eSo I want to summarize here. These are three of the what I would consider least utilized, most important things that a lot of people can do where you\u0026#39;re leaving money on the table with your retirement accounts. First is the contribution and conversion strategies that I mentioned. That allows you to put more money away. Perhaps that makes sense for you. The other would be self-directed either a PCRA, a brokerage link or anything like that, and utilizing expertise to get that done correctly. And then also tax location, using a holistic investment allocation that can lower your tax bill and give you longer term investment results.\u003c/p\u003e\n\n\u003cp\u003eSo that is pretty much it for this podcast today. I guess my suggestion to you is to check these things out and see if they can work for you and if you want any assistance on that. As always, you can always reach out to us and we\u0026#39;d be happy to answer any questions for you as to how you can best get this done for your situation. That\u0026#39;s all for now. Thanks for tuning in and we\u0026#39;ll talk to you later.\u003c/p\u003e","summary":"Today, on the Market Call Show, we're uncovering three powerful yet underutilized strategies that could revolutionize your retirement savings approach.\r\n\r\nWe dive deep into the world of the mega backdoor Roth IRA, revealing how high-income earners can bypass traditional contribution limits and potentially save thousands in taxes over time.\r\n\r\nNext, we explore the often-overlooked realm of self-directed investment options within 401(k) plans. Using examples from industry giants like Fidelity and Charles Schwab, we illustrate how these tools can dramatically expand your investment choices and potentially boost returns.\r\n\r\nDrawing from years of experience in wealth management, I share insights on the critical importance of asset location. We discuss how strategic placement of investments across various account types can significantly reduce your tax burden and enhance overall portfolio performance.\r\n\r\nAs we navigate through these complex strategies, we emphasize the value of holistic financial planning. Whether you're a seasoned investor or just starting to take control of your retirement savings, these techniques offer a roadmap that focuses on wealth accumulation.","date_published":"2024-10-11T04:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/32e01f86-4592-4606-819f-bc5b013739f3.mp3","mime_type":"audio/mpeg","size_in_bytes":25630594,"duration_in_seconds":1601}]},{"id":"1c159baf-2807-459c-918b-a93da8b789f3","title":"Preparing Your Portfolio for Retirement | Ep93","url":"https://podcast.pathtorealwealth.com/093","content_text":"\n\nToday, on the Market Call Show, we're discussing the importance of authenticity in financial planning.\n\nUsing a great Rush analogy, we look at how sequencing returns impacts the longevity of your portfolio , and we talk about strategies to navigate varied markets.\n\nMost of us are concerned with peace of mind in retirement, and having enough to do everything we want to do, so taking a personalized approach to planning that considers both flexibility and fixed income is key to achieving the retirement we want.\n\n \n\nSHOW HIGHLIGHTS\n\n\n  In this episode, we explore how to craft a lasting retirement plan, with insights from Louis Llanes, Senior Vice President at Farther Wealth Management.\n  We discuss the impact of the sequence of returns on the longevity of retirement funds and share strategies to manage varying market conditions effectively.\n  Understanding one's financial personality is emphasized, with references to Carl Jung and Tom Basso, to help make more informed and personalized investment decisions.\n  We examine the trade-offs between probability-based investing and a safety-first approach, as well as the balance between flexibility and a fixed income.\n  Essential retirement strategies, including optimizing withdrawal rates, portfolio diversification, and long-term care planning, are covered in detail.\n  The episode introduces the concept of bucketing strategies, alternative investments, and the importance of tax management in securing one's financial future.\n  We delve into the importance of asset allocation and how different asset classes perform under various economic conditions, emphasizing the need for diversification.\n  Strategies for managing healthcare costs and avoiding common financial surprises are discussed to help ensure peace of mind in retirement.\n  Listeners are encouraged to join upcoming monthly webinars for more in-depth discussions on retirement planning topics.\n  The episode concludes with gratitude to Tom Basso for his valuable insights and mentorship, and an invitation to tune in to future episodes for expert advice on retirement planning.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nLouis: So good, I'm glad we're here. Thank you for coming. Really, the webinar thing was really brought to my attention by really request, because I get a lot of questions about preparing your portfolio for retirement and I wanted to make available what the most common problems that I've been running across with individual investors and some of the pitfalls that they've run into and, some ways, provide some resources for you for ways for you to kind of overcome some of those challenges and not have those roadblocks initially at all as you're preparing for retirement. So that's really the purpose of this webinar. \n\nFor those of you who may not know much about me, I'm Luis Llanos. I'm a Senior Vice President, wealth Management for Farther Wealth Management, so my company, wealth and Investments, recently merged with Farther, and so I'm now a shareholder of Farther and I'm the investment management committee. We managed just under $3 billion right now, and we have a wide variety of different types of clients. I'm a charter financial analyst charter smart market condition been managing money for over 25 years Gosh, it's actually close to 30 years now and so that's really a little bit about me. So I really want to dive in. \n\nSince we're running late on time, so let me share my screen and we can go from there. Sure, let's see. All right, you should be able to see my presentation. Can you see my presentation? Anybody Not hearing from anybody? Yes, you can see my presentation. Okay, perfect, all right. \n\nSo let me just start off with a little bit of a kind of a question for you or a little story. So I was thinking about what is the biggest thing that I guess determines people's success when they are preparing for retirement and they actually do retire and they start living off their portfolio. And it got me thinking about just a common success factor that most people have, and I thought about some people that I have followed. On the right there that's a band called Rush, one of my favorite bands. They started out, you know, trying to do what all the producers told them they should do. They, you know, the producers said they should try to sound like Led Zeppelin or they should do certain things and be make your song short. And they just decided that you know, that wasn't us. And they did their own thing and they had a. They had an initial flop, trying to do what everybody else told them to do, and then they just said look, we're just going to be who we are. They made an album called 2112 and they exploded because they knew who they were and they, they were authentic as to who they are, and, of course, you know some of these other people and since we don't have a lot of time. \n\nI won't go into all the stories, but each one of these famous people. One of the things that they determined was I'm going to be myself, I'm going to understand myself and I'm going to. I know I'm going to be making trade offs, like there's no perfect answer, but if I'm true to myself, I can live with the trade-offs and I can have a successful outcome, and that's really the you know what I wanted to talk about, because that is about the same situation that people have with retirement planning or investing in general. There's always a trade-off, trade-off between one ideal objective that you may have off, between one ideal objective that you may have and then something else may, you know, be affected because of that. You know, carl Jung said that he who looks outside dreams, but he who looks inside awakens, and that's very, very true. So I know Tom Basso is on this call and I've learned from him as a successful investor that he talks a lot about. \n\nHey, I need to be understanding what my situation is and I need to do what's right for me. What is right for me may not necessarily be what's right for somebody else, and every time you do that, there's going to be a trade-off, and the biggest trade-off when it comes to preparing your portfolio for retirement tends to be this desire for certainty. In other words, I want to know exactly what my income is going to be, what my return is going to be versus what my lifetime total retirement income could be and my terminating estate wealth. So the more certainty you have you know what you're going to get the less return you're going to make and therefore you're probably going to have less lifetime income and you'll probably pass on less wealth to your heirs. So that's just one example of the types of trade-offs that you have. \n\nSo I want to talk first about understanding yourself, because everything goes from goes from there. It starts with that, and I'm going to just talk about some a series of trade-offs that everybody faces when they're doing their portfolio for retirement. And then I'm going to stop for questions, and you can, you can answer. You know I can hopefully answer some of your questions, and then we'll move on to the next topic. Okay, the first one is probability-based versus safety first. So probability-based means that I'm investing in a way and taking my income from a portfolio that's diversified across a lot of different investments stocks, bonds, real estate, alternatives knowing that I'm going to have some ups and downs in that portfolio, but I'm okay doing that and my I know my return is more variable, but I'm likely to have a higher rate of return over the long run. On the other end of the spectrum is the safety first, which is I want to know contractually what I'm going to have as an income level. \n\nThat would be like pensions, annuities, lifetime income protection, holding government bonds to maturity. Basically, you are not affected by capital gains fluctuations. So those are the extremes. Most people fall somewhere in between there. So that would be your first trade off. And then the next trade off has to do with your desire for optionality or having the ability to be flexible. Like, if you really value being flexible, you want to have the ability to make changes for favorable economic conditions or any change in your situation. Then that would be one type of mindset and I tend to be more of an optionality mindset person. Other people are not that way. They like more of a commitment, a desire for some dedicated source of income. There you're really looking for some kind of a specified long-term solution and a lot of people feel more satisfaction with that because there's less decision-making, there's more you know, maybe their family members would have less burden as well, and you tend to kind of set it and forget it. Those are two extremes. So those two trade-offs that I mentioned, those tend to be the biggest, most important trade-offs. \n\nNow I'm going to talk about a couple more trade-offs that I want you to think about that may affect you. One would have to do with accumulation versus distribution, and I'm not talking about, I'm talking about during retirement. So some people they would opt out to have more stable of an income stream, knowing that they're going to have a lower rate of return and they're probably going to distribute less money to their heirs, so they're willing to change their standard of living for that predictability. The other would be somebody who says you know, I want potential variability, I'm okay with variability, and then I'm okay giving more to my heirs. So, as you can see, these are all related. Like, how important is it for you for that money to be for your benefit versus your heirs? And people are different. So this next trade-off has to do with with time. So some people they want to have some earmarked assets that are designed for perpetuity, meaning the rest of your life, and other people feel more comfortable having some kind of reserve, whether it be cash reserve or dedicated bond funding for a specific amount of time Some people prefer to have. \n\nSome form of their mind is just designed that I want to have things in buckets. There are some mental problems with that way of thinking, but some people are just naturally wired Now with each one of these ways of thinking. There are some potential pitfalls to them, but it's important for you to know as a human being where you fit naturally in these types of way of thinking. So the other is front-loading versus back-loading. So if you're worried about longevity risk which is basically saying I'm a little bit afraid that I might outlive my money that's a big concern for many people Then you're probably going to have a different way of spending than somebody who's not so much worried about that. So if you have a low concern for longevity risk, then you're more inclined to front load spend in the early years. So you're early in retirement you're going to spend more and then maybe later you'll spend less. That's usually what people think, but we tend to spend more throughout retirement because of inflation. But that's another issue. The other is high concern over longevity risk. That means that you're going to spend less, you're probably going to want to conserve more so that you have more in later years. \n\nSo now what I want to do is bring this to something that's practical, that you can actually use and at the end, stick around, because at the end I'm going to give you a way that you could actually make an assessment for yourself to understand where you fit. Okay, so this what I did is I took those first two trade-offs and put them in a little matrix here and so if you're that investor who is a safety first investor, that you want that knowable income and you're okay with commitment, then that's kind of like an income protection type strategy. And on the other side, if you're kind of a probability investor and you want that high optionality, then you're more of a total return type of investor. If you look at this matrix here, I come about right here Mostly a total return investor and mostly optional. But I'm not super aggressive on it like some people are. But you have your own place that you will naturally set, and sometimes you have to get out of your comfort zone to do what's right for you, to be a little bit out of your natural state, which which can be difficult at times, but it's important to do so. \n\nThe other two are a little bit less intuitive. If you are high optionality, meaning you want a lot of flexibility, but you also are a safety first person, then you're more of a time segmented investor, which would mean I'm going to put some buckets together, I'm going to maybe cash match a percentage of my portfolio bond laddering, or I might put an annuity for something. I'm going to bucket things out for my early years, et cetera, et cetera, and that's one way of going about it. That can be suboptimal as well, you know so that, but but it can fit your psychological needs and it's important to do that so that you don't like bail at the wrong time, which is worse than not getting your your, your own psychological profile down. \n\nSo the last category is one that is actually less common, a little bit harder to understand, but basically you want to have a lot of you're into the probability base. In other words, you believe that maybe the markets are going to go up over the longterm, so you want exposure to that, but you also want some. You know you're able to make a commitment. You're okay making a longterm commitment. So there, you'll probably want to make some kind of a contractual agreement where you are, or some type of a strategy where you're managing your risk on the downside, but in a contractual way, not like with stop losses and things like that, but in a contractual way, knowing that you're not going to have as much upside. So this is a smaller representation of the population, at least that I have run into but there is a certain percentage of the population that really values that. So the question is is what's your preferred strategy? Well, there's a, there's a test that you could take. It's called a RISA R-I-S-A is it is the name of it and I can help you guys and I'll show you how I can help you guys actually take one for free and that you can kind of know who you are right there, all right, so I'm going to dive into the investment management side more, who you are right there, all right. So I'm going to dive into the investment management side more. \n\nSo the biggest question a lot of people ask is how long will my money last? I think, and it doesn't matter how rich you are. I mean, I had a conversation with a client of ours that has $40 million in asset center management and he's wondering about how long his money is going to last. So it's a very interesting problem, but it's a very serious problem and I think one of the things that people forget and this is one of the things that I've noticed just with individual investors you might have a portfolio, say, you have a couple million dollars put away. You're like I don't know if that's enough. I don't know, should I retire now? Should I retire later? \n\nOne of the first things that you need to think about is the fact that the order of your returns matter when you have good years, bad years, et cetera, matters If you have bad years earlier in your retirement career. If you will, then your money won't last as long than if you have, you know, bad years later. So it's important to know that you could have the exact same return stream and simply shuffle the timing around of that return stream, and how long your money lasts will be affected by it. So there's ways that you can mitigate this problem and I'm going to talk a little bit about that, but I just want to do a quick illustration to show this. So let's say investor A and investor B both have the same return year by year in terms of not in the order of the sequence, but the actual returns that they have every year is the same. It's just different orders. So investor one he has a big decline early down 15% in the portfolio in those first two years and then the rest of the years. You can see he runs out of money a lot faster than investor B, who had that same 15% return loss. But it was later on and that makes a big difference into how long your money lasts, I should say so. \n\nThe next point on this has to do with your withdrawal rate. Let me just define what the withdrawal rate is. The withdrawal rate is the percentage of your portfolio that you're going to be spending from each year on average. So let's say, if you have a million dollars and you spend $50,000 of it, that's a 5% withdrawal rate from your portfolio, 50,000 divided by a million dollars. So the point on that is that if you have a lower withdrawal rate, naturally you have more resilience in your portfolio, because one of the problems with the sequence of return risk once you start taking money out of your portfolio. You have what's called reverse dollar cost averaging. The math is reversed. So volatility in the portfolio the more volatility you have in your portfolio, the less long your portfolio will last, even if you have the same average return. So you can have the same average return with less volatility and your money will last longer. So the key is lower your volatility overall or have some other strategy that you're dealing with so that you're not having to pull money out of your portfolio your total return portfolio, when your returns are not as strong as they, when you're going through a lower return period, which everybody has. \n\nSo what are the strategies to deal with this? Well, there's a bunch of different strategies that you can deal with. This is a little table you can't read. I did that on purpose just to make the point that there's a lot of ways that you could deal with it, and it really requires a detailed analysis of your specific situation, of what the appropriate strategy is, and it starts off with knowing yourself. So, but one strategy could be you could just simply have higher cash reserves and you rely on those higher cash reserves. Maybe you have two or three years worth of your expenses set aside in T-bills or short-term bond ladder for three years short-term bond ladder, something like that and then you just let your you try to maximize your return per unit of risk. \n\nThat's how I like to invest. I like to have, you know, some, a cushion, a buffer, if you will, and then really try to maximize my return per unit of risk. But not everybody feels comfortable with that. Some people want to just have some kind of a, some kind of annuity payment or set up something like that that they can deal with those earlier years. Or they may want to bucket, you know, set up a strategy where they have the knowable rate of return in the first five years of their retirement and then the rest of that portfolio is earmarked for total return. There's different ways that you could deal with that, but it's important to have a strategy and have a mechanism that you're going to use to deal with this risk. The simplest one is bigger cash buffer, dedicated funding in your earlier years. And then the second part of the strategy has all to do with how you construct your total return portfolio, which is your portfolio that you're trying to maximize your return per unit of risk. So hopefully that makes sense and I'm going to move in. I'm going to go through this next section here and then I'll stop for questions again. \n\nSo let's talk about how you put together your total return portfolio. It's really important that you have different environments really accounted for in your portfolio. In order to do that, there's really two main things that affect the capital markets. One would be the inflation rate and the other would be the growth pattern in the market. So this is a table that I got from Ray Dalio, who is a brilliant hedge fund manager. It's a variation of some stuff that he's put together, but when you look at scenarios and asset class returns, the best way to kind of overcome and have an all-weather portfolio which is a term that Tom Basso uses, that Ray Dalio uses it is a way of having different return streams that are non-correlated, and that's the best solution for that. You may have 10 to 15 different return streams that may not be asset classes, it could be just different return streams or strategies. So in order to do that, you have to understand why you're doing that and then also look at what types of assets do well in different environments. \n\nSo now, before I get into this table, I also want to make a caveat or point here that some people don't believe in prediction. They say let's just follow what the markets are saying. Whatever the markets are saying, they're right, we're going to follow that and that's a great heuristic on average, because predicting is very difficult. Other people say I'm going to be running non-diversified strategies and I'm going to be running them all the time, but I'm going to construct them in a way where they can deal with the environment, all these different types of environments, and there's less decision-making on the timing part of it. I'm just going to do as best as possible in each type of strategy, if that makes sense. So just to break this down, just give you some examples If you have low growth in the economy GDP growth is not doing very well but you have a lot of inflation, that's not a great scenario. \n\nBut if you're in that scenario low growth, high inflation then gold, commodities tips, real assets tend to do well and a lot of people avoid commodities. A lot of people avoid those types of assets, but they actually do really well during these periods of time or they can do well. So if you have high growth, for example, and low inflation, that's what we've experienced for a pretty good amount of time and people have gotten used to that. But the truth of the matter is we don't get that all the time and we need to prepare for any of these environments. But if you have high growth, low inflation, stocks are going to do well, real estate's going to do well, corporate bonds do well, private equity does well. There's, you know, lots of things. \n\nDo well your traditional asset classes. Now, during these periods of time, this is when people get lulled into believing that that's the way it always is and that's when people get hurt. So twice in my career I can remember, and I think we're kind of in a period right now where everybody, when you start hearing everybody say it's better to just index, just buy the S\u0026amp;P 500 and you're going to be fine, that's usually a sign of some really rough times coming ahead. The last time I remember, during the dot-com bubble, we had the same environment. Everybody's like, hey, I'm just going to call Vanguard or whoever I'm going to call up and buy the index fund S\u0026amp;P 500. And then we had a massive decline in the market and people truthfully, people don't stick with that, and so it's important to understand that. But when we're thinking about diversification, I like to think of it in terms of a hierarchy. \n\nYou have asset classes that you need to be sure that they're non-correlated, and then you also have strategy or your approach that you're dealing with. You know what is it. Is it a value approach? Is it a momentum approach? Is it a breakout approach? Is it what is it? Is it a counter trend approach? The reason why that's important is because they tend to perform it. You can have the exact same asset class, but if you have a different approach, it will have a different return pattern. The other has to do with security selection. Is it bottom up, is it top down? What is the method that you're using and how you're constructing your securities within the asset classes? So you know you want to diversify all of those and you know we can get into we don't have time since we're running a little bit late but there's a lot of different asset classes you could be looking at. \n\nOne thing I would point out that is really a lot of people are not participating in which they might should be, would be all of the private asset classes, like private debt, private equity. Those strategies have a lower correlation and a lot of people are ignoring them and if you are an accredited investor, a qualified purchaser, they could be a good addition to your portfolio. So now getting into this diversification, there's like remember we talked about trade-offs. We've been talking about trade-offs this whole time. Here you have to come up with the trade-offs that you could live with. \n\nBut one of the things with about a diversified portfolio that really I've noticed over the years it's interesting is that people will always have a little bit of angst with a diversified portfolio. So, for example, in 2000, 2002, dot-com bubble blows up. Like I told you we were just talking about how everybody was feeling good just before this period and said you should buy the S\u0026amp;P 500. Those investors went down 40% in the following you know, following period. Right that, those two years, a diversified portfolio. If you were not you know, I'm just using a relatively passive diversified portfolio for illustration here they were down 15% and pretty much everybody says I lost money. The people who were indexing really lost a lot of money. Or if you were buying those growth stocks that everybody was in love with and you just held on to them and didn't have a risk management protocol, you really got hurt. And then that's you know. But you were a winner in the diversified portfolio there. \n\nThe next period I wanted to highlight was 2003 to 2007. S\u0026amp;p was up, strong up 82%. Diversification worked very well during that period of time. Diversified stock bond portfolio was up 87% during that time and it actually outperformed, and partially because bonds did very well and everything was just lockstep working well. And then we had the financial crisis and the stock market went down and everything went down. Diversification type strategies you know these are not hedged and they're not, you know, long short. This is just a long, lonely, diversified portfolio to show you, for example, and you know. Then you feel like, for example, and then you feel like, oh well, I lost money. Then we had a big, rip-roaring bull market. \n\nI'd like to point out that in 2009, when most people should have been buying equities, nobody wanted to buy equities. That's typical of how things work and that's why having some part of your portfolio in a value-oriented strategy is really important, in my view, because that really does help in periods of time when there's a lot of excessive fear or when people are getting too overly optimistic about the market. Value keeps you more level-headed and will help you not get killed when those growth stocks, or whatever those stocks that are doing well, do collapse. Growth stocks, or whatever those stocks that are doing well, do collapse. So, but to make a point, there is you make, you made money, but this is the thing. This is probably the like the, the biggest devil of diversification. That hurts people, I think, when you make money but you don't make as much money. \n\nSo during this period of time, 09 to 2019, the S\u0026amp;P 500 was up 351%. Diversified portfolio was up only 220%. Right, and you're like I didn't make as much money. And then you're thinking, well, maybe I should be just putting more money in the S\u0026amp;P 500. Maybe I should be getting more aggressive with my strategy, and people get outsider their comfort zone and their risk profile and they don't recognize that and then they get hurt and that's exactly what happened in 2020. Then it's I don't, then I lost money. \n\nSo you have to be careful with your emotions and I'm going to bring up Tom Basso again. I'm glad he's on this call, because one of the things that Tom really has mentioned is like staying level-headed is really important and have you know. If you're feeling over exuberant, bring yourself down. If you're feeling like like you know, really in the down in the gutter, you need to bring yourself up and have discipline in your strategy, knowing that your strategy over the longterm works and being adaptive to what, what you need to be doing, being aware, but you know, just to bottom line this, during all of this period of time, if you had put all your money in the S\u0026amp;P 500, you made just about the same amount of money as a diversified portfolio, but you had a smoother ride and you could even smooth this out even more. I'm using this just with a traditional. I'm making this illustration just with a traditional stock bond diversified portfolio long only. So I guess my point here is that when you're thinking about preparing your retirement portfolio, remind yourself you have to have a way to remind yourself that diversification always has a little bit of angst to it, but it's important because you need to keep your volatility down so that you could have a good outcome over the long run. \n\nAll right, I'm going to talk a little bit about alternatives. I really touched on this already, but you know private equity. You know I would consider some of the stuff that Tom Basso does to be alternative type strategies trend following long short stocks, bonds, commodities, currencies that would be one type of alternative, asset class private debt and there's other types of hedge funds, those non correlated assets. When you put them together in a portfolio, really can help your, your diversification and your give you. You're not really sacrificing return, but you're definitely lowering your risk. So that's, that's where that's that sits and there's. You know a lot of people will tell you like 90% of your variation in your portfolio is due to your overall asset allocation and your strategy. That's generally two. It doesn't tell you what your direction is going to be, whether it's up or down, but your asset allocation is going to determine to a high degree as to how much variability you're going to have in your portfolio. So it's important to get that metric right for you so that you're comfortable with your overall volatility of your portfolio. \n\nOkay, so one of the biggest things that is an issue in the real world is taxes. I would say and I've kind of put this presentation in the order of importance in my mind First you want to make sure you understand yourself and what type of strategy you tend towards. Then you want to go into and you want to make sure that you have the right diversification for your total return portfolio, whatever type of portfolio you are going to fall into, and then you're going to want to make sure that you're doing this in a way with taxes right. You want to make sure your taxes are not going to be killing you alive and it's it's such a big part of it. \n\nIn the real world, what we see is people get eaten alive by taxes, especially if they followed what certified financial planners had been telling them to do for years and years. You know, I remember when I first got in this business, you know the last 30 years or so, that the kind of the common thought was max out your 401k plan, max out all your tax deferred money. You know, do certain things and then you get this big bucket of qualified money which is you know that every dollar you pull out of that is going to be taxed when you take that income. And they don't have enough money in other types of things, and a lot of people wind up retiring in that scenario. And then there's a big problem with taxes after that. And then you find out that that money does not last as long, so your withdrawal rate has to increase if your taxes are going to be higher. So it's important and there's a lot of different things you could do for taxes, but it's important to have a tax management strategy. \n\nSo when you're preparing for retirement so I'm talking about getting ready to do it you know it's good to say, okay, what steps do I need to make right now so that I'm going to be in an ideal situation, or as ideal as possible, so that taxes are not going to hurt so bad? But if you look at third party research, it looks like about 2% of people's return is taken out by taxes. Well, a lot of people think, well, 2% is not that big of a deal. But when you compound that over 30 years it is a big deal. And especially if you have your withdrawal rate increases because of taxes, then you have that sequence of returns problem which actually exacerbates that. So, because you don't invest in a straight line unless you buy CDs or T-bills. So that's important to know. So Maybe you need to do some Roth conversions. Maybe you need to put more money away, not in your 401ks and IRAs before you retire. Maybe you should be putting money away in other tax managed strategies where there's replacement strategies, tax lost, harvard sting and things like that that you're doing. \n\nSo there's a trade-off a lot of times between maximizing your total return on a nominal basis, not considering taxes, versus after-tax. So, like, for example, some of the stuff that Tom is talking about sometimes could be, you might actually have a suboptimal after-tax rate of return. If it's in a taxable account, you might have to adjust that. But if you're taking losses judiciously, sometimes it can work itself out, because you're letting your winners run, you hold them longer and then you're taking more shorter-term losses and then they kind of work themselves out. But that's not always the case. So maximizing after-tax rate of return is an art, and the more money you have, the more moving parts there are. \n\nIf you have, for example, stock that you got from your company, that could be a big determinant of what you should do. There's a lot of different types of stock you could get. You can get incentive options. You could get an NSO, non-qualified stock or restricted stock units. All of these have different tax rules and there's different. You know there's alternative minimum tax. So there's these types of things need to be looked at the more complex your situation is, because the goal is to maximize your after-tax return per unit of risk and to also to have you in a situation where your investment style is right for you. So right now I'm kind of focusing just on the total return portion of your portfolio. So it's a little bit complicated, but I wanted to bring this up because it is such an important part of your situation. \n\nNow I'm going to go into an area that nobody really likes to talk about, but I really want to talk about. That's healthcare costs. Because I wrote an article, because I was talking to a friend of mine and he was saying you know, he's an author, a very successful author, and he said you know, I want you to just think about all the common things that your clients have been experiencing that were surprises or things that they could have avoided, and what are the most common. And so I wrote a white paper called the 10 Most Common Avoidable Surprises that Derail Executives Planning for Retirement. They could have fixed this, but they didn't. They were surprised by it and I would say the number one thing would be the healthcare Healthcare. \n\nPeople are surprised with how much they're going to need for healthcare. So I'm just going to kind of get away from the investments for a minute and talk a little bit about healthcare, because that's going to determine how much money you're really going to need and what kind of withdrawal rate you can take. So most people know you have Medicare and you have Medicaid. So Medicare covers people who are 65 years or older. Generally, if you've worked for 10 years you're covered. And what does it cover? It covers hospital insurance, medical insurance. You could buy supplemental insurance that will cover prescriptions, et cetera. So that cost is going to be there. So it should be explicit in your planning, knowing that it's going to be there, and I'm going to talk about what some of the average costs have been. Then you have Medicaid. Medicaid is really an income-based strategy Basically, if you are doing really well, if you're considered quote-unquote wealthy, generally, medicaid is not going to be available to you. So it's really for people in financial need for the most part, and it's also related to the state-by-state criteria. So depending on what state you're in, you're going to have different rules. \n\nSo we don't have time to go into all the intricacies of this, but part of your planning should be what is my health care situation going to be and what does that mean for my withdrawal rate? So when you're establishing your strategy, having that in place. So let's just talk about what are the costs these days? So Fidelity has a study they do every year where they go and they call it the retiree health care cost estimate study. They just did one, august 8th of this year, and what they do is they try to estimate what the average person is likely to spend when they retire at age 65 in today's dollars. And right now, per person, a 65-year-old will spend $165,000 just on ancillary healthcare costs in today's dollars. So it goes up with inflation. And it's important to note that that's for one person. So if you're a married couple, that usually equates to about $330,000 for a married couple, for a married couple. So that should be explicit into your plan and you should understand that. You know what. What is it, by the way, these costs are covering? It's like your out-of-pocket prescription drug costs, medicare part B premiums, if you have them, or part D, and then all of your like co-payments, co-insurance. So even if you have insurance, obviously you have these costs. So that's not even you know considering. \n\nYou know other things that could be come down the pike and, and actually the biggest thing that people forget that they could avoid is they don't think about long-term care is also not in this. So a lot of people do need long-term care and long-term care, you know, is there's a few different types of long-term care, but basically there's. You know, there's assisted living. Let me see if I can grab that slide here. We don't have time to go to that other slide, yeah, you have assisted living, you have home healthcare, you have nursing home and you know I've watched clients go through various stages of life and what their costs have been, and it can put burdens on your family, things like that. So you really need to kind of think that through. If you, if you have adequate resources, if you have, if you're doing really well, you know, with your net worth and you could just self fund all of this and it's not an issue. But if you don't, then it's something that you should consider. You know how? How am I going to deal with that? \n\nSo the average length of time a man needs long-term care is 2.7 years. So the average length of time a woman needs it is 3.7 years. So women live longer. They tend to need long-term care for a longer period of time. Their healthcare costs are generally more expensive for long-term care. So what are the daily costs? So I looked at like where our clients are mostly and what the daily costs are and just made an average of it. So most of our clients are in Colorado, texas, california, wyoming, new Jersey, florida and their average assisted living daily cost is $170 per day for assisted living. So that's someone helping you For home healthcare, it's $168. Somebody helping you in your home and if you have a nursing home, it's $334 a day. So if you multiply that out times, you know two or three years, whatever that number you want to assume. If you could take the average 2.7 years and 3.7, then that should be a contingent that you have in there and there's different ways that you could deal with it. We don't sell insurance or anything like that, but it's something that should be a contingent that you have in there and there's different ways that you could deal with it. We don't sell insurance or anything like that, but it's something that should be taken care of if insurance is appropriate. \n\nIf you're self-funding, you don't need insurance. Insurance could be an option. You don't need insurance, but the other people might need insurance. If you need insurance, there's like four or five different main types. They could be traditional insurance and you know, basically you pay a premium. If you don't use it, you lose your premiums, so that would be the negative. But you get more care, you get more comprehensive coverage If you do use it. There's hybrid types. There's different types of hybrid where you have a life insurance policy where, if you don't use. If you don't need long-term care, that life insurance policy will pay the entire death benefit to your heirs tax-free. If you do need it, they give you an accelerated death benefit while you're alive and you can use that money for long-term care. And that works really well for people who have resources and they want to pass money to their heirs, but they also want to have something set aside for long-term care. Just in case there's other different things that you could look at, those are the two main ones that are used. \n\nMain point here is to make sure you have that in your plan. Don't get derailed by that. And in order to do all this, you really need a retirement needs analysis. Really, basically, what you need is to go through the details of each one of those. So how much do you need to retire to become financially independent? \n\nBasically, a 3% withdrawal rate is appropriate as a starting point. Some people say it's overly conservative, but for the average person who has a 30-year retirement, then a 3% withdrawal rate will generally be safe for your portfolio and then, going up with inflation, it'll take care of inflation for you. It gives you some room for volatility and things like that. That's a good place to start. So if you wanted to just use a rule of thumb, you could take the income amount that you think you're going to need today, total spending including paying for taxes and everything else, and then you divide that by 0.03. And that should be the amount of money that you have. That's really a rough figure because it doesn't have all the taxes and other things put in place, whatever's particular to you. \n\nBut in order to get a real analysis of it, there's a lot of considerations that you need to go through, like, for example, your asset, your tax planning, your estate planning, all that stuff. To get it right for you, do a retirement needs analysis and do a forecast, and we have certified financial planners that do that work for us. I'm in the investment side and the wealth management side of the business, but this is something I highly recommend doing so that you can get the right picture for you, get an idea about what type of investor you are, you know, and go through a process where you know you, you know what we do is, we meet one-on-one with you and then we'll talk about your situation, your goals. I'd help you identify and prioritize those goals, get systematic about it and do an inside analysis so that we can look at the details of what it is that you are in a situation now, what your situation is now, what your strengths are, what your gaps are, and evaluate different scenarios for you to see which scenario is better for you. And a design advantage to say, okay, now you've got a design that's right for you. And then the ongoing management of your assets in the plan and then to do regular reviews to make sure that you're on track. So that is a general service that my firm does. So if you have any need for that, you just let us know. \n\nBut I wanted to give you tools so that you can start thinking about what it is that you should do to prepare your portfolio. We could literally each section, we could dive so deep into it, but I wanted to just give you an overview of everything. So now I want to give you some resources as we start wrapping up. I want to give you guys each and one of you an opportunity to get a copy a free copy of my Financial Freedom Blueprint book and, along with a white paper, the 10 Avoidable Surprises that Derail Executives Planning for Retirement. And then also I'll send you an email right where you can give us your address and we can mail that book out to you a signed copy, and then also we'll give you a link on how you could take that risk assessment to figure out what type of investor you are, if that's something you want to do. And then we'll also give you a scheduling link. If you want to have a retirement needs analysis, you could schedule a Zoom call with us and do that. And I also want to invite you to listen to my podcast, the Market Call Show. You could go to pathtorealwealthcom and get information about that. \n\nSo that's basically all I have today. I apologize for the delay that we had earlier and hopefully we'll get it right. I'm going to be doing these various types of topics every month, once a month, mainly so that I can answer as many questions as I can to people the most common questions that we've been getting. So thank you very much for joining and hopefully, if you would like to come to some of the other webinars I'm doing, you could do that and we will send you out an email. And, tom Basso, I want to thank you for all of your input too. I appreciate the. You know your perspective on things and you've been a great mentor and learner for me as well. ","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/Zh1tZeu6XzE\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003eToday, on the Market Call Show, we\u0026#39;re discussing the importance of authenticity in financial planning.\u003c/p\u003e\n\n\u003cp\u003eUsing a great Rush analogy, we look at how sequencing returns impacts the longevity of your portfolio , and we talk about strategies to navigate varied markets.\u003c/p\u003e\n\n\u003cp\u003eMost of us are concerned with peace of mind in retirement, and having enough to do everything we want to do, so taking a personalized approach to planning that considers both flexibility and fixed income is key to achieving the retirement we want.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n  \u003cli\u003eIn this episode, we explore how to craft a lasting retirement plan, with insights from Louis Llanes, Senior Vice President at Farther Wealth Management.\u003c/li\u003e\n  \u003cli\u003eWe discuss the impact of the sequence of returns on the longevity of retirement funds and share strategies to manage varying market conditions effectively.\u003c/li\u003e\n  \u003cli\u003eUnderstanding one's financial personality is emphasized, with references to Carl Jung and Tom Basso, to help make more informed and personalized investment decisions.\u003c/li\u003e\n  \u003cli\u003eWe examine the trade-offs between probability-based investing and a safety-first approach, as well as the balance between flexibility and a fixed income.\u003c/li\u003e\n  \u003cli\u003eEssential retirement strategies, including optimizing withdrawal rates, portfolio diversification, and long-term care planning, are covered in detail.\u003c/li\u003e\n  \u003cli\u003eThe episode introduces the concept of bucketing strategies, alternative investments, and the importance of tax management in securing one's financial future.\u003c/li\u003e\n  \u003cli\u003eWe delve into the importance of asset allocation and how different asset classes perform under various economic conditions, emphasizing the need for diversification.\u003c/li\u003e\n  \u003cli\u003eStrategies for managing healthcare costs and avoiding common financial surprises are discussed to help ensure peace of mind in retirement.\u003c/li\u003e\n  \u003cli\u003eListeners are encouraged to join upcoming monthly webinars for more in-depth discussions on retirement planning topics.\u003c/li\u003e\n  \u003cli\u003eThe episode concludes with gratitude to Tom Basso for his valuable insights and mentorship, and an invitation to tune in to future episodes for expert advice on retirement planning.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\n\u003cstrong\u003eLouis:\u003c/strong\u003e So good, I\u0026#39;m glad we\u0026#39;re here. Thank you for coming. Really, the webinar thing was really brought to my attention by really request, because I get a lot of questions about preparing your portfolio for retirement and I wanted to make available what the most common problems that I\u0026#39;ve been running across with individual investors and some of the pitfalls that they\u0026#39;ve run into and, some ways, provide some resources for you for ways for you to kind of overcome some of those challenges and not have those roadblocks initially at all as you\u0026#39;re preparing for retirement. So that\u0026#39;s really the purpose of this webinar. \u003c/p\u003e\n\n\u003cp\u003eFor those of you who may not know much about me, I\u0026#39;m Luis Llanos. I\u0026#39;m a Senior Vice President, wealth Management for Farther Wealth Management, so my company, wealth and Investments, recently merged with Farther, and so I\u0026#39;m now a shareholder of Farther and I\u0026#39;m the investment management committee. We managed just under $3 billion right now, and we have a wide variety of different types of clients. I\u0026#39;m a charter financial analyst charter smart market condition been managing money for over 25 years Gosh, it\u0026#39;s actually close to 30 years now and so that\u0026#39;s really a little bit about me. So I really want to dive in. \u003c/p\u003e\n\n\u003cp\u003eSince we\u0026#39;re running late on time, so let me share my screen and we can go from there. Sure, let\u0026#39;s see. All right, you should be able to see my presentation. Can you see my presentation? Anybody Not hearing from anybody? Yes, you can see my presentation. Okay, perfect, all right. \u003c/p\u003e\n\n\u003cp\u003eSo let me just start off with a little bit of a kind of a question for you or a little story. So I was thinking about what is the biggest thing that I guess determines people\u0026#39;s success when they are preparing for retirement and they actually do retire and they start living off their portfolio. And it got me thinking about just a common success factor that most people have, and I thought about some people that I have followed. On the right there that\u0026#39;s a band called Rush, one of my favorite bands. They started out, you know, trying to do what all the producers told them they should do. They, you know, the producers said they should try to sound like Led Zeppelin or they should do certain things and be make your song short. And they just decided that you know, that wasn\u0026#39;t us. And they did their own thing and they had a. They had an initial flop, trying to do what everybody else told them to do, and then they just said look, we\u0026#39;re just going to be who we are. They made an album called 2112 and they exploded because they knew who they were and they, they were authentic as to who they are, and, of course, you know some of these other people and since we don\u0026#39;t have a lot of time. \u003c/p\u003e\n\n\u003cp\u003eI won\u0026#39;t go into all the stories, but each one of these famous people. One of the things that they determined was I\u0026#39;m going to be myself, I\u0026#39;m going to understand myself and I\u0026#39;m going to. I know I\u0026#39;m going to be making trade offs, like there\u0026#39;s no perfect answer, but if I\u0026#39;m true to myself, I can live with the trade-offs and I can have a successful outcome, and that\u0026#39;s really the you know what I wanted to talk about, because that is about the same situation that people have with retirement planning or investing in general. There\u0026#39;s always a trade-off, trade-off between one ideal objective that you may have off, between one ideal objective that you may have and then something else may, you know, be affected because of that. You know, carl Jung said that he who looks outside dreams, but he who looks inside awakens, and that\u0026#39;s very, very true. So I know Tom Basso is on this call and I\u0026#39;ve learned from him as a successful investor that he talks a lot about. \u003c/p\u003e\n\n\u003cp\u003eHey, I need to be understanding what my situation is and I need to do what\u0026#39;s right for me. What is right for me may not necessarily be what\u0026#39;s right for somebody else, and every time you do that, there\u0026#39;s going to be a trade-off, and the biggest trade-off when it comes to preparing your portfolio for retirement tends to be this desire for certainty. In other words, I want to know exactly what my income is going to be, what my return is going to be versus what my lifetime total retirement income could be and my terminating estate wealth. So the more certainty you have you know what you\u0026#39;re going to get the less return you\u0026#39;re going to make and therefore you\u0026#39;re probably going to have less lifetime income and you\u0026#39;ll probably pass on less wealth to your heirs. So that\u0026#39;s just one example of the types of trade-offs that you have. \u003c/p\u003e\n\n\u003cp\u003eSo I want to talk first about understanding yourself, because everything goes from goes from there. It starts with that, and I\u0026#39;m going to just talk about some a series of trade-offs that everybody faces when they\u0026#39;re doing their portfolio for retirement. And then I\u0026#39;m going to stop for questions, and you can, you can answer. You know I can hopefully answer some of your questions, and then we\u0026#39;ll move on to the next topic. Okay, the first one is probability-based versus safety first. So probability-based means that I\u0026#39;m investing in a way and taking my income from a portfolio that\u0026#39;s diversified across a lot of different investments stocks, bonds, real estate, alternatives knowing that I\u0026#39;m going to have some ups and downs in that portfolio, but I\u0026#39;m okay doing that and my I know my return is more variable, but I\u0026#39;m likely to have a higher rate of return over the long run. On the other end of the spectrum is the safety first, which is I want to know contractually what I\u0026#39;m going to have as an income level. \u003c/p\u003e\n\n\u003cp\u003eThat would be like pensions, annuities, lifetime income protection, holding government bonds to maturity. Basically, you are not affected by capital gains fluctuations. So those are the extremes. Most people fall somewhere in between there. So that would be your first trade off. And then the next trade off has to do with your desire for optionality or having the ability to be flexible. Like, if you really value being flexible, you want to have the ability to make changes for favorable economic conditions or any change in your situation. Then that would be one type of mindset and I tend to be more of an optionality mindset person. Other people are not that way. They like more of a commitment, a desire for some dedicated source of income. There you\u0026#39;re really looking for some kind of a specified long-term solution and a lot of people feel more satisfaction with that because there\u0026#39;s less decision-making, there\u0026#39;s more you know, maybe their family members would have less burden as well, and you tend to kind of set it and forget it. Those are two extremes. So those two trade-offs that I mentioned, those tend to be the biggest, most important trade-offs. \u003c/p\u003e\n\n\u003cp\u003eNow I\u0026#39;m going to talk about a couple more trade-offs that I want you to think about that may affect you. One would have to do with accumulation versus distribution, and I\u0026#39;m not talking about, I\u0026#39;m talking about during retirement. So some people they would opt out to have more stable of an income stream, knowing that they\u0026#39;re going to have a lower rate of return and they\u0026#39;re probably going to distribute less money to their heirs, so they\u0026#39;re willing to change their standard of living for that predictability. The other would be somebody who says you know, I want potential variability, I\u0026#39;m okay with variability, and then I\u0026#39;m okay giving more to my heirs. So, as you can see, these are all related. Like, how important is it for you for that money to be for your benefit versus your heirs? And people are different. So this next trade-off has to do with with time. So some people they want to have some earmarked assets that are designed for perpetuity, meaning the rest of your life, and other people feel more comfortable having some kind of reserve, whether it be cash reserve or dedicated bond funding for a specific amount of time Some people prefer to have. \u003c/p\u003e\n\n\u003cp\u003eSome form of their mind is just designed that I want to have things in buckets. There are some mental problems with that way of thinking, but some people are just naturally wired Now with each one of these ways of thinking. There are some potential pitfalls to them, but it\u0026#39;s important for you to know as a human being where you fit naturally in these types of way of thinking. So the other is front-loading versus back-loading. So if you\u0026#39;re worried about longevity risk which is basically saying I\u0026#39;m a little bit afraid that I might outlive my money that\u0026#39;s a big concern for many people Then you\u0026#39;re probably going to have a different way of spending than somebody who\u0026#39;s not so much worried about that. So if you have a low concern for longevity risk, then you\u0026#39;re more inclined to front load spend in the early years. So you\u0026#39;re early in retirement you\u0026#39;re going to spend more and then maybe later you\u0026#39;ll spend less. That\u0026#39;s usually what people think, but we tend to spend more throughout retirement because of inflation. But that\u0026#39;s another issue. The other is high concern over longevity risk. That means that you\u0026#39;re going to spend less, you\u0026#39;re probably going to want to conserve more so that you have more in later years. \u003c/p\u003e\n\n\u003cp\u003eSo now what I want to do is bring this to something that\u0026#39;s practical, that you can actually use and at the end, stick around, because at the end I\u0026#39;m going to give you a way that you could actually make an assessment for yourself to understand where you fit. Okay, so this what I did is I took those first two trade-offs and put them in a little matrix here and so if you\u0026#39;re that investor who is a safety first investor, that you want that knowable income and you\u0026#39;re okay with commitment, then that\u0026#39;s kind of like an income protection type strategy. And on the other side, if you\u0026#39;re kind of a probability investor and you want that high optionality, then you\u0026#39;re more of a total return type of investor. If you look at this matrix here, I come about right here Mostly a total return investor and mostly optional. But I\u0026#39;m not super aggressive on it like some people are. But you have your own place that you will naturally set, and sometimes you have to get out of your comfort zone to do what\u0026#39;s right for you, to be a little bit out of your natural state, which which can be difficult at times, but it\u0026#39;s important to do so. \u003c/p\u003e\n\n\u003cp\u003eThe other two are a little bit less intuitive. If you are high optionality, meaning you want a lot of flexibility, but you also are a safety first person, then you\u0026#39;re more of a time segmented investor, which would mean I\u0026#39;m going to put some buckets together, I\u0026#39;m going to maybe cash match a percentage of my portfolio bond laddering, or I might put an annuity for something. I\u0026#39;m going to bucket things out for my early years, et cetera, et cetera, and that\u0026#39;s one way of going about it. That can be suboptimal as well, you know so that, but but it can fit your psychological needs and it\u0026#39;s important to do that so that you don\u0026#39;t like bail at the wrong time, which is worse than not getting your your, your own psychological profile down. \u003c/p\u003e\n\n\u003cp\u003eSo the last category is one that is actually less common, a little bit harder to understand, but basically you want to have a lot of you\u0026#39;re into the probability base. In other words, you believe that maybe the markets are going to go up over the longterm, so you want exposure to that, but you also want some. You know you\u0026#39;re able to make a commitment. You\u0026#39;re okay making a longterm commitment. So there, you\u0026#39;ll probably want to make some kind of a contractual agreement where you are, or some type of a strategy where you\u0026#39;re managing your risk on the downside, but in a contractual way, not like with stop losses and things like that, but in a contractual way, knowing that you\u0026#39;re not going to have as much upside. So this is a smaller representation of the population, at least that I have run into but there is a certain percentage of the population that really values that. So the question is is what\u0026#39;s your preferred strategy? Well, there\u0026#39;s a, there\u0026#39;s a test that you could take. It\u0026#39;s called a RISA R-I-S-A is it is the name of it and I can help you guys and I\u0026#39;ll show you how I can help you guys actually take one for free and that you can kind of know who you are right there, all right, so I\u0026#39;m going to dive into the investment management side more, who you are right there, all right. So I\u0026#39;m going to dive into the investment management side more. \u003c/p\u003e\n\n\u003cp\u003eSo the biggest question a lot of people ask is how long will my money last? I think, and it doesn\u0026#39;t matter how rich you are. I mean, I had a conversation with a client of ours that has $40 million in asset center management and he\u0026#39;s wondering about how long his money is going to last. So it\u0026#39;s a very interesting problem, but it\u0026#39;s a very serious problem and I think one of the things that people forget and this is one of the things that I\u0026#39;ve noticed just with individual investors you might have a portfolio, say, you have a couple million dollars put away. You\u0026#39;re like I don\u0026#39;t know if that\u0026#39;s enough. I don\u0026#39;t know, should I retire now? Should I retire later? \u003c/p\u003e\n\n\u003cp\u003eOne of the first things that you need to think about is the fact that the order of your returns matter when you have good years, bad years, et cetera, matters If you have bad years earlier in your retirement career. If you will, then your money won\u0026#39;t last as long than if you have, you know, bad years later. So it\u0026#39;s important to know that you could have the exact same return stream and simply shuffle the timing around of that return stream, and how long your money lasts will be affected by it. So there\u0026#39;s ways that you can mitigate this problem and I\u0026#39;m going to talk a little bit about that, but I just want to do a quick illustration to show this. So let\u0026#39;s say investor A and investor B both have the same return year by year in terms of not in the order of the sequence, but the actual returns that they have every year is the same. It\u0026#39;s just different orders. So investor one he has a big decline early down 15% in the portfolio in those first two years and then the rest of the years. You can see he runs out of money a lot faster than investor B, who had that same 15% return loss. But it was later on and that makes a big difference into how long your money lasts, I should say so. \u003c/p\u003e\n\n\u003cp\u003eThe next point on this has to do with your withdrawal rate. Let me just define what the withdrawal rate is. The withdrawal rate is the percentage of your portfolio that you\u0026#39;re going to be spending from each year on average. So let\u0026#39;s say, if you have a million dollars and you spend $50,000 of it, that\u0026#39;s a 5% withdrawal rate from your portfolio, 50,000 divided by a million dollars. So the point on that is that if you have a lower withdrawal rate, naturally you have more resilience in your portfolio, because one of the problems with the sequence of return risk once you start taking money out of your portfolio. You have what\u0026#39;s called reverse dollar cost averaging. The math is reversed. So volatility in the portfolio the more volatility you have in your portfolio, the less long your portfolio will last, even if you have the same average return. So you can have the same average return with less volatility and your money will last longer. So the key is lower your volatility overall or have some other strategy that you\u0026#39;re dealing with so that you\u0026#39;re not having to pull money out of your portfolio your total return portfolio, when your returns are not as strong as they, when you\u0026#39;re going through a lower return period, which everybody has. \u003c/p\u003e\n\n\u003cp\u003eSo what are the strategies to deal with this? Well, there\u0026#39;s a bunch of different strategies that you can deal with. This is a little table you can\u0026#39;t read. I did that on purpose just to make the point that there\u0026#39;s a lot of ways that you could deal with it, and it really requires a detailed analysis of your specific situation, of what the appropriate strategy is, and it starts off with knowing yourself. So, but one strategy could be you could just simply have higher cash reserves and you rely on those higher cash reserves. Maybe you have two or three years worth of your expenses set aside in T-bills or short-term bond ladder for three years short-term bond ladder, something like that and then you just let your you try to maximize your return per unit of risk. \u003c/p\u003e\n\n\u003cp\u003eThat\u0026#39;s how I like to invest. I like to have, you know, some, a cushion, a buffer, if you will, and then really try to maximize my return per unit of risk. But not everybody feels comfortable with that. Some people want to just have some kind of a, some kind of annuity payment or set up something like that that they can deal with those earlier years. Or they may want to bucket, you know, set up a strategy where they have the knowable rate of return in the first five years of their retirement and then the rest of that portfolio is earmarked for total return. There\u0026#39;s different ways that you could deal with that, but it\u0026#39;s important to have a strategy and have a mechanism that you\u0026#39;re going to use to deal with this risk. The simplest one is bigger cash buffer, dedicated funding in your earlier years. And then the second part of the strategy has all to do with how you construct your total return portfolio, which is your portfolio that you\u0026#39;re trying to maximize your return per unit of risk. So hopefully that makes sense and I\u0026#39;m going to move in. I\u0026#39;m going to go through this next section here and then I\u0026#39;ll stop for questions again. \u003c/p\u003e\n\n\u003cp\u003eSo let\u0026#39;s talk about how you put together your total return portfolio. It\u0026#39;s really important that you have different environments really accounted for in your portfolio. In order to do that, there\u0026#39;s really two main things that affect the capital markets. One would be the inflation rate and the other would be the growth pattern in the market. So this is a table that I got from Ray Dalio, who is a brilliant hedge fund manager. It\u0026#39;s a variation of some stuff that he\u0026#39;s put together, but when you look at scenarios and asset class returns, the best way to kind of overcome and have an all-weather portfolio which is a term that Tom Basso uses, that Ray Dalio uses it is a way of having different return streams that are non-correlated, and that\u0026#39;s the best solution for that. You may have 10 to 15 different return streams that may not be asset classes, it could be just different return streams or strategies. So in order to do that, you have to understand why you\u0026#39;re doing that and then also look at what types of assets do well in different environments. \u003c/p\u003e\n\n\u003cp\u003eSo now, before I get into this table, I also want to make a caveat or point here that some people don\u0026#39;t believe in prediction. They say let\u0026#39;s just follow what the markets are saying. Whatever the markets are saying, they\u0026#39;re right, we\u0026#39;re going to follow that and that\u0026#39;s a great heuristic on average, because predicting is very difficult. Other people say I\u0026#39;m going to be running non-diversified strategies and I\u0026#39;m going to be running them all the time, but I\u0026#39;m going to construct them in a way where they can deal with the environment, all these different types of environments, and there\u0026#39;s less decision-making on the timing part of it. I\u0026#39;m just going to do as best as possible in each type of strategy, if that makes sense. So just to break this down, just give you some examples If you have low growth in the economy GDP growth is not doing very well but you have a lot of inflation, that\u0026#39;s not a great scenario. \u003c/p\u003e\n\n\u003cp\u003eBut if you\u0026#39;re in that scenario low growth, high inflation then gold, commodities tips, real assets tend to do well and a lot of people avoid commodities. A lot of people avoid those types of assets, but they actually do really well during these periods of time or they can do well. So if you have high growth, for example, and low inflation, that\u0026#39;s what we\u0026#39;ve experienced for a pretty good amount of time and people have gotten used to that. But the truth of the matter is we don\u0026#39;t get that all the time and we need to prepare for any of these environments. But if you have high growth, low inflation, stocks are going to do well, real estate\u0026#39;s going to do well, corporate bonds do well, private equity does well. There\u0026#39;s, you know, lots of things. \u003c/p\u003e\n\n\u003cp\u003eDo well your traditional asset classes. Now, during these periods of time, this is when people get lulled into believing that that\u0026#39;s the way it always is and that\u0026#39;s when people get hurt. So twice in my career I can remember, and I think we\u0026#39;re kind of in a period right now where everybody, when you start hearing everybody say it\u0026#39;s better to just index, just buy the S\u0026amp;P 500 and you\u0026#39;re going to be fine, that\u0026#39;s usually a sign of some really rough times coming ahead. The last time I remember, during the dot-com bubble, we had the same environment. Everybody\u0026#39;s like, hey, I\u0026#39;m just going to call Vanguard or whoever I\u0026#39;m going to call up and buy the index fund S\u0026amp;P 500. And then we had a massive decline in the market and people truthfully, people don\u0026#39;t stick with that, and so it\u0026#39;s important to understand that. But when we\u0026#39;re thinking about diversification, I like to think of it in terms of a hierarchy. \u003c/p\u003e\n\n\u003cp\u003eYou have asset classes that you need to be sure that they\u0026#39;re non-correlated, and then you also have strategy or your approach that you\u0026#39;re dealing with. You know what is it. Is it a value approach? Is it a momentum approach? Is it a breakout approach? Is it what is it? Is it a counter trend approach? The reason why that\u0026#39;s important is because they tend to perform it. You can have the exact same asset class, but if you have a different approach, it will have a different return pattern. The other has to do with security selection. Is it bottom up, is it top down? What is the method that you\u0026#39;re using and how you\u0026#39;re constructing your securities within the asset classes? So you know you want to diversify all of those and you know we can get into we don\u0026#39;t have time since we\u0026#39;re running a little bit late but there\u0026#39;s a lot of different asset classes you could be looking at. \u003c/p\u003e\n\n\u003cp\u003eOne thing I would point out that is really a lot of people are not participating in which they might should be, would be all of the private asset classes, like private debt, private equity. Those strategies have a lower correlation and a lot of people are ignoring them and if you are an accredited investor, a qualified purchaser, they could be a good addition to your portfolio. So now getting into this diversification, there\u0026#39;s like remember we talked about trade-offs. We\u0026#39;ve been talking about trade-offs this whole time. Here you have to come up with the trade-offs that you could live with. \u003c/p\u003e\n\n\u003cp\u003eBut one of the things with about a diversified portfolio that really I\u0026#39;ve noticed over the years it\u0026#39;s interesting is that people will always have a little bit of angst with a diversified portfolio. So, for example, in 2000, 2002, dot-com bubble blows up. Like I told you we were just talking about how everybody was feeling good just before this period and said you should buy the S\u0026amp;P 500. Those investors went down 40% in the following you know, following period. Right that, those two years, a diversified portfolio. If you were not you know, I\u0026#39;m just using a relatively passive diversified portfolio for illustration here they were down 15% and pretty much everybody says I lost money. The people who were indexing really lost a lot of money. Or if you were buying those growth stocks that everybody was in love with and you just held on to them and didn\u0026#39;t have a risk management protocol, you really got hurt. And then that\u0026#39;s you know. But you were a winner in the diversified portfolio there. \u003c/p\u003e\n\n\u003cp\u003eThe next period I wanted to highlight was 2003 to 2007. S\u0026amp;p was up, strong up 82%. Diversification worked very well during that period of time. Diversified stock bond portfolio was up 87% during that time and it actually outperformed, and partially because bonds did very well and everything was just lockstep working well. And then we had the financial crisis and the stock market went down and everything went down. Diversification type strategies you know these are not hedged and they\u0026#39;re not, you know, long short. This is just a long, lonely, diversified portfolio to show you, for example, and you know. Then you feel like, for example, and then you feel like, oh well, I lost money. Then we had a big, rip-roaring bull market. \u003c/p\u003e\n\n\u003cp\u003eI\u0026#39;d like to point out that in 2009, when most people should have been buying equities, nobody wanted to buy equities. That\u0026#39;s typical of how things work and that\u0026#39;s why having some part of your portfolio in a value-oriented strategy is really important, in my view, because that really does help in periods of time when there\u0026#39;s a lot of excessive fear or when people are getting too overly optimistic about the market. Value keeps you more level-headed and will help you not get killed when those growth stocks, or whatever those stocks that are doing well, do collapse. Growth stocks, or whatever those stocks that are doing well, do collapse. So, but to make a point, there is you make, you made money, but this is the thing. This is probably the like the, the biggest devil of diversification. That hurts people, I think, when you make money but you don\u0026#39;t make as much money. \u003c/p\u003e\n\n\u003cp\u003eSo during this period of time, 09 to 2019, the S\u0026amp;P 500 was up 351%. Diversified portfolio was up only 220%. Right, and you\u0026#39;re like I didn\u0026#39;t make as much money. And then you\u0026#39;re thinking, well, maybe I should be just putting more money in the S\u0026amp;P 500. Maybe I should be getting more aggressive with my strategy, and people get outsider their comfort zone and their risk profile and they don\u0026#39;t recognize that and then they get hurt and that\u0026#39;s exactly what happened in 2020. Then it\u0026#39;s I don\u0026#39;t, then I lost money. \u003c/p\u003e\n\n\u003cp\u003eSo you have to be careful with your emotions and I\u0026#39;m going to bring up Tom Basso again. I\u0026#39;m glad he\u0026#39;s on this call, because one of the things that Tom really has mentioned is like staying level-headed is really important and have you know. If you\u0026#39;re feeling over exuberant, bring yourself down. If you\u0026#39;re feeling like like you know, really in the down in the gutter, you need to bring yourself up and have discipline in your strategy, knowing that your strategy over the longterm works and being adaptive to what, what you need to be doing, being aware, but you know, just to bottom line this, during all of this period of time, if you had put all your money in the S\u0026amp;P 500, you made just about the same amount of money as a diversified portfolio, but you had a smoother ride and you could even smooth this out even more. I\u0026#39;m using this just with a traditional. I\u0026#39;m making this illustration just with a traditional stock bond diversified portfolio long only. So I guess my point here is that when you\u0026#39;re thinking about preparing your retirement portfolio, remind yourself you have to have a way to remind yourself that diversification always has a little bit of angst to it, but it\u0026#39;s important because you need to keep your volatility down so that you could have a good outcome over the long run. \u003c/p\u003e\n\n\u003cp\u003eAll right, I\u0026#39;m going to talk a little bit about alternatives. I really touched on this already, but you know private equity. You know I would consider some of the stuff that Tom Basso does to be alternative type strategies trend following long short stocks, bonds, commodities, currencies that would be one type of alternative, asset class private debt and there\u0026#39;s other types of hedge funds, those non correlated assets. When you put them together in a portfolio, really can help your, your diversification and your give you. You\u0026#39;re not really sacrificing return, but you\u0026#39;re definitely lowering your risk. So that\u0026#39;s, that\u0026#39;s where that\u0026#39;s that sits and there\u0026#39;s. You know a lot of people will tell you like 90% of your variation in your portfolio is due to your overall asset allocation and your strategy. That\u0026#39;s generally two. It doesn\u0026#39;t tell you what your direction is going to be, whether it\u0026#39;s up or down, but your asset allocation is going to determine to a high degree as to how much variability you\u0026#39;re going to have in your portfolio. So it\u0026#39;s important to get that metric right for you so that you\u0026#39;re comfortable with your overall volatility of your portfolio. \u003c/p\u003e\n\n\u003cp\u003eOkay, so one of the biggest things that is an issue in the real world is taxes. I would say and I\u0026#39;ve kind of put this presentation in the order of importance in my mind First you want to make sure you understand yourself and what type of strategy you tend towards. Then you want to go into and you want to make sure that you have the right diversification for your total return portfolio, whatever type of portfolio you are going to fall into, and then you\u0026#39;re going to want to make sure that you\u0026#39;re doing this in a way with taxes right. You want to make sure your taxes are not going to be killing you alive and it\u0026#39;s it\u0026#39;s such a big part of it. \u003c/p\u003e\n\n\u003cp\u003eIn the real world, what we see is people get eaten alive by taxes, especially if they followed what certified financial planners had been telling them to do for years and years. You know, I remember when I first got in this business, you know the last 30 years or so, that the kind of the common thought was max out your 401k plan, max out all your tax deferred money. You know, do certain things and then you get this big bucket of qualified money which is you know that every dollar you pull out of that is going to be taxed when you take that income. And they don\u0026#39;t have enough money in other types of things, and a lot of people wind up retiring in that scenario. And then there\u0026#39;s a big problem with taxes after that. And then you find out that that money does not last as long, so your withdrawal rate has to increase if your taxes are going to be higher. So it\u0026#39;s important and there\u0026#39;s a lot of different things you could do for taxes, but it\u0026#39;s important to have a tax management strategy. \u003c/p\u003e\n\n\u003cp\u003eSo when you\u0026#39;re preparing for retirement so I\u0026#39;m talking about getting ready to do it you know it\u0026#39;s good to say, okay, what steps do I need to make right now so that I\u0026#39;m going to be in an ideal situation, or as ideal as possible, so that taxes are not going to hurt so bad? But if you look at third party research, it looks like about 2% of people\u0026#39;s return is taken out by taxes. Well, a lot of people think, well, 2% is not that big of a deal. But when you compound that over 30 years it is a big deal. And especially if you have your withdrawal rate increases because of taxes, then you have that sequence of returns problem which actually exacerbates that. So, because you don\u0026#39;t invest in a straight line unless you buy CDs or T-bills. So that\u0026#39;s important to know. So Maybe you need to do some Roth conversions. Maybe you need to put more money away, not in your 401ks and IRAs before you retire. Maybe you should be putting money away in other tax managed strategies where there\u0026#39;s replacement strategies, tax lost, harvard sting and things like that that you\u0026#39;re doing. \u003c/p\u003e\n\n\u003cp\u003eSo there\u0026#39;s a trade-off a lot of times between maximizing your total return on a nominal basis, not considering taxes, versus after-tax. So, like, for example, some of the stuff that Tom is talking about sometimes could be, you might actually have a suboptimal after-tax rate of return. If it\u0026#39;s in a taxable account, you might have to adjust that. But if you\u0026#39;re taking losses judiciously, sometimes it can work itself out, because you\u0026#39;re letting your winners run, you hold them longer and then you\u0026#39;re taking more shorter-term losses and then they kind of work themselves out. But that\u0026#39;s not always the case. So maximizing after-tax rate of return is an art, and the more money you have, the more moving parts there are. \u003c/p\u003e\n\n\u003cp\u003eIf you have, for example, stock that you got from your company, that could be a big determinant of what you should do. There\u0026#39;s a lot of different types of stock you could get. You can get incentive options. You could get an NSO, non-qualified stock or restricted stock units. All of these have different tax rules and there\u0026#39;s different. You know there\u0026#39;s alternative minimum tax. So there\u0026#39;s these types of things need to be looked at the more complex your situation is, because the goal is to maximize your after-tax return per unit of risk and to also to have you in a situation where your investment style is right for you. So right now I\u0026#39;m kind of focusing just on the total return portion of your portfolio. So it\u0026#39;s a little bit complicated, but I wanted to bring this up because it is such an important part of your situation. \u003c/p\u003e\n\n\u003cp\u003eNow I\u0026#39;m going to go into an area that nobody really likes to talk about, but I really want to talk about. That\u0026#39;s healthcare costs. Because I wrote an article, because I was talking to a friend of mine and he was saying you know, he\u0026#39;s an author, a very successful author, and he said you know, I want you to just think about all the common things that your clients have been experiencing that were surprises or things that they could have avoided, and what are the most common. And so I wrote a white paper called the 10 Most Common Avoidable Surprises that Derail Executives Planning for Retirement. They could have fixed this, but they didn\u0026#39;t. They were surprised by it and I would say the number one thing would be the healthcare Healthcare. \u003c/p\u003e\n\n\u003cp\u003ePeople are surprised with how much they\u0026#39;re going to need for healthcare. So I\u0026#39;m just going to kind of get away from the investments for a minute and talk a little bit about healthcare, because that\u0026#39;s going to determine how much money you\u0026#39;re really going to need and what kind of withdrawal rate you can take. So most people know you have Medicare and you have Medicaid. So Medicare covers people who are 65 years or older. Generally, if you\u0026#39;ve worked for 10 years you\u0026#39;re covered. And what does it cover? It covers hospital insurance, medical insurance. You could buy supplemental insurance that will cover prescriptions, et cetera. So that cost is going to be there. So it should be explicit in your planning, knowing that it\u0026#39;s going to be there, and I\u0026#39;m going to talk about what some of the average costs have been. Then you have Medicaid. Medicaid is really an income-based strategy Basically, if you are doing really well, if you\u0026#39;re considered quote-unquote wealthy, generally, medicaid is not going to be available to you. So it\u0026#39;s really for people in financial need for the most part, and it\u0026#39;s also related to the state-by-state criteria. So depending on what state you\u0026#39;re in, you\u0026#39;re going to have different rules. \u003c/p\u003e\n\n\u003cp\u003eSo we don\u0026#39;t have time to go into all the intricacies of this, but part of your planning should be what is my health care situation going to be and what does that mean for my withdrawal rate? So when you\u0026#39;re establishing your strategy, having that in place. So let\u0026#39;s just talk about what are the costs these days? So Fidelity has a study they do every year where they go and they call it the retiree health care cost estimate study. They just did one, august 8th of this year, and what they do is they try to estimate what the average person is likely to spend when they retire at age 65 in today\u0026#39;s dollars. And right now, per person, a 65-year-old will spend $165,000 just on ancillary healthcare costs in today\u0026#39;s dollars. So it goes up with inflation. And it\u0026#39;s important to note that that\u0026#39;s for one person. So if you\u0026#39;re a married couple, that usually equates to about $330,000 for a married couple, for a married couple. So that should be explicit into your plan and you should understand that. You know what. What is it, by the way, these costs are covering? It\u0026#39;s like your out-of-pocket prescription drug costs, medicare part B premiums, if you have them, or part D, and then all of your like co-payments, co-insurance. So even if you have insurance, obviously you have these costs. So that\u0026#39;s not even you know considering. \u003c/p\u003e\n\n\u003cp\u003eYou know other things that could be come down the pike and, and actually the biggest thing that people forget that they could avoid is they don\u0026#39;t think about long-term care is also not in this. So a lot of people do need long-term care and long-term care, you know, is there\u0026#39;s a few different types of long-term care, but basically there\u0026#39;s. You know, there\u0026#39;s assisted living. Let me see if I can grab that slide here. We don\u0026#39;t have time to go to that other slide, yeah, you have assisted living, you have home healthcare, you have nursing home and you know I\u0026#39;ve watched clients go through various stages of life and what their costs have been, and it can put burdens on your family, things like that. So you really need to kind of think that through. If you, if you have adequate resources, if you have, if you\u0026#39;re doing really well, you know, with your net worth and you could just self fund all of this and it\u0026#39;s not an issue. But if you don\u0026#39;t, then it\u0026#39;s something that you should consider. You know how? How am I going to deal with that? \u003c/p\u003e\n\n\u003cp\u003eSo the average length of time a man needs long-term care is 2.7 years. So the average length of time a woman needs it is 3.7 years. So women live longer. They tend to need long-term care for a longer period of time. Their healthcare costs are generally more expensive for long-term care. So what are the daily costs? So I looked at like where our clients are mostly and what the daily costs are and just made an average of it. So most of our clients are in Colorado, texas, california, wyoming, new Jersey, florida and their average assisted living daily cost is $170 per day for assisted living. So that\u0026#39;s someone helping you For home healthcare, it\u0026#39;s $168. Somebody helping you in your home and if you have a nursing home, it\u0026#39;s $334 a day. So if you multiply that out times, you know two or three years, whatever that number you want to assume. If you could take the average 2.7 years and 3.7, then that should be a contingent that you have in there and there\u0026#39;s different ways that you could deal with it. We don\u0026#39;t sell insurance or anything like that, but it\u0026#39;s something that should be a contingent that you have in there and there\u0026#39;s different ways that you could deal with it. We don\u0026#39;t sell insurance or anything like that, but it\u0026#39;s something that should be taken care of if insurance is appropriate. \u003c/p\u003e\n\n\u003cp\u003eIf you\u0026#39;re self-funding, you don\u0026#39;t need insurance. Insurance could be an option. You don\u0026#39;t need insurance, but the other people might need insurance. If you need insurance, there\u0026#39;s like four or five different main types. They could be traditional insurance and you know, basically you pay a premium. If you don\u0026#39;t use it, you lose your premiums, so that would be the negative. But you get more care, you get more comprehensive coverage If you do use it. There\u0026#39;s hybrid types. There\u0026#39;s different types of hybrid where you have a life insurance policy where, if you don\u0026#39;t use. If you don\u0026#39;t need long-term care, that life insurance policy will pay the entire death benefit to your heirs tax-free. If you do need it, they give you an accelerated death benefit while you\u0026#39;re alive and you can use that money for long-term care. And that works really well for people who have resources and they want to pass money to their heirs, but they also want to have something set aside for long-term care. Just in case there\u0026#39;s other different things that you could look at, those are the two main ones that are used. \u003c/p\u003e\n\n\u003cp\u003eMain point here is to make sure you have that in your plan. Don\u0026#39;t get derailed by that. And in order to do all this, you really need a retirement needs analysis. Really, basically, what you need is to go through the details of each one of those. So how much do you need to retire to become financially independent? \u003c/p\u003e\n\n\u003cp\u003eBasically, a 3% withdrawal rate is appropriate as a starting point. Some people say it\u0026#39;s overly conservative, but for the average person who has a 30-year retirement, then a 3% withdrawal rate will generally be safe for your portfolio and then, going up with inflation, it\u0026#39;ll take care of inflation for you. It gives you some room for volatility and things like that. That\u0026#39;s a good place to start. So if you wanted to just use a rule of thumb, you could take the income amount that you think you\u0026#39;re going to need today, total spending including paying for taxes and everything else, and then you divide that by 0.03. And that should be the amount of money that you have. That\u0026#39;s really a rough figure because it doesn\u0026#39;t have all the taxes and other things put in place, whatever\u0026#39;s particular to you. \u003c/p\u003e\n\n\u003cp\u003eBut in order to get a real analysis of it, there\u0026#39;s a lot of considerations that you need to go through, like, for example, your asset, your tax planning, your estate planning, all that stuff. To get it right for you, do a retirement needs analysis and do a forecast, and we have certified financial planners that do that work for us. I\u0026#39;m in the investment side and the wealth management side of the business, but this is something I highly recommend doing so that you can get the right picture for you, get an idea about what type of investor you are, you know, and go through a process where you know you, you know what we do is, we meet one-on-one with you and then we\u0026#39;ll talk about your situation, your goals. I\u0026#39;d help you identify and prioritize those goals, get systematic about it and do an inside analysis so that we can look at the details of what it is that you are in a situation now, what your situation is now, what your strengths are, what your gaps are, and evaluate different scenarios for you to see which scenario is better for you. And a design advantage to say, okay, now you\u0026#39;ve got a design that\u0026#39;s right for you. And then the ongoing management of your assets in the plan and then to do regular reviews to make sure that you\u0026#39;re on track. So that is a general service that my firm does. So if you have any need for that, you just let us know. \u003c/p\u003e\n\n\u003cp\u003eBut I wanted to give you tools so that you can start thinking about what it is that you should do to prepare your portfolio. We could literally each section, we could dive so deep into it, but I wanted to just give you an overview of everything. So now I want to give you some resources as we start wrapping up. I want to give you guys each and one of you an opportunity to get a copy a free copy of my Financial Freedom Blueprint book and, along with a white paper, the 10 Avoidable Surprises that Derail Executives Planning for Retirement. And then also I\u0026#39;ll send you an email right where you can give us your address and we can mail that book out to you a signed copy, and then also we\u0026#39;ll give you a link on how you could take that risk assessment to figure out what type of investor you are, if that\u0026#39;s something you want to do. And then we\u0026#39;ll also give you a scheduling link. If you want to have a retirement needs analysis, you could schedule a Zoom call with us and do that. And I also want to invite you to listen to my podcast, the Market Call Show. You could go to pathtorealwealthcom and get information about that. \u003c/p\u003e\n\n\u003cp\u003eSo that\u0026#39;s basically all I have today. I apologize for the delay that we had earlier and hopefully we\u0026#39;ll get it right. I\u0026#39;m going to be doing these various types of topics every month, once a month, mainly so that I can answer as many questions as I can to people the most common questions that we\u0026#39;ve been getting. So thank you very much for joining and hopefully, if you would like to come to some of the other webinars I\u0026#39;m doing, you could do that and we will send you out an email. And, tom Basso, I want to thank you for all of your input too. I appreciate the. You know your perspective on things and you\u0026#39;ve been a great mentor and learner for me as well. \u003c/p\u003e","summary":"Today, on the Market Call Show, we're discussing the importance of authenticity in financial planning.