BOS Perspectives

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, it referenced the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. Finally, it also referenced the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

After a strong first half of the year, global stocks continued to rise in July and August before falling in the month of September. The main barometer for large company stocks in the United States, the S&P 500, ended the quarter with a modest gain of 0.6%, bringing the total return for the first three quarters of the year to 15.9%.Attractive gains have been recorded in other domestic equity asset classes this year. Value stocks fell 0.8% during the quarter but the Russell 1000 Value Index was up 16.1% year to date as of September 30.  Small companies, as represented by the Russell 2000 Index, fell 4.4% during the quarter but year to date gains were still 12.4%. Despite a 3.0% decline for the Russell 2000 Value Index in the third quarter, the value part of the small cap market shows a 22.9% year to date gain.The complete Quarterly Summary is available on the B|O|S website here.The following are important footnotes from this episode:1 Source: https://www.nytimes.com/2021/10/01/business/stock-bond-real-estate-prices.html 2 Source: https://www.ppic.org/press-release/four-in-ten-support-newsom-recall-job-approval-holds-steady/ 3 Source: https://www.uhaul.com/Reservations/RatesTrucks/ 4 Data as of 6/30/21. Median since 1981. U.S. stocks represented by S&P 500 Index, Foreign Developed by MSCI EAFE Index.  Source: Research Affiliates, Robert Shiller websites.5 Data as of June 30, 2021; Russell 1000 Value Index and Russell 1000 Growth Index; Source: BloombergThis episode referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. Additionally, it referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Further, it referenced the Russell 2000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 2000 Index with low price to book ratios and low forecasted growth rates. Additionally, it referenced the MSCI Real Estate Index, which is market capitalization-weighted index measuring the total return of stocks in the U.S. Real Estate industry. The episode also referenced the MSCI ACWI Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries, including the U.S. In addition, the episode referenced the MSCI Emerging Markets Index, which is a market capitalization-weighted index that captures large and midcap companies in emerging market countries around the world. This episode also referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. This episode referenced the Bloomberg U.S. Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Further, the episode referenced the Bloomberg U.S. TIPS Index, which

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. Additionally, it referenced the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. Finally, it also referenced the S&P 500 Energy Index, which is a market capitalization-weighted index of companies in the S&P 500 Index that are classified in the Energy sector according to the Global Industry Classification Standard (GICS). An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

As the pandemic lingers on, many travelers are seeking ways to avoid crowded airport terminals and the filtered air in aircraft cabins. Therefore, it is not surprising that more and more families and individuals have started traveling on private planes for the first time. Certain modes of private airplane travel such as air charter and membership programs involve no capital investment while other options such as jet card ownership, fractional ownership in an aircraft, or whole aircraft ownership do require a capital investment.Show Notes:1 Scott McCartney, “They got great deals on airfare. Then came the flights changes,” The Wall Street Journal, July 28, 2021, https://www.wsj.com/articles/they-got-great-deals-on-airfare-then-came-the-flight-changes-116274772002 SherpaReport, www.sherpareport.com 3 Condé Nast Traveler, https://www.cntraveler.com/story/all-the-ways-to-fly-private-starting-at-dollar100-per-flightFor important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. This briefing also referenced the MSCI ACWI Ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. Lastly, this briefing also referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. This briefing also referenced the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. Further, this briefing referenced the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. Lastly, this briefing also referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the NASDAQ Composite Index, which is a market capitalization-weighted index of common equities listed on the Nasdaq stock exchange. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities. Further, this briefing referenced the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. Additionally, this briefing referenced the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 2000 Index with higher price to book ratios and higher forecasted growth rates. This briefing also referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Additionally, this briefing referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. The briefing referenced the MSCI Japan Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the equity market of Japan. Finally, this briefing referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

The company you work for has just had its initial public offering (IPO); it's a very exciting time. All the hard work and belief you put into the company over the years is set to be rewarded. Now all that's left is to wait for the six-month lockup period to expire before you're free to sell your shares and realize the payoff from your efforts. The lockup period is a good time to take an inventory of your equity awards. You may have some combination of stock options (both incentive stock options and nonqualified stock options) as well as restricted stock units that have vested at various times. It's helpful to work with your financial advisor and tax preparer to determine a game plan and tax strategy for the optimal order in which the awards should be sold. Show Notes:For important disclosures, please see bosinvest.com/disclosures.