\r\n\r\nUsing a great Rush analogy, we look at how sequencing returns impacts the longevity of your portfolio , and we talk about strategies to navigate varied markets.\r\n\r\nMost of us are concerned with peace of mind in retirement, and having enough to do everything we want to do, so taking a personalized approach to planning that considers both flexibility and fixed income is key to achieving the retirement we want.","date_published":"2024-09-12T04:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/1c159baf-2807-459c-918b-a93da8b789f3.mp3","mime_type":"audio/mpeg","size_in_bytes":42939157,"duration_in_seconds":2683}]},{"id":"d65360ce-9d61-4c42-b476-482a1dd1a2c3","title":"Current Market Turbulence | Ep92","url":"https://podcast.pathtorealwealth.com/092","content_text":"\n\nToday, on the Market Call Show, we examine strategies for navigating volatile market conditions. Recent turbulence, driven by factors like the global sell-off, tech declines, and yen carry trade unwinding, has intensified volatility. We dissect the economic and geopolitical influences intensifying volatility.\n\nWe illustrate the multifaceted challenges facing investors through examples such as NVIDIA's production issues and looming stagflation fears. Additionally, we consider election-year uncertainties and their impacts on sentiment.\n\nYet amidst shifting seas, opportunity remains—with prudent planning. Given overvaluation concerns, we stress diversifying beyond tech and maintaining awareness of indicators and policy shifts.\n\nFor those nearing retirement, tailored strategies emphasize balancing risk through diversified equity allocation over heavy bonds. Well-informed risk management and acknowledging market cycles also feature prominently.\n\n \n\nSHOW HIGHLIGHTS\n\n\nWe discuss recent market headlines including the global market sell-off, tech sector decline, and the unwinding of the yen carry trade, with examples such as NVIDIA's production issues and fears of stagflation.\nThe show highlights the impact of rising interest rates in Japan and the political and economic uncertainties leading up to the upcoming election on market sentiment and investor behavior.\nWe emphasized the importance of diversification, especially in the tech sector, to mitigate the risk associated with sector-specific downturns.\nStressing the necessity of staying informed about market developments, we discuss the economic indicators, and the impacts of monetary and fiscal policies on investment portfolios.\nI Explain the significance of risk management and being prepared for market cycles, likening it to a sailor adjusting to changing winds.\nWe offer ideas for tailored strategies for those nearing retirement, cautioning against heavy reliance on bonds and advocating for a balanced equity allocation to sustain long-term withdrawals.\nI discussed the role of political and economic policies in affecting market volatility and the importance of understanding their impact on investment portfolios.\nWe discuss having an emergency fund and a diversified portfolio to manage withdrawals during market downturns without negatively impacting growth assets.\nI encourage investors to remain calm and consult with trusted financial advisors or level-headed colleagues during periods of market uncertainty to maintain a long-term perspective.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\n\nLouis: Hello, this is Louis Llanes for the Market Call Show. I want to talk a little bit about the headlines recently. A lot of people are asking me questions about what do you think about all this craziness in the market? In fact, I've had several people email me or text me or even as I'm walking down the hallway at the office, saying, how are you holding up with this market? And I had a conversation with a client who once was a stockbroker back in the day, a very sophisticated client and we were talking about the markets and we were talking about ups and downs and the difference between certain investors and how they deal with ups and downs. So I wanted to spend a little bit of time just talking about the major headlines that we've seen recently, that's affecting the stock market. And once I kind of get through that, I want to kind of give you my take on it and then just talk about what I think are kind of the lessons to get from the recent headlines and then also, in particular for people who are nearing retirement which is a lot of people who are watching this podcast or are already retired what this means. And it's just some reminders of some basic things to think about. When these headlines come about, they really bring certain aspects of fundamental investing to light. So first of all, let's talk a little bit about the recent headlines. \n\nSo we had a global market sell-off. So, like on August 5th, the S\u0026amp;P 500 experienced a big drop. It was down like 3% and it was marking like the worst day we saw since December 2022. And that was part of a broader global market sell-off and the Japanese market had suffered the biggest one-day drop that it saw since 1987. The biggest one-day drop that it saw since 1987. In fact, it brings back. \n\nI remember the day that the market crash happened. Actually, I went into a small brokerage firm that day. I was in college at that time and I was studying finance and I walked in and I remember the branch manager of this brokerage firm was kind of in a panic and he grabbed all the brokers and they had a big open floor and he said do you realize what happened in the Japanese market? It had a massive sell-off. Today is going to be an ugly day and I just remember how everybody was running around. \n\nBut what's interesting is our stock market did not follow through on the downside to the same extent as 1987. So a lot of people are making kind of a correlation between 1987 and today and really they're very different scenarios. So anyway, so there was a lot of concerns about economic growth and overvaluation of tech stocks, which I have been talking about for a long time. In fact, my last podcast that just was released last week I was talking about navigating in emotional markets. I actually recorded that podcast three weeks ago, so it was meant to go out sooner but we had a little bit of delay in launching getting it out. But I've been mourning about these problems for quite a while. So anyway, so that was the first thing. \n\nThat's kind of the major headline the global market sell-off. And we also had a lot of headlines related to the unwinding of the yen carry trade. The yen carry trade is when investors borrow in the yen at low interest rates and they invest that money at higher yield, yielding assets, mostly stocks and other assets as well. But stocks were also a big part of the allocation that came from borrowing money. Like hedge funds and certain types of asset managers were doing more speculative leverage trades, where they're borrowing money in yen and buying stocks. Well, that unwound because we saw that there was a rise in interest rates in Japan and that caused a lot of margin calls in interest rates in Japan and that caused a lot of margin calls and that forced some selling in stocks globally and added to the market volatility that we saw. So that was more of what I would consider to be kind of a structural thing, and this is something that happens at market extremes. You tend to have those investors or traders that were over levered have to unwind leverage and it creates stress in the market. So I think that was a that was part of the headline. \n\nThe other thing was the tech sector sell off. We talked a little bit about this, but the tech sector, particularly the so-called magnificent seven stocks, have been hit hard. You know, nvidia, tesla and other major tech companies have had significant declines recently. That contributed to the overall broad market sell-off. So NVIDIA, for instance, it faced a production issue with its next generation AI chips and that further exacerbated and caused investor sentiment to go sour. You saw the headlines in Financial Times, in Market, business Insider and other Wall Street Journal and that was kind of part of the concerns there. \n\nAnd to make things a little bit more concerning, we had a lot of talk about stagflation. There was particular analysts that were talking about maybe there could be potential stagflation where high inflation and the sluggish economy could prevent the Federal Reserve from cutting interest rates as much as they need to, because the market had been anticipating interest rates to be going down. And if there's stagflation then maybe the Fed will not be able to drop rates as much as the market is anticipating. So that scenario led to forecast of a possible 10% decline in the S\u0026amp;P 500 over the next quarter. Take that for what it's worth, but you kind of put those things together. It caused more angst. \n\nAnd then there's also the political and economic uncertainty Politicians have been. As you know, the election is coming up and it's playing a role. It's definitely playing a role. The recent market turmoil has been described by some people as the Kamala crash, or Kamala crash by critics. That's highlighting the political risks really that are associated with the election and potential economic instability. \n\nOn this phone call that I had earlier today with a particular client, one of the things we talked about was how, really, for the most part, if you look at it historically, politics generally or I should say the election of the president generally affects certain sectors and industries more than it affects the overall economy. There is some effect there. But if you look at it statistically and you just kind of graph out the market and then you kind of overlay whether it was a Democrat or a Republican, there's really statistically not that much difference in the capital market outcomes. But there is definitely big differences between how certain sectors respond and how certain industries respond. For example, if Trump were to become the president, maybe certain energy stocks would do well if it's related to increasing production and others might do poorly if they're tied to a lower oil price. You know, it just depends on what you're looking at. So these factors created to a volatile environment. It significantly infected investor sentiment and market performance recently. So what's crazy is that since that happened we had a big jump up in the market so that initial you know how you feel about this market. You know, and now it's moving up. You have to really now I want to get into my thoughts about this you have to really not think about the headlines so much, because the headlines really are not going to, in the end, have a lot to do with your results. \n\nSo, given this market volatility, there's some lessons really. The first one I would say is that diversification is crucial. The significance of a sell-off in a specific sector or particularly technology. That just leads you to understand and just basic blocking and tackling that you need to have some diversification across industries and asset classes. Diversification can help you mitigate the risk associated with sector-specific downturns. So in a lot of, if you look at the sector concentration in the S\u0026amp;P 500 or the overall market, it's pretty high. It's over 30% in tech. There's also more economic growth there, but it's pretty highly concentrated right now. So being diversified is important. So the other thing is staying informed is really important, because if you've been informed about market developments and economic developments and valuations and the quality in the market, you would have already been aware that this type of thing could happen. So you're not surprised. It shouldn't be surprising for you. \n\nSo markets are influenced by a myriad of factors, like we just talked about, and these unexpected global outcomes that sometimes they seem like out of the blue. They're really not so much out of the blue if you're kind of aware of what's happening in the market, like what's happening with the unwinding of the yen trade. I mean this has actually happened before. The whole thing about risk on versus risk off and borrowing in yen and buying other assets, that's been an excuse for exacerbated volatility in the past and it does have some effect. But it shouldn't come as a surprise that headline. So understanding economic indicators, I think is helpful because when you understand that these inflation rates or unemployment data, central bank policies, et cetera, et cetera, this helps you kind of understand that these policies could affect the market longer term and these policies tend to move slow and so you know it's not like things just turn around on a dime. They generally happen over time. So if you're watching those trends, that could help you invest as a long-term investor, which is really the way to think about this. \n\nI think the other lesson would be risk management. Unwinding of the end carry trade, like I had mentioned before, that's just normal volatility. That can happen. So your portfolio should already be really constructed in a way where it makes sense for you to hold on to a longer term strategy. And that leads to really the lesson always to be prepared for market cycles. So it's just like if you were a sailor. If you were a sailor, a professional sailor if the winds change their direction, you shouldn't be surprised. You should be in a position where you understand, like, if the winds are changing, this is how I'm going to change my sales and these are the specific actions I'm going to do so. Having your portfolio managed in a way especially, you know, if you're a long-term investor which I believe everybody really should be for the most part then you know you really want to be thinking hey, I'm prepared for the market cycles. Here's my plan on how I'm doing that, or here's my advisor's plan. This is our strategy. So if you don't feel like you have a plan for market cycles, then it's time to get one. It's time to get an investment policy and work with professionals to put one together, if you don't feel like you could do that on your own. \n\nSo I would say the other lesson would be political and economic policy does matter. Like we talked about it, those developments do matter. In the long run they can have significant impacts. They tend to move slower, you know. Monetary and fiscal policy do have an impact. Some of the you know the election issues can have a short-term impact. I would argue that long-term they have. They don't have much effect on the overall returns on stocks, but they definitely have impact on returns in sectors and interest rates. Regulatory shifts can also have some impact. So understanding what those are and how they affect your investment portfolio is important. So by incorporating these lessons into your investment strategy, long-term investors can better, you know, navigate market volatility. But the you know, if you're somebody who is near retirement and I'm getting ready to do a webinar actually on preparing your portfolio for retirement, that's going to be actually next week, but in fact I guess by the time this is published I'll probably already have done it but so, as I was thinking about that particular webinar, I thought about well, what does all this kind of volatility mean for those people, those investors, those people that are going to be on that webinar? \n\nAnd the first thing is, you know, you have to have a plan for moving towards retirement, right, like, like, what is your portfolio. How does it need to be readjusted as you get closer to retirement? A lot of people feel like you should be 100% in bonds or really high in bonds Once you get to retirement. The data actually shows that's not a good strategy, primarily because inflation eats up at your value After taxes and inflation, bonds generally don't do very well. You know it could be negative returns or slightly positive, and if your withdrawal rate is, you know, 4% or so or 3%, you're not going to be able to sufficiently have that last for a long period of time over retirement horizon, which typically lasts somewhere about 30 years or so. Being 100% invested in bonds is not a good idea. So having a long-term strategy generally requires and some of the data shows that your stock allocation or equity allocation should be somewhere between 50% and 75% going into retirement on an optimal basis, looking over a wide variety of economic conditions. \n\nSo in terms of how people who are getting close to retirement should think about this, it's important that you're dealing with your withdrawal rates, like you understand what your withdrawal strategy is likely to be going forward and in the future, and that you have a plan for dealing with ups and downs. So in order to deal with that. It's important to strategically have some considerations like how you're diversifying your portfolio right now and what kind of funds emergency funds are you going to have. So you don't want to be in a position where you're having a negative impact on your portfolio because you're pulling money out of growth assets at the wrong time. So it's really important to have an emergency fund that can help you through those downturns and even have there's been some great studies out there I know Charles Schwab did one even also having an emergency fund plus. It's kind of a basket of shorter term bonds and more intermediate term bonds too, so that you are prepared for these types of things and you can let the growth of your portfolio work over time. And that's been a strategy I've really worked with clients for years, decades, and it has worked very well over the longterm. So these ups and downs and in fact, if you look at a longterm chart, this recent decline is but a blip on the radar. So even the 1987 crash is a blip on the radar. \n\nSo you know, some people might even think, oh my gosh, I'm going to delay retirement or I'm going to adjust my spending. I would say the thing to do is there are some spending. If you're already retired, there's a lot of different ways that you can think about how you take withdrawals out. But I would not be withdrawing money out of the market the growth assets, stock market type things or even real estate things like that for the average person just because of a decline. But delaying some spending might make some sense, depending on how you're structured. But really taking a look at your overall structure right now makes a lot of sense your overall asset allocation so that it's aligned with your goals. \n\nI think the biggest consideration right now is psychological, and staying informed is important, but being able to stay informed and remain calm is crucial. So you want to be able to not panic because of various headlines and so consulting with people that you trust your financial advisors or family members or colleagues that you know are level-headed during periods of uncertainty, that's the best way to deal with things and to get your psychology level headed. So it's important to think about these things from a long-term perspective. It's important to look at them from. You know high quality investments would be another focus that we've talked about a lot. You want to be focused on high quality. So I think, when these recent headlines, although there are some things that could have longer term implications that are embedded in them, like, for example, the high debt ratios, the likelihood of higher tax rates, things like that. Those can affect long term planning horizons and valuations being overbought in certain areas. That can affect long term investment decisions. And if you didn't listen to that podcast I did last week on navigating in emotional markets, I highly recommend listening to that because I talk more in detail about those aspects of investment security selection and how to be psychologically dealing with these types of scenarios. \n\nAll right, well, that's all I have for you today. I hope you find this useful. If you like this, please like and subscribe. Share it with your colleagues, friends, people who may benefit from this. That's all for now, luis Llanos signing off. Talk to you next time. ","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/u8BRcHeKHQk?si=tbEVV6cRhCMld-A9\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003eToday, on the Market Call Show, we examine strategies for navigating volatile market conditions. Recent turbulence, driven by factors like the global sell-off, tech declines, and yen carry trade unwinding, has intensified volatility. We dissect the economic and geopolitical influences intensifying volatility.\u003c/p\u003e\n\n\u003cp\u003eWe illustrate the multifaceted challenges facing investors through examples such as NVIDIA\u0026#39;s production issues and looming stagflation fears. Additionally, we consider election-year uncertainties and their impacts on sentiment.\u003c/p\u003e\n\n\u003cp\u003eYet amidst shifting seas, opportunity remains—with prudent planning. Given overvaluation concerns, we stress diversifying beyond tech and maintaining awareness of indicators and policy shifts.\u003c/p\u003e\n\n\u003cp\u003eFor those nearing retirement, tailored strategies emphasize balancing risk through diversified equity allocation over heavy bonds. Well-informed risk management and acknowledging market cycles also feature prominently.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n\u003cli\u003eWe discuss recent market headlines including the global market sell-off, tech sector decline, and the unwinding of the yen carry trade, with examples such as NVIDIA's production issues and fears of stagflation.\u003c/li\u003e\n\u003cli\u003eThe show highlights the impact of rising interest rates in Japan and the political and economic uncertainties leading up to the upcoming election on market sentiment and investor behavior.\u003c/li\u003e\n\u003cli\u003eWe emphasized the importance of diversification, especially in the tech sector, to mitigate the risk associated with sector-specific downturns.\u003c/li\u003e\n\u003cli\u003eStressing the necessity of staying informed about market developments, we discuss the economic indicators, and the impacts of monetary and fiscal policies on investment portfolios.\u003c/li\u003e\n\u003cli\u003eI Explain the significance of risk management and being prepared for market cycles, likening it to a sailor adjusting to changing winds.\u003c/li\u003e\n\u003cli\u003eWe offer ideas for tailored strategies for those nearing retirement, cautioning against heavy reliance on bonds and advocating for a balanced equity allocation to sustain long-term withdrawals.\u003c/li\u003e\n\u003cli\u003eI discussed the role of political and economic policies in affecting market volatility and the importance of understanding their impact on investment portfolios.\u003c/li\u003e\n\u003cli\u003eWe discuss having an emergency fund and a diversified portfolio to manage withdrawals during market downturns without negatively impacting growth assets.\u003c/li\u003e\n\u003cli\u003eI encourage investors to remain calm and consult with trusted financial advisors or level-headed colleagues during periods of market uncertainty to maintain a long-term perspective.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Hello, this is Louis Llanes for the Market Call Show. I want to talk a little bit about the headlines recently. A lot of people are asking me questions about what do you think about all this craziness in the market? In fact, I\u0026#39;ve had several people email me or text me or even as I\u0026#39;m walking down the hallway at the office, saying, how are you holding up with this market? And I had a conversation with a client who once was a stockbroker back in the day, a very sophisticated client and we were talking about the markets and we were talking about ups and downs and the difference between certain investors and how they deal with ups and downs. So I wanted to spend a little bit of time just talking about the major headlines that we\u0026#39;ve seen recently, that\u0026#39;s affecting the stock market. And once I kind of get through that, I want to kind of give you my take on it and then just talk about what I think are kind of the lessons to get from the recent headlines and then also, in particular for people who are nearing retirement which is a lot of people who are watching this podcast or are already retired what this means. And it\u0026#39;s just some reminders of some basic things to think about. When these headlines come about, they really bring certain aspects of fundamental investing to light. So first of all, let\u0026#39;s talk a little bit about the recent headlines. \u003c/p\u003e\n\n\u003cp\u003eSo we had a global market sell-off. So, like on August 5th, the S\u0026amp;P 500 experienced a big drop. It was down like 3% and it was marking like the worst day we saw since December 2022. And that was part of a broader global market sell-off and the Japanese market had suffered the biggest one-day drop that it saw since 1987. The biggest one-day drop that it saw since 1987. In fact, it brings back. \u003c/p\u003e\n\n\u003cp\u003eI remember the day that the market crash happened. Actually, I went into a small brokerage firm that day. I was in college at that time and I was studying finance and I walked in and I remember the branch manager of this brokerage firm was kind of in a panic and he grabbed all the brokers and they had a big open floor and he said do you realize what happened in the Japanese market? It had a massive sell-off. Today is going to be an ugly day and I just remember how everybody was running around. \u003c/p\u003e\n\n\u003cp\u003eBut what\u0026#39;s interesting is our stock market did not follow through on the downside to the same extent as 1987. So a lot of people are making kind of a correlation between 1987 and today and really they\u0026#39;re very different scenarios. So anyway, so there was a lot of concerns about economic growth and overvaluation of tech stocks, which I have been talking about for a long time. In fact, my last podcast that just was released last week I was talking about navigating in emotional markets. I actually recorded that podcast three weeks ago, so it was meant to go out sooner but we had a little bit of delay in launching getting it out. But I\u0026#39;ve been mourning about these problems for quite a while. So anyway, so that was the first thing. \u003c/p\u003e\n\n\u003cp\u003eThat\u0026#39;s kind of the major headline the global market sell-off. And we also had a lot of headlines related to the unwinding of the yen carry trade. The yen carry trade is when investors borrow in the yen at low interest rates and they invest that money at higher yield, yielding assets, mostly stocks and other assets as well. But stocks were also a big part of the allocation that came from borrowing money. Like hedge funds and certain types of asset managers were doing more speculative leverage trades, where they\u0026#39;re borrowing money in yen and buying stocks. Well, that unwound because we saw that there was a rise in interest rates in Japan and that caused a lot of margin calls in interest rates in Japan and that caused a lot of margin calls and that forced some selling in stocks globally and added to the market volatility that we saw. So that was more of what I would consider to be kind of a structural thing, and this is something that happens at market extremes. You tend to have those investors or traders that were over levered have to unwind leverage and it creates stress in the market. So I think that was a that was part of the headline. \u003c/p\u003e\n\n\u003cp\u003eThe other thing was the tech sector sell off. We talked a little bit about this, but the tech sector, particularly the so-called magnificent seven stocks, have been hit hard. You know, nvidia, tesla and other major tech companies have had significant declines recently. That contributed to the overall broad market sell-off. So NVIDIA, for instance, it faced a production issue with its next generation AI chips and that further exacerbated and caused investor sentiment to go sour. You saw the headlines in Financial Times, in Market, business Insider and other Wall Street Journal and that was kind of part of the concerns there. \u003c/p\u003e\n\n\u003cp\u003eAnd to make things a little bit more concerning, we had a lot of talk about stagflation. There was particular analysts that were talking about maybe there could be potential stagflation where high inflation and the sluggish economy could prevent the Federal Reserve from cutting interest rates as much as they need to, because the market had been anticipating interest rates to be going down. And if there\u0026#39;s stagflation then maybe the Fed will not be able to drop rates as much as the market is anticipating. So that scenario led to forecast of a possible 10% decline in the S\u0026amp;P 500 over the next quarter. Take that for what it\u0026#39;s worth, but you kind of put those things together. It caused more angst. \u003c/p\u003e\n\n\u003cp\u003eAnd then there\u0026#39;s also the political and economic uncertainty Politicians have been. As you know, the election is coming up and it\u0026#39;s playing a role. It\u0026#39;s definitely playing a role. The recent market turmoil has been described by some people as the Kamala crash, or Kamala crash by critics. That\u0026#39;s highlighting the political risks really that are associated with the election and potential economic instability. \u003c/p\u003e\n\n\u003cp\u003eOn this phone call that I had earlier today with a particular client, one of the things we talked about was how, really, for the most part, if you look at it historically, politics generally or I should say the election of the president generally affects certain sectors and industries more than it affects the overall economy. There is some effect there. But if you look at it statistically and you just kind of graph out the market and then you kind of overlay whether it was a Democrat or a Republican, there\u0026#39;s really statistically not that much difference in the capital market outcomes. But there is definitely big differences between how certain sectors respond and how certain industries respond. For example, if Trump were to become the president, maybe certain energy stocks would do well if it\u0026#39;s related to increasing production and others might do poorly if they\u0026#39;re tied to a lower oil price. You know, it just depends on what you\u0026#39;re looking at. So these factors created to a volatile environment. It significantly infected investor sentiment and market performance recently. So what\u0026#39;s crazy is that since that happened we had a big jump up in the market so that initial you know how you feel about this market. You know, and now it\u0026#39;s moving up. You have to really now I want to get into my thoughts about this you have to really not think about the headlines so much, because the headlines really are not going to, in the end, have a lot to do with your results. \u003c/p\u003e\n\n\u003cp\u003eSo, given this market volatility, there\u0026#39;s some lessons really. The first one I would say is that diversification is crucial. The significance of a sell-off in a specific sector or particularly technology. That just leads you to understand and just basic blocking and tackling that you need to have some diversification across industries and asset classes. Diversification can help you mitigate the risk associated with sector-specific downturns. So in a lot of, if you look at the sector concentration in the S\u0026amp;P 500 or the overall market, it\u0026#39;s pretty high. It\u0026#39;s over 30% in tech. There\u0026#39;s also more economic growth there, but it\u0026#39;s pretty highly concentrated right now. So being diversified is important. So the other thing is staying informed is really important, because if you\u0026#39;ve been informed about market developments and economic developments and valuations and the quality in the market, you would have already been aware that this type of thing could happen. So you\u0026#39;re not surprised. It shouldn\u0026#39;t be surprising for you. \u003c/p\u003e\n\n\u003cp\u003eSo markets are influenced by a myriad of factors, like we just talked about, and these unexpected global outcomes that sometimes they seem like out of the blue. They\u0026#39;re really not so much out of the blue if you\u0026#39;re kind of aware of what\u0026#39;s happening in the market, like what\u0026#39;s happening with the unwinding of the yen trade. I mean this has actually happened before. The whole thing about risk on versus risk off and borrowing in yen and buying other assets, that\u0026#39;s been an excuse for exacerbated volatility in the past and it does have some effect. But it shouldn\u0026#39;t come as a surprise that headline. So understanding economic indicators, I think is helpful because when you understand that these inflation rates or unemployment data, central bank policies, et cetera, et cetera, this helps you kind of understand that these policies could affect the market longer term and these policies tend to move slow and so you know it\u0026#39;s not like things just turn around on a dime. They generally happen over time. So if you\u0026#39;re watching those trends, that could help you invest as a long-term investor, which is really the way to think about this. \u003c/p\u003e\n\n\u003cp\u003eI think the other lesson would be risk management. Unwinding of the end carry trade, like I had mentioned before, that\u0026#39;s just normal volatility. That can happen. So your portfolio should already be really constructed in a way where it makes sense for you to hold on to a longer term strategy. And that leads to really the lesson always to be prepared for market cycles. So it\u0026#39;s just like if you were a sailor. If you were a sailor, a professional sailor if the winds change their direction, you shouldn\u0026#39;t be surprised. You should be in a position where you understand, like, if the winds are changing, this is how I\u0026#39;m going to change my sales and these are the specific actions I\u0026#39;m going to do so. Having your portfolio managed in a way especially, you know, if you\u0026#39;re a long-term investor which I believe everybody really should be for the most part then you know you really want to be thinking hey, I\u0026#39;m prepared for the market cycles. Here\u0026#39;s my plan on how I\u0026#39;m doing that, or here\u0026#39;s my advisor\u0026#39;s plan. This is our strategy. So if you don\u0026#39;t feel like you have a plan for market cycles, then it\u0026#39;s time to get one. It\u0026#39;s time to get an investment policy and work with professionals to put one together, if you don\u0026#39;t feel like you could do that on your own. \u003c/p\u003e\n\n\u003cp\u003eSo I would say the other lesson would be political and economic policy does matter. Like we talked about it, those developments do matter. In the long run they can have significant impacts. They tend to move slower, you know. Monetary and fiscal policy do have an impact. Some of the you know the election issues can have a short-term impact. I would argue that long-term they have. They don\u0026#39;t have much effect on the overall returns on stocks, but they definitely have impact on returns in sectors and interest rates. Regulatory shifts can also have some impact. So understanding what those are and how they affect your investment portfolio is important. So by incorporating these lessons into your investment strategy, long-term investors can better, you know, navigate market volatility. But the you know, if you\u0026#39;re somebody who is near retirement and I\u0026#39;m getting ready to do a webinar actually on preparing your portfolio for retirement, that\u0026#39;s going to be actually next week, but in fact I guess by the time this is published I\u0026#39;ll probably already have done it but so, as I was thinking about that particular webinar, I thought about well, what does all this kind of volatility mean for those people, those investors, those people that are going to be on that webinar? \u003c/p\u003e\n\n\u003cp\u003eAnd the first thing is, you know, you have to have a plan for moving towards retirement, right, like, like, what is your portfolio. How does it need to be readjusted as you get closer to retirement? A lot of people feel like you should be 100% in bonds or really high in bonds Once you get to retirement. The data actually shows that\u0026#39;s not a good strategy, primarily because inflation eats up at your value After taxes and inflation, bonds generally don\u0026#39;t do very well. You know it could be negative returns or slightly positive, and if your withdrawal rate is, you know, 4% or so or 3%, you\u0026#39;re not going to be able to sufficiently have that last for a long period of time over retirement horizon, which typically lasts somewhere about 30 years or so. Being 100% invested in bonds is not a good idea. So having a long-term strategy generally requires and some of the data shows that your stock allocation or equity allocation should be somewhere between 50% and 75% going into retirement on an optimal basis, looking over a wide variety of economic conditions. \u003c/p\u003e\n\n\u003cp\u003eSo in terms of how people who are getting close to retirement should think about this, it\u0026#39;s important that you\u0026#39;re dealing with your withdrawal rates, like you understand what your withdrawal strategy is likely to be going forward and in the future, and that you have a plan for dealing with ups and downs. So in order to deal with that. It\u0026#39;s important to strategically have some considerations like how you\u0026#39;re diversifying your portfolio right now and what kind of funds emergency funds are you going to have. So you don\u0026#39;t want to be in a position where you\u0026#39;re having a negative impact on your portfolio because you\u0026#39;re pulling money out of growth assets at the wrong time. So it\u0026#39;s really important to have an emergency fund that can help you through those downturns and even have there\u0026#39;s been some great studies out there I know Charles Schwab did one even also having an emergency fund plus. It\u0026#39;s kind of a basket of shorter term bonds and more intermediate term bonds too, so that you are prepared for these types of things and you can let the growth of your portfolio work over time. And that\u0026#39;s been a strategy I\u0026#39;ve really worked with clients for years, decades, and it has worked very well over the longterm. So these ups and downs and in fact, if you look at a longterm chart, this recent decline is but a blip on the radar. So even the 1987 crash is a blip on the radar. \u003c/p\u003e\n\n\u003cp\u003eSo you know, some people might even think, oh my gosh, I\u0026#39;m going to delay retirement or I\u0026#39;m going to adjust my spending. I would say the thing to do is there are some spending. If you\u0026#39;re already retired, there\u0026#39;s a lot of different ways that you can think about how you take withdrawals out. But I would not be withdrawing money out of the market the growth assets, stock market type things or even real estate things like that for the average person just because of a decline. But delaying some spending might make some sense, depending on how you\u0026#39;re structured. But really taking a look at your overall structure right now makes a lot of sense your overall asset allocation so that it\u0026#39;s aligned with your goals. \u003c/p\u003e\n\n\u003cp\u003eI think the biggest consideration right now is psychological, and staying informed is important, but being able to stay informed and remain calm is crucial. So you want to be able to not panic because of various headlines and so consulting with people that you trust your financial advisors or family members or colleagues that you know are level-headed during periods of uncertainty, that\u0026#39;s the best way to deal with things and to get your psychology level headed. So it\u0026#39;s important to think about these things from a long-term perspective. It\u0026#39;s important to look at them from. You know high quality investments would be another focus that we\u0026#39;ve talked about a lot. You want to be focused on high quality. So I think, when these recent headlines, although there are some things that could have longer term implications that are embedded in them, like, for example, the high debt ratios, the likelihood of higher tax rates, things like that. Those can affect long term planning horizons and valuations being overbought in certain areas. That can affect long term investment decisions. And if you didn\u0026#39;t listen to that podcast I did last week on navigating in emotional markets, I highly recommend listening to that because I talk more in detail about those aspects of investment security selection and how to be psychologically dealing with these types of scenarios. \u003c/p\u003e\n\n\u003cp\u003eAll right, well, that\u0026#39;s all I have for you today. I hope you find this useful. If you like this, please like and subscribe. Share it with your colleagues, friends, people who may benefit from this. That\u0026#39;s all for now, luis Llanos signing off. Talk to you next time. \u003c/p\u003e","summary":"Today, on the Market Call Show, we examine strategies for navigating volatile market conditions. Recent turbulence, driven by factors like the global sell-off, tech declines, and yen carry trade unwinding, has intensified volatility. We dissect the economic and geopolitical influences intensifying volatility.\r\n\r\nWe illustrate the multifaceted challenges facing investors through examples such as NVIDIA's production issues and looming stagflation fears. Additionally, we consider election-year uncertainties and their impacts on sentiment.\r\n\r\nYet amidst shifting seas, opportunity remains—with prudent planning. Given overvaluation concerns, we stress diversifying beyond tech and maintaining awareness of indicators and policy shifts.\r\n\r\nFor those nearing retirement, tailored strategies emphasize balancing risk through diversified equity allocation over heavy bonds. Well-informed risk management and acknowledging market cycles also feature prominently.","date_published":"2024-08-15T04:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/d65360ce-9d61-4c42-b476-482a1dd1a2c3.mp3","mime_type":"audio/mpeg","size_in_bytes":17314877,"duration_in_seconds":1082}]},{"id":"d2b15632-f2fb-46db-94d4-04dff122a2af","title":"Staying Rational in Emotional Markets | Ep 91","url":"https://podcast.pathtorealwealth.com/091","content_text":"\n\n \n\nIn this episode of the Market Call Show, we're discussing mastering long-term investing and balancing risk and return through strategies like adjusting asset allocation over time.\n\nWith large-cap sell offs recently, we highlight opportunities in small-cap stocks and look at the fundamental analysis of these businesses. \n\nDrawing my experience as a portfolio manager, I'll share some of the tools I've used, like quantitative analysis that can help safeguard your hard-earned capital before uncovering economic sectors with untapped potential, such as property and casualty insurance. \n\nWrapping up, we dive into way you can optimize outcomes by staying grounded in market turbulence, making increment adjustments, and embracing diversification across sectors and investment styles for stability. \n\n \n\nSHOW HIGHLIGHTS\n\n\nI discuss the importance of long-term compounding and protecting investments during market volatility, advocating for a balance between steadier and more volatile investments in portfolios.\nWe talk about recent market trends indicate an overvaluation of large-cap companies, suggesting that small caps may offer promising opportunities for investors.\nEmphasizing the significance of risk management, I draw on insights from my book, The Financial Freedom Blueprint, to highlight the necessity of sound economic principles and fundamental analysis.\nInvestment expert Jim Rogers is cited, stressing that no single asset class is perfect and that a thorough risk assessment is essential for aligning investment goals with risk tolerance.\nI explore the strategic investment approach within the property and casualty insurance sector, recommending a blend of active and passive strategies for a diversified, all-weather portfolio.\nThe importance of probabilistic thinking and incremental strategy adjustments is highlighted as a means to navigate the financial landscape successfully.\nSmall-cap companies are identified as having rising potential, with quantitative analysis being a useful tool for building well-balanced portfolios.\nFundamental metrics and scoring methodologies are recommended for better investment decision-making, rather than relying solely on indexing.\nI stress the need for a steady pace in investing, focusing on long-term fundamentals rather than reacting to market volatility.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\n \n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nSo part of the idea of long-term compounding is having investments that have more steadiness to them over the long term. Or, if you have investments that are more volatile, to have them sized in a way to their impact, so their impact is smaller to the portfolio. \n\nIntro Sequence\nWelcome to the Market Call Show where we discuss investing wisely and living well. Tune in every Thursday to Apple Podcasts, spotify, google Play or subscribe on YouTube. \n\nLouis\nLouis Llanes. Here I am going to be discussing and riffing on something that I haven't talked about in a while, and that's protecting your money. Today I was looking at the market and we saw a pretty good sell-off one of the worst sell-offs we've seen in quite a while and actually what's happening is to be expected. It's something that I've been talking about. I've been talking about how the valuation of the larger cap companies many of the companies that have been the darlings have really gotten out of whack, really, and we're starting to see a correction. I was talking to a friend of mine and I was telling him about how I saw small caps being a relatively good opportunity. I think there's a lot of skepticism out there sometimes when you have these big locations in the market, and it's understandable, because it's easier to follow the crowd. Following the crowd is something that we naturally have an instinct to do, especially when it comes to investing. One of the worst things that we ever want to do is to be in a situation where we feel like we're missing out or kind of the phone feelings that we can have that really create a feeling of angst when we see certain investments going up One of the things that's interesting about the investment world, at least in the public markets, is that you see marking up and increases in values happening slowly, and then, whenever you have a correction, it tends to be quicker and some people feel surprised by that. So, as a long-term investor who is focused on the economics of investments for the long run, based on cash flows, we can have periods of time where there's a dislocation or there's a disconnect between what we're seeing in the markets and what sound fundamental analysis would indicate you should be doing, and during those times it can be very challenging for investors because it's very easy to make decisions that are not based upon the long term. And in fact, many times, as a professional investment manager, we feel pressure, and I feel pressure from clients who are saying wow, maybe you're out of touch or maybe you don't understand what's happening. Maybe you're out of touch or maybe you don't understand what's happening, and you have to explain that these things are not one to one, but over time. \n\nGood, sound investing requires for you to compound over time and to think rational, long term, and I think we're in a position right now where many investors have just been indexing, which is something I've been talking about, kind of ad nauseum indexing, which is something I've been talking about, kind of ad nauseum, and whenever you have a situation where indexing seems to be the best and only thing to do, inevitably it is not the best thing to do in my opinion. Now, I have nothing against indexing. I think indexing has its place and should be part of a strategy. But, on the other hand, if you want to have above average rate of returns or if you want to have returns that on a risk adjusted basis that can weather a lot of different environments, it's better to have a fundamental approach where you're really looking at the economics and the cash flow to the economics and the cash flow. So I wanted to talk a little bit about stuff that's been on my desk and how it relates to, I think, what many high net worth investors are dealing with right now in terms of just making decisions for capital that are coming in from various sources and being in a position to protect your money. \n\nSo in my book, the Financial Freedom Blueprint, in chapter four, I wrote a chapter called Protecting your Money and one of the things I say on there and I just kind of quoted Benjamin Graham who says Wall Street has a few prudent principles. The trouble is that they are always forgotten when they are most needed. That is probably one of the reminders I think that we need right now is what's most needed right now in terms of a principle is that the value of an investment is the present value of its future cash flows over time, and if you get too far away from that, then you will tend to have problems, and we've lost sight of that, I think, as investors you know because of for many different reasons. So, in the world of finance, risk management separates the winners from the losers, and it's more important to really, now more than ever, that you select your investments based on the fundamentals, and risk management requires you to have rules to size your investments. So I'm going to talk a little bit about sizing investments for high net worth investors and what that means to you, and thinking about your positioning. The most important thing is that your exits when you exit an investment or reduce your positions, your exits when you exit investment or reduce your positions and when you actually are attempted to break rules how to get your mind in a position where you can really work for the long run and be focused on the long run and redirecting your attention, and you know, we all want to say that we're rational, we all want to believe that we are rational creatures, but we really are emotional creatures, no matter who you are. So the biggest challenge is to stay rational. \n\nOne of the ways that you can look at risk is volatility, which is just basically how much movement up and down various investments have. That is a it's a useful way of thinking about risk when you're coming from a fundamental standpoint. It's really not the risk that is the most important. The most important risk would be the chance of losing money based on the difference between where the market is pricing an investment now versus where its intrinsic value is its underlying value based on cash flows. The problem with the concept of intrinsic value is it's not a science, it's not something that you know with 100% certainty, so it's really something that you have to estimate within range and within reasonableness. So it's really more about reasoning, and when you have something that is obvious, or more obvious, that there's a difference between price and value, that's when you should be concerned, and so that's one of the things that I wanted to talk out. \n\nSo the question is does buy and hold make sense? Well, I think buy and hold does make sense as long as you're owning investments where the quality is such that there's a strong competitive advantage. So for most importantly with stocks. So if you have a company that has a strong competitive advantage with their competitors high return on capital then obviously that buy and hold is a good thing to do. It can get ahead of itself and be above intrinsic value and maybe you wanna not invest as much future capital into it. And then times when they come down in value those high quality investments that have good competitor advantage then you want to add to those and it takes discipline to do that. \n\nSo one of the things that a gentleman by the name of Jim Rogers you may have heard of him. He used to work for George Soros. He worked in the George Soros' fund as an analyst. He was a very solid analyst. He said do not buy the hype from Wall Street and the press that stocks always go up. There are long periods of time when stocks do nothing and other investments are better. \n\nSo there is no perfect asset class. I had a conversation with another friend of mine who really likes real estate and I always say that when I'm talking to her because I hear about how great real estate is, and I'm just thinking about all the times that certain real estate projects can be problematic and so there is no perfect asset class. It goes down to valuation. So protecting your resources, I think, is really important right now. Making up a loss that is big, it's harder to recoup because percentage losses you have to gain more on a percent basis to make up a certain loss. So, for example, if you're down 50% on an investment, then you have to go up 100% just to break even. So part of the idea of long-term compounding is having investments that have more steadiness to them over the long term. Or, if you have investments that are more volatile, to have them sized in a way to their impact, so their impact is smaller to the portfolio. \n\nSo in my book, one of the things that I say is that there's a few risk principles that I found to be very true. Number one is never take more risk than your finances can withstand. And the second rule is never to take more risk than you cannot psychologically endure. In other words, if you're going to capitulate when an investment is not doing well because you've taken an investment that you psychologically whatever your makeup is you just can't deal with it, then you're gonna surely lose money because you'll sell out at the wrong time. And my third rule is always to match your goals to your risk tolerance. In other words, whatever goal that you've set for yourself, make sure that it incorporates what your risk tolerance really is and match that. \n\nSo when I look at a risk profile, it's kind of like a triangle, where at the top of the triangle there's your tolerance for risk that's really psychology and then on one side you have your risk requirements. So you might have a minimum amount of risk that you have to take in order to get a return that you need to make, and that's something that is just about rock bottom minimum risk that you must take. And a lot of people sometimes get in a situation where the minimum risk that they need to take in order to achieve a certain return you know they're not unwilling to take. And what I mean by the risk in this context is just short-term movements, temporary movements. You know you have to be able to think long-term in terms of that. And then you on the other side of this triangle is risk capacity, and that is kind of the maximum risk that your finances can actually withstand. So you know, having some kind of a sense about those three things can really help you when you're exploring your risk profile and protecting your capital. \n\nSo step one is to perform a risk assessment really and look at what kind of risk profile you really truly have. And once you've done that, your risk capacity rule is never to take more risks than your finances can withstand. And then your risk tolerance rule number two is to never take more risks than your finances can withstand. And then your risk tolerance rule number two is to never take more risks than you could psychologically endure, which I had talked about. And then your risk requirement mismatch rule is if your risk tolerance is lower than your risk requirement, you should consider adjusting your goals to be more realistic. So once you've kind of assessed your risk, then I really think about really determining your key metrics that you want to look at in terms of risk. \n\nAnd for me as an investor, when I'm thinking long term, I'm thinking about the types of investments that I want to hold that are likely to have the risk characteristics that I'm willing to hold on to and in order to achieve a good return. And to me, a good return is where you're able to return above the inflation rate and you're able to be compensated for the amount of risk that you're taking, but also to have more of an understanding about the economics of the business, makes sense, and so when all of those things are together, well then you can feel more comfortable in what you're doing. So there's all sorts of statistical things that you could do with risk analysis if you will, and there's all sorts of programs that people will show and all that, but when you really look at it from a long-term perspective, you cannot untie the economics of the underlying investment cash flows. You can't untie that from your risk profile. Really. That's really how it's really related to so when you construct portfolios. \n\nAnd so why am I talking about all this stuff? Mainly because I think we have lost sight of the long-term fundamental analysis and we're starting to see that correction happen, where investments are moving into more industrial companies, into some of the tech companies that are more solid, or some of the companies that are in other financial industries that make some sense, even international companies. We're starting to see that happening. So it all boils down to the economics of these investments. So I was just thinking about how that ties into various stock strategies. So one of the things we do for high net worth clients is we invest in a wide variety of investments, but in the smaller cap realm that has been of more interest lately because of the valuations and there are a lot of small companies that are not making profits right now, so you have to avoid those. So buying the small cap indexes are not quite as attractive then as being selective, in my opinion, and that's really basically always the case. But in particular, there's a lot of opportunity in smaller companies. \n\nOne of the things that I do is I do quantitative analysis, where, through powerful software packages, we could look at the various ways to construct portfolios using fundamental analysis and we can look at a lot of different factors and look at different ways and simulate different portfolio strategies to see the impact on portfolio results. And one of the things that we see consistently is when you apply fundamental metrics on more inefficient areas in the market, like smaller and mid-cap companies, you tend to have outsized returns. You tend to have returns over the longer term that are better than buying kind of the tried and true that everybody knows and so you know over the long run. That is something to keep in mind and in fact, if you want to have outsized returns, I think it's really important to be able to not always be looking where everybody else is looking. You have to be looking in places where they're not, where most people are not looking, and I was just looking at various factors in the smaller cap area that have been doing well. \n\nI always take a lot of notes when I'm doing these things and because my goal is for our clients to compound over time and not to stick our neck out right, there's always movement in stocks, but when you look at the factors that make the most sense, one of the things that always comes up has to do with earnings. Basically, you know what are earnings doing and you know. One of the areas that I like to look at because it really, you know, historically has contributed a lot to returns is what's happening with the revisions of earnings. So companies that are tending to do better right now the earnings are being revised upwards, and so we have ways that we can actually scorecard and do what's called factor analysis and look at ways to actually identify companies where their earnings are being revised up and also that we're seeing that there's a surprise in the earnings. So the earnings were expected to be, say, $1 a share, but they're coming at $1.20 a share. That would be an upward surprise. But they're coming at $1.20 a share. That would be an upward surprise. A revision would be the analysts are saying, okay, well, we thought they were going to earn $1, but now we think they're going to earn $1.20. So they're starting to move them up. \n\nSo those factors can help as well. As the variation in the earnings estimates is a valuable indicator. So if too many analysts are all over the map, somebody thinks a company is going to earn a dollar a share, no one thinks it's going to earn 10 cents a share and there's a lot of variation. You know that is actually, should be, actually. You should actually, I guess, handicap for that if there's a lot of variation there. So somebody's calling me right now, so I'm not going to answer it obviously, because I'm doing a podcast right now. So those factors tend to have a lot of value when you're looking at developing strategies. \n\nAnd another, it just has to do with the quality of companies, you know, and there's various angles that you can look at. One angle you can look at would have to do with the profitability of a company. You know. Are their gross margins strong compared to their assets? Are their gross margins strong compared to their peers? Are your capital efficiency ratios strong? In other words, for every dollar of capital that we invest in this company, that the company invests, how much revenue or profits are they able to generate? So if it's a highly capital intensive company, you know you'd want to handicap that company versus another company. So having high capital efficiency, high profit margins and then having those a solid growth plan or growth profile like I had mentioned, the revisions and the upgrades and the low variability and estimates things like that that tends to help companies. In particular, if you compare how companies that have these characteristics do with larger companies compared to smaller companies, there is a spread historically that you've seen between the performance of these types of investments. So you know how many positions you own and how you construct a portfolio is a huge part of your success as well. But it all starts out with what are you going to invest in. \n\nSo one of the things that I like to look at are companies that have this competitive advantage that we talk about and you know it's kind of a cliche, but it is a very real, important part of stock investing and company investing. But the idea of competitive advantages is are they earning above average returns on capital compared to their peers? Do they have some moat around their business that is going to allow them to maintain that? Or there's some preferential client or customer preference that is allowing them to keep that? Or do they have some other barrier to entry or something like that that's going to keep their margins solid? No company has an infinite competitive advantage. \n\nBut recently I've been thinking about companies in the property and casualty insurance. They're able to raise their prices in an environment like now and it's been a very good investment as of late, and there's times when people just kind of forget about them, but then you know they all of a sudden. It's like wow, okay, yeah, these are. That's a great business, you know being in the property and casualty insurance business, but anyhow. So the reason why I'm bringing this up is because when you're focused on these types of factors and not just indexing per se, I think you have an advantage and if you have a definite way, one of the things I like to do is to have a kind of a ranking or scoring methodology based on these factors, and the more attractive these factors are the more you invest in a particular investment are the more you invest in a particular investment. And there's various ways that you could do this. \n\nBut having more investment in those more attractive companies and making your weights more related to the fundamentals, in other words, having more or less based on the fundamentals, you know, allocating more or less capital based on that versus just a market cap weight. Just, you know, market cap weight is very efficient because it's kind of the collective wisdom of the entire marketplace moving the relative weights. And that's one of the beautiful things about indexing. And whenever you have a very rip roaring bull market, it's very difficult to beat an index mathematically, just because of the efficiency of the way it's calculated. So I have no problem with that. There's a time and place for that, I think, when you have more challenging times. \n\nBeing selective is more important and you can in my way of investing, and what I usually recommend as a reasonable way to think about it is to have an active component to your investment strategy as well as a passive component, but not to get overly enamored with passive investing or active investing. If you're going to err on being over enamored, I think it's better to be overly enamored with diversification and strategy. Diversification in a way that is kind of all weather, so that you can invest across various styles. So you know it's interesting because when I was thinking about another conversation I was having with a client and you know there are always many people want to have this definite kind of view. They want you to have a definite view about a specific outcome and I think probabilistic thinking is hard for some people. But I think that is the right way to think about investing and saying it's like handicapping, it's like handicapping horses or if you're into handicapping football teams or baseball players, it's the same kind of concept. It's like money ball. So you basically are working at the probabilities and when you have something that is a fat pitch and that really makes a lot of sense right now, it's important to really allocate priced for perfection right now. \n\nBut getting back to these factors, and the reason why I'm bringing this up again is because this is about protecting capital and one of the ways you can protect capital is not by being super defensive with all of your money and throwing it all under the mattress, but you want to keep your money compounding right and accept the fact that you're going to have variability in investments. It's really important because if ever, if you always want to lower your variability right after something has gone down, you're definitely going to be losing and you're not going to do as well as you should. But having more of a steady pace and then to think, make your investment decisions not based upon the vicissitudes of up and down, but more about the fundamentals, then you wind up doing a lot better. And sometimes it doesn't feel good when you're doing that, because there's a difference between what everybody is saying in the media versus what you have to do as a solid investor for the long run. So, as I'm looking at these various strategies, the thing I wanted to bring up was the smaller companies tends to do well. So, as I'm looking at these various strategies, the thing I wanted to bring up was the smaller companies tends to do well. \n\nSo many investors are all in the same stuff. They're in the NVIDIAs of the world and all that, and maybe not enough in some of the smaller names that make more economic sense. And then also many people are in large companies that don't have enough competitive advantage. These companies, maybe they're on a tear right now, but they have no competitive advantage. There's other entrants that are coming in, and it's a commoditized business. It's just a business that right now is doing well for some reason, but it's likely to be cyclical and to likely not do well in an economic downturn. And so many. \n\nI think it's important to emphasize more large, larger, medium-sized companies that have a wide boat around their business that you can take reasonable investments in rather than just owning the indexes. And then the other thing I would point out is that there's other investments that are really not related in the fixed income market I think that you can take advantage of, and having some dry powder does make some sense. And just because when you're making these strategy adjustments, it's good to do things incrementally, not to just make massive, drastic changes. So obviously it depends on where you are, but if you are in a situation where you know maybe you just need to do some tweaking to the portfolio so that you could have a better outcome in the long run, and I've been telling people that right now it's time for us to you know, financial planning is important, but right now is a good time to be thinking just about your investments. Get down, roll up your sleeves and get in deep with the investments, not just kind of precursory. You know this. Here's my little pie chart and I'm going to have this. \n\nNo, I'm saying what makes economic sense and think bottom up and think diversification and think about, not defense. You want to be on offense all the time but you want to manage the risk as you play offense in a market really always because the key is to keep money compounded, because it's very difficult for you to time a bottom and one of the biggest parts of the returns happen after you've had a drop. The acceleration after a drop is usually much higher than as you're kind of easing your way up and most people miss out on those accelerations because they are trying to time things or they get too aggressive after a move has already been up. So we've had a big move in the equity markets recently, and it wasn't that long ago when we had a little bit of a downdraft and there was nervousness everywhere. \n\nSo my challenge for investors today is to stay level-headed and stay focused on allocating your capital based on the economics of what's going on with your investments, and staying with that and not being really about it and thinking more like Benjamin Graham talks about Mr Market. Mr Market is sometimes going to be your friend and it's going to hand you an investment on a platter with a great price and it's a good company. And then other times, and usually when everybody is super excited, mr Mark is going to be over exuberant and be just bidding up stocks and you should be trimming back from those companies and putting them into other things. And that's really the message that I have today, and I really think it's a timely message because, you know, based on not only today's market action but the fact that we've been seeing these trends, you know getting fairly frothy for a while, so it's time to really get back to basics, and so I guess that would be really the title of this presentation here, this podcast, is to get back to basics and to make economic rational decisions for your allocation of capital and not be in a position where you're chasing anything. \n\nAll right, that's it for today. I'm in Texas right now and I'll be here for a while just wrapping up some things here, but be back in Denver soon. This is Louis Llanes signing out for the Market Call Show and we'll talk to you later, take care. \n\nFor the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly- known as Twitter and YouTube. ","content_html":"\u003cp\u003e\u003ccenter\u003e\u003ciframe allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen=\"allowfullscreen\" title=\"YouTube video player\" src=\"https://www.youtube.com/embed/tmp7Gm-_Ye8?si=HbZv9lEXq3g3aSH_\" width=\"560\" height=\"315\"\u003e\u003c/iframe\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eIn this episode of the Market Call Show, we're discussing mastering long-term investing and balancing risk and return through strategies like adjusting asset allocation over time.\u003c/p\u003e\n\n\u003cp\u003eWith large-cap sell offs recently, we highlight opportunities in small-cap stocks and look at the fundamental analysis of these businesses.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eDrawing my experience as a portfolio manager, I'll share some of the tools I've used, like quantitative analysis that can help safeguard your hard-earned capital before uncovering economic sectors with untapped potential, such as property and casualty insurance.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eWrapping up, we dive into way you can optimize outcomes by staying grounded in market turbulence, making increment adjustments, and embracing diversification across sectors and investment styles for stability.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n\u003cli\u003eI discuss the importance of long-term compounding and protecting investments during market volatility, advocating for a balance between steadier and more volatile investments in portfolios.\u003c/li\u003e\n\u003cli\u003eWe talk about recent market trends indicate an overvaluation of large-cap companies, suggesting that small caps may offer promising opportunities for investors.\u003c/li\u003e\n\u003cli\u003eEmphasizing the significance of risk management, I draw on insights from my book, \u003cem\u003eThe Financial Freedom Blueprint\u003c/em\u003e, to highlight the necessity of sound economic principles and fundamental analysis.\u003c/li\u003e\n\u003cli\u003eInvestment expert Jim Rogers is cited, stressing that no single asset class is perfect and that a thorough risk assessment is essential for aligning investment goals with risk tolerance.\u003c/li\u003e\n\u003cli\u003eI explore the strategic investment approach within the property and casualty insurance sector, recommending a blend of active and passive strategies for a diversified, all-weather portfolio.\u003c/li\u003e\n\u003cli\u003eThe importance of probabilistic thinking and incremental strategy adjustments is highlighted as a means to navigate the financial landscape successfully.\u003c/li\u003e\n\u003cli\u003eSmall-cap companies are identified as having rising potential, with quantitative analysis being a useful tool for building well-balanced portfolios.\u003c/li\u003e\n\u003cli\u003eFundamental metrics and scoring methodologies are recommended for better investment decision-making, rather than relying solely on indexing.\u003c/li\u003e\n\u003cli\u003eI stress the need for a steady pace in investing, focusing on long-term fundamentals rather than reacting to market volatility.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\nSo part of the idea of long-term compounding is having investments that have more steadiness to them over the long term. Or, if you have investments that are more volatile, to have them sized in a way to their impact, so their impact is smaller to the portfolio. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eIntro Sequence\u003c/strong\u003e\u003cbr\u003e\nWelcome to the Market Call Show where we discuss investing wisely and living well. Tune in every Thursday to Apple Podcasts, spotify, google Play or subscribe on YouTube. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis\u003c/strong\u003e\u003cbr\u003e\nLouis Llanes. Here I am going to be discussing and riffing on something that I haven\u0026#39;t talked about in a while, and that\u0026#39;s protecting your money. Today I was looking at the market and we saw a pretty good sell-off one of the worst sell-offs we\u0026#39;ve seen in quite a while and actually what\u0026#39;s happening is to be expected. It\u0026#39;s something that I\u0026#39;ve been talking about. I\u0026#39;ve been talking about how the valuation of the larger cap companies many of the companies that have been the darlings have really gotten out of whack, really, and we\u0026#39;re starting to see a correction. I was talking to a friend of mine and I was telling him about how I saw small caps being a relatively good opportunity. I think there\u0026#39;s a lot of skepticism out there sometimes when you have these big locations in the market, and it\u0026#39;s understandable, because it\u0026#39;s easier to follow the crowd. Following the crowd is something that we naturally have an instinct to do, especially when it comes to investing. One of the worst things that we ever want to do is to be in a situation where we feel like we\u0026#39;re missing out or kind of the phone feelings that we can have that really create a feeling of angst when we see certain investments going up One of the things that\u0026#39;s interesting about the investment world, at least in the public markets, is that you see marking up and increases in values happening slowly, and then, whenever you have a correction, it tends to be quicker and some people feel surprised by that. So, as a long-term investor who is focused on the economics of investments for the long run, based on cash flows, we can have periods of time where there\u0026#39;s a dislocation or there\u0026#39;s a disconnect between what we\u0026#39;re seeing in the markets and what sound fundamental analysis would indicate you should be doing, and during those times it can be very challenging for investors because it\u0026#39;s very easy to make decisions that are not based upon the long term. And in fact, many times, as a professional investment manager, we feel pressure, and I feel pressure from clients who are saying wow, maybe you\u0026#39;re out of touch or maybe you don\u0026#39;t understand what\u0026#39;s happening. Maybe you\u0026#39;re out of touch or maybe you don\u0026#39;t understand what\u0026#39;s happening, and you have to explain that these things are not one to one, but over time. \u003c/p\u003e\n\n\u003cp\u003eGood, sound investing requires for you to compound over time and to think rational, long term, and I think we\u0026#39;re in a position right now where many investors have just been indexing, which is something I\u0026#39;ve been talking about, kind of ad nauseum indexing, which is something I\u0026#39;ve been talking about, kind of ad nauseum, and whenever you have a situation where indexing seems to be the best and only thing to do, inevitably it is not the best thing to do in my opinion. Now, I have nothing against indexing. I think indexing has its place and should be part of a strategy. But, on the other hand, if you want to have above average rate of returns or if you want to have returns that on a risk adjusted basis that can weather a lot of different environments, it\u0026#39;s better to have a fundamental approach where you\u0026#39;re really looking at the economics and the cash flow to the economics and the cash flow. So I wanted to talk a little bit about stuff that\u0026#39;s been on my desk and how it relates to, I think, what many high net worth investors are dealing with right now in terms of just making decisions for capital that are coming in from various sources and being in a position to protect your money. \u003c/p\u003e\n\n\u003cp\u003eSo in my book, the Financial Freedom Blueprint, in chapter four, I wrote a chapter called Protecting your Money and one of the things I say on there and I just kind of quoted Benjamin Graham who says Wall Street has a few prudent principles. The trouble is that they are always forgotten when they are most needed. That is probably one of the reminders I think that we need right now is what\u0026#39;s most needed right now in terms of a principle is that the value of an investment is the present value of its future cash flows over time, and if you get too far away from that, then you will tend to have problems, and we\u0026#39;ve lost sight of that, I think, as investors you know because of for many different reasons. So, in the world of finance, risk management separates the winners from the losers, and it\u0026#39;s more important to really, now more than ever, that you select your investments based on the fundamentals, and risk management requires you to have rules to size your investments. So I\u0026#39;m going to talk a little bit about sizing investments for high net worth investors and what that means to you, and thinking about your positioning. The most important thing is that your exits when you exit an investment or reduce your positions, your exits when you exit investment or reduce your positions and when you actually are attempted to break rules how to get your mind in a position where you can really work for the long run and be focused on the long run and redirecting your attention, and you know, we all want to say that we\u0026#39;re rational, we all want to believe that we are rational creatures, but we really are emotional creatures, no matter who you are. So the biggest challenge is to stay rational. \u003c/p\u003e\n\n\u003cp\u003eOne of the ways that you can look at risk is volatility, which is just basically how much movement up and down various investments have. That is a it\u0026#39;s a useful way of thinking about risk when you\u0026#39;re coming from a fundamental standpoint. It\u0026#39;s really not the risk that is the most important. The most important risk would be the chance of losing money based on the difference between where the market is pricing an investment now versus where its intrinsic value is its underlying value based on cash flows. The problem with the concept of intrinsic value is it\u0026#39;s not a science, it\u0026#39;s not something that you know with 100% certainty, so it\u0026#39;s really something that you have to estimate within range and within reasonableness. So it\u0026#39;s really more about reasoning, and when you have something that is obvious, or more obvious, that there\u0026#39;s a difference between price and value, that\u0026#39;s when you should be concerned, and so that\u0026#39;s one of the things that I wanted to talk out. \u003c/p\u003e\n\n\u003cp\u003eSo the question is does buy and hold make sense? Well, I think buy and hold does make sense as long as you\u0026#39;re owning investments where the quality is such that there\u0026#39;s a strong competitive advantage. So for most importantly with stocks. So if you have a company that has a strong competitive advantage with their competitors high return on capital then obviously that buy and hold is a good thing to do. It can get ahead of itself and be above intrinsic value and maybe you wanna not invest as much future capital into it. And then times when they come down in value those high quality investments that have good competitor advantage then you want to add to those and it takes discipline to do that. \u003c/p\u003e\n\n\u003cp\u003eSo one of the things that a gentleman by the name of Jim Rogers you may have heard of him. He used to work for George Soros. He worked in the George Soros\u0026#39; fund as an analyst. He was a very solid analyst. He said do not buy the hype from Wall Street and the press that stocks always go up. There are long periods of time when stocks do nothing and other investments are better. \u003c/p\u003e\n\n\u003cp\u003eSo there is no perfect asset class. I had a conversation with another friend of mine who really likes real estate and I always say that when I\u0026#39;m talking to her because I hear about how great real estate is, and I\u0026#39;m just thinking about all the times that certain real estate projects can be problematic and so there is no perfect asset class. It goes down to valuation. So protecting your resources, I think, is really important right now. Making up a loss that is big, it\u0026#39;s harder to recoup because percentage losses you have to gain more on a percent basis to make up a certain loss. So, for example, if you\u0026#39;re down 50% on an investment, then you have to go up 100% just to break even. So part of the idea of long-term compounding is having investments that have more steadiness to them over the long term. Or, if you have investments that are more volatile, to have them sized in a way to their impact, so their impact is smaller to the portfolio. \u003c/p\u003e\n\n\u003cp\u003eSo in my book, one of the things that I say is that there\u0026#39;s a few risk principles that I found to be very true. Number one is never take more risk than your finances can withstand. And the second rule is never to take more risk than you cannot psychologically endure. In other words, if you\u0026#39;re going to capitulate when an investment is not doing well because you\u0026#39;ve taken an investment that you psychologically whatever your makeup is you just can\u0026#39;t deal with it, then you\u0026#39;re gonna surely lose money because you\u0026#39;ll sell out at the wrong time. And my third rule is always to match your goals to your risk tolerance. In other words, whatever goal that you\u0026#39;ve set for yourself, make sure that it incorporates what your risk tolerance really is and match that. \u003c/p\u003e\n\n\u003cp\u003eSo when I look at a risk profile, it\u0026#39;s kind of like a triangle, where at the top of the triangle there\u0026#39;s your tolerance for risk that\u0026#39;s really psychology and then on one side you have your risk requirements. So you might have a minimum amount of risk that you have to take in order to get a return that you need to make, and that\u0026#39;s something that is just about rock bottom minimum risk that you must take. And a lot of people sometimes get in a situation where the minimum risk that they need to take in order to achieve a certain return you know they\u0026#39;re not unwilling to take. And what I mean by the risk in this context is just short-term movements, temporary movements. You know you have to be able to think long-term in terms of that. And then you on the other side of this triangle is risk capacity, and that is kind of the maximum risk that your finances can actually withstand. So you know, having some kind of a sense about those three things can really help you when you\u0026#39;re exploring your risk profile and protecting your capital. \u003c/p\u003e\n\n\u003cp\u003eSo step one is to perform a risk assessment really and look at what kind of risk profile you really truly have. And once you\u0026#39;ve done that, your risk capacity rule is never to take more risks than your finances can withstand. And then your risk tolerance rule number two is to never take more risks than your finances can withstand. And then your risk tolerance rule number two is to never take more risks than you could psychologically endure, which I had talked about. And then your risk requirement mismatch rule is if your risk tolerance is lower than your risk requirement, you should consider adjusting your goals to be more realistic. So once you\u0026#39;ve kind of assessed your risk, then I really think about really determining your key metrics that you want to look at in terms of risk. \u003c/p\u003e\n\n\u003cp\u003eAnd for me as an investor, when I\u0026#39;m thinking long term, I\u0026#39;m thinking about the types of investments that I want to hold that are likely to have the risk characteristics that I\u0026#39;m willing to hold on to and in order to achieve a good return. And to me, a good return is where you\u0026#39;re able to return above the inflation rate and you\u0026#39;re able to be compensated for the amount of risk that you\u0026#39;re taking, but also to have more of an understanding about the economics of the business, makes sense, and so when all of those things are together, well then you can feel more comfortable in what you\u0026#39;re doing. So there\u0026#39;s all sorts of statistical things that you could do with risk analysis if you will, and there\u0026#39;s all sorts of programs that people will show and all that, but when you really look at it from a long-term perspective, you cannot untie the economics of the underlying investment cash flows. You can\u0026#39;t untie that from your risk profile. Really. That\u0026#39;s really how it\u0026#39;s really related to so when you construct portfolios. \u003c/p\u003e\n\n\u003cp\u003eAnd so why am I talking about all this stuff? Mainly because I think we have lost sight of the long-term fundamental analysis and we\u0026#39;re starting to see that correction happen, where investments are moving into more industrial companies, into some of the tech companies that are more solid, or some of the companies that are in other financial industries that make some sense, even international companies. We\u0026#39;re starting to see that happening. So it all boils down to the economics of these investments. So I was just thinking about how that ties into various stock strategies. So one of the things we do for high net worth clients is we invest in a wide variety of investments, but in the smaller cap realm that has been of more interest lately because of the valuations and there are a lot of small companies that are not making profits right now, so you have to avoid those. So buying the small cap indexes are not quite as attractive then as being selective, in my opinion, and that\u0026#39;s really basically always the case. But in particular, there\u0026#39;s a lot of opportunity in smaller companies. \u003c/p\u003e\n\n\u003cp\u003eOne of the things that I do is I do quantitative analysis, where, through powerful software packages, we could look at the various ways to construct portfolios using fundamental analysis and we can look at a lot of different factors and look at different ways and simulate different portfolio strategies to see the impact on portfolio results. And one of the things that we see consistently is when you apply fundamental metrics on more inefficient areas in the market, like smaller and mid-cap companies, you tend to have outsized returns. You tend to have returns over the longer term that are better than buying kind of the tried and true that everybody knows and so you know over the long run. That is something to keep in mind and in fact, if you want to have outsized returns, I think it\u0026#39;s really important to be able to not always be looking where everybody else is looking. You have to be looking in places where they\u0026#39;re not, where most people are not looking, and I was just looking at various factors in the smaller cap area that have been doing well. \u003c/p\u003e\n\n\u003cp\u003eI always take a lot of notes when I\u0026#39;m doing these things and because my goal is for our clients to compound over time and not to stick our neck out right, there\u0026#39;s always movement in stocks, but when you look at the factors that make the most sense, one of the things that always comes up has to do with earnings. Basically, you know what are earnings doing and you know. One of the areas that I like to look at because it really, you know, historically has contributed a lot to returns is what\u0026#39;s happening with the revisions of earnings. So companies that are tending to do better right now the earnings are being revised upwards, and so we have ways that we can actually scorecard and do what\u0026#39;s called factor analysis and look at ways to actually identify companies where their earnings are being revised up and also that we\u0026#39;re seeing that there\u0026#39;s a surprise in the earnings. So the earnings were expected to be, say, $1 a share, but they\u0026#39;re coming at $1.20 a share. That would be an upward surprise. But they\u0026#39;re coming at $1.20 a share. That would be an upward surprise. A revision would be the analysts are saying, okay, well, we thought they were going to earn $1, but now we think they\u0026#39;re going to earn $1.20. So they\u0026#39;re starting to move them up. \u003c/p\u003e\n\n\u003cp\u003eSo those factors can help as well. As the variation in the earnings estimates is a valuable indicator. So if too many analysts are all over the map, somebody thinks a company is going to earn a dollar a share, no one thinks it\u0026#39;s going to earn 10 cents a share and there\u0026#39;s a lot of variation. You know that is actually, should be, actually. You should actually, I guess, handicap for that if there\u0026#39;s a lot of variation there. So somebody\u0026#39;s calling me right now, so I\u0026#39;m not going to answer it obviously, because I\u0026#39;m doing a podcast right now. So those factors tend to have a lot of value when you\u0026#39;re looking at developing strategies. \u003c/p\u003e\n\n\u003cp\u003eAnd another, it just has to do with the quality of companies, you know, and there\u0026#39;s various angles that you can look at. One angle you can look at would have to do with the profitability of a company. You know. Are their gross margins strong compared to their assets? Are their gross margins strong compared to their peers? Are your capital efficiency ratios strong? In other words, for every dollar of capital that we invest in this company, that the company invests, how much revenue or profits are they able to generate? So if it\u0026#39;s a highly capital intensive company, you know you\u0026#39;d want to handicap that company versus another company. So having high capital efficiency, high profit margins and then having those a solid growth plan or growth profile like I had mentioned, the revisions and the upgrades and the low variability and estimates things like that that tends to help companies. In particular, if you compare how companies that have these characteristics do with larger companies compared to smaller companies, there is a spread historically that you\u0026#39;ve seen between the performance of these types of investments. So you know how many positions you own and how you construct a portfolio is a huge part of your success as well. But it all starts out with what are you going to invest in. \u003c/p\u003e\n\n\u003cp\u003eSo one of the things that I like to look at are companies that have this competitive advantage that we talk about and you know it\u0026#39;s kind of a cliche, but it is a very real, important part of stock investing and company investing. But the idea of competitive advantages is are they earning above average returns on capital compared to their peers? Do they have some moat around their business that is going to allow them to maintain that? Or there\u0026#39;s some preferential client or customer preference that is allowing them to keep that? Or do they have some other barrier to entry or something like that that\u0026#39;s going to keep their margins solid? No company has an infinite competitive advantage. \u003c/p\u003e\n\n\u003cp\u003eBut recently I\u0026#39;ve been thinking about companies in the property and casualty insurance. They\u0026#39;re able to raise their prices in an environment like now and it\u0026#39;s been a very good investment as of late, and there\u0026#39;s times when people just kind of forget about them, but then you know they all of a sudden. It\u0026#39;s like wow, okay, yeah, these are. That\u0026#39;s a great business, you know being in the property and casualty insurance business, but anyhow. So the reason why I\u0026#39;m bringing this up is because when you\u0026#39;re focused on these types of factors and not just indexing per se, I think you have an advantage and if you have a definite way, one of the things I like to do is to have a kind of a ranking or scoring methodology based on these factors, and the more attractive these factors are the more you invest in a particular investment are the more you invest in a particular investment. And there\u0026#39;s various ways that you could do this. \u003c/p\u003e\n\n\u003cp\u003eBut having more investment in those more attractive companies and making your weights more related to the fundamentals, in other words, having more or less based on the fundamentals, you know, allocating more or less capital based on that versus just a market cap weight. Just, you know, market cap weight is very efficient because it\u0026#39;s kind of the collective wisdom of the entire marketplace moving the relative weights. And that\u0026#39;s one of the beautiful things about indexing. And whenever you have a very rip roaring bull market, it\u0026#39;s very difficult to beat an index mathematically, just because of the efficiency of the way it\u0026#39;s calculated. So I have no problem with that. There\u0026#39;s a time and place for that, I think, when you have more challenging times. \u003c/p\u003e\n\n\u003cp\u003eBeing selective is more important and you can in my way of investing, and what I usually recommend as a reasonable way to think about it is to have an active component to your investment strategy as well as a passive component, but not to get overly enamored with passive investing or active investing. If you\u0026#39;re going to err on being over enamored, I think it\u0026#39;s better to be overly enamored with diversification and strategy. Diversification in a way that is kind of all weather, so that you can invest across various styles. So you know it\u0026#39;s interesting because when I was thinking about another conversation I was having with a client and you know there are always many people want to have this definite kind of view. They want you to have a definite view about a specific outcome and I think probabilistic thinking is hard for some people. But I think that is the right way to think about investing and saying it\u0026#39;s like handicapping, it\u0026#39;s like handicapping horses or if you\u0026#39;re into handicapping football teams or baseball players, it\u0026#39;s the same kind of concept. It\u0026#39;s like money ball. So you basically are working at the probabilities and when you have something that is a fat pitch and that really makes a lot of sense right now, it\u0026#39;s important to really allocate priced for perfection right now. \u003c/p\u003e\n\n\u003cp\u003eBut getting back to these factors, and the reason why I\u0026#39;m bringing this up again is because this is about protecting capital and one of the ways you can protect capital is not by being super defensive with all of your money and throwing it all under the mattress, but you want to keep your money compounding right and accept the fact that you\u0026#39;re going to have variability in investments. It\u0026#39;s really important because if ever, if you always want to lower your variability right after something has gone down, you\u0026#39;re definitely going to be losing and you\u0026#39;re not going to do as well as you should. But having more of a steady pace and then to think, make your investment decisions not based upon the vicissitudes of up and down, but more about the fundamentals, then you wind up doing a lot better. And sometimes it doesn\u0026#39;t feel good when you\u0026#39;re doing that, because there\u0026#39;s a difference between what everybody is saying in the media versus what you have to do as a solid investor for the long run. So, as I\u0026#39;m looking at these various strategies, the thing I wanted to bring up was the smaller companies tends to do well. So, as I\u0026#39;m looking at these various strategies, the thing I wanted to bring up was the smaller companies tends to do well. \u003c/p\u003e\n\n\u003cp\u003eSo many investors are all in the same stuff. They\u0026#39;re in the NVIDIAs of the world and all that, and maybe not enough in some of the smaller names that make more economic sense. And then also many people are in large companies that don\u0026#39;t have enough competitive advantage. These companies, maybe they\u0026#39;re on a tear right now, but they have no competitive advantage. There\u0026#39;s other entrants that are coming in, and it\u0026#39;s a commoditized business. It\u0026#39;s just a business that right now is doing well for some reason, but it\u0026#39;s likely to be cyclical and to likely not do well in an economic downturn. And so many. \u003c/p\u003e\n\n\u003cp\u003eI think it\u0026#39;s important to emphasize more large, larger, medium-sized companies that have a wide boat around their business that you can take reasonable investments in rather than just owning the indexes. And then the other thing I would point out is that there\u0026#39;s other investments that are really not related in the fixed income market I think that you can take advantage of, and having some dry powder does make some sense. And just because when you\u0026#39;re making these strategy adjustments, it\u0026#39;s good to do things incrementally, not to just make massive, drastic changes. So obviously it depends on where you are, but if you are in a situation where you know maybe you just need to do some tweaking to the portfolio so that you could have a better outcome in the long run, and I\u0026#39;ve been telling people that right now it\u0026#39;s time for us to you know, financial planning is important, but right now is a good time to be thinking just about your investments. Get down, roll up your sleeves and get in deep with the investments, not just kind of precursory. You know this. Here\u0026#39;s my little pie chart and I\u0026#39;m going to have this. \u003c/p\u003e\n\n\u003cp\u003eNo, I\u0026#39;m saying what makes economic sense and think bottom up and think diversification and think about, not defense. You want to be on offense all the time but you want to manage the risk as you play offense in a market really always because the key is to keep money compounded, because it\u0026#39;s very difficult for you to time a bottom and one of the biggest parts of the returns happen after you\u0026#39;ve had a drop. The acceleration after a drop is usually much higher than as you\u0026#39;re kind of easing your way up and most people miss out on those accelerations because they are trying to time things or they get too aggressive after a move has already been up. So we\u0026#39;ve had a big move in the equity markets recently, and it wasn\u0026#39;t that long ago when we had a little bit of a downdraft and there was nervousness everywhere. \u003c/p\u003e\n\n\u003cp\u003eSo my challenge for investors today is to stay level-headed and stay focused on allocating your capital based on the economics of what\u0026#39;s going on with your investments, and staying with that and not being really about it and thinking more like Benjamin Graham talks about Mr Market. Mr Market is sometimes going to be your friend and it\u0026#39;s going to hand you an investment on a platter with a great price and it\u0026#39;s a good company. And then other times, and usually when everybody is super excited, mr Mark is going to be over exuberant and be just bidding up stocks and you should be trimming back from those companies and putting them into other things. And that\u0026#39;s really the message that I have today, and I really think it\u0026#39;s a timely message because, you know, based on not only today\u0026#39;s market action but the fact that we\u0026#39;ve been seeing these trends, you know getting fairly frothy for a while, so it\u0026#39;s time to really get back to basics, and so I guess that would be really the title of this presentation here, this podcast, is to get back to basics and to make economic rational decisions for your allocation of capital and not be in a position where you\u0026#39;re chasing anything. \u003c/p\u003e\n\n\u003cp\u003eAll right, that\u0026#39;s it for today. I\u0026#39;m in Texas right now and I\u0026#39;ll be here for a while just wrapping up some things here, but be back in Denver soon. This is Louis Llanes signing out for the Market Call Show and we\u0026#39;ll talk to you later, take care. \u003c/p\u003e\n\n\u003cp\u003eFor the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly- known as Twitter and YouTube. \u003c/p\u003e","summary":"In this episode of the Market Call Show, we're discussing mastering long-term investing and balancing risk and return through strategies like adjusting asset allocation over time.\r\n\r\nWith large-cap sell offs recently, we highlight opportunities in small-cap stocks and look at the fundamental analysis of these businesses.\r\n\r\nDrawing my experience as a portfolio manager, I'll share some of the tools I've used, like quantitative analysis that can help safeguard your hard-earned capital before uncovering economic sectors with untapped potential, such as property and casualty insurance.\r\n\r\nWrapping up, we dive into way you can optimize outcomes by staying grounded in market turbulence, making increment adjustments, and embracing diversification across sectors and investment styles for stability.","date_published":"2024-08-01T07:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/d2b15632-f2fb-46db-94d4-04dff122a2af.mp3","mime_type":"audio/mpeg","size_in_bytes":28028377,"duration_in_seconds":1683}]},{"id":"79cd3769-0d9b-4517-b477-4d4bb66b446e","title":"The Fear and Greed Index - Discussion with Jason Meshnick | Ep 90","url":"https://podcast.pathtorealwealth.com/090","content_text":"\n\n \n\nIn this episode of the Market Call show, I sit down with Jason Meshnick, a market maker turned fintech pioneer whose intriguing career journey has taken him from the bustling trading floors of the early 2000s to the cutting edge of AI in finance.\n\nJason recounts his winding path from a philosophy major in small-town Poughkeepsie, New York, to becoming a Wall Street trader and, later, a leader in tech for trading. We explore his transition to automated trading as floors shifted online trader jobs contracted and his move into roles in finance education and media.\n\nJason offers a captivating look into the evolution of markets and trading strategies, from the dynamics of floor versus electronic exchanges to analyzing sentiment shifts through media platforms and tools like CNN’s iconic Fear and Greed Index, which he helped develop.\n\nAcross various sectors of finance, Jason’s experiences highlight the human element alongside technical progress.\n\n \n\nSHOW HIGHLIGHTS\n\n\nJason Meshnick talks about his transition from being a market maker on Wall Street to becoming a fintech expert.\nWe discuss the changes in trading desks from the early 2000s to the present, emphasizing the shift towards automation and a reduced number of traders.\nJason describes his unconventional career path, moving from a philosophy major to a Wall Street trader, and his eventual move into fintech.\nJason shares insights into the development of CNN's Fear and Greed Index, including the collaborative efforts and practical constraints faced during its creation.\nWe explore the shift from floor trading to electronic markets and how enduring principles of market trading continue to influence career paths in finance.\nJason recounts his personal and professional journey, including his move to Boulder, Colorado, and his involvement with the CFA Society.\nWe dive into the intricacies of building decision trees for financial data analysis, comparing their transparency and reliability to large language models.\nJason reflects on his editorial role at TheStreet.com and the importance of market sentiment analysis in shaping financial media platforms.\nWe discuss the role of experience and a deep understanding of market nuances in successful investment strategies.\nJason explains the seven indicators used in CNN's Fear and Greed Index and how this tool helps both sophisticated and retail investors make informed decisions.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n\nTRANSCRIPT\n\n(AI transcript provided as supporting material and may contain errors)\n\n\nLouis: Jason Meshnik how are you? \n\nJason: I'm doing great, Lewis. It's so great to see you. \n\nLouis: I know I'm so glad to finally have you on the podcast. You know, just knowing you for so many years and you know, knowing that you have so much knowledge out there with regard to investing and just your overall creativity, I had to have you on and I'm so glad that you came on. \n\nJason: Well, and one thing as you know from from our relationship, I've always gotten so much out of talking to you and I always learn something just through our conversations, and I feel like by the time this podcast is over, I will have five new ideas to to go after and try to figure out what to do, how to make them all reality oh god, I hope so, I hope so. \n\nLouis: it's all about the ideas you know exactly. It was funny. I asked you to send me a send me your bio and I've known you for a long time and we met years and years ago at a CFA meeting I think we were both on a board for the CFA Colorado or Denver chapter and and since then we've worked together in many capacities. But I didn't know a lot of things about you that I should have known just reading your bio. I knew that you spent 20 years in the fintech world and I didn't know that you were also working on some AI investment analysis, which I'd like to learn more about, and that you really have a lot of passion for educating. And I guess your coworkers asked you to write a newsletter. I had no idea about that and you know now what is this about. Vampires are rich. Why are vampires so rich? \n\nJason: That was one of my favorite things that I wrote. Yeah, if you want to cover that now, we can, or we can talk later. \n\nLouis: I think we'll circle back to that, but I was a little what's that about. \n\nBut yeah, and now you're doing some teaching at CU Boulder, teaching finance. We've done a little bit of lecturing together at the university level DU and things like that and I've always enjoyed watching you teach because you seem to captivate the kids. Well, they're not kids, they're young adults with your style. So I'd like to learn a little bit more about what you're doing there. And you are a Wall Street trader and market maker and there's a lot of things that you know about microstructure and investor psychology that I want to kind of touch on too. So, but the big thing is understanding that you were involved with the CNN, that popular feed and fear and greed index back in 2012, I guess that was put together. So I don't know. Maybe what we could do is talk a little bit about your background. I mean, I kind of covered it a little bit, but just maybe you can tell me a little bit about you know, share with the audience, your you know how you got in this business and kind of what's been your progression in this business. \n\nJason: Yeah, so my guess is that everybody says this, but I came to it from a slightly different path, not that not that, you know, I didn't get out of college and immediately go to Wall Street, that's. That's a pretty normal path, right? But I was a philosophy major and I'm far from a philosopher. But I think what I took away from my undergrad as a philosophy major was just sort of a way of thinking, right, as opposed to being sort of a business person thinking only about money, it's more about thinking about other kinds of things and things that drive people and being able to draw from communication and trying to understand what people think and how they think and why they think, and I think it was one of the things that really fascinated me. Also, being a child of the 80s, you know Wall Street was so important. There's so many movies about it, right from from the Wall Street movie to I don't know. It seemed like every other movie that came out was about how to make millions of dollars on Wall Street, and so, of course, I wanted to be part of that. \n\nHaving grown up in sort of a backwater, poughkeepsie, new York, I always wanted to go live in the big city, yeah, so that was sort of my start, was coming at it from kind of a weird direction and I ended up immediately going to work for well, a firm that no longer exists for a couple of reasons, but it was the trading arm of a New York specialist firm. So the specialists were downstairs on the floor of the New York Stock Exchange and my boss was one of their customers and he just worked upstairs in their clearing division and he was trading his own money. He had been a floor broker for 20 years, owned two seats, sold his seats, did pretty well on them, and then decided that he was just going to live the rest of his life as a trader. He brought his son in and then eventually I was working as a runner so you know fourteen thousand dollars a year and just wanted exposure, just wanted to be part of the action. Right, I love the action. I was so excited about just being there, the history I love the history of things. \n\nUm, I probably should have been a history major and so, just being in that environment, I ended up getting picked up because I was. I was pretty cheap, right, so they didn't have to pay me much and I ended up working and really falling in love with being a trader and learning about how the market worked and how floor brokers could help make these trades. We had a network of 20 floor brokers across the New York Stock Exchange and what was then called the Amex, and some of the regional exchanges too, so that we could trade and we'd strategize every morning and then make our buy and sell decisions and then, throughout the day, update them as needed. I'd like to say that we were the high frequency traders of the time, even though our frequency wasn't that fast, but we were sitting on both sides of the bid and the offer. \n\nLouis: Boy. \n\nJason: times have changed, huh offer Boy times have changed huh yeah, I mean that's yeah, I like to say. When I, when I started in the business, there were people there who'd been on the floor in 1929. And so much of the floor of the New York Stock Exchange looked the same as it did in 19,. You know, if you, if you were to go, take Jesse Livermore and drop him, you know from 1929 and just drop him on the floor in 1992 when I started, he'd have been like I don't know what these TV things are that are all around. He wouldn't have even had that word, but otherwise he'd have been able to run into a crowd and know exactly what to do. And by the time I left in 2002, well, there wasn't even a crowd, right? I mean, everything was different about the floor of the exchange. I was a market maker on a fully electronic stock exchange, so the principles were all the same, but everything else had changed. It was so different. \n\nLouis: Oh, that's a big part of what I wanted to talk to you about that the principles are all the same. So, because I was just listening back to some of our, or looking back at some of our conversations just to prepare for this, and we've had a lot of conversations in the past where you were really outlining like I want to capture what I saw, those principles that I saw on the floor, and I want to capture them today and that's kind of driven a lot of things that you've done. So maybe maybe you can tell me like just a handful of what those principles are that you've noticed are like still the same now that probably will never change. \n\nJason: Well, so I'll caveat this by saying I've been out of the markets for a number of years, right, so I left, I left trading in 2002. And then I was still, you know, still kind of a pretty active trader, investor for the next 10 years or so. But then life gets in the way and I'm just very busy, and so I've sort of shifted my focus in a number of ways and I'm honestly really interested in analysis now and thinking about market sentiment and what investors are doing and how investors think about the market. And I now, when I trade, it's opportunistically right, I'm not in there every day, I'm not trying to make eighths or even pennies. \n\nLouis: I guess we should probably. Oh, I'm sorry to interrupt you there. \n\nJason: Go ahead. \n\nLouis: I was just gonna say I guess we should probably back up a little bit and talk a little bit about, like more about your career progression, because you moved into from trading into fintech and, and from fintech now to working at the streetcom for and as an editor, so, and which to me makes a hundred percent sense. Um, just from what I know from your talent, your talent stack, so maybe you can kind of finish that progression a little bit. So, to where you are now, yeah, sorry, yeah, totally. \n\nJason: So my progression is really. I mean, there's there's a couple things that run through the entire thing and I think a big part of it is analysis and being excited about, about thinking about the markets right, about being being in some ways just part of the culture of it right. So that's been the big thing that's run through my entire career. But in 2002, my wife and I we weren't married at the time we were thinking about you know where will we end up, and we decided that we either end up in New Jersey or we could move somewhere that we wanted to live. So we did a search all around the country and decided we just sort of threw a dart at the at the wall and said Colorado seems pretty nice. So we ended up here in Colorado and it's been the best move. \n\nLouis: Man, that was a lucky dart throw. If you ask me, it's a lucky dart throw, I think. \n\nJason: I think it was guided by my wife's hand. She may have said I'll take that dart and I'm going to place it right here just at the foot of the Rocky Mountains. So she'd been out here and visited and said Boulder is going to be the place where Jason will be happy and we'll make this happen. And so we moved out here without jobs. I quit my job as a market maker in June of 2002. And the market was changing so much at that time it was definitely becoming harder to make money, and so I was ready for a change. I was ready to do something different. You know, when I left, there were 10 traders on my desk and probably another 30, 20, 30 on our over-the-counter desk. \n\nAnd when I went back, seven or eight years later and I'll get to this, but when, when I was working in FinTech and I went back, visited my old trading desk, there were three people and a really large computer and, rather than taking directional bets on the market, they were doing arbitrage. And they were. They were, they were working the order flow and they were figuring out, based on the order flow, how long or short they were going to be. You know, sort of using quantitative methods to understand. If they felt the market was going up and they were going to end up being more short and more short, they would have to think about the Delta to the market and try to get long ahead of those people so they could be selling to them. \n\nSo it became in some ways probably a much more intellectually engaging thing than just sitting saying, oh someone just sold me 1,000 shares, I have to get out of it now. You were thinking ahead of the market. In many ways it was really cool. I probably would have liked it a lot, but it just became a really different animal. It was much more arbitrage as opposed to directional trading, which is really what I knew. So we moved to Colorado without jobs and in doing that that's when I met you, lewis is. I was pretty engaged with the CFA Society despite not having a CFA I'll throw that out there. I'd also just finished my MBA at NYU. That counts. \n\nSo, I think they let me in, but that was about it, and they let me even onto the board. \n\nLouis: Yeah, yeah, you're a very likable guy, so it was a pretty easy decision. They're like he doesn't have a CFA, but he's a pretty cool guy. We'll let him in anyway. \n\nJason: I think he also said this is a guy that we can make do all the all the programming. We can make him call all the all the people that we don't want to call and try to organize meetings. And they thought I was an event planner, which it turns out I'm not. I'm just not a good event planner. My wife can tell you that Actually, lois, you did kind of the same. We were organizing all the CMT meetings. \n\nLouis: Oh yeah. \n\nJason: Like, yeah, yeah, yeah, let's, let's go call some people, um, yeah, but so so it took a while and I ended up finding this job here in boulder, uh, for a company called wall street on demand and for those who are not familiar with wall street on demand, it has a new name um, it became market, uh, no, became wall street on. It was wall street on demand. Then it became market on demand once I, once market bought us and then eventually it became market on demand once market bought us, and then eventually it became market digital, when they decided that it was really time to think more broadly than just web and think broadly across all digital formats video, et cetera, and advertising. And I stayed there for 19 years. Where, louis, you touched on the AI side of what I did and so this is one of my big jokes is that I like to say that I was the world's most widely read analyst, if not the best, and the reason why I say that is because over the 19 years that I was at that company, I built something like I don't know 200 different. I call them only because of today's terminology and the way that people talk about markets now, about technology now. I call these AI related, and they really are simple. They're very much rules-based AI, so sort of traditional AI, not these large language models that we have now that are in some ways more sophisticated but really not as good. \n\nSo what I was building were these big decision trees, and these decision trees were things where you would, using your financial knowledge, you would say, okay, I'm looking at some financial data around a company. What do we need to know? Well, let's start with the valuation. Is the stock what's the PE ratio? Is it a high PE ratio or a low PE ratio? How do you define a high PE ratio? Is a high PE compared to its average for the last five years, or is it the highest in its industry? Right, you can look at things cross-sectionally or historically, right, but both ways time-based or versus peers, and so we would do things like that and we would chop up the market and try to understand. You know which stocks were good or bad, but it wasn't necessarily for an investment perspective, right? This was because what we were doing was for the Schwab's and TD Ameritrade's and all those companies. We were building the news and research portions of their website, and so I and my team were providing that research, and so a lot of the texts that you would see on that site was completely dynamically generated. \n\nSo, very simple, rules-based AI. And I say it's better than large language models for AI, because large language models you never really know what you're going to get. It's a bit of a black box, right. So what we could do is I would create text that was locked down. I knew exactly what it was going to say. I didn't know what the data was that was going into it, right, I didn't know if Apple had a high PE ratio or a low PE ratio, but I had rules around defining what was high and low. \n\nAnd so when I would go to the compliance departments at Schwab or TD Ameritrade or Fidelity, et cetera we worked with all the US brokers, many of the Canadian brokers, australia, others I would go to the compliance departments and they would say, well, how do I know that you're not going to say something silly or that's incorrect? \n\nAnd I said, well, I'm going to give you the entire decision tree and you're going to be able to look at the decision tree and understand what it says. \n\nSo the only way that my model can be wrong is if I have a bug and there are bugs all over the internet, so I'm as fallible as anybody else, but we're going to do our best not to have those. And then, secondly, if the data is wrong and if the data is wrong, well it's wrong all over the website too, and we're going to fix that. But generally, 99.9% of the time, for 99.9% of the stocks, what we say is going to be accurate. It's going to be correct, it is going to be as unbiased as possible, because I'm not trying to tell you, as a value investor or growth investor or whatever, what you should do. I'm just trying to describe the various aspects of the stock. I wasn't there to give you a buy, sell hold recommendation. I was purely there to help you, as a self-directed investor, understand more about the stock, about the company. You know you brought up something that's really interesting about that. \n\nLouis: I mean, I have to. You know you're talking about large language models and it's a little bit of a black box. We don't really quite know, and you're dealing with these big decision trees, or you were at that time and it was traceable, like you could trace the logic which made me think, okay, we have data and the data can be right or wrong, and then you have the logic, and the logic can be right or wrong. And I think that's one of the things that I always have a little. \n\nI'm having a little bit of an issue with with some of the AI is the logic element of it, because you like how much of it is curve, fitting what is real behind it, so we could use it. I had a tech executive tell me one time that the big thing with AI is it can help us with speed and it can help us with accuracy if we use it correctly. But it's not necessarily like you still need human thought. You still need that ultimate human element to it. That's my personal opinion on that. But the fact that you were using decision trees early on, you know that and just to get information, that way you were speeding the process for the investor, basically. \n\nJason: Right. \n\nLouis: Like they would spend a lot of time looking for all those things. But you systematically sped it up, which is a a big thing for and we and we all have that now that's and it's, there's just like different flavors of it, um, so, uh, it's, it's that whole. It's a whole. Nother topic we can get into a little bit later. But I, I, uh, I remember you talking about that when you were doing working on those projects, um, wondering where it would go next. Um, you know, as far as that goes, but getting back to your, getting back to your, your story, let's get back to your story. Yeah, sorry, keep getting off track. \n\nYeah, that's okay, yeah. \n\nJason: So while I was at that job I did, I did a number of things. I mean it was really, it was really an exciting job in so many ways. But the two big things that I did were really this you know, running the natural language generation product right. This thing we called it smart text, um, and so that's that ai thing. But then the other thing that I was so excited about was doing education right and and our. So this started back in 2006 or 7, um, I started doing brown bag lunches where I would just put together a presentation and teach our developers and designers and engineers all about everything they needed to know about investing, not so they could go out and make a million dollars, but rather so that when they were building the tools that we were all using, they understood their subject matter right, that they could be engaged with the topic and identify with the end user and really understand why a PE ratio mattered or why a chart mattered. Simple thing, like in design, you'll notice that there's a lot of white space on many pages and they talk about that as being good design. It's actually a really bad design for investors and the reason is well, depending on the type of investors, but for slightly more active investors, engaged investors, what they want is information dense things, and so I would help steer our design team to create things that were a little bit more information dense, an example being a chart, a price chart. You don't want to have to scroll up and down too much to be able to read your price chart on your Schwab account. You want to be able to type in NVIDIA and load up a couple of indicators that you want to see. Put your MACD on and then MACD is a lower indicator, maybe an RSI, maybe whatever Put those things on there and be able to, in one view, understand the trend, momentum, volume and volatility from that stock right. That was another thing that we did when we rebuilt Schwab's charts. I'm kind of proud to say that Yahoo actually stole this, but we broke the indicators out. \n\nPrevious big charts started this. They said indicators are either separated out as upper indicators or lower indicators, and that doesn't tell you anything, and I'll credit John Bollinger. I learned all this from him is really you know, people should understand what goes into the indicators. They should understand as much of the calculation as possible, right, what the inputs are and what it's giving, what information it's giving you, right, and then separate those out into different sort of you know I'm using the term factors very loosely but into the different factors of technical analysis. So, is it trend, is it momentum-based, is it volume, volatility you can come up with others as well but, right, where does it fit? And if you're looking, if you put a bunch of indicators on a chart and it turns out that they're all trend indicators, well, you really have one indicator and so you're not getting a full picture. So go put some momentum indicators on there to understand the speed and whether the trend is about to be exhausted or not. \n\nSo it's things like that that I really wanted to help both the end user of our products as well as the the, the person who was building the products, understand so. So I ended up writing for about three or four years. So we started that in 2007, but it was. They asked me to put it on hold after a while cause it was taking away from a lot of my work. And then, in 2018, our CEO came to me and she said you know, you used to do this, these brown bag lunches. I would really like it if you would just write. Just write a newsletter for the whole company. \n\nThe question of the week, so Fridays. I'd ask the question, and it might be how many? How many stocks are there in the S\u0026amp;P 500? And I haven't looked at the number recently, but I think the number is still 501, right, it might even be higher, but there's only 500 companies in the S\u0026amp;P 500. And so that's the distinction. There's 500 companies, but some companies have multiple classes of stock that may be in the S\u0026amp;P. It might be 505 now I can't remember. I have not looked in a long time, but that was effectively the answer, and so it became just a really fun thing to write the answer, and so it became just a really fun thing to write. \n\nYeah, so teaching people about vampires right, became a way of telling them. Why are vampires so rich? It's simple They've been investing for hundreds of years and so they've had time to let their money compound. Assuming that Vlad the Impaler, the first vampire, he was a prince. Let's just put a number on that $10,000 in today's money. What does $10,000 grow to over 500 years? It grows to trillions of dollars. And then, if you spend 1% of that every year, how much money are vampires spending? Today, vampires are spending billions of dollars. Vampires are probably supporting our economy. \n\nLouis: They've got to be the richest people in the world. It's like puts vampires, yeah yeah, it puts elon musk to shame, I mean really so maybe elon's a vampire yeah, you never know, maybe a little similar, I don't know. That's that's wild. Well, um, so you have this creative side to you. That's that's driven that. And then how did you get um, like, was it just a natural progression for you to do what you're doing now? \n\nJason: or maybe you should tell us a little bit about what you're doing now yeah, so so let's get to what I'm doing now, because that's important and I know that, um, they'll be watching this and they'll they'll kill me if I don't talk about what I'm doing now, because they also really like it. Um, I'm having a lot of fun. So, you know, you go through ups and downs in your career and I definitely there were times when I absolutely loved trading and absolutely hated, and that might be the same day. I might love and hate trading. \n\nLouis: In. \n\nJason: FinTech it was. I might love a year and hate the next year and, you know, love the next year for that. It was project to project and here you know right now what we're doing. So I work for I'm currently the managing editor of the street pro and so so you are probably familiar with the street. Jim Cramer founded it back in I don't know 1997 or 1998. It was really the first, the first and best of its type where you could come and get financial news and information. And then, not long after they started the street, they brought, they created something called real money where they brought in people like Helene Meisler and and Doug Cass and they would create something that was more of a subscription product but more of a newsletter, newsletter product where Helene would write top stocks is what it became and Helene would write her brand of you know market sentiment analysis and it was really great. \n\nAnd Jim Cramer left about two years ago and I've never met Cramer. I've heard him speak before but I don't know Cramer, don't know a lot about him. But I'll say this is a business that was 25 years old or is 25 years old now, and it's going through a lot of change. So we're trying to figure out what will it look like in the future. And one of the big things I love this I quote it all the time but Barry Ritholtz was one of our. I believe he was a street contributor at one point. Barry Ritholtz has gone on to become a Bloomberg contributor and have his own money management firm, but earlier in his career, I'd say, he made his name at the street, as did a lot of people, and so he calls the street the Motown of Finance and he says that the Jim Cramer was sort of this I think the name is Barry Gordy character who you know sort of larger than life in many ways, and he brought people in, brought people in and he made them stars right, and so we did the same thing, or he did that at the street, and so we're in the process now of trying to do that again. \n\nWe have great contributors. They're all wonderful and they provide really great perspectives on the market, and sometimes they disagree and sometimes they agree. I asked a few of them to write about GameStop recently and it was really great to see the kinds of things that I got. But we want to get back and we want to make these people, we want to make our contributors, who are such great analysts, stars again, right. So we're trying to change a lot of things that we do in the business. In the past it was really Jim Cramer. The last five years, I'd say, jim Cramer became our number one star. I want Helene and Doug and Sarge and Rev Shark and I could go through the whole list Chris Versace I want them all to be stars too, and they want to be stars and they are because they're so good. So we're working at how we can do that, how we can elevate the content, not just to make the contributor stars, but really to showcase how good they are as we go and help more investors to be self-directed investors, be more successful in their trading and investing. And I say we have two different types of products, really Our value add. \n\nIf you are a trader, a self-directed trader, you might spend your time on Doug Cass's community, right? So Doug has his daily diary. Doug's a hedge fund manager. He's out there from three o'clock in the morning. He's sending us stuff. It's crazy. The editors have to be there editing and putting it up from. They start at 5.30. So the editors are in there at 5.30 in the morning putting Doug's ideas up all the way through the end of the trading day, and then in the lower half of that page is a community where we have many, many people from the community, some of which I won't say any of their names, but some of which are fairly big names in finance and investing. We know who they are. \n\nOn the site they really the community ends up feeding on itself and providing great ideas just among each other. There's one guy who talks a lot about cryptocurrencies. We don't have a lot of cryptocurrency content on the site. We're working, we're going to be adding some, but this one person alone actually provides some of the best crypto content I've ever written, and he's paying us right now, at least for now us right now, at least for now. \n\nAnd so the other products that we have. We have where you can get trading ideas or investing ideas. We have some people who are a little bit more technical focused, some who are more fundamental focused. We have one person who does really well providing dividend ideas. Another person is really great at more fundamental, value-based ideas, but then we have a whole portfolio. \n\nYou can come to us and we have Chris Versace runs our pro portfolio, where we help investors understand not only how to put together a portfolio and they can just copy this entire portfolio but, the thing I love about it most, every week Chris writes a weekly update talking about what he sees in the market, what's coming up, economic things that are happening. But then he goes through all 30 holdings. He tells you the investment thesis you know I'm big on the investment thesis, lewis right, you should have a thesis, you should know why you're investing something and you should update it frequently. Right, chris updates the investment thesis every week. And then he tells you what his target price is and his panic point, his stop right, where he's going to realize that his thesis is incorrect and he's going to re-evaluate, probably sell the position. And then he just goes through and gives you sort of a weekly update and says, yeah, here's what happened in NVIDIA. Jensen Wan was out doing whatever he did. He spoke to these people. \n\nSo that's what we're doing and the product is great and we're, you know, really excited. Now we have a lot of energy around what we're doing and how we're, how we're rebuilding, um, building I keep saying rebuilding like really we're taking what we had, which was a solid product, and we're just building off of it. We have, uh, later this month this will be the first time I've kind of mentioned this Um month this will be the first time I've kind of mentioned this Our marketing team doesn't even know but later this month we're doing a roundup, or we're actually calling it the quarterly call. So this will be the end of every quarter. Now we're going to have four of our contributors come on and really just talk about what they see in the market and have kind of a little panel discussion, and so that'll be really exciting, but it's things like that that we want to do. \n\nLouis: Yeah, it's good to hear the actual real time discussion, you know, because you get more color about it. But I love what you said about the Motown or the. Who is it? Who said a Barry Ritholtz? \n\nJason: Barry Ritholtz. \n\nLouis: Yeah, I said that. I mean I thought I had so many like visions in my head because, you know, I'm a musician too and I I'm thinking about motown. I fell in love with motown as a young kid. My parents listened to it and the first thing that I thought about was that these, a lot of these people that were, uh, involved in motown, they were, they were completely isolated from the music industry. So so you know, you can find a lot of talent outside of, people that are like right in the mainstream of the music and of the Wall Street, kind of normative Wall Street. I mean you have to do something different really to be unique like that. \n\nAnd sometimes I think groupthink hurts Wall Street. In fact, I was just telling my wife this morning. I got out of the shower and I said you know what, in a way, wall Street is kind of like not even a thing anymore. Like you know, it's like I don't even think of Wall Street anymore as Wall Street. I mean last time I was there it didn't even seem like Wall Street to me. I mean it's still, it's still a thing mentally, but it's not. It's like I really think it's time for Motown. \n\nJason: I think you guys are right in the thick of what we should be doing, because there's so many great thinkers that I run into who are not anywhere near the center of Wall Street, quote, unquote. So that's, yeah, one of the things I really want to steal comes from Chicago. So Morningstar in their quant reports. So if you have a Schwab account or any of these, they pretty much all have Morningstar's reports. These aren't the quant reports, I'm sorry, it's actually the ones that are handwritten by analysts, but on page I don't know two or three they have a module that says bulls say and bears say and they go through the bullish case of a stock and the bearish case of a stock, and that's something that I want to institute everywhere. \n\nEverybody should be with everything right. You talk politics, you should have a. You know what are the positives, what are the negatives. Whoever your candidate is doesn't matter. They have positive, they have negatives, that's right. You know your friends have positive, negatives. Like everything has a positive and a negative, and you have to look at both sides of the story, especially they say you shouldn't marry your investments Right. Know what the downsides are, Know what the risks are with everything you do. \n\nLouis: Wow, there's a lot there we could go into. \n\nJason: I know yeah, as far as the no, no, not politics. Believe me, I mean we're staying away from politics. \n\nLouis: Yeah, we're staying away from that. You know, it's more like the I keep thinking of the narrative versus the numbers debate. I always say that I'm more interested in the numbers than the narrative. Like I start with the numbers and then go for the narrative and I think the older I get and the more I've seen, the more I realize that it's not the narrative necessarily, it's just understanding as much as you possibly can about what is true. \n\nIt's hard to do and so much of investing is qualitative. You know, I mean you know my background. I do a lot of quant factor stuff and all that and that's really helpful in kind of keeping you honest. But at the end of the day, when I look at the stocks that have done really, really well for me, or macro trades like futures type oriented trades, it's been because I had some piece of knowledge and understanding about something that I just knew with a high conviction that was true and I stayed with it and it made a lot of money. So that is really hard. I don't think the quant sometimes leads you there, but it may not necessarily. It's not usually the end, like the end all be all, and a lot of times if you look at the best quantitative stuff it tends to turn over a ton. Right, it's like like momentum. Well, you know, you could say like, okay, I'm going to run momentum screens on stocks and the best parameter set is going to be me like turning over quite a bit. But then after tax and reality in the real world, you're really not making that as much as you would think, whereas you might find something that's gaining momentum that no one's talking about, like I bought not to talk about. \n\nI shouldn't talk about specific names right now, but there's a particular stock that I bought where I understood what was happening. It did come up in a momentum screen. It was a very small company at the time and then it just went ballistic. That now did I know it was going to ballistic? No, not to that degree. You know, I didn't think it was going to go up. You know 500% in, you know three months. But it's one of those things where you, if you know something, there's so much more to the narrative, so you go into the Motown aspect of things. There's value in that. We, we numbers are becoming a commodity, almost right. Everybody can get all these numbers and we can, we can move things around. Anybody can go on chat, gpt and, you know, pull, you know I get certain things. So I, you know, I don't know I'm becoming more of a qualitative guy the older I get. Is that that's weird? \n\nJason: I have a theory on that. Let me know what you think. But I think that you are able to become a qualitative guy now because you have been a quantitative guy for so long and so because everything that you do there's, you know, there's a famous saying, it comes from consulting. I think you can't manage what you can't measure, and so everything that you've done as a quantitative person has been to measure, even when you run that quant screen and you get a list of stocks and you know that this list of stocks is going to turn over at the same time. You probably know well, this is going to turn over. But let's pick on NVIDIA. Nvidia is on the list right now and, because of these other things that I know through my experience, nvidia may come off in two weeks, but it's probably going to come back on in a month. I should just hold it Right, yeah, and so I think that you've spent so much time in the markets and it comes down to the word is experience. \n\nRight and that's why you hire a financial advisor. Or you hire, or you take a subscription to the Street Pro, or you want to get the experience of other people, especially as you're learning. \n\nLouis: Yeah, yeah. \n\nJason: So now you can be. I was just going to say one thing. One thing is you can be sort of a core satellite where you can take your core investing, and maybe you want to be self-directed and buy a portfolio of ETFs, or you want to give that money to your financial advisor, give it to you, lewis, and then, with sort of the satellite funds, play money or whatever. You use your own experience Maybe it's in your own industry or whatever it is. You're trying to add that extra bit of alpha right and have fun maybe, but but keep yourself intellectually engaged. You have, you know, sort of the core of your portfolio over here and then kind of the rest of it where you can do things with as well. \n\nLouis: Yeah, I totally, I totally agree with that. So you know, this is just kind of getting me into this the fear and greed concept. You know you got involved with the fear and greed. I'm not, I'd like to hear the story about how you got involved in and what you, what you did in that. But when I think about the fear and greed index, I always think about that fish that's in the bowl and doesn't realize that he's in water and but you know, but if he steps outside and looks at he's like wow, I'm in water, right. That's kind of what sentiment is to me. It's like we're part of the sentiment, like we are, we're the observer. It's like the Heisenberg principle, like what we look at, we change, right, and that's sentiment, and fear and greed is kind of like a great overall, you know, easy to understand way of looking at that. But I guess I want to let's start off with your story, like how did you get into the fear and? \n\nJason: greed project and what, what. What was your progression through that? So yeah, I mean, after coming from Wall Street, I'll tell a really quick story because I think this it's in it's in the article that I wrote too. But this story is a story from business school and I can't remember if the numbers are correct, but they're approximately correct and the timing is approximately correct. \n\nI was in business school, part-time, at night. I was working as a market maker during the day and then at night I was at NYU taking a class and this class was a valuation class and they asked us we had to come up with, we had to do a discounted cashflow analysis of a stock, and each group got to select whatever stock they wanted and I proposed to my group let's pick JDS Uniphase, because it was one of. It was the NVIDIA of its day. Oh yeah, hopefully NVIDIA will have a better future than JDSU did. But my group was all they said absolutely, let's do that one. And the stock was trading at I don't remember exactly, but probably about $165. Okay, and so we sit down and we do our analysis and we're doing discounted cashflow analysis and one of the big inputs to DCF is understanding the growth metrics right and forecasting growth. And forecasting growth means looking back historically, figuring out how fast the company has been growing and just saying you know, is it going to speed up or is it going to slow down? Eventually they all slow down. It will slow down, but you have to figure out how long that's going to take. So we did the analysis and we figured out it would slow down, I don't know, over 10 years or something. Something pretty reasonable, probably pretty generous as well, and we came up with a value Again. \n\nRemember the stock's trading at $165. We came up with a value of $2.25. And we looked at it and we said can't be, can't be. We learned in our last class the market's efficient, this is all wrong. I don't know. We did something wrong and so we went back and we now this time we went crazy. We're like this stock's going to speed up its growth. It's going to, instead of growing at 50% per year like it has been, it's going to grow at 100% forever. And we came up with a value of $225, right, and so the stock gets added to the S\u0026amp;P or maybe it was when they confirmed that it would be and the stock jumps to $225. It jumps to $235, I think was the high I sell my stock at like $225. \n\nLouis: And so we were right, that was a good trade. \n\nJason: Good trade. And then we go and we present our research to our professor. And this is where it's really funny. The professor, who was so outrageously smart, could do any math problem in his head. But he's looking at us, he's laughing at us. He's like really, you think this thing is worth $2.20? We're like, yeah, here's the research, here's what we did. And he's just laughing at us. And then he says how could this company possibly be worth more than Apple? And Apple at the time was trading at $19, which, split adjusted, is probably something like negative 10 cents. And he said Apple has $16 in cash on its books and, whatever he's like, Apple is definitely worth more than JDS, Unipay. And, of course, this guy's probably retired on a private island somewhere. \n\nBut what I took away from this whole story oh, and the other thing is we were right on both sides. We were right with $225 call because the stock traded to $235. And within two years the stock was trading at something like $2. So we were right on both ends. And so what I took from that was I'm not a great analyst and I'm not a great forecaster. I'm especially not a good forecaster. Okay, but what I can do is I can look at data and I can back into things and I can understand well, if I look at, if I calculate, if I back into, how do I get to $165 or $200 for JDS Uniphase? I look and I say, well, the market has really high expectations of this company and those expectations are nothing but sentiment. Nobody knows. \n\nLouis: I think that's all you need, though, jason, I actually don't think you need to be a great forecast Like that's really all you need. So, cause, if you know those extremes, you avoid mistakes, because the more I do this, the more I realize that's what it's about. You know, if you're going to put X number of units, and risk units if you will, in your portfolio, if you don't make a lot of mistakes and you compound reasonably, you're going to do great. It's just like reading. You know Warren Buffett always talks about read chapter eight and chapter 20 of the intelligent investor, which everyone should do, by the way. In fact, I'm set I send that book to clients and just say read this. \n\nYou know that's what all it is about. I mean, that's basically what it's about what you just talked about right there. You don't really need to be a great forecaster. You just need to avoid a lot of mistakes and have a reasonable amount of diversification, not too much. And yeah, I mean you hear about people that have made like great calls consistently, and then the more you learn about them, the more you realize that there was something else part of the story. You know what I'm saying. There was another part of the story that you didn't really hear about, and a lot of it boils down to not avoiding mistakes, having discipline, risk management, things like that, but anyway, I got you off your topic. \n\nJason: It's all risk. \n\nYeah no, yeah, no, no, yeah, and it's. It's important to cut me off too, because I can. I can talk about certain things for too long, but I'll just. I'll just cut right to your question, which was fear and greed, yeah, yeah. And so how did I get to that? Literally, I, from that point in about 2000,. \n\nYou know, I got much more interested in technical analysis and and, and I started thinking I'm not so much like a stock picker and I'm not so much into, you know, the MACD and the RSI. I'm much more quantitative. That's my interest in technicals. Technicals really helped me become more quantitative and more interested in looking at the big picture, understanding how to measure the big picture, and so I started looking at indicators and things that people like Ned Davis was doing. Right, I, I a big fan of Ned Davis, ned Davis's work. There's some other providers that were like that, sentiment traders Another one. I like all those, I like what they do and I started trying to replicate. You know, you don't know what their secret sauce is, although actually Ned Davis has a really good book. I'm looking at my bookshelf somewhere out there when Ned Davis's book is being right or making money. But then his chief strategist wrote another book where they actually go in and they tell you how to build a, build their, one of their sentiment indicators that has nine components to it. I was messing around with that, trying to figure out, trying to understand these indicators and understand the signals that they gave. And I hadn't around. \n\nThat same time, cnn was one of our clients at what was then Wall Street On Demand and our CEO was out talking to them and he was talking to Lex Harris, who was their editor in chief, and Lex said you know, I don't know what this is, but I want to build something called the Fear and Greed Index. Can you help me? And Jim, our CEO, came back and he came to my team and he said so CNN has this kind of crazy idea. They want to build something called the Fear and Greed Index. What do you think has this kind of crazy idea? They want to build something called the fear and greed index? What do you think? And everyone on the team pushed away from the table. They're like what a bad idea. And I was left sitting there going they thought it was a bad idea. \n\nYeah, they just you know they didn't get it. It wasn't what they do. I thought you were going to say mic drop. \n\nLouis: I literally thought you were going to say mic drop. Everybody said that's a great idea, let's jump on it. That surprises me. They looked at it. \n\nJason: Yeah, they were like well, and they didn't know how to do it right. It wasn't what they were interested in. The team all had very different kinds of backgrounds, and I was the only one that had that more market-related background. The others were really more analysts Smart guys, great guys, but much more like. They could probably pick a stock better than I can, but they cannot tell you if we're in a bull market or a bear market. So I'm sitting there saying this is the greatest opportunity ever. And so they got me on the phone with CNN, with Lex, a day or two later, and we just started putting together ideas and Lex basically said look, I don't know what this thing is. You kind of know what I want to do. I just want something that really represents that quote that Warren Buffett says, which is you should be fearful when others are greedy and greedy when others are fearful. So what, what is that? What does that look like? And so I just went and built it. Luckily, they gave me Jim. \n\nOur CEO's son was also a statistics major at Yale, and so for his summer internship that year, he sat with me and we went through and took all the indicators that I had put together and we did a principal component analysis, which is really important because you want to make sure, just like we said earlier, when you're looking at a stock chart, you want to make sure that your indicators aren't all trend indicators or all momentum indicators. The same thing, we want to make sure that each of the indicators, within fear and greed, didn't step on one another right, that they weren't saying the same thing, or really just that they worked well together, that they were each complementary, right? There were a couple indicators that I wanted to include that just didn't make it for budget reasons. Cnn is a media company. Media companies don't have huge budgets these days, so I couldn't do things like market valuation, s\u0026amp;p 500 valuation, or we wanted to use the, because by this point, market had bought us, and so I wanted to use the credit default swap index and I could only get end of day CVS data, not intraday, and so it just didn't fit with what we were doing. Um, so there were, there were some indicators that we left out that really would have been perfect and, um, you know, later on I got I got to use for other purposes, but not for the fear and greed index. But I got to use for other purposes, but not for the fear and greed index. But yeah, right now you know the fear and greed index, the seven indicators that are there, we selected one that is purely just the S\u0026amp;P 500, right, normalized. So we understand if it's sort of fear, you know, fearful or greedy. \n\nBut then we have two that are breadth indicators. So how broad is the advance or decline? And is that moving in concert with the market or against the market? Then we have two that are options related the put-call ratio and the VIX. And then we have two that are bond market related One that compares the spread and yields between low-quality junk bonds and high-quality investment-grade bonds, as that spread is tightening. You see that investors are, you know they're more, they're seeking out risk because they think that they can get better returns. And then the last one is where we compare the returns on stocks to the return on bonds over a 20-day rolling period, total return as well. So for all these underlying indicators we're using ETFs. So this is actually something that can be replicated by anybody, but there are a lot of mechanics and calculations that go into it on the back end which make it. You know, if you are going to calculate it yourself, you got to be pretty sophisticated and be and have a pretty decent data feed. Yeah. \n\nLouis: Well, I love that. You know that was put in a scale that made sense and a categorization that made sense. It almost kind of makes sense the way that you did. It is like extreme fear, fear, neutral greed, extreme greed. These are things that we can understand and this is, I think, one of your biggest talents, actually. I think one of your biggest talents actually. You know, like you had said, we were looking for, we did principal component analysis, but we were looking for things that worked well together and complementary. \n\nAs a quant geek, I would have just said non-correlated, you know or not. I would have used like big, long names of there's some statistical names that are you know to describe, that are like really long and stupid, sounding like to make no sense. I love the fact that you like that, you, you that's the. That is a great skill and I think to be able to take something that is complicated and make it accessible was one of the biggest, I guess, wins from this and it also helps people understand themselves, in my opinion, like if somebody goes and they look at this and they say, okay, right now I'm looking at the website. It says I'm on cnncom markets, fear and greed. It says it's got a number 48 and it says we're neutral but kind of tilting towards fear. So tell me a little bit about, like, how you would interpret this. \n\nI'm an investor right now. Let's say I have a reasonably good sized portfolio. I want to grow my wealth, but I also want to manage my risk. How would I? What would I use this for? How would I think about this? For like, really, like practically, how would I use this? \n\nJason: Okay. So what does neutral mean? And neutral is really that center zone of I don't know what it is right. So the first thing I'll ask you to do and I know users or people who are watching or listening can't see this, but in the upper right corner you can see where it says overview and timeline. So the first thing I want you to do is click on timeline, okay, and what you'll see is a chart of the fear and greed index for the last two years. \n\nAnd especially when we are in this neutral area and we don't really know what the overarching sentiment is, it's important to look back over historically, just like we said with the PE ratio. Right, you can look back and compare to peers, or you can say how is it versus history, and so what we see is this 48 is an increase over where it has been. But, more importantly, we're sort of in this weird consolidation period. Fear and greed is just kind of ticking up and down, up and down. It's not really doing much of anything. So, however, we have dropped from a level of greed right Back before April and I'm going to pat myself on the back. \n\nI don't write much about fear and greed. I'm going to start, but I don't write much about fear and greed on our site. I did post in one of our little communities. I said, look, hey, just so you guys know. You don't really know me, but I built the Fear and Greed Index and here's what I've been watching Fear and Greed. It has just broken down. I think the market's going to break down with it, and you know my timing was amazing and the next day the market broke down. So, yeah, good for me, blind squirrel. But so what I like to do is I like to look and see and look for patterns and try to understand what is it doing and how does it compare to the market. \n\nSo a few things, all right. What really matters is fear tends to be good. What happens when the indicator goes into fear or extreme fear? What we see is that standard deviation of returns. So the volatility of the market increases, and I think we're talking about forward volatility too, not like a month out, but days out if you want to measure it each day and sort of see what's happening. \n\nVolatility is just high when we are in extreme fear and fear because investors are nervous. What happens when investors are nervous? Good time to buy, right. The other thing is greed happens a lot. Okay, and greed is not necessarily a bad thing. Extreme greed is oftentimes a good thing. Okay, extreme greed tends to have. \n\nThere's two times that extreme greed happens and one time is a great time and the other time is a high risk time. Okay, the great time is when we have been at extreme fear. The market has fallen maybe the market fell by 10% or something and we're starting to see a rebound and what you'll see oftentimes is the components of the fear and greed index spike and everything spikes, everything jumps up and we get to extreme greed because we've gone from a low level and all of a sudden, investors are committing new capital to the money. Investors are getting excited and we see extreme greed. \n\nExtreme greed is almost always good, except when, if we were in some kind of an uptrend okay, we've been, we're in an established uptrend, something good happens, the market kind of spikes. We don't. It's rare that we really see extreme greed during an uptrend, but let's say it happens. Well, that tends to be a period where probably just don't want to commit new capital right now. I probably want to take a breather, wait, because risk is higher. You know it's extreme fear to extreme greed, but really it's low risk to high risk. \n\nLouis: But sometimes, as you know, sometimes that greed can be really good too. The other thing yeah, go ahead, sorry, no, no, I was just going to say that reminds me of like the traditional technical interpretation of momentum is after you've had a bear market, you always get to an overbought situation. That doesn't mean the trend's over, it just means the trend's beginning, and it's almost the same concept. It seems like to me to some degree like you're looking for the extremes, but sometimes you have to interpret it the opposite way after a certain condition, after a bear market or after you've had really a lot of fear, and then it pops back up to greed, well, that doesn't mean the trend's over, that means we're just starting to go up again. \n\nExactly yeah, and you have a continuation of the trend. \n\nJason: Right, yeah, yeah, completely. And so with anything, with any indicator, you have to look at it in context right. \n\nEverything from an economic indicator, cpi, et cetera. Everything has to be looked at within context. And with that, I think you have to look at the context within the fear and greed index, and that's why there are the seven components, and I actually feel that the seven components are more valuable than that headline number, than the speed dial, right. So we start with and CNN came up with these names and I love it that they did that, because they are so much better at explaining things than I am and they really they said well, you know, here's who our user base is. We want this to be something that is a sophisticated trader can use it. And, as you know, as we heard Katie Stockton tell us several years ago, lots of hedge funds use the fear and greed index, right, they use it as one of their marks to understand what investors are doing. But they want it to be understandable by retail investors, by my dad hundred versus 125 day moving average just to see how far like what is the momentum right. Use that word, it's completely accurate. \n\nWhat is the momentum Is it? Is it so high that it's potentially exhaustive right now? It's so high that it's potentially exhaustive right when we and we normalize it both over the last six months. But then we also go back and we normalize it again over two years to say is that six month number that higher, low that we have? How does that compare where we've really been over a longer period of time? And then we look at, as I mentioned, two measures of stock price strength and stock price breadth. So market breadth we're looking at both 52 week highs and lows on the New York Stock Exchange and then the McClellan Volume Summation Index. So really is money flowing into stocks going up or money flowing into stocks going down? \n\nLouis: And what we see is both of those numbers are sitting at extreme fear. \n\nBecause, those are great indicators. They're such great indicators. Yeah, I mean, I remember back in the day doing a ton of backtesting and those were some of the most robust indicators, all three of them, especially on the new highs it's actually new lows is actually more valuable, in my opinion, based on the research years ago, than the new highs, but just because it showed that extreme capitulation. But those are great and they are complimentary. One is like the number of stocks hitting highs or lows, and then the other one is more. The McClellan summation is also very valuable and it can be manipulated in so many different ways. \n\nSo and I love that you have three dimensions to that and while you were telling me about this, what struck me is I always try to put things in perspective for the individual investor and for the. You know how they can think about these things and make it useful for them. And I think one of the things that could be useful with this, or is useful for this, is understanding how you're feeling. Like you know, if you've just gone through a period of angst with your portfolio and then you notice that this thing is at fear, right, well, everybody's being fearful and like it's like what are you going to do in your portfolio during that period, right? Well, everybody's being fearful and like it's like what. What are you going to do in your portfolio during that period of time? \n\nJason: Exactly. \n\nLouis: You know what how? \n\nare just you know how you're feeling, like if you can step away like that fish in the fishbowl with in the water, you know and say, yeah, I'm in the water and you know, and, and this is what's happening, and what am I going to do? And stay level headed. I always talk about like staying level headed is the most important thing as an investor. It's like if I'm overly optimistic, I need to bring myself down and if I'm overly pessimistic, I need to bring myself up. Tom Basso mentioned that to me years ago, who was one of the market wizards. \n\nJason: Right. \n\nLouis: Talking about doing that, and I've really that's been probably one of the market wizards, right, talking about doing that, and I've really that's been probably one of the most helpful things for me personally and for advising clients as well and managing money. Just it's. It's it sounds so simple. It's like oh yeah, I know that, but yeah, but do you do it? \n\nJason: Exactly, and that's where it's important to have something that's quantitative and unbiased, right, and I'll tell you a story about that that confirms what you just said. But when we first, a few years after we launched Fear and Greed, I was talking with a financial advisor and he said, oh, I use this thing all the time with my clients and I love it. He said how do you use it? And he said, well, I introduced them all to it. And then, when they call me, when the market is down, wanting to sell their positions, wanting to reduce risk the market's already fallen by 10% or 20% and now they want to reduce risk he says, ok, hang on a sec, go to CNN Markets, fear and Greed. What do you see? And they say extreme fear. And he says, ok, what does that mean? And the client always says, okay, what does that mean? And and the client always says, oh, yeah, everybody's afraid right now. Yes, and what does that mean? That means I shouldn't panic. And hey, let me write you a check because this is a good time to invest. \n\nLouis: There you go. So one thing I noticed that's not on here is valuation, which is so hard to time valuation. So this is, you know, valuation. So if you put this in context with valuation, then I think you have a powerhouse, really, because absolutely yeah. \n\nYeah, because then you have that long-term valuation metric, like right now. I was just on a, I had just updated my factor. I have this correlation matrix of factors like quality, value, growth, technical, et cetera, et cetera, volatility, and I sent our CIO that correlation matrix to show. Hey look within the market, like finding a value right now in the market is very difficult, like you're not being rewarded for valuation metrics at all, or low volatility or strong dividends and you've got all the. \n\nYou know growth is kind of being helpful. Momentum is explaining everything and most of the performance is coming, you know, in a small amount of stocks. So that is a context that you can add on top of this that says, okay, well, within this current environment, like we know, small, smaller companies have much more value longer term. So do international stocks, you know. You know that can give you a mosaic, and I have to say a mosaic is really what works in my experience as an investor, meaning a mosaic, meaning that you've got these pieces of a puzzle and they're all kind of pointing towards something and like not everybody is talking about it. You know, and, and you know everybody's talking about nvidia and all that. \n\nBut I've also had conversations where people are saying, hey, all I need to do is buy costco and nvidia. I literally had a doctor tell me that, like a really smart person yeah, I'm just gonna buy, you know. I mean these are the things I remember hearing during the dot-com bubble and, frankly, it's a little bit scary for me hearing these things. Um, yeah, and that's one of the reasons why I wanted to bring you on is, first of all, I've wanted to have you on for a long time. Uh, we just life didn't allow that for for both of us. But and I'm glad that you're on now, because this topic, I think, is very, very timely the fear and greed thing. \n\nYou know even though right now it's giving us a neutral reading. You know, if you put this in the context of a mosaic, this is very powerful stuff and I'm glad that you know that you did this kind of work and you know, and I can see a lot of value in doing that when you, when you put. \n\nJason: I'll just say. I'll just say one thing really quickly about you know, as we're looking at the indicators and what it says, you know why. Why is it giving us neutral right now? Because I think that's the key. If we look at the indicators, that are at different ends of the spectrum and it used to be organized or ordered from most greedy to most fearful we see the S\u0026amp;P 500, right, so that's extremely greedy. Put in call options, so investors are still buying lots of call options, right, they're not really hedging their portfolio. \n\nAnd when we look at the difference in stock and bond returns, right now stocks are just doing really well, right, so those are really telling you sort of what's happening. Yeah, I know the stock market's up. Okay, what else is happening? We see that the spread between junk bonds and investment grade is rising, right, so people are starting to de-risk that side of their portfolio, the bond side of their portfolio. And then, as we were talking about, why is the S\u0026amp;P going up? Nvidia, right, so of course those indicators are going to be strong, but meanwhile breadth is really weak. So we get a much clearer picture of what's happening in the marketplace. So that's the thing I wanted to add about how to read it and really understand it and dig into it. \n\nLouis: Yeah, that's a great addition. That makes total sense. It reminds me earlier this morning I was talking to a quant analyst in Europe and we were looking at certain factors, fundamental factors, and almost all the fundamental factors that are very robust. Solid predictors of stock returns are underperforming because you always look at them on an equal weighted basis. So the equal weight factor relative to the market cap factor, that variance is at like this massive extreme. In other words, the average stock is underperforming. \n\nThat's another way of saying breadth right as a technician you would say a breadth, a quant would say something differently, but it's basically the same thing, which means that most stocks are not doing so well. And then you look at the smaller companies. A lot of the smaller companies are losing money, and so what is that telling you? There's some underlying things. It's not a fear thing. It's really what this does. Is it informs you that you need to be selective. In my opinion, right now, and not to you know, I want to make this an evergreen piece of content, but based on what we're reading here, just the tea leaves. It just says be careful, be selective, look for quality, you know, be diversified. \n\nJason: Exactly, yeah, yeah, exactly. It's really just a way of understanding the level of risk within the marketplace at a given time. \n\nLouis: Yeah, so you've told me a lot about the components and risk management. We talked a little bit about risk management Historically. On the performance of this indicator, what would be like like what? Where's its strongest points? Would it be on the picking bottoms, or or or would it be forewarning a top? \n\nJason: Well, I think there's a couple of things. So I mentioned that I posted in one of our message boards back a couple of months ago that the indicator was giving us kind of a warning signal, right, and so one of the ways that I really like to look at it is I like to look for divergences. Okay, so what that means is that the S\u0026amp;P is going up and fear and greed is starting to decline and, in the spirit of making it as evergreen as possible, let's go back to 2015. The market in August I can't remember the exact numbers. Did it fall by? You may remember 20% or something? Over the course of a few days, the market really just fell out of bed. \n\nLouis: Yeah, absolutely yeah. I don't know what the percentage is, but it was a lot. \n\nJason: Well, fear and greed had been declining while the S\u0026amp;P was rising and rising and rising and people were saying the syndicator is broken. And I'd even get into not Twitter wars with people, but just saying look, here's what it's saying and here's why it's saying what it's saying. And it really came down to a lot of market breath and the breath was weakening at the same time that the market was going up and becoming more and more narrow. And one day, right so the fear and greed index was setting lower highs and lower lows. It was just consistently declining right as the market was going up and it was just saying more and more and more risk and one day the market caught up with it. Right, and that's what I noticed again in January, december, january, february, march into early April. What I noticed is that fear and greed had stopped going up while the market was going up and it was just saying something has changed here. And I don't feel like. I don't love the word prediction, I love measuring, right, and so what it's saying here is, from a measuring perspective, something has changed in the market and risk is increasing was happening, but at tops, what I've noticed in general is that fear and greed starts to decline as breadth narrows, as people start to maybe buy the VIX or buy puts. Puts are what's going to influence the VIX as bonds start to perform a little bit better than stocks. These are all things that are saying investors are pulling back. Maybe the S\u0026amp;P is still going to highs, but investors are starting to pull back. Right? We're looking, we're measuring what investors are doing so that we can figure out what to do with our portfolios. So that's at tops. That tends to be what I see In uptrends. \n\nSure, sometimes you see the market the market, you know rip higher. The fear and greed index goes to extreme greed and you might get a short-term decline in that too, but probably not a long-term decline and then bottoms. It actually does a really good job. So this statistic is probably wrong because when I left my last job several years ago, all the data stayed there. As you'd imagine, it's not my data. So I left my last job several years ago, all the data stayed there. As you'd imagine, it's not my data, so I left the data there with them. But what I recall, at least through 20, probably 2018, 19, when fear and greed index had dropped below 10, there had not been a single one month forward period where you didn't make money right. So fear and greed drops below 10, one month out you're probably gonna make money. Okay, it doesn't mean going forward. We could be in a major bear market and that not happen. \n\nBut, even going back to like testing data that I use. We launched in 2012, but I use data back to like 2002 or three, something like that. So I had the financial crisis in there. I think even during the financial crisis, when fear and greed dropped enough, you still got enough of a spike back in the S\u0026amp;P that you made money in that little trade. So again, just like an RSI, it's like a momentum indicator. So the fear and greed may roll over again in a major bear market generally, if economic conditions and other things are are healthy enough that this is going to be sort of a short lived decline. It's probably, you know, it has been a strong time to consider increasing risk in your portfolio. I'll put it that way. \n\nLouis: Yeah, Well, that's that's helpful. I think that was that makes sense to me, that the mark market bottoms could be really useful with this as well. Now, just to kind of switch gears a little bit a while back, I mean, you've had some, you know, real world experience with the microstructures in the market. No, you have not been trading on the floor for a long time or been a trader for a long time, but there were some things that you kind of evergreen things that you learned there, and in particular with volume and kind of you kind of listening to the crowd. \n\nI mean, we kind of worked a little bit on some volume stuff a little bit, and I remember that you had some very useful insights into the microstructure of volume. And so if you were, what are some of the things you've gleaned from volume itself? That just kind of basic things that you've gleaned. \n\nJason: Yes, and basic things. So everyone talks about the NVIDIAs of the world or the stocks that are getting all the press right. I've looked at this two different ways. One was, as you mentioned, lewis. You and I did a lot of work on this together and you were, you know, a hundred percent a partner on this and you did all the all the really hard work of backtesting. I showed up with some ideas and some words, and, but this came from two different places. So one was one was that where we analyzed a volume algorithm that I had developed which really just says, you know, relative to, we just normalize volume just to understand for a particular stock. \n\nI want to put all stocks on sort of the same footing. So a company that doesn't get a lot of volume if it sort of spikes in volume, how do I see that through? You know, the NVIDIAs of the world and the mega cap stocks that get all the attention, all the volume, when do I know that some smaller stock is getting attention, right? So how do I measure those spikes? And what I did is, I just said, let's just compare them both to their own history and to their history relative to the market. So it's sort of a complex calculation. I won't get into it too much here, but what I learned from that was that the stocks that were actually getting the most attention had you know, they still might be good bets, but they probably weren't as good a bet as the stocks that were being completely ignored. That is so counterintuitive. It's so counterintuitive. \n\nLouis: When I mentioned that to a technician who works for a very large firm that's on CNBC all the time, he didn't believe it. \n\nJason: Yeah, so sometimes people don't get it. \n\nLouis: Yeah, sometimes what you, what you think is true, is not true when you look at the data. So anyway, go ahead. \n\nJason: Yeah Well, and I'll tell you another anecdote. That's, that's kind of that proves it also. We did the same thing. So we were looking at working with the New York Times, and so I had quarters worth of data of the New York Times and what I did is I said, let's just figure out mentions, right, which stocks were mentioned, which stocks had articles written about them in the Times. \n\nAnd we did this on a quarterly basis and we went back over I can't remember how many years, and the data wasn't super great, but it was good enough because it agrees with what I just told you with this other, this volume algorithm. So that's why I sort of like it is. We created an index and what we found was that the stocks that were having fewer mentions what was going to happen is they're going to have more mentions in the future, right, relatively more mentions, and they were going to get, you know, relatively better performance because of that. And maybe and I haven't done the research to figure it out, but you know at least with the volume data stocks announce earnings how often Every quarter, right? \n\nLouis: Yeah. \n\nJason: So one month out of every three is going to be a high volume, relatively high volume month. Two months have the potential to be relatively low volume, and the market tends to have an upward drift over time because corporate earnings tend to grow over time. So therefore, we can kind of assume that maybe the reason why this algorithm works like this is just that companies are quiet. Now they're in a period where they're not announcing news, and maybe that month when. So they're in a period where they're not announcing news, and maybe that month when, you know? \n\nLouis: so we're just picking stocks that are going to announce interesting news next month, but there could be lots of other things that are happening there that's a, really it does seem to be interesting at bottoms yeah, that's a really good point because we have the upward bias of equities, or at least we have in the united states historically, uh, for a long time and that that makes a whole lot of sense just that that would be the case. \n\nBut things tend to pause when you have a lot of activity afterwards. One way or the other whether it's a lot of activity, the downside, whatever that primary trend was or that trend beforehand you get this kind of this spike of emotion and then that might reverse or or at least pause. And then so and after we had done that work, I remember calling you up and saying you know, I really like buying things when it's quiet. It's just so much you have time to get in and you're not, you're not emotionally driven, and you've done your homework. And you know, and this, what not only applies to stocks, it also applies to other things, commodities, I mean. \n\nMost recently, you know, when gold was really, really quiet, that was part of my, you know, it's like wow, it's time to start like adding to gold. No one's talking about it. People are kind of disillusioned with gold, you know. And right now I think emerging markets are kind of in that category. Small caps are kind of in that category. Some of the Europe is, you know, european stocks are in that category and they also have the valuations behind them too. They don't have the sexiness of the growth of AI and all of that. So it's a great forward-looking thing and I thought that work that you did, in that your concept was valuable and useful for people who are following the markets more closely. And also you could use it long-term too, like longer-term. \n\nHey, maybe buy gold because it is so quiet, maybe you know you have so you have a setup based on fundamentals and then the that that is a confirmation from the investor psychology standpoint. You know. \n\nJason: Well, and if you remember Lewis too, from from the paper that I wrote there were, I looked at it three different ways. Right, so there was, there was today's volume, and that's when people talk about volume they mostly look at today's volume. But then I said, all right, let's aggregate it over a week and figure out what happens over a week. And I created a sector portfolio using sector spiders. That at the time I think it still has. I have not been tracking it, but it tended to add some level of alpha. It'd even be equal weighted. \n\nRight, we were waiting, simply waiting the portfolio towards the lower volume ETFs from the prior week and under emphasizing the higher, last week's higher volume ETFs. And then we did the same thing. This was where you were so helpful is we did the same thing with the S\u0026amp;P 500 constituents, but it wasn't daily data or weekly data. We actually did a rolling 2021 day, so a full month, and we just said, okay, how does the volume for this month compare to the last? I can't remember if it was six months or one year. \n\nLouis: I'd have to go back and look at it. \n\nJason: Yeah. So we just said yeah, if it's quiet for the last month, that's really interesting, right? If it's really high for the last month, that's not as interesting. And it does turn out that those underperform. And then, in looking at it more recently and this is a little bit more qualitative but one thing I've noticed is that low normalized relative volume, so down to, like you know, 75 of normal um, we tend to get like an inflection point. Stock can go up or the stock can go down um. \n\nHowever, below below that, the quietest stocks have tended to be the ones that have big rebounds, that tend to go up the most, and so that's sort of what I'm looking at right now to try to figure out if that could become an interesting option, strategy or something. But I think there's something there and again, I need to do a little bit more research. The problem with this one, unlike fear and greed, is, you know, you've got 1000s of stocks to analyze and so, as you know, I'm not a great programmer, so that's that's where I rely on the help of others. \n\nLouis: Yeah and well, and then plus. You know, the volume data itself is has changed over time. So I think John Bollinger mentioned something to me about that, or you did too. Actually, there was quite a few changes in the volume, or how to look at volume. People that have been in the markets a long time said, hey, interpreting volume is harder now, which? I think, that's true, but the extremes, I think, are still in existence. You know that are still valid interpretations. \n\nJason: And when you normalize the data, then then a lot of those, a lot of those differences go away, right, because you're putting everybody on the same footing. So you can't just compare NVIDIA to NVIDIA. You have to compare NVIDIA to NVIDIA's relationship to the, to the entire market. \n\nLouis: Yeah, so we've talked a lot about investor psychology and I want to change gears a little bit, if we can, and you know you've been. When you first told me that you were teaching at CU, I thought, okay, he's going to do it for one semester and he's going to bail. I don't know why I thought that that's I shouldn't say that. I guess I don't know why I thought that I shouldn't say that. I guess I don't know. \n\nJason: I'm not sure why, but you've actually been very consistent, and so you must really like Well, consistent until this year. \n\nLouis: Oh, is that right? And I? \n\nJason: have not bailed, but I am taking a break. They actually asked me last year to come up with my own class, my own syllabus in trading and markets, which is really intimidating to do because it means coming up with 18 or 16 three hour lectures. And so I was in the process of doing that and luckily they called me last October and they said we're going to hold off on that for right now we're just we overextended too many classes, so we're going to hold off. And they've asked me if I want to come back next spring and just teach some regular classes and I actually I've said hang on, my job's really busy, so I'm just holding off now, but maybe in two years I'll go back and do it Okay. \n\nLouis: Regardless, you've been doing a lot of teaching and I do go and I lecture there. And you lecture. So I guess I guess what I wanted to know from you was what are you seeing students like? I mean because I know when I the little bit of teaching that I've done, I saw some changes happening with students' interest in finance in general. So what are you seeing with younger people in terms of their interest in finance? What parts of finance are they interested in? \n\nJason: terms of their interest in finance. What parts of finance are they interested in? Well, one thing about I hear you know I'm hugely into cars and you hear people say kids these days they have no interest in cars. Kids love cars. Kids love everything that we loved when we were younger, and my students are all really engaged. They really are interested. Now I teach a lot of core classes, so that means that not every kid that comes through my finance class cares about finance at all, and they shouldn't, right? They're interested in marketing or you know whatever similar percentage of the kids in those classes to when I was in those classes, even versus my MBA, when I would take a core class, it was NYU, so I don't know. Half the class was finance majors, but the other half of the class were marketing and whatever else and they didn't care about finance, and so I would say that the percentages are probably really similar to what they were back in 2000,. Using that as a guide, I was a philosophy major in undergrad, so that doesn't count, but the students get it, they're interested. \n\nA lot of them are trading. They're not trading NVIDIA, but they are trading GameStop and they are trading crypto and they are trading on Robinhood, and they get that Robinhood is not a good value because Robinhood, yeah, it's free, but so is Fidelity. Robinhood, you have to pay for research, fidelity, you don't. And they get all those things. But they are really excited about it because they're driven. They want to become, you know, they want to be financially independent, they want to be able to buy nice things and take trips. You know there are a lot of other different things. They may or may not want to have kids, right, but they feel stress around buying a house right, and they know that their career is not necessarily going to be the thing that allows them to buy a house right. Their salary may not keep up with inflation or it may not be enough to live in the place where they want to live. So they look for other ways and they think about other things that they can do. They're side hustles, right, and side hustle may be doing some trading in the market. So they're also some of them. \n\nI think it's some of the older people who are a little bit disillusioned with the markets, some of the people who got in in the GameStop era. Some of them are leaving. You know, we see that. \n\nI was on the phone with another provider recently, and they were talking about some of their active traders, people just saying, wow, this stuff is hard. But what I love about that, though, is when people say this is hard if they liked it. So if they didn't like it, they weren't really a client anyway. They weren't, or you know, for they weren't really a self-directed investor anyway. They were going to leave, no matter what. If they do like it and say this is hard, they're going to pivot. They're going to go away from being some kind of a short-term trader to being a self-directed investor who's really engaged in building a portfolio. Or they may even come to someone like you, lewis, and say I want to build a portfolio with you, but I'm going to be really engaged. We're going to talk a lot, we're going to talk every couple of weeks, and you and I are going to strategize about the market, and they'll be really good, good customers in that way. \n\nLouis: If you see that as a good customer, right, but but like they're engaged yeah, yeah, I've noticed both, like you know, um, I've, there seems to be like a little bit of a cycle, like I'm just thinking of real, real clients that come in and it's like, okay, well, I have this robin hood account and I really want to dive in and I jumped in and I did a lot of stuff and I may have even done a you know pretty well, but now I'm married and now I have a child and now I'm, I've got all these other obligations and I don't really want to spend time with it, and then they roll that over to something else. \n\nAnd I've also seen people where and I I encourage this to be engaged where it's like okay, like you said, here's your core stuff, here's, here's what we're going to speculate in or do some other types of strategies in. \n\nwe're going to allocate a certain amount and go, go for it, you know yeah and and I strongly encourage that you you know to be engaged, and so you know, I think it just depends on the person. I'm very much for. I love the fact that you can be self-directed and that there's so many resources that are available, and what you guys are doing allows people to do that, and I don't think it's an either, or, In fact, many people I would say most people have a bit of both. Now, High net worth investors do. They have some money where they're using advisors, wealth managers, and then they have this. It's like they know something, a lot about a certain industry or something like that. Certain percentage of their money is allocated a certain way, because there is a big difference between making money and keeping money, and how you manage your money is different. You know the strategies you use are different. You know you need concentration when you're making money. \n\nYou need you know you need and that would be typically in your business or your profession or whatever, and that concentration is what allows you to really make money when you get into the keeping money realm. It's about having reasonable diversification and having being able to be bulletproof right, not only from an investment standpoint, but you know asset protection and all these other things that you need to do keep your money. So and I'm kind of in both worlds, you know, in my, in my profession but I think the speculation and being involved, even not in speculation, but just being self directed, is a great thing, and the fact that we have individual investors that can do that now more easy than ever is a good thing absolutely yeah, yeah, so um I I mean sorry, this has been a great conversation. \n\nI mean, so what are you working on now, that um that you'd like to share? You know, anything got you excited, or jazz these days? \n\nJason: well, I'm just so excited to be working with our 18 contributors. Um, you know, every one of them is such a professional. They work so hard, you know. Also shout out to continue everything that we're doing now, but then to add to it. Right, like I mentioned before, we're doing our markets. I keep wanting to call it a quarterly roundup. I think we're calling it a quarterly market call and working to put together a panel right, a panel that's really interesting and engaging to different types of investors. So we'll have Helene Meisler, who is a great technical analyst. We'll have. \n\nChris Versace, who is running a full portfolio, and then we have Peter Cher, who has a great geopolitical look at the markets and is a bond guy, and then Malia Bengali, who has a really wonderful global perspective, a global macro perspective. So just an all-star panel of people who can come and give us really great thoughts on the market and where it's going and what they see. So I'm just excited to be able to not have to write all my own content, not have to build these things dynamically and actually have humans who know what they're doing to go and work with and, just, you know, take ideas from them and have them take my ideas and all of us just work together to build something that's, you know, better than it is now and something that's going to be great for the next 25 years. The other thing that I'll throw out there is we are in the process of, like I said, we're really strategizing. \n\nWe just relaunched the street, so it used to be called Real Money is the division that I run, and so we used to call it. It used to be Real Money, real Money Pro. We collapsed all of the products into one, so now all of our subscription products are one and that is called the Street Pro. Okay, there's the street, which is the free side, and we are one of the top 10 business sites in the country, and then we are the Street Pro and that is the subscription side, where we give you actionable research and portfolio ideas, education, et cetera, research and portfolio ideas, education, et cetera. And so, as I said, we just we just relaunched about two months ago and so you know, I'm happy to offer people who are listening three months free right now. So our we charge I think it's $982 is an annual subscription or $99 a month. So this is a, you know, free three month subscription. I don't have a code or anything. \n\nLouis: So maybe, louis, the best way is if people reach out to you and then you forward them to me or is there a way that you can get a link to us and then we could put it in the show notes? Or is there? \n\nJason: I'm working. I'll tell you what um. We just decided this last week. So I'm working on getting a code. It'll be something like you know, subscriptions, the street basin, so they'll know, they'll know who it is, um, uh, and and so I'll be able to get you that pretty soon. Okay, hopefully, hopefully in the next week or two. I hope that's um that'll work? \n\nLouis: yeah, because we're we're about three weeks out right now. Yeah, so I've got three episodes before this one. So that'll great, that'll, that would be perfect, and that's thank you for doing that. \n\nJason: Excellent, excellent stuff, and I probably should have told you that before, but that's okay, that's the power of editing. \n\nLouis: You know we can always edit stuff out, so we'll just make it. We'll get it to sound right, but this has been great and I'm glad you came on. You know, and is there any you know, if somebody wanted to reach out to you or anything like that, any way that you would, what's the best way for people to look you up? \n\nJason: So the best way. So LinkedIn is always great. I like LinkedIn because then I know exactly who everybody is, and otherwise I don't go to X or Twitter very often. I spend a lot of time on Instagram, though mostly car related. My other passion we didn't even touch on cars. \n\nLouis: So, you know what we have to touch on cars. I'm sorry we're going to need to edit this and put it back somewhere, so so now I, I, I know you're a huge car fan and you joke about your racing capabilities and that you're like, maybe the slowest guy out there racing, but I have to, I have to know. Could you just give me your analogy on how racing cars is like investing and what you should glean from race the skills needed to be a good car racer versus a good investor? \n\nJason: Yeah, absolutely so. As you know, I wrote an article last year on the street so it's completely free titled what Car Racing Can Teach you About Investing, and it goes through the story of Sterling Moss in the 1955 Mille Miglia, which was this crazy, dangerous race through the streets of Italy, banned in 1957. The Ferrari movie that came out Christmas of last year was actually centered around the million million the 1957 million million. So people have seen the movie, know how dangerous that was. But in 1955, this guy, sterling Moss, went and set the all time record, averaged right around a hundred miles an hour for nine, almost a thousand miles of driving country roads across Italy. You know we live in Colorado. This would be like driving a thousand miles up in the mountains right behind me and averaging a hundred, hitting 175 miles an hour, and still able to win the award for being not only the fastest car but also for the most efficient driver in the race. And so that kind of is the cornerstone of what investors can learn about car, or what car racing has to teach investors about investing is. It all came down to a couple of things Risk management, being in the right frame of mind, right To understand what was going on having a plan right. That plan puts you in the right frame of mind so that when something bad happens as it always will, right? \n\nSterling Moss hit hay bales while he was driving. He drove off into a ditch. These things didn't fluster him, because he knew what he was doing, he understood, he used technology right. He basically had a plan and was able to set targets, goals, risk management for the entire race so that when he finished, not only did he set the record, not only was he the most efficient driver, but he also beat the number two finishing car in an identical car by 30 minutes, and that guy was a five-time world champion, right? So you're going to have mistakes. You're not always going to be the best or the fastest or whatever, but if you have a plan and stick to that plan, and if your plan isn't working, have other plans that you can go after that are well thought out, right. You're not just moving from plan to plan. Have a process right and you will be successful in the end. That's that's really the big thing. That's what it comes down to. \n\nLouis: Yeah, that's great. That's good stuff. All right, Jason, thanks a lot. I appreciate you coming on. \n\nJason: Thanks, lewis, it's a lot of fun. \n\nLouis: I'll look forward to see what you have coming next. \n\nJason: Yeah, we'll see. We'll see, At some point maybe I'll write this book. But it's slow going right now. ","content_html":"\u003cp style=\"text-align: center;\"\u003e\u003ciframe referrerpolicy=\"strict-origin-when-cross-origin\" title=\"YouTube video player\" src=\"https://www.youtube.com/embed/YCPogNWMBr4?si=QSu54hmLAwj8mzC-\" width=\"560\" height=\"315\"\u003e\u003c/iframe\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eIn this episode of the Market Call show, I sit down with Jason Meshnick, a market maker turned fintech pioneer whose intriguing career journey has taken him from the bustling trading floors of the early 2000s to the cutting edge of AI in finance.