The complete Quarterly Summary is available on the B|O|S website here.The following are important footnotes from this episode:[1] Source: Atlanta Federal Reserve website2 Per the Wall Street Journal, the Fed has been purchasing $80 billion of U.S. Treasury bonds and $40 billion of mortgage-backed bonds every month since June of 2020.3 Source: American Association of Individual Investors website 4 Source: FINRA website, data through May 20215 Source for inflation data: St. Louis Federal Reserve website, core CPI was most recently as high as 3.8% in June 1992.6 Source St. Louis Federal Reserve website: spot price of West Texas Intermediate oil. On April 20, 2020, the oil price ended the day with a negative value due to disruptions in the oil futures market.7 CPI inflation averaged a 1.8% annual rate in the five years preceding the pandemic.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the NASDAQ Composite Index, which is a market capitalization-weighted index of common equities listed on the Nasdaq stock exchange. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities. Further, this briefing referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Additionally, this briefing referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. Finally, this briefing referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Laws that impact home ownership are often not well understood. Many homeowners may not be aware of an exemption that slightly lowers annual property taxes or the exemption that protects homeowners from a particular kind of creditor — the judgment creditor, a creditor who has sued an individual in court and obtained a legal judgment to collect money owed. A judgment creditor has the right to take several actions to collect the debt, including selling assets like real estate. Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also references the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Laws that impact home ownership are often not well understood. Many homeowners may not be aware of an exemption that slightly lowers annual property taxes or the exemption that protects homeowners from a particular kind of creditor — the judgment creditor, a creditor who has sued an individual in court and obtained a legal judgment to collect money owed. A judgment creditor has the right to take several actions to collect the debt, including selling assets like real estate. Show Notes:A homeowner must file for the homestead exemption with the correct county recorder's office. An example of a form can be found at the following link: https://saclaw.org/wp-content/uploads/sbs-homestead-declaration.pdfFootnotes:1 California Legislative Information, “Revenue and Taxation Code, section 218,” https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=218.2 California Legislative Information, “Assembly Bill No. 1885, Chapter 94,” https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1885. As of January 1, 2021, Assembly Bill No. 1885 became law and amended Section 704.730 of the California Code of Civil Procedure.3 California Legislative Information, “Code of Civil Procedure, section 704.960,” https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CCP§ionNum=704.960.Important Disclosures: https://www.bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also references the Bloomberg Barclays Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Lastly, the briefing references the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

With a relatively sharp recovery from COVID-19 underway, inflation is again in the headlines after April's core personal consumption expenditures (PCE) index surged 3.1%, its highest increase since 1992. In this episode, we provide an updated perspective on what's driving inflation, whether we should be concerned about inflation, and key wealth planning action items for inflation longer term.Show Notes:Core PCE vs Core PCE 2% Chart: https://www.bosinvest.com/wp-content/uploads/2021/06/Chart-Inflation-Part-2-The-Bark-Thats-Worse-Than-the-Bite.pngSource: U.S. Bureau of Economic Analysis (May 2021)Footnotes:1 International Monetary Fund: World Economic Outlook Update (January 2021)2 U.S. Bureau of Economic Analysis, Personal Consumption Expenditures [PCE] Price Index (May 2021)3 U.S. Bureau of Economic Analysis, Personal Consumption Expenditures [PCE] (May 2021)4 Here's Everything The Federal Government Has Done To Respond To The Coronavirus So Far (March 2021). Peter G. Peterson Foundation5 College Tuition Is Rising at Twice the Inflation Rate—While Students Learn At Home (April 2020). Forbes6 U.S. Bureau of Labor Statistics. Comparison of annual average of CPI-U versus CPI-U Medical Care between 1936-2020“What Commodities Prices Are Saying About Inflation”; Ryan Dezember, Joe Wallace and Andrew Barnett; Wall Street Journal, May 20, 2021. https://www.wsj.com/articles/what-commodities-prices-are-saying-about-inflation-11621485045Important Disclosures: https://www.bosinvest.com/disclosures.