\u003c/p\u003e\n\n\u003cp\u003eJason recounts his winding path from a philosophy major in small-town Poughkeepsie, New York, to becoming a Wall Street trader and, later, a leader in tech for trading. We explore his transition to automated trading as floors shifted online trader jobs contracted and his move into roles in finance education and media.\u003c/p\u003e\n\n\u003cp\u003eJason offers a captivating look into the evolution of markets and trading strategies, from the dynamics of floor versus electronic exchanges to analyzing sentiment shifts through media platforms and tools like CNN\u0026rsquo;s iconic Fear and Greed Index, which he helped develop.\u003c/p\u003e\n\n\u003cp\u003eAcross various sectors of finance, Jason\u0026rsquo;s experiences highlight the human element alongside technical progress.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr /\u003e\u003cstrong\u003eSHOW HIGHLIGHTS\u003c/strong\u003e\u003c/center\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n\u003cli\u003eJason Meshnick talks about his transition from being a market maker on Wall Street to becoming a fintech expert.\u003c/li\u003e\n\u003cli\u003eWe discuss the changes in trading desks from the early 2000s to the present, emphasizing the shift towards automation and a reduced number of traders.\u003c/li\u003e\n\u003cli\u003eJason describes his unconventional career path, moving from a philosophy major to a Wall Street trader, and his eventual move into fintech.\u003c/li\u003e\n\u003cli\u003eJason shares insights into the development of CNN's Fear and Greed Index, including the collaborative efforts and practical constraints faced during its creation.\u003c/li\u003e\n\u003cli\u003eWe explore the shift from floor trading to electronic markets and how enduring principles of market trading continue to influence career paths in finance.\u003c/li\u003e\n\u003cli\u003eJason recounts his personal and professional journey, including his move to Boulder, Colorado, and his involvement with the CFA Society.\u003c/li\u003e\n\u003cli\u003eWe dive into the intricacies of building decision trees for financial data analysis, comparing their transparency and reliability to large language models.\u003c/li\u003e\n\u003cli\u003eJason reflects on his editorial role at TheStreet.com and the importance of market sentiment analysis in shaping financial media platforms.\u003c/li\u003e\n\u003cli\u003eWe discuss the role of experience and a deep understanding of market nuances in successful investment strategies.\u003c/li\u003e\n\u003cli\u003eJason explains the seven indicators used in CNN's Fear and Greed Index and how this tool helps both sophisticated and retail investors make informed decisions.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003cbr /\u003e\u003cbr /\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003ccenter\u003e\u003cbr\u003e\n\u003cstrong\u003eTRANSCRIPT\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp style=\"font-size: 0.8em\"\u003e(AI transcript provided as supporting material and may contain errors)\u003c/p\u003e\n\n\u003cp\u003e\u003c/center\u003e\u003cbr\u003e\n\u003cstrong\u003eLouis:\u003c/strong\u003e Jason Meshnik how are you? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I\u0026#39;m doing great, Lewis. It\u0026#39;s so great to see you. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I know I\u0026#39;m so glad to finally have you on the podcast. You know, just knowing you for so many years and you know, knowing that you have so much knowledge out there with regard to investing and just your overall creativity, I had to have you on and I\u0026#39;m so glad that you came on. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Well, and one thing as you know from from our relationship, I\u0026#39;ve always gotten so much out of talking to you and I always learn something just through our conversations, and I feel like by the time this podcast is over, I will have five new ideas to to go after and try to figure out what to do, how to make them all reality oh god, I hope so, I hope so. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e it\u0026#39;s all about the ideas you know exactly. It was funny. I asked you to send me a send me your bio and I\u0026#39;ve known you for a long time and we met years and years ago at a CFA meeting I think we were both on a board for the CFA Colorado or Denver chapter and and since then we\u0026#39;ve worked together in many capacities. But I didn\u0026#39;t know a lot of things about you that I should have known just reading your bio. I knew that you spent 20 years in the fintech world and I didn\u0026#39;t know that you were also working on some AI investment analysis, which I\u0026#39;d like to learn more about, and that you really have a lot of passion for educating. And I guess your coworkers asked you to write a newsletter. I had no idea about that and you know now what is this about. Vampires are rich. Why are vampires so rich? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e That was one of my favorite things that I wrote. Yeah, if you want to cover that now, we can, or we can talk later. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I think we\u0026#39;ll circle back to that, but I was a little what\u0026#39;s that about. \u003c/p\u003e\n\n\u003cp\u003eBut yeah, and now you\u0026#39;re doing some teaching at CU Boulder, teaching finance. We\u0026#39;ve done a little bit of lecturing together at the university level DU and things like that and I\u0026#39;ve always enjoyed watching you teach because you seem to captivate the kids. Well, they\u0026#39;re not kids, they\u0026#39;re young adults with your style. So I\u0026#39;d like to learn a little bit more about what you\u0026#39;re doing there. And you are a Wall Street trader and market maker and there\u0026#39;s a lot of things that you know about microstructure and investor psychology that I want to kind of touch on too. So, but the big thing is understanding that you were involved with the CNN, that popular feed and fear and greed index back in 2012, I guess that was put together. So I don\u0026#39;t know. Maybe what we could do is talk a little bit about your background. I mean, I kind of covered it a little bit, but just maybe you can tell me a little bit about you know, share with the audience, your you know how you got in this business and kind of what\u0026#39;s been your progression in this business. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah, so my guess is that everybody says this, but I came to it from a slightly different path, not that not that, you know, I didn\u0026#39;t get out of college and immediately go to Wall Street, that\u0026#39;s. That\u0026#39;s a pretty normal path, right? But I was a philosophy major and I\u0026#39;m far from a philosopher. But I think what I took away from my undergrad as a philosophy major was just sort of a way of thinking, right, as opposed to being sort of a business person thinking only about money, it\u0026#39;s more about thinking about other kinds of things and things that drive people and being able to draw from communication and trying to understand what people think and how they think and why they think, and I think it was one of the things that really fascinated me. Also, being a child of the 80s, you know Wall Street was so important. There\u0026#39;s so many movies about it, right from from the Wall Street movie to I don\u0026#39;t know. It seemed like every other movie that came out was about how to make millions of dollars on Wall Street, and so, of course, I wanted to be part of that. \u003c/p\u003e\n\n\u003cp\u003eHaving grown up in sort of a backwater, poughkeepsie, new York, I always wanted to go live in the big city, yeah, so that was sort of my start, was coming at it from kind of a weird direction and I ended up immediately going to work for well, a firm that no longer exists for a couple of reasons, but it was the trading arm of a New York specialist firm. So the specialists were downstairs on the floor of the New York Stock Exchange and my boss was one of their customers and he just worked upstairs in their clearing division and he was trading his own money. He had been a floor broker for 20 years, owned two seats, sold his seats, did pretty well on them, and then decided that he was just going to live the rest of his life as a trader. He brought his son in and then eventually I was working as a runner so you know fourteen thousand dollars a year and just wanted exposure, just wanted to be part of the action. Right, I love the action. I was so excited about just being there, the history I love the history of things. \u003c/p\u003e\n\n\u003cp\u003eUm, I probably should have been a history major and so, just being in that environment, I ended up getting picked up because I was. I was pretty cheap, right, so they didn\u0026#39;t have to pay me much and I ended up working and really falling in love with being a trader and learning about how the market worked and how floor brokers could help make these trades. We had a network of 20 floor brokers across the New York Stock Exchange and what was then called the Amex, and some of the regional exchanges too, so that we could trade and we\u0026#39;d strategize every morning and then make our buy and sell decisions and then, throughout the day, update them as needed. I\u0026#39;d like to say that we were the high frequency traders of the time, even though our frequency wasn\u0026#39;t that fast, but we were sitting on both sides of the bid and the offer. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Boy. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e times have changed, huh offer Boy times have changed huh yeah, I mean that\u0026#39;s yeah, I like to say. When I, when I started in the business, there were people there who\u0026#39;d been on the floor in 1929. And so much of the floor of the New York Stock Exchange looked the same as it did in 19,. You know, if you, if you were to go, take Jesse Livermore and drop him, you know from 1929 and just drop him on the floor in 1992 when I started, he\u0026#39;d have been like I don\u0026#39;t know what these TV things are that are all around. He wouldn\u0026#39;t have even had that word, but otherwise he\u0026#39;d have been able to run into a crowd and know exactly what to do. And by the time I left in 2002, well, there wasn\u0026#39;t even a crowd, right? I mean, everything was different about the floor of the exchange. I was a market maker on a fully electronic stock exchange, so the principles were all the same, but everything else had changed. It was so different. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Oh, that\u0026#39;s a big part of what I wanted to talk to you about that the principles are all the same. So, because I was just listening back to some of our, or looking back at some of our conversations just to prepare for this, and we\u0026#39;ve had a lot of conversations in the past where you were really outlining like I want to capture what I saw, those principles that I saw on the floor, and I want to capture them today and that\u0026#39;s kind of driven a lot of things that you\u0026#39;ve done. So maybe maybe you can tell me like just a handful of what those principles are that you\u0026#39;ve noticed are like still the same now that probably will never change. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Well, so I\u0026#39;ll caveat this by saying I\u0026#39;ve been out of the markets for a number of years, right, so I left, I left trading in 2002. And then I was still, you know, still kind of a pretty active trader, investor for the next 10 years or so. But then life gets in the way and I\u0026#39;m just very busy, and so I\u0026#39;ve sort of shifted my focus in a number of ways and I\u0026#39;m honestly really interested in analysis now and thinking about market sentiment and what investors are doing and how investors think about the market. And I now, when I trade, it\u0026#39;s opportunistically right, I\u0026#39;m not in there every day, I\u0026#39;m not trying to make eighths or even pennies. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I guess we should probably. Oh, I\u0026#39;m sorry to interrupt you there. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Go ahead. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I was just gonna say I guess we should probably back up a little bit and talk a little bit about, like more about your career progression, because you moved into from trading into fintech and, and from fintech now to working at the streetcom for and as an editor, so, and which to me makes a hundred percent sense. Um, just from what I know from your talent, your talent stack, so maybe you can kind of finish that progression a little bit. So, to where you are now, yeah, sorry, yeah, totally. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e So my progression is really. I mean, there\u0026#39;s there\u0026#39;s a couple things that run through the entire thing and I think a big part of it is analysis and being excited about, about thinking about the markets right, about being being in some ways just part of the culture of it right. So that\u0026#39;s been the big thing that\u0026#39;s run through my entire career. But in 2002, my wife and I we weren\u0026#39;t married at the time we were thinking about you know where will we end up, and we decided that we either end up in New Jersey or we could move somewhere that we wanted to live. So we did a search all around the country and decided we just sort of threw a dart at the at the wall and said Colorado seems pretty nice. So we ended up here in Colorado and it\u0026#39;s been the best move. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Man, that was a lucky dart throw. If you ask me, it\u0026#39;s a lucky dart throw, I think. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I think it was guided by my wife\u0026#39;s hand. She may have said I\u0026#39;ll take that dart and I\u0026#39;m going to place it right here just at the foot of the Rocky Mountains. So she\u0026#39;d been out here and visited and said Boulder is going to be the place where Jason will be happy and we\u0026#39;ll make this happen. And so we moved out here without jobs. I quit my job as a market maker in June of 2002. And the market was changing so much at that time it was definitely becoming harder to make money, and so I was ready for a change. I was ready to do something different. You know, when I left, there were 10 traders on my desk and probably another 30, 20, 30 on our over-the-counter desk. \u003c/p\u003e\n\n\u003cp\u003eAnd when I went back, seven or eight years later and I\u0026#39;ll get to this, but when, when I was working in FinTech and I went back, visited my old trading desk, there were three people and a really large computer and, rather than taking directional bets on the market, they were doing arbitrage. And they were. They were, they were working the order flow and they were figuring out, based on the order flow, how long or short they were going to be. You know, sort of using quantitative methods to understand. If they felt the market was going up and they were going to end up being more short and more short, they would have to think about the Delta to the market and try to get long ahead of those people so they could be selling to them. \u003c/p\u003e\n\n\u003cp\u003eSo it became in some ways probably a much more intellectually engaging thing than just sitting saying, oh someone just sold me 1,000 shares, I have to get out of it now. You were thinking ahead of the market. In many ways it was really cool. I probably would have liked it a lot, but it just became a really different animal. It was much more arbitrage as opposed to directional trading, which is really what I knew. So we moved to Colorado without jobs and in doing that that\u0026#39;s when I met you, lewis is. I was pretty engaged with the CFA Society despite not having a CFA I\u0026#39;ll throw that out there. I\u0026#39;d also just finished my MBA at NYU. That counts. \u003c/p\u003e\n\n\u003cp\u003eSo, I think they let me in, but that was about it, and they let me even onto the board. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, yeah, you\u0026#39;re a very likable guy, so it was a pretty easy decision. They\u0026#39;re like he doesn\u0026#39;t have a CFA, but he\u0026#39;s a pretty cool guy. We\u0026#39;ll let him in anyway. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I think he also said this is a guy that we can make do all the all the programming. We can make him call all the all the people that we don\u0026#39;t want to call and try to organize meetings. And they thought I was an event planner, which it turns out I\u0026#39;m not. I\u0026#39;m just not a good event planner. My wife can tell you that Actually, lois, you did kind of the same. We were organizing all the CMT meetings. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Oh yeah. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Like, yeah, yeah, yeah, let\u0026#39;s, let\u0026#39;s go call some people, um, yeah, but so so it took a while and I ended up finding this job here in boulder, uh, for a company called wall street on demand and for those who are not familiar with wall street on demand, it has a new name um, it became market, uh, no, became wall street on. It was wall street on demand. Then it became market on demand once I, once market bought us and then eventually it became market on demand once market bought us, and then eventually it became market digital, when they decided that it was really time to think more broadly than just web and think broadly across all digital formats video, et cetera, and advertising. And I stayed there for 19 years. Where, louis, you touched on the AI side of what I did and so this is one of my big jokes is that I like to say that I was the world\u0026#39;s most widely read analyst, if not the best, and the reason why I say that is because over the 19 years that I was at that company, I built something like I don\u0026#39;t know 200 different. I call them only because of today\u0026#39;s terminology and the way that people talk about markets now, about technology now. I call these AI related, and they really are simple. They\u0026#39;re very much rules-based AI, so sort of traditional AI, not these large language models that we have now that are in some ways more sophisticated but really not as good. \u003c/p\u003e\n\n\u003cp\u003eSo what I was building were these big decision trees, and these decision trees were things where you would, using your financial knowledge, you would say, okay, I\u0026#39;m looking at some financial data around a company. What do we need to know? Well, let\u0026#39;s start with the valuation. Is the stock what\u0026#39;s the PE ratio? Is it a high PE ratio or a low PE ratio? How do you define a high PE ratio? Is a high PE compared to its average for the last five years, or is it the highest in its industry? Right, you can look at things cross-sectionally or historically, right, but both ways time-based or versus peers, and so we would do things like that and we would chop up the market and try to understand. You know which stocks were good or bad, but it wasn\u0026#39;t necessarily for an investment perspective, right? This was because what we were doing was for the Schwab\u0026#39;s and TD Ameritrade\u0026#39;s and all those companies. We were building the news and research portions of their website, and so I and my team were providing that research, and so a lot of the texts that you would see on that site was completely dynamically generated. \u003c/p\u003e\n\n\u003cp\u003eSo, very simple, rules-based AI. And I say it\u0026#39;s better than large language models for AI, because large language models you never really know what you\u0026#39;re going to get. It\u0026#39;s a bit of a black box, right. So what we could do is I would create text that was locked down. I knew exactly what it was going to say. I didn\u0026#39;t know what the data was that was going into it, right, I didn\u0026#39;t know if Apple had a high PE ratio or a low PE ratio, but I had rules around defining what was high and low. \u003c/p\u003e\n\n\u003cp\u003eAnd so when I would go to the compliance departments at Schwab or TD Ameritrade or Fidelity, et cetera we worked with all the US brokers, many of the Canadian brokers, australia, others I would go to the compliance departments and they would say, well, how do I know that you\u0026#39;re not going to say something silly or that\u0026#39;s incorrect? \u003c/p\u003e\n\n\u003cp\u003eAnd I said, well, I\u0026#39;m going to give you the entire decision tree and you\u0026#39;re going to be able to look at the decision tree and understand what it says. \u003c/p\u003e\n\n\u003cp\u003eSo the only way that my model can be wrong is if I have a bug and there are bugs all over the internet, so I\u0026#39;m as fallible as anybody else, but we\u0026#39;re going to do our best not to have those. And then, secondly, if the data is wrong and if the data is wrong, well it\u0026#39;s wrong all over the website too, and we\u0026#39;re going to fix that. But generally, 99.9% of the time, for 99.9% of the stocks, what we say is going to be accurate. It\u0026#39;s going to be correct, it is going to be as unbiased as possible, because I\u0026#39;m not trying to tell you, as a value investor or growth investor or whatever, what you should do. I\u0026#39;m just trying to describe the various aspects of the stock. I wasn\u0026#39;t there to give you a buy, sell hold recommendation. I was purely there to help you, as a self-directed investor, understand more about the stock, about the company. You know you brought up something that\u0026#39;s really interesting about that. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I mean, I have to. You know you\u0026#39;re talking about large language models and it\u0026#39;s a little bit of a black box. We don\u0026#39;t really quite know, and you\u0026#39;re dealing with these big decision trees, or you were at that time and it was traceable, like you could trace the logic which made me think, okay, we have data and the data can be right or wrong, and then you have the logic, and the logic can be right or wrong. And I think that\u0026#39;s one of the things that I always have a little. \u003c/p\u003e\n\n\u003cp\u003eI\u0026#39;m having a little bit of an issue with with some of the AI is the logic element of it, because you like how much of it is curve, fitting what is real behind it, so we could use it. I had a tech executive tell me one time that the big thing with AI is it can help us with speed and it can help us with accuracy if we use it correctly. But it\u0026#39;s not necessarily like you still need human thought. You still need that ultimate human element to it. That\u0026#39;s my personal opinion on that. But the fact that you were using decision trees early on, you know that and just to get information, that way you were speeding the process for the investor, basically. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Right. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Like they would spend a lot of time looking for all those things. But you systematically sped it up, which is a a big thing for and we and we all have that now that\u0026#39;s and it\u0026#39;s, there\u0026#39;s just like different flavors of it, um, so, uh, it\u0026#39;s, it\u0026#39;s that whole. It\u0026#39;s a whole. Nother topic we can get into a little bit later. But I, I, uh, I remember you talking about that when you were doing working on those projects, um, wondering where it would go next. Um, you know, as far as that goes, but getting back to your, getting back to your, your story, let\u0026#39;s get back to your story. Yeah, sorry, keep getting off track. \u003c/p\u003e\n\n\u003cp\u003eYeah, that\u0026#39;s okay, yeah. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e So while I was at that job I did, I did a number of things. I mean it was really, it was really an exciting job in so many ways. But the two big things that I did were really this you know, running the natural language generation product right. This thing we called it smart text, um, and so that\u0026#39;s that ai thing. But then the other thing that I was so excited about was doing education right and and our. So this started back in 2006 or 7, um, I started doing brown bag lunches where I would just put together a presentation and teach our developers and designers and engineers all about everything they needed to know about investing, not so they could go out and make a million dollars, but rather so that when they were building the tools that we were all using, they understood their subject matter right, that they could be engaged with the topic and identify with the end user and really understand why a PE ratio mattered or why a chart mattered. Simple thing, like in design, you\u0026#39;ll notice that there\u0026#39;s a lot of white space on many pages and they talk about that as being good design. It\u0026#39;s actually a really bad design for investors and the reason is well, depending on the type of investors, but for slightly more active investors, engaged investors, what they want is information dense things, and so I would help steer our design team to create things that were a little bit more information dense, an example being a chart, a price chart. You don\u0026#39;t want to have to scroll up and down too much to be able to read your price chart on your Schwab account. You want to be able to type in NVIDIA and load up a couple of indicators that you want to see. Put your MACD on and then MACD is a lower indicator, maybe an RSI, maybe whatever Put those things on there and be able to, in one view, understand the trend, momentum, volume and volatility from that stock right. That was another thing that we did when we rebuilt Schwab\u0026#39;s charts. I\u0026#39;m kind of proud to say that Yahoo actually stole this, but we broke the indicators out. \u003c/p\u003e\n\n\u003cp\u003ePrevious big charts started this. They said indicators are either separated out as upper indicators or lower indicators, and that doesn\u0026#39;t tell you anything, and I\u0026#39;ll credit John Bollinger. I learned all this from him is really you know, people should understand what goes into the indicators. They should understand as much of the calculation as possible, right, what the inputs are and what it\u0026#39;s giving, what information it\u0026#39;s giving you, right, and then separate those out into different sort of you know I\u0026#39;m using the term factors very loosely but into the different factors of technical analysis. So, is it trend, is it momentum-based, is it volume, volatility you can come up with others as well but, right, where does it fit? And if you\u0026#39;re looking, if you put a bunch of indicators on a chart and it turns out that they\u0026#39;re all trend indicators, well, you really have one indicator and so you\u0026#39;re not getting a full picture. So go put some momentum indicators on there to understand the speed and whether the trend is about to be exhausted or not. \u003c/p\u003e\n\n\u003cp\u003eSo it\u0026#39;s things like that that I really wanted to help both the end user of our products as well as the the, the person who was building the products, understand so. So I ended up writing for about three or four years. So we started that in 2007, but it was. They asked me to put it on hold after a while cause it was taking away from a lot of my work. And then, in 2018, our CEO came to me and she said you know, you used to do this, these brown bag lunches. I would really like it if you would just write. Just write a newsletter for the whole company. \u003c/p\u003e\n\n\u003cp\u003eThe question of the week, so Fridays. I\u0026#39;d ask the question, and it might be how many? How many stocks are there in the S\u0026amp;P 500? And I haven\u0026#39;t looked at the number recently, but I think the number is still 501, right, it might even be higher, but there\u0026#39;s only 500 companies in the S\u0026amp;P 500. And so that\u0026#39;s the distinction. There\u0026#39;s 500 companies, but some companies have multiple classes of stock that may be in the S\u0026amp;P. It might be 505 now I can\u0026#39;t remember. I have not looked in a long time, but that was effectively the answer, and so it became just a really fun thing to write the answer, and so it became just a really fun thing to write. \u003c/p\u003e\n\n\u003cp\u003eYeah, so teaching people about vampires right, became a way of telling them. Why are vampires so rich? It\u0026#39;s simple They\u0026#39;ve been investing for hundreds of years and so they\u0026#39;ve had time to let their money compound. Assuming that Vlad the Impaler, the first vampire, he was a prince. Let\u0026#39;s just put a number on that $10,000 in today\u0026#39;s money. What does $10,000 grow to over 500 years? It grows to trillions of dollars. And then, if you spend 1% of that every year, how much money are vampires spending? Today, vampires are spending billions of dollars. Vampires are probably supporting our economy. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e They\u0026#39;ve got to be the richest people in the world. It\u0026#39;s like puts vampires, yeah yeah, it puts elon musk to shame, I mean really so maybe elon\u0026#39;s a vampire yeah, you never know, maybe a little similar, I don\u0026#39;t know. That\u0026#39;s that\u0026#39;s wild. Well, um, so you have this creative side to you. That\u0026#39;s that\u0026#39;s driven that. And then how did you get um, like, was it just a natural progression for you to do what you\u0026#39;re doing now? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e or maybe you should tell us a little bit about what you\u0026#39;re doing now yeah, so so let\u0026#39;s get to what I\u0026#39;m doing now, because that\u0026#39;s important and I know that, um, they\u0026#39;ll be watching this and they\u0026#39;ll they\u0026#39;ll kill me if I don\u0026#39;t talk about what I\u0026#39;m doing now, because they also really like it. Um, I\u0026#39;m having a lot of fun. So, you know, you go through ups and downs in your career and I definitely there were times when I absolutely loved trading and absolutely hated, and that might be the same day. I might love and hate trading. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e In. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e FinTech it was. I might love a year and hate the next year and, you know, love the next year for that. It was project to project and here you know right now what we\u0026#39;re doing. So I work for I\u0026#39;m currently the managing editor of the street pro and so so you are probably familiar with the street. Jim Cramer founded it back in I don\u0026#39;t know 1997 or 1998. It was really the first, the first and best of its type where you could come and get financial news and information. And then, not long after they started the street, they brought, they created something called real money where they brought in people like Helene Meisler and and Doug Cass and they would create something that was more of a subscription product but more of a newsletter, newsletter product where Helene would write top stocks is what it became and Helene would write her brand of you know market sentiment analysis and it was really great. \u003c/p\u003e\n\n\u003cp\u003eAnd Jim Cramer left about two years ago and I\u0026#39;ve never met Cramer. I\u0026#39;ve heard him speak before but I don\u0026#39;t know Cramer, don\u0026#39;t know a lot about him. But I\u0026#39;ll say this is a business that was 25 years old or is 25 years old now, and it\u0026#39;s going through a lot of change. So we\u0026#39;re trying to figure out what will it look like in the future. And one of the big things I love this I quote it all the time but Barry Ritholtz was one of our. I believe he was a street contributor at one point. Barry Ritholtz has gone on to become a Bloomberg contributor and have his own money management firm, but earlier in his career, I\u0026#39;d say, he made his name at the street, as did a lot of people, and so he calls the street the Motown of Finance and he says that the Jim Cramer was sort of this I think the name is Barry Gordy character who you know sort of larger than life in many ways, and he brought people in, brought people in and he made them stars right, and so we did the same thing, or he did that at the street, and so we\u0026#39;re in the process now of trying to do that again. \u003c/p\u003e\n\n\u003cp\u003eWe have great contributors. They\u0026#39;re all wonderful and they provide really great perspectives on the market, and sometimes they disagree and sometimes they agree. I asked a few of them to write about GameStop recently and it was really great to see the kinds of things that I got. But we want to get back and we want to make these people, we want to make our contributors, who are such great analysts, stars again, right. So we\u0026#39;re trying to change a lot of things that we do in the business. In the past it was really Jim Cramer. The last five years, I\u0026#39;d say, jim Cramer became our number one star. I want Helene and Doug and Sarge and Rev Shark and I could go through the whole list Chris Versace I want them all to be stars too, and they want to be stars and they are because they\u0026#39;re so good. So we\u0026#39;re working at how we can do that, how we can elevate the content, not just to make the contributor stars, but really to showcase how good they are as we go and help more investors to be self-directed investors, be more successful in their trading and investing. And I say we have two different types of products, really Our value add. \u003c/p\u003e\n\n\u003cp\u003eIf you are a trader, a self-directed trader, you might spend your time on Doug Cass\u0026#39;s community, right? So Doug has his daily diary. Doug\u0026#39;s a hedge fund manager. He\u0026#39;s out there from three o\u0026#39;clock in the morning. He\u0026#39;s sending us stuff. It\u0026#39;s crazy. The editors have to be there editing and putting it up from. They start at 5.30. So the editors are in there at 5.30 in the morning putting Doug\u0026#39;s ideas up all the way through the end of the trading day, and then in the lower half of that page is a community where we have many, many people from the community, some of which I won\u0026#39;t say any of their names, but some of which are fairly big names in finance and investing. We know who they are. \u003c/p\u003e\n\n\u003cp\u003eOn the site they really the community ends up feeding on itself and providing great ideas just among each other. There\u0026#39;s one guy who talks a lot about cryptocurrencies. We don\u0026#39;t have a lot of cryptocurrency content on the site. We\u0026#39;re working, we\u0026#39;re going to be adding some, but this one person alone actually provides some of the best crypto content I\u0026#39;ve ever written, and he\u0026#39;s paying us right now, at least for now us right now, at least for now. \u003c/p\u003e\n\n\u003cp\u003eAnd so the other products that we have. We have where you can get trading ideas or investing ideas. We have some people who are a little bit more technical focused, some who are more fundamental focused. We have one person who does really well providing dividend ideas. Another person is really great at more fundamental, value-based ideas, but then we have a whole portfolio. \u003c/p\u003e\n\n\u003cp\u003eYou can come to us and we have Chris Versace runs our pro portfolio, where we help investors understand not only how to put together a portfolio and they can just copy this entire portfolio but, the thing I love about it most, every week Chris writes a weekly update talking about what he sees in the market, what\u0026#39;s coming up, economic things that are happening. But then he goes through all 30 holdings. He tells you the investment thesis you know I\u0026#39;m big on the investment thesis, lewis right, you should have a thesis, you should know why you\u0026#39;re investing something and you should update it frequently. Right, chris updates the investment thesis every week. And then he tells you what his target price is and his panic point, his stop right, where he\u0026#39;s going to realize that his thesis is incorrect and he\u0026#39;s going to re-evaluate, probably sell the position. And then he just goes through and gives you sort of a weekly update and says, yeah, here\u0026#39;s what happened in NVIDIA. Jensen Wan was out doing whatever he did. He spoke to these people. \u003c/p\u003e\n\n\u003cp\u003eSo that\u0026#39;s what we\u0026#39;re doing and the product is great and we\u0026#39;re, you know, really excited. Now we have a lot of energy around what we\u0026#39;re doing and how we\u0026#39;re, how we\u0026#39;re rebuilding, um, building I keep saying rebuilding like really we\u0026#39;re taking what we had, which was a solid product, and we\u0026#39;re just building off of it. We have, uh, later this month this will be the first time I\u0026#39;ve kind of mentioned this Um month this will be the first time I\u0026#39;ve kind of mentioned this Our marketing team doesn\u0026#39;t even know but later this month we\u0026#39;re doing a roundup, or we\u0026#39;re actually calling it the quarterly call. So this will be the end of every quarter. Now we\u0026#39;re going to have four of our contributors come on and really just talk about what they see in the market and have kind of a little panel discussion, and so that\u0026#39;ll be really exciting, but it\u0026#39;s things like that that we want to do. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, it\u0026#39;s good to hear the actual real time discussion, you know, because you get more color about it. But I love what you said about the Motown or the. Who is it? Who said a Barry Ritholtz? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Barry Ritholtz. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, I said that. I mean I thought I had so many like visions in my head because, you know, I\u0026#39;m a musician too and I I\u0026#39;m thinking about motown. I fell in love with motown as a young kid. My parents listened to it and the first thing that I thought about was that these, a lot of these people that were, uh, involved in motown, they were, they were completely isolated from the music industry. So so you know, you can find a lot of talent outside of, people that are like right in the mainstream of the music and of the Wall Street, kind of normative Wall Street. I mean you have to do something different really to be unique like that. \u003c/p\u003e\n\n\u003cp\u003eAnd sometimes I think groupthink hurts Wall Street. In fact, I was just telling my wife this morning. I got out of the shower and I said you know what, in a way, wall Street is kind of like not even a thing anymore. Like you know, it\u0026#39;s like I don\u0026#39;t even think of Wall Street anymore as Wall Street. I mean last time I was there it didn\u0026#39;t even seem like Wall Street to me. I mean it\u0026#39;s still, it\u0026#39;s still a thing mentally, but it\u0026#39;s not. It\u0026#39;s like I really think it\u0026#39;s time for Motown. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I think you guys are right in the thick of what we should be doing, because there\u0026#39;s so many great thinkers that I run into who are not anywhere near the center of Wall Street, quote, unquote. So that\u0026#39;s, yeah, one of the things I really want to steal comes from Chicago. So Morningstar in their quant reports. So if you have a Schwab account or any of these, they pretty much all have Morningstar\u0026#39;s reports. These aren\u0026#39;t the quant reports, I\u0026#39;m sorry, it\u0026#39;s actually the ones that are handwritten by analysts, but on page I don\u0026#39;t know two or three they have a module that says bulls say and bears say and they go through the bullish case of a stock and the bearish case of a stock, and that\u0026#39;s something that I want to institute everywhere. \u003c/p\u003e\n\n\u003cp\u003eEverybody should be with everything right. You talk politics, you should have a. You know what are the positives, what are the negatives. Whoever your candidate is doesn\u0026#39;t matter. They have positive, they have negatives, that\u0026#39;s right. You know your friends have positive, negatives. Like everything has a positive and a negative, and you have to look at both sides of the story, especially they say you shouldn\u0026#39;t marry your investments Right. Know what the downsides are, Know what the risks are with everything you do. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Wow, there\u0026#39;s a lot there we could go into. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I know yeah, as far as the no, no, not politics. Believe me, I mean we\u0026#39;re staying away from politics. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, we\u0026#39;re staying away from that. You know, it\u0026#39;s more like the I keep thinking of the narrative versus the numbers debate. I always say that I\u0026#39;m more interested in the numbers than the narrative. Like I start with the numbers and then go for the narrative and I think the older I get and the more I\u0026#39;ve seen, the more I realize that it\u0026#39;s not the narrative necessarily, it\u0026#39;s just understanding as much as you possibly can about what is true. \u003c/p\u003e\n\n\u003cp\u003eIt\u0026#39;s hard to do and so much of investing is qualitative. You know, I mean you know my background. I do a lot of quant factor stuff and all that and that\u0026#39;s really helpful in kind of keeping you honest. But at the end of the day, when I look at the stocks that have done really, really well for me, or macro trades like futures type oriented trades, it\u0026#39;s been because I had some piece of knowledge and understanding about something that I just knew with a high conviction that was true and I stayed with it and it made a lot of money. So that is really hard. I don\u0026#39;t think the quant sometimes leads you there, but it may not necessarily. It\u0026#39;s not usually the end, like the end all be all, and a lot of times if you look at the best quantitative stuff it tends to turn over a ton. Right, it\u0026#39;s like like momentum. Well, you know, you could say like, okay, I\u0026#39;m going to run momentum screens on stocks and the best parameter set is going to be me like turning over quite a bit. But then after tax and reality in the real world, you\u0026#39;re really not making that as much as you would think, whereas you might find something that\u0026#39;s gaining momentum that no one\u0026#39;s talking about, like I bought not to talk about. \u003c/p\u003e\n\n\u003cp\u003eI shouldn\u0026#39;t talk about specific names right now, but there\u0026#39;s a particular stock that I bought where I understood what was happening. It did come up in a momentum screen. It was a very small company at the time and then it just went ballistic. That now did I know it was going to ballistic? No, not to that degree. You know, I didn\u0026#39;t think it was going to go up. You know 500% in, you know three months. But it\u0026#39;s one of those things where you, if you know something, there\u0026#39;s so much more to the narrative, so you go into the Motown aspect of things. There\u0026#39;s value in that. We, we numbers are becoming a commodity, almost right. Everybody can get all these numbers and we can, we can move things around. Anybody can go on chat, gpt and, you know, pull, you know I get certain things. So I, you know, I don\u0026#39;t know I\u0026#39;m becoming more of a qualitative guy the older I get. Is that that\u0026#39;s weird? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I have a theory on that. Let me know what you think. But I think that you are able to become a qualitative guy now because you have been a quantitative guy for so long and so because everything that you do there\u0026#39;s, you know, there\u0026#39;s a famous saying, it comes from consulting. I think you can\u0026#39;t manage what you can\u0026#39;t measure, and so everything that you\u0026#39;ve done as a quantitative person has been to measure, even when you run that quant screen and you get a list of stocks and you know that this list of stocks is going to turn over at the same time. You probably know well, this is going to turn over. But let\u0026#39;s pick on NVIDIA. Nvidia is on the list right now and, because of these other things that I know through my experience, nvidia may come off in two weeks, but it\u0026#39;s probably going to come back on in a month. I should just hold it Right, yeah, and so I think that you\u0026#39;ve spent so much time in the markets and it comes down to the word is experience. \u003c/p\u003e\n\n\u003cp\u003eRight and that\u0026#39;s why you hire a financial advisor. Or you hire, or you take a subscription to the Street Pro, or you want to get the experience of other people, especially as you\u0026#39;re learning. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, yeah. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e So now you can be. I was just going to say one thing. One thing is you can be sort of a core satellite where you can take your core investing, and maybe you want to be self-directed and buy a portfolio of ETFs, or you want to give that money to your financial advisor, give it to you, lewis, and then, with sort of the satellite funds, play money or whatever. You use your own experience Maybe it\u0026#39;s in your own industry or whatever it is. You\u0026#39;re trying to add that extra bit of alpha right and have fun maybe, but but keep yourself intellectually engaged. You have, you know, sort of the core of your portfolio over here and then kind of the rest of it where you can do things with as well. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, I totally, I totally agree with that. So you know, this is just kind of getting me into this the fear and greed concept. You know you got involved with the fear and greed. I\u0026#39;m not, I\u0026#39;d like to hear the story about how you got involved in and what you, what you did in that. But when I think about the fear and greed index, I always think about that fish that\u0026#39;s in the bowl and doesn\u0026#39;t realize that he\u0026#39;s in water and but you know, but if he steps outside and looks at he\u0026#39;s like wow, I\u0026#39;m in water, right. That\u0026#39;s kind of what sentiment is to me. It\u0026#39;s like we\u0026#39;re part of the sentiment, like we are, we\u0026#39;re the observer. It\u0026#39;s like the Heisenberg principle, like what we look at, we change, right, and that\u0026#39;s sentiment, and fear and greed is kind of like a great overall, you know, easy to understand way of looking at that. But I guess I want to let\u0026#39;s start off with your story, like how did you get into the fear and? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e greed project and what, what. What was your progression through that? So yeah, I mean, after coming from Wall Street, I\u0026#39;ll tell a really quick story because I think this it\u0026#39;s in it\u0026#39;s in the article that I wrote too. But this story is a story from business school and I can\u0026#39;t remember if the numbers are correct, but they\u0026#39;re approximately correct and the timing is approximately correct. \u003c/p\u003e\n\n\u003cp\u003eI was in business school, part-time, at night. I was working as a market maker during the day and then at night I was at NYU taking a class and this class was a valuation class and they asked us we had to come up with, we had to do a discounted cashflow analysis of a stock, and each group got to select whatever stock they wanted and I proposed to my group let\u0026#39;s pick JDS Uniphase, because it was one of. It was the NVIDIA of its day. Oh yeah, hopefully NVIDIA will have a better future than JDSU did. But my group was all they said absolutely, let\u0026#39;s do that one. And the stock was trading at I don\u0026#39;t remember exactly, but probably about $165. Okay, and so we sit down and we do our analysis and we\u0026#39;re doing discounted cashflow analysis and one of the big inputs to DCF is understanding the growth metrics right and forecasting growth. And forecasting growth means looking back historically, figuring out how fast the company has been growing and just saying you know, is it going to speed up or is it going to slow down? Eventually they all slow down. It will slow down, but you have to figure out how long that\u0026#39;s going to take. So we did the analysis and we figured out it would slow down, I don\u0026#39;t know, over 10 years or something. Something pretty reasonable, probably pretty generous as well, and we came up with a value Again. \u003c/p\u003e\n\n\u003cp\u003eRemember the stock\u0026#39;s trading at $165. We came up with a value of $2.25. And we looked at it and we said can\u0026#39;t be, can\u0026#39;t be. We learned in our last class the market\u0026#39;s efficient, this is all wrong. I don\u0026#39;t know. We did something wrong and so we went back and we now this time we went crazy. We\u0026#39;re like this stock\u0026#39;s going to speed up its growth. It\u0026#39;s going to, instead of growing at 50% per year like it has been, it\u0026#39;s going to grow at 100% forever. And we came up with a value of $225, right, and so the stock gets added to the S\u0026amp;P or maybe it was when they confirmed that it would be and the stock jumps to $225. It jumps to $235, I think was the high I sell my stock at like $225. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e And so we were right, that was a good trade. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Good trade. And then we go and we present our research to our professor. And this is where it\u0026#39;s really funny. The professor, who was so outrageously smart, could do any math problem in his head. But he\u0026#39;s looking at us, he\u0026#39;s laughing at us. He\u0026#39;s like really, you think this thing is worth $2.20? We\u0026#39;re like, yeah, here\u0026#39;s the research, here\u0026#39;s what we did. And he\u0026#39;s just laughing at us. And then he says how could this company possibly be worth more than Apple? And Apple at the time was trading at $19, which, split adjusted, is probably something like negative 10 cents. And he said Apple has $16 in cash on its books and, whatever he\u0026#39;s like, Apple is definitely worth more than JDS, Unipay. And, of course, this guy\u0026#39;s probably retired on a private island somewhere. \u003c/p\u003e\n\n\u003cp\u003eBut what I took away from this whole story oh, and the other thing is we were right on both sides. We were right with $225 call because the stock traded to $235. And within two years the stock was trading at something like $2. So we were right on both ends. And so what I took from that was I\u0026#39;m not a great analyst and I\u0026#39;m not a great forecaster. I\u0026#39;m especially not a good forecaster. Okay, but what I can do is I can look at data and I can back into things and I can understand well, if I look at, if I calculate, if I back into, how do I get to $165 or $200 for JDS Uniphase? I look and I say, well, the market has really high expectations of this company and those expectations are nothing but sentiment. Nobody knows. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I think that\u0026#39;s all you need, though, jason, I actually don\u0026#39;t think you need to be a great forecast Like that\u0026#39;s really all you need. So, cause, if you know those extremes, you avoid mistakes, because the more I do this, the more I realize that\u0026#39;s what it\u0026#39;s about. You know, if you\u0026#39;re going to put X number of units, and risk units if you will, in your portfolio, if you don\u0026#39;t make a lot of mistakes and you compound reasonably, you\u0026#39;re going to do great. It\u0026#39;s just like reading. You know Warren Buffett always talks about read chapter eight and chapter 20 of the intelligent investor, which everyone should do, by the way. In fact, I\u0026#39;m set I send that book to clients and just say read this. \u003c/p\u003e\n\n\u003cp\u003eYou know that\u0026#39;s what all it is about. I mean, that\u0026#39;s basically what it\u0026#39;s about what you just talked about right there. You don\u0026#39;t really need to be a great forecaster. You just need to avoid a lot of mistakes and have a reasonable amount of diversification, not too much. And yeah, I mean you hear about people that have made like great calls consistently, and then the more you learn about them, the more you realize that there was something else part of the story. You know what I\u0026#39;m saying. There was another part of the story that you didn\u0026#39;t really hear about, and a lot of it boils down to not avoiding mistakes, having discipline, risk management, things like that, but anyway, I got you off your topic. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e It\u0026#39;s all risk. \u003c/p\u003e\n\n\u003cp\u003eYeah no, yeah, no, no, yeah, and it\u0026#39;s. It\u0026#39;s important to cut me off too, because I can. I can talk about certain things for too long, but I\u0026#39;ll just. I\u0026#39;ll just cut right to your question, which was fear and greed, yeah, yeah. And so how did I get to that? Literally, I, from that point in about 2000,. \u003c/p\u003e\n\n\u003cp\u003eYou know, I got much more interested in technical analysis and and, and I started thinking I\u0026#39;m not so much like a stock picker and I\u0026#39;m not so much into, you know, the MACD and the RSI. I\u0026#39;m much more quantitative. That\u0026#39;s my interest in technicals. Technicals really helped me become more quantitative and more interested in looking at the big picture, understanding how to measure the big picture, and so I started looking at indicators and things that people like Ned Davis was doing. Right, I, I a big fan of Ned Davis, ned Davis\u0026#39;s work. There\u0026#39;s some other providers that were like that, sentiment traders Another one. I like all those, I like what they do and I started trying to replicate. You know, you don\u0026#39;t know what their secret sauce is, although actually Ned Davis has a really good book. I\u0026#39;m looking at my bookshelf somewhere out there when Ned Davis\u0026#39;s book is being right or making money. But then his chief strategist wrote another book where they actually go in and they tell you how to build a, build their, one of their sentiment indicators that has nine components to it. I was messing around with that, trying to figure out, trying to understand these indicators and understand the signals that they gave. And I hadn\u0026#39;t around. \u003c/p\u003e\n\n\u003cp\u003eThat same time, cnn was one of our clients at what was then Wall Street On Demand and our CEO was out talking to them and he was talking to Lex Harris, who was their editor in chief, and Lex said you know, I don\u0026#39;t know what this is, but I want to build something called the Fear and Greed Index. Can you help me? And Jim, our CEO, came back and he came to my team and he said so CNN has this kind of crazy idea. They want to build something called the Fear and Greed Index. What do you think has this kind of crazy idea? They want to build something called the fear and greed index? What do you think? And everyone on the team pushed away from the table. They\u0026#39;re like what a bad idea. And I was left sitting there going they thought it was a bad idea. \u003c/p\u003e\n\n\u003cp\u003eYeah, they just you know they didn\u0026#39;t get it. It wasn\u0026#39;t what they do. I thought you were going to say mic drop. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I literally thought you were going to say mic drop. Everybody said that\u0026#39;s a great idea, let\u0026#39;s jump on it. That surprises me. They looked at it. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah, they were like well, and they didn\u0026#39;t know how to do it right. It wasn\u0026#39;t what they were interested in. The team all had very different kinds of backgrounds, and I was the only one that had that more market-related background. The others were really more analysts Smart guys, great guys, but much more like. They could probably pick a stock better than I can, but they cannot tell you if we\u0026#39;re in a bull market or a bear market. So I\u0026#39;m sitting there saying this is the greatest opportunity ever. And so they got me on the phone with CNN, with Lex, a day or two later, and we just started putting together ideas and Lex basically said look, I don\u0026#39;t know what this thing is. You kind of know what I want to do. I just want something that really represents that quote that Warren Buffett says, which is you should be fearful when others are greedy and greedy when others are fearful. So what, what is that? What does that look like? And so I just went and built it. Luckily, they gave me Jim. \u003c/p\u003e\n\n\u003cp\u003eOur CEO\u0026#39;s son was also a statistics major at Yale, and so for his summer internship that year, he sat with me and we went through and took all the indicators that I had put together and we did a principal component analysis, which is really important because you want to make sure, just like we said earlier, when you\u0026#39;re looking at a stock chart, you want to make sure that your indicators aren\u0026#39;t all trend indicators or all momentum indicators. The same thing, we want to make sure that each of the indicators, within fear and greed, didn\u0026#39;t step on one another right, that they weren\u0026#39;t saying the same thing, or really just that they worked well together, that they were each complementary, right? There were a couple indicators that I wanted to include that just didn\u0026#39;t make it for budget reasons. Cnn is a media company. Media companies don\u0026#39;t have huge budgets these days, so I couldn\u0026#39;t do things like market valuation, s\u0026amp;p 500 valuation, or we wanted to use the, because by this point, market had bought us, and so I wanted to use the credit default swap index and I could only get end of day CVS data, not intraday, and so it just didn\u0026#39;t fit with what we were doing. Um, so there were, there were some indicators that we left out that really would have been perfect and, um, you know, later on I got I got to use for other purposes, but not for the fear and greed index. But I got to use for other purposes, but not for the fear and greed index. But yeah, right now you know the fear and greed index, the seven indicators that are there, we selected one that is purely just the S\u0026amp;P 500, right, normalized. So we understand if it\u0026#39;s sort of fear, you know, fearful or greedy. \u003c/p\u003e\n\n\u003cp\u003eBut then we have two that are breadth indicators. So how broad is the advance or decline? And is that moving in concert with the market or against the market? Then we have two that are options related the put-call ratio and the VIX. And then we have two that are bond market related One that compares the spread and yields between low-quality junk bonds and high-quality investment-grade bonds, as that spread is tightening. You see that investors are, you know they\u0026#39;re more, they\u0026#39;re seeking out risk because they think that they can get better returns. And then the last one is where we compare the returns on stocks to the return on bonds over a 20-day rolling period, total return as well. So for all these underlying indicators we\u0026#39;re using ETFs. So this is actually something that can be replicated by anybody, but there are a lot of mechanics and calculations that go into it on the back end which make it. You know, if you are going to calculate it yourself, you got to be pretty sophisticated and be and have a pretty decent data feed. Yeah. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Well, I love that. You know that was put in a scale that made sense and a categorization that made sense. It almost kind of makes sense the way that you did. It is like extreme fear, fear, neutral greed, extreme greed. These are things that we can understand and this is, I think, one of your biggest talents, actually. I think one of your biggest talents actually. You know, like you had said, we were looking for, we did principal component analysis, but we were looking for things that worked well together and complementary. \u003c/p\u003e\n\n\u003cp\u003eAs a quant geek, I would have just said non-correlated, you know or not. I would have used like big, long names of there\u0026#39;s some statistical names that are you know to describe, that are like really long and stupid, sounding like to make no sense. I love the fact that you like that, you, you that\u0026#39;s the. That is a great skill and I think to be able to take something that is complicated and make it accessible was one of the biggest, I guess, wins from this and it also helps people understand themselves, in my opinion, like if somebody goes and they look at this and they say, okay, right now I\u0026#39;m looking at the website. It says I\u0026#39;m on cnncom markets, fear and greed. It says it\u0026#39;s got a number 48 and it says we\u0026#39;re neutral but kind of tilting towards fear. So tell me a little bit about, like, how you would interpret this. \u003c/p\u003e\n\n\u003cp\u003eI\u0026#39;m an investor right now. Let\u0026#39;s say I have a reasonably good sized portfolio. I want to grow my wealth, but I also want to manage my risk. How would I? What would I use this for? How would I think about this? For like, really, like practically, how would I use this? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Okay. So what does neutral mean? And neutral is really that center zone of I don\u0026#39;t know what it is right. So the first thing I\u0026#39;ll ask you to do and I know users or people who are watching or listening can\u0026#39;t see this, but in the upper right corner you can see where it says overview and timeline. So the first thing I want you to do is click on timeline, okay, and what you\u0026#39;ll see is a chart of the fear and greed index for the last two years. \u003c/p\u003e\n\n\u003cp\u003eAnd especially when we are in this neutral area and we don\u0026#39;t really know what the overarching sentiment is, it\u0026#39;s important to look back over historically, just like we said with the PE ratio. Right, you can look back and compare to peers, or you can say how is it versus history, and so what we see is this 48 is an increase over where it has been. But, more importantly, we\u0026#39;re sort of in this weird consolidation period. Fear and greed is just kind of ticking up and down, up and down. It\u0026#39;s not really doing much of anything. So, however, we have dropped from a level of greed right Back before April and I\u0026#39;m going to pat myself on the back. \u003c/p\u003e\n\n\u003cp\u003eI don\u0026#39;t write much about fear and greed. I\u0026#39;m going to start, but I don\u0026#39;t write much about fear and greed on our site. I did post in one of our little communities. I said, look, hey, just so you guys know. You don\u0026#39;t really know me, but I built the Fear and Greed Index and here\u0026#39;s what I\u0026#39;ve been watching Fear and Greed. It has just broken down. I think the market\u0026#39;s going to break down with it, and you know my timing was amazing and the next day the market broke down. So, yeah, good for me, blind squirrel. But so what I like to do is I like to look and see and look for patterns and try to understand what is it doing and how does it compare to the market. \u003c/p\u003e\n\n\u003cp\u003eSo a few things, all right. What really matters is fear tends to be good. What happens when the indicator goes into fear or extreme fear? What we see is that standard deviation of returns. So the volatility of the market increases, and I think we\u0026#39;re talking about forward volatility too, not like a month out, but days out if you want to measure it each day and sort of see what\u0026#39;s happening. \u003c/p\u003e\n\n\u003cp\u003eVolatility is just high when we are in extreme fear and fear because investors are nervous. What happens when investors are nervous? Good time to buy, right. The other thing is greed happens a lot. Okay, and greed is not necessarily a bad thing. Extreme greed is oftentimes a good thing. Okay, extreme greed tends to have. \u003c/p\u003e\n\n\u003cp\u003eThere\u0026#39;s two times that extreme greed happens and one time is a great time and the other time is a high risk time. Okay, the great time is when we have been at extreme fear. The market has fallen maybe the market fell by 10% or something and we\u0026#39;re starting to see a rebound and what you\u0026#39;ll see oftentimes is the components of the fear and greed index spike and everything spikes, everything jumps up and we get to extreme greed because we\u0026#39;ve gone from a low level and all of a sudden, investors are committing new capital to the money. Investors are getting excited and we see extreme greed. \u003c/p\u003e\n\n\u003cp\u003eExtreme greed is almost always good, except when, if we were in some kind of an uptrend okay, we\u0026#39;ve been, we\u0026#39;re in an established uptrend, something good happens, the market kind of spikes. We don\u0026#39;t. It\u0026#39;s rare that we really see extreme greed during an uptrend, but let\u0026#39;s say it happens. Well, that tends to be a period where probably just don\u0026#39;t want to commit new capital right now. I probably want to take a breather, wait, because risk is higher. You know it\u0026#39;s extreme fear to extreme greed, but really it\u0026#39;s low risk to high risk. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e But sometimes, as you know, sometimes that greed can be really good too. The other thing yeah, go ahead, sorry, no, no, I was just going to say that reminds me of like the traditional technical interpretation of momentum is after you\u0026#39;ve had a bear market, you always get to an overbought situation. That doesn\u0026#39;t mean the trend\u0026#39;s over, it just means the trend\u0026#39;s beginning, and it\u0026#39;s almost the same concept. It seems like to me to some degree like you\u0026#39;re looking for the extremes, but sometimes you have to interpret it the opposite way after a certain condition, after a bear market or after you\u0026#39;ve had really a lot of fear, and then it pops back up to greed, well, that doesn\u0026#39;t mean the trend\u0026#39;s over, that means we\u0026#39;re just starting to go up again. \u003c/p\u003e\n\n\u003cp\u003eExactly yeah, and you have a continuation of the trend. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Right, yeah, yeah, completely. And so with anything, with any indicator, you have to look at it in context right. \u003c/p\u003e\n\n\u003cp\u003eEverything from an economic indicator, cpi, et cetera. Everything has to be looked at within context. And with that, I think you have to look at the context within the fear and greed index, and that\u0026#39;s why there are the seven components, and I actually feel that the seven components are more valuable than that headline number, than the speed dial, right. So we start with and CNN came up with these names and I love it that they did that, because they are so much better at explaining things than I am and they really they said well, you know, here\u0026#39;s who our user base is. We want this to be something that is a sophisticated trader can use it. And, as you know, as we heard Katie Stockton tell us several years ago, lots of hedge funds use the fear and greed index, right, they use it as one of their marks to understand what investors are doing. But they want it to be understandable by retail investors, by my dad hundred versus 125 day moving average just to see how far like what is the momentum right. Use that word, it\u0026#39;s completely accurate. \u003c/p\u003e\n\n\u003cp\u003eWhat is the momentum Is it? Is it so high that it\u0026#39;s potentially exhaustive right now? It\u0026#39;s so high that it\u0026#39;s potentially exhaustive right when we and we normalize it both over the last six months. But then we also go back and we normalize it again over two years to say is that six month number that higher, low that we have? How does that compare where we\u0026#39;ve really been over a longer period of time? And then we look at, as I mentioned, two measures of stock price strength and stock price breadth. So market breadth we\u0026#39;re looking at both 52 week highs and lows on the New York Stock Exchange and then the McClellan Volume Summation Index. So really is money flowing into stocks going up or money flowing into stocks going down? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e And what we see is both of those numbers are sitting at extreme fear. \u003c/p\u003e\n\n\u003cp\u003eBecause, those are great indicators. They\u0026#39;re such great indicators. Yeah, I mean, I remember back in the day doing a ton of backtesting and those were some of the most robust indicators, all three of them, especially on the new highs it\u0026#39;s actually new lows is actually more valuable, in my opinion, based on the research years ago, than the new highs, but just because it showed that extreme capitulation. But those are great and they are complimentary. One is like the number of stocks hitting highs or lows, and then the other one is more. The McClellan summation is also very valuable and it can be manipulated in so many different ways. \u003c/p\u003e\n\n\u003cp\u003eSo and I love that you have three dimensions to that and while you were telling me about this, what struck me is I always try to put things in perspective for the individual investor and for the. You know how they can think about these things and make it useful for them. And I think one of the things that could be useful with this, or is useful for this, is understanding how you\u0026#39;re feeling. Like you know, if you\u0026#39;ve just gone through a period of angst with your portfolio and then you notice that this thing is at fear, right, well, everybody\u0026#39;s being fearful and like it\u0026#39;s like what are you going to do in your portfolio during that period, right? Well, everybody\u0026#39;s being fearful and like it\u0026#39;s like what. What are you going to do in your portfolio during that period of time? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Exactly. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e You know what how? \u003c/p\u003e\n\n\u003cp\u003eare just you know how you\u0026#39;re feeling, like if you can step away like that fish in the fishbowl with in the water, you know and say, yeah, I\u0026#39;m in the water and you know, and, and this is what\u0026#39;s happening, and what am I going to do? And stay level headed. I always talk about like staying level headed is the most important thing as an investor. It\u0026#39;s like if I\u0026#39;m overly optimistic, I need to bring myself down and if I\u0026#39;m overly pessimistic, I need to bring myself up. Tom Basso mentioned that to me years ago, who was one of the market wizards. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Right. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Talking about doing that, and I\u0026#39;ve really that\u0026#39;s been probably one of the market wizards, right, talking about doing that, and I\u0026#39;ve really that\u0026#39;s been probably one of the most helpful things for me personally and for advising clients as well and managing money. Just it\u0026#39;s. It\u0026#39;s it sounds so simple. It\u0026#39;s like oh yeah, I know that, but yeah, but do you do it? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Exactly, and that\u0026#39;s where it\u0026#39;s important to have something that\u0026#39;s quantitative and unbiased, right, and I\u0026#39;ll tell you a story about that that confirms what you just said. But when we first, a few years after we launched Fear and Greed, I was talking with a financial advisor and he said, oh, I use this thing all the time with my clients and I love it. He said how do you use it? And he said, well, I introduced them all to it. And then, when they call me, when the market is down, wanting to sell their positions, wanting to reduce risk the market\u0026#39;s already fallen by 10% or 20% and now they want to reduce risk he says, ok, hang on a sec, go to CNN Markets, fear and Greed. What do you see? And they say extreme fear. And he says, ok, what does that mean? And the client always says, okay, what does that mean? And and the client always says, oh, yeah, everybody\u0026#39;s afraid right now. Yes, and what does that mean? That means I shouldn\u0026#39;t panic. And hey, let me write you a check because this is a good time to invest. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e There you go. So one thing I noticed that\u0026#39;s not on here is valuation, which is so hard to time valuation. So this is, you know, valuation. So if you put this in context with valuation, then I think you have a powerhouse, really, because absolutely yeah. \u003c/p\u003e\n\n\u003cp\u003eYeah, because then you have that long-term valuation metric, like right now. I was just on a, I had just updated my factor. I have this correlation matrix of factors like quality, value, growth, technical, et cetera, et cetera, volatility, and I sent our CIO that correlation matrix to show. Hey look within the market, like finding a value right now in the market is very difficult, like you\u0026#39;re not being rewarded for valuation metrics at all, or low volatility or strong dividends and you\u0026#39;ve got all the. \u003c/p\u003e\n\n\u003cp\u003eYou know growth is kind of being helpful. Momentum is explaining everything and most of the performance is coming, you know, in a small amount of stocks. So that is a context that you can add on top of this that says, okay, well, within this current environment, like we know, small, smaller companies have much more value longer term. So do international stocks, you know. You know that can give you a mosaic, and I have to say a mosaic is really what works in my experience as an investor, meaning a mosaic, meaning that you\u0026#39;ve got these pieces of a puzzle and they\u0026#39;re all kind of pointing towards something and like not everybody is talking about it. You know, and, and you know everybody\u0026#39;s talking about nvidia and all that. \u003c/p\u003e\n\n\u003cp\u003eBut I\u0026#39;ve also had conversations where people are saying, hey, all I need to do is buy costco and nvidia. I literally had a doctor tell me that, like a really smart person yeah, I\u0026#39;m just gonna buy, you know. I mean these are the things I remember hearing during the dot-com bubble and, frankly, it\u0026#39;s a little bit scary for me hearing these things. Um, yeah, and that\u0026#39;s one of the reasons why I wanted to bring you on is, first of all, I\u0026#39;ve wanted to have you on for a long time. Uh, we just life didn\u0026#39;t allow that for for both of us. But and I\u0026#39;m glad that you\u0026#39;re on now, because this topic, I think, is very, very timely the fear and greed thing. \u003c/p\u003e\n\n\u003cp\u003eYou know even though right now it\u0026#39;s giving us a neutral reading. You know, if you put this in the context of a mosaic, this is very powerful stuff and I\u0026#39;m glad that you know that you did this kind of work and you know, and I can see a lot of value in doing that when you, when you put. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I\u0026#39;ll just say. I\u0026#39;ll just say one thing really quickly about you know, as we\u0026#39;re looking at the indicators and what it says, you know why. Why is it giving us neutral right now? Because I think that\u0026#39;s the key. If we look at the indicators, that are at different ends of the spectrum and it used to be organized or ordered from most greedy to most fearful we see the S\u0026amp;P 500, right, so that\u0026#39;s extremely greedy. Put in call options, so investors are still buying lots of call options, right, they\u0026#39;re not really hedging their portfolio. \u003c/p\u003e\n\n\u003cp\u003eAnd when we look at the difference in stock and bond returns, right now stocks are just doing really well, right, so those are really telling you sort of what\u0026#39;s happening. Yeah, I know the stock market\u0026#39;s up. Okay, what else is happening? We see that the spread between junk bonds and investment grade is rising, right, so people are starting to de-risk that side of their portfolio, the bond side of their portfolio. And then, as we were talking about, why is the S\u0026amp;P going up? Nvidia, right, so of course those indicators are going to be strong, but meanwhile breadth is really weak. So we get a much clearer picture of what\u0026#39;s happening in the marketplace. So that\u0026#39;s the thing I wanted to add about how to read it and really understand it and dig into it. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, that\u0026#39;s a great addition. That makes total sense. It reminds me earlier this morning I was talking to a quant analyst in Europe and we were looking at certain factors, fundamental factors, and almost all the fundamental factors that are very robust. Solid predictors of stock returns are underperforming because you always look at them on an equal weighted basis. So the equal weight factor relative to the market cap factor, that variance is at like this massive extreme. In other words, the average stock is underperforming. \u003c/p\u003e\n\n\u003cp\u003eThat\u0026#39;s another way of saying breadth right as a technician you would say a breadth, a quant would say something differently, but it\u0026#39;s basically the same thing, which means that most stocks are not doing so well. And then you look at the smaller companies. A lot of the smaller companies are losing money, and so what is that telling you? There\u0026#39;s some underlying things. It\u0026#39;s not a fear thing. It\u0026#39;s really what this does. Is it informs you that you need to be selective. In my opinion, right now, and not to you know, I want to make this an evergreen piece of content, but based on what we\u0026#39;re reading here, just the tea leaves. It just says be careful, be selective, look for quality, you know, be diversified. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Exactly, yeah, yeah, exactly. It\u0026#39;s really just a way of understanding the level of risk within the marketplace at a given time. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, so you\u0026#39;ve told me a lot about the components and risk management. We talked a little bit about risk management Historically. On the performance of this indicator, what would be like like what? Where\u0026#39;s its strongest points? Would it be on the picking bottoms, or or or would it be forewarning a top? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Well, I think there\u0026#39;s a couple of things. So I mentioned that I posted in one of our message boards back a couple of months ago that the indicator was giving us kind of a warning signal, right, and so one of the ways that I really like to look at it is I like to look for divergences. Okay, so what that means is that the S\u0026amp;P is going up and fear and greed is starting to decline and, in the spirit of making it as evergreen as possible, let\u0026#39;s go back to 2015. The market in August I can\u0026#39;t remember the exact numbers. Did it fall by? You may remember 20% or something? Over the course of a few days, the market really just fell out of bed. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, absolutely yeah. I don\u0026#39;t know what the percentage is, but it was a lot. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Well, fear and greed had been declining while the S\u0026amp;P was rising and rising and rising and people were saying the syndicator is broken. And I\u0026#39;d even get into not Twitter wars with people, but just saying look, here\u0026#39;s what it\u0026#39;s saying and here\u0026#39;s why it\u0026#39;s saying what it\u0026#39;s saying. And it really came down to a lot of market breath and the breath was weakening at the same time that the market was going up and becoming more and more narrow. And one day, right so the fear and greed index was setting lower highs and lower lows. It was just consistently declining right as the market was going up and it was just saying more and more and more risk and one day the market caught up with it. Right, and that\u0026#39;s what I noticed again in January, december, january, february, march into early April. What I noticed is that fear and greed had stopped going up while the market was going up and it was just saying something has changed here. And I don\u0026#39;t feel like. I don\u0026#39;t love the word prediction, I love measuring, right, and so what it\u0026#39;s saying here is, from a measuring perspective, something has changed in the market and risk is increasing was happening, but at tops, what I\u0026#39;ve noticed in general is that fear and greed starts to decline as breadth narrows, as people start to maybe buy the VIX or buy puts. Puts are what\u0026#39;s going to influence the VIX as bonds start to perform a little bit better than stocks. These are all things that are saying investors are pulling back. Maybe the S\u0026amp;P is still going to highs, but investors are starting to pull back. Right? We\u0026#39;re looking, we\u0026#39;re measuring what investors are doing so that we can figure out what to do with our portfolios. So that\u0026#39;s at tops. That tends to be what I see In uptrends. \u003c/p\u003e\n\n\u003cp\u003eSure, sometimes you see the market the market, you know rip higher. The fear and greed index goes to extreme greed and you might get a short-term decline in that too, but probably not a long-term decline and then bottoms. It actually does a really good job. So this statistic is probably wrong because when I left my last job several years ago, all the data stayed there. As you\u0026#39;d imagine, it\u0026#39;s not my data. So I left my last job several years ago, all the data stayed there. As you\u0026#39;d imagine, it\u0026#39;s not my data, so I left the data there with them. But what I recall, at least through 20, probably 2018, 19, when fear and greed index had dropped below 10, there had not been a single one month forward period where you didn\u0026#39;t make money right. So fear and greed drops below 10, one month out you\u0026#39;re probably gonna make money. Okay, it doesn\u0026#39;t mean going forward. We could be in a major bear market and that not happen. \u003c/p\u003e\n\n\u003cp\u003eBut, even going back to like testing data that I use. We launched in 2012, but I use data back to like 2002 or three, something like that. So I had the financial crisis in there. I think even during the financial crisis, when fear and greed dropped enough, you still got enough of a spike back in the S\u0026amp;P that you made money in that little trade. So again, just like an RSI, it\u0026#39;s like a momentum indicator. So the fear and greed may roll over again in a major bear market generally, if economic conditions and other things are are healthy enough that this is going to be sort of a short lived decline. It\u0026#39;s probably, you know, it has been a strong time to consider increasing risk in your portfolio. I\u0026#39;ll put it that way. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, Well, that\u0026#39;s that\u0026#39;s helpful. I think that was that makes sense to me, that the mark market bottoms could be really useful with this as well. Now, just to kind of switch gears a little bit a while back, I mean, you\u0026#39;ve had some, you know, real world experience with the microstructures in the market. No, you have not been trading on the floor for a long time or been a trader for a long time, but there were some things that you kind of evergreen things that you learned there, and in particular with volume and kind of you kind of listening to the crowd. \u003c/p\u003e\n\n\u003cp\u003eI mean, we kind of worked a little bit on some volume stuff a little bit, and I remember that you had some very useful insights into the microstructure of volume. And so if you were, what are some of the things you\u0026#39;ve gleaned from volume itself? That just kind of basic things that you\u0026#39;ve gleaned. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yes, and basic things. So everyone talks about the NVIDIAs of the world or the stocks that are getting all the press right. I\u0026#39;ve looked at this two different ways. One was, as you mentioned, lewis. You and I did a lot of work on this together and you were, you know, a hundred percent a partner on this and you did all the all the really hard work of backtesting. I showed up with some ideas and some words, and, but this came from two different places. So one was one was that where we analyzed a volume algorithm that I had developed which really just says, you know, relative to, we just normalize volume just to understand for a particular stock. \u003c/p\u003e\n\n\u003cp\u003eI want to put all stocks on sort of the same footing. So a company that doesn\u0026#39;t get a lot of volume if it sort of spikes in volume, how do I see that through? You know, the NVIDIAs of the world and the mega cap stocks that get all the attention, all the volume, when do I know that some smaller stock is getting attention, right? So how do I measure those spikes? And what I did is, I just said, let\u0026#39;s just compare them both to their own history and to their history relative to the market. So it\u0026#39;s sort of a complex calculation. I won\u0026#39;t get into it too much here, but what I learned from that was that the stocks that were actually getting the most attention had you know, they still might be good bets, but they probably weren\u0026#39;t as good a bet as the stocks that were being completely ignored. That is so counterintuitive. It\u0026#39;s so counterintuitive. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e When I mentioned that to a technician who works for a very large firm that\u0026#39;s on CNBC all the time, he didn\u0026#39;t believe it. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah, so sometimes people don\u0026#39;t get it. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, sometimes what you, what you think is true, is not true when you look at the data. So anyway, go ahead. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah Well, and I\u0026#39;ll tell you another anecdote. That\u0026#39;s, that\u0026#39;s kind of that proves it also. We did the same thing. So we were looking at working with the New York Times, and so I had quarters worth of data of the New York Times and what I did is I said, let\u0026#39;s just figure out mentions, right, which stocks were mentioned, which stocks had articles written about them in the Times. \u003c/p\u003e\n\n\u003cp\u003eAnd we did this on a quarterly basis and we went back over I can\u0026#39;t remember how many years, and the data wasn\u0026#39;t super great, but it was good enough because it agrees with what I just told you with this other, this volume algorithm. So that\u0026#39;s why I sort of like it is. We created an index and what we found was that the stocks that were having fewer mentions what was going to happen is they\u0026#39;re going to have more mentions in the future, right, relatively more mentions, and they were going to get, you know, relatively better performance because of that. And maybe and I haven\u0026#39;t done the research to figure it out, but you know at least with the volume data stocks announce earnings how often Every quarter, right? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e So one month out of every three is going to be a high volume, relatively high volume month. Two months have the potential to be relatively low volume, and the market tends to have an upward drift over time because corporate earnings tend to grow over time. So therefore, we can kind of assume that maybe the reason why this algorithm works like this is just that companies are quiet. Now they\u0026#39;re in a period where they\u0026#39;re not announcing news, and maybe that month when. So they\u0026#39;re in a period where they\u0026#39;re not announcing news, and maybe that month when, you know? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e so we\u0026#39;re just picking stocks that are going to announce interesting news next month, but there could be lots of other things that are happening there that\u0026#39;s a, really it does seem to be interesting at bottoms yeah, that\u0026#39;s a really good point because we have the upward bias of equities, or at least we have in the united states historically, uh, for a long time and that that makes a whole lot of sense just that that would be the case. \u003c/p\u003e\n\n\u003cp\u003eBut things tend to pause when you have a lot of activity afterwards. One way or the other whether it\u0026#39;s a lot of activity, the downside, whatever that primary trend was or that trend beforehand you get this kind of this spike of emotion and then that might reverse or or at least pause. And then so and after we had done that work, I remember calling you up and saying you know, I really like buying things when it\u0026#39;s quiet. It\u0026#39;s just so much you have time to get in and you\u0026#39;re not, you\u0026#39;re not emotionally driven, and you\u0026#39;ve done your homework. And you know, and this, what not only applies to stocks, it also applies to other things, commodities, I mean. \u003c/p\u003e\n\n\u003cp\u003eMost recently, you know, when gold was really, really quiet, that was part of my, you know, it\u0026#39;s like wow, it\u0026#39;s time to start like adding to gold. No one\u0026#39;s talking about it. People are kind of disillusioned with gold, you know. And right now I think emerging markets are kind of in that category. Small caps are kind of in that category. Some of the Europe is, you know, european stocks are in that category and they also have the valuations behind them too. They don\u0026#39;t have the sexiness of the growth of AI and all of that. So it\u0026#39;s a great forward-looking thing and I thought that work that you did, in that your concept was valuable and useful for people who are following the markets more closely. And also you could use it long-term too, like longer-term. \u003c/p\u003e\n\n\u003cp\u003eHey, maybe buy gold because it is so quiet, maybe you know you have so you have a setup based on fundamentals and then the that that is a confirmation from the investor psychology standpoint. You know. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Well, and if you remember Lewis too, from from the paper that I wrote there were, I looked at it three different ways. Right, so there was, there was today\u0026#39;s volume, and that\u0026#39;s when people talk about volume they mostly look at today\u0026#39;s volume. But then I said, all right, let\u0026#39;s aggregate it over a week and figure out what happens over a week. And I created a sector portfolio using sector spiders. That at the time I think it still has. I have not been tracking it, but it tended to add some level of alpha. It\u0026#39;d even be equal weighted. \u003c/p\u003e\n\n\u003cp\u003eRight, we were waiting, simply waiting the portfolio towards the lower volume ETFs from the prior week and under emphasizing the higher, last week\u0026#39;s higher volume ETFs. And then we did the same thing. This was where you were so helpful is we did the same thing with the S\u0026amp;P 500 constituents, but it wasn\u0026#39;t daily data or weekly data. We actually did a rolling 2021 day, so a full month, and we just said, okay, how does the volume for this month compare to the last? I can\u0026#39;t remember if it was six months or one year. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I\u0026#39;d have to go back and look at it. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah. So we just said yeah, if it\u0026#39;s quiet for the last month, that\u0026#39;s really interesting, right? If it\u0026#39;s really high for the last month, that\u0026#39;s not as interesting. And it does turn out that those underperform. And then, in looking at it more recently and this is a little bit more qualitative but one thing I\u0026#39;ve noticed is that low normalized relative volume, so down to, like you know, 75 of normal um, we tend to get like an inflection point. Stock can go up or the stock can go down um. \u003c/p\u003e\n\n\u003cp\u003eHowever, below below that, the quietest stocks have tended to be the ones that have big rebounds, that tend to go up the most, and so that\u0026#39;s sort of what I\u0026#39;m looking at right now to try to figure out if that could become an interesting option, strategy or something. But I think there\u0026#39;s something there and again, I need to do a little bit more research. The problem with this one, unlike fear and greed, is, you know, you\u0026#39;ve got 1000s of stocks to analyze and so, as you know, I\u0026#39;m not a great programmer, so that\u0026#39;s that\u0026#39;s where I rely on the help of others. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah and well, and then plus. You know, the volume data itself is has changed over time. So I think John Bollinger mentioned something to me about that, or you did too. Actually, there was quite a few changes in the volume, or how to look at volume. People that have been in the markets a long time said, hey, interpreting volume is harder now, which? I think, that\u0026#39;s true, but the extremes, I think, are still in existence. You know that are still valid interpretations. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e And when you normalize the data, then then a lot of those, a lot of those differences go away, right, because you\u0026#39;re putting everybody on the same footing. So you can\u0026#39;t just compare NVIDIA to NVIDIA. You have to compare NVIDIA to NVIDIA\u0026#39;s relationship to the, to the entire market. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, so we\u0026#39;ve talked a lot about investor psychology and I want to change gears a little bit, if we can, and you know you\u0026#39;ve been. When you first told me that you were teaching at CU, I thought, okay, he\u0026#39;s going to do it for one semester and he\u0026#39;s going to bail. I don\u0026#39;t know why I thought that that\u0026#39;s I shouldn\u0026#39;t say that. I guess I don\u0026#39;t know why I thought that I shouldn\u0026#39;t say that. I guess I don\u0026#39;t know. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I\u0026#39;m not sure why, but you\u0026#39;ve actually been very consistent, and so you must really like Well, consistent until this year. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Oh, is that right? And I? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e have not bailed, but I am taking a break. They actually asked me last year to come up with my own class, my own syllabus in trading and markets, which is really intimidating to do because it means coming up with 18 or 16 three hour lectures. And so I was in the process of doing that and luckily they called me last October and they said we\u0026#39;re going to hold off on that for right now we\u0026#39;re just we overextended too many classes, so we\u0026#39;re going to hold off. And they\u0026#39;ve asked me if I want to come back next spring and just teach some regular classes and I actually I\u0026#39;ve said hang on, my job\u0026#39;s really busy, so I\u0026#39;m just holding off now, but maybe in two years I\u0026#39;ll go back and do it Okay. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Regardless, you\u0026#39;ve been doing a lot of teaching and I do go and I lecture there. And you lecture. So I guess I guess what I wanted to know from you was what are you seeing students like? I mean because I know when I the little bit of teaching that I\u0026#39;ve done, I saw some changes happening with students\u0026#39; interest in finance in general. So what are you seeing with younger people in terms of their interest in finance? What parts of finance are they interested in? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e terms of their interest in finance. What parts of finance are they interested in? Well, one thing about I hear you know I\u0026#39;m hugely into cars and you hear people say kids these days they have no interest in cars. Kids love cars. Kids love everything that we loved when we were younger, and my students are all really engaged. They really are interested. Now I teach a lot of core classes, so that means that not every kid that comes through my finance class cares about finance at all, and they shouldn\u0026#39;t, right? They\u0026#39;re interested in marketing or you know whatever similar percentage of the kids in those classes to when I was in those classes, even versus my MBA, when I would take a core class, it was NYU, so I don\u0026#39;t know. Half the class was finance majors, but the other half of the class were marketing and whatever else and they didn\u0026#39;t care about finance, and so I would say that the percentages are probably really similar to what they were back in 2000,. Using that as a guide, I was a philosophy major in undergrad, so that doesn\u0026#39;t count, but the students get it, they\u0026#39;re interested. \u003c/p\u003e\n\n\u003cp\u003eA lot of them are trading. They\u0026#39;re not trading NVIDIA, but they are trading GameStop and they are trading crypto and they are trading on Robinhood, and they get that Robinhood is not a good value because Robinhood, yeah, it\u0026#39;s free, but so is Fidelity. Robinhood, you have to pay for research, fidelity, you don\u0026#39;t. And they get all those things. But they are really excited about it because they\u0026#39;re driven. They want to become, you know, they want to be financially independent, they want to be able to buy nice things and take trips. You know there are a lot of other different things. They may or may not want to have kids, right, but they feel stress around buying a house right, and they know that their career is not necessarily going to be the thing that allows them to buy a house right. Their salary may not keep up with inflation or it may not be enough to live in the place where they want to live. So they look for other ways and they think about other things that they can do. They\u0026#39;re side hustles, right, and side hustle may be doing some trading in the market. So they\u0026#39;re also some of them. \u003c/p\u003e\n\n\u003cp\u003eI think it\u0026#39;s some of the older people who are a little bit disillusioned with the markets, some of the people who got in in the GameStop era. Some of them are leaving. You know, we see that. \u003c/p\u003e\n\n\u003cp\u003eI was on the phone with another provider recently, and they were talking about some of their active traders, people just saying, wow, this stuff is hard. But what I love about that, though, is when people say this is hard if they liked it. So if they didn\u0026#39;t like it, they weren\u0026#39;t really a client anyway. They weren\u0026#39;t, or you know, for they weren\u0026#39;t really a self-directed investor anyway. They were going to leave, no matter what. If they do like it and say this is hard, they\u0026#39;re going to pivot. They\u0026#39;re going to go away from being some kind of a short-term trader to being a self-directed investor who\u0026#39;s really engaged in building a portfolio. Or they may even come to someone like you, lewis, and say I want to build a portfolio with you, but I\u0026#39;m going to be really engaged. We\u0026#39;re going to talk a lot, we\u0026#39;re going to talk every couple of weeks, and you and I are going to strategize about the market, and they\u0026#39;ll be really good, good customers in that way. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e If you see that as a good customer, right, but but like they\u0026#39;re engaged yeah, yeah, I\u0026#39;ve noticed both, like you know, um, I\u0026#39;ve, there seems to be like a little bit of a cycle, like I\u0026#39;m just thinking of real, real clients that come in and it\u0026#39;s like, okay, well, I have this robin hood account and I really want to dive in and I jumped in and I did a lot of stuff and I may have even done a you know pretty well, but now I\u0026#39;m married and now I have a child and now I\u0026#39;m, I\u0026#39;ve got all these other obligations and I don\u0026#39;t really want to spend time with it, and then they roll that over to something else. \u003c/p\u003e\n\n\u003cp\u003eAnd I\u0026#39;ve also seen people where and I I encourage this to be engaged where it\u0026#39;s like okay, like you said, here\u0026#39;s your core stuff, here\u0026#39;s, here\u0026#39;s what we\u0026#39;re going to speculate in or do some other types of strategies in. \u003c/p\u003e\n\n\u003cp\u003ewe\u0026#39;re going to allocate a certain amount and go, go for it, you know yeah and and I strongly encourage that you you know to be engaged, and so you know, I think it just depends on the person. I\u0026#39;m very much for. I love the fact that you can be self-directed and that there\u0026#39;s so many resources that are available, and what you guys are doing allows people to do that, and I don\u0026#39;t think it\u0026#39;s an either, or, In fact, many people I would say most people have a bit of both. Now, High net worth investors do. They have some money where they\u0026#39;re using advisors, wealth managers, and then they have this. It\u0026#39;s like they know something, a lot about a certain industry or something like that. Certain percentage of their money is allocated a certain way, because there is a big difference between making money and keeping money, and how you manage your money is different. You know the strategies you use are different. You know you need concentration when you\u0026#39;re making money. \u003c/p\u003e\n\n\u003cp\u003eYou need you know you need and that would be typically in your business or your profession or whatever, and that concentration is what allows you to really make money when you get into the keeping money realm. It\u0026#39;s about having reasonable diversification and having being able to be bulletproof right, not only from an investment standpoint, but you know asset protection and all these other things that you need to do keep your money. So and I\u0026#39;m kind of in both worlds, you know, in my, in my profession but I think the speculation and being involved, even not in speculation, but just being self directed, is a great thing, and the fact that we have individual investors that can do that now more easy than ever is a good thing absolutely yeah, yeah, so um I I mean sorry, this has been a great conversation. \u003c/p\u003e\n\n\u003cp\u003eI mean, so what are you working on now, that um that you\u0026#39;d like to share? You know, anything got you excited, or jazz these days? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e well, I\u0026#39;m just so excited to be working with our 18 contributors. Um, you know, every one of them is such a professional. They work so hard, you know. Also shout out to continue everything that we\u0026#39;re doing now, but then to add to it. Right, like I mentioned before, we\u0026#39;re doing our markets. I keep wanting to call it a quarterly roundup. I think we\u0026#39;re calling it a quarterly market call and working to put together a panel right, a panel that\u0026#39;s really interesting and engaging to different types of investors. So we\u0026#39;ll have Helene Meisler, who is a great technical analyst. We\u0026#39;ll have. \u003c/p\u003e\n\n\u003cp\u003eChris Versace, who is running a full portfolio, and then we have Peter Cher, who has a great geopolitical look at the markets and is a bond guy, and then Malia Bengali, who has a really wonderful global perspective, a global macro perspective. So just an all-star panel of people who can come and give us really great thoughts on the market and where it\u0026#39;s going and what they see. So I\u0026#39;m just excited to be able to not have to write all my own content, not have to build these things dynamically and actually have humans who know what they\u0026#39;re doing to go and work with and, just, you know, take ideas from them and have them take my ideas and all of us just work together to build something that\u0026#39;s, you know, better than it is now and something that\u0026#39;s going to be great for the next 25 years. The other thing that I\u0026#39;ll throw out there is we are in the process of, like I said, we\u0026#39;re really strategizing. \u003c/p\u003e\n\n\u003cp\u003eWe just relaunched the street, so it used to be called Real Money is the division that I run, and so we used to call it. It used to be Real Money, real Money Pro. We collapsed all of the products into one, so now all of our subscription products are one and that is called the Street Pro. Okay, there\u0026#39;s the street, which is the free side, and we are one of the top 10 business sites in the country, and then we are the Street Pro and that is the subscription side, where we give you actionable research and portfolio ideas, education, et cetera, research and portfolio ideas, education, et cetera. And so, as I said, we just we just relaunched about two months ago and so you know, I\u0026#39;m happy to offer people who are listening three months free right now. So our we charge I think it\u0026#39;s $982 is an annual subscription or $99 a month. So this is a, you know, free three month subscription. I don\u0026#39;t have a code or anything. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e So maybe, louis, the best way is if people reach out to you and then you forward them to me or is there a way that you can get a link to us and then we could put it in the show notes? Or is there? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e I\u0026#39;m working. I\u0026#39;ll tell you what um. We just decided this last week. So I\u0026#39;m working on getting a code. It\u0026#39;ll be something like you know, subscriptions, the street basin, so they\u0026#39;ll know, they\u0026#39;ll know who it is, um, uh, and and so I\u0026#39;ll be able to get you that pretty soon. Okay, hopefully, hopefully in the next week or two. I hope that\u0026#39;s um that\u0026#39;ll work? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e yeah, because we\u0026#39;re we\u0026#39;re about three weeks out right now. Yeah, so I\u0026#39;ve got three episodes before this one. So that\u0026#39;ll great, that\u0026#39;ll, that would be perfect, and that\u0026#39;s thank you for doing that. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Excellent, excellent stuff, and I probably should have told you that before, but that\u0026#39;s okay, that\u0026#39;s the power of editing. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e You know we can always edit stuff out, so we\u0026#39;ll just make it. We\u0026#39;ll get it to sound right, but this has been great and I\u0026#39;m glad you came on. You know, and is there any you know, if somebody wanted to reach out to you or anything like that, any way that you would, what\u0026#39;s the best way for people to look you up? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e So the best way. So LinkedIn is always great. I like LinkedIn because then I know exactly who everybody is, and otherwise I don\u0026#39;t go to X or Twitter very often. I spend a lot of time on Instagram, though mostly car related. My other passion we didn\u0026#39;t even touch on cars. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e So, you know what we have to touch on cars. I\u0026#39;m sorry we\u0026#39;re going to need to edit this and put it back somewhere, so so now I, I, I know you\u0026#39;re a huge car fan and you joke about your racing capabilities and that you\u0026#39;re like, maybe the slowest guy out there racing, but I have to, I have to know. Could you just give me your analogy on how racing cars is like investing and what you should glean from race the skills needed to be a good car racer versus a good investor? \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah, absolutely so. As you know, I wrote an article last year on the street so it\u0026#39;s completely free titled what Car Racing Can Teach you About Investing, and it goes through the story of Sterling Moss in the 1955 Mille Miglia, which was this crazy, dangerous race through the streets of Italy, banned in 1957. The Ferrari movie that came out Christmas of last year was actually centered around the million million the 1957 million million. So people have seen the movie, know how dangerous that was. But in 1955, this guy, sterling Moss, went and set the all time record, averaged right around a hundred miles an hour for nine, almost a thousand miles of driving country roads across Italy. You know we live in Colorado. This would be like driving a thousand miles up in the mountains right behind me and averaging a hundred, hitting 175 miles an hour, and still able to win the award for being not only the fastest car but also for the most efficient driver in the race. And so that kind of is the cornerstone of what investors can learn about car, or what car racing has to teach investors about investing is. It all came down to a couple of things Risk management, being in the right frame of mind, right To understand what was going on having a plan right. That plan puts you in the right frame of mind so that when something bad happens as it always will, right? \u003c/p\u003e\n\n\u003cp\u003eSterling Moss hit hay bales while he was driving. He drove off into a ditch. These things didn\u0026#39;t fluster him, because he knew what he was doing, he understood, he used technology right. He basically had a plan and was able to set targets, goals, risk management for the entire race so that when he finished, not only did he set the record, not only was he the most efficient driver, but he also beat the number two finishing car in an identical car by 30 minutes, and that guy was a five-time world champion, right? So you\u0026#39;re going to have mistakes. You\u0026#39;re not always going to be the best or the fastest or whatever, but if you have a plan and stick to that plan, and if your plan isn\u0026#39;t working, have other plans that you can go after that are well thought out, right. You\u0026#39;re not just moving from plan to plan. Have a process right and you will be successful in the end. That\u0026#39;s that\u0026#39;s really the big thing. That\u0026#39;s what it comes down to. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e Yeah, that\u0026#39;s great. That\u0026#39;s good stuff. All right, Jason, thanks a lot. I appreciate you coming on. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Thanks, lewis, it\u0026#39;s a lot of fun. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLouis:\u003c/strong\u003e I\u0026#39;ll look forward to see what you have coming next. \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eJason:\u003c/strong\u003e Yeah, we\u0026#39;ll see. We\u0026#39;ll see, At some point maybe I\u0026#39;ll write this book. But it\u0026#39;s slow going right now. \u003c/p\u003e","summary":"In this episode of the Market Call show, I sit down with Jason Meshnick, a market maker turned fintech pioneer whose intriguing career journey has taken him from the bustling trading floors of the early 2000s to the cutting edge of AI in finance.\r\n\r\nJason recounts his winding path from a philosophy major in small-town Poughkeepsie, New York, to becoming a Wall Street trader and, later, a leader in tech for trading. We explore his transition to automated trading as floors shifted online trader jobs contracted and his move into roles in finance education and media.\r\n\r\nJason offers a captivating look into the evolution of markets and trading strategies, from the dynamics of floor versus electronic exchanges to analyzing sentiment shifts through media platforms and tools like CNN’s iconic Fear and Greed Index, which he helped develop.\r\n\r\nAcross various sectors of finance, Jason’s experiences highlight the human element alongside technical progress.","date_published":"2024-07-25T08:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/79cd3769-0d9b-4517-b477-4d4bb66b446e.mp3","mime_type":"audio/mpeg","size_in_bytes":93613177,"duration_in_seconds":5796}]},{"id":"marketcall.podbean.com/be916414-406f-346e-9d6e-28765911a69d","title":"Unlocking Long-Term Gains in Tech Investments | Ep 89","url":"https://podcast.pathtorealwealth.com/089","content_text":"In this week's show, we talk about some of the secrets to tax-efficient investing strategies specifically tailored for tech stock portfolios.\nAs someone working in the tech industry, you may have significant shares tied up in your employer's stock—with great potential for appreciation, but also significant risks. Listen as I break down the potential volatility and tax implications of concentrated stock holdings, and walk you through a real-world case study of a high-income client and discover the ways we evaluate the quality, valuation, and technical conditions of your current holdings, strategically plan for long-term growth, and diversify your portfolio to mitigate risk. Efficiently managing your investment returns is crucial, especially when balancing a diversified portfolio. In this episode, we delve into advanced tax management techniques like tax loss analysis and harvesting. I'll reveal how to prioritize long-term gains for favorable tax treatment and share the advantages of donating highly appreciated stocks to charity.\nDiscover the importance of selecting high-quality businesses with strong competitive advantages for long-term investment, and why working with a financial advisor can help you stay disciplined and aligned with your financial goals.\nDon't miss out on this wealth of practical advice designed to make your investment journey smoother and more tax-efficient.\n\n \n\nHighlights\n\nIn this week's show we discuss:\n\n\nAcknowledging the significant gains in tech stocks over the past five years and a caution about current overvaluation.\nStrategies for diversifying tech stock portfolios to find good opportunities.\nDiscussion on the challenges associated with concentrated stock portfolios.\nEvaluation criteria including quality, value, and technical conditions to determine stock attractiveness for long-term holding.\nRanking stocks based on percentage gain from cost basis to minimize tax impact.\nEmphasis on prioritizing long-term gains over short-term gains for favorable tax treatment.\nMaximizing after-tax rate of return, particularly for high-income individuals.\nSuggestion to donate highly appreciated stocks to charity to reduce taxable gains.\nImportance of working with a financial advisor for managing complex decisions and aligning them with personal financial goals.\nEncouragement for listeners to delve deeper into the conversation for detailed strategies on tech stock investments and tax efficiency.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\nTranscript\n\n(Generated for reference - May contain errors)\n\n \n\nHi, I'm Louis Llanes and this is the Market Call Show.\n\nToday I'm going to be talking about something that I ran into, and I run into quite a bit lately, you may be in this position, but I'm going to be talking about smart tax moves for a stock portfolio, basically, tax tips for people who have tech stocks. A lot of people have been making money in tech stocks over the last five years or even more, and they're highly appreciated, and if you work for a tech company, you may have quite a bit of that tech stock because the company has been granting you shares and you've been getting more and more tax lots over time at various prices, and maybe you even started investing in other stocks and those stocks have gone up in value. Maybe you've been emphasizing tech stocks in general, which has been a very smart move, but a lot of people would argue that a lot of tech stocks are overpriced today compared to their fundamentals. Things that savvy investors are thinking about today is how do I get a good, solid portfolio when I have a concentration in tech stocks, in particular, maybe your company stock? So I'm going to kind of just use a case study of an actual client, an actual person that we have been working with in helping them solve this issue working with in helping them solve this issue and this particular person works for a large tech company and has been acquiring the stock over time and he wants to get a tax-efficient portfolio because he makes high income and he doesn't want to pay a lot in taxes. None of us really want to pay a lot of taxes. That makes total sense. So what we're looking at is how do we take these tech stocks that he owns and he owns a lot of different ones Apple, anet, micron and others how do we take those stocks and then diversify them in a way that makes sense into good opportunities? So what I want to do is just first talk about the challenges of concentrated stock portfolios and then work our way methodically into how would you go about thinking, solving this problem and what is the best way, in my opinion, to deal with it. \n\nSo, first of all, the risk of concentration is pretty self-explanatory. You have overexposure to a single sector or a single company and that could potentially lead to high volatility and risk in your portfolio because any one of those stocks could have a bad scenario. Something can come out of the blue that you don't expect and, as you know, tech stocks can be very volatile and you could have a very large loss. I was actually thinking about a client, another client who we advised to sell a stock I won't mention the name of the stock, but she had quite a bit of concentration and we repeatedly advised them to do this type of strategy, to get a portfolio that was sound to deal with the ups and downs of the markets and the economy. And because of the tax bill, she did not want to do it and instead of having a seven-figure portfolio, now they have a six-figure portfolio, a significantly less literally 10% of the value of what they would have had had they followed the advice. So this is very important information for a lot of people and if you are in this position, hopefully this can help you. So, talked a little bit about the risk of concentration. \n\nOnce you kind of just understand the situation, the first thing to do is to do an initial assessment, and that starts off with a portfolio evaluation. So you want to evaluate the quality, the valuation and the technical conditions of your current holdings. That's generally the process that I like to take. So, basically, when we're talking about quality, we're talking about how certain or how much confidence do we have in this business, in the business of each stock, each company, to generate cash flows over the long term and to have solid growth. Also, we want to look at in terms of quality how strong is the balance sheet? How much debt do they have? How much cash do they have? What types of return on capital are they getting? What types of profit margins are they getting? Do they have a long-term competitive advantage that can last for a long time? Because when you have a large position like that, you can't just make big moves all at once. You know you definitely want to think about the longer-term implications and longer-term expected returns. \n\nSo we also want to look at the current price, which is getting into the valuation. So what is the price per share now? What is its market capitalization and how is that compared to fundamental metrics of value? So it's always good to have an idea about, you know, based on sound economic principles, what is the valuation or reasonable valuation range for the company. So that would be really based upon the after-tax net cash flows to equity shareholders as well as the business risks that are involved and you want to discount that back to get some form of valuation. Or you want to look at the you know the multiples that you're paying for, kind of the earnings power of the company on average. You don't want to take any one point in time, but like on average, you know, given a reasonable growth rate, that you would expect for the company, given its average earnings. Based on that, what is the multiple? And if those are really out of whack, then that tells you that, meaning that it's very overpriced compared to its fundamental valuation. That is another reason to want to sell. \n\nSo, basically, when you're looking at these conditions, these three conditions quality, value and technical the purpose of doing that is to get an attractiveness kind of score. So how much do I really want to hold this longer term? So let me just back up and talk a little bit about the technicals. The technicals is an analysis of the supply and demand for the shares right now. Because you want to understand is the stock under pressure right now or are people still very optimistic in the stock and still bidding it up? Because, depending on what type of conditions you're in there, that would influence your strategy for how you would exit. Okay. \n\nSo after the first evaluation, you want to you know you've looked at the quality and the value and the technicals. Then you want to look at the highly appreciated stocks and then you also want to you know you've looked at the quality and the value and the technicals. Then you want to look at the highly appreciated stocks and then you also want to look at the stocks that you may have in your portfolio with a loss. So, basically, what you want to do is you want to rank based on the percentage gain from your cost basis, what you know. How highly appreciated are they? How highly appreciated are they? And the reason why this is important is because for every dollar that you raise in cash to reinvest somewhere else, you'll have more gain. If it's highly appreciated, the higher the appreciation is. So what your goal is is to minimize the tax impact and get as close as you can to your target allocation. Okay, so when you're doing this, it's really a good idea to have a tax budget for the year. So you're saying, okay, based on my tax situation, my income levels, where the tax brackets are now, this is how much capital gain is reasonable that I'm willing to have in this year so that I can manage my taxes, all right. \n\nSo we've done the portfolio analysis, evaluating the quality, value and technical conditions of the holdings. Then we want to look at kind of the diversification strategy and what your target portfolio construction looks like. So that's really looking at. You know, if you're heavy in tech, for example I'm just using tech as an example you could be heavy in financials or industrials, anything like that. You want to look at what are the attractive stocks in other sectors and in other businesses that are not correlated to what I have a big exposure to, and what is my target allocation that I want to shoot for. So you create a diversified portfolio that you're shooting for and the whole objective there is to balance return and risk. So you're focusing in on high-quality companies with strong fundamentals and the companies that you want to buy as well, because in this type of a portfolio you're dealing with a taxable portfolio. It's a good idea to be focused on not short-term trading, because that generates higher taxation, more costs. It's generally best overall to be focused on long-term capital appreciation where your after-tax rate of return is the strongest. So you want to have companies that are high quality and have those strong fundamentals that you can hold for a long period of time and buy them at attractive prices or reasonable prices. So your aim there is to get the sector diversification beyond the industry that you have a concentration in. For example, if you're heavy in tech, you want to go more into health care, more into financials, more into materials industrials. That's pretty self-explanatory. Or it could be within tech, but with less correlation. Okay, so you may just broaden out your tech exposure as well as going into other sectors. All right, so that's kind of your diversification strategy. \n\nThen you want to go into tax management techniques to actually get to where you want to go. And that starts off with that tax lot analysis that I had mentioned, where you identify which stocks that you want to sell first to minimize the tax impact, which stocks that you want to sell first to minimize the tax impact. And as you're doing this, you want to sell any of your losing positions first, any positions that you have that are at a loss, that are also not attractive, that you want to own. That would be tax loss harvesting. You want to go ahead and harvest those losses and then you kind of know what you're working with with your losses. And then the next step is you want to work towards prioritizing long-term gains versus short-term gains, so that gives you more favorable tax treatment. As I mentioned, long-term capital gains may be at a lower rate for you especially if you're high income than short-term capital gains. So you want to prioritize those long-term capital gains. That doesn't mean you shouldn't have short-term capital gains and I'll get into that a little bit here in a second but you want to prioritize the long-term capital gains. \n\nOkay, now you want to get to kind of your implementation steps and you want to start by first reducing those concentrations and you want to sell the least appreciated long-term capital gains first. So you're starting off with the least attractive stocks, right, that have the highest appreciation, and you have a long-term or the lowest appreciation, I should say, and you have a long-term gain. That's what you want to sell first. And then you want to gradually sell higher appreciated stock lots, while considering the tax implications of that, and then you want to reinvest those proceeds into your target allocation sector. So you may be in a position where you're going to be selling some short-term, some stocks at a short-term gain, and the reason why is because a lot of times the most recent stock you got are the least appreciated and you still need to reduce your concentration in a particular stock. So some of those gains may be short-term and that would be optimal for you so that you can get that concentration down, all right. \n\nSo another thing to consider is if you're in a position where you want to give charity and you want to donate stock, it's a good idea to use stock that's highly appreciated. So if you're going to make any donations in a given year, look at those stocks that have the highest appreciation and that are least attractive. You know in that order really. And if you have a concentration so it's kind of again a balancing act so don't donate that stock first and that'll reduce your taxable gains there, all right. So you want to select the least attractive stocks from a fundamental perspective for your donation, if you can, because because you know you want to hold on to your winners and you want to let go of your losers, right. But if you are trying to avoid taxes, sometimes your winners are extended and it's time to. When I say least attractive, I mean least attractive of the current price relative to the economic fundamental value. \n\nSo it's so interesting talking about this topic because it can be confusing for some people because it almost sounds like you're talking out of each side of your mouth and you are in one way, because you're balancing. You're balancing expected future after-tax rates of return with how much pain I'm going to have to take in taxes right now, and, like I had mentioned with that client who you know, lost a ton of money that could have been avoided, and the sole reason why she lost a lot more than her tax bill would have been let's put it that way Okay, so my purpose in doing this is to help people and I hope to help people actually benefit from this if you're in this situation, because right now the markets have had a big run-up and a lot of people are holding a lot of tech stocks right now. So, again, we're talking about a balancing act between your taxes and your returns. So you want to optimize that after tax rate of return and you focus on maximizing that after the return potential that you have over the long term, not just the current gains. So what you want to do is you want to actually give yourself a budget and that's helpful so that you can give yourself an uncle points like I don't want to have more than this amount of taxes, all right, so you want to align your portfolio with your long-term investment goals as well. So you know, if you're going to be retiring soon, you might be needing to make some of these adjustments ahead of time. If you're an executive working for a company, you might want to start this process sooner rather than later. The other point I wanted to reemphasize is that you want to consider high quality businesses with a strong competitive advantage because, again, you want a long-term approach with this. \n\nIn general, it's not a good idea to do short-term trading in these types of accounts because of the tax impact and the costs involved. All right, so I just want to kind of bring this like my final thoughts here together on this, and hopefully this can summarize for you some key takeaways. It's important to have a disciplined approach to tax management and diversification when you're in this position, and you know it's a good idea. If you don't have like the software or you know the understanding about the valuations or the time to deal with all of these types of decisions, it's a good idea to work with a financial advisor or an investment manager that is very, very experienced in this and understands the nuances between after-tax rate of return, as well as your particular situation and how to get you to where you want to go. They can help you with the decisions, and I encourage you to review and adjust your portfolios regularly to make sure that you're aligned with your financial goals. So just to summarize those main points maximize your after-tax rate of return. \n\nDon't let big concentrations derail your retirement plans or other plans that you have. Be sure to use a disciplined approach based on strong fundamentals for the long term and not based on short-term considerations. Don't overemphasize taxes. Look at the overall result that's coming to your benefit over the long run and look past the current year. Well, that's it for now. \n\nI really want to encourage you to listen to my podcast. I'm going to be having a lot of new guests coming on and we're really going to be focusing in on investments and what's happening now. I'll be introducing a market metrics really kind of summary of what's happening right now prior to getting into our topics, so that will also help you. You know, just get of summary of what's happening right now prior to getting into our topics, so that will also help you. You know, just get some perspective of what's coming across my desk talking to various professionals in the business that could be helpful to your wealth, and I encourage you to subscribe to the podcast, if you have not done already and if you like this type of information, you know, feel free to share it with your friends, colleagues, professional people you know, and I invite any of your questions. \n\nSo if you want to, you know, get more information, you can go to path to real wealthcom and you can learn more information there about me. They'll also be. You can subscribe, you can get to the podcast there and there's also going to be more information that we're posting there that should be of value for you. That will allow you to get various publications that I might put out, and you could also, if you want, to read my book, the Financial Freedom Blueprint. It's available there. You can also get it on Amazon or anywhere else. That's all for now. Thank you for joining me and we'll talk to you soon. Have a great day. ","content_html":"\u003cp\u003eIn this week's show, we talk about some of the secrets to tax-efficient investing strategies specifically tailored for tech stock portfolios.\u003cbr/\u003e\nAs someone working in the tech industry, you may have significant shares tied up in your employer's stock—with great potential for appreciation, but also significant risks. Listen as I break down the potential volatility and tax implications of concentrated stock holdings, and walk you through a real-world case study of a high-income client and discover the ways we evaluate the quality, valuation, and technical conditions of your current holdings, strategically plan for long-term growth, and diversify your portfolio to mitigate risk. Efficiently managing your investment returns is crucial, especially when balancing a diversified portfolio. In this episode, we delve into advanced tax management techniques like tax loss analysis and harvesting. I'll reveal how to prioritize long-term gains for favorable tax treatment and share the advantages of donating highly appreciated stocks to charity.\u003cbr /\u003e\nDiscover the importance of selecting high-quality businesses with strong competitive advantages for long-term investment, and why working with a financial advisor can help you stay disciplined and aligned with your financial goals.\u003cbr/\u003e\nDon't miss out on this wealth of practical advice designed to make your investment journey smoother and more tax-efficient.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eHighlights\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003eIn this week's show we discuss:\u003c/p\u003e\n\n\u003cul style=\"list-style-type: disc\"\u003e\n\u003cli\u003eAcknowledging the significant gains in tech stocks over the past five years and a caution about current overvaluation.\u003c/li\u003e\n\u003cli\u003eStrategies for diversifying tech stock portfolios to find good opportunities.\u003c/li\u003e\n\u003cli\u003eDiscussion on the challenges associated with concentrated stock portfolios.\u003c/li\u003e\n\u003cli\u003eEvaluation criteria including quality, value, and technical conditions to determine stock attractiveness for long-term holding.\u003c/li\u003e\n\u003cli\u003eRanking stocks based on percentage gain from cost basis to minimize tax impact.\u003c/li\u003e\n\u003cli\u003eEmphasis on prioritizing long-term gains over short-term gains for favorable tax treatment.\u003c/li\u003e\n\u003cli\u003eMaximizing after-tax rate of return, particularly for high-income individuals.\u003c/li\u003e\n\u003cli\u003eSuggestion to donate highly appreciated stocks to charity to reduce taxable gains.\u003c/li\u003e\n\u003cli\u003eImportance of working with a financial advisor for managing complex decisions and aligning them with personal financial goals.\u003c/li\u003e\n\u003cli\u003eEncouragement for listeners to delve deeper into the conversation for detailed strategies on tech stock investments and tax efficiency.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eTranscript\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e(Generated for reference - May contain errors)\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eHi, I'm Louis Llanes and this is the Market Call Show.\u003c/p\u003e\n\n\u003cp\u003eToday I'm going to be talking about something that I ran into, and I run into quite a bit lately, you may be in this position, but I'm going to be talking about smart tax moves for a stock portfolio, basically, tax tips for people who have tech stocks. A lot of people have been making money in tech stocks over the last five years or even more, and they're highly appreciated, and if you work for a tech company, you may have quite a bit of that tech stock because the company has been granting you shares and you've been getting more and more tax lots over time at various prices, and maybe you even started investing in other stocks and those stocks have gone up in value. Maybe you've been emphasizing tech stocks in general, which has been a very smart move, but a lot of people would argue that a lot of tech stocks are overpriced today compared to their fundamentals. Things that savvy investors are thinking about today is how do I get a good, solid portfolio when I have a concentration in tech stocks, in particular, maybe your company stock? So I'm going to kind of just use a case study of an actual client, an actual person that we have been working with in helping them solve this issue working with in helping them solve this issue and this particular person works for a large tech company and has been acquiring the stock over time and he wants to get a tax-efficient portfolio because he makes high income and he doesn't want to pay a lot in taxes. None of us really want to pay a lot of taxes. That makes total sense. So what we're looking at is how do we take these tech stocks that he owns and he owns a lot of different ones Apple, anet, micron and others how do we take those stocks and then diversify them in a way that makes sense into good opportunities? So what I want to do is just first talk about the challenges of concentrated stock portfolios and then work our way methodically into how would you go about thinking, solving this problem and what is the best way, in my opinion, to deal with it. \u003c/p\u003e\n\n\u003cp\u003eSo, first of all, the risk of concentration is pretty self-explanatory. You have overexposure to a single sector or a single company and that could potentially lead to high volatility and risk in your portfolio because any one of those stocks could have a bad scenario. Something can come out of the blue that you don't expect and, as you know, tech stocks can be very volatile and you could have a very large loss. I was actually thinking about a client, another client who we advised to sell a stock I won't mention the name of the stock, but she had quite a bit of concentration and we repeatedly advised them to do this type of strategy, to get a portfolio that was sound to deal with the ups and downs of the markets and the economy. And because of the tax bill, she did not want to do it and instead of having a seven-figure portfolio, now they have a six-figure portfolio, a significantly less literally 10% of the value of what they would have had had they followed the advice. So this is very important information for a lot of people and if you are in this position, hopefully this can help you. So, talked a little bit about the risk of concentration. \u003c/p\u003e\n\n\u003cp\u003eOnce you kind of just understand the situation, the first thing to do is to do an initial assessment, and that starts off with a portfolio evaluation. So you want to evaluate the quality, the valuation and the technical conditions of your current holdings. That's generally the process that I like to take. So, basically, when we're talking about quality, we're talking about how certain or how much confidence do we have in this business, in the business of each stock, each company, to generate cash flows over the long term and to have solid growth. Also, we want to look at in terms of quality how strong is the balance sheet? How much debt do they have? How much cash do they have? What types of return on capital are they getting? What types of profit margins are they getting? Do they have a long-term competitive advantage that can last for a long time? Because when you have a large position like that, you can't just make big moves all at once. You know you definitely want to think about the longer-term implications and longer-term expected returns. \u003c/p\u003e\n\n\u003cp\u003eSo we also want to look at the current price, which is getting into the valuation. So what is the price per share now? What is its market capitalization and how is that compared to fundamental metrics of value? So it's always good to have an idea about, you know, based on sound economic principles, what is the valuation or reasonable valuation range for the company. So that would be really based upon the after-tax net cash flows to equity shareholders as well as the business risks that are involved and you want to discount that back to get some form of valuation. Or you want to look at the you know the multiples that you're paying for, kind of the earnings power of the company on average. You don't want to take any one point in time, but like on average, you know, given a reasonable growth rate, that you would expect for the company, given its average earnings. Based on that, what is the multiple? And if those are really out of whack, then that tells you that, meaning that it's very overpriced compared to its fundamental valuation. That is another reason to want to sell. \u003c/p\u003e\n\n\u003cp\u003eSo, basically, when you're looking at these conditions, these three conditions quality, value and technical the purpose of doing that is to get an attractiveness kind of score. So how much do I really want to hold this longer term? So let me just back up and talk a little bit about the technicals. The technicals is an analysis of the supply and demand for the shares right now. Because you want to understand is the stock under pressure right now or are people still very optimistic in the stock and still bidding it up? Because, depending on what type of conditions you're in there, that would influence your strategy for how you would exit. Okay. \u003c/p\u003e\n\n\u003cp\u003eSo after the first evaluation, you want to you know you've looked at the quality and the value and the technicals. Then you want to look at the highly appreciated stocks and then you also want to you know you've looked at the quality and the value and the technicals. Then you want to look at the highly appreciated stocks and then you also want to look at the stocks that you may have in your portfolio with a loss. So, basically, what you want to do is you want to rank based on the percentage gain from your cost basis, what you know. How highly appreciated are they? How highly appreciated are they? And the reason why this is important is because for every dollar that you raise in cash to reinvest somewhere else, you'll have more gain. If it's highly appreciated, the higher the appreciation is. So what your goal is is to minimize the tax impact and get as close as you can to your target allocation. Okay, so when you're doing this, it's really a good idea to have a tax budget for the year. So you're saying, okay, based on my tax situation, my income levels, where the tax brackets are now, this is how much capital gain is reasonable that I'm willing to have in this year so that I can manage my taxes, all right. \u003c/p\u003e\n\n\u003cp\u003eSo we've done the portfolio analysis, evaluating the quality, value and technical conditions of the holdings. Then we want to look at kind of the diversification strategy and what your target portfolio construction looks like. So that's really looking at. You know, if you're heavy in tech, for example I'm just using tech as an example you could be heavy in financials or industrials, anything like that. You want to look at what are the attractive stocks in other sectors and in other businesses that are not correlated to what I have a big exposure to, and what is my target allocation that I want to shoot for. So you create a diversified portfolio that you're shooting for and the whole objective there is to balance return and risk. So you're focusing in on high-quality companies with strong fundamentals and the companies that you want to buy as well, because in this type of a portfolio you're dealing with a taxable portfolio. It's a good idea to be focused on not short-term trading, because that generates higher taxation, more costs. It's generally best overall to be focused on long-term capital appreciation where your after-tax rate of return is the strongest. So you want to have companies that are high quality and have those strong fundamentals that you can hold for a long period of time and buy them at attractive prices or reasonable prices. So your aim there is to get the sector diversification beyond the industry that you have a concentration in. For example, if you're heavy in tech, you want to go more into health care, more into financials, more into materials industrials. That's pretty self-explanatory. Or it could be within tech, but with less correlation. Okay, so you may just broaden out your tech exposure as well as going into other sectors. All right, so that's kind of your diversification strategy. \u003c/p\u003e\n\n\u003cp\u003eThen you want to go into tax management techniques to actually get to where you want to go. And that starts off with that tax lot analysis that I had mentioned, where you identify which stocks that you want to sell first to minimize the tax impact, which stocks that you want to sell first to minimize the tax impact. And as you're doing this, you want to sell any of your losing positions first, any positions that you have that are at a loss, that are also not attractive, that you want to own. That would be tax loss harvesting. You want to go ahead and harvest those losses and then you kind of know what you're working with with your losses. And then the next step is you want to work towards prioritizing long-term gains versus short-term gains, so that gives you more favorable tax treatment. As I mentioned, long-term capital gains may be at a lower rate for you especially if you're high income than short-term capital gains. So you want to prioritize those long-term capital gains. That doesn't mean you shouldn't have short-term capital gains and I'll get into that a little bit here in a second but you want to prioritize the long-term capital gains. \u003c/p\u003e\n\n\u003cp\u003eOkay, now you want to get to kind of your implementation steps and you want to start by first reducing those concentrations and you want to sell the least appreciated long-term capital gains first. So you're starting off with the least attractive stocks, right, that have the highest appreciation, and you have a long-term or the lowest appreciation, I should say, and you have a long-term gain. That's what you want to sell first. And then you want to gradually sell higher appreciated stock lots, while considering the tax implications of that, and then you want to reinvest those proceeds into your target allocation sector. So you may be in a position where you're going to be selling some short-term, some stocks at a short-term gain, and the reason why is because a lot of times the most recent stock you got are the least appreciated and you still need to reduce your concentration in a particular stock. So some of those gains may be short-term and that would be optimal for you so that you can get that concentration down, all right. \u003c/p\u003e\n\n\u003cp\u003eSo another thing to consider is if you're in a position where you want to give charity and you want to donate stock, it's a good idea to use stock that's highly appreciated. So if you're going to make any donations in a given year, look at those stocks that have the highest appreciation and that are least attractive. You know in that order really. And if you have a concentration so it's kind of again a balancing act so don't donate that stock first and that'll reduce your taxable gains there, all right. So you want to select the least attractive stocks from a fundamental perspective for your donation, if you can, because because you know you want to hold on to your winners and you want to let go of your losers, right. But if you are trying to avoid taxes, sometimes your winners are extended and it's time to. When I say least attractive, I mean least attractive of the current price relative to the economic fundamental value. \u003c/p\u003e\n\n\u003cp\u003eSo it's so interesting talking about this topic because it can be confusing for some people because it almost sounds like you're talking out of each side of your mouth and you are in one way, because you're balancing. You're balancing expected future after-tax rates of return with how much pain I'm going to have to take in taxes right now, and, like I had mentioned with that client who you know, lost a ton of money that could have been avoided, and the sole reason why she lost a lot more than her tax bill would have been let's put it that way Okay, so my purpose in doing this is to help people and I hope to help people actually benefit from this if you're in this situation, because right now the markets have had a big run-up and a lot of people are holding a lot of tech stocks right now. So, again, we're talking about a balancing act between your taxes and your returns. So you want to optimize that after tax rate of return and you focus on maximizing that after the return potential that you have over the long term, not just the current gains. So what you want to do is you want to actually give yourself a budget and that's helpful so that you can give yourself an uncle points like I don't want to have more than this amount of taxes, all right, so you want to align your portfolio with your long-term investment goals as well. So you know, if you're going to be retiring soon, you might be needing to make some of these adjustments ahead of time. If you're an executive working for a company, you might want to start this process sooner rather than later. The other point I wanted to reemphasize is that you want to consider high quality businesses with a strong competitive advantage because, again, you want a long-term approach with this. \u003c/p\u003e\n\n\u003cp\u003eIn general, it's not a good idea to do short-term trading in these types of accounts because of the tax impact and the costs involved. All right, so I just want to kind of bring this like my final thoughts here together on this, and hopefully this can summarize for you some key takeaways. It's important to have a disciplined approach to tax management and diversification when you're in this position, and you know it's a good idea. If you don't have like the software or you know the understanding about the valuations or the time to deal with all of these types of decisions, it's a good idea to work with a financial advisor or an investment manager that is very, very experienced in this and understands the nuances between after-tax rate of return, as well as your particular situation and how to get you to where you want to go. They can help you with the decisions, and I encourage you to review and adjust your portfolios regularly to make sure that you're aligned with your financial goals. So just to summarize those main points maximize your after-tax rate of return. \u003c/p\u003e\n\n\u003cp\u003eDon't let big concentrations derail your retirement plans or other plans that you have. Be sure to use a disciplined approach based on strong fundamentals for the long term and not based on short-term considerations. Don't overemphasize taxes. Look at the overall result that's coming to your benefit over the long run and look past the current year. Well, that's it for now. \u003c/p\u003e\n\n\u003cp\u003eI really want to encourage you to listen to my podcast. I'm going to be having a lot of new guests coming on and we're really going to be focusing in on investments and what's happening now. I'll be introducing a market metrics really kind of summary of what's happening right now prior to getting into our topics, so that will also help you. You know, just get of summary of what's happening right now prior to getting into our topics, so that will also help you. You know, just get some perspective of what's coming across my desk talking to various professionals in the business that could be helpful to your wealth, and I encourage you to subscribe to the podcast, if you have not done already and if you like this type of information, you know, feel free to share it with your friends, colleagues, professional people you know, and I invite any of your questions. \u003c/p\u003e\n\n\u003cp\u003eSo if you want to, you know, get more information, you can go to path to real wealthcom and you can learn more information there about me. They'll also be. You can subscribe, you can get to the podcast there and there's also going to be more information that we're posting there that should be of value for you. That will allow you to get various publications that I might put out, and you could also, if you want, to read my book, the Financial Freedom Blueprint. It's available there. You can also get it on Amazon or anywhere else. That's all for now. Thank you for joining me and we'll talk to you soon. Have a great day. \u003c/p\u003e","summary":"In this week's show, we talk about some of the secrets to tax-efficient investing strategies specifically tailored for tech stock portfolios.\r\n\r\nAs someone working in the tech industry, you may have significant shares tied up in your employer's stock—with great potential for appreciation, but also significant risks. Listen as I break down the potential volatility and tax implications of concentrated stock holdings, and walk you through a real-world case study of a high-income client and discover the ways we evaluate the quality, valuation, and technical conditions of your current holdings, strategically plan for long-term growth, and diversify your portfolio to mitigate risk. Efficiently managing your investment returns is crucial, especially when balancing a diversified portfolio. In this episode, we delve into advanced tax management techniques like tax loss analysis and harvesting. I'll reveal how to prioritize long-term gains for favorable tax treatment and share the advantages of donating highly appreciated stocks to charity.\r\n\r\nDiscover the importance of selecting high-quality businesses with strong competitive advantages for long-term investment, and why working with a financial advisor can help you stay disciplined and aligned with your financial goals.\r\n\r\nDon't miss out on this wealth of practical advice designed to make your investment journey smoother and more tax-efficient.","date_published":"2024-07-18T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/cb128b95-6a4d-4d02-a08d-8e2580fcd0ac.mp3","mime_type":"audio/mpeg","size_in_bytes":17368410,"duration_in_seconds":1085}]},{"id":"marketcall.podbean.com/f9c8d84f-0b88-39df-8859-bc6152b62def","title":"Maximizing Your Real Estate Returns | Ep 88","url":"https://podcast.pathtorealwealth.com/088","content_text":"Unlock the secrets to smart real estate investing and learn how to maximize your returns while minimizing your tax burden. In this episode of the Market Call Show, we uncover the essential strategies for achieving a balanced portfolio by diversifying your assets into business ventures, real estate holdings, and secure reserves like cash or gold. We'll reveal how to strategically rebalance your investments without the heavy tax implications, even if a large portion of your net worth is anchored in real estate. Plus, we analyze the effects of inflation and interest rates on property values and rental income, underscoring the significance of after-tax, inflation-adjusted returns.\n\nNavigate the complexities of capital gains and depreciation recapture taxes with our expert insights on 1031 and 721 exchanges. Discover the advantages and potential drawbacks of these powerful tax deferral tools, which can help you transfer property into like-kind assets or Real Estate Investment Trusts (REITs). These strategies offer not just tax benefits, but also avenues for diversification, liquidity, and improved estate planning. However, be prepared to give up some control over your properties. Listen in to gain a comprehensive understanding of how these tactics can aid in managing tax liabilities and diversifying your real estate investments in today's dynamic market.\n\n \n\nShow Highlights\n\nIn this episode we'll talk about:\n\n\n Diversifying your assets into business ventures, real estate holdings, and secure reserves like cash or gold.\n How achieving a balanced portfolio can help mitigate risks associated with market fluctuations and economic changes.\n Learn strategies to rebalance your real estate investments without incurring heavy tax implications.\n Understand the complexities of capital gains and depreciation recapture taxes and how they affect your net worth.\n Analyze how inflation and interest rates influence property values and rental income.\n Focus on after-tax, inflation-adjusted returns to better gauge the true performance of your investments.\n Explore the benefits and drawbacks of 1031 exchanges to defer taxes by transferring property into like-kind assets.\n Discover how 721 exchanges allow for moving assets into Real Estate Investment Trusts (REITs) for diversification and liquidity.\n Understand that while these tools offer tax deferral and estate planning benefits, they may require giving up some control over your properties.\n Consider how REITs can provide quarterly liquidity and simplify estate planning through unit-based ownership.\n REITs offer a diversified portfolio that may include sectors like multifamily housing, storage, and healthcare, which are more recession-resistant.\n Evaluate opportunities to reduce real estate concentration and invest in other areas like businesses and reserves.\n Implement a low-turnover investment strategy to maximize your after-tax rate of return and minimize costs associated with frequent exchanges.\n Recognize the challenges in commercial real estate post-COVID, such as high vacancy rates.\n Identify resilient sectors like self-storage, healthcare, and education that offer more stability and growth potential- Be mindful of not letting real estate become too dominant in your portfolio.\n Diversify across different asset classes to protect against market volatility and economic downturns.\n Stay informed about quality investment opportunities in both real estate and the stock market.\n\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n \n\nTranscript\n\n00:00 - Louis Llanes (Host)\nNow I want to talk a little bit about the challenge that we get with capital gains. So now you've got this real estate, maybe you're lopsided and you have a lot of real estate. Maybe you want to retire soon and you want to have, or you just want to get more balance in your situation, or you want to diversify. Maybe you have too much concentration in one piece of real estate, or you might just be tired of renting it out and dealing with all of the issues of being a landlord and you want to have more of a passive approach. \n\n00:30 - Intro/Outro (Announcement)\nWelcome to the Market Call Show where we discuss investing wisely and living well. Tune in every Thursday to Apple Podcasts, spotify, google Play or subscribe on YouTube. \n\n00:46 - Louis Llanes (Host)\nHi, I'm Louis Llanes. This is the Market Call Show. Today I'm going to be talking about real estate, mainly because people are talking about real estate all the time and many people are in a particular situation, so I thought I would address that situation. So I was thinking about what the name of this podcast would be. One idea was navigating real estate investments and capital gains tax, but really this is all about maximizing your after-tax rate of return on your real estate and then really meeting your objectives. \n\n01:17\nI heard about an old sage saying that is thousands of years old, and the gist of the saying was that every man should split their assets into three categories. One would be business, and then the other one would be land or real estate, and the other one would be reserves, which could be many different things, like cash or money market or CDs or gold things that are more reserve oriented. And I was having a conversation with somebody about this, and I've actually been lately seeing this same conversation over and over again. So I thought it might be something helpful for you or somebody listening to this podcast. And the situation is like this so I've been investing in real estate for a long time and over the years, my real estate has appreciated in value and maybe I put money in my 401k and other investments as well. But my real estate is worth a lot more than my other stocks and stuff because I put most of my wealth there and it is compounded and maybe I had debt on it and been paying the debt off over time. So now I've got this real estate and now if I look at my net worth, I'm kind of unbalanced. Unlike that sage advice that's thousands of years old that said you need you should have balance, I'm unbalanced right now because I've got all this money in real estate. Then maybe the real estate is paying income, but maybe it's not enough or maybe there's other reasons that you want to have less of it. So the question becomes how do I do that without paying an enormous amount of taxes? So that's what I'm going to be talking about today is some strategies on dealing with that can be very effective for you. \n\n02:51\nSo the real issue that comes to play here is the balance right. Why should you have the balance? Well, it's kind of self-explanatory, but back thousands of years ago the sages were basically saying you should be prepared for any type of situation that is going to happen around you and you know nothing has changed. You know you have booms and busts and you have changes in government regimes. You have all sorts of crazy things that can happen, and that's why having reserve makes sense. \n\n03:22\nYou know, if you want to have some gold, some hard assets, some assets that are, you know, really sound and steady, but you also want to be in business too, because business has the growth aspect and you know business can adapt to whatever is happening in the world. So you know, like, for example, right now in artificial intelligence, there's some businesses that are making a tremendous amount of profits. It's not just and that's just one example, but it could be many different businesses. It could be a private business, your own business, or an investment in private businesses, a portfolio of private businesses, which I'm also a proponent of doing as well, because then you can take advantage of other businesses that are doing well, that are in the private markets. It could also mean public businesses, and so that would be stuff on the stock exchanges, where there's tremendous amount of opportunities that come to play there. So you've got your business, you've got your real estate. \n\n04:13\nThe beautiful thing about real estate is that you have rental income, hopefully from your properties, and then that rental income can hopefully go up over time. One of the challenges that happens, though, is that if inflation goes up, interest rates go up faster and inflation can go up faster than your rents, and the actual value of that real estate cannot be as attractive as it seems, and this is something that I've been noticing happening a lot, in fact. This morning, there was an article in the Wall Street Journal talking about how the average rental increase has been much lower than the inflation rate, and so you're really seeing that keeping up with inflation isn't always there. So, and typically, when you look at the valuation formulas for any asset, it's the present value of the cash flows of that investment, and that present value has a discount rate which is tied to interest rates, so if interest rates go up, then your hurdle rate goes up. That means that you need to have a higher rate of return to justify owning that asset at a particular price, so that could actually hurt asset values, and I know that sounds counterintuitive to some people, but that is kind of how it works. So what really matters is what happens after tax, right? What is your net worth increase after tax and inflation, which is kind of the silent wealth killer that is really affecting everybody right now due to many different factors which we won't go into right now. \n\n05:37\nSo the other stool on that right, we talked about the reserve, gold, cash, things like that, and then we talked about real estate and we talked about business. Actually, I covered all three, so that's good. So so we wanted to. I want to talk a little bit about why you want to have balance there. Now I want to talk a little bit about the challenge that we get with capital gains. So now you've got this real estate. Maybe you're lopsided and you have a lot of real estate. Maybe you want to retire soon and you want to have, or you just want to get more balance in your situation, or you want to diversify. Maybe you have too much concentration in one piece of real estate, or you might just be tired of renting it out and dealing with all of the issues of being a landlord and you want to have more of a passive approach with real estate and maybe bring down the amount of real estate that you have, maybe increase the reserve or increase the stock or business orientation of your portfolio. \n\n06:30\nOkay, so capital gains is the big issue. There's really two main parts of that tax situation. Again, it's capital gains, and you probably have a long-term capital gain in your real estate, but you also have this nasty little thing called recapture of depreciation that comes into play. So recapture depreciation is just simply, you know, as you've been depreciating that asset over time, you've been getting a tax break on it, most likely, and now when you sell it, you have to kind of re undo that basically, and so there's a reversal of that. You recapture that depreciation and that generally hits income taxes rate, income tax rates. That can be ugly. \n\n07:11\nSo many people know about what's called a 1031 exchange. A 1031 exchange allows you to go from one piece of property to another piece of property. They call it a like-kind exchange. They don't have to be exactly alike, it doesn't have to be like an apartment building to an apartment building or residential real estate to residential real estate. It just needs to be like-kind. There's some definitions and I'm not going to get into the details of all the definitions, but you basically go from one property to another and you defer that tax. \n\n07:41\nAnd there's some things that you have to avoid. You have to avoid what's called boot, which is, you know, if you have debt on it after you've sold it. You have to, you know, look at the total value of that real estate. You cannot benefit tax-wise from the leverage. You have to make sure that those values are in line. So, anyhow, that's a great way to do it, but the problem is that you're just going from one piece of real estate to another single piece of real estate most of the time. So what a lot of people like to do is to one great strategy is to actually put yourself in a situation where you can take the real estate that you have right now 1031 exchanges into another property, but that property then gets contributed into through a 721 exchange, an up REIT or a REIT, and this is a great way for you to transfer that property into a diversified portfolio of real estate. That may be more attractive, and this is in today's environment that is probably advisable for a lot of people actually. So you know, obviously everybody's situation is different, but it could make some sense to do that, because here's the benefit to this If you 1031 exchange into a single property and then that property is actually being put into this REIT, if the REIT has a sound investment strategy for the environment, then now you have access to a larger portfolio, that is, you're diversifying that across different types of assets multifamily home, maybe storage or medical and other types of areas that are doing well or maybe are more recession resistant. \n\n09:19\nA lot of the commercial real estate property. As you well know, after COVID and after all the changes that have happened there, they're not as attractive and a lot of people are avoiding that. There's a big shift happening there in that area, in the commercial real estate. But there's other areas where they're actually more recession resistant and they have steady rents that can go up. For example, recently in Arizona there's a student housing off-campus student housing where the students that go to universities they need to have a place to stay and they stay off campus. Typically the parents who are the ones who take these rents out are very well capitalized. Their average income is high somewhere around the range of $300,000, very low defaults and you have reasonably good yields and safety there. Storage could be another area Medical facilities obviously medical is stronger. So, having those alternative areas and diversifying a single property most people I've been running into either they have residential real estate or maybe they owned a business. They're selling their business and they need to sell some land or some other things and they just really need to get into income producing property because they have a big part of their network tied up into that. \n\n10:32\nThere's many situations that can happen, but the concept is exploring that option to go from a 1031 exchange of your existing property, selling it 1031, exchange it into another property that is slated to go into a REIT and the REIT is in a solid situation to benefit over time and is more conservative. That could be a good way for you to do that, and here's the other kicker with doing that is you can also generally get more liquidity Once you're in that REIT. Oftentimes there's quarterly liquidity, so that you can basically peel some of your money out of real estate in general and maybe get less lopsided and invest in other things, in business and in reserves and other things that you need to do, still generating an income stream with that portion of your capital, but slowly moving your way out, and then thus you are paying less in taxes longer term because you're spreading it out. There's other strategies, too, that you could do, where you're doing a deferred sale and basically you're realizing that gain and recapture over time. That's another way to do this, but I do like this concept of 721 exchanging into an upread. \n\n11:42\nIt is a difference. There is a difference from that than a 1031 exchange, and there's pros and cons there. The pros are you get the tax deferral. The pros of 721, you get the tax deferral. You get the diversification. You also get liquidity. There are some estate planning benefits. You could more easily parse that out in units, because you're basically getting units of this REIT. When you do this, you can, you know, in an estate planning scenario, you could easily divide that across your heirs, rather than having a situation where you have this asset and it's not easily divisible. \n\n12:19\nSome of the cons, though, is you do lose some control over the property. So if you really feel like you have to have total control over a particular property or something like that, or all of your property, then you will not like this strategy, because you're basically delegating some of the management. So it's really important to have good, vetted out REITs that you're dealing with, but these you know. If you're, if you understand that you maybe you don't know everything. If you're in a situation where you're not that savvy or you don't feel like you have the time to do all the research and all the everything else. This is a good way for you to actually, through using professional managers who this is all that they do that allows you to get their expertise as well. So, but that is a downside if you have to have a lot of control. \n\n13:02\nI mean, I'm thinking of one person. I know, a friend of mine, and I just feel like she wants control so much that at least at this stage in her game she's younger that maybe this wouldn't work for her. But you know, as you age, you know you may not have as less of a desire to do this, or you may just realize that, hey, I need to be smart and delegate some of my money to other people that know what they're doing and diversify, and maybe I need to use this as a way for me to diversify into more businesses, especially if we have more opportunities developing. You want to have, which I believe is going to happen. It just, you know, the probabilities of opportunities in business being higher is, in my mind, always great, even with all the stuff that's going on in the global economy. But then again, you know, if you have reserves too, you can also put money there. You just want to be prepared Anyhow. \n\n13:51\nSo we talked a little bit about pros and cons and I want to address some of the liquidity and income needs issues. So when you go into a REIT, typically there's quarterly liquidity, like I said, and when you're moving that real estate in there, you're going to have more, more liquidity that you could take from it and you also have an income stream that you're getting. Typically, that income stream comes in monthly, which is nice, and the structure is different in terms of how it's taxed. And we're not going to go into all the differences, but suffice it to say that it may be a situation where you could save a lot in taxes, maybe even millions of dollars. I mean, I had a little conversation recently and it became clear to me that this literally means at least a million dollars in tax savings for this person over time. \n\n14:32\nSo the current real estate opportunities that I wanted to discuss is you know, I kind of touched on it a little bit, but you know, given the current state of the commercial real estate, you know, vacancy rates is an issue post COVID and alternative real estate sectors show more resilience, like self-storage, because that's driven by life events such as downsizing and relocation or dislocation, and we're likely to have more relocation, dislocation, given technology, ai, differences in demographics and where people are moving in the economics of real estate in general being expensive in other areas. So you're likely to see a strong demand there. Healthcare is the other area we have growing demand due to the aging of population and that gives you much more stability. If you're doing your homework, potentially you could have better, more stable returns in the healthcare sector. And then on the education side, it's stable demand. \n\n15:27\nIt's supported by increased college enrollments. We've literally been seeing, even though you know a lot, you hear a lot of people talking about how you know you shouldn't go to college. College isn't worth it. It's not a good investment. You know colleges are adapting. Right now. You're seeing new colleges that are coming up to adapt, to change and you know, just to make kind of highlight, that I've got 17 year old twins and they just recently went to a particular meeting of a university, the University of Austin actually, which is they're not accredited yet but they have some really sound, smart people there and they have an incredible program that they're developing there. You're just seeing a lot of adaptation and the other more traditional schools are going to need to adapt because you know, we know there's some needs that are going to be changing there. So we are seeing increasing enrollments and education is always important and you know the parents that are paying for this are usually good credit quality. \n\n16:19\nNow recession resilience sectors. You know I kind of explained why self-storage healthcare and education are more recession resistant. There are REITs that specialize in that and they have opportunities sometimes where you can invest in a particular property that is slated to go into those REITs and that allows you to do what I'm talking about here 1031 to 721 and help you get less lopsided, get more diversified, better return risk profile for your overall wealth, save a lot of taxes. That's a good thing to do. Speaking of taxes, I want to talk a little bit about compounding returns over your costs. So one of the things that you see some advisory firms do is they tend to 1031 exchange properties and then they roll them over and roll them over and if you look at all the fees and costs of doing these types of things the 1031s it actually hurts your compounded rate of returns because the costs really impact you. So a lower turnover investment strategy can maximize your after-tax rate of return estate component of your portfolio and then, you know, going into the stock world, which is always, in my opinion, equities are. \n\n17:32\nYou know, I teed on stocks and in business, so I have a little bit of a affinity to that relative to real estate. But I recognize that real estate has benefits as well, and I've often tell people there is no perfect asset class. That's why we diversify, so we want to have diversification in strategies and asset classes and, given the current environment right now, where people have made a lot of money in real estate and they're basically in a situation where they need to, or it's advisable for them to, get more balanced and to save on taxes, this is a great way to think about doing that, and we have ways that we help our clients do that. So I want to just recap the key point here. You know, don't let real estate become too out of whack in your portfolio. You know there is no perfect asset class and there are some significant downsides to real estate. \n\n18:24\nReal estate does not always do good in an inflationary, rising interest rate environment. Only certain types of real estates do does, and you may or may not have that type of real estate. So if that's the case, maybe it might make sense to think about a change. And then don't forget stocks. A lot of people are down on stocks, but you know what business it's about. Businesses. Don't think about the stock market. Think about companies within the stock market. So I always talk about focusing your attention on the quality, valuation and sentiment or technical conditions of a particular each company, and you can find opportunity out there, especially for long-term investment and getting your income needs done if you're about to retire. So, anyhow, I thought this might be interesting because it just seems like I'm running into a lot of people right now who are in this situation. I hope you find this valuable and thank you for joining me and we'll talk to you later. \n\n19:23 - Intro/Outro (Announcement)\nFor the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly- known as Twitter, and youtube, go to marketcallshowcom for all our past episodes and sign up to get alerts. \n\n19:37\nIf you enjoy the content of this episode, please share it and comment. The information in this podcast is general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriately qualified professional prior to making a final decision. \n\n ","content_html":"\u003cp\u003eUnlock the secrets to smart real estate investing and learn how to maximize your returns while minimizing your tax burden. In this episode of the Market Call Show, we uncover the essential strategies for achieving a balanced portfolio by diversifying your assets into business ventures, real estate holdings, and secure reserves like cash or gold. We'll reveal how to strategically rebalance your investments without the heavy tax implications, even if a large portion of your net worth is anchored in real estate. Plus, we analyze the effects of inflation and interest rates on property values and rental income, underscoring the significance of after-tax, inflation-adjusted returns.\u003cbr /\u003e\n\nNavigate the complexities of capital gains and depreciation recapture taxes with our expert insights on 1031 and 721 exchanges. Discover the advantages and potential drawbacks of these powerful tax deferral tools, which can help you transfer property into like-kind assets or Real Estate Investment Trusts (REITs). These strategies offer not just tax benefits, but also avenues for diversification, liquidity, and improved estate planning. However, be prepared to give up some control over your properties. Listen in to gain a comprehensive understanding of how these tactics can aid in managing tax liabilities and diversifying your real estate investments in today's dynamic market.