Countless questions arise as to how to manage or administer your digital assets if you are unable to do so yourself. For example, if you become incapacitated or die, who will have access to your email and social media accounts? Who owns the rights on material you have posted on blogs or other websites? And how and when will your social media accounts be shut down?  Show Notes:1 California Legislature, “AB-691 Revised Uniform Fiduciary Access to Digital Assets Act,” https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201520160AB691Important Disclosures: https://www.bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also references the Russell 2000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 2000 Index with low price to book ratios and low forecasted growth rates. Finally, it references the Russell 2000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 2000 Index with higher price to book ratios and higher forecasted growth rates. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, this briefing references the NASDAQ Composite Index, which is a market capitalization-weighted index of common equities listed on the Nasdaq stock exchange. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities. Further, this briefing references the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. Finally, this briefing references the Russell 1000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with higher price to book ratios and higher forecasted growth rates. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

President Biden has proposed a huge increase in an important tax rate for the highest income Americans. As part of what he calls the American Families Plan, he proposes to almost double the federal capital gains tax rate on those who earn more than $1 million a year. What tax rates are being proposed and when might higher rates take effect? Will these changes have a predictable and negative effect on the performance of the stock market? We will consider these and related questions.Show Notes:1 Rosenthal, Steven M. & Burke, Theo; “Who Owns US Stock? Foreigners and Rich Americans.”;Tax Policy Center; October 20, 2020; https://www.taxpolicycenter.org/taxvox/who-owns-us-stock-foreigners-and-rich-americansImportant Disclosures: https://www.bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Chances are you are never very far from a smartphone, tablet, or smartwatch. And it’s increasingly likely that you have at least one smart device (if not multiple) in your home — all designed to make your life easier and more efficient. Smartphones keep us connected with friends and family and allow us to access important accounts, bank online, or check a stock quote wherever we are; smart thermostats let us set the temperature of our home while we’re away; smart TVs provide access to a variety of entertainment via gaming and streaming; and video doorbells alert us when a package has been delivered. But does all that convenience come at the risk of your security and privacy?Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. The briefing also referenced the NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. Lastly, the briefing referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

For many of us, getting vaccinated against COVID-19 may feel like scoring big time. It can also be an emotional journey — from securing your first coronavirus vaccine appointment, to holding your breath that your appointment would not be canceled or postponed, and then finally, after waiting a few weeks for your second shot (if you received the Pfizer or Moderna vaccine), being able to exclaim to anyone who cares to listen: “I am fully vaccinated.” So now that you are fully vaccinated and your proof of vaccination has come in some form of a vaccination card, you may be wondering what to do with that important information.Show Notes:1 Julie Wernau, “Covid-19 Vaccination Cards Are the Only Proof of Shots, Soon an Essential,” The Wall Street Journal, March 30, 2021, https://www.wsj.com/articles/covid-19-vaccination-cards-are-the-only-proof-of-shots-soon-an-essential-116171056022 Krispy Kreme Doughnuts, “COVID-19 Vaccine Offer,” https://krispykreme.com/promos/vaccineoffer 3 Super Duper Burgers, “COVID-19 Vaccine Offer,” https://www.superduperburgers.com/COVID-19-Vaccine-Offer/Important Disclosures: https://www.bosinvest.com/disclosures.