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eShow Highlights\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003eIn this episode we\u0026#39;ll talk about:\u003c/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e Diversifying your assets into business ventures, real estate holdings, and secure reserves like cash or gold.\u003c/li\u003e\n\u003cli\u003e How achieving a balanced portfolio can help mitigate risks associated with market fluctuations and economic changes.\u003c/li\u003e\n\u003cli\u003e Learn strategies to rebalance your real estate investments without incurring heavy tax implications.\u003c/li\u003e\n\u003cli\u003e Understand the complexities of capital gains and depreciation recapture taxes and how they affect your net worth.\u003c/li\u003e\n\u003cli\u003e Analyze how inflation and interest rates influence property values and rental income.\u003c/li\u003e\n\u003cli\u003e Focus on after-tax, inflation-adjusted returns to better gauge the true performance of your investments.\u003c/li\u003e\n\u003cli\u003e Explore the benefits and drawbacks of 1031 exchanges to defer taxes by transferring property into like-kind assets.\u003c/li\u003e\n\u003cli\u003e Discover how 721 exchanges allow for moving assets into Real Estate Investment Trusts (REITs) for diversification and liquidity.\u003c/li\u003e\n\u003cli\u003e Understand that while these tools offer tax deferral and estate planning benefits, they may require giving up some control over your properties.\u003c/li\u003e\n\u003cli\u003e Consider how REITs can provide quarterly liquidity and simplify estate planning through unit-based ownership.\u003c/li\u003e\n\u003cli\u003e REITs offer a diversified portfolio that may include sectors like multifamily housing, storage, and healthcare, which are more recession-resistant.\u003c/li\u003e\n\u003cli\u003e Evaluate opportunities to reduce real estate concentration and invest in other areas like businesses and reserves.\u003c/li\u003e\n\u003cli\u003e Implement a low-turnover investment strategy to maximize your after-tax rate of return and minimize costs associated with frequent exchanges.\u003c/li\u003e\n\u003cli\u003e Recognize the challenges in commercial real estate post-COVID, such as high vacancy rates.\u003c/li\u003e\n\u003cli\u003e Identify resilient sectors like self-storage, healthcare, and education that offer more stability and growth potential- Be mindful of not letting real estate become too dominant in your portfolio.\u003c/li\u003e\n\u003cli\u003e Diversify across different asset classes to protect against market volatility and economic downturns.\u003c/li\u003e\n\u003cli\u003e Stay informed about quality investment opportunities in both real estate and the stock market.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eTranscript\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e00:00 - Louis Llanes (Host)\u003cbr\u003e\nNow I want to talk a little bit about the challenge that we get with capital gains. So now you've got this real estate, maybe you're lopsided and you have a lot of real estate. Maybe you want to retire soon and you want to have, or you just want to get more balance in your situation, or you want to diversify. Maybe you have too much concentration in one piece of real estate, or you might just be tired of renting it out and dealing with all of the issues of being a landlord and you want to have more of a passive approach. \u003c/p\u003e\n\n\u003cp\u003e00:30 - Intro/Outro (Announcement)\u003cbr\u003e\nWelcome to the Market Call Show where we discuss investing wisely and living well. Tune in every Thursday to Apple Podcasts, spotify, google Play or subscribe on YouTube. \u003c/p\u003e\n\n\u003cp\u003e00:46 - Louis Llanes (Host)\u003cbr\u003e\nHi, I'm Louis Llanes. This is the Market Call Show. Today I'm going to be talking about real estate, mainly because people are talking about real estate all the time and many people are in a particular situation, so I thought I would address that situation. So I was thinking about what the name of this podcast would be. One idea was navigating real estate investments and capital gains tax, but really this is all about maximizing your after-tax rate of return on your real estate and then really meeting your objectives. \u003c/p\u003e\n\n\u003cp\u003e01:17\u003cbr\u003e\nI heard about an old sage saying that is thousands of years old, and the gist of the saying was that every man should split their assets into three categories. One would be business, and then the other one would be land or real estate, and the other one would be reserves, which could be many different things, like cash or money market or CDs or gold things that are more reserve oriented. And I was having a conversation with somebody about this, and I've actually been lately seeing this same conversation over and over again. So I thought it might be something helpful for you or somebody listening to this podcast. And the situation is like this so I've been investing in real estate for a long time and over the years, my real estate has appreciated in value and maybe I put money in my 401k and other investments as well. But my real estate is worth a lot more than my other stocks and stuff because I put most of my wealth there and it is compounded and maybe I had debt on it and been paying the debt off over time. So now I've got this real estate and now if I look at my net worth, I'm kind of unbalanced. Unlike that sage advice that's thousands of years old that said you need you should have balance, I'm unbalanced right now because I've got all this money in real estate. Then maybe the real estate is paying income, but maybe it's not enough or maybe there's other reasons that you want to have less of it. So the question becomes how do I do that without paying an enormous amount of taxes? So that's what I'm going to be talking about today is some strategies on dealing with that can be very effective for you. \u003c/p\u003e\n\n\u003cp\u003e02:51\u003cbr\u003e\nSo the real issue that comes to play here is the balance right. Why should you have the balance? Well, it's kind of self-explanatory, but back thousands of years ago the sages were basically saying you should be prepared for any type of situation that is going to happen around you and you know nothing has changed. You know you have booms and busts and you have changes in government regimes. You have all sorts of crazy things that can happen, and that's why having reserve makes sense. \u003c/p\u003e\n\n\u003cp\u003e03:22\u003cbr\u003e\nYou know, if you want to have some gold, some hard assets, some assets that are, you know, really sound and steady, but you also want to be in business too, because business has the growth aspect and you know business can adapt to whatever is happening in the world. So you know, like, for example, right now in artificial intelligence, there's some businesses that are making a tremendous amount of profits. It's not just and that's just one example, but it could be many different businesses. It could be a private business, your own business, or an investment in private businesses, a portfolio of private businesses, which I'm also a proponent of doing as well, because then you can take advantage of other businesses that are doing well, that are in the private markets. It could also mean public businesses, and so that would be stuff on the stock exchanges, where there's tremendous amount of opportunities that come to play there. So you've got your business, you've got your real estate. \u003c/p\u003e\n\n\u003cp\u003e04:13\u003cbr\u003e\nThe beautiful thing about real estate is that you have rental income, hopefully from your properties, and then that rental income can hopefully go up over time. One of the challenges that happens, though, is that if inflation goes up, interest rates go up faster and inflation can go up faster than your rents, and the actual value of that real estate cannot be as attractive as it seems, and this is something that I've been noticing happening a lot, in fact. This morning, there was an article in the Wall Street Journal talking about how the average rental increase has been much lower than the inflation rate, and so you're really seeing that keeping up with inflation isn't always there. So, and typically, when you look at the valuation formulas for any asset, it's the present value of the cash flows of that investment, and that present value has a discount rate which is tied to interest rates, so if interest rates go up, then your hurdle rate goes up. That means that you need to have a higher rate of return to justify owning that asset at a particular price, so that could actually hurt asset values, and I know that sounds counterintuitive to some people, but that is kind of how it works. So what really matters is what happens after tax, right? What is your net worth increase after tax and inflation, which is kind of the silent wealth killer that is really affecting everybody right now due to many different factors which we won't go into right now. \u003c/p\u003e\n\n\u003cp\u003e05:37\u003cbr\u003e\nSo the other stool on that right, we talked about the reserve, gold, cash, things like that, and then we talked about real estate and we talked about business. Actually, I covered all three, so that's good. So so we wanted to. I want to talk a little bit about why you want to have balance there. Now I want to talk a little bit about the challenge that we get with capital gains. So now you've got this real estate. Maybe you're lopsided and you have a lot of real estate. Maybe you want to retire soon and you want to have, or you just want to get more balance in your situation, or you want to diversify. Maybe you have too much concentration in one piece of real estate, or you might just be tired of renting it out and dealing with all of the issues of being a landlord and you want to have more of a passive approach with real estate and maybe bring down the amount of real estate that you have, maybe increase the reserve or increase the stock or business orientation of your portfolio. \u003c/p\u003e\n\n\u003cp\u003e06:30\u003cbr\u003e\nOkay, so capital gains is the big issue. There's really two main parts of that tax situation. Again, it's capital gains, and you probably have a long-term capital gain in your real estate, but you also have this nasty little thing called recapture of depreciation that comes into play. So recapture depreciation is just simply, you know, as you've been depreciating that asset over time, you've been getting a tax break on it, most likely, and now when you sell it, you have to kind of re undo that basically, and so there's a reversal of that. You recapture that depreciation and that generally hits income taxes rate, income tax rates. That can be ugly. \u003c/p\u003e\n\n\u003cp\u003e07:11\u003cbr\u003e\nSo many people know about what's called a 1031 exchange. A 1031 exchange allows you to go from one piece of property to another piece of property. They call it a like-kind exchange. They don't have to be exactly alike, it doesn't have to be like an apartment building to an apartment building or residential real estate to residential real estate. It just needs to be like-kind. There's some definitions and I'm not going to get into the details of all the definitions, but you basically go from one property to another and you defer that tax. \u003c/p\u003e\n\n\u003cp\u003e07:41\u003cbr\u003e\nAnd there's some things that you have to avoid. You have to avoid what's called boot, which is, you know, if you have debt on it after you've sold it. You have to, you know, look at the total value of that real estate. You cannot benefit tax-wise from the leverage. You have to make sure that those values are in line. So, anyhow, that's a great way to do it, but the problem is that you're just going from one piece of real estate to another single piece of real estate most of the time. So what a lot of people like to do is to one great strategy is to actually put yourself in a situation where you can take the real estate that you have right now 1031 exchanges into another property, but that property then gets contributed into through a 721 exchange, an up REIT or a REIT, and this is a great way for you to transfer that property into a diversified portfolio of real estate. That may be more attractive, and this is in today's environment that is probably advisable for a lot of people actually. So you know, obviously everybody's situation is different, but it could make some sense to do that, because here's the benefit to this If you 1031 exchange into a single property and then that property is actually being put into this REIT, if the REIT has a sound investment strategy for the environment, then now you have access to a larger portfolio, that is, you're diversifying that across different types of assets multifamily home, maybe storage or medical and other types of areas that are doing well or maybe are more recession resistant. \u003c/p\u003e\n\n\u003cp\u003e09:19\u003cbr\u003e\nA lot of the commercial real estate property. As you well know, after COVID and after all the changes that have happened there, they're not as attractive and a lot of people are avoiding that. There's a big shift happening there in that area, in the commercial real estate. But there's other areas where they're actually more recession resistant and they have steady rents that can go up. For example, recently in Arizona there's a student housing off-campus student housing where the students that go to universities they need to have a place to stay and they stay off campus. Typically the parents who are the ones who take these rents out are very well capitalized. Their average income is high somewhere around the range of $300,000, very low defaults and you have reasonably good yields and safety there. Storage could be another area Medical facilities obviously medical is stronger. So, having those alternative areas and diversifying a single property most people I've been running into either they have residential real estate or maybe they owned a business. They're selling their business and they need to sell some land or some other things and they just really need to get into income producing property because they have a big part of their network tied up into that. \u003c/p\u003e\n\n\u003cp\u003e10:32\u003cbr\u003e\nThere's many situations that can happen, but the concept is exploring that option to go from a 1031 exchange of your existing property, selling it 1031, exchange it into another property that is slated to go into a REIT and the REIT is in a solid situation to benefit over time and is more conservative. That could be a good way for you to do that, and here's the other kicker with doing that is you can also generally get more liquidity Once you're in that REIT. Oftentimes there's quarterly liquidity, so that you can basically peel some of your money out of real estate in general and maybe get less lopsided and invest in other things, in business and in reserves and other things that you need to do, still generating an income stream with that portion of your capital, but slowly moving your way out, and then thus you are paying less in taxes longer term because you're spreading it out. There's other strategies, too, that you could do, where you're doing a deferred sale and basically you're realizing that gain and recapture over time. That's another way to do this, but I do like this concept of 721 exchanging into an upread. \u003c/p\u003e\n\n\u003cp\u003e11:42\u003cbr\u003e\nIt is a difference. There is a difference from that than a 1031 exchange, and there's pros and cons there. The pros are you get the tax deferral. The pros of 721, you get the tax deferral. You get the diversification. You also get liquidity. There are some estate planning benefits. You could more easily parse that out in units, because you're basically getting units of this REIT. When you do this, you can, you know, in an estate planning scenario, you could easily divide that across your heirs, rather than having a situation where you have this asset and it's not easily divisible. \u003c/p\u003e\n\n\u003cp\u003e12:19\u003cbr\u003e\nSome of the cons, though, is you do lose some control over the property. So if you really feel like you have to have total control over a particular property or something like that, or all of your property, then you will not like this strategy, because you're basically delegating some of the management. So it's really important to have good, vetted out REITs that you're dealing with, but these you know. If you're, if you understand that you maybe you don't know everything. If you're in a situation where you're not that savvy or you don't feel like you have the time to do all the research and all the everything else. This is a good way for you to actually, through using professional managers who this is all that they do that allows you to get their expertise as well. So, but that is a downside if you have to have a lot of control. \u003c/p\u003e\n\n\u003cp\u003e13:02\u003cbr\u003e\nI mean, I'm thinking of one person. I know, a friend of mine, and I just feel like she wants control so much that at least at this stage in her game she's younger that maybe this wouldn't work for her. But you know, as you age, you know you may not have as less of a desire to do this, or you may just realize that, hey, I need to be smart and delegate some of my money to other people that know what they're doing and diversify, and maybe I need to use this as a way for me to diversify into more businesses, especially if we have more opportunities developing. You want to have, which I believe is going to happen. It just, you know, the probabilities of opportunities in business being higher is, in my mind, always great, even with all the stuff that's going on in the global economy. But then again, you know, if you have reserves too, you can also put money there. You just want to be prepared Anyhow. \u003c/p\u003e\n\n\u003cp\u003e13:51\u003cbr\u003e\nSo we talked a little bit about pros and cons and I want to address some of the liquidity and income needs issues. So when you go into a REIT, typically there's quarterly liquidity, like I said, and when you're moving that real estate in there, you're going to have more, more liquidity that you could take from it and you also have an income stream that you're getting. Typically, that income stream comes in monthly, which is nice, and the structure is different in terms of how it's taxed. And we're not going to go into all the differences, but suffice it to say that it may be a situation where you could save a lot in taxes, maybe even millions of dollars. I mean, I had a little conversation recently and it became clear to me that this literally means at least a million dollars in tax savings for this person over time. \u003c/p\u003e\n\n\u003cp\u003e14:32\u003cbr\u003e\nSo the current real estate opportunities that I wanted to discuss is you know, I kind of touched on it a little bit, but you know, given the current state of the commercial real estate, you know, vacancy rates is an issue post COVID and alternative real estate sectors show more resilience, like self-storage, because that's driven by life events such as downsizing and relocation or dislocation, and we're likely to have more relocation, dislocation, given technology, ai, differences in demographics and where people are moving in the economics of real estate in general being expensive in other areas. So you're likely to see a strong demand there. Healthcare is the other area we have growing demand due to the aging of population and that gives you much more stability. If you're doing your homework, potentially you could have better, more stable returns in the healthcare sector. And then on the education side, it's stable demand. \u003c/p\u003e\n\n\u003cp\u003e15:27\u003cbr\u003e\nIt's supported by increased college enrollments. We've literally been seeing, even though you know a lot, you hear a lot of people talking about how you know you shouldn't go to college. College isn't worth it. It's not a good investment. You know colleges are adapting. Right now. You're seeing new colleges that are coming up to adapt, to change and you know, just to make kind of highlight, that I've got 17 year old twins and they just recently went to a particular meeting of a university, the University of Austin actually, which is they're not accredited yet but they have some really sound, smart people there and they have an incredible program that they're developing there. You're just seeing a lot of adaptation and the other more traditional schools are going to need to adapt because you know, we know there's some needs that are going to be changing there. So we are seeing increasing enrollments and education is always important and you know the parents that are paying for this are usually good credit quality. \u003c/p\u003e\n\n\u003cp\u003e16:19\u003cbr\u003e\nNow recession resilience sectors. You know I kind of explained why self-storage healthcare and education are more recession resistant. There are REITs that specialize in that and they have opportunities sometimes where you can invest in a particular property that is slated to go into those REITs and that allows you to do what I'm talking about here 1031 to 721 and help you get less lopsided, get more diversified, better return risk profile for your overall wealth, save a lot of taxes. That's a good thing to do. Speaking of taxes, I want to talk a little bit about compounding returns over your costs. So one of the things that you see some advisory firms do is they tend to 1031 exchange properties and then they roll them over and roll them over and if you look at all the fees and costs of doing these types of things the 1031s it actually hurts your compounded rate of returns because the costs really impact you. So a lower turnover investment strategy can maximize your after-tax rate of return estate component of your portfolio and then, you know, going into the stock world, which is always, in my opinion, equities are. \u003c/p\u003e\n\n\u003cp\u003e17:32\u003cbr\u003e\nYou know, I teed on stocks and in business, so I have a little bit of a affinity to that relative to real estate. But I recognize that real estate has benefits as well, and I've often tell people there is no perfect asset class. That's why we diversify, so we want to have diversification in strategies and asset classes and, given the current environment right now, where people have made a lot of money in real estate and they're basically in a situation where they need to, or it's advisable for them to, get more balanced and to save on taxes, this is a great way to think about doing that, and we have ways that we help our clients do that. So I want to just recap the key point here. You know, don't let real estate become too out of whack in your portfolio. You know there is no perfect asset class and there are some significant downsides to real estate. \u003c/p\u003e\n\n\u003cp\u003e18:24\u003cbr\u003e\nReal estate does not always do good in an inflationary, rising interest rate environment. Only certain types of real estates do does, and you may or may not have that type of real estate. So if that's the case, maybe it might make sense to think about a change. And then don't forget stocks. A lot of people are down on stocks, but you know what business it's about. Businesses. Don't think about the stock market. Think about companies within the stock market. So I always talk about focusing your attention on the quality, valuation and sentiment or technical conditions of a particular each company, and you can find opportunity out there, especially for long-term investment and getting your income needs done if you're about to retire. So, anyhow, I thought this might be interesting because it just seems like I'm running into a lot of people right now who are in this situation. I hope you find this valuable and thank you for joining me and we'll talk to you later. \u003c/p\u003e\n\n\u003cp\u003e19:23 - Intro/Outro (Announcement)\u003cbr\u003e\nFor the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly- known as Twitter, and youtube, go to marketcallshowcom for all our past episodes and sign up to get alerts. \u003c/p\u003e\n\n\u003cp\u003e19:37\u003cbr\u003e\nIf you enjoy the content of this episode, please share it and comment. The information in this podcast is general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriately qualified professional prior to making a final decision. \u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":"Unlock the secrets to smart real estate investing and learn how to maximize your returns while minimizing your tax burden. In this episode of the Market Call Show, we uncover the essential strategies for achieving a balanced portfolio by diversifying your assets into business ventures, real estate holdings, and secure reserves like cash or gold. We'll reveal how to strategically rebalance your investments without the heavy tax implications, even if a large portion of your net worth is anchored in real estate. Plus, we analyze the effects of inflation and interest rates on property values and rental income, underscoring the significance of after-tax, inflation-adjusted returns.\r\n\r\nNavigate the complexities of capital gains and depreciation recapture taxes with our expert insights on 1031 and 721 exchanges. Discover the advantages and potential drawbacks of these powerful tax deferral tools, which can help you transfer property into like-kind assets or Real Estate Investment Trusts (REITs). These strategies offer not just tax benefits, but also avenues for diversification, liquidity, and improved estate planning. However, be prepared to give up some control over your properties. Listen in to gain a comprehensive understanding of how these tactics can aid in managing tax liabilities and diversifying your real estate investments in today's dynamic market.","date_published":"2024-07-08T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/b51cccd4-d466-46f9-bc02-6ba38e39ca53.mp3","mime_type":"audio/mpeg","size_in_bytes":19132536,"duration_in_seconds":1209}]},{"id":"marketcall.podbean.com/d3bd9b00-e3d3-33a6-b8fa-c3ae2ce9ad23","title":"Roadmap to Fueling Your Best Life | Ep 87","url":"https://podcast.pathtorealwealth.com/087","content_text":"A living well focus on this week’s podcast leads me to a great interview with Paris Heinen. If you’ve struggled to make lasting changes, Paris Heinen gets it. After regaining lost weight herself, she shifted her approach and dropped 65 pounds. Best part? She’s kept it off for 24+ years. \n\nNow Paris distills decades of wisdom into bite-sized nuggets. Get simple tracking tips to decode habits. Discover her “Power of 13” formula for sustainable change. Pick up thoughts on handling kids’ nutrition, balancing boundaries, and more. \n\nParis delivers an empowering dose of “you’ve got this” in this passionate chat. Let her practical inspiration propel your own progress, not perfection. Hit play now for achievable motivation from someone who has walked the walk.\n\n \n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode! \n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eA living well focus on this week’s podcast leads me to a great interview with Paris Heinen. If you’ve struggled to make lasting changes, Paris Heinen gets it. After regaining lost weight herself, she shifted her approach and dropped 65 pounds. Best part? She’s kept it off for 24+ years. \u003c/p\u003e\n\n\u003cp\u003eNow Paris distills decades of wisdom into bite-sized nuggets. Get simple tracking tips to decode habits. Discover her “Power of 13” formula for sustainable change. Pick up thoughts on handling kids’ nutrition, balancing boundaries, and more. \u003c/p\u003e\n\n\u003cp\u003eParis delivers an empowering dose of “you’ve got this” in this passionate chat. Let her practical inspiration propel your own progress, not perfection. Hit play now for achievable motivation from someone who has walked the walk.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode! \u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"A living well focus on this week’s podcast leads me to a great interview with Paris Heinen. If you’ve struggled to make lasting changes, Paris Heinen gets it. After regaining lost weight herself, she shifted her approach and dropped 65 pounds. Best part? She’s kept it off for 24+ years.\r\n\r\nNow Paris distills decades of wisdom into bite-sized nuggets. Get simple tracking tips to decode habits. Discover her “Power of 13” formula for sustainable change. Pick up thoughts on handling kids’ nutrition, balancing boundaries, and more.\r\n\r\nParis delivers an empowering dose of “you’ve got this” in this passionate chat. Let her practical inspiration propel your own progress, not perfection. Hit play now for achievable motivation from someone who has walked the walk.","date_published":"2024-02-06T12:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/4fa4b187-d365-4e36-b029-005f4e6038a5.mp3","mime_type":"audio/mpeg","size_in_bytes":122318746,"duration_in_seconds":3822}]},{"id":"marketcall.podbean.com/7ff3dcc6-0202-3f66-9786-f8b917e3d3fd","title":"Monte Carlo Simulations and Financial Planning | Ep 86","url":"https://podcast.pathtorealwealth.com/086","content_text":"Podcast Mentions:\n\nFREE Portfolio Review, www.wealthnetinvest.com\n\nWealth Beyond Numbers, www.lblmedia.net/workshop\n\nWelcome to the Market Call Show!\n\nThis latest episode of the Market Call Show explains the best way to use Monte Carlo simulation, model different scenarios and make decisions with greater wisdom. The key is constructing the right asset blend, with stability, growth potential, and tax efficiency. This episode has insights on how to find your own \"Moneyball\" retirement strategy.\n\nIn this week's episode, host Louis Llanes discusses:\n\nWhy financial security \u0026amp; peace of mind are most people's biggest investment goals \nHow Monte Carlo simulation is used to model investment plans, and its pros and cons\nLimitations of Monte Carlo: Doesn't fully capture complex cash flows, equal failures\nDisconnect between Monte Carlo projections \u0026amp; client definitions of success \nHaving portfolio \"players\" with different roles: stability, growth, liquidity\n\n\nSocial Media Links:\n\nTwitter: /LouisLlanes\n\nLinkedin: /LouisLlanes\n\nFacebook: /MarketCallShow or/WealthnetInvestments\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit www.pathtorealwealth.com\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eFREE Portfolio Review, \u003ca href='http://www.wealthnetinvest.com'\u003ewww.wealthnetinvest.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWealth Beyond Numbers, \u003ca href='https://macrotrend.sharepoint.com/sites/TeamWealthnet/Shared%20Documents/General/Podcast/Episode%20Files/EP81-100/Ep%2086/www.lblmedia.net/workshop'\u003ewww.lblmedia.net/workshop\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWelcome to the Market Call Show!\u003c/p\u003e\n\n\u003cp\u003eThis latest episode of the Market Call Show explains the best way to use Monte Carlo simulation, model different scenarios and make decisions with greater wisdom. The key is constructing the right asset blend, with stability, growth potential, and tax efficiency. This episode has insights on how to find your own \"Moneyball\" retirement strategy.\u003c/p\u003e\n\n\u003cp\u003eIn this week's episode, host Louis Llanes discusses:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhy financial security \u0026amp; peace of mind are most people's biggest investment goals \u003c/li\u003e\n\u003cli\u003eHow Monte Carlo simulation is used to model investment plans, and its pros and cons\u003c/li\u003e\n\u003cli\u003eLimitations of Monte Carlo: Doesn't fully capture complex cash flows, equal failures\u003c/li\u003e\n\u003cli\u003eDisconnect between Monte Carlo projections \u0026amp; client definitions of success \u003c/li\u003e\n\u003cli\u003eHaving portfolio \"players\" with different roles: stability, growth, liquidity\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eSocial Media Links:\u003c/p\u003e\n\n\u003cp\u003eTwitter: /LouisLlanes\u003c/p\u003e\n\n\u003cp\u003eLinkedin: /LouisLlanes\u003c/p\u003e\n\n\u003cp\u003eFacebook: /MarketCallShow or/WealthnetInvestments\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ewww.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"This latest episode of the Market Call Show explains the best way to use Monte Carlo simulation, model different scenarios and make decisions with greater wisdom. The key is constructing the right asset blend, with stability, growth potential, and tax efficiency. This episode has insights on how to find your own \"Moneyball\" retirement strategy.\r\n\r\nIn this week's episode, host Louis Llanes discusses:\r\nWhy financial security \u0026 peace of mind are most people's biggest investment goals \r\nHow Monte Carlo simulation is used to model investment plans, and its pros and cons\r\nLimitations of Monte Carlo: Doesn't fully capture complex cash flows, equal failures\r\nThe disconnect between Monte Carlo projections \u0026 client definitions of success \r\nHaving portfolio \"players\" with different roles: stability, growth, liquidity","date_published":"2024-01-11T11:45:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/47ca485e-151f-4e72-bec9-732cb741eb6e.mp3","mime_type":"audio/mpeg","size_in_bytes":57102328,"duration_in_seconds":1757}]},{"id":"marketcall.podbean.com/01be48e0-67e8-3eec-a449-a23127daa15c","title":"Use ”Mr. Market” to Your Advantage | Ep 85","url":"https://podcast.pathtorealwealth.com/085","content_text":"Welcome back to another episode of The Market Call Show! I'm Louis Llanes, and I'm excited to share some valuable insights with you today. In this episode, we'll be diving into the dynamic world of market fluctuations, economic implications, and uncovering key principles from one of the greatest investment minds, Benjamin Graham. I recently heard a fascinating strategist call with industry experts, including Schwab's Liz Ann Sonders and fixed income analyst Kathy Jones. We'll dissect the discussions on political uncertainties, economic indicators, and the potential impact on investors.\n\nBut that's not all – we'll also explore the concept of a compass in investing. Think of it as your north star, guiding you through the complexities of today's financial landscape. How can you steer clear of poor decisions in times of uncertainty? I'll draw on timeless principles from Graham and Warren Buffett, discussing the importance of margin of safety, diversification, and separating speculation from sound investment.\n\nStay tuned for a thought-provoking episode that aims to empower you with knowledge and strategies for navigating the markets. Let's jump right in!\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eWelcome back to another episode of The Market Call Show! I'm Louis Llanes, and I'm excited to share some valuable insights with you today. In this episode, we'll be diving into the dynamic world of market fluctuations, economic implications, and uncovering key principles from one of the greatest investment minds, Benjamin Graham. I recently heard a fascinating strategist call with industry experts, including Schwab's Liz Ann Sonders and fixed income analyst Kathy Jones. We'll dissect the discussions on political uncertainties, economic indicators, and the potential impact on investors.\u003c/p\u003e\n\n\u003cp\u003eBut that's not all – we'll also explore the concept of a compass in investing. Think of it as your north star, guiding you through the complexities of today's financial landscape. How can you steer clear of poor decisions in times of uncertainty? I'll draw on timeless principles from Graham and Warren Buffett, discussing the importance of margin of safety, diversification, and separating speculation from sound investment.\u003c/p\u003e\n\n\u003cp\u003eStay tuned for a thought-provoking episode that aims to empower you with knowledge and strategies for navigating the markets. Let's jump right in!\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"\u003cp\u003eWelcome back to another episode of The Market Call Show! I'm Louis Llanes, and I'm excited to share some valuable insights with you today. In this episode, we'll be diving into the dynamic world of market fluctuations, economic implications, and uncovering key principles from one of the greatest investment minds, Benjamin Graham. I recently heard a fascinating strategist call with industry experts, including Schwab's Liz Ann Sonders and fixed income analyst Kathy Jones. We'll dissect the discussions on political uncertainties, economic indicators, and the potential impact on investors.\u003c/p\u003e\r\n\u003cp\u003eBut that's not all – we'll also explore the concept of a compass in investing. Think of it as your north star, guiding you through the complexities of today's financial landscape. How can you steer clear of poor decisions in times of uncertainty? I'll draw on timeless principles from Graham and Warren Buffett, discussing the importance of margin of safety, diversification, and separating speculation from sound investment.\u003c/p\u003e\r\n\u003cp\u003eStay tuned for a thought-provoking episode that aims to empower you with knowledge and strategies for navigating the markets. Let's jump right in!\u003c/p\u003e","date_published":"2023-12-21T12:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/6dd0debd-950e-4a78-a935-62dffd3f2153.mp3","mime_type":"audio/mpeg","size_in_bytes":61200921,"duration_in_seconds":1912}]},{"id":"marketcall.podbean.com/afcaee22-1b71-3459-a793-ad3d9da3c9ec","title":"Navigating Uncertainty | Ep 82","url":"https://podcast.pathtorealwealth.com/082","content_text":"In this episode, Louis talks about the conflicting emotions surrounding current investment landscapes. With the economy appearing uncertain and news causing unease, we explore the principles of stability through two renowned investment books: \"The Intelligent Investor\" and \"The Rule.\" Join us as we dive into Louis' concepts of quality, valuation, and sentiment, and examine how these principles can help investors find their footing amid market noise and market trends. Whether you're a seasoned professional or a curious learner, this episode offers valuable insights to help you weather market storms and make informed investment decisions.\n\nI’m Louis Llanes.  I’ve got a wealth advisory firm that gives comprehensive investment advice and financial planning.  Our clients get structure guidance and investment management to preserve and grow wealth over the long term.  To schedule a free call, go to wealthnetinvest.com.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\n\nAlso please check these out:\nWealthnet Investments\nMedia Appearances \u0026amp; Interviews with Louis\nSpeaking\n\n\n\n ","content_html":"\u003cp\u003eIn this episode, Louis talks about the conflicting emotions surrounding current investment landscapes. With the economy appearing uncertain and news causing unease, we explore the principles of stability through two renowned investment books: \"The Intelligent Investor\" and \"The Rule.\" Join us as we dive into Louis' concepts of quality, valuation, and sentiment, and examine how these principles can help investors find their footing amid market noise and market trends. Whether you're a seasoned professional or a curious learner, this episode offers valuable insights to help you weather market storms and make informed investment decisions.\u003c/p\u003e\n\n\u003cp\u003eI’m Louis Llanes.  I’ve got a wealth advisory firm that gives comprehensive investment advice and financial planning.  Our clients get structure guidance and investment management to preserve and grow wealth over the long term.  To schedule a free call, go to \u003ca href='https://usw2.nyl.as/t1/52/3gns10qu7ye6z5mfnpayxuuxa/0/f686c693d7ef6c6580400ee3c083fc945bae864dfa4aa8f5eccc37b4b3b99488'\u003ewealthnetinvest.com\u003c/a\u003e.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\u003cbr\u003e\nAlso please check these out:\u003cbr\u003e\u003cbr\u003e\n\u003ca href='http://www.wealthnetinvest.com'\u003eWealthnet Investments\u003c/a\u003e\u003cbr\u003e\u003cbr\u003e\n\u003ca href='https://www.pathtorealwealth.com/speaking'\u003eMedia Appearances \u0026amp; Interviews with Louis\u003c/a\u003e\u003cbr\u003e\u003cbr\u003e\n\u003ca href='https://www.pathtorealwealth.com/speaking'\u003eSpeaking\u003c/a\u003e\u003cbr\u003e\u003cbr\u003e\n\u003cbr\u003e\u003cbr\u003e\n\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":"In this episode, Louis talks about the conflicting emotions surrounding current investment landscapes. With the economy appearing uncertain and news causing unease, we explore the principles of stability through two renowned investment books: \"The Intelligent Investor\" and \"The Rule.\" Join us as we dive into Louis' concepts of quality, valuation, and sentiment, and examine how these principles can help investors find their footing amid market noise and market trends. Whether you're a seasoned professional or a curious learner, this episode offers valuable insights to help you weather market storms and make informed investment decisions.","date_published":"2023-08-24T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/65149dd4-aac4-495a-8608-b0f52c30d079.mp3","mime_type":"audio/mpeg","size_in_bytes":42218031,"duration_in_seconds":1319}]},{"id":"marketcall.podbean.com/f5e5a29a-bf47-39fc-ae94-25c0a03f4645","title":"Clients We Refuse to Work With | Ep 81","url":"https://podcast.pathtorealwealth.com/081","content_text":"Revealed: The Clients We Refuse to Work With - Unmasking the Traits of Terrible Investors • Introduction: • Podcast announcer introduces the show, its purpose, and availability on various platforms. • Louis Llanes of Wealth Net Investments introduces himself and expresses his desire to help people become better investors. • Reflects on his career and the realization that some clients unknowingly engage in poor investment practices. • Personal Journey: • Shares his background in economics and finance, highlighting his passion for finding patterns and trends in the economy and investment markets. • Describes the serendipitous discovery of a book that changed his life and led him to pursue an economics degree. • Discusses his professional experiences in the financial industry and the importance of financial planning. • The Role of Probabilistic Thinking: • Emphasizes the significance of thinking in probabilistic terms for successful investing. • Explains the concept of expected value and the importance of considering different scenarios. • Provides examples of how to evaluate investments based on probabilities and expected values. • Argues against the desire for 100% certainty and the need to accept the unknown in investing. • Managing Emotions and Avoiding Impulsive Decisions: • Discusses the detrimental effects of letting emotions guide investment decisions. • Advises listeners to control their emotions and think rationally, focusing on long-term investment goals. • Highlights the importance of risk management and cutting losses to maximize returns. • Shares the pitfalls of being a rearview mirror investor and the need to avoid emotional reactions to short-term market fluctuations. • The Balance of Diversification: • Stresses the importance of diversification in investment portfolios. • Warns against over-diversification that dilutes potential returns and the concentration risk of investing too heavily in a single investment. • Encourages finding the right balance between diversification and concentration based on individual risk profiles and investment goals. • Understanding Investment Cycles and Styles: • Discusses the existence of cycles in both the economy and investment styles. • Cautions against changing investment strategies solely based on short-term trends or being out of favor with a particular investment style. • Highlights the importance of choosing investment approaches with long-term success and robustness. • Conclusion: • Reiterates the importance of probabilistic thinking, diversification, managing emotions, and understanding investment cycles. • Acknowledges the challenges of human nature in investing and the need to resist emotional impulses. • Expresses the intention to provide more timely discussions on current trends and patterns in the investment world. • Encourages listeners to ask questions and engage with the podcast for personalized advice and information. • Outro: • Podcast announcer reminds listeners to subscribe, follow on social media, and visit the website for past episodes. • Encourages leaving reviews and ratings to support the podcast. • Disclaimer about the general nature of the information provided and the importance of seeking personalized advice from qualified professionals.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eRevealed: The Clients We Refuse to Work With - Unmasking the Traits of Terrible Investors • Introduction: • Podcast announcer introduces the show, its purpose, and availability on various platforms. • Louis Llanes of Wealth Net Investments introduces himself and expresses his desire to help people become better investors. • Reflects on his career and the realization that some clients unknowingly engage in poor investment practices. • Personal Journey: • Shares his background in economics and finance, highlighting his passion for finding patterns and trends in the economy and investment markets. • Describes the serendipitous discovery of a book that changed his life and led him to pursue an economics degree. • Discusses his professional experiences in the financial industry and the importance of financial planning. • The Role of Probabilistic Thinking: • Emphasizes the significance of thinking in probabilistic terms for successful investing. • Explains the concept of expected value and the importance of considering different scenarios. • Provides examples of how to evaluate investments based on probabilities and expected values. • Argues against the desire for 100% certainty and the need to accept the unknown in investing. • Managing Emotions and Avoiding Impulsive Decisions: • Discusses the detrimental effects of letting emotions guide investment decisions. • Advises listeners to control their emotions and think rationally, focusing on long-term investment goals. • Highlights the importance of risk management and cutting losses to maximize returns. • Shares the pitfalls of being a rearview mirror investor and the need to avoid emotional reactions to short-term market fluctuations. • The Balance of Diversification: • Stresses the importance of diversification in investment portfolios. • Warns against over-diversification that dilutes potential returns and the concentration risk of investing too heavily in a single investment. • Encourages finding the right balance between diversification and concentration based on individual risk profiles and investment goals. • Understanding Investment Cycles and Styles: • Discusses the existence of cycles in both the economy and investment styles. • Cautions against changing investment strategies solely based on short-term trends or being out of favor with a particular investment style. • Highlights the importance of choosing investment approaches with long-term success and robustness. • Conclusion: • Reiterates the importance of probabilistic thinking, diversification, managing emotions, and understanding investment cycles. • Acknowledges the challenges of human nature in investing and the need to resist emotional impulses. • Expresses the intention to provide more timely discussions on current trends and patterns in the investment world. • Encourages listeners to ask questions and engage with the podcast for personalized advice and information. • Outro: • Podcast announcer reminds listeners to subscribe, follow on social media, and visit the website for past episodes. • Encourages leaving reviews and ratings to support the podcast. • Disclaimer about the general nature of the information provided and the importance of seeking personalized advice from qualified professionals.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"Revealed: The Clients We Refuse to Work With - Unmasking the Traits of Terrible Investors • Introduction: • Podcast announcer introduces the show, its purpose, and availability on various platforms. • Louis Llanes of Wealth Net Investments introduces himself and expresses his desire to help people become better investors. • Reflects on his career and the realization that some clients unknowingly engage in poor investment practices. • Personal Journey: • Shares his background in economics and finance, highlighting his passion for finding patterns and trends in the economy and investment markets. • Describes the serendipitous discovery of a book that changed his life and led him to pursue an economics degree. • Discusses his professional experiences in the financial industry and the importance of financial planning. • The Role of Probabilistic Thinking: • Emphasizes the significance of thinking in probabilistic terms for successful investing. • Explains the concept of expected value and the importance of considering different scenarios. • Provides examples of how to evaluate investments based on probabilities and expected values. • Argues against the desire for 100% certainty and the need to accept the unknown in investing. • Managing Emotions and Avoiding Impulsive Decisions: • Discusses the detrimental effects of letting emotions guide investment decisions. • Advises listeners to control their emotions and think rationally, focusing on long-term investment goals. • Highlights the importance of risk management and cutting losses to maximize returns. • Shares the pitfalls of being a rearview mirror investor and the need to avoid emotional reactions to short-term market fluctuations. • The Balance of Diversification: • Stresses the importance of diversification in investment portfolios. • Warns against over-diversification that dilutes potential returns and the concentration risk of investing too heavily in a single investment. • Encourages finding the right balance between diversification and concentration based on individual risk profiles and investment goals. • Understanding Investment Cycles and Styles: • Discusses the existence of cycles in both the economy and investment styles. • Cautions against changing investment strategies solely based on short-term trends or being out of favor with a particular investment style. • Highlights the importance of choosing investment approaches with long-term success and robustness. • Conclusion: • Reiterates the importance of probabilistic thinking, diversification, managing emotions, and understanding investment cycles. • Acknowledges the challenges of human nature in investing and the need to resist emotional impulses. • Expresses the intention to provide more timely discussions on current trends and patterns in the investment world. • Encourages listeners to ask questions and engage with the podcast for personalized advice and information. ","date_published":"2023-07-27T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/ffa336a4-8de7-405a-b529-a142e74ba2ad.mp3","mime_type":"audio/mpeg","size_in_bytes":59282926,"duration_in_seconds":1852}]},{"id":"marketcall.podbean.com/dcd18fc4-f3ca-3158-b6e3-81a399f6fd89","title":"Top 5 Questions: Your Advisor’s Critical Role in Spousal Support | Episode 80","url":"https://podcast.pathtorealwealth.com/080","content_text":"Title: Top 5 Questions: Your Advisor’s Critical Role in Spousal Support | Ep 80\n\nKeywords:  spouse, advisors, people, wealth, cpa, titling, feed, podcast, investments, wealth advisor, coordinate, nest, question, passes, involved, call, accounts, situation, calls, Wealthnet Investments, Louis Llanes, death, spouse, planning, will, attorney, trust\n\nPodcast Mentions:\n\n10-Point Checklist for Worry Free Retirement, https://www.retireready.live\n\nSocial Media Links:\n\nTwitter: /louisllanes\n\nFacebook: /louisllanes\n\n                /marketcallshow\n\nLinkedIn: @louisllanes\n\nYouTube Channel: https://www.youtube.com/channel/UCZZBFVZq3wIkZtToH-StTYw\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nShownotes\n\nOn this week's latest episode of the Market Call Show with Louis Llanes--well actually, this is our first episode from our new playlist called Ask Wealthnet-a periodic podcast that answers your questions on financial strategies, retirement planning, and proven best practices that will empower you to make informed decisions about your wealth management.\n\nIn this episode, we discuss five essential questions that come from our own clients and felt it imperative to share.\n\nThe importance of all parties being active with the financial discussions\nHow to prepare yourself financially before the passing of a spouse\nThe essentials of having an estate plan\nWhat your CPA and attorney has to do with being ready\nKnowing your financial team is imperative for a successful financial future.\n\n\nJoin us on this special episode of Ask Wealthnet to gain valuable knowledge and guidance on the importance of being actively engaged in your household finances. By taking control of your financial well-being, you can secure a brighter future for yourself and your loved ones.\n\nWe’ll be answering your questions—please feel free to email your questions to hello@louisllanes.com.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eTitle: Top 5 Questions: Your Advisor’s Critical Role in Spousal Support | Ep 80\u003c/p\u003e\n\n\u003cp\u003eKeywords:  spouse, advisors, people, wealth, cpa, titling, feed, podcast, investments, wealth advisor, coordinate, nest, question, passes, involved, call, accounts, situation, calls, Wealthnet Investments, Louis Llanes, death, spouse, planning, will, attorney, trust\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003e10-Point Checklist for Worry Free Retirement, https://www.retireready.live\u003c/p\u003e\n\n\u003cp\u003eSocial Media Links:\u003c/p\u003e\n\n\u003cp\u003eTwitter: /louisllanes\u003c/p\u003e\n\n\u003cp\u003eFacebook: /louisllanes\u003c/p\u003e\n\n\u003cp\u003e                /marketcallshow\u003c/p\u003e\n\n\u003cp\u003eLinkedIn: @louisllanes\u003c/p\u003e\n\n\u003cp\u003eYouTube Channel: https://www.youtube.com/channel/UCZZBFVZq3wIkZtToH-StTYw\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eShownotes\u003c/p\u003e\n\n\u003cp\u003eOn this week's latest episode of the Market Call Show with Louis Llanes--well actually, this is our first episode from our new playlist called\u003cem\u003e Ask Wealthnet\u003c/em\u003e-a periodic podcast that answers your questions on financial strategies, retirement planning, and proven best practices that will empower you to make informed decisions about your wealth management.\u003c/p\u003e\n\n\u003cp\u003eIn this episode, we discuss five essential questions that come from our own clients and felt it imperative to share.\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe importance of all parties being active with the financial discussions\u003c/li\u003e\n\u003cli\u003eHow to prepare yourself financially before the passing of a spouse\u003c/li\u003e\n\u003cli\u003eThe essentials of having an estate plan\u003c/li\u003e\n\u003cli\u003eWhat your CPA and attorney has to do with being ready\u003c/li\u003e\n\u003cli\u003eKnowing your financial team is imperative for a successful financial future.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eJoin us on this special episode of\u003cem\u003e Ask Wealthnet\u003c/em\u003e to gain valuable knowledge and guidance on the importance of being actively engaged in your household finances. By taking control of your financial well-being, you can secure a brighter future for yourself and your loved ones.\u003c/p\u003e\n\n\u003cp\u003eWe’ll be answering your questions—please feel free to email your questions to \u003ca href='mailto:hello@louisllanes.com'\u003ehello@louisllanes.com\u003c/a\u003e.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"On this week's latest episode of the Market Call Show with Louis Llanes--well actually, this is our first episode from our new playlist called Ask Wealthnet-a periodic podcast that answers your questions on financial strategies, retirement planning, and proven best practices that will empower you to make informed decisions about your wealth management.\r\n\r\nIn this episode, we discuss five essential questions that come from our own clients and felt it imperative to share:\r\nThe importance of all parties being active with the financial discussions\r\nHow to prepare yourself financially before the passing of a spouse\r\nThe essentials of having an estate plan\r\nWhat your CPA and attorney has to do with being ready\r\nKnowing your financial team is imperative for a successful financial future.\r\n\r\nJoin us on this special episode of Ask Wealthnet to gain valuable knowledge and guidance on the importance of being actively engaged in your household finances. By taking control of your financial well-being, you can secure a brighter future for yourself and your loved ones.\r\n\r\nWe’ll be answering your questions—please feel free to email your questions to hello@louisllanes.com.","date_published":"2023-06-15T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/7ff74870-c694-4cfe-9348-e5bd48693e56.mp3","mime_type":"audio/mpeg","size_in_bytes":27006836,"duration_in_seconds":843}]},{"id":"marketcall.podbean.com/d39d9c9e-11cb-3277-8a37-213db8994858","title":"Avoid These 5 Mistakes Before You Retire | Ep 79","url":"https://podcast.pathtorealwealth.com/079","content_text":"Title:  Avoid These 5 Mistakes Before You Retire | Episode 79\n\nWelcome back to our Podbean channel, where we provide valuable insights on financial planning and retirement. In today's episode, we're diving into the fascinating world of pre-retirement planning and discussing common mistakes to avoid. Stay tuned as we cover a range of crucial topics that will set you on the path to a worry-free retirement.\n\n[0:00] Segment 1: Exploring the risk profile of a pre-retirement window.\n\n[2:16] Segment 2: Maximizing Retirement Benefits - An in-depth look at your company's retirement package.\n\n[4:20] Segment 3: Rolling over into an IRA - The pros and cons of rolling over a 401k.\n\n[7:07] Segment 4: Mastering the Pre-Retirement Budget and Taxes - Insights on budgeting and tax considerations.\n\n[9:53] Segment 5: Stress Testing Your Portfolio - Preparing for a secure retirement through portfolio analysis.\n\n[12:41] Segment 6: Determining Your Risk Profile - Avoiding the five worst mistakes near retirees make.\n\n[15:08] Segment 7: Accurately Calculating Income in Retirement - Tips for avoiding pitfalls in income calculations.\n\n[16:51] Segment 8: Carving High Debt into Your Retirement Plan - Strategies for managing debt and costs.\n\nHost: That wraps up today's episode on pre-retirement planning and the crucial steps you need to take for a worry-free retirement. We hope you found the insights and strategies shared here valuable. Don't forget to like, subscribe, and hit the notification bell to stay updated with our future episodes. \n\nPodcast Mentions:\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n \n\nSocial Media Links:\n\nFacebook: /Louisllanes\n\nTwitter: @LouisLlanes\n\nLinkedIn: /LouisLlanes","content_html":"\u003cp\u003eTitle:  Avoid These 5 Mistakes Before You Retire | Episode 79\u003c/p\u003e\n\n\u003cp\u003eWelcome back to our Podbean channel, where we provide valuable insights on financial planning and retirement. In today's episode, we're diving into the fascinating world of pre-retirement planning and discussing common mistakes to avoid. Stay tuned as we cover a range of crucial topics that will set you on the path to a worry-free retirement.\u003c/p\u003e\n\n\u003cp\u003e[0:00] Segment 1: Exploring the risk profile of a pre-retirement window.\u003c/p\u003e\n\n\u003cp\u003e[2:16] Segment 2: Maximizing Retirement Benefits - An in-depth look at your company's retirement package.\u003c/p\u003e\n\n\u003cp\u003e[4:20] Segment 3: Rolling over into an IRA - The pros and cons of rolling over a 401k.\u003c/p\u003e\n\n\u003cp\u003e[7:07] Segment 4: Mastering the Pre-Retirement Budget and Taxes - Insights on budgeting and tax considerations.\u003c/p\u003e\n\n\u003cp\u003e[9:53] Segment 5: Stress Testing Your Portfolio - Preparing for a secure retirement through portfolio analysis.\u003c/p\u003e\n\n\u003cp\u003e[12:41] Segment 6: Determining Your Risk Profile - Avoiding the five worst mistakes near retirees make.\u003c/p\u003e\n\n\u003cp\u003e[15:08] Segment 7: Accurately Calculating Income in Retirement - Tips for avoiding pitfalls in income calculations.\u003c/p\u003e\n\n\u003cp\u003e[16:51] Segment 8: Carving High Debt into Your Retirement Plan - Strategies for managing debt and costs.\u003c/p\u003e\n\n\u003cp\u003eHost: That wraps up today's episode on pre-retirement planning and the crucial steps you need to take for a worry-free retirement. We hope you found the insights and strategies shared here valuable. Don't forget to like, subscribe, and hit the notification bell to stay updated with our future episodes. \u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eSocial Media Links:\u003c/p\u003e\n\n\u003cp\u003eFacebook: /Louisllanes\u003c/p\u003e\n\n\u003cp\u003eTwitter: @LouisLlanes\u003c/p\u003e\n\n\u003cp\u003eLinkedIn: /LouisLlanes\u003c/p\u003e","summary":"Welcome back to our Podbean channel, where we provide valuable insights on financial planning and retirement. In today's episode, we're diving into the fascinating world of pre-retirement planning and discussing common mistakes to avoid. Stay tuned as we cover a range of crucial topics that will set you on the path to a worry-free retirement.\r\n\r\n[0:00] Segment 1: Exploring the risk profile of a pre-retirement window.\r\n[2:16] Segment 2: Maximizing Retirement Benefits - An in-depth look at your company's retirement package.\r\n[4:20] Segment 3: Rolling over into an IRA - The pros and cons of rolling over a 401k.\r\n[7:07] Segment 4: Mastering the Pre-Retirement Budget and Taxes - Insights on budgeting and tax considerations.\r\n[9:53] Segment 5: Stress Testing Your Portfolio - Preparing for a secure retirement through portfolio analysis.\r\n[12:41] Segment 6: Determining Your Risk Profile - Avoiding the five worst mistakes near retirees make.\r\n[15:08] Segment 7: Accurately Calculating Income in Retirement - Tips for avoiding pitfalls in income calculations.\r\n[16:51] Segment 8: Carving High Debt into Your Retirement Plan - Strategies for managing debt and costs.","date_published":"2023-06-01T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/5fb6a3e6-aa85-4571-baa4-b69346b19fd3.mp3","mime_type":"audio/mpeg","size_in_bytes":39983981,"duration_in_seconds":1222}]},{"id":"marketcall.podbean.com/a8e454c5-2bbd-36c0-a3b7-d2e1cc70d3d8","title":"Mastering Your Personal Economy | Episode 78","url":"https://podcast.pathtorealwealth.com/078","content_text":"Join us for Episode 78 as Louis takes into the complexities of managing your personal economy amidst the noise of the markets and media. He’ll provide valuable insights and practical strategies to help you navigate these challenges effectively.\n\nIn the first segment, explore the crucial distinction between the broader economy and your personal economy. Gain a deeper understanding of the impact of bad news on your financial well-being and discover how to prioritize what truly matters.\n\nMoving on, he dives into the world of media and noise. Discover important strategies to eliminate noise and evaluate the relevance of information in a chaotic environment.\n\nNext, Louis discusses the cycle of emotions and how to avoid noise during turbulent times. Gain valuable strategies for dealing with inflation, interest rate challenges, and short-term declines. We draw inspiration from Marcus Aurelius, the Roman Emperor, to help you craft a detailed flight plan for financial success.\n\nIn the final segment, Louis provides a step-by-step blueprint to define your personal economy and map its future. Learn how to identify and prioritize goals, align your actions with your purpose and values, and develop innovative solutions to overcome challenges. We also explore how combining creativity and logistical thinking drives happiness in your financial journey.\n\nTune in to gain actionable strategies and wisdom to take control of your personal economy. Don't miss out on this enriching episode! Subscribe to our podcast on Podbean to access all past episodes and never miss an update.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eJoin us for Episode 78 as Louis takes into the complexities of managing your personal economy amidst the noise of the markets and media. He’ll provide valuable insights and practical strategies to help you navigate these challenges effectively.\u003c/p\u003e\n\n\u003cp\u003eIn the first segment, explore the crucial distinction between the broader economy and your personal economy. Gain a deeper understanding of the impact of bad news on your financial well-being and discover how to prioritize what truly matters.\u003c/p\u003e\n\n\u003cp\u003eMoving on, he dives into the world of media and noise. Discover important strategies to eliminate noise and evaluate the relevance of information in a chaotic environment.\u003c/p\u003e\n\n\u003cp\u003eNext, Louis discusses the cycle of emotions and how to avoid noise during turbulent times. Gain valuable strategies for dealing with inflation, interest rate challenges, and short-term declines. We draw inspiration from Marcus Aurelius, the Roman Emperor, to help you craft a detailed flight plan for financial success.\u003c/p\u003e\n\n\u003cp\u003eIn the final segment, Louis provides a step-by-step blueprint to define your personal economy and map its future. Learn how to identify and prioritize goals, align your actions with your purpose and values, and develop innovative solutions to overcome challenges. We also explore how combining creativity and logistical thinking drives happiness in your financial journey.\u003c/p\u003e\n\n\u003cp\u003eTune in to gain actionable strategies and wisdom to take control of your personal economy. Don't miss out on this enriching episode! Subscribe to our podcast on Podbean to access all past episodes and never miss an update.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"Join us for Episode 78 as Louis takes into the complexities of managing your personal economy amidst the noise of the markets and media. He’ll provide valuable insights and practical strategies to help you navigate these challenges effectively.\r\n\r\nIn the first segment, explore the crucial distinction between the broader economy and your personal economy. Gain a deeper understanding of the impact of bad news on your financial well-being and discover how to prioritize what truly matters.\r\n\r\nMoving on, he dives into the world of media and noise. Discover important strategies to eliminate noise and evaluate the relevance of information in a chaotic environment.\r\n\r\nNext, Louis discusses the cycle of emotions and how to avoid noise during turbulent times. Gain valuable strategies for dealing with inflation, interest rate challenges, and short-term declines. We draw inspiration from Marcus Aurelius, the Roman Emperor, to help you craft a detailed flight plan for financial success.\r\n\r\nIn the final segment, Louis provides a step-by-step blueprint to define your personal economy and map its future. Learn how to identify and prioritize goals, align your actions with your purpose and values, and develop innovative solutions to overcome challenges. We also explore how combining creativity and logistical thinking drives happiness in your financial journey.","date_published":"2023-05-25T16:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/df11eddf-855a-478b-a079-9ee2bc880638.mp3","mime_type":"audio/mpeg","size_in_bytes":104603386,"duration_in_seconds":3268}]},{"id":"marketcall.podbean.com/5e0027d4-6e75-38fb-9ce0-a2eeb387460a","title":"Conquering Market Flaws | Corey Hoffstein | Episode 77","url":"https://podcast.pathtorealwealth.com/077","content_text":"On this episode of the Market Call Show, I delve into the fascinating world of market dynamics and investor behavior with my guest, Corey Hoffstein. We'll explore the impact of structural market shocks and how they have reshaped the financial landscape. From liquidity cascades and return-stacking to the influence of the FED, we uncover the forces driving market fundamentals. We also dive into the ongoing debate between active and passive investors and the rise of target date funds. Discover the intricate relationship between cash flow and capital markets, and the emergence of options as a savings vehicle. Learn about the risks and benefits of volatility targeting strategies and the role of quant methodologies in portfolio management. \n\nCorey gets personal and shares his journey in the finance industry and his insights into building an ideal portfolio. Don't miss this episode packed with valuable knowledge for navigating today's complex markets.\n\nPodcast Mentions:  \nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com \nSchedule a call and free portfolio review http://www.wealthnetinvestments.com \nSocial Media Links: \nTwitter: @choffstein\nLinkedIn: /coreyhoffstein\nWebsite: https://www.thinknewfound.com/\n \nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n \n","content_html":"\u003cp\u003eOn this episode of the Market Call Show, I delve into the fascinating world of market dynamics and investor behavior with my guest, Corey Hoffstein. We'll explore the impact of structural market shocks and how they have reshaped the financial landscape. From liquidity cascades and return-stacking to the influence of the FED, we uncover the forces driving market fundamentals. We also dive into the ongoing debate between active and passive investors and the rise of target date funds. Discover the intricate relationship between cash flow and capital markets, and the emergence of options as a savings vehicle. Learn about the risks and benefits of volatility targeting strategies and the role of quant methodologies in portfolio management. \u003c/p\u003e\n\n\u003cp\u003eCorey gets personal and shares his journey in the finance industry and his insights into building an ideal portfolio. Don't miss this episode packed with valuable knowledge for navigating today's complex markets.\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:  \u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com \u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com \u003c/p\u003e\n\u003cp\u003eSocial Media Links: \u003cbr\u003e\nTwitter: @choffstein\u003cbr\u003e\nLinkedIn: /coreyhoffstein\u003cbr\u003e\nWebsite: https://www.thinknewfound.com/\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003c/p\u003e","summary":"On this episode of the Market Call Show, I delve into the fascinating world of market dynamics and investor behavior with my guest, Corey Hoffstein. We'll explore the impact of structural market shocks and how they have reshaped the financial landscape. From liquidity cascades and return-stacking to the influence of the FED, we uncover the forces driving market fundamentals. We also dive into the ongoing debate between active and passive investors and the rise of target date funds. Discover the intricate relationship between cash flow and capital markets, and the emergence of options as a savings vehicle. Learn about the risks and benefits of volatility targeting strategies and the role of quant methodologies in portfolio management. \r\n\r\nCorey gets personal and shares his journey in the finance industry and his insights into building an ideal portfolio. Don't miss this episode packed with valuable knowledge for navigating today's complex markets.","date_published":"2023-05-18T15:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/4c72b229-a852-42c8-9217-d8c88596fc69.mp3","mime_type":"audio/mpeg","size_in_bytes":186693071,"duration_in_seconds":5834}]},{"id":"marketcall.podbean.com/834390a7-ac2e-370e-9834-b923402e128d","title":"Blueprint to Make Money In Stocks | Episode 76","url":"https://podcast.pathtorealwealth.com/076","content_text":"Keywords:  companies, investments, scorecard, stocks, market, process, financial, anomalies, screening, factors, technical, predictability, health, opportunity, talking, business, excess returns, universe, quality, higher, Wealthnet Investments, Louis Llanes\n\nPodcast Mentions: \n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com \n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com \n\nWelcome to today's podcast where we're going to talk about why having a process is important, specifically when it comes to managing an equity portfolio. This episode is for two types of listeners - those who entrust their investment decisions to us and want to understand how we create their portfolios, and those who prefer to make their own investment decisions. Recently, we've been refining our processes and we'd like to give you a high-level overview of what we do behind the scenes when building portfolios. We'll cover three main aspects - screening, assessing opportunities, and portfolio structure.\n\nIn a nutshell, having a process means having a routine and being disciplined. It's crucial to establish guidelines that will help you go through a checklist to ensure that you're investing your capital in areas that have the potential for excess returns. Do your research on stocks that look promising, but also consider all the factors that make a company valuable. Have guidelines on how much you're willing to invest in specific sectors or industries. By having a clear and consistent process, you'll be able to make informed investment decisions that can help you achieve your financial goals.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eKeywords:  companies, investments, scorecard, stocks, market, process, financial, anomalies, screening, factors, technical, predictability, health, opportunity, talking, business, excess returns, universe, quality, higher, Wealthnet Investments, Louis Llanes\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions: \u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com \u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review \u003ca href='http://www.wealthnetinvestments.com'\u003ehttp://www.wealthnetinvestments.com \u003c/a\u003e\u003c/p\u003e\n\n\u003cp class=\"paragraph\" style=\"vertical-align:baseline;\"\u003eWelcome to today's podcast where we're going to talk about why having a process is important, specifically when it comes to managing an equity portfolio. This episode is for two types of listeners - those who entrust their investment decisions to us and want to understand how we create their portfolios, and those who prefer to make their own investment decisions. Recently, we've been refining our processes and we'd like to give you a high-level overview of what we do behind the scenes when building portfolios. We'll cover three main aspects - screening, assessing opportunities, and portfolio structure.\u003c/p\u003e\n\n\u003cp class=\"paragraph\" style=\"vertical-align:baseline;\"\u003eIn a nutshell, having a process means having a routine and being disciplined. It's crucial to establish guidelines that will help you go through a checklist to ensure that you're investing your capital in areas that have the potential for excess returns. Do your research on stocks that look promising, but also consider all the factors that make a company valuable. Have guidelines on how much you're willing to invest in specific sectors or industries. By having a clear and consistent process, you'll be able to make informed investment decisions that can help you achieve your financial goals.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"Welcome to today's podcast where we're going to talk about why having a process is important, specifically when it comes to managing an equity portfolio. This episode is for two types of listeners - those who entrust their investment decisions to us and want to understand how we create their portfolios, and those who prefer to make their own investment decisions. Recently, we've been refining our processes and we'd like to give you a high-level overview of what we do behind the scenes when building portfolios. We'll cover three main aspects - screening, assessing opportunities, and portfolio structure.\r\n\r\nIn a nutshell, having a process means having a routine and being disciplined. It's crucial to establish guidelines that will help you go through a checklist to ensure that you're investing your capital in areas that have the potential for excess returns. Do your research on stocks that look promising, but also consider all the factors that make a company valuable. Have guidelines on how much you're willing to invest in specific sectors or industries. By having a clear and consistent process, you'll be able to make informed investment decisions that can help you achieve your financial goals.","date_published":"2023-05-11T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/54cbefe9-abd8-46f1-8363-2cdb6da8b161.mp3","mime_type":"audio/mpeg","size_in_bytes":23824651,"duration_in_seconds":744}]},{"id":"marketcall.podbean.com/45ccda12-22bd-3113-b81e-1f36e09ae718","title":"Bull Speed or Yield Curve Ahead | Episode 75","url":"https://podcast.pathtorealwealth.com/075","content_text":"Keywords:  investor, stocks, returns, people, risk, talking, problems, headlines, factors, growth, long term, move, optimizing, higher, fixed income market, create, fixed income, valuations, forecast, goal, bull market, yield curve, Louis Llanes, Wealthnet Investments \n\nPodcast Mentions:  \nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com \nSchedule a call and free portfolio review http://www.wealthnetinvestments.com \nSocial Media Links: \nFacebook: /marketcallshow\n /wealthnetinvestments\nTwitter: /louisllanes\nLinkedIn: /louisllanes\n\nBull Speed or Yield Curve Ahead | Episode 75\n\n\nWelcome to The Market Call Show! It's no secret that the current state of the economy and stock market has left many investors feeling confused. But, there are some indications in the charts that show some good news on the horizon. \nIn this episode, we'll be discussing opportunities for earning returns in the near term and creating a long-term strategy. We'll be looking beyond negative headlines, such as layoffs, elections, debt, and geopolitical tensions. Instead, we'll be focusing on why it's crucial to think slow, look long-term, and have a diversified portfolio.\nSo, if you're interested in learning more about the current state of the market and how to make the most of your investments, then stay tuned. This episode will provide valuable insights to help you navigate the market successfully. Let's dive in!\nRemember to check out our YouTube channel and subscribe to stay up-to-date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eKeywords:  investor, stocks, returns, people, risk, talking, problems, headlines, factors, growth, long term, move, optimizing, higher, fixed income market, create, fixed income, valuations, forecast, goal, bull market, yield curve, Louis Llanes, Wealthnet Investments \u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:  \u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com \u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com \u003cbr\u003e\nSocial Media Links: \u003cbr\u003e\nFacebook: /marketcallshow\u003cbr\u003e\n /wealthnetinvestments\u003cbr\u003e\nTwitter: /louisllanes\u003cbr\u003e\nLinkedIn: /louisllanes\u003c/p\u003e\n\n\u003cp\u003eBull Speed or Yield Curve Ahead | Episode 75\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nWelcome to The Market Call Show! It's no secret that the current state of the economy and stock market has left many investors feeling confused. But, there are some indications in the charts that show some good news on the horizon. \u003cbr\u003e\nIn this episode, we'll be discussing opportunities for earning returns in the near term and creating a long-term strategy. We'll be looking beyond negative headlines, such as layoffs, elections, debt, and geopolitical tensions. Instead, we'll be focusing on why it's crucial to think slow, look long-term, and have a diversified portfolio.\u003cbr\u003e\nSo, if you're interested in learning more about the current state of the market and how to make the most of your investments, then stay tuned. This episode will provide valuable insights to help you navigate the market successfully. Let's dive in!\u003cbr\u003e\nRemember to check out our YouTube channel and subscribe to stay up-to-date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"Welcome to The Market Call Show! It's no secret that the current state of the economy and stock market has left many investors feeling confused. But, there are some indications in the charts that show some good news on the horizon. \r\n\r\nIn this episode, we'll be discussing opportunities for earning returns in the near term and creating a long-term strategy. We'll be looking beyond negative headlines, such as layoffs, elections, debt, and geopolitical tensions. Instead, we'll be focusing on why it's crucial to think slow, look long-term, and have a diversified portfolio.\r\n\r\nSo, if you're interested in learning more about the current state of the market and how to make the most of your investments, then stay tuned. This episode will provide valuable insights to help you navigate the market successfully. Let's dive in!","date_published":"2023-05-04T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/3b9b14e6-1c24-4d6d-bac3-bdf72a0be4d3.mp3","mime_type":"audio/mpeg","size_in_bytes":63370251,"duration_in_seconds":1980}]},{"id":"marketcall.podbean.com/320aea02-81f2-345b-bdf5-16b7048eef6b","title":"Martin Pring On A Bull Market Outlook | Episode 74","url":"https://podcast.pathtorealwealth.com/074","content_text":"Keywords: book, indicators, technical analysis, cycle, stocks, market, momentum, wrote, CMT, commodities, people, business, secular trend, stock market, monthly charts, economics, trend, peaks, bull market, trough, Louis Llanes, Wealthnet Investments, Financial Freedom Blueprint, Martin Pring, Chartered Market Technician\n\nPodcast Mentions:\n\nMartin Pring’s website: www.pring.com\n\nTwitter: @martin_pring\n\nLinkedIn: Martin Pring\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nMartin Pring On A Bull Market Outlook | Episode 74\n\nIt was my honor to welcome Martin Pring as my guest this week on The Market Call Show. Pring is an icon in the industry of technical analysis and has published more than 20 books on the subject.  We discuss his background, thoughts on the current state of the market and his appearance at the upcoming CMT 50th Symposium in New York City.\n\nDuring our conversation, we discuss:\n\nPring’s start from economics to technical analysis.\nHis contribution to the industry as a prolific author\nThe cautious approach to the current market conditions\nPring’s upcoming presentation at the CMT 50th symposium\n\n\nWe hope you find the discussion informative and insightful.  Remember to check out our YouTube channel and subscribe to stay up to date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\n\n \n\nPLUS: Whenever you're ready... here are three ways I can help you prepare for retirement: \n\n1.  Listen to the Market Call Show Podcast or Watch on YoutubeOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here  \n\n2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here\n\n3.  Work with me one-on-oneIf you would like to talk with me about planning and investing for your future. – Click here\n\n ","content_html":"\u003cp\u003eKeywords: book, indicators, technical analysis, cycle, stocks, market, momentum, wrote, CMT, commodities, people, business, secular trend, stock market, monthly charts, economics, trend, peaks, bull market, trough, Louis Llanes, Wealthnet Investments, Financial Freedom Blueprint, Martin Pring, Chartered Market Technician\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eMartin Pring’s website: \u003ca href='http://www.pring.com'\u003ewww.pring.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eTwitter: @martin_pring\u003c/p\u003e\n\n\u003cp\u003eLinkedIn: Martin Pring\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eMartin Pring On A Bull Market Outlook | Episode 74\u003c/p\u003e\n\n\u003cp\u003eIt was my honor to welcome Martin Pring as my guest this week on The Market Call Show. Pring is an icon in the industry of technical analysis and has published more than 20 books on the subject.  We discuss his background, thoughts on the current state of the market and his appearance at the upcoming CMT 50th Symposium in New York City.\u003c/p\u003e\n\n\u003cp\u003eDuring our conversation, we discuss:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003ePring’s start from economics to technical analysis.\u003c/li\u003e\n\u003cli\u003eHis contribution to the industry as a prolific author\u003c/li\u003e\n\u003cli\u003eThe cautious approach to the current market conditions\u003c/li\u003e\n\u003cli\u003ePring’s upcoming presentation at the CMT 50th symposium\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWe hope you find the discussion informative and insightful.  Remember to check out our YouTube channel and subscribe to stay up to date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; Listen to the Market Call Show Podcast or Watch on Youtube\u003c/strong\u003e\u003cbr /\u003eOne of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.\u0026nbsp; I share this on my podcast the Market Call Show.\u0026nbsp; To watch on Youtube\u0026nbsp; \u0026ndash; \u003ca href=\"https://youtu.be/7bM-geh0pyE\"\u003eClick here \u003c/a\u003e\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; Read the\u003cem\u003e Financial Freedom Blueprint:\u0026nbsp; 7 Steps to Accelerate Your Path to Prosperity \u003c/em\u003e\u003c/strong\u003e\u003cem\u003e\u003cbr /\u003e\u003c/em\u003eIf you\u0026rsquo;re ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy \u0026ndash; \u003ca href=\"https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; Work with me one-on-one\u003c/strong\u003e\u003cbr /\u003eIf you would like to talk with me about planning and investing for your future. \u0026ndash; \u003ca href=\"https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e\"\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e","summary":"It was my honor to welcome Martin Pring as my guest this week on The Market Call Show. Pring is an icon in the industry of technical analysis and has published more than 20 books on the subject.  We discuss his background, thoughts on the current state of the market and his appearance at the upcoming CMT 50th Symposium in New York City.\r\n\r\nDuring our conversation, we discuss:\r\nPring’s start from economics to technical analysis.\r\nHis contribution to the industry as a prolific author\r\nThe cautious approach to the current market conditions\r\nPring’s upcoming presentation at the CMT 50th Symposium\r\n\r\nWe hope you find the discussion informative and insightful.","date_published":"2023-04-20T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/76a156df-3cb4-4afd-8694-275d6f7771e8.mp3","mime_type":"audio/mpeg","size_in_bytes":69484535,"duration_in_seconds":2144}]},{"id":"marketcall.podbean.com/181d84b4-a99f-3a93-b215-1a0882e8a5e0","title":"Looking Beyond Market Theories | John Kosar CMT | Episode 73","url":"https://podcast.pathtorealwealth.com/073","content_text":"Episode 73: Looking Beyond Market Theories with John Kosar CMT\n\nKeywords: trading floor, s\u0026amp;p, market, model, called, trading, floor, trend, people, trade, money, chart, futures, chart patterns, moving, pit, happening, buy, John Kosar, Louis Llanes, Financial Freedom Blueprint, CMT\n\nPodcast Mentions:\n\nJohn Kosar, LinkedIn : https://www.linkedin.com/in/johnjkosar/\n\nAsbury Research: https://asburyresearch.com/\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nLooking Beyond Market Theories| John Kosar, CMT | Episode 73\n\nJoin us on \"The Market Call Show\" this week as we welcome John Kosar, CMT and Chief Market Strategist for Asbury Research with over 40 years of experience analyzing and forecasting global financial markets. In this episode, John shares his background in the industry and his approach to the markets, as well as providing insights into his upcoming presentation at the CMT 50th Anniversary Symposium.\n\nDuring our conversation, you'll discover how John combines technical analysis and fundamentals to find tactical opportunities, and learn more about his CMT 50th Presentation on Enhanced Technical Analysis with Data-driven Models.\n\nWe hope you find the discussion informative and insightful.  Remember to check out our YouTube channel and subscribe to stay up-to-date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.","content_html":"\u003cp\u003eEpisode 73: Looking Beyond Market Theories with John Kosar CMT\u003c/p\u003e\n\n\u003cp\u003eKeywords: trading floor, s\u0026p, market, model, called, trading, floor, trend, people, trade, money, chart, futures, chart patterns, moving, pit, happening, buy, John Kosar, Louis Llanes, Financial Freedom Blueprint, CMT\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eJohn Kosar, LinkedIn : \u003ca href='https://www.linkedin.com/in/johnjkosar/'\u003ehttps://www.linkedin.com/in/johnjkosar/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eAsbury Research: \u003ca href='https://asburyresearch.com/'\u003ehttps://asburyresearch.com/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eLooking Beyond Market Theories| John Kosar, CMT | Episode 73\u003c/p\u003e\n\n\u003cp\u003eJoin us on \"The Market Call Show\" this week as we welcome John Kosar, CMT and Chief Market Strategist for Asbury Research with over 40 years of experience analyzing and forecasting global financial markets. In this episode, John shares his background in the industry and his approach to the markets, as well as providing insights into his upcoming presentation at the CMT 50th Anniversary Symposium.\u003c/p\u003e\n\n\u003cp\u003eDuring our conversation, you'll discover how John combines technical analysis and fundamentals to find tactical opportunities, and learn more about his CMT 50th Presentation on \u003cem\u003eEnhanced Technical Analysis with Data-driven Models\u003c/em\u003e.\u003c/p\u003e\n\n\u003cp\u003eWe hope you find the discussion informative and insightful.  Remember to check out our YouTube channel and subscribe to stay up-to-date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\u003c/p\u003e","summary":"","date_published":"2023-04-13T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/6a2b0ab1-2cb2-452a-b8c0-d8cb78760275.mp3","mime_type":"audio/mpeg","size_in_bytes":107897895,"duration_in_seconds":3344}]},{"id":"marketcall.podbean.com/abeffedd-8053-3c0f-9444-55d2993253da","title":"Laurens Bensdorp on Trading in Any Market Condition | Episode 72","url":"https://podcast.pathtorealwealth.com/072","content_text":"Episode 72:  Laurens Bensdorp on Trading in Any Market Condition\n\nKeywords: trading, people, system, stocks, trend, drawdown, money, futures, long, big, book, etfs, stock market, short, market, diversification, fundamental, accounts, belief, Louis Llanes, Financial Freedom Blueprint, Laurens Bensdorp\n\nPodcast Mentions:\n\nLaurens Bensdorp links:\n\nWebsite: https://tradingmasteryschool.com/\n\nTwitter: https://twitter.com/laurensbensdorp\n\nAutomated Stock Trading Systems Book: https://www.amazon.com/Automated-Stock-Trading-Systems-Systematic-ebook/dp/B084WWH3MB?ref_=ast_author_mpb\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nLaurens Bensdorp on Trading in Any Market Condition | Laurens Bensdorp | Episode 72\n\nThis week on \"The Market Call Show,\" I am thrilled to have Laurens Bensdorp as our guest. Laurens is the founder and CEO of Trading Mastery School, and the author of \"Automated Stock Trading Systems\" and \"The 30 Minute Stock Trader.\" In this episode, we dive into his history and perspective on trading and beating the markets.\n\nDuring our conversation, you'll learn about:\n\nLaurens' intriguing introduction to the industry\nThe correct approach to backtesting\nThe distinctions between trend following, mean-reversion strategies, shorting, and investing in stocks versus ETFs\nThe 12 essential components of every investing or trading system.\n\n\nWe hope you find the discussion informative and insightful.  Remember to check out our YouTube channel and subscribe to stay up-to-date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\n\n ","content_html":"\u003cp\u003eEpisode 72:  Laurens Bensdorp on Trading in Any Market Condition\u003c/p\u003e\n\n\u003cp\u003eKeywords: trading, people, system, stocks, trend, drawdown, money, futures, long, big, book, etfs, stock market, short, market, diversification, fundamental, accounts, belief, Louis Llanes, Financial Freedom Blueprint, Laurens Bensdorp\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eLaurens Bensdorp links:\u003c/p\u003e\n\n\u003cp\u003eWebsite: \u003ca href='https://tradingmasteryschool.com/'\u003ehttps://tradingmasteryschool.com/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eTwitter: \u003ca href='https://twitter.com/laurensbensdorp'\u003ehttps://twitter.com/laurensbensdorp\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eAutomated Stock Trading Systems Book: \u003ca href='https://www.amazon.com/Automated-Stock-Trading-Systems-Systematic-ebook/dp/B084WWH3MB?ref_=ast_author_mpb'\u003ehttps://www.amazon.com/Automated-Stock-Trading-Systems-Systematic-ebook/dp/B084WWH3MB?ref_=ast_author_mpb\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eLaurens Bensdorp on Trading in Any Market Condition | Laurens Bensdorp | Episode 72\u003c/p\u003e\n\n\u003cp\u003eThis week on \"The Market Call Show,\" I am thrilled to have Laurens Bensdorp as our guest. Laurens is the founder and CEO of Trading Mastery School, and the author of \"Automated Stock Trading Systems\" and \"The 30 Minute Stock Trader.\" In this episode, we dive into his history and perspective on trading and beating the markets.\u003c/p\u003e\n\n\u003cp\u003eDuring our conversation, you'll learn about:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eLaurens' intriguing introduction to the industry\u003c/li\u003e\n\u003cli\u003eThe correct approach to backtesting\u003c/li\u003e\n\u003cli\u003eThe distinctions between trend following, mean-reversion strategies, shorting, and investing in stocks versus ETFs\u003c/li\u003e\n\u003cli\u003eThe 12 essential components of every investing or trading system.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWe hope you find the discussion informative and insightful.  Remember to check out our YouTube channel and subscribe to stay up-to-date on our latest episodes. And if you find this content valuable, please help spread the word by sharing our link on email, text, Facebook, and Instagram.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2023-04-06T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/d8a52c53-e6de-4a79-a384-0aaca6d5eb1d.mp3","mime_type":"audio/mpeg","size_in_bytes":149239981,"duration_in_seconds":4663}]},{"id":"marketcall.podbean.com/b10201e1-454d-3767-b010-8657e4cfcd0e","title":"Investing In A Climate Of Change | Episode 71","url":"https://podcast.pathtorealwealth.com/071","content_text":"Episode 71: Investing In A Climate Of Change\nKeywords: banks, money, inflation, happening, environment, portfolio, market, problems, fed, banking system, investments, diversification, invest, stocks, clean energy, type, capital, strategy, respond, opportunities, Louis Llanes, Financial Freedom Blueprint\nPodcast Mentions: \nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\nInvesting In A Climate Of Change | Episode 71\nRight Now, there is quite a bit of uncertainty about the status of smaller banks in the US, and the economy at large. Historically, during a period of change, like we have currently, the investment landscape is more volatile. Any opportunities require a balance of selectivity, diversification, and a wider toolkit to earn reasonable returns. This week on The Market Call Show, I talk about the why and how of my approach to handling the current turbulent financial and banking landscape.\nIn this episode, you’ll hear:\n• Reading and understanding the financial climate\n• Why Fundamental Analysis is more important than ever before.\n• What has happened to get to this point\n• Attack Risk, Diversify and Strategize \nMy podcast is on video, please watch on my YouTube channel here ◀︎ We are looking to build our following on YouTube, so please like and subscribe!\n\nHelp others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured","content_html":"\u003cp\u003eEpisode 71: Investing In A Climate Of Change\u003cbr\u003e\nKeywords: banks, money, inflation, happening, environment, portfolio, market, problems, fed, banking system, investments, diversification, invest, stocks, clean energy, type, capital, strategy, respond, opportunities, Louis Llanes, Financial Freedom Blueprint\u003cbr\u003e\nPodcast Mentions: \u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003cbr\u003e\nInvesting In A Climate Of Change | Episode 71\u003cbr\u003e\nRight Now, there is quite a bit of uncertainty about the status of smaller banks in the US, and the economy at large. Historically, during a period of change, like we have currently, the investment landscape is more volatile. Any opportunities require a balance of selectivity, diversification, and a wider toolkit to earn reasonable returns. This week on The Market Call Show, I talk about the why and how of my approach to handling the current turbulent financial and banking landscape.\u003cbr\u003e\nIn this episode, you’ll hear:\u003cbr\u003e\n• Reading and understanding the financial climate\u003cbr\u003e\n• Why Fundamental Analysis is more important than ever before.\u003cbr\u003e\n• What has happened to get to this point\u003cbr\u003e\n• Attack Risk, Diversify and Strategize \u003cbr\u003e\nMy podcast is on video, please watch on my YouTube channel here ◀︎ We are looking to build our following on YouTube, so please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003eHelp others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured\u003c/p\u003e","summary":null,"date_published":"2023-03-29T09:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/523a0f5f-0f9f-41c7-bec1-8d8a09c8377c.mp3","mime_type":"audio/mpeg","size_in_bytes":41265296,"duration_in_seconds":1289}]},{"id":"marketcall.podbean.com/efe17fc1-7075-37c8-b382-8643861baeb0","title":"All Weather Trader with the Market Wizard Tom Basso | Episode 70","url":"https://podcast.pathtorealwealth.com/070","content_text":"Episode 70: All Weather Trader with the Market Wizard Tom Basso\n\nKeywords: strategy, people, trader, portfolio, futures, potholes, buy, book, trading, day, trade, market, thinking, run, stock, position, long, bear market, trend, term, Tom Basso, Louis Llanes, Wealthnet, Mr. Serenity, Enjoy the Ride, All Weather Trader\n\nPodcast Mentions:\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nTom Basso’s new book available here,\n\nhttps://www.amazon.com/All-Weather-Trader-Serenitys-Thoughts ebook/dp/B0BXYZ2GT5/ref=sr_1_1?crid=1668PROKV5IKQ\u0026amp;keywords=tom+basso+book\u0026amp;qid=1679537550\u0026amp;sprefix=basso+tom%2Caps%2C137\u0026amp;sr=8-1\n\nTom Basso's Author Page:\n\nhttps://www.amazon.com/stores/Tom-Basso/author/B001KE1CIE?ref=ap_rdr\u0026amp;store_ref=ap_rdr\u0026amp;isDramIntegrated=true\u0026amp;shoppingPortalEnabled=true\n\n \n\nAll Weather Trader with the Market Wizard Tom Basso | Episode 70\n\nThis week on The Market Call Show, I am pleased to welcome back Market Wizard Tom Basso and we discuss Tom’s newest book The All-Weather Trader: Mr. Serenity’s Thoughts on Trading Come Rain or Shine, coming out on March 28th. It’s a well rounded and thoughtful compilation of all the strategies that have helped Tom create a successful career in trading. What exactly is All-Weather trading? How about the perfect investment? Tom and I share our thoughts and I learn from his wisdom. Join me today, https://youtu.be/TrPBrPd7rbM\n\nIn This Episode, You’ll Hear:\n\nThe importance of having a strategy and the myth of the perfect investment\nTom’s definition of All Weather Trading\nFilling the potholes during volatility\nThe power of expanding your investing horizon and having a complete strategy.\nTom’s new book and his final project before he retires, again\n\n\nMy podcast is on video, please watch on my YouTube channel here ◀︎ We are looking to build our following on YouTube, so please like and subscribe!\n\nHelp others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured\n\n","content_html":"\u003cp\u003eEpisode 70: All Weather Trader with the Market Wizard Tom Basso\u003c/p\u003e\n\n\u003cp\u003eKeywords: strategy, people, trader, portfolio, futures, potholes, buy, book, trading, day, trade, market, thinking, run, stock, position, long, bear market, trend, term, Tom Basso, Louis Llanes, Wealthnet, Mr. Serenity, Enjoy the Ride, All Weather Trader\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review \u003ca href='http://www.wealthnetinvestments.com'\u003ehttp://www.wealthnetinvestments.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eTom Basso’s new book available here,\u003c/p\u003e\n\n\u003cp\u003e\u003ca href='https://www.amazon.com/All-Weather-Trader-Serenitys-Thoughts%20ebook/dp/B0BXYZ2GT5/ref=sr_1_1?crid=1668PROKV5IKQ\u0026keywords=tom+basso+book\u0026qid=1679537550\u0026sprefix=basso+tom%2Caps%2C137\u0026sr=8-1'\u003ehttps://www.amazon.com/All-Weather-Trader-Serenitys-Thoughts ebook/dp/B0BXYZ2GT5/ref=sr_1_1?crid=1668PROKV5IKQ\u0026keywords=tom+basso+book\u0026qid=1679537550\u0026sprefix=basso+tom%2Caps%2C137\u0026sr=8-1\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eTom Basso's Author Page:\u003c/p\u003e\n\n\u003cp\u003e\u003ca href='https://www.amazon.com/stores/Tom-Basso/author/B001KE1CIE?ref=ap_rdr\u0026store_ref=ap_rdr\u0026isDramIntegrated=true\u0026shoppingPortalEnabled=true'\u003ehttps://www.amazon.com/stores/Tom-Basso/author/B001KE1CIE?ref=ap_rdr\u0026store_ref=ap_rdr\u0026isDramIntegrated=true\u0026shoppingPortalEnabled=true\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eAll Weather Trader with the Market Wizard Tom Basso | Episode 70\u003c/p\u003e\n\n\u003cp\u003eThis week on The Market Call Show, I am pleased to welcome back Market Wizard Tom Basso and we discuss Tom’s newest book \u003cem\u003eThe All-Weather Trader: Mr. Serenity’s Thoughts on Trading Come Rain or Shine,\u003c/em\u003e coming out on March 28th. It’s a well rounded and thoughtful compilation of all the strategies that have helped Tom create a successful career in trading. What exactly is All-Weather trading? How about the perfect investment? Tom and I share our thoughts and I learn from his wisdom. Join me today, https://youtu.be/TrPBrPd7rbM\u003c/p\u003e\n\n\u003cp\u003eIn This Episode, You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe importance of having a strategy and the myth of the perfect investment\u003c/li\u003e\n\u003cli\u003eTom’s definition of All Weather Trading\u003c/li\u003e\n\u003cli\u003eFilling the potholes during volatility\u003c/li\u003e\n\u003cli\u003eThe power of expanding your investing horizon and having a complete strategy.\u003c/li\u003e\n\u003cli\u003eTom’s new book and his final project before he retires, again\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eMy podcast is on video, please watch on my \u003ca href='https://youtu.be/TrPBrPd7rbM'\u003eYouTube channel here \u003c/a\u003e◀︎ We are looking to build our following on YouTube, so please like and subscribe!\u003cbr\u003e\n\u003cbr\u003e\nHelp others find The Market Call Show, Email, Text, or Share this link, \u003ca href='https://www.youtube.com/@louisllanes/featured'\u003ehttps://www.youtube.com/@louisllanes/featured\u003c/a\u003e\u003cbr\u003e\n\u003cbr\u003e\n\u003c/p\u003e","summary":null,"date_published":"2023-03-23T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/1cc62dc3-87e4-4540-a6bb-599f0809d3af.mp3","mime_type":"audio/mpeg","size_in_bytes":137293636,"duration_in_seconds":4290}]},{"id":"marketcall.podbean.com/b30c79db-5d46-3e81-905e-b3d14c481ba9","title":"Investing Outside The Stock Style Box | Episode 69","url":"https://podcast.pathtorealwealth.com/069","content_text":"Episode 69: Investing Outside the Stock Style Box\n\nKeywords:  company, quality, style, valuation, stock, reasonable price, type, diversification, talk, cash flows, technical, investors, earnings, market, metrics, stock market, recognizing, different styles, net worth, Louis Llanes, Wealthnet Investments\n\nPodcast Mentions:\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nInvesting Outside the Stock Style Box | Episode 69\n\nHow do you look at style when evaluating performance in the stock market?  Here at Wealthnet Investments, to we look at style from the perspective of how it is going to perform in different economic environments. This week, I chat about the different lenses we use to determine if a stock is worth investing in, and how we approach it differently than other firms.\n\nIn this episode, you’ll hear:\n\nUsing Quality, Valuation and Technical signals\nDimensions, Degrees and Diversification\nQuality on a roll vs quality at a reasonable price vs emerging value\nWhy diversification of styles is critical to your success.\n\n\n \n\nMy podcast is on video, please watch on my YouTube channel here ◀︎ We are looking to build our following on YouTube, so please like and subscribe!\n\nHelp others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured","content_html":"\u003cp\u003eEpisode 69: Investing Outside the Stock Style Box\u003c/p\u003e\n\n\u003cp\u003eKeywords:  company, quality, style, valuation, stock, reasonable price, type, diversification, talk, cash flows, technical, investors, earnings, market, metrics, stock market, recognizing, different styles, net worth, Louis Llanes, Wealthnet Investments\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review \u003ca href='http://www.wealthnetinvestments.com'\u003ehttp://www.wealthnetinvestments.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eInvesting Outside the Stock Style Box | Episode 69\u003c/p\u003e\n\n\u003cp\u003eHow do you look at style when evaluating performance in the stock market?  Here at Wealthnet Investments, to we look at style from the perspective of how it is going to perform in different economic environments. This week, I chat about the different lenses we use to determine if a stock is worth investing in, and how we approach it differently than other firms.\u003c/p\u003e\n\n\u003cp\u003eIn this episode, you’ll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eUsing Quality, Valuation and Technical signals\u003c/li\u003e\n\u003cli\u003eDimensions, Degrees and Diversification\u003c/li\u003e\n\u003cli\u003eQuality on a roll vs quality at a reasonable price vs emerging value\u003c/li\u003e\n\u003cli\u003eWhy diversification of styles is critical to your success.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eMy podcast is on video, please watch on my \u003ca href='https://youtu.be/2Lv2Zt0gwBw'\u003eYouTube channel here \u003c/a\u003e◀︎ We are looking to build our following on YouTube, so please like and subscribe!\u003cbr\u003e\n\u003cbr\u003e\nHelp others find The Market Call Show, Email, Text, or Share this link, \u003ca href='https://www.youtube.com/@louisllanes/featured'\u003ehttps://www.youtube.com/@louisllanes/featured\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2023-03-09T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/2bde501c-2bce-4c0d-88f4-b50ec8457f02.mp3","mime_type":"audio/mpeg","size_in_bytes":21570986,"duration_in_seconds":674}]},{"id":"marketcall.podbean.com/3267ef8f-c4df-3b09-ad79-55a620fffa70","title":"The Value of VWAP | Brian Shannon, CMT | Episode 68","url":"https://podcast.pathtorealwealth.com/068","content_text":"Episode 68: The Value of VWAP with Brian Shannon CMT\n\n\nKeywords:  VWAP, people, stock, trading, market, shorter term timeframe, trader, earnings report, timeframe, buy, book, talking, money, trend, buyers, sell, pulls, pullback, point, anchored, stage, Brian Shannon, Louis Llanes, Wealthnet, anchored vwap \n\n\nPodcast Mentions: \nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\nAlpha Trends www.alphatrends.net\nMaximum Trading Gains With Anchored VWAP - The Perfect Combination of Price, Time \u0026amp; Volume, Brian Shannon, Get it on Amazon\n\n\nThe Value of VWAP | Brian Shannon, CMT | Episode 68\n\n\nThis week on The Market Call Show, I welcome Brian Shannon, CMT.  Brian is a fellow Coloradan, founder of Alpha Trends and author of the best selling book Maximum Trading Gains with Anchored VWAP.  We discuss the ins and outs of anchored VWAP’s and how they can be used as an extremely valuable asset when trading stocks in the short or long term.  \nIn this episode, you’ll hear:\n• Our similar starts in the financial business\n• The value of VWAP data and placing anchors\n• Technical analysis and aligning timeframes for maximum return\n• Stocks vs ETF’s: what tools should you use?\n• The strategies for mitigating risk in trading and fractal measuring\nMy podcast is on video, please watch on my YouTube channel here ◀︎ We are looking to build our following on YouTube, so please like and subscribe!\n\nHelp others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured","content_html":"\u003cp\u003eEpisode 68: The Value of VWAP with Brian Shannon CMT\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nKeywords:  VWAP, people, stock, trading, market, shorter term timeframe, trader, earnings report, timeframe, buy, book, talking, money, trend, buyers, sell, pulls, pullback, point, anchored, stage, Brian Shannon, Louis Llanes, Wealthnet, anchored vwap \u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nPodcast Mentions: \u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003cbr\u003e\nAlpha Trends www.alphatrends.net\u003cbr\u003e\nMaximum Trading Gains With Anchored VWAP - The Perfect Combination of Price, Time \u0026 Volume, Brian Shannon, Get it on Amazon\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nThe Value of VWAP | Brian Shannon, CMT | Episode 68\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nThis week on The Market Call Show, I welcome Brian Shannon, CMT.  Brian is a fellow Coloradan, founder of Alpha Trends and author of the best selling book Maximum Trading Gains with Anchored VWAP.  We discuss the ins and outs of anchored VWAP’s and how they can be used as an extremely valuable asset when trading stocks in the short or long term.  \u003cbr\u003e\nIn this episode, you’ll hear:\u003cbr\u003e\n• Our similar starts in the financial business\u003cbr\u003e\n• The value of VWAP data and placing anchors\u003cbr\u003e\n• Technical analysis and aligning timeframes for maximum return\u003cbr\u003e\n• Stocks vs ETF’s: what tools should you use?\u003cbr\u003e\n• The strategies for mitigating risk in trading and fractal measuring\u003cbr\u003e\nMy podcast is on video, please watch on my YouTube channel here ◀︎ We are looking to build our following on YouTube, so please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003eHelp others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured\u003c/p\u003e","summary":null,"date_published":"2023-03-02T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/68725c27-c71b-4843-9337-426d62909927.mp3","mime_type":"audio/mpeg","size_in_bytes":131752576,"duration_in_seconds":4117}]},{"id":"marketcall.podbean.com/f279862e-939f-3d15-96d1-037f9d0ff155","title":"Optimizing Returns | Dr. Wes Gray| Episode 67","url":"https://podcast.pathtorealwealth.com/067","content_text":"Optimizing Returns | Dr. Wes Gray | Episode 67\n\nPodcast Mentions:\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nAlpha Architect: https://alphaarchitect.com/  \n\nETF Architect: https://etfarchitect.com/\n\nThis week’s encore episode of The Market Call Show is with Dr. Wesley Gray. His military service and PhD in Finance from the University of Chicago, have each influenced his views on the markets in interesting and dynamic ways. His experience has paved the way to his solid momentum investment strategy and success. We chat about real world investing and our shared philosophies on the best ways to design your portfolio strategy.\n\nWhy you need a \"money doctor\"\nWes' philosophy on assessing risk tolerance and the perfect portfolio\nThe 3 Bucket System\n","content_html":"\u003cp\u003eOptimizing Returns | Dr. Wes Gray | Episode 67\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review \u003ca href='http://www.wealthnetinvestments.com'\u003ehttp://www.wealthnetinvestments.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eAlpha Architect: https://alphaarchitect.com/  \u003c/p\u003e\n\n\u003cp\u003eETF Architect: \u003ca href='https://etfarchitect.com/'\u003ehttps://etfarchitect.com/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eThis week’s encore episode of The Market Call Show is with Dr. Wesley Gray. His military service and PhD in Finance from the University of Chicago, have each influenced his views on the markets in interesting and dynamic ways. His experience has paved the way to his solid momentum investment strategy and success. We chat about real world investing and our shared philosophies on the best ways to design your portfolio strategy.\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhy you need a \"money doctor\"\u003c/li\u003e\n\u003cli\u003eWes' philosophy on assessing risk tolerance and the perfect portfolio\u003c/li\u003e\n\u003cli\u003eThe 3 Bucket System\u003c/li\u003e\n\u003c/ul\u003e","summary":null,"date_published":"2023-02-23T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/3d885450-0b2f-48b8-8bd0-a701c7999c30.mp3","mime_type":"audio/mpeg","size_in_bytes":142311276,"duration_in_seconds":3511}]},{"id":"marketcall.podbean.com/26e4f6fb-4527-3e63-a795-63d22e6cc08d","title":"Is the Big Bear Hibernation Over? | Episode 66","url":"https://podcast.pathtorealwealth.com/066","content_text":"Episode 66: Is the Big Bear Hibernation Over?\n\nKeywords: trend, stocks, companies, people, technical, decline, market, investments, markets, earnings, bear market, peak, home, NASDAQ, noticed, starting, general, relative strength, conventional wisdom, fundamentals\n\nPodcast Mentions: \nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nIs the Big Bear Hibernation Over? | Episode 66\nCould we have an upside surprise in the stock market?  I'll reveal some trends that show this may be underway right now on this week's episode of The Market Call Show.\nIn This Episode, You’ll Hear:\n• Should you listen to the fundamentals or the technicals?\n• One stock screen that I like to find potential winners \u0026amp; see some stocks on my watchlist right now \n• Why big stocks might not be the best bets for big returns\n\n\nNOTE: This episode includes charts, please watch on my YouTube channel to get the best information! \nPlease watch on my YouTube channel here https://youtu.be/LQ0rFXotDVs\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!","content_html":"\u003cp\u003eEpisode 66: Is the Big Bear Hibernation Over?\u003c/p\u003e\n\n\u003cp\u003eKeywords: trend, stocks, companies, people, technical, decline, market, investments, markets, earnings, bear market, peak, home, NASDAQ, noticed, starting, general, relative strength, conventional wisdom, fundamentals\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions: \u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eIs the Big Bear Hibernation Over? | Episode 66\u003cbr\u003e\nCould we have an upside surprise in the stock market?  I'll reveal some trends that show this may be underway right now on this week's episode of The Market Call Show.\u003cbr\u003e\nIn This Episode, You’ll Hear:\u003cbr\u003e\n• Should you listen to the fundamentals or the technicals?\u003cbr\u003e\n• One stock screen that I like to find potential winners \u0026 see some stocks on my watchlist right now \u003cbr\u003e\n• Why big stocks might not be the best bets for big returns\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nNOTE: This episode includes charts, please watch on my YouTube channel to get the best information! \u003cbr\u003e\nPlease watch on my YouTube channel here https://youtu.be/LQ0rFXotDVs\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2023-02-16T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/0acd753a-9a9e-44f6-9151-c5e6d1e3e578.mp3","mime_type":"audio/mpeg","size_in_bytes":28962406,"duration_in_seconds":905}]},{"id":"marketcall.podbean.com/aca11548-dd11-3137-a6d8-04871b8016e3","title":"Know This Before You Rollover Your Old 401(k) | Episode 65","url":"https://podcast.pathtorealwealth.com/065","content_text":"Episode 65: Know This Before You Rollover Your Old 401(k)\n\nKeywords: people, money, plan, 401k, rule, big, invest, market, pay, portfolio, rolling, tax, companies, retire, IRA, taxes, fees, starting, earnings, Wealthnet Investments, rollover, Louis Llanes, income, planning, retirement, tax deferred\n\nPodcast Mentions:\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\n \n\nKnow This Before You Rollover Your Old 401(k) | Episode 65\n\nNew job or career change? What should you do with your 401k?  This week on The Market Call Show, I go over the new rule from the Department of Labor that affects 401k rollovers and what that means for you. Why rollover or not, other options for cash flow in retirement, and the right way to structure your tax deferred accounts.\n\nIn This Episode, You’ll Hear:\n\nThe new DOL rule, the good, the bad and the ugly\nWhat to consider when thinking of rolling over your 401k\nBuilding your retirement wealth vs using your retirement wealth\n\n\n \n\nPlease watch on my YouTube channel here https://youtu.be/BoXJXrupXcE\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!","content_html":"\u003cp\u003eEpisode 65: Know This Before You Rollover Your Old 401(k)\u003c/p\u003e\n\n\u003cp\u003eKeywords: people, money, plan, 401k, rule, big, invest, market, pay, portfolio, rolling, tax, companies, retire, IRA, taxes, fees, starting, earnings, Wealthnet Investments, rollover, Louis Llanes, income, planning, retirement, tax deferred\u003c/p\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eSchedule a call and free portfolio review \u003ca href='http://www.wealthnetinvestments.com'\u003ehttp://www.wealthnetinvestments.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eKnow This Before You Rollover Your Old 401(k) | Episode 65\u003c/p\u003e\n\n\u003cp\u003eNew job or career change? What should you do with your 401k?  This week on The Market Call Show, I go over the new rule from the Department of Labor that affects 401k rollovers and what that means for you. Why rollover or not, other options for cash flow in retirement, and the right way to structure your tax deferred accounts.\u003c/p\u003e\n\n\u003cp\u003eIn This Episode, You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe new DOL rule, the good, the bad and the ugly\u003c/li\u003e\n\u003cli\u003eWhat to consider when thinking of rolling over your 401k\u003c/li\u003e\n\u003cli\u003eBuilding your retirement wealth vs using your retirement wealth\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/BoXJXrupXcE\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2023-02-09T06:30:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/3145eab1-d49e-4913-98e9-bb1a367d30d6.mp3","mime_type":"audio/mpeg","size_in_bytes":42714856,"duration_in_seconds":1334}]},{"id":"marketcall.podbean.com/e997efff-3eb6-3ea4-afa1-e2abbc6f1020","title":"Creating The Optimal Diversified Portfolio | Eric Crittenden | Episode 64","url":"https://podcast.pathtorealwealth.com/064","content_text":"Episode 64: Creating the Optimal Diversified Portfolio | Eric Crittenden\n\n\nKeywords: trend, people, etfs, futures, portfolio, fund, run, equity, market, bonds, trade, years, question, hedge funds, return, position, add, long, paying, commodities\n\n\nPodcast Mentions: \nStandpoint Asset Management https://www.standpointfunds.com/FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nCreating the Optimal Diversified Portfolio | Eric Crittenden | Episode 64\nIt is my pleasure to welcome Eric Crittenden to The Market Call Show this week. Eric is the Co-Founder and Chief Investment Officer of Standpoint, an investment firm focused on providing all-weather investment solutions to U.S. financial advisors. His 25-year career path has focused on systematic trend strategies that are uncorrelated with traditional equity and bond portfolios, particularly in hostile market conditions. His candid and frank discussion on diversification optimization speaks truth on market efficiency and is one not to miss.\nIn This Episode, You’ll Hear:\n• Creating the optimal diversified portfolio\n• ETF’s vs individual equities\n• Trend strategies and analysis\n• Risk in the markets and regulatory confines\n• Continuous signals and how they can affect long term trading\n\nPlease watch on my YouTube channel here https://youtu.be/A0YkxNTAEgk \u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!","content_html":"\u003cp\u003eEpisode 64: Creating the Optimal Diversified Portfolio | Eric Crittenden\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nKeywords: trend, people, etfs, futures, portfolio, fund, run, equity, market, bonds, trade, years, question, hedge funds, return, position, add, long, paying, commodities\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nPodcast Mentions: \u003cbr\u003e\nStandpoint Asset Management \u003ca href='https://www.standpointfunds.com/'\u003ehttps://www.standpointfunds.com/\u003c/a\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eCreating the Optimal Diversified Portfolio | Eric Crittenden | Episode 64\u003cbr\u003e\nIt is my pleasure to welcome Eric Crittenden to The Market Call Show this week. Eric is the Co-Founder and Chief Investment Officer of Standpoint, an investment firm focused on providing all-weather investment solutions to U.S. financial advisors. His 25-year career path has focused on systematic trend strategies that are uncorrelated with traditional equity and bond portfolios, particularly in hostile market conditions. His candid and frank discussion on diversification optimization speaks truth on market efficiency and is one not to miss.\u003cbr\u003e\nIn This Episode, You’ll Hear:\u003cbr\u003e\n• Creating the optimal diversified portfolio\u003cbr\u003e\n• ETF’s vs individual equities\u003cbr\u003e\n• Trend strategies and analysis\u003cbr\u003e\n• Risk in the markets and regulatory confines\u003cbr\u003e\n• Continuous signals and how they can affect long term trading\u003c/p\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/A0YkxNTAEgk \u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2023-02-02T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/1aec1a1e-4e27-437f-8dd2-5edda28ffc93.mp3","mime_type":"audio/mpeg","size_in_bytes":144346881,"duration_in_seconds":4510}]},{"id":"marketcall.podbean.com/ffda745c-0108-3c31-b9fd-f957078357a2","title":"The Ultimate Retirement Plan | Wade Pfau | Episode 63","url":"https://podcast.pathtorealwealth.com/063","content_text":"Podcast Mentions: \nWade Pfau’s contact info:\nRetirement Researcher https://retirementresearcher.com/\nPodcast: Retire with Style\nRetirement Planning Guidebook, Wade Pfau\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\nThe Ultimate Retirement Plan | Wade Pfau | Episode 63\nThis week, I am happy to welcome one of the most knowledgeable retirement planning researchers and educators on the planet to my podcast - Wade Pfau.  His work is the definitive source of all things related to retirement planning.  \nWhen Wade Pfau earned his PhD in economics at Yale University, his dissertation was on reforming Social Security. He is the author of The Retirement Planning Guide Book, the program director of the Retirement Income Certified Professional® designation, a Professor of Retirement Income at The American College of Financial Services, and the Co-Director of the Center for Retirement Income. \n\n\nIn This Episode, You’ll Hear:\n• Ways to maximize retirement income without taking on too much risk.\n• Little known, yet powerful strategies to lower your taxes\n• Tips on estimating the true cost of retirement\n• Making choices that enhance your life before you retire \n\n\nPlease watch on my YouTube channel here https://youtu.be/7bM-geh0pyE\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\n\n \n\nKeywords: retirement, people, reverse mortgage, expenses, long term care, return, retirement income, fund, assets, tax, annuities, inflation, retire, strategy, spending, social security, cash, approach, accounts, years","content_html":"\u003cp\u003ePodcast Mentions: \u003cbr\u003e\nWade Pfau’s contact info:\u003cbr\u003e\nRetirement Researcher https://retirementresearcher.com/\u003cbr\u003e\nPodcast: Retire with Style\u003cbr\u003e\nRetirement Planning Guidebook, Wade Pfau\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003eThe Ultimate Retirement Plan | Wade Pfau | Episode 63\u003cbr\u003e\nThis week, I am happy to welcome one of the most knowledgeable retirement planning researchers and educators on the planet to my podcast - Wade Pfau.  His work is the definitive source of all things related to retirement planning.  \u003cbr\u003e\nWhen Wade Pfau earned his PhD in economics at Yale University, his dissertation was on reforming Social Security. He is the author of The Retirement Planning Guide Book, the program director of the Retirement Income Certified Professional® designation, a Professor of Retirement Income at The American College of Financial Services, and the Co-Director of the Center for Retirement Income. \u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nIn This Episode, You’ll Hear:\u003cbr\u003e\n• Ways to maximize retirement income without taking on too much risk.\u003cbr\u003e\n• Little known, yet powerful strategies to lower your taxes\u003cbr\u003e\n• Tips on estimating the true cost of retirement\u003cbr\u003e\n• Making choices that enhance your life before you retire \u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nPlease watch on my YouTube channel here https://youtu.be/7bM-geh0pyE\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eKeywords: retirement, people, reverse mortgage, expenses, long term care, return, retirement income, fund, assets, tax, annuities, inflation, retire, strategy, spending, social security, cash, approach, accounts, years\u003c/p\u003e","summary":null,"date_published":"2023-01-26T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/4ab480c0-9d13-4a46-ac8f-06881b2893b0.mp3","mime_type":"audio/mpeg","size_in_bytes":120170291,"duration_in_seconds":3755}]},{"id":"marketcall.podbean.com/90d2367b-8252-3e09-8da3-8291d00cb6f6","title":"Recession Risk, My Strategy and Your Plans | Episode 62","url":"https://podcast.pathtorealwealth.com/062","content_text":"Podcast Mentions:\nEpisode 36-How to Evaluate Your Investment Performance https://marketcall.podbean.com/e/episode-36-how-to-evaluate-your-investment-performance/\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\n\n2023 Recession Risk, My Strategy and Your Plan| Episode 62\nHappy 2023! Our clients have been asking LOTS of questions (which we LOVE).  This week, on the Market Call Show, I have some crystal ball recession predictions and I’ll take you behind the scenes for the secret sauce in our stock picking strategies. We’re also getting lots of questions about what’s the most money you can withdrawal in retirement? If you are an existing client and haven’t watched before, this episode is for you, it’s how we do--what we do!\n\n\nIn This Episode, You’ll Hear:\n• What is the probability of a deep recession?\n• The three main factors to look at when screening stocks\n• How retirement planning will change your income strategy\n\nPlease watch on my YouTube channel here https://youtu.be/HGakPUSPdkM\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\n\nKeywords: people, stock, volatility, investments, important, risk, portfolio, probabilities, sizing, opportunity, clients, talk, recession, higher, failsafe, tax, budget, companies, retirement plan, taxable","content_html":"\u003cp\u003ePodcast Mentions:\u003cbr\u003e\nEpisode 36-How to Evaluate Your Investment Performance https://marketcall.podbean.com/e/episode-36-how-to-evaluate-your-investment-performance/\u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003cbr\u003e\nSchedule a call and free portfolio review http://www.wealthnetinvestments.com\u003c/p\u003e\n\n\u003cp\u003e2023 Recession Risk, My Strategy and Your Plan| Episode 62\u003cbr\u003e\nHappy 2023! Our clients have been asking LOTS of questions (which we LOVE).  This week, on the Market Call Show, I have some crystal ball recession predictions and I’ll take you behind the scenes for the secret sauce in our stock picking strategies. We’re also getting lots of questions about what’s the most money you can withdrawal in retirement? If you are an existing client and haven’t watched before, this episode is for you, it’s how we do--what we do!\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nIn This Episode, You’ll Hear:\u003cbr\u003e\n• What is the probability of a deep recession?\u003cbr\u003e\n• The three main factors to look at when screening stocks\u003cbr\u003e\n• How retirement planning will change your income strategy\u003c/p\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/HGakPUSPdkM\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003eKeywords: people, stock, volatility, investments, important, risk, portfolio, probabilities, sizing, opportunity, clients, talk, recession, higher, failsafe, tax, budget, companies, retirement plan, taxable\u003c/p\u003e","summary":null,"date_published":"2023-01-19T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/a078db7c-f151-488c-b647-2874a4f857d1.mp3","mime_type":"audio/mpeg","size_in_bytes":56200941,"duration_in_seconds":1756}]},{"id":"marketcall.podbean.com/68854d28-bc49-3c13-98b0-e29ff4ae68f8","title":"Do This Now! | 8 End of Year Financial Tips | Episode 61","url":"https://podcast.pathtorealwealth.com/061","content_text":"Episode 61: Do This Now! 8 End of Year Financial Tips | Ep 61\nKeywords: portfolio, investments, podcast, important, called, year, plan, retirement, roth, income, tax, wealth, number, capital gains, good, assets, retire, bonds, people, performance\nDo This Now! 8 End of Year Financial Tips | Ep 61 \nI have 8 important tips for you to consider before the year end. In this week’s episode of The Market Call Show, these tips have really practical, actionable advice you may have not thought about, that can help you accelerate your wealth. \nIn this episode you'll hear:\n• What are some of the problems people face at the end of each year?\n• What are the implications of these problems?\n• 8 specific solutions to start 2023 on the right foot.\nPodcast Mentions:\nVisit my website to schedule a call with me, www.wealthnetinvest.com. Or click here Schedule a Call\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com","content_html":"\u003cp\u003eEpisode 61: Do This Now! 8 End of Year Financial Tips | Ep 61\u003cbr\u003e\nKeywords: portfolio, investments, podcast, important, called, year, plan, retirement, roth, income, tax, wealth, number, capital gains, good, assets, retire, bonds, people, performance\u003cbr\u003e\nDo This Now! 8 End of Year Financial Tips | Ep 61 \u003cbr\u003e\nI have 8 important tips for you to consider before the year end. In this week’s episode of The Market Call Show, these tips have really practical, actionable advice you may have not thought about, that can help you accelerate your wealth. \u003cbr\u003e\nIn this episode you'll hear:\u003cbr\u003e\n• What are some of the problems people face at the end of each year?\u003cbr\u003e\n• What are the implications of these problems?\u003cbr\u003e\n• 8 specific solutions to start 2023 on the right foot.\u003cbr\u003e\nPodcast Mentions:\u003cbr\u003e\nVisit my website to schedule a call with me, www.wealthnetinvest.com. Or click here Schedule a Call\u003cbr\u003e\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e","summary":null,"date_published":"2022-12-15T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/09b645d5-caf8-4c39-99b5-a88b9b649415.mp3","mime_type":"audio/mpeg","size_in_bytes":21261201,"duration_in_seconds":664}]},{"id":"marketcall.podbean.com/6778d240-ff7d-3df6-984d-04ddc3994ebc","title":"Stock Market Tug of War | Episode 60","url":"https://podcast.pathtorealwealth.com/060","content_text":" \n\nKeywords: chart, market, recession, stock, downtrend, happening, rally, moving, price action, economists, big, people, interest rates, regional banks, relative, higher, bottom, shows, staples, buy\n\nStock Market Tug of War| Ep 60\n\nConfused about the status of the market right now?  You’re not alone.  In this week’s episode of The Market Call Show, I’ll show you what the signals are indicating now and what historical factors are showing us. I’ll also share specific companies that have come into play in this tug of war market. \n\n \n\nIn this episode you'll hear:\n\nWhat economists vs the markets are saying about growth\nIs the market becoming bullish?\nIntermarket dynamics and what they indicate\nWhat’s happening with cryptocurrencies?\nHow the market is responding to China\n\n\nPodcast Mentions:\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nFollow me on Twitter: @louisllanes","content_html":"\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eKeywords: chart, market, recession, stock, downtrend, happening, rally, moving, price action, economists, big, people, interest rates, regional banks, relative, higher, bottom, shows, staples, buy\u003c/p\u003e\n\n\u003cp\u003eStock Market Tug of War| Ep 60\u003c/p\u003e\n\n\u003cp\u003eConfused about the status of the market right now?  You’re not alone.  In this week’s episode of The Market Call Show, I’ll show you what the signals are indicating now and what historical factors are showing us. I’ll also share specific companies that have come into play in this tug of war market. \u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhat economists vs the markets are saying about growth\u003c/li\u003e\n\u003cli\u003eIs the market becoming bullish?\u003c/li\u003e\n\u003cli\u003eIntermarket dynamics and what they indicate\u003c/li\u003e\n\u003cli\u003eWhat’s happening with cryptocurrencies?\u003c/li\u003e\n\u003cli\u003eHow the market is responding to China\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePodcast Mentions:\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFollow me on Twitter: @louisllanes\u003c/p\u003e","summary":null,"date_published":"2022-12-08T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/79c2e14d-40a8-4105-b0ef-8aec23d77b1c.mp3","mime_type":"audio/mpeg","size_in_bytes":49393186,"duration_in_seconds":1543}]},{"id":"marketcall.podbean.com/0aa4981c-ce9f-34d9-bc15-d2aad8cef792","title":"The Psychology of Money | Gitit Kaufman | Episode 59","url":"https://podcast.pathtorealwealth.com/059","content_text":" \n\n10-Point Checklist for a Worry-Free Retirement, http://www.retireready.live\n\nConnecting Dots Counseling, Gitit Kaufman https://www.connectingdotscounseling.com/\n\nThe Psychology of Money |Gitit Kaufman| Ep 59\n\nWhere did you learn how to think about money and how does that foundation affect your decision making? In this week’s episode of The Market Call Show, I am pleased to welcome Gitit Kaufman, Licensed Professional Counselor with Connecting Dots Counseling.  We discuss our personal relationship with money and how it can affect so many aspects of our lives.\n\n \n\nIn this episode you'll hear:\n\nWhat formed your personal relationship with money?\nBaggage, guilt and the reflection of money on ourselves\nReal Wealth vs Perceived Wealth\nThe importance of financial psychology when making big decisions\n\n\n \n\nPlease watch on my YouTube channel here https://youtu.be/XztIrnCMQtI\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\n\n \n\nKeywords: money, people, important, relationship, decision, talking, big, impacts, feel, piece, uncertainty, question, aware, person, kids, society, work, life, trust, face","content_html":"\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e10-Point Checklist for a Worry-Free Retirement, \u003ca href='http://www.retireready.live'\u003ehttp://www.retireready.live\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eConnecting Dots Counseling, Gitit Kaufman \u003ca href='https://www.connectingdotscounseling.com/'\u003ehttps://www.connectingdotscounseling.com/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eThe Psychology of Money |Gitit Kaufman| Ep 59\u003c/p\u003e\n\n\u003cp\u003eWhere did you learn how to think about money and how does that foundation affect your decision making? In this week’s episode of The Market Call Show, I am pleased to welcome Gitit Kaufman, Licensed Professional Counselor with Connecting Dots Counseling.  We discuss our personal relationship with money and how it can affect so many aspects of our lives.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhat formed your personal relationship with money?\u003c/li\u003e\n\u003cli\u003eBaggage, guilt and the reflection of money on ourselves\u003c/li\u003e\n\u003cli\u003eReal Wealth vs Perceived Wealth\u003c/li\u003e\n\u003cli\u003eThe importance of financial psychology when making big decisions\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/XztIrnCMQtI\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eKeywords: money, people, important, relationship, decision, talking, big, impacts, feel, piece, uncertainty, question, aware, person, kids, society, work, life, trust, face\u003c/p\u003e","summary":null,"date_published":"2022-12-01T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/01a8cf65-888e-48b5-b9ec-6c433b8526bf.mp3","mime_type":"audio/mpeg","size_in_bytes":142682726,"duration_in_seconds":4458}]},{"id":"marketcall.podbean.com/ca6cba17-2741-3648-8827-19a0e26faaf2","title":"Amazon Layoffs and Intelligent Solutions | Episode 58","url":"https://podcast.pathtorealwealth.com/058","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.\n\nVisit http://www.pathtorealwealth.com\n\n\nAmazon Layoffs and Intelligent Solutions| Ep 58\nWhat am I seeing on my desk this week? I’m noticing a few trends and will discuss how our clients are approaching the economic situation right now, if Amazon layoffs might be an indicator of bigger things happening in the economy, and how Intelligent Capital Advantage can be the guiding light to figuring out the way to find upcoming opportunities in the market. \n\nIn this week’s Market Call Show episode you'll hear:\n• Are you in wait and see mode?\n• Amazon layoffs and what it means for the economy\n• Is the Fed finally slowing with rate hikes?\n• How the recession can lead to great opportunity\n• Intelligent Capital Advantage and it’s 3 guiding principles\n\n\nPlease watch on my YouTube channel here https://youtu.be/TtkoMGcKUHs\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\n\n \n\nKeywords: people, investments, portfolio, buying, amazon, stock, big, portfolio construction, capital allocation, opportunities, situation, moving, earnings, podcast, intelligent, part, companies, minded, talk, diversified","content_html":"\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.\u003c/p\u003e\n\n\u003cp\u003eVisit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nAmazon Layoffs and Intelligent Solutions| Ep 58\u003cbr\u003e\nWhat am I seeing on my desk this week? I’m noticing a few trends and will discuss how our clients are approaching the economic situation right now, if Amazon layoffs might be an indicator of bigger things happening in the economy, and how Intelligent Capital Advantage can be the guiding light to figuring out the way to find upcoming opportunities in the market. \u003c/p\u003e\n\n\u003cp\u003eIn this week’s Market Call Show episode you'll hear:\u003cbr\u003e\n• Are you in wait and see mode?\u003cbr\u003e\n• Amazon layoffs and what it means for the economy\u003cbr\u003e\n• Is the Fed finally slowing with rate hikes?\u003cbr\u003e\n• How the recession can lead to great opportunity\u003cbr\u003e\n• Intelligent Capital Advantage and it’s 3 guiding principles\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nPlease watch on my YouTube channel here https://youtu.be/TtkoMGcKUHs\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eKeywords: people, investments, portfolio, buying, amazon, stock, big, portfolio construction, capital allocation, opportunities, situation, moving, earnings, podcast, intelligent, part, companies, minded, talk, diversified\u003c/p\u003e","summary":null,"date_published":"2022-11-17T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/31c934b3-f9a9-4c60-bf69-eae174feb988.mp3","mime_type":"audio/mpeg","size_in_bytes":38114841,"duration_in_seconds":1191}]},{"id":"marketcall.podbean.com/038700d2-c303-3855-99e2-396837b99b81","title":"Midterms 2022: Is the Bear Market Over? | Episode 57","url":"https://podcast.pathtorealwealth.com/057","content_text":"Podcast Mentions: Stockcharts TV episode: https://www.youtube.com/watch?v=OJ7TEgqFBHc \n\nWealthnet Investments, https://www.wealthnetinvest.com, accepting new clients, check website for details \n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd. Visit http://www.pathtorealwealth.com \n\nMidterms 2022: Is the Bear Market Over? | Ep 57 \n\nIs the bear market over now that the midterm elections are behind us? Listen to what I believe matters the most and exactly which important developments could move the markets in the coming months. Spoiler alert…we may not be out of the woods yet. \n\nIn this episode I discuss: \n\n• Why a split congress could be helpful in the short-run, but could be harmful longer term \n\n• How the interest rate environment has changed and why you must invest differently in a new interest rate regime – the rules may have reversed \n\n• Why oil companies do not appear to be gouging consumers and how price controls and windfall profit taxes could hurt the economy if politicians are aggressive enough to enact them. \n\n• Investments that are bucking the trend now, and more. \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning: \n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv \n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/ \n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003ePodcast Mentions: Stockcharts TV episode: \u003ca href='https://www.youtube.com/watch?v=OJ7TEgqFBHc'\u003ehttps://www.youtube.com/watch?v=OJ7TEgqFBHc \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWealthnet Investments,\u003ca href=''\u003e https://www.wealthnetinvest.com\u003c/a\u003e, accepting new clients, check website for details \u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd. Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eMidterms 2022: Is the Bear Market Over? | Ep 57 \u003c/p\u003e\n\n\u003cp\u003eIs the bear market over now that the midterm elections are behind us? Listen to what I believe matters the most and exactly which important developments could move the markets in the coming months. Spoiler alert…we may not be out of the woods yet. \u003c/p\u003e\n\n\u003cp\u003eIn this episode I discuss: \u003c/p\u003e\n\n\u003cp\u003e• Why a split congress could be helpful in the short-run, but could be harmful longer term \u003c/p\u003e\n\n\u003cp\u003e• How the interest rate environment has changed and why you must invest differently in a new interest rate regime – the rules may have reversed \u003c/p\u003e\n\n\u003cp\u003e• Why oil companies do not appear to be gouging consumers and how price controls and windfall profit taxes could hurt the economy if politicians are aggressive enough to enact them. \u003c/p\u003e\n\n\u003cp\u003e• Investments that are bucking the trend now, and more. \u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning: \u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡\u003ca href=''\u003e https://bit.ly/3KJmpwv\u003c/a\u003e \u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href='https://www.pathtorealwealth.com/'\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e \u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href=''\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡\u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-11-10T06:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/1470783e-4b9f-440e-afb2-432bd97a3f29.mp3","mime_type":"audio/mpeg","size_in_bytes":59745516,"duration_in_seconds":1867}]},{"id":"marketcall.podbean.com/8d8479c2-312b-314b-81fe-2bad9d09c292","title":"Craft a Clear Integrated Strategy | Eliminate Danger \u0026 Find Success | Episode 56","url":"https://podcast.pathtorealwealth.com/056","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\n\nCraft a Clear Integrated Strategy | Eliminate Danger \u0026amp; Find Success | Ep 56\n\n\nFinancial plans and investment strategies are NOT one size fits all, nor should they be! In this week’s episode of The Market Call Show, I dive into what Integrated Management of your investments means, and why it’s so important to have this approach to maximize your financial and retirement goals. \n\nIn this episode you'll hear:\n• The difference between \"cookie cutter\" investment strategies and Integrated Management solutions\n• Organizing and Simplifying Your Accounts for better results and tax diversification\n• Eliminating dangers and risks to your portfolio\n• Capturing investment opportunities\n• Free up your time, have less worry, and better outcomes with integrated portfolios\n\nPlease watch on my YouTube channel here https://youtu.be/9rlFfNogrIQ\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!","content_html":"\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nCraft a Clear Integrated Strategy | Eliminate Danger \u0026 Find Success | Ep 56\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nFinancial plans and investment strategies are NOT one size fits all, nor should they be! In this week’s episode of The Market Call Show, I dive into what Integrated Management of your investments means, and why it’s so important to have this approach to maximize your financial and retirement goals. \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\n• The difference between \"cookie cutter\" investment strategies and Integrated Management solutions\u003cbr\u003e\n• Organizing and Simplifying Your Accounts for better results and tax diversification\u003cbr\u003e\n• Eliminating dangers and risks to your portfolio\u003cbr\u003e\n• Capturing investment opportunities\u003cbr\u003e\n• Free up your time, have less worry, and better outcomes with integrated portfolios\u003c/p\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/9rlFfNogrIQ\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2022-11-03T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/99b13604-14fe-4211-8035-46f4bd6db31b.mp3","mime_type":"audio/mpeg","size_in_bytes":25428686,"duration_in_seconds":794}]},{"id":"marketcall.podbean.com/8e7f5a26-2ab9-32d9-acb6-194a305d3c87","title":"Louise Yamada Sees an Uptrend in Interest Rates| Louise Yamada, CMT| Episode 55 | Legend Series","url":"https://podcast.pathtorealwealth.com/055","content_text":"Louise Yamada Advisors: https://lyadvisors.com/\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nLouise Yamada Sees an Uptrend in Interest Rates| Louise Yamada, CMT| Episode 55\n\nThis week’s episode of The Market Call Show, I have the honor of interviewing Wall Street legend Louise Yamada, CMT.  Louise is the managing director of Louise Yamada Technical Research Advisors.  In her career as a top market technician, she’s made a lot of important market calls and continues to see critical trends in today’s market, which we’ll dive into.  She has reminded me of some basic trend following aspects, seen in the charts, that we can all benefit from by taking a longer look.\n\nAmazing content includes: \n\nLouise’s surprising background and how she got into technical analysis\nRelative Strength and Diversification...is it all about diversification?\nThe reversal of the interest rate trend and it's long term outlook\nLook at the patterns in the charts for cross check decision making\nHow long will this bear market last?\n\n\nPlease watch on my YouTube channel here https://youtu.be/WvJXE5FJwCs\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw ◀︎ Please like and subscribe!","content_html":"\u003cp\u003eLouise Yamada Advisors: https://lyadvisors.com/\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003ca href='https://www.youtube.com/watch?v=4GnDNUxAcbY'\u003eLouise Yamada \u003c/a\u003eSees an Uptrend in Interest Rates| Louise Yamada, CMT| Episode 55\u003c/p\u003e\n\n\u003cp\u003eThis week’s episode of The Market Call Show, I have the honor of interviewing Wall Street legend Louise Yamada, CMT.  Louise is the managing director of Louise Yamada Technical Research Advisors.  In her career as a top market technician, she’s made a lot of important market calls and continues to see critical trends in today’s market, which we’ll dive into.  She has reminded me of some basic trend following aspects, seen in the charts, that we can all benefit from by taking a longer look.\u003c/p\u003e\n\n\u003cp\u003eAmazing content includes: \u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eLouise’s surprising background and how she got into technical analysis\u003c/li\u003e\n\u003cli\u003eRelative Strength and Diversification...is it all about diversification?\u003c/li\u003e\n\u003cli\u003eThe reversal of the interest rate trend and it's long term outlook\u003c/li\u003e\n\u003cli\u003eLook at the patterns in the charts for cross check decision making\u003c/li\u003e\n\u003cli\u003eHow long will this bear market last?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/WvJXE5FJwCs\u0026list=UUZZBFVZq3wIkZtToH-StTYw ◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2022-10-27T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/9812346a-274b-452f-b24c-45962b1c6c67.mp3","mime_type":"audio/mpeg","size_in_bytes":126412751,"duration_in_seconds":3950}]},{"id":"marketcall.podbean.com/9f7314dd-b444-3862-9b78-de70b6617a89","title":"Confirmation Bias | Dave Keller, CMT | Episode 54","url":"https://podcast.pathtorealwealth.com/054","content_text":"Find Dave Keller’s work: StockCharts.com, https://www.youtube.com/watch?v=OJ7TEgqFBHc MarketMisbehavor, https://www.marketmisbehavior.com/\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nLouis is joined this week by his guest Dave Keller, CMT in this remix podcast, to share his views on market analysis and strategy. Dave is the Chief Market Strategist and host of The Final Bar on StockCharts.com, where Louis has been his guest many times. Like Louis, Dave has a strong interest in music. Dave started his journey on this path with an education in orchestra conducting and found that market analysis grabbed his long term interest and viability.\n\n \n\nMore insights include:\n\nWhat exactly technical analysis is and why it's needed to be a successful investor\nBig behavioral biases where both professional and individual investors really struggle\nTop errors that analysts and professionals tend to make\nHow fundamental analysts can incorporate technical analysis to help remove bias\n\n\n \n\nPlease watch on my YouTube channel here https://youtu.be/duNxXVxO1TQ\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!","content_html":"\u003cp\u003eFind Dave Keller’s work: StockCharts.com, https://www.youtube.com/watch?v=OJ7TEgqFBHc MarketMisbehavor, https://www.marketmisbehavior.com/\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eLouis is joined this week by his guest Dave Keller, CMT in this remix podcast, to share his views on market analysis and strategy. Dave is the Chief Market Strategist and host of The Final Bar on StockCharts.com, where Louis has been his guest many times. Like Louis, Dave has a strong interest in music. Dave started his journey on this path with an education in orchestra conducting and found that market analysis grabbed his long term interest and viability.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eMore insights include:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhat exactly technical analysis is and why it's needed to be a successful investor\u003c/li\u003e\n\u003cli\u003eBig behavioral biases where both professional and individual investors really struggle\u003c/li\u003e\n\u003cli\u003eTop errors that analysts and professionals tend to make\u003c/li\u003e\n\u003cli\u003eHow fundamental analysts can incorporate technical analysis to help remove bias\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/duNxXVxO1TQ\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2022-10-20T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/88a23b6e-f1eb-4428-b639-ad84082c5c48.mp3","mime_type":"audio/mpeg","size_in_bytes":54189426,"duration_in_seconds":1693}]},{"id":"marketcall.podbean.com/3e61f363-64d9-35f2-af46-b7bec254a255","title":"Craig Johnson and His Current Market Outlook | Episode 53","url":"https://podcast.pathtorealwealth.com/053","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nFREE Portfolio Review, visit http://www.wealthnetinvest.com and click schedule a call\n\nCraig Johnson and His Current Market Outlook | Episode 53\n\nA fellow CFA \u0026amp; CMT, Craig Johnson, joins me this week on The Market Call Show, to talk about current market conditions, His insights on trends and what to look for in the coming months in our economy is a game changer.  Johnson is a Managing Director and Senior Technical Research Analyst currently directing Piper Sandler’s technical research group.\n\nCraig Johnson’s email: craig.johnson@psc.com\n\nIn This Episode You’ll Hear:\n\nHave interest rates gone too high too fast?\nLong term trends starting in the energy and oil markets\nHow the US dollar is affecting global markets\nWhat could lead us out of this declining market?\nRetail outlook heading into the holiday season\n\n\nPlease watch on my YouTube channel here https://youtu.be/RUrMRIFRpso \u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!","content_html":"\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFREE Portfolio Review, visit \u003ca href='http://www.wealthnetinvest.com'\u003ehttp://www.wealthnetinvest.com\u003c/a\u003e and click schedule a call\u003c/p\u003e\n\n\u003cp\u003eCraig Johnson and His Current Market Outlook | Episode 53\u003c/p\u003e\n\n\u003cp\u003eA fellow CFA \u0026 CMT, Craig Johnson, joins me this week on The Market Call Show, to talk about current market conditions, His insights on trends and what to look for in the coming months in our economy is a game changer.  Johnson is a Managing Director and Senior Technical Research Analyst currently directing Piper Sandler’s technical research group.\u003c/p\u003e\n\n\u003cp\u003eCraig Johnson’s email: craig.johnson@psc.com\u003c/p\u003e\n\n\u003cp\u003eIn This Episode You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eHave interest rates gone too high too fast?\u003c/li\u003e\n\u003cli\u003eLong term trends starting in the energy and oil markets\u003c/li\u003e\n\u003cli\u003eHow the US dollar is affecting global markets\u003c/li\u003e\n\u003cli\u003eWhat could lead us out of this declining market?\u003c/li\u003e\n\u003cli\u003eRetail outlook heading into the holiday season\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease watch on my YouTube channel here https://youtu.be/RUrMRIFRpso \u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e","summary":null,"date_published":"2022-10-13T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/c63195e6-9942-437b-8671-4ef8f0d4110e.mp3","mime_type":"audio/mpeg","size_in_bytes":104889791,"duration_in_seconds":3277}]},{"id":"marketcall.podbean.com/df230a9c-d220-3cb0-b2e8-b66904108e01","title":"Fundamental vs Technical Analysis | with Tyler Wood | Episode 52","url":"https://podcast.pathtorealwealth.com/052","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nCMT Association information:  https://cmtassociation.org/chartered-market-technician/\n\nFill the Gap Podcast: https://feeds.buzzsprout.com/1551823.rss\n\nFundamental Vs. Technical Analysis | with Tyler Wood | Ep 52\n\n \n\nThis week on The Market Call Show, I’m joined by Tyler Wood, the Managing Director of Chartered Market Technicians Association. The CMT Association supports the goal of elevating investors’ mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education.\n\n \n\nTyler brings a terrific sense of humor to the reality of the markets and shares his own thoughts about how he’s seen the industry change and evolve in his 11 years serving the CMT Association.  His own CMT designation has allowed him to be much more than a student of the markets. He brings a real knowledge base and amusing assessment of the pros/cons of fundamental vs. technical analysis.\n\n \n\nIn This Episode, You’ll Hear:\n\nThe CMT Association and it’s changes \u0026amp; impact on the industry\nA Technicians thought process\nOpportunities in this bear market\nWhat is the difference between quant shops and market makers?\nHow do you know when you’ve got a volatility squeeze?\nCan you test the signal strength of an investment strategy or a factor?\n\n\nPlease like and subscribe on my YouTube channel here https://youtu.be/YjDXWR-SZ8A\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw","content_html":"\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eCMT Association information:  \u003ca href='https://cmtassociation.org/chartered-market-technician/'\u003ehttps://cmtassociation.org/chartered-market-technician/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFill the Gap Podcast: https://feeds.buzzsprout.com/1551823.rss\u003c/p\u003e\n\n\u003cp\u003eFundamental Vs. Technical Analysis | with Tyler Wood | Ep 52\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eThis week on The Market Call Show, I’m joined by Tyler Wood, the Managing Director of Chartered Market Technicians Association. The CMT Association supports the goal of elevating investors’ mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eTyler brings a terrific sense of humor to the reality of the markets and shares his own thoughts about how he’s seen the industry change and evolve in his 11 years serving the CMT Association.  His own CMT designation has allowed him to be much more than a student of the markets. He brings a real knowledge base and amusing assessment of the pros/cons of fundamental vs. technical analysis.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eIn This Episode, You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe CMT Association and it’s changes \u0026 impact on the industry\u003c/li\u003e\n\u003cli\u003eA Technicians thought process\u003c/li\u003e\n\u003cli\u003eOpportunities in this bear market\u003c/li\u003e\n\u003cli\u003eWhat is the difference between quant shops and market makers?\u003c/li\u003e\n\u003cli\u003eHow do you know when you’ve got a volatility squeeze?\u003c/li\u003e\n\u003cli\u003eCan you test the signal strength of an investment strategy or a factor?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease like and subscribe on my YouTube channel here https://youtu.be/YjDXWR-SZ8A\u0026list=UUZZBFVZq3wIkZtToH-StTYw\u003c/p\u003e","summary":null,"date_published":"2022-10-06T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/46ead6da-9a23-4972-b689-2761115af227.mp3","mime_type":"audio/mpeg","size_in_bytes":97486681,"duration_in_seconds":3046}]},{"id":"marketcall.podbean.com/5fd171e5-8bdc-35fe-a7ec-3fc43f72def8","title":"Pioneering Market Analytics with Ralph Acampora | Episode 51","url":"https://podcast.pathtorealwealth.com/051","content_text":"Podcast Mentions: 50 years on Wall Street https://www.youtube.com/watch?v=1ECMh-dl77w\n\nFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nFREE Download 10-Point Checklist for A Worry-Free Retirement. Visit http://www.retireready.live\n\nFREE Portfolio Review, visit http://www.wealthnetinvest.com and click schedule a call\n\nPioneering Market Analytics with Ralph Acampora | Ep 51 | Legend Series\n\nWe’re celebrating our one-year anniversary of The Market Call Show by welcoming the Godfather of Technical Analysis, Ralph Acampora to the podcast.  Ralph shares his technical analyst wisdom that he pioneered on Wall Street for over 50 years, with great stories on his “lucky” start, the famous technicians that he taught at the New York Institute of Finance, and his long successful career with many significant firms of Wall Street.  He also famously helped begin the Chartered Market Technicians Association and continues to champion the institution that has grown worldwide.\n\nIn This Episode You’ll Hear:\n\nRalph’s history of teaching Wall Street greats\nWhat he thinks of Technical Analysis, Fundamental Analysis, and Fusion Analysis\nRalph’s lucky start on Wall Street\nWhy the CMT was created and it’s purpose\nRalph’s take on Wall Street History\nHow the current markets are following the trends of the 70’s\n\n\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here https://www.youtube.com/watch?v=q67kxag4aeI\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw ◀︎ Please like and subscribe!\n\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!","content_html":"\u003cp\u003ePodcast Mentions: 50 years on Wall Street \u003ca href='https://www.youtube.com/watch?v=1ECMh-dl77w'\u003ehttps://www.youtube.com/watch?v=1ECMh-dl77w\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFREE Download 10-Point Checklist for A Worry-Free Retirement. Visit \u003ca href='http://www.retireready.live'\u003ehttp://www.retireready.live\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eFREE Portfolio Review, visit \u003ca href='http://www.wealthnetinvest.com'\u003ehttp://www.wealthnetinvest.com\u003c/a\u003e and click schedule a call\u003c/p\u003e\n\n\u003cp\u003ePioneering Market Analytics with Ralph Acampora | Ep 51 | Legend Series\u003c/p\u003e\n\n\u003cp\u003eWe’re celebrating our one-year anniversary of The Market Call Show by welcoming the Godfather of Technical Analysis, Ralph Acampora to the podcast.  Ralph shares his technical analyst wisdom that he pioneered on Wall Street for over 50 years, with great stories on his “lucky” start, the famous technicians that he taught at the New York Institute of Finance, and his long successful career with many significant firms of Wall Street.  He also famously helped begin the Chartered Market Technicians Association and continues to champion the institution that has grown worldwide.\u003c/p\u003e\n\n\u003cp\u003eIn This Episode You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eRalph’s history of teaching Wall Street greats\u003c/li\u003e\n\u003cli\u003eWhat he thinks of Technical Analysis, Fundamental Analysis, and Fusion Analysis\u003c/li\u003e\n\u003cli\u003eRalph’s lucky start on Wall Street\u003c/li\u003e\n\u003cli\u003eWhy the CMT was created and it’s purpose\u003c/li\u003e\n\u003cli\u003eRalph’s take on Wall Street History\u003c/li\u003e\n\u003cli\u003eHow the current markets are following the trends of the 70’s\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here https://www.youtube.com/watch?v=q67kxag4aeI\u0026list=UUZZBFVZq3wIkZtToH-StTYw ◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003eI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\u003c/p\u003e","summary":null,"date_published":"2022-09-29T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/e64d51dd-002a-423c-b824-cd2a439efffe.mp3","mime_type":"audio/mpeg","size_in_bytes":90298166,"duration_in_seconds":2821}]},{"id":"marketcall.podbean.com/6771f983-b52f-36f5-9a08-fee6e79cab38","title":"3 Ways To Invest Your Retirement Money | Episode 50","url":"https://podcast.pathtorealwealth.com/050","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\n\nFREE Download 10-Point Checklist for A Worry-Free Retirement. Visit http://www.retireready.live\n\n\nFREE Portfolio Review, visit http://www.wealthnetinvest.com and click schedule a call\n\n\nEpisode 50- 3 Ways To Invest Your Retirement Money\n📉 What is the best way to protect your retirement nest egg? \nWith inflation continuing to rise and the profound turbulence in the markets, how can you make sure your retirement account continues to grow? Watch this week for 3 ways to invest your retirement money. \nDoes the name Ralph Acampora ring a bell? This market guru and the Godfather of Technical Analysis, joins me for our One Year Anniversary of the Market Call Show, next week! You won't want to miss it!\n\n\nIn this episode, you’ll hear:\n• How inflation has changed the investment landscape\n• The effect of the Sharpe Ratio\n• What you should do right now in this market environment\n• Why attacking risk is most beneficial now\n\n\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here https://youtu.be/dH5WECplVgE\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\n\n\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!","content_html":"\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nFREE Download 10-Point Checklist for A Worry-Free Retirement. Visit \u003ca href='http://www.retireready.live'\u003ehttp://www.retireready.live\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nFREE Portfolio Review, visit http://www.wealthnetinvest.com and click schedule a call\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nEpisode 50- 3 Ways To Invest Your Retirement Money\u003cbr\u003e\n📉 What is the best way to protect your retirement nest egg? \u003cbr\u003e\nWith inflation continuing to rise and the profound turbulence in the markets, how can you make sure your retirement account continues to grow? Watch this week for 3 ways to invest your retirement money. \u003cbr\u003e\nDoes the name Ralph Acampora ring a bell? This market guru and the Godfather of Technical Analysis, joins me for our One Year Anniversary of the Market Call Show, next week! You won't want to miss it!\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nIn this episode, you’ll hear:\u003cbr\u003e\n• How inflation has changed the investment landscape\u003cbr\u003e\n• The effect of the Sharpe Ratio\u003cbr\u003e\n• What you should do right now in this market environment\u003cbr\u003e\n• Why attacking risk is most beneficial now\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here https://youtu.be/dH5WECplVgE\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\u003c/p\u003e","summary":null,"date_published":"2022-09-26T12:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/fab56467-2438-467d-8865-5bb46e35aae6.mp3","mime_type":"audio/mpeg","size_in_bytes":32506981,"duration_in_seconds":1015}]},{"id":"marketcall.podbean.com/6351e847-117c-33cf-abdd-9c7378fc04a6","title":"Been Thinking of Retiring?  Be Retire Ready | Episode 49","url":"https://podcast.pathtorealwealth.com/049","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\n\nFREE Portfolio Review, visit http://www.wealthnetinvest.com and click schedule a call\n\n\nEpisode 49- Been thinking of retiring? Be Retire Ready \n\n\nIs your investment strategy preparing you to be retire ready? \nThe investment solution you select should be based on a disciplined process for managing your portfolio. It should consider a holistic view of your finances and be tailored to your goals. The selected strategy should be responsive to changing market conditions, constantly seek new opportunities for growth, and preserve your capital.\nIn This Week’s Episode, You’ll Hear:\n• How your portfolio can be a paycheck replacement for retirement\n• Portfolio customization is key\n• Strategic Asset Allocation vs. Tactical Asset Allocation \n• Investment Selection Process\n• Monitoring your portfolio\n\n\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here https://youtu.be/SGEmB7jmt50\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\n\n\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!","content_html":"\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nFREE Portfolio Review, visit http://www.wealthnetinvest.com and click schedule a call\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nEpisode 49- Been thinking of retiring? Be Retire Ready \u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nIs your investment strategy preparing you to be retire ready? \u003cbr\u003e\nThe investment solution you select should be based on a disciplined process for managing your portfolio. It should consider a holistic view of your finances and be tailored to your goals. The selected strategy should be responsive to changing market conditions, constantly seek new opportunities for growth, and preserve your capital.\u003cbr\u003e\nIn This Week’s Episode, You’ll Hear:\u003cbr\u003e\n• How your portfolio can be a paycheck replacement for retirement\u003cbr\u003e\n• Portfolio customization is key\u003cbr\u003e\n• Strategic Asset Allocation vs. Tactical Asset Allocation \u003cbr\u003e\n• Investment Selection Process\u003cbr\u003e\n• Monitoring your portfolio\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here https://youtu.be/SGEmB7jmt50\u0026list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\u003c/p\u003e","summary":null,"date_published":"2022-09-15T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/2ff0a5ad-6827-49b9-a5f9-8d16184fdcf2.mp3","mime_type":"audio/mpeg","size_in_bytes":26800591,"duration_in_seconds":837}]},{"id":"marketcall.podbean.com/2b0c6334-cf67-3e09-b4ce-a84f241e6498","title":"Investment Strategy for Wealth Creation with The Market Wizard Tom Basso | Episode 48","url":"https://podcast.pathtorealwealth.com/048","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nEpisode 48-Investment Strategy for Wealth Creation with The Market Wizard Tom Basso\nNote: Watch our conversation on my YouTube channel, The Market Call Show https://youtu.be/ExVRHyiJ_lg\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw\n\n\nAre you able to sit back and enjoy the ride the stock market is taking us on?\nThis week, I had the amazing opportunity to interview The Market Wizard, Tom Basso (aka Mr. Serenity). Tom is a retired market strategist and author of an upcoming book called All Weather Trader.  We chat about his strategies for approaching the market with an informed, calm, and cool process.  \n\nNext week, I'll share with you how successful investing is best accomplished through a process that takes into account three guiding principles set around your financial goals. \n\nIn This Week’s Episode, You’ll Hear:\n• Tom Basso's start in the industry and how engineering influenced it\n• The Independent Thinking Process\n• Managing Risk vs Attacking Risk\n• Extreme Diversification\n• Risk Tolerance and Market Volatility  \n• Basso's New Book, The All-Weather Trader\n• Hedging and ETF's\n\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here ◀︎\n\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!","content_html":"\u003cp\u003eFREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e\n\n\u003cp\u003eEpisode 48-Investment Strategy for Wealth Creation with The Market Wizard Tom Basso\u003cbr\u003e\nNote: Watch our conversation on my YouTube channel, The Market Call Show https://youtu.be/ExVRHyiJ_lg\u0026list=UUZZBFVZq3wIkZtToH-StTYw\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nAre you able to sit back and enjoy the ride the stock market is taking us on?\u003cbr\u003e\nThis week, I had the amazing opportunity to interview The Market Wizard, Tom Basso (aka Mr. Serenity). Tom is a retired market strategist and author of an upcoming book called All Weather Trader.  We chat about his strategies for approaching the market with an informed, calm, and cool process.  \u003c/p\u003e\n\n\u003cp\u003eNext week, I'll share with you how successful investing is best accomplished through a process that takes into account three guiding principles set around your financial goals. \u003c/p\u003e\n\n\u003cp\u003eIn This Week’s Episode, You’ll Hear:\u003cbr\u003e\n• Tom Basso's start in the industry and how engineering influenced it\u003cbr\u003e\n• The Independent Thinking Process\u003cbr\u003e\n• Managing Risk vs Attacking Risk\u003cbr\u003e\n• Extreme Diversification\u003cbr\u003e\n• Risk Tolerance and Market Volatility  \u003cbr\u003e\n• Basso's New Book, The All-Weather Trader\u003cbr\u003e\n• Hedging and ETF's\u003c/p\u003e\n\n\u003cp\u003eP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here ◀︎\u003c/p\u003e\n\n\u003cp\u003eI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\u003c/p\u003e","summary":null,"date_published":"2022-09-08T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/0d7ac4d9-d21d-403e-ac90-1ce2e0cf3d1d.mp3","mime_type":"audio/mpeg","size_in_bytes":128147881,"duration_in_seconds":4004}]},{"id":"marketcall.podbean.com/843807bb-ab48-30c1-b945-3d5f11d80375","title":"The Psychology of Investing with JP Tremblay | Episode 47","url":"https://podcast.pathtorealwealth.com/047","content_text":"FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nGet the Monthly Market Insight, http://www.wealthnetinvest.com\n\nOriginally released 10.6.2020\n\nEpisode 47: The Psychology of Investing with JP Tremblay  \n\nNote: Watch on my YouTube channel, The Market Call Show https://youtu.be/Y-XRwOr2miU\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw (this part of the you tube tag remains static, only change the link portion to video)\n\n \n\nI had a great conversation with JP Tremblay back in October 2020 and I wanted to share it with you because it is so relevant today.  In this week’s podcast episode, we talk about protecting your money and avoiding common mistakes that come from listening to noise in the media.  I strongly recommend listening to it from beginning to end.\n\n \n\n In This Week’s Episode, You’ll Hear:\n\nAbout herding behavior and how to avoid it\nWhy overconfidence can lead you astray\nWhat is prospect theory\nWhy overreaction is a huge downfall\nRecency vs History\n\n\n \n\nNext week, Tom Basso joins me on the podcast for an insider’s discussion about “All-Weather” investing.  Tom is famously known for being a market wizard interviewed in The New Market Wizards,  written by Jack Schwager.  You won’t want to miss this one!\n\nP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here, https://youtu.be/Y-XRwOr2miU\u0026amp;list=UUZZBFVZq3wIkZtToH-StTYw","content_html":"\u003cp\u003eFREE Download chapter one of the \u003cem\u003eFinancial Freedom Blueprint\u003c/em\u003e to learn how to stay ahead of the herd.   Visit \u003ca href='http://www.pathtorealwealth.com'\u003ehttp://www.pathtorealwealth.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eGet the Monthly Market Insight, \u003ca href='http://www.wealthnetinvest.com'\u003ehttp://www.wealthnetinvest.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eOriginally released 10.6.2020\u003c/p\u003e\n\n\u003cp\u003eEpisode 47: The Psychology of Investing with JP Tremblay  \u003c/p\u003e\n\n\u003cp\u003eNote: Watch on my YouTube channel, The Market Call Show https://youtu.be/Y-XRwOr2miU\u0026list=UUZZBFVZq3wIkZtToH-StTYw (this part of the you tube tag remains static, only change the link portion to video)\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eI had a great conversation with JP Tremblay back in October 2020 and I wanted to share it with you because it is so relevant today.  In this week’s podcast episode, we talk about protecting your money and avoiding common mistakes that come from listening to noise in the media.  I strongly recommend listening to it from beginning to end.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e In This Week’s Episode, You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eAbout herding behavior and how to avoid it\u003c/li\u003e\n\u003cli\u003eWhy overconfidence can lead you astray\u003c/li\u003e\n\u003cli\u003eWhat is prospect theory\u003c/li\u003e\n\u003cli\u003eWhy overreaction is a huge downfall\u003c/li\u003e\n\u003cli\u003eRecency vs History\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eNext week, Tom Basso joins me on the podcast for an insider’s discussion about “All-Weather” investing.  Tom is famously known for being a market wizard interviewed in \u003cem\u003eThe New Market Wizards,\u003c/em\u003e  written by Jack Schwager.  You won’t want to miss this one!\u003c/p\u003e\n\n\u003cp\u003eP.S. You may have noticed...the podcast is now in both video and audio format.  For best viewing, please watch on my YouTube channel here, https://youtu.be/Y-XRwOr2miU\u0026list=UUZZBFVZq3wIkZtToH-StTYw\u003c/p\u003e","summary":null,"date_published":"2022-09-01T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/4f6198ab-4911-4870-9643-df9a0b8de03e.mp3","mime_type":"audio/mpeg","size_in_bytes":50003571,"duration_in_seconds":1562}]},{"id":"marketcall.podbean.com/4f239c4d-9db3-3ead-881f-d67d667d5252","title":"Should I Invest in Stocks, Gold, Real Estate or Crypto? | Episode 46","url":"https://podcast.pathtorealwealth.com/046","content_text":"Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nEpisode 46: Should I Invest in Stocks, Gold, Real Estate or Crypto? Note: best results for viewing this video with graphs is watching on my YouTube channel, Market Call Show https://youtu.be/FoZRLdeW0RI\n\nWhat is the best choice for your investments right now and for the long term?\n\n The best answer is with smart portfolio construction that starts with managing risk, knowing the market conditions, and taking a dynamic and informed approach.  In this week’s episode, I talk about Intelligent Capital AdvantageSM and why I believe it is the best way to invest.\n\n \n\nIn This Week’s Episode, You’ll Hear:\n\nThe importance of managing taxes over time\nAre you truly diversified?\nWhat are your risk factors?\nWhat about the ETF game?\nThe 3 fundamentals of smart portfolio construction\n\n\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\n\nThe importance of protecting your wealth starts with protecting your mind first.  JP Tremblay and I bring back a popular episode next week that discusses the influences on the market and how to listen to what’s relevant to you.\n\nP.S. For the best result viewing this week’s podcast, please go to YouTube (I use graphs to illustrate my points) https://youtu.be/FoZRLdeW0RI\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n\nWork with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eDownload chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e\n\n\u003cp\u003eEpisode 46: Should I Invest in Stocks, Gold, Real Estate or Crypto? Note: best results for viewing this video with graphs is watching on my YouTube channel, Market Call Show https://youtu.be/FoZRLdeW0RI\u003c/p\u003e\n\n\u003cp\u003eWhat is the best choice for your investments right now and for the long term?\u003c/p\u003e\n\n\u003cp\u003e The best answer is with smart portfolio construction that starts with managing risk, knowing the market conditions, and taking a dynamic and informed approach.  In this week’s episode, I talk about Intelligent Capital AdvantageSM and why I believe it is the best way to invest.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eIn This Week’s Episode, You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe importance of managing taxes over time\u003c/li\u003e\n\u003cli\u003eAre you truly diversified?\u003c/li\u003e\n\u003cli\u003eWhat are your risk factors?\u003c/li\u003e\n\u003cli\u003eWhat about the ETF game?\u003c/li\u003e\n\u003cli\u003eThe 3 fundamentals of smart portfolio construction\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u003cem\u003eI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at \u003c/em\u003e\u003ca href='mailto:hello@louisllanes.com'\u003e\u003cem\u003ehello@louisllanes.com\u003c/em\u003e\u003c/a\u003e\u003cem\u003e, for a chance for it to be featured on another episode!\u003cbr\u003e\n\u003c/em\u003e\u003cbr\u003e\nThe importance of protecting your wealth starts with protecting your mind first.  JP Tremblay and I bring back a popular episode next week that discusses the influences on the market and how to listen to what’s relevant to you.\u003c/p\u003e\n\n\u003cp\u003eP.S. For the best result viewing this week’s podcast, please go to YouTube (I use graphs to illustrate my points) https://youtu.be/FoZRLdeW0RI\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href=\"https://bit.ly/3KJmpwv\" rel=\"nofollow\"\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\u003cbr\u003e\n\u003col\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href=\"https://www.pathtorealwealth.com/\" rel=\"nofollow\"\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡\u003ca href=\"https://calendly.com/wealthnet-make-an-appointment/introzoom\" rel=\"nofollow\"\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e","summary":null,"date_published":"2022-08-25T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/b2f36c13-9eec-4600-ba68-1ba135a72b97.mp3","mime_type":"audio/mpeg","size_in_bytes":35755131,"duration_in_seconds":1117}]},{"id":"marketcall.podbean.com/8441aeb4-7171-32f1-931f-c1e045e1400e","title":"Will The Fed Hike Rates Again? | Episode 45","url":"https://podcast.pathtorealwealth.com/045","content_text":"Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\n\nEpisode 45: Will the Fed Hike Interest Rates Again? \n\nNote: best results for viewing this video with graphs is watching on my YouTube channel, The Market Call Show https://youtu.be/406DGmdK8kk\n\n\nIt's not a question of if, it's a question of when will the Fed hike rates again?\n\nThe massive uncertainty surrounding the direction of the stock market right now, raises a major question that is on everyone’s mind.  What is happening with the Federal Reserve and interest rates?  In this week’s episode, I look at all the puzzle pieces of information and the historical facts that got us here, and what might happen next.\nIn this episode, you’ll hear:\n• Past inflation trends and what led us here\n• How past recessions and stock market behavior play a role in the direction from here\n• Does the current data point to a recession now?\n• Preparation and a solid plan are key to results\n\n\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\n\n \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n1. Try the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n1. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n1. Work with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eDownload chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com\u003c/p\u003e\n\n\u003cp\u003eEpisode 45: Will the Fed Hike Interest Rates Again? \u003c/p\u003e\n\n\u003cp\u003eNote: best results for viewing this video with graphs is watching on my YouTube channel, The Market Call Show \u003ca href='https://youtu.be/406DGmdK8kk'\u003ehttps://youtu.be/406DGmdK8kk\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nIt's not a question of if, it's a question of when will the Fed hike rates again?\u003c/p\u003e\n\n\u003cp\u003eThe massive uncertainty surrounding the direction of the stock market right now, raises a major question that is on everyone’s mind.  What is happening with the Federal Reserve and interest rates?  In this week’s episode, I look at all the puzzle pieces of information and the historical facts that got us here, and what might happen next.\u003cbr\u003e\nIn this episode, you’ll hear:\u003cbr\u003e\n• Past inflation trends and what led us here\u003cbr\u003e\n• How past recessions and stock market behavior play a role in the direction from here\u003cbr\u003e\n• Does the current data point to a recession now?\u003cbr\u003e\n• Preparation and a solid plan are key to results\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nI’d love to work through some of your financial questions, tackle the hard stuff, and dive into solutions.  If there is a topic you would like to have me work through in a future episode of The Market Call Show, please email it to me at hello@louisllanes.com, for a chance for it to be featured on another episode!\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003cbr\u003e\n1. Try the new RISK NUMBER SCORECARD\u003cbr\u003e\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003cbr\u003e\n1. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003cbr\u003e\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003cbr\u003e\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003cbr\u003e\n1. Work with me one-on-one\u003cbr\u003e\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-08-18T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/bbb5052c-1aac-4434-b0ba-44d5fa52a67b.mp3","mime_type":"audio/mpeg","size_in_bytes":35050391,"duration_in_seconds":1095}]},{"id":"marketcall.podbean.com/6c420fc1-b6db-3133-b466-20e0b8f2c2a9","title":"Smart Portfolio Building with Robert Carver | Part 2 | Episode 44","url":"https://podcast.pathtorealwealth.com/044","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nEpisode 44- Smart Portfolio Building with Robert Carver: Part 2\n\nRobert Carver joins me for the continuation of our smarter portfolio building conversation this week--Rob is an independent systematic futures trader and investor, author, and research consultant. In this Part 2, we discuss portfolio construction and diversification, ETFs, and the relationship between volatility and the price for equities.\n\nIn this episode you'll hear:\n\nPortfolio construction and diversification\nHow can individual investors overcome constraints and problems when investing long-term retirement accounts?\nTrading individual stocks vs. ETFs\nHow many risk units should you have when it comes to individual stocks?\nBlending strategies for your portfolio\nEquities and volatility\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n\nWork with me one-on-one\n\n\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eEpisode 44- Smart Portfolio Building with Robert Carver: Part 2\u003c/p\u003e\n\n\u003cp\u003eRobert Carver joins me for the continuation of our smarter portfolio building conversation this week--Rob is an independent systematic futures trader and investor, author, and research consultant. In this Part 2, we discuss portfolio construction and diversification, ETFs, and the relationship between volatility and the price for equities.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003ePortfolio construction and diversification\u003c/li\u003e\n\u003cli\u003eHow can individual investors overcome constraints and problems when investing long-term retirement accounts?\u003c/li\u003e\n\u003cli\u003eTrading individual stocks vs. ETFs\u003c/li\u003e\n\u003cli\u003eHow many risk units should you have when it comes to individual stocks?\u003c/li\u003e\n\u003cli\u003eBlending strategies for your portfolio\u003c/li\u003e\n\u003cli\u003eEquities and volatility\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2022-08-11T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/83030e03-bf55-48e6-9b50-b5a9bbf7bf09.mp3","mime_type":"audio/mpeg","size_in_bytes":96461175,"duration_in_seconds":2365}]},{"id":"marketcall.podbean.com/a450c4d8-6318-3736-94b0-c1650786a67c","title":"Smart Portfolio Building with Robert Carver | Part 1 | Episode 43","url":"https://podcast.pathtorealwealth.com/043","content_text":"Episode 43- Smart Portfolio Building with Robert Carver: Part 1\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nJoining me this week, Robert Carver--Rob is an independent systematic futures trader and investor, author, and research consultant. He is currently a visiting lecturer at Queen Mary, University of London.  We had such a terrific discussion, we had to split his guest appearance into two episodes.  In Part 1, we dive into deciphering signal strength and model forecasting, market volatility and systematic trading.\n\nIn this episode you'll hear:\n\nRob’s background and how he got to where he is today\nTypes of traders, and which Rob would recommend\nTesting signal strength in the trading world\nThe advantages and challenges of continuous signal strength\nRob’s philosophy on how to rebalance or analyze the variance between actual vs. target\nThe use of alternative instruments\nForecasting volatility\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n\nWork with me one-on-one\n\n\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eEpisode 43- Smart Portfolio Building with Robert Carver: Part 1\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eJoining me this week, Robert Carver--Rob is an independent systematic futures trader and investor, author, and research consultant. He is currently a visiting lecturer at Queen Mary, University of London.  We had such a terrific discussion, we had to split his guest appearance into two episodes.  In Part 1, we dive into deciphering signal strength and model forecasting, market volatility and systematic trading.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eRob’s background and how he got to where he is today\u003c/li\u003e\n\u003cli\u003eTypes of traders, and which Rob would recommend\u003c/li\u003e\n\u003cli\u003eTesting signal strength in the trading world\u003c/li\u003e\n\u003cli\u003eThe advantages and challenges of continuous signal strength\u003c/li\u003e\n\u003cli\u003eRob’s philosophy on how to rebalance or analyze the variance between actual vs. target\u003c/li\u003e\n\u003cli\u003eThe use of alternative instruments\u003c/li\u003e\n\u003cli\u003eForecasting volatility\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2022-08-04T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/8397863a-1401-41ec-b349-53699b88af59.mp3","mime_type":"audio/mpeg","size_in_bytes":88128114,"duration_in_seconds":2157}]},{"id":"marketcall.podbean.com/dd7060de-c3f7-35f2-a448-219b623c9b5a","title":"Are We Near a Bottom in the Market | Episode 42","url":"https://podcast.pathtorealwealth.com/042","content_text":"Are We Near A Bottom in the Market?\n\nIf you are interested in getting more in-depth information related to the topics from this episode, visit http://www.pathtorealwealth.com to get a signed copy of my book, Financial Freedom Blueprint.\n\nThis episode of the Market Call Show features my good friend and fellow advisor James L. Smith Jr.  James and I go way back and he has been one of my market outlook sounding boards for many years, he's got a great view on what's happening in the market and his opinions are shaped by many years of experience in the investment industry.\n\nHe and I chatted at length about the current market cycle.  I'm certain you will walk away with some insight that may help you in your investing now and in the future.\n\nHear about:\n\nJames’ view on the current market and how we got here\nWhy we may not have reached the bottom yet\nConstructing portfolios in today’s environment\nHow the investment landscape has changed from years past\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n\nWork with me one-on-one\n\n\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eAre We Near A Bottom in the Market?\u003c/p\u003e\n\n\u003cp\u003eIf you are interested in getting more in-depth information related to the topics from this episode, visit http://\u003ca href='http://www.pathtorealwealth.com'\u003ewww.pathtorealwealth.com\u003c/a\u003e to get a signed copy of my book, Financial Freedom Blueprint.\u003c/p\u003e\n\n\u003cp\u003eThis episode of the Market Call Show features my good friend and fellow advisor James L. Smith Jr.  James and I go way back and he has been one of my market outlook sounding boards for many years, he's got a great view on what's happening in the market and his opinions are shaped by many years of experience in the investment industry.\u003c/p\u003e\n\n\u003cp\u003eHe and I chatted at length about the current market cycle.  I'm certain you will walk away with some insight that may help you in your investing now and in the future.\u003c/p\u003e\n\n\u003cp\u003eHear about:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eJames’ view on the current market and how we got here\u003c/li\u003e\n\u003cli\u003eWhy we may not have reached the bottom yet\u003c/li\u003e\n\u003cli\u003eConstructing portfolios in today’s environment\u003c/li\u003e\n\u003cli\u003eHow the investment landscape has changed from years past\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003c/p\u003e\n\n\u003cul style=\"list-style-type:circle;\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2022-08-01T16:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/c9e38712-c2dd-4a6f-b1d0-b3649b650b99.mp3","mime_type":"audio/mpeg","size_in_bytes":98051141,"duration_in_seconds":3064}]},{"id":"marketcall.podbean.com/aa5f1d98-82d4-3227-827f-acd00caea4a0","title":"Dad’s Intentional Financial Lessons With Paige Cornetet | Episode 41","url":"https://podcast.pathtorealwealth.com/041","content_text":"What vital knowledge from your childhood should you pass on to your kids? When do you introduce the concept of money? How are you intentional with the lessons you impart? The earlier these are taught, the better the impact and success.  