The current conditions of a strong upward swing in stock prices and very low borrowing rates are a dangerous mix for investors who don’t understand that market trends can reverse in a heartbeat and that they most likely won’t see the reversal coming. By assuming too much risk, these investors may be violating the number one rule for successful long-term investing: “Make sure you’re around for the long-term.”Show Notes:This episode referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. The episode also referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Additionally, the episode referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. Further, the episode referenced the Bloomberg Barclays U.S. Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Finally, the episode also referenced the Bloomberg Barclays 1-5 Year Gov/Credit Bond Index, which is a broad-based bond index that measures the non-securitized component of the US Aggregate Bond Index and targets bonds with maturities between 1 and 5 years. An index is unmanaged and not available for direct investment.6. There is some debate as to whether this quote should be attributed to Benjamin Graham, Warren Buffett’s mentor, rather than Buffett himself. Graham provided the metaphorical framework for this observation in his 1934 book, “Security Analysis,” and Buffett has graciously attributed the quote to Graham even though it doesn’t appear in any of Graham’s works.The complete Quarterly Summary is available on the B|O|S website here.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. The briefing also referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Further, the briefing referenced the NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. Finally, the briefing referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, the briefing referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. further, it referenced the Bloomberg Barclays U.S. Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Lastly, it referenced the Bloomberg Barclays 1-5 Year Gov/Credit Bond Index, which is a broad-based bond index that measures the non-securitized component of the US Aggregate Bond Index and targets bonds with maturities between 1 and 5 years. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, the briefing referenced the MSCI Emerging Markets Index, which is a market capitalization-weighted index that captures large and midcap companies in emerging market countries around the world. Lastly, this briefing referenced the MSCI Turkey Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the equity market of Turkey. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, the briefing referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Given the 2026 sunset of the higher exemption as well as the increased likelihood of a rollback of the gift and estate exemption amount during the Biden administration, some taxpayers are looking for ways to use the increased exemption amount before it is lost. However, some married couples are concerned about gifting strategies that involve the loss of control of assets during their lifetime and may be unsure about whether they will need the gifted assets in the future. For those with such concerns, a spousal lifetime access trust (SLAT) may be a good technique to consider.Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.

A new year often begins with a handful of resolutions for increased exercise, eating better, sleeping more, and improving other personal habits. While there may be a great deal of focus on your physical health, what about your financial health? The start of a new year is also a great time to review your finances, make necessary updates to important documents, and reset financial goals. These 10 relatively simple steps will give you a fresh start on your finances for 2021 and beyond. Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, the briefing referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. The briefing also referenced the Russell 3000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 3000 Index with low price to book ratios and low forecasted growth rates. Further, the briefing referenced the Russell 3000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 3000 Index with higher price to book ratios and higher forecasted growth rates. The briefing also referenced the Bloomberg Barclays U.S. Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Additionally, the briefing referenced the Bloomberg Barclays 1-5 Gov/Corp Index, which is a broad-based bond index that measures the non-securitized component of the US Aggregate Bond Index and targets bonds with maturities between 1 and 5 years. Finally, the briefing referenced the Dow Jones Industrial Average, which is a price-weighted index that tracks 30 large, publicly traded U.S. companies trading on the New York Stock Exchange and the NASDAQ. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

With Democratic victories for the two U.S. Senate seats in Georgia, the Democrats now have control of the U.S. House of Representatives, Senate, and the presidency. With Democratic leadership comes the likelihood of significant changes to current individual income, corporate, gift and estate tax laws. However, given the slim majorities of the Democrats in the House and Senate, aggressive tax policy changes may still face an uphill battle. A review of the legislative process for passing federal tax law may help us better understand how and when proposed tax changes may occur.Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.Diagram of How Federal Tax Laws Are Passed: https://www.bosinvest.com/wp-content/uploads/2021/02/How-Do-Federal-Tax-Laws-Get-Passed.png[1] The Byrd Rule defines a provision to be "extraneous"—and therefore ineligible for reconciliation—in six cases: 1) It does not have a budgetary effect; 2) It has a budgetary effect, but the effect is not what the budget resolution called for; 3) It’s outside the jurisdiction of the committee recommending it; 4) It does have a budget effect, but a “merely incidental” to the nonbudgetary components of the provisions; 5) It increases the deficit beyond a certain number of years (usually a period of ten years); or 6) It is about Social Security.Sources:Wikipedia, “Reconciliation (United States Congress),” https://en.wikipedia.org/wiki/Reconciliation_(United_States_Congress)Wikipedia, “Reconciliation (United States Congress): Byrd Rule,” https://en.wikipedia.org/wiki/Reconciliation_(United_States_Congress)#Byrd_Rule

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, the briefing referenced the NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. This briefing also referenced the Russell 3000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 3000 Index with low price to book ratios and low forecasted growth rates. Further, the briefing referenced the Russell 3000 Growth Index, which is a market capitalization-weighted index composed of constituents in the Russell 3000 Index with higher price to book ratios and higher forecasted growth rates. Finally, the briefing referenced the S&P 500 Energy Index, which is a market capitalization-weighted index of companies in the S&P 500 Index that are classified in the Energy sector according to the Global Industry Classification Standard (GICS). An index is unmanaged and not available for direct investment. For important disclosures, please see bosinvest.com/disclosures.

You may have heard that you should always sell your shares as soon as it is allowed. In fact, this is a fairly common recommendation from financial advisors. But is it really always in your best interest to sell immediately? While it is often prudent advice to sell, it may not be the right decision for you. Perhaps you are a career starter who had a big windfall after your company went through an IPO, you have a stable income, and all of your basic needs are met — does it still make sense to turn around and sell everything right away? Let’s explore some common myths surrounding when to sell your equity awards.Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.

Without a doubt, some Californians have chosen to reside in the Golden State for its vast beauty, tremendous employment opportunities, and diverse population and points of view. However, many folks are beginning to question whether these benefits are justified by the high cost of living, particularly when it comes to housing and taxes. Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.[1] See Franchise Tax Board Publication 1031 for a full list of what might be deemed a close connection.Sources:U.S. Census Bureau, “2019 Median Household Income in the United States,” September 17, 2020, https://www.census.gov/library/visualizations/interactive/2019-median-household-income.htmlZillow, “United States Home Values,” https://www.zillow.com/home-values/Katherine Loughead, “State Individual Income Tax Rates and Brackets for 2021,” Tax Foundation, February 2020, https://files.taxfoundation.org/20201130112944/State-Individual-Income-Tax-Rates-and-Brackets-for-2020-U.pdfJanelle Cammenga, “Ranking Property Taxes on the 2021 State Business Tax Climate Index,” Tax Foundation, December 9, 2020, https://taxfoundation.org/best-worst-state-property-tax-codes-2021/Lee Ohanian, “California Businesses Leave The State By The Thousands,” Hoover Institution, September 8, 2020, https://www.hoover.org/research/california-businesses-leave-state-thousandsJared Walczak and Janelle Cammenga, “2021 State Business Tax Climate Index,” Tax Foundation, October 21, 2020, https://taxfoundation.org/2021-state-business-tax-climate-index/Cato Institute, “Freedom in the 50 States,” https://www.freedominthe50states.org/regulatory/california

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the Bloomberg Barclays U.S. Treasuries Index, which is an index that measures US dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. The episode also referenced the Bloomberg Barclays 1-5 Year Government Credit Index, which is a broad-based bond index that measures the non-securitized component of the US Aggregate Bond Index and targets bonds with maturities between 1 and 5 years. Further, the episode referenced the &P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. Additionally, the briefing referenced the NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. This episode also referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. The briefing referenced the MSCI Emerging Markets Index, which is a market capitalization-weighted index that captures large and midcap companies in emerging market countries around the world. Finally, the briefing referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

The stock market serves a very important function in our society, helping to steer excess savings (capital) to its most productive uses and ultimately contributing to faster economic growth and rising living standards. Most of the time, the stock market is reasonably effective in this role. Occasionally, however, the market’s capital allocation mechanism seems to break down as excessive investor optimism or pessimism drives the prices of certain stocks and sectors to extreme levels that are largely disconnected from their underlying fundamentals. This appears to be one of those times.Show Notes:Chart referenced: S&P 500: % Allocated to Tech & New Economy Stocks Important Disclosures: https://www.bosinvest.com/disclosures.* The sources for this article are Morningstar and Yahoo Finance unless noted otherwise.1 SPAC stands for special purpose acquisition company. Per Jeremy Grantham, founder of GMO, there were 480 IPOs in 2020 of which 248 were SPACs.2 These five companies’ earnings per share grew by an average of 25% in 2020 based on actual results through September and estimates for the fourth quarter. 3 NASDAQ Composite Index: A market capitalization-weighted index of common equities listed on the Nasdaq stock exchange. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities. An index is unmanaged and not available for direct investment.4 S&P 500 Index: A market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.5 Per data from Yale economist, Robert Shiller, the CAPE ratio of the S&P 500 was 34.3 as of 12/31/20. This was its highest level over the past 100 years with the exception of the tech bubble in the late 1990s.6 Technology and other new economy stocks comprised 22% of the MSCI ACWI ex USA Index, a broad index of developed and emerging market stocks, as of 12/31/20.7 Per data from Research Affiliates, the CAPE ratio of the MSCI ACWI ex USA Index was 18 as of 12/31/20.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the MSCI ACWI ex US Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. Additionally, the episode referenced the MSCI Emerging Markets Index, which is a market capitalization-weighted index that captures large and midcap companies in emerging market countries around the world. Finally, the episode referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Lastly, the episode referenced the NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