In this week’s episode of The Market Call Show, I welcome Paige Cornetet, author of My Dad’s Class, a book about the strategies and principles her dad used to lay the groundwork for a happy, financially responsible, and successful life.\n\n\nIn this episode, you’ll hear:\n• Laying down the law\n• Three Bucket Rule\n• What about the focus on instant gratification? \n• Working with your children about money when they're older\n• Family Bank, Structured Meetings and the History of Dad\n\n \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n1. Try the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n3. Work with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eWhat vital knowledge from your childhood should you pass on to your kids? When do you introduce the concept of money? How are you intentional with the lessons you impart? The earlier these are taught, the better the impact and success.  In this week’s episode of The Market Call Show, I welcome Paige Cornetet, author of My Dad’s Class, a book about the strategies and principles her dad used to lay the groundwork for a happy, financially responsible, and successful life.\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nIn this episode, you’ll hear:\u003cbr\u003e\n• Laying down the law\u003cbr\u003e\n• Three Bucket Rule\u003cbr\u003e\n• What about the focus on instant gratification? \u003cbr\u003e\n• Working with your children about money when they're older\u003cbr\u003e\n• Family Bank, Structured Meetings and the History of Dad\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003cbr\u003e\n1. Try the new RISK NUMBER SCORECARD\u003cbr\u003e\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003cbr\u003e\n2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003cbr\u003e\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003cbr\u003e\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003cbr\u003e\n3. Work with me one-on-one\u003cbr\u003e\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2022-06-23T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/121afe6c-22b6-4226-ba0b-799358ff1ed6.mp3","mime_type":"audio/mpeg","size_in_bytes":100115261,"duration_in_seconds":3128}]},{"id":"marketcall.podbean.com/c468df85-38fa-3b91-a4eb-9dfd526cc493","title":"Evidence Based Investing | Episode 39","url":"https://podcast.pathtorealwealth.com/039","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nIt's amazing how often people make investments based on tips, the news, or opinions, rather than on sound factual research.  In this week’s episode of The Market Call Show, I talk about why making sound investing choices based on evidence is ideal and why having a robust strategy is better than “going with your gut”.  \n\nIn this episode you'll hear:\n\nThe difference between investing and physics\nWhat investment managers should think about\nThe definition of a robust strategy\nUnderstanding the drivers of your strategy\nFirst Principles thinking\nStories vs. hard data and statistics and why that data is so important\nSystematic errors we can make\nOverlapping holdings in investments\nExplanatory variables\nMean Reversions\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n1. Try the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n1. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n1. Work with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eIt's amazing how often people make investments based on tips, the news, or opinions, rather than on sound factual research.  In this week’s episode of The Market Call Show, I talk about why making sound investing choices based on evidence is ideal and why having a robust strategy is better than “going with your gut”.  \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe difference between investing and physics\u003c/li\u003e\n\u003cli\u003eWhat investment managers should think about\u003c/li\u003e\n\u003cli\u003eThe definition of a robust strategy\u003c/li\u003e\n\u003cli\u003eUnderstanding the drivers of your strategy\u003c/li\u003e\n\u003cli\u003eFirst Principles thinking\u003c/li\u003e\n\u003cli\u003eStories vs. hard data and statistics and why that data is so important\u003c/li\u003e\n\u003cli\u003eSystematic errors we can make\u003c/li\u003e\n\u003cli\u003eOverlapping holdings in investments\u003c/li\u003e\n\u003cli\u003eExplanatory variables\u003c/li\u003e\n\u003cli\u003eMean Reversions\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003cbr\u003e\n1. Try the new RISK NUMBER SCORECARD\u003cbr\u003e\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003cbr\u003e\n1. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003cbr\u003e\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003cbr\u003e\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003cbr\u003e\n1. Work with me one-on-one\u003cbr\u003e\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2022-06-09T14:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/85d3d1af-bc65-4df8-ab4a-84d8692f198d.mp3","mime_type":"audio/mpeg","size_in_bytes":52194085,"duration_in_seconds":1258}]},{"id":"marketcall.podbean.com/8e3e1cdc-2ca7-3a2e-9e29-4cebdd26952c","title":"The Solution To Your Investment Problem is CASH | Episode 38","url":"https://podcast.pathtorealwealth.com/038","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us and you may see it answered on a future episode!\n\nSo many people out there are losing a lot of money in the markets, and they really shouldn't be.  The solution is utilizing a highly flexible instrument for managing risk for these turbulent ups and downs of the market we have been witnessing lately.  In this week’s episode of The Market Call Show, I break down the BIG 4 letter word solution that could help your hard-earned wealth stay steady and secure.\n\nIn This Episode, You’ll Hear:\n\nThe current economy and navigating the bear markets\nWhy investors should not be buying the whole market and what they SHOULD be doing\nIt’s time to re-evaluate your investments, the market, and risk\nMaking money on the way out of a correction\nWhy we’re still in a bear market and there’s more downside to come\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n\nWork with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n \n\n \n\n \n\n ","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  \u003ca href='mailto:%20info@wealthnetinvest.com'\u003eEmail us\u003c/a\u003e and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eSo many people out there are losing a lot of money in the markets, and they really shouldn't be.  The solution is utilizing a highly flexible instrument for managing risk for these turbulent ups and downs of the market we have been witnessing lately.  In this week’s episode of The Market Call Show, I break down the BIG 4 letter word solution that could help your hard-earned wealth stay steady and secure.\u003c/p\u003e\n\n\u003cp\u003eIn This Episode, You’ll Hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe current economy and navigating the bear markets\u003c/li\u003e\n\u003cli\u003eWhy investors should not be buying the whole market and what they SHOULD be doing\u003c/li\u003e\n\u003cli\u003eIt’s time to re-evaluate your investments, the market, and risk\u003c/li\u003e\n\u003cli\u003eMaking money on the way out of a correction\u003c/li\u003e\n\u003cli\u003eWhy we’re still in a bear market and there’s more downside to come\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href=\"https://bit.ly/3KJmpwv\" rel=\"nofollow\"\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\u003cbr\u003e\n\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href=\"https://www.pathtorealwealth.com/\" rel=\"nofollow\"\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003c/p\u003e\n\n\u003cp\u003e\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡\u003ca href=\"https://calendly.com/wealthnet-make-an-appointment/introzoom\" rel=\"nofollow\"\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-06-02T14:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/e9d12acf-c72f-4ed8-84bb-ea9ae67345e0.mp3","mime_type":"audio/mpeg","size_in_bytes":40482937,"duration_in_seconds":966}]},{"id":"marketcall.podbean.com/a53ce842-063b-39a8-b497-0bcd3d5b21eb","title":"What’s Moving The Markets Today | Episode 37","url":"https://podcast.pathtorealwealth.com/037","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it to info@wealthnetinvest.com and you may see it answered on a future episode!\n\nThe big economic factors influencing the market and where it’s headed is powered by several things, including the latest actions of the Federal Reserve to Russia to the hot housing market.  I have been watching the direction of the markets carefully and evaluating how all these things affect client portfolios.  In this week’s episode of The Market Call Show, I dive into these topics and more to explain how these factors contribute to the appearance of a bear market. What do you need to watch for? And how to be ready to take advantage of winning opportunities that may benefit your investment strategies. \n\nIn this episode you'll hear:\n\nThe current status with the Federal Reserve\nRussia, the energy markets, and the trend for higher inflation\nCan the Fed bring down inflation without going through a\nrecession? Why or why not?\nDoes the Federal Reserve want to kill housing?\nThe role of earnings and the stock market\nWhy having protocols to help you reverse course when you’re\nwrong is so important\nThe current state of stocks globally\nWhat are you supposed to learn from all of the information in\nthis episode?\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\n\nWork with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it to info@wealthnetinvest.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eThe big economic factors influencing the market and where it’s headed is powered by several things, including the latest actions of the Federal Reserve to Russia to the hot housing market.  I have been watching the direction of the markets carefully and evaluating how all these things affect client portfolios.  In this week’s episode of The Market Call Show, I dive into these topics and more to explain how these factors contribute to the appearance of a bear market. What do you need to watch for? And how to be ready to take advantage of winning opportunities that may benefit your investment strategies. \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe current status with the Federal Reserve\u003cbr\u003e\nRussia, the energy markets, and the trend for higher inflation\u003c/li\u003e\n\u003cli\u003eCan the Fed bring down inflation without going through a\u003cbr\u003e\nrecession? Why or why not?\u003c/li\u003e\n\u003cli\u003eDoes the Federal Reserve want to kill housing?\u003c/li\u003e\n\u003cli\u003eThe role of earnings and the stock market\u003c/li\u003e\n\u003cli\u003eWhy having protocols to help you reverse course when you’re\u003cbr\u003e\nwrong is so important\u003c/li\u003e\n\u003cli\u003eThe current state of stocks globally\u003c/li\u003e\n\u003cli\u003eWhat are you supposed to learn from all of the information in\u003cbr\u003e\nthis episode?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href=\"https://bit.ly/3KJmpwv\" rel=\"nofollow\"\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\u003cbr\u003e\n\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href=\"https://www.pathtorealwealth.com/\" rel=\"nofollow\"\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\u003c/p\u003e\n\n\u003cp\u003e\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡\u003ca href=\"https://calendly.com/wealthnet-make-an-appointment/introzoom\" rel=\"nofollow\"\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-05-26T13:45:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/456c0c48-e5d1-41cc-a5a5-e7c8cf538a06.mp3","mime_type":"audio/mpeg","size_in_bytes":51389514,"duration_in_seconds":1238}]},{"id":"marketcall.podbean.com/686e4c95-84b9-3d86-b678-75d128e1d4fa","title":"How To Evaluate Your Investment Performance | Episode 36","url":"https://podcast.pathtorealwealth.com/036","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us and you may see it answered on a future episode!\n\nDo you know how to evaluate the performance of your investments?  Ask yourself these questions--Is my portfolio performance strong, or not so strong? Should I be doing something different? Should I be adjusting my risk tolerance? In this week’s episode of The Market Call Show, I give tips on what to look for when evaluating your investments and how to tell if your investments are doing well based on your personal benchmarks and goals.\n\n\n\nIn this episode you'll hear:\n\nShould you use the S\u0026amp;P 500 as a benchmark?\nWhat it means to beat taxes and inflation\nWhat everyone wants and needs from an investment portfolio: Preserving capital, growing capital, and providing income\nBlended benchmarks\nPerformance attribution\nAllocation Effect, Select Effect, and Interaction Effect\nTime is a key element\nTime weighted returns\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\n\nWork with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  \u003ca href='mailto:%20info@wealthnetinvest.com'\u003eEmail us\u003c/a\u003e and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eDo you know how to evaluate the performance of your investments?  Ask yourself these questions--Is my portfolio performance strong, or not so strong? Should I be doing something different? Should I be adjusting my risk tolerance? In this week’s episode of The Market Call Show, I give tips on what to look for when evaluating your investments and how to tell if your investments are doing well based on your personal benchmarks and goals.\u003cbr\u003e\n\u003cbr\u003e\n\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eShould you use the S\u0026P 500 as a benchmark?\u003c/li\u003e\n\u003cli\u003eWhat it means to beat taxes and inflation\u003c/li\u003e\n\u003cli\u003eWhat everyone wants and needs from an investment portfolio: Preserving capital, growing capital, and providing income\u003c/li\u003e\n\u003cli\u003eBlended benchmarks\u003c/li\u003e\n\u003cli\u003ePerformance attribution\u003c/li\u003e\n\u003cli\u003eAllocation Effect, Select Effect, and Interaction Effect\u003c/li\u003e\n\u003cli\u003eTime is a key element\u003c/li\u003e\n\u003cli\u003eTime weighted returns\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href=\"https://bit.ly/3KJmpwv\" rel=\"nofollow\"\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\u003cbr\u003e\n\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href=\"https://www.pathtorealwealth.com/\" rel=\"nofollow\"\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/shop-books\u003c/p\u003e\n\n\u003cp\u003e\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡\u003ca href=\"https://calendly.com/wealthnet-make-an-appointment/introzoom\" rel=\"nofollow\"\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-05-19T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/f7fa713f-36c6-414a-a88a-37cdf0f54f40.mp3","mime_type":"audio/mpeg","size_in_bytes":59586774,"duration_in_seconds":1443}]},{"id":"marketcall.podbean.com/6c3c2e96-f4fc-3664-8240-c2eec0ed0cbb","title":"Why You Might Regret Buying Stock In Big Companies | Episode 35","url":"https://podcast.pathtorealwealth.com/035","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it info@wealthnetinvest.com and you may see it answered on a future episode!\n\nWhy You Might Regret Buying Stock in Big Companies\n\nBig companies got big for a reason; they do what they do really well.  However, owning stocks in those big companies doesn’t always mean you will get the best return on your investment. In this week’s episode of The Market Call Show, I explore the emotional attachment many people have to big company stocks, how that can trap you sometimes, and how you can start to look at your stock purchases more objectively.\n\nIn this episode you'll hear:\n\nWhat you should be considering when buying stock in big companies, ex. Starbucks \u0026amp; Microsoft\nWhy people are drawn to certain companies and why that’s not always a good thing\nBig mistakes you can make that can cause you to lose money\nThe current state of the economy and what investors should do now\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\n\nWork with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it info@wealthnetinvest.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhy You Might Regret Buying Stock in Big Companies\u003c/p\u003e\n\n\u003cp\u003eBig companies got big for a reason; they do what they do really well.  However, owning stocks in those big companies doesn’t always mean you will get the best return on your investment. In this week’s episode of The Market Call Show, I explore the emotional attachment many people have to big company stocks, how that can trap you sometimes, and how you can start to look at your stock purchases more objectively.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhat you should be considering when buying stock in big companies, ex. Starbucks \u0026 Microsoft\u003c/li\u003e\n\u003cli\u003eWhy people are drawn to certain companies and why that’s not always a good thing\u003c/li\u003e\n\u003cli\u003eBig mistakes you can make that can cause you to lose money\u003c/li\u003e\n\u003cli\u003eThe current state of the economy and what investors should do now\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href=\"https://bit.ly/3KJmpwv\" rel=\"nofollow\"\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\u003cbr\u003e\n\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href=\"https://www.pathtorealwealth.com/\" rel=\"nofollow\"\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\u003c/p\u003e\n\n\u003cp\u003e\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡\u003ca href=\"https://calendly.com/wealthnet-make-an-appointment/introzoom\" rel=\"nofollow\"\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e","summary":null,"date_published":"2022-05-12T12:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/9c665442-20f2-4859-b26e-9dea914331bb.mp3","mime_type":"audio/mpeg","size_in_bytes":48512960,"duration_in_seconds":1166}]},{"id":"marketcall.podbean.com/fab2b65f-2439-3394-a0a4-e6770b8bb664","title":"You Don’t Have To Be Rich To Need An Estate Plan with James Cunningham | Episode 34","url":"https://podcast.pathtorealwealth.com/034","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it info@wealthnetinvest.com and you may see it answered on a future episode!\n\nIn this week’s episode of The Market Call Show, Louis is joined by James Cunningham, founder of CunninghamLegal in California. He is the author of Savvy Estate Planning, a no-nonsense guide on how to avoid mistakes that could damage your financial succession plan.\n\nIn this episode you'll hear:\n\nThe biggest misconception people have about estate planning\nThe discussions around estate planning and family\nWhat is an estate plan and who needs one\nChanges in the estate planning structure, today's economic status, and how taxes can affect it all\nWhat to expect in the next five years\nLiving trusts - what are they and when would you want one?\nWhat happens when you don't have a will\nFinding the right professional to work with\nDisability, incapacity disability, and how it should be incorporated into estate planning\n\n\n \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\n3. Work with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it \u003ca href='mailto:info@wealthnetinvest.com'\u003einfo@wealthnetinvest.com\u003c/a\u003e and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eIn this week’s episode of The Market Call Show, Louis is joined by James Cunningham, founder of CunninghamLegal in California. He is the author of Savvy Estate Planning, a no-nonsense guide on how to avoid mistakes that could damage your financial succession plan.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe biggest misconception people have about estate planning\u003c/li\u003e\n\u003cli\u003eThe discussions around estate planning and family\u003c/li\u003e\n\u003cli\u003eWhat is an estate plan and who needs one\u003c/li\u003e\n\u003cli\u003eChanges in the estate planning structure, today's economic status, and how taxes can affect it all\u003c/li\u003e\n\u003cli\u003eWhat to expect in the next five years\u003c/li\u003e\n\u003cli\u003eLiving trusts - what are they and when would you want one?\u003c/li\u003e\n\u003cli\u003eWhat happens when you don't have a will\u003c/li\u003e\n\u003cli\u003eFinding the right professional to work with\u003c/li\u003e\n\u003cli\u003eDisability, incapacity disability, and how it should be incorporated into estate planning\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://go.riskalyze.com/start-rq'\u003eClick here\u003c/a\u003e  \u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. –\u003ca href='https://www.pathtorealwealth.com'\u003e Click here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one\u003c/p\u003e\n\n\u003cp\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom?month=2022-05'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-05-05T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/61ecbfe7-98ab-4f34-b61f-c9bcd1916480.mp3","mime_type":"audio/mpeg","size_in_bytes":107206964,"duration_in_seconds":2634}]},{"id":"marketcall.podbean.com/85383434-fe44-36b0-bfeb-bb2b802aa06c","title":"Making Money is Easy, Keeping it is Hard | Episode 33","url":"https://podcast.pathtorealwealth.com/033","content_text":"Email Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it info@wealthnetinvest.com and you may see it answered on a future episode!\n\nI recently had the opportunity to speak at Jeffrey Gitomer’s “Gaining Sales Mastery” conference in Charlotte.  I invite you to hear that talk on my podcast, the Market Call Show right now.\n\nIn this episode you'll hear:\n\nThree things you should ask about every investment\nThe right financial behaviors that you can use today\nExamples of real people who broke out of their comfort zone and became successful\n\n\nYou’ll hear some stories that might surprise you and help you in your financial journey.\n\n \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\n3. Work with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp style=\"text-align:justify;\"\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email it info@wealthnetinvest.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eI recently had the opportunity to speak at Jeffrey Gitomer’s “Gaining Sales Mastery” conference in Charlotte.  I invite you to hear that talk on my podcast, the Market Call Show right now.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThree things you should ask about every investment\u003c/li\u003e\n\u003cli\u003eThe right financial behaviors that you can use today\u003c/li\u003e\n\u003cli\u003eExamples of real people who broke out of their comfort zone and became successful\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eYou’ll hear some stories that might surprise you and help you in your financial journey.\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://qr1.be/SNCG'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='https://www.pathtorealwealth.com'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://qr1.be/FSIQ'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one\u003c/p\u003e\n\n\u003cp\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-04-28T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/b94912d3-1457-45f5-94a2-011bd4ebedce.mp3","mime_type":"audio/mpeg","size_in_bytes":59244022,"duration_in_seconds":1435}]},{"id":"marketcall.podbean.com/e679b469-9609-3966-9d5d-87da3c32a834","title":"Inflation Won’t Kill Your Retirement Plan | Episode 32","url":"https://podcast.pathtorealwealth.com/032","content_text":"There has been A LOT happening in the markets lately.  Add on Tax Day and rising inflation and you have a whirlwind of activity, changing information, and strategy changes.  In this week’s episode of The Market Call Show, Louis Llanes dives into what has been coming across his desk lately, questions that clients have been asking recently and what the current state of the market is.  When you are ready, we can help YOU with your investing and financial planning.  Visit www.wealthnetinvest.com and click SCHEDULE A CALL to get started. \n\n \n\nIn this episode you'll hear:\n\n\nWhy retired people are seeing the government take more money from them than they thought they would\n\nDistribution strategies, and the options you have for taking from your investment accounts to fund your lifestyle for the rest of your life.\nThe four cornerstones of financial planning\nThe challenge for entrepreneurs in making their business a financial security \nHow inflation is affecting the amount of savings people are accumulating\nThe current state of the market \nThe status of many lesser known companies in the stock market today\nThe investment portfolio that's right for you\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\n \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\nWork with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eThere has been A LOT happening in the markets lately.  Add on Tax Day and rising inflation and you have a whirlwind of activity, changing information, and strategy changes.  In this week’s episode of The Market Call Show, Louis Llanes dives into what has been coming across his desk lately, questions that clients have been asking recently and what the current state of the market is.  When you are ready, we can help YOU with your investing and financial planning.  Visit www.wealthnetinvest.com and click SCHEDULE A CALL to get started. \u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cp\u003e\u003cbr\u003e\nWhy retired people are seeing the government take more money from them than they thought they would\u003c/p\u003e\n\n\u003cp\u003eDistribution strategies, and the options you have for taking from your investment accounts to fund your lifestyle for the rest of your life.\u003cbr\u003e\nThe four cornerstones of financial planning\u003cbr\u003e\nThe challenge for entrepreneurs in making their business a financial security \u003cbr\u003e\nHow inflation is affecting the amount of savings people are accumulating\u003cbr\u003e\nThe current state of the market \u003cbr\u003e\nThe status of many lesser known companies in the stock market today\u003cbr\u003e\nThe investment portfolio that's right for you\u003c/p\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003eTry the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003e Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='http://www.pathtorealwealth.com/'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWork with me one-on-one\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-04-21T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/e8017bea-0845-43c5-9772-e279e1e1b6f3.mp3","mime_type":"audio/mpeg","size_in_bytes":51870173,"duration_in_seconds":1250}]},{"id":"marketcall.podbean.com/15a74105-325e-3f64-bc2a-2158722adfdd","title":"Teaching Your Children ”Shared Responsibility” with Matt Chinn | Episode 31","url":"https://podcast.pathtorealwealth.com/031","content_text":"Your kids grow up fast and poof! – they are off to college.  If you want to make the best moves to help your kids make smart college decisions, this podcast episode is for you.\nIn this week’s episode of The Market Call Show, Louis sits down again with Matt Chinn, the Chief Operating Officer of UNISA INC. UNISA is a loan servicing company dedicated to servicing and financing the higher education marketplace. \n\nIn this episode you'll hear:\nWhat parents should be teaching their kids about the expectations with money when they go out on their own, or even before they do. \nFinancial literacy education during the middle school years and then during the high school years\nWhen does it all convert to the conversation about college?\nPaying for college - Students with help for college vs. students without help\nWhy it's important that parents set expectations with their children\nHow parents can educate themselves as to the available options for their children\n\"Shared Responsibility\" is the name of the game\nMatt's advice to parents\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eYour kids grow up fast and poof! – they are off to college.  If you want to make the best moves to help your kids make smart college decisions, this podcast episode is for you.\u003cbr\u003e\nIn this week’s episode of The Market Call Show, Louis sits down again with Matt Chinn, the Chief Operating Officer of UNISA INC. UNISA is a loan servicing company dedicated to servicing and financing the higher education marketplace. \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\nWhat parents should be teaching their kids about the expectations with money when they go out on their own, or even before they do. \u003cbr\u003e\nFinancial literacy education during the middle school years and then during the high school years\u003cbr\u003e\nWhen does it all convert to the conversation about college?\u003cbr\u003e\nPaying for college - Students with help for college vs. students without help\u003cbr\u003e\nWhy it's important that parents set expectations with their children\u003cbr\u003e\nHow parents can educate themselves as to the available options for their children\u003cbr\u003e\n\"Shared Responsibility\" is the name of the game\u003cbr\u003e\nMatt's advice to parents\u003c/p\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-04-14T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/45ac449c-1719-41ae-aed6-09f330bc609e.mp3","mime_type":"audio/mpeg","size_in_bytes":98723383,"duration_in_seconds":2422}]},{"id":"marketcall.podbean.com/e55a7b28-931a-3e28-983d-bb2709fcf5e2","title":"Should I Wait For A Losing Investment To Bounce Back? | Episode 30","url":"https://podcast.pathtorealwealth.com/030","content_text":"Why is it so hard to let go of investments when they are losing money?  How will capital gains taxes come into play? There are tradeoffs with every choice, but what strategy will work for you? In this week’s episode of The Market Call Show, Louis Llanes, founder and CEO of Wealthnet Investments LLC, dives into the struggle of eliminating losing investments from your portfolio, the tax implications around those decisions and how inflation can influence your investment choices.\n\nIn this episode you'll hear:\nThe four factors that determine when you should wait for a losing investment to come back: exposure, knowledge, time, and alternatives.\nWhy am I paying so much in taxes this year? If you're paying a lot of taxes, are you doing something wrong?\nStrategies for managing your investments and capital gains so that you aren't paying more taxes than you should in a given year.\nHow inflation changes the investment landscape and how you can offset it\nThe benefits and downfalls of investing in real estate\nHolding cash in an inflationary environment","content_html":"\u003cp\u003eWhy is it so hard to let go of investments when they are losing money?  How will capital gains taxes come into play? There are tradeoffs with every choice, but what strategy will work for you? In this week’s episode of The Market Call Show, Louis Llanes, founder and CEO of Wealthnet Investments LLC, dives into the struggle of eliminating losing investments from your portfolio, the tax implications around those decisions and how inflation can influence your investment choices.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\nThe four factors that determine when you should wait for a losing investment to come back: exposure, knowledge, time, and alternatives.\u003cbr\u003e\nWhy am I paying so much in taxes this year? If you're paying a lot of taxes, are you doing something wrong?\u003cbr\u003e\nStrategies for managing your investments and capital gains so that you aren't paying more taxes than you should in a given year.\u003cbr\u003e\nHow inflation changes the investment landscape and how you can offset it\u003cbr\u003e\nThe benefits and downfalls of investing in real estate\u003cbr\u003e\nHolding cash in an inflationary environment\u003c/p\u003e","summary":null,"date_published":"2022-04-07T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/96f20b12-fe58-4269-8e9c-41c1909aa62c.mp3","mime_type":"audio/mpeg","size_in_bytes":49220356,"duration_in_seconds":1184}]},{"id":"marketcall.podbean.com/2523300b-0370-3da4-b17f-af58edb8ac02","title":"Financial Education with Rhead Kinder | Episode 29","url":"https://podcast.pathtorealwealth.com/029","content_text":"It is becoming more and more apparent that financial education is needed to set our kids up for success after graduation. So how can we help our kids be prepared?  In this week’s episode of The Market Call Show, Louis Llanes sits down with Rhead Kinder, finance teacher at Mountain Vista High School in Colorado.  Kinder teaches Introduction to Business, Business Principles, Personal Finance, and International Business. He is also the adviser for the Future Business Leaders of America (FBLA) program and serves as the Department Chair for the Business department.\n\nIn this episode you'll hear:\nAre students given enough financial literacy information in school today?\nRhead's background and how he became interested in teaching\nKey learnings for high school students preparing for the real world\nDoes being more or less affluent affect how teens view personal finance? \nAre parents equipped to teach financial literacy to their own children? \nHow can parents help their kids to learn personal finance skills?\nThe career choice vs. cost of college conversation","content_html":"\u003cp\u003eIt is becoming more and more apparent that financial education is needed to set our kids up for success after graduation. So how can we help our kids be prepared?  In this week’s episode of The Market Call Show, Louis Llanes sits down with Rhead Kinder, finance teacher at Mountain Vista High School in Colorado.  Kinder teaches Introduction to Business, Business Principles, Personal Finance, and International Business. He is also the adviser for the Future Business Leaders of America (FBLA) program and serves as the Department Chair for the Business department.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\nAre students given enough financial literacy information in school today?\u003cbr\u003e\nRhead's background and how he became interested in teaching\u003cbr\u003e\nKey learnings for high school students preparing for the real world\u003cbr\u003e\nDoes being more or less affluent affect how teens view personal finance? \u003cbr\u003e\nAre parents equipped to teach financial literacy to their own children? \u003cbr\u003e\nHow can parents help their kids to learn personal finance skills?\u003cbr\u003e\nThe career choice vs. cost of college conversation\u003c/p\u003e","summary":null,"date_published":"2022-03-31T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/bc3326a7-aaf5-40fc-98be-35a8d1f24b6e.mp3","mime_type":"audio/mpeg","size_in_bytes":85039382,"duration_in_seconds":2080}]},{"id":"marketcall.podbean.com/37625b23-8fef-3af1-ba36-eae7668f503e","title":"Real Money from Raw Land with Mark Podolsky | Episode 28","url":"https://podcast.pathtorealwealth.com/028","content_text":"We have all heard of flipping houses, but what about flipping land?  In this week’s episode of The Market Call Show, Louis Llanes, founder and CEO Wealthnet Investments, sits down with Mark Podolsky aka The Land Geek about his journey of finding passive income from raw land deals.  How does this investment strategy work and could it work for you?\n\nIn this episode you'll hear:\n\nMark's background and how he became involved in investing in raw land\nMark's model for raw land investing\nThe advantages of investing in raw land\nHow much opportunity is there in the marketplace for this type of investing\nWhich states are better to invest in?\nThe average investment on a transaction\nThe property selection process\nIndividual investors and taxes\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\nWork with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eWe have all heard of flipping houses, but what about flipping land?  In this week’s episode of The Market Call Show, Louis Llanes, founder and CEO Wealthnet Investments, sits down with Mark Podolsky aka \u003ca href='https://www.thelandgeek.com/'\u003eThe Land Geek\u003c/a\u003e about his journey of finding passive income from raw land deals.  How does this investment strategy work and could it work for you?\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eMark's background and how he became involved in investing in raw land\u003c/li\u003e\n\u003cli\u003eMark's model for raw land investing\u003c/li\u003e\n\u003cli\u003eThe advantages of investing in raw land\u003c/li\u003e\n\u003cli\u003eHow much opportunity is there in the marketplace for this type of investing\u003c/li\u003e\n\u003cli\u003eWhich states are better to invest in?\u003c/li\u003e\n\u003cli\u003eThe average investment on a transaction\u003c/li\u003e\n\u003cli\u003eThe property selection process\u003c/li\u003e\n\u003cli\u003eIndividual investors and taxes\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cp\u003eTry the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003e Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='http://www.pathtorealwealth.com/'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWork with me one-on-one\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-03-24T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/d07279c2-a8a2-4bd8-a6cc-d72d31f91bf1.mp3","mime_type":"audio/mpeg","size_in_bytes":56327677,"duration_in_seconds":1362}]},{"id":"marketcall.podbean.com/25d6bc97-380f-3986-b91a-b44cb30cc34a","title":"Progress Starts By Telling The Truth | Episode 27","url":"https://podcast.pathtorealwealth.com/027","content_text":"In this week’s episode of The Market Call Show, Louis Llanes talks frankly about differing opinions and perceptions and how the only way to move forward is by being honest, with others and yourself.\n\nIn this episode you'll hear:\n\nHow perceptions of events, people, and places are sometimes skewed\nThe philosophy that Louis subscribes to and what he finds to be valuable to daily living\nWhy it's important to tell the truth and how to do it\nThe Us vs. Them mentality and extreme viewpoints that lead to severe conflict\nWhy moderation is so important\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\nWork with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eIn this week’s episode of The Market Call Show, Louis Llanes talks frankly about differing opinions and perceptions and how the only way to move forward is by being honest, with others and yourself.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eHow perceptions of events, people, and places are sometimes skewed\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe philosophy that Louis subscribes to and what he finds to be valuable to daily living\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy it's important to tell the truth and how to do it\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe Us vs. Them mentality and extreme viewpoints that lead to severe conflict\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy moderation is so important\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cp\u003eTry the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003e Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='http://www.pathtorealwealth.com/'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWork with me one-on-one\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-03-17T13:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/acaeffad-a059-4677-b633-db19fc5852e0.mp3","mime_type":"audio/mpeg","size_in_bytes":34544736,"duration_in_seconds":817}]},{"id":"marketcall.podbean.com/9814dfab-319f-31eb-9652-4cfd2dbe0bcc","title":"Protecting Your Assets in a Geopolitical Crisis | Episode 26","url":"https://podcast.pathtorealwealth.com/026","content_text":"The world is watching the horrific events unfolding in Europe, and most of us are watching our portfolios go on a rollercoaster ride. In this week’s episode of The Market Call Show, Louis Llanes (founder and CEO of Wealthnet Investments) breaks down the history of geopolitical conflict reactions of the markets, portfolio strategies he is using for Wealthnet Investments clients and what to watch for as indicators of market corrections.\n\nIn this episode you'll hear:\nHow the market has behaved during past geopolitical shocks\nHow SHOULD you strategize during a geopolitical shock or conflict? How is Louis strategizing right now?\nPortfolio management for different scenarios\nTrend indicators and what they do\nThe characteristics of corrections\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\nWork with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eThe world is watching the horrific events unfolding in Europe, and most of us are watching our portfolios go on a rollercoaster ride. In this week’s episode of The Market Call Show, Louis Llanes (founder and CEO of Wealthnet Investments) breaks down the history of geopolitical conflict reactions of the markets, portfolio strategies he is using for Wealthnet Investments clients and what to watch for as indicators of market corrections.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\nHow the market has behaved during past geopolitical shocks\u003cbr\u003e\nHow SHOULD you strategize during a geopolitical shock or conflict? How is Louis strategizing right now?\u003cbr\u003e\nPortfolio management for different scenarios\u003cbr\u003e\nTrend indicators and what they do\u003cbr\u003e\nThe characteristics of corrections\u003c/p\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cp\u003eTry the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003e Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='http://www.pathtorealwealth.com/'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWork with me one-on-one\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-03-10T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/6a33dfc4-02a0-4a5e-a19c-f6873abb7ecd.mp3","mime_type":"audio/mpeg","size_in_bytes":36482999,"duration_in_seconds":866}]},{"id":"marketcall.podbean.com/1932f427-ec52-33cb-a48c-106ecb39b742","title":"The Science of Selling with Jeffrey Gitomer | Episode 25","url":"https://podcast.pathtorealwealth.com/025","content_text":"In this week’s episode of The Market Call Show, Louis Llanes sits down with the King of Sales, Jeffrey Gitomer.  Jeffrey is a best selling author of 15 books, including The Little Red Book of Selling.  Louis will be joining Jeffrey at his upcoming “Gaining Sales Mastery” Live Event in Charlotte NC March 21-23, details and tickets can be found at www.gitomer.com.\n\nIn this episode you'll hear:\n\nHow Jeffrey and Louis crossed paths\nBeing creative and enhancing communication\nJeffrey's views on capitalism\nJeffrey, the pandemic, and taking control of your own world\nEntrepreneurs and how everyone views and navigates the world today\n\"Be in a position to win\"\nAdvice for people who are struggling right now but want to get to that next level\nThe use of video and creativity to get results\nJeffrey's upcoming event in Charlotte and why you should be there\n\"In sales, second best is best loser\"\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\nWork with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eIn this week’s episode of The Market Call Show, Louis Llanes sits down with the King of Sales, Jeffrey Gitomer.  Jeffrey is a best selling author of 15 books, including The Little Red Book of Selling.  Louis will be joining Jeffrey at his upcoming “Gaining Sales Mastery” Live Event in Charlotte NC March 21-23, details and tickets can be found at www.gitomer.com.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eHow Jeffrey and Louis crossed paths\u003c/li\u003e\n\u003cli\u003eBeing creative and enhancing communication\u003c/li\u003e\n\u003cli\u003eJeffrey's views on capitalism\u003c/li\u003e\n\u003cli\u003eJeffrey, the pandemic, and taking control of your own world\u003c/li\u003e\n\u003cli\u003eEntrepreneurs and how everyone views and navigates the world today\u003c/li\u003e\n\u003cli\u003e\"Be in a position to win\"\u003c/li\u003e\n\u003cli\u003eAdvice for people who are struggling right now but want to get to that next level\u003c/li\u003e\n\u003cli\u003eThe use of video and creativity to get results\u003c/li\u003e\n\u003cli\u003eJeffrey's upcoming event in Charlotte and why you should be there\u003c/li\u003e\n\u003cli\u003e\"In sales, second best is best loser\"\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cp\u003eTry the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003e Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='http://www.pathtorealwealth.com/'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWork with me one-on-one\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-03-03T14:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/60e74721-1678-4af0-a8f7-9bf45464e493.mp3","mime_type":"audio/mpeg","size_in_bytes":118177281,"duration_in_seconds":2908}]},{"id":"marketcall.podbean.com/9e44dcc1-193a-31b6-990c-b7164d4a60f5","title":"The Solopreneur’s Money Manifesto with Gabe Nelson | Episode 24","url":"https://podcast.pathtorealwealth.com/024","content_text":"The Great Resignation has led a lot of people to start out on their own, however there are a lot of challenges and questions on the road to becoming a “Solopreneur”.  Are there financial land mines I’m missing? Am I paying too much in taxes? Should I save more?  In this week’s episode of The Market Call Show, I sit down with Gabe Nelson, author of The Solopreneur’s Money Manifesto, a guide to help solopreneurs secure a financial plan for the future and gain freedom to build the life they’ve always wanted.\n\nIn this episode you'll hear:\n\nGabe's background and how he got to where he is today\nThe differences in financial planning when you start your own business and become a solopreneur\nSolopreneurs and retirement planning options\nSafe Harbor plans\nHealth insurance and the solopreneur\nTaxes, Defined Benefit plans, and Cash Balance plans\nTransitioning from working for someone to becoming a solopreneur\nPlanning for long term care\nKey metrics to tracking your financial independence\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\nWork with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eThe Great Resignation has led a lot of people to start out on their own, however there are a lot of challenges and questions on the road to becoming a “Solopreneur”.  Are there financial land mines I’m missing? Am I paying too much in taxes? Should I save more?  In this week’s episode of The Market Call Show, I sit down with Gabe Nelson, author of The Solopreneur’s Money Manifesto, a guide to help solopreneurs secure a financial plan for the future and gain freedom to build the life they’ve always wanted.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eGabe's background and how he got to where he is today\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe differences in financial planning when you start your own business and become a solopreneur\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eSolopreneurs and retirement planning options\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eSafe Harbor plans\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHealth insurance and the solopreneur\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eTaxes, Defined Benefit plans, and Cash Balance plans\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eTransitioning from working for someone to becoming a solopreneur\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003ePlanning for long term care\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eKey metrics to tracking your financial independence\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003e\u003cem\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/em\u003e\u003c/p\u003e\n\n\u003cp\u003eTry the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here \u003c/a\u003e \u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003e Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – \u003ca href='http://www.pathtorealwealth.com/'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eWork with me one-on-one\u003c/p\u003e\n\n\u003cp style=\"font-weight:400;\"\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2022-02-24T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/b405bbb8-10e0-4e81-a3a4-c28f1586c1ec.mp3","mime_type":"audio/mpeg","size_in_bytes":96726563,"duration_in_seconds":2372}]},{"id":"marketcall.podbean.com/83c4aa0a-b6ab-3741-b516-690417af25f2","title":"Interview With My Daughter | Episode 23","url":"https://podcast.pathtorealwealth.com/023","content_text":"In this week’s episode of The Market Call Show, I wanted to share a special interview I had the opportunity to be a part of.  My daughter Elisa interviewed me for a school project and it was so special for me to be able to share my life and experience with her and I wanted to share it here with our audience. \n\nIn this episode you'll hear:\n\nLouis's early life and his journey to today\nHow Louis's faith helped him to succeed\nWhat Louis thinks that every school should teach their students\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eIn this week’s episode of The Market Call Show, I wanted to share a special interview I had the opportunity to be a part of.  My daughter Elisa interviewed me for a school project and it was so special for me to be able to share my life and experience with her and I wanted to share it here with our audience. \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eLouis's early life and his journey to today\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow Louis's faith helped him to succeed\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhat Louis thinks that every school should teach their students\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-02-17T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/48fd4aab-f126-4983-b8c4-0f1de3dfbd0a.mp3","mime_type":"audio/mpeg","size_in_bytes":38038854,"duration_in_seconds":905}]},{"id":"marketcall.podbean.com/31aa9490-37ca-3d6f-8a90-cb6971ea207a","title":"What To Do If Money Is New To You | Episode 22","url":"https://podcast.pathtorealwealth.com/022","content_text":"Inheritance? Business Sold? Lottery Won?  Welcome to wealth!  In this week’s episode of The Market Call Show, founder and CEO of Wealthnet Investments, Louis Llanes, gives strategic advice on how to handle “new wealth\", some of the issues that might arise and how you can make better decisions if having money is new to you!\n\nIn this episode you'll hear:\n\nConsiderations and strategies for entrepreneurs\nConsiderations and strategies for people who do well in the stock market\nConsiderations and strategies for people who have inherited money\nThe psychological aspects of coming into new money\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eInheritance? Business Sold? Lottery Won?  Welcome to wealth!  In this week’s episode of The Market Call Show, founder and CEO of \u003ca href='http://www.wealthnetinvest.com'\u003eWealthnet Investments\u003c/a\u003e, Louis Llanes, gives strategic advice on how to handle “new wealth\", some of the issues that might arise and how you can make better decisions if having money is new to you!\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eConsiderations and strategies for entrepreneurs\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eConsiderations and strategies for people who do well in the stock market\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eConsiderations and strategies for people who have inherited money\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe psychological aspects of coming into new money\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-02-10T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/26be7c04-5405-4a9c-ac6e-c80f59296ebe.mp3","mime_type":"audio/mpeg","size_in_bytes":36015924,"duration_in_seconds":854}]},{"id":"marketcall.podbean.com/d8a551f5-8a9f-37d5-b48a-463864a6b8ff","title":"Unlocking the Mysteries of the Stock Market | Episode 21","url":"https://podcast.pathtorealwealth.com/021","content_text":"Sometimes making single small decisions make a big difference with your money. In this week’s episode of The Market Call Show, Louis Llanes, CEO and founder of Wealthnet Investments, breaks down the secret to winning in this bear market we are in right now and why it’s not necessarily a bad thing.\n\nIn this episode you'll hear:\nWhy stocks are one of the best ways to invest\nQuantitative factors related to constructing a model, or map,\nof your view of the world.\nPrice volatility\nThe essentials to managing your portfolio\nThe bear market and how that affects your stock investing\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eSometimes making single small decisions make a big difference with your money. In this week’s episode of The Market Call Show, Louis Llanes, CEO and founder of Wealthnet Investments, breaks down the secret to winning in this bear market we are in right now and why it’s not necessarily a bad thing.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\nWhy stocks are one of the best ways to invest\u003cbr\u003e\nQuantitative factors related to constructing a model, or map,\u003cbr\u003e\nof your view of the world.\u003cbr\u003e\nPrice volatility\u003cbr\u003e\nThe essentials to managing your portfolio\u003cbr\u003e\nThe bear market and how that affects your stock investing\u003c/p\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-02-03T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/56ac9883-4703-4483-8a84-15a24734e425.mp3","mime_type":"audio/mpeg","size_in_bytes":63792472,"duration_in_seconds":1548}]},{"id":"marketcall.podbean.com/4f382005-2f94-3647-b0c9-2bd4e1120a56","title":"Millennials and Money with Shannah Compton Game | Episode 20","url":"https://podcast.pathtorealwealth.com/020","content_text":"Louis Llanes, CFA CMT, founder of Wealthnet Investments welcomes Shannah Compton Game, host of  Millennial Money Podcast (https://www.mmoneypodcast.com/).  \n\nIn this episode you'll hear:\n\nShannah's previous life experiences, and how they led her to her life today\nWho and what is a millennial?\nHow do millennials and boomers view the world differently?\nAre the millennials starting to think more like the boomers think?\nWhat are millennials doing with their money? How are they investing and why?\nThe biggest financial planning and investing challenges for millennials right now\nAdvice for millennials with money that they have no idea what to do with\nThe dating world and how that affects millennials financially\nMillennials and student loan debt\nHow should we educate the millennials specifically to help them turn it all around?\n\n\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eLouis Llanes, CFA CMT, founder of Wealthnet Investments welcomes Shannah Compton Game, host of  Millennial Money Podcast (\u003ca href='https://www.mmoneypodcast.com/'\u003ehttps://www.mmoneypodcast.com/\u003c/a\u003e).  \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eShannah's previous life experiences, and how they led her to her life today\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWho and what is a millennial?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow do millennials and boomers view the world differently?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eAre the millennials starting to think more like the boomers think?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhat are millennials doing with their money? How are they investing and why?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe biggest financial planning and investing challenges for millennials right now\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eAdvice for millennials with money that they have no idea what to do with\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe dating world and how that affects millennials financially\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eMillennials and student loan debt\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow should we educate the millennials specifically to help them turn it all around?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-01-27T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/383f1a32-90b4-4452-b591-8dabbb79cc9e.mp3","mime_type":"audio/mpeg","size_in_bytes":109724159,"duration_in_seconds":2697}]},{"id":"marketcall.podbean.com/891e1aae-c5f8-3050-a8d8-3e1190d1dfce","title":"How To Structure Your Retirement Portfolio | Episode 19","url":"https://podcast.pathtorealwealth.com/019","content_text":"You have worked and saved, now is the time for strategy!  In this week’s episode of The Market Call Show, Louis Llanes, founder and CEO of Wealthnet Investments, dives into how to adjust your income, your mind set and your portfolio for retirement success!\n\nIn this episode you'll hear:\n\nWhat is a distribution strategy and how can it help you?\nThe steps that you need to take to maximize your retirement income\nWhat is a total return portfolio?\nSimple guidelines to help you supplement your normal expenses\nPlease make sure to like, follow and subscribe on your favorite podcast platform!\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n \n\n","content_html":"\u003cp\u003eYou have worked and saved, now is the time for strategy!  In this week’s episode of The Market Call Show, Louis Llanes, founder and CEO of Wealthnet Investments, dives into how to adjust your income, your mind set and your portfolio for retirement success!\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eWhat is a distribution strategy and how can it help you?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe steps that you need to take to maximize your retirement income\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhat is a total return portfolio?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eSimple guidelines to help you supplement your normal expenses\n\u003cp\u003ePlease make sure to like, follow and subscribe on your favorite podcast platform!\u003c/p\u003e\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\u003cp\u003e \u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e","summary":null,"date_published":"2022-01-20T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/9e365921-84bd-4d93-8b8e-1194997f78e6.mp3","mime_type":"audio/mpeg","size_in_bytes":17882805,"duration_in_seconds":401}]},{"id":"marketcall.podbean.com/ec120b9f-29e4-3dc6-bd78-34235d4eb97a","title":"Mind-Body-Money Connection with Vanessa Bogenholm | Episode 18","url":"https://podcast.pathtorealwealth.com/018","content_text":"Louis Llanes, founder and CEO of Wealthnet Investments sits down with Vanessa Bogenholm (https://www.trainwithv.com/) personal trainer and author of It’s Your Body: Move It, Love It, Live.  She has amazing insights into health, exercise, and how those choices you make every day affect all the other aspects of your life.\n\nIn this episode you'll hear:\n\nWhat Vanessa does in her life journey\nIncreasing your mental focus in your regimen with your diet and with exercise\nDon't use food to fix yourself. Get moving instead!\nWhy making small goals is much better than shooting for the moon\nDealing with your mental state during Covid\nBeing able and willing to adjust to change\nThe balance between diet and exercise\nHow to figure out which diet and lifestyle choices are best for your body\nYou can STILL live your life. But with some modifications and understanding.\nWhy sleep is the most important part of exercise\nThe first step to getting fit\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eLouis Llanes, founder and CEO of \u003ca href='http://www.wealthnetinvest.com'\u003eWealthnet Investments \u003c/a\u003esits down with Vanessa Bogenholm (\u003ca href='https://www.trainwithv.com/'\u003ehttps://www.trainwithv.com/\u003c/a\u003e) personal trainer and author of It’s Your Body: Move It, Love It, Live.  She has amazing insights into health, exercise, and how those choices you make every day affect all the other aspects of your life.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eWhat Vanessa does in her life journey\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eIncreasing your mental focus in your regimen with your diet and with exercise\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eDon't use food to fix yourself. Get moving instead!\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy making small goals is much better than shooting for the moon\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eDealing with your mental state during Covid\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eBeing able and willing to adjust to change\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe balance between diet and exercise\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow to figure out which diet and lifestyle choices are best for your body\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eYou can STILL live your life. But with some modifications and understanding.\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy sleep is the most important part of exercise\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe first step to getting fit\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-01-13T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/ef0fca5a-741d-4591-a9d0-2cce519d2bd6.mp3","mime_type":"audio/mpeg","size_in_bytes":99683636,"duration_in_seconds":2446}]},{"id":"marketcall.podbean.com/35a7efd9-7307-3974-b7c8-1760c6b1a9dc","title":"Building Better Portfolios: Book Review of Strategic Risk Management | Episode 17","url":"https://podcast.pathtorealwealth.com/017","content_text":"Amazon Best Selling Author Louis Llanes, founder and CEO of Wealthnet Investments, shares his insights about a new book Strategic Risk Management by Campbell Harvey and dives in about quantitative investment strategies, risk management and how they can help you build a better portfolio!\n\nA review of Campbell Harvey's book Strategic Risk Management\nSeeking crisis alpha\nCan you crisis proof your portfolio?\nBalancing portfolios\nDraw down control\nMacro funds and how different hedge funds styles affect performance\nMan vs. Machine: Computers, Artificial Intelligence, and Day Trading\nBest strategies for Covid 19\nBe wary of annuities\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eAmazon Best Selling Author Louis Llanes, founder and CEO of Wealthnet Investments, shares his insights about a new book \u003ca href='https://www.amazon.com/Strategic-Risk-Management-Designing-Portfolios/dp/1119773911'\u003eStrategic Risk Management\u003c/a\u003e by Campbell Harvey and dives in about quantitative investment strategies, risk management and how they can help you build a better portfolio!\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eA review of Campbell Harvey's book Strategic Risk Management\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eSeeking crisis alpha\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eCan you crisis proof your portfolio?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eBalancing portfolios\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eDraw down control\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eMacro funds and how different hedge funds styles affect performance\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eMan vs. Machine: Computers, Artificial Intelligence, and Day Trading\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eBest strategies for Covid 19\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eBe wary of annuities\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2022-01-06T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/bb281b19-2736-4034-9af3-efe0b0eb2681.mp3","mime_type":"audio/mpeg","size_in_bytes":34403734,"duration_in_seconds":814}]},{"id":"marketcall.podbean.com/896aed70-0706-303f-9eba-bc4af7fb1a73","title":"The Right Way To Generate Income From Your Portfolio | Episode 16","url":"https://podcast.pathtorealwealth.com/016","content_text":"Amazon Bestselling author, Louis Llanes, founder and CEO of Wealthnet Investments walks you through ways to look at your portfolio and assess the best way to generate income without increasing risk. \n\nIn this episode you'll hear:\n\nWhy it's not a good idea to screen investments with only the highest paying income\nThe problem with higher interest bonds\nThe total return approach and why it might be the best fit for you\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eAmazon Bestselling author, Louis Llanes, founder and CEO of \u003ca href='https://www.wealthnetinvest.com'\u003eWealthnet Investments\u003c/a\u003e walks you through ways to look at your portfolio and assess the best way to generate income without increasing risk. \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eWhy it's not a good idea to screen investments with only the highest paying income\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe problem with higher interest bonds\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe total return approach and why it might be the best fit for you\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2021-12-30T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/83b48539-9557-4aaf-9970-c4cdf753d5a8.mp3","mime_type":"audio/mpeg","size_in_bytes":17954923,"duration_in_seconds":402}]},{"id":"marketcall.podbean.com/9b3e86ea-7a18-3338-97ba-16de588fb14f","title":"Real World Investing with  Dr. Wes Gray | Episode 14","url":"https://podcast.pathtorealwealth.com/014","content_text":"In this weeks episode of The Market Call Show, Louis Llanes sits down with  Dr. Wesley Gray about real world investing.  After serving as a Captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. Next, Wes took an academic job in his wife’s hometown of Philadelphia and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management firm dedicated to an impact mission of empowering investors through education. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Wes has published multiple academic papers and four books, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016). Dr. Gray currently resides in the suburbs of Philadelphia with his wife and three children.\n\n The  information in his four books can help investors, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016)\n\nAlpha Architect: https://alphaarchitect.com/   ETF Architect: https://etfarchitect.com/\n\nIn this episode you'll hear:\n\nHow the military experiences that Wes had translated into his entrepreneurial and finance endeavors today\nWhy you need a \"money doctor\"\nWes' philosophy on assessing risk tolerance and the perfect portfolio\nThe Bucket System\nEducation and Motivation\nWes' path to Alpha Architect\nThe quantitative approach\nValue vs. Momentum\nWes' take on inflation today\nThe Bitcoin trend\nThe ETF business\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eIn this weeks episode of The Market Call Show, Louis Llanes sits down with  Dr. Wesley Gray about real world investing.  After serving as a Captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. Next, Wes took an academic job in his wife’s hometown of Philadelphia and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management firm dedicated to an impact mission of empowering investors through education. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Wes has published multiple academic papers and four books, including \u003cem\u003eEmbedded\u003c/em\u003e (Naval Institute Press, 2009), \u003cem\u003eQuantitative Value\u003c/em\u003e (Wiley, 2012), \u003cem\u003eDIY Financial Advisor\u003c/em\u003e (Wiley, 2015), and \u003cem\u003eQuantitative Momentu\u003c/em\u003em (Wiley, 2016). Dr. Gray currently resides in the suburbs of Philadelphia with his wife and three children.\u003c/p\u003e\n\n\u003cp\u003e The  information in his four books can help investors, including \u003cem\u003eEmbedded\u003c/em\u003e (Naval Institute Press, 2009), \u003cem\u003eQuantitative Value\u003c/em\u003e (Wiley, 2012), \u003cem\u003eDIY Financial Advisor\u003c/em\u003e (Wiley, 2015), and \u003cem\u003eQuantitative Momentu\u003c/em\u003em (Wiley, 2016)\u003c/p\u003e\n\n\u003cp\u003eAlpha Architect: \u003ca href='https://alphaarchitect.com/'\u003ehttps://alphaarchitect.com/\u003c/a\u003e   ETF Architect: \u003ca href='https://etfarchitect.com/'\u003ehttps://etfarchitect.com/\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eHow the military experiences that Wes had translated into his entrepreneurial and finance endeavors today\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy you need a \"money doctor\"\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWes' philosophy on assessing risk tolerance and the perfect portfolio\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe Bucket System\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eEducation and Motivation\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWes' path to Alpha Architect\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe quantitative approach\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eValue vs. Momentum\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWes' take on inflation today\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe Bitcoin trend\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe ETF business\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2021-12-16T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/86c08004-19da-4cf5-8e09-3bfa6971ebc1.mp3","mime_type":"audio/mpeg","size_in_bytes":142311276,"duration_in_seconds":3511}]},{"id":"marketcall.podbean.com/4a0630bf-afa9-3a49-93bb-a323bd392392","title":"Should I Retire Now? | Episode 13","url":"https://podcast.pathtorealwealth.com/013","content_text":"Louis Llanes, Founder and CEO of Wealthnet Investments, LLC, walks through the process of how to decide when to retire...it could be A LOT sooner than you think! \n\nIn this episode you'll hear:\n-The pitfalls of early retirement\n-How to maximize your decision to retire early\n-Should you relocate?\n-What to consider if you own company stock\n-What to consider regarding your pension\n-How to take the most advantage of your investment strategy\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eLouis Llanes, Founder and CEO of Wealthnet Investments, LLC, walks through the process of how to decide when to retire...it could be A LOT sooner than you think! \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003cbr\u003e\n-The pitfalls of early retirement\u003cbr\u003e\n-How to maximize your decision to retire early\u003cbr\u003e\n-Should you relocate?\u003cbr\u003e\n-What to consider if you own company stock\u003cbr\u003e\n-What to consider regarding your pension\u003cbr\u003e\n-How to take the most advantage of your investment strategy\u003c/p\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show? Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2021-12-09T10:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/6282adca-aef9-4e18-9e32-c6ca167423e5.mp3","mime_type":"audio/mpeg","size_in_bytes":40056540,"duration_in_seconds":955}]},{"id":"marketcall.podbean.com/361ee76f-1fff-358e-b3ad-773ed676d013","title":"8 Smart Year-End Planning Tips to Do Right Now | Episode 11","url":"https://podcast.pathtorealwealth.com/011","content_text":"Louis Llanes, Founder and CEO of Wealthnet Investments, LLC highlights 8 important tips that will get you to year end with practical, actionable advice you may have not thought about.  \n\nIn this episode you'll hear:\n\nWhat are some of the problems people face at the end of each year?\nWhat are the implications of these problems?\n8 solutions to these problems and how they can accelerate your year end wealth\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eLouis Llanes, Founder and CEO of Wealthnet Investments, LLC highlights 8 important tips that will get you to year end with practical, actionable advice you may have not thought about.  \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eWhat are some of the problems people face at the end of each year?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhat are the implications of these problems?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003e8 solutions to these problems and how they can accelerate your year end wealth\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2021-11-25T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/362fe076-c9dd-4f46-b90b-90eaec1d3c80.mp3","mime_type":"audio/mpeg","size_in_bytes":30964907,"duration_in_seconds":728}]},{"id":"marketcall.podbean.com/f9b51e60-da6b-374c-b685-94fdb6a77703","title":"Blueprint to Real Wealth | Episode 10","url":"https://podcast.pathtorealwealth.com/010","content_text":"Louis Llanes, Founder and CEO of Wealthnet Investments, LLC, chats about his new book  Financial Freedom Blueprint (www.pathtorealwealth.com) and highlights the strategies and tips to put you on the path to prosperity! Buy your copy of Financial Freedom Blueprint NOW \n\nIn this episode you'll hear:\n\nThe definition of real wealth\nThe Seven Clear Steps to Real Wealth\nThe questions you should ask yourself while building your wealth\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode! \n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning: \n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv \n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/ \n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n\n ","content_html":"\u003cp\u003eLouis Llanes, Founder and CEO of Wealthnet Investments, LLC, chats about his new book  Financial Freedom Blueprint (\u003ca href='http://www.pathtorealwealth.com'\u003ewww.pathtorealwealth.com\u003c/a\u003e) and highlights the strategies and tips to put you on the path to prosperity! Buy your copy of Financial Freedom Blueprint \u003ca href='https://www.pathtorealwealth.com'\u003eNOW\u003c/a\u003e \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eThe definition of real wealth\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe Seven Clear Steps to Real Wealth\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe questions you should ask yourself while building your wealth\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode! \u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning: \u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/ \u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e\n\n\u003cp\u003e \u003c/p\u003e","summary":null,"date_published":"2021-11-18T13:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/f89897c3-6e09-4476-a443-f352e27df5ad.mp3","mime_type":"audio/mpeg","size_in_bytes":25508398,"duration_in_seconds":591}]},{"id":"marketcall.podbean.com/ed9468ba-c2e9-31aa-be3d-04a6d8847018","title":"Shortages and Inflation...OH MY! | Episode 9","url":"https://podcast.pathtorealwealth.com/009","content_text":"Louis Llanes, Founder and CEO of Wealthnet Investments, LLC dives into how the economy is affecting you as an investor.\n\nIn this episode you'll hear:\n\nWhat is stagflation and what signs are we seeing that it's here?\nStagflation and its persistence\nThe performance of small cap stocks vs. large cap stocks\nHow is the higher than normal CPI affecting margins\nWhy margins never really game down and the role globalization plays in it\nThe correlation between the 10 year bond yield and the S\u0026amp;P, and how it's changing\nSupply and Demand shortages\nWhat should investors plan on?\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv \n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint 3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eLouis Llanes, Founder and CEO of Wealthnet Investments, LLC dives into how the economy is affecting you as an investor.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eWhat is stagflation and what signs are we seeing that it's here?\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eStagflation and its persistence\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe performance of small cap stocks vs. large cap stocks\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow is the higher than normal CPI affecting margins\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy margins never really game down and the role globalization plays in it\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe correlation between the 10 year bond yield and the S\u0026P, and how it's changing\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eSupply and Demand shortages\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhat should investors plan on?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint 3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2021-11-11T01:00:00.000-07:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/04819f6a-1bc3-4f38-8b27-32270307f0f6.mp3","mime_type":"audio/mpeg","size_in_bytes":57253489,"duration_in_seconds":1385}]},{"id":"marketcall.podbean.com/664ee40e-8ad0-3fcc-8a9b-f2201b2d56ec","title":"Financing College with Matt Chinn | Episode 8","url":"https://podcast.pathtorealwealth.com/008","content_text":"Louis Llanes, founder of Wealthnet Investments, welcomes guest Matt Chinn, Chief Operating Officer of UNISA INC. UNISA is a loan servicing company dedicated to the Higher Education marketplace. Serving the needs of Public, Private, Non-Profit, and For-Profit Colleges and their alumni borrowers has been the focus of their business for over 35 years. Matt Chinn can be reached at matt.chinn@unisainc.com\n\nIn this episode you'll hear:\n\nFinancial literacy - Why today's students might need to be reminded of their student loan obligations\nThe basics of federal and private student loans\nWhy some schools have exited the funded private student loan marketplace \nThe Ins and Outs of payment plans\nThe trends with schools and universities that are affecting students and parents right now\nMaximizing higher education investment\nAdvice for parents and students in high school today\n","content_html":"\u003cp\u003eLouis Llanes, founder of Wealthnet Investments, welcomes guest Matt Chinn, Chief Operating Officer of UNISA INC. UNISA is a loan servicing company dedicated to the Higher Education marketplace. Serving the needs of Public, Private, Non-Profit, and For-Profit Colleges and their alumni borrowers has been the focus of their business for over 35 years. Matt Chinn can be reached at matt.chinn@unisainc.com\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eFinancial literacy - Why today's students might need to be reminded of their student loan obligations\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe basics of federal and private student loans\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhy some schools have exited the funded private student loan marketplace \u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe Ins and Outs of payment plans\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eThe trends with schools and universities that are affecting students and parents right now\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eMaximizing higher education investment\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eAdvice for parents and students in high school today\u003c/li\u003e\n\u003c/ul\u003e","summary":null,"date_published":"2021-11-04T13:45:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/08dece5c-5208-440e-ba5d-e787e4ed6201.mp3","mime_type":"audio/mpeg","size_in_bytes":66504940,"duration_in_seconds":1616}]},{"id":"marketcall.podbean.com/8e0ba505-dacb-3bb4-8e99-bc1bcef9ce9c","title":"Why Integrated Management Is The Way To Go | Episode 7","url":"https://podcast.pathtorealwealth.com/007","content_text":"Louis Llanes, founder and CEO of Wealthnet Investments, talks about integrated management of your portfolio.\n\nIn this episode you'll hear:\n\nThe difference between \"cookie cutter\" investment strategies and Integrated Management solutions\nThree different ways of looking at your whole picture\nEliminating dangers and risks \nCapturing investment opportunities\nIntegrated Investment strategies and retirement\n\n\nEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv \n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eLouis Llanes, founder and CEO of Wealthnet Investments, talks about integrated management of your portfolio.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eThe difference between \"cookie cutter\" investment strategies and Integrated Management solutions\u003c/li\u003e\n\u003cli\u003eThree different ways of looking at your whole picture\u003c/li\u003e\n\u003cli\u003eEliminating dangers and risks \u003c/li\u003e\n\u003cli\u003eCapturing investment opportunities\u003c/li\u003e\n\u003cli\u003eIntegrated Investment strategies and retirement\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eEmail Us! Is there a financial question or market problem you would like to hear Louis work through on The Market Call Show?  Email us at hello@louisllanes.com and you may see it answered on a future episode!\u003c/p\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2021-10-28T04:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/53c23b04-2d2c-4f17-abdf-9d2681cd374c.mp3","mime_type":"audio/mpeg","size_in_bytes":32887313,"duration_in_seconds":776}]},{"id":"marketcall.podbean.com/6db61217-d4d9-3797-b6df-b52d2f7a9399","title":"Stop Investing Like Your Parents | Episode 6","url":"https://podcast.pathtorealwealth.com/006","content_text":"Louis Llanes, founder and CEO of Wealthnet Investments, addresses the investing differences in generations.\n\nIn this episode you'll hear:\n\nIf you're a millennial, why you should stop investing like your parents\nSpotting trends and staying ahead of the pack\nHints to help you grow your wealth long term\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv \n\n2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \n\n3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eLouis Llanes, founder and CEO of Wealthnet Investments, addresses the investing differences in generations.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eIf you're a millennial, why you should stop investing like your parents\u003c/li\u003e\n\u003cli\u003eSpotting trends and staying ahead of the pack\u003c/li\u003e\n\u003cli\u003eHints to help you grow your wealth long term\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD Everyone has a risk number. Let’s find yours. This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href='https://bit.ly/3KJmpwv'\u003ehttps://bit.ly/3KJmpwv \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint: 7 Steps to Accelerate Your Path to Prosperity If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ \u003ca href='https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint'\u003ehttps://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/p\u003e","summary":null,"date_published":"2021-10-21T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/9de409a1-75f9-4c2a-a1b2-f8ceb0a79a56.mp3","mime_type":"audio/mpeg","size_in_bytes":21746826,"duration_in_seconds":497}]},{"id":"marketcall.podbean.com/d8215779-4cb2-393d-9d6d-5e7d494430b7","title":"Orchestrating Growth in Your Portfolio with Dave Keller | Episode 5","url":"https://podcast.pathtorealwealth.com/005","content_text":"Louis Llanes, founder of Wealthnet Investments chats with Dave Keller about technical analysis and behavior biases that affect investment strategies.\n\nDavid Keller, CMT is Chief Market Strategist at StockCharts.com and President of Sierra Alpha Research LLC, where he helps investors minimize behavioral biases through technical analysis.  He is the host of The Final Bar, the daily closing bell show on StockCharts TV, and he relates mindfulness techniques to investor decision making in his blog, The Mindful Investor.  Dave is a Past President of the CMT Association and was formerly a Managing Director of Research at Fidelity Investments.  You can follow his thinking at MarketMisbehavior.com\n\nIn this episode you'll hear:\n\nWhat exactly technical analysis is and why it's needed\nHow music and technical analysis in the financial world are related\n The biggest behavioral biases that both professional and individual investors really struggling with\nTop errors that analysts and professionals in the field tend to make\nHow fundamental analysts can incorporate technical analysis to help them remove biases\nWhat Dave sees as the overall trend in the US Equity Market today\n","content_html":"\u003cp\u003eLouis Llanes, founder of Wealthnet Investments chats with Dave Keller about technical analysis and behavior biases that affect investment strategies.\u003c/p\u003e\n\n\u003cp\u003eDavid Keller, CMT is Chief Market Strategist at StockCharts.com and President of Sierra Alpha Research LLC, where he helps investors minimize behavioral biases through technical analysis.  He is the host of \u003cem\u003eThe Final Bar\u003c/em\u003e, the daily closing bell show on StockCharts TV, and he relates mindfulness techniques to investor decision making in his blog, \u003cem\u003eThe Mindful Investor\u003c/em\u003e.  Dave is a Past President of the CMT Association and was formerly a Managing Director of Research at Fidelity Investments.  You can follow his thinking at \u003ca href='http://marketmisbehavior.com'\u003eMarketMisbehavior.com\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli style=\"font-weight:400;\"\u003eWhat exactly technical analysis is and why it's needed\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow music and technical analysis in the financial world are related\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003e The biggest behavioral biases that both professional and individual investors really struggling with\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eTop errors that analysts and professionals in the field tend to make\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eHow fundamental analysts can incorporate technical analysis to help them remove biases\u003c/li\u003e\n\u003cli style=\"font-weight:400;\"\u003eWhat Dave sees as the overall trend in the US Equity Market today\u003c/li\u003e\n\u003c/ul\u003e","summary":null,"date_published":"2021-10-14T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/8869c6b4-e36f-48d8-bba3-5129712b6818.mp3","mime_type":"audio/mpeg","size_in_bytes":76130580,"duration_in_seconds":1857}]},{"id":"marketcall.podbean.com/3fa822cc-9bb4-3991-bb22-3a50d7ea5df8","title":"Roth 401k vs Roth IRA | Episode 4","url":"https://podcast.pathtorealwealth.com/004","content_text":"Louis Llanes, founder of Wealthnet Investments LLC, discusses the differences and individual benefits of Roth IRA's and Roth 401k's and how they can affect your retirement plan.\n\nIn this episode you'll hear:\n\nWhat is Roth and why are they important?\nThe differences between a Roth IRA and a Roth 401K?\nThe advantages and disadvantages of each.\nWhich Roth is better for your situation?\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\n\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\n\nWork with me one-on-one\nIf you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom","content_html":"\u003cp\u003eLouis Llanes, founder of Wealthnet Investments LLC, discusses the differences and individual benefits of Roth IRA's and Roth 401k's and how they can affect your retirement plan.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhat is Roth and why are they important?\u003c/li\u003e\n\u003cli\u003eThe differences between a Roth IRA and a Roth 401K?\u003c/li\u003e\n\u003cli\u003eThe advantages and disadvantages of each.\u003c/li\u003e\n\u003cli\u003eWhich Roth is better for your situation?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ \u003ca href=\"https://bit.ly/3KJmpwv\" rel=\"nofollow\"\u003ehttps://bit.ly/3KJmpwv\u003c/a\u003e\u003c/p\u003e\u003cbr\u003e\n\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡\u003ca href=\"https://www.pathtorealwealth.com/\" rel=\"nofollow\"\u003ehttps://www.pathtorealwealth.com/\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\u003c/p\u003e\n\n\u003cp\u003e\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one\u003c/li\u003e\u003cbr\u003e\n\u003c/ol\u003e\u003cp\u003eIf you would like to talk about planning and investing for your future. ➡\u003ca href=\"https://calendly.com/wealthnet-make-an-appointment/introzoom\" rel=\"nofollow\"\u003ehttps://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/a\u003e\u003c/p\u003e\u003c/p\u003e","summary":null,"date_published":"2021-10-07T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/559bff5c-1adb-40df-8c88-e22abf78e0c0.mp3","mime_type":"audio/mpeg","size_in_bytes":24520677,"duration_in_seconds":566}]},{"id":"marketcall.podbean.com/3b40ffb4-5a8a-3f9c-9d43-4e68020b30de","title":"Make Money By Breaking The Rules Of Wall Street | Episode 3","url":"https://podcast.pathtorealwealth.com/003","content_text":"Louis Llanes, founder of Wealthnet Investments, talks about the established rules of Wall Street and why it isn't always the best strategy to follow conventional wisdom.\n\nIn this episode you'll hear:\n\nIs it a good idea to follow established rules?\nWhat Louis has learned over the years that can improve your investment performance.\nThe ADP model and how you can use it.\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD  Everyone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity  If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\nWork with me one-on-one  If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n","content_html":"\u003cp\u003eLouis Llanes, founder of Wealthnet Investments, talks about the established rules of Wall Street and why it isn't always the best strategy to follow conventional wisdom.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eIs it a good idea to follow established rules?\u003c/li\u003e\n\u003cli\u003eWhat Louis has learned over the years that can improve your investment performance.\u003c/li\u003e\n\u003cli\u003eThe ADP model and how you can use it.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD  Everyone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003c/li\u003e\n\u003c/ol\u003e\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity  If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/li\u003e\n\u003c/ol\u003e\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\u003c/p\u003e\n\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one  If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/li\u003e\n\u003c/ol\u003e","summary":null,"date_published":"2021-09-30T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/1f260704-29b8-434d-9bb8-496d55fda56b.mp3","mime_type":"audio/mpeg","size_in_bytes":34492457,"duration_in_seconds":816}]},{"id":"marketcall.podbean.com/7eeee62d-6214-3653-86d4-fb36f589f40e","title":"Is It Time To Sell? | Episode 2","url":"https://podcast.pathtorealwealth.com/002","content_text":"Louis Llanes, founder of Wealthnet Investments, talks about the psychology and logic of selling in the market. \n\nIn this episode you'll hear:\n\nWhen you should sell and when you should be taking profits\nDifferent rules to selling\nWhat specific thing can change your view of selling?\nThe two different types of selling\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\nTry the new RISK NUMBER SCORECARD  Everyone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\nRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity.  If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\nYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\nWork with me one-on-one.  If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\n","content_html":"\u003cp\u003eLouis Llanes, founder of Wealthnet Investments, talks about the psychology and logic of selling in the market. \u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWhen you should sell and when you should be taking profits\u003c/li\u003e\n\u003cli\u003eDifferent rules to selling\u003c/li\u003e\n\u003cli\u003eWhat specific thing can change your view of selling?\u003c/li\u003e\n\u003cli\u003eThe two different types of selling\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003col\u003e\u003cli\u003eTry the new RISK NUMBER SCORECARD  Everyone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey ➡ https://bit.ly/3KJmpwv\u003c/li\u003e\n\u003c/ol\u003e\u003col start=\"2\"\u003e\u003cli\u003eRead the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity.  If you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. ➡https://www.pathtorealwealth.com/\u003c/li\u003e\n\u003c/ol\u003e\u003cp\u003eYou can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/sop-books\u003c/p\u003e\n\u003col start=\"3\"\u003e\u003cli\u003eWork with me one-on-one.  If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet-make-an-appointment/introzoom\u003c/li\u003e\n\u003c/ol\u003e","summary":null,"date_published":"2021-09-30T06:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/806dc799-e55b-47d5-ab25-c7ff2e6b39b3.mp3","mime_type":"audio/mpeg","size_in_bytes":38070771,"duration_in_seconds":905}]},{"id":"marketcall.podbean.com/f9948e55-5b1b-32ff-981a-21b59b8191f8","title":"There’s Only 3 Questions to Ask Yourself About Investing | Episode 1","url":"https://podcast.pathtorealwealth.com/001","content_text":"Louis Llanes, founder of Wealthnet Investments, talks through 3 questions every investor should ask themselves about their portfolio, market volatility and risk assessment.\n\nIn this episode you'll hear:\n\nWho should actually be asking themselves these 3 questions?\nWhy is it important to ask these questions?\n\n\nWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\n\n1. Try the new RISK NUMBER SCORECARD\n\nEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – Click here  \n\n2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\n\nIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here\n\nYou can also get a personalize signed hard cover copy – Click here\n\n3. Work with me one-on-one\n\nIf you would like to talk about planning and investing for your future. – Click here","content_html":"\u003cp\u003eLouis Llanes, founder of Wealthnet Investments, talks through 3 questions every investor should ask themselves about their portfolio, market volatility and risk assessment.\u003c/p\u003e\n\n\u003cp\u003eIn this episode you'll hear:\u003c/p\u003e\n\n\u003cul\u003e\u003cli\u003eWho should actually be asking themselves these 3 questions?\u003c/li\u003e\n\u003cli\u003eWhy is it important to ask these questions?\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWhen you are ready, here are some ways we can help YOU with your investing and financial planning:\u003c/p\u003e\n\n\u003cp\u003e1. Try the new RISK NUMBER SCORECARD\u003c/p\u003e\n\n\u003cp\u003eEveryone has a risk number.  Let’s find yours.  This tool can help you find YOUR personal risk number to have a peaceful investment journey – \u003ca href='https://pro.riskalyze.com/embed/1317113b99c2c0ff13de'\u003eClick here  \u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e2. Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity\u003c/p\u003e\n\n\u003cp\u003eIf you’re ready to accelerate your path to prosperity, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. –\u003ca href='https://www.pathtorealwealth.com'\u003e Click here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003eYou can also get a personalize signed hard cover copy – \u003ca href='https://www.pathtorealwealth.com/shop-books'\u003eClick here\u003c/a\u003e\u003c/p\u003e\n\n\u003cp\u003e3. Work with me one-on-one\u003c/p\u003e\n\n\u003cp\u003eIf you would like to talk about planning and investing for your future. – \u003ca href='https://calendly.com/wealthnet-make-an-appointment/introzoom?month=2022-05'\u003eClick here\u003c/a\u003e\u003c/p\u003e","summary":null,"date_published":"2021-09-29T12:00:00.000-06:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/2cc6d10e-3d8c-4966-8232-1021b2beaac4/9fd2afe4-6a05-489e-a2dc-4e5bc5ced43b.mp3","mime_type":"audio/mpeg","size_in_bytes":22448487,"duration_in_seconds":515}]}]}