There was a lot of very important financial news the week of January 25th. Apple, Microsoft, and Tesla announced their earnings, the Fed held a meeting, and the first estimate of fourth quarter U.S. GDP was released. But all of that important information was overshadowed by the trading activity of retail investors on Reddit. The GameStop story has transcended the pages of the Wall Street Journal and has captured the attention of many who are not usually interested in such things. Unfortunately, it has also attracted the attention of the SEC and Congress.Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.

On today’s episode David is joined by B|O|S Director of Financial Planning, Michelle Soto and her online personal trainer, Chad Morgan. They’re in conversation exploring the foundational elements of financial and physical fitness.

Should investors be concerned about the increase in volatility and speculative activity that was prevalent in 2020? Let’s just say that there is a reason that it is more expensive to insure a Porsche Spyder than a Toyota Camry. The faster things move, the higher the probability of an accident. The strong rallies in some assets and asset classes have led to rich valuations that may lead to price declines at some point down the road, but no one knows for sure when and if that will happen or how steep the declines may be. The best insurance against these types of declines is a carefully considered investment plan that you can stick with no matter what obstacles lie in the road ahead.Show Notes:The complete Quarterly Summary is available on the B|O|S website here.The following are important footnotes from this episode:[1] S&P 500 Index: A market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. An index is unmanaged and not available for direct investment.2 Russell 1000 Value Index: A market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. An index is unmanaged and not available for direct investment.3 Russell 2000 Index: A market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. An index is unmanaged and not available for direct investment.4 MSCI World ex US Index: A market capitalization-weighted index that captures large and midcap companies in developed countries excluding the U.S. An index is unmanaged and not available for direct investment.5 MSCI Emerging Markets Index: A market capitalization-weighted index that captures large and midcap companies in emerging market countries around the world. An index is unmanaged and not available for direct investment.6 Bloomberg Barclays US Aggregate Bond Index: A broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. An index is unmanaged and not available for direct investment.7 Bloomberg Barclays 1-5 Year Gov/Credit Bond Index: A broad-based bond index that measures the non-securitized component of the US Aggregate Bond Index and targets bonds with maturities between 1 and 5 years. An index is unmanaged and not available for direct investment.8 Bloomberg Barclays US Treasury Index: An index that measures US dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. An index is unmanaged and not available for direct investment.9 Bloomberg Barclays US TIPS Index: An index that measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market. The index excludes any inflation protected securities held by the U.S. Federal Reserve. An index is unmanaged and not available for direct investment.10 Bloomberg Barclays US Credit Index: An index that measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate bond markets. An index is unmanaged and not available for direct investment. For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Further, the briefing referenced the heavy NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. Additionally, the briefing referenced the Bloomberg Barclays U.S. Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Finally, the briefing referenced the Bloomberg Barclays 1-5 Government/Credit Index, which is a broad-based bond index that measures the non-securitized component of the US Aggregate Bond Index and targets bonds with maturities between 1 and 5 years. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.

Our weekly updates on the markets and economy released most Wednesdays.Show Notes:This Flash Briefing referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the NASDAQ 100 Index, which is a modified market capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ exchange. No security may have a weighting of greater than 24%. Additionally, the briefing referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Further, the briefing referenced the Bloomberg Barclays Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. The briefing also referenced the Bloomberg Barclays US TIPS Index, which is an index that measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market. The index excludes any inflation protected securities held by the U.S. Federal Reserve. The MSCI ACWI ex US Index is also referenced, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries excluding the U.S. Finally, the briefing references the Nikkei 225 Index, which is a price-weighted stock index of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. An index is unmanaged and not available for direct investment.For important disclosures, please see bosinvest.com/disclosures.