Podcasts about financial freedom blueprint

Let's face it - men and women communicate completely different. And sometimes, the way we interpret what our spouse said isn't at all what they meant. This week, the couples pair up again to reveal what each spouse thinks when the other talks. In a comical, but somewhat serious demeanor, Austin, Bob, Laura and Kate each provide their own interpretations for common phrases shared regarding money. The polarity AND commonality with make you want to test the responses with YOUR spouse and learn more about how they think about money. Ready to take the next steps in gaining control of your money? 1.⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠ 2.⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠ Or 3. Schedule a⁠ ⁠FREE Discovery Call⁠⁠ to determine if you would benefit from 1:1 coaching

Send us a textIn this episode, I'm thrilled to sit down with Edwin Carrion, a successful entrepreneur and self-described “God-made millionaire.” Edwin's story, from humble beginnings to building multimillion-dollar companies, uncovers the blueprint behind true financial freedom. He dives into the early struggles he faced, from learning to lead at a young age to finding his faith and purpose through challenges. Edwin candidly opens up about the trials of maintaining work-life balance, a lesson learned the hard way after working nonstop led him to personal and financial bankruptcy. He emphasizes that financial freedom isn't about chasing wealth but about building stability and security through smart investments and intentional living.Edwin also highlights how crucial mentorship has been in his journey, describing it as the backbone of his growth and the driving force behind breaking through income ceilings that limit so many entrepreneurs. He shares practical advice on creating strong business foundations, reworking mindset for abundance, and setting boundaries to ensure work and personal life coexist in harmony. Throughout, Edwin's commitment to faith and purpose shines as he encourages listeners to be intentional in every step they take. Tune in to hear Edwin's powerful insights and discover how you can start building your own financial freedom blueprint today.Connect with Edwin Carrion: As someone who's walked the path to success with resilience and intentionality, Edwin Carrion is a must-follow. Connect with him on social media at EdwinCarion78, or visit his website at edwincarion.com for insights that will drive your growth to new heights. Books Mentioned:Business Secrets from the Bible by Rabbi Daniel Lapin Ready to Finish 2024 Strong?Don't wait until December to address your challenges. There's a few months left in 2024, now is the time to plan for a strong finish! Book a free strategy call with Dr. William Attaway to create a plan for impactful results. Support the showJoin Dr. William Attaway on the Catalytic Leadership podcast as he shares transformative insights to help high-performance entrepreneurs and agency owners achieve Clear-Minded Focus, Calm Control, and Confidence. Free 30-Minute Discovery Call:Ready to elevate your business? Book a free 30-minute discovery call with Dr. William Attaway and start your journey to success. Special Offer:Get your FREE copy of Catalytic Leadership: 12 Keys to Becoming an Intentional Leader Who Makes a Difference. Connect with Dr. William Attaway: Website LinkedIn Facebook Instagram TikTok YouTube

Every couple experiences so level of chaos on a daily basis. Whether it's related to money, kids, work or your marriage, each day provides obstacles that threaten to steal your joy and sanity. This week, EJ & Tarah Kerwin, hosts of the ⁠Relationship Renovation podcast⁠ and licensed marriage counselor and therapist, share their personal stories of navigating difficult situations to find a peace and calm in each other. We discuss their challenges early on in marriage with babies, finances and learning to communicate effectively with one another. EJ & Tarah share how they journeyed as husband and wife to discover new ways of supporting each other and reveal strategies they teach their clients to combat the fears and frustrations of daily life. Learn more about ⁠Relationship Renovation here⁠ Ready to take the next step in gaining control over your money?  1.⁠⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠⁠ 2.⁠⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠⁠ Or 3. Schedule a⁠⁠ ⁠FREE Discovery Call⁠⁠⁠ to determine if you would benefit from 1:1 coaching

Budgeting with your spouse is no simple task. But budgeting without your spouse is an impossible feat. This week, Austin and Bob bring their wives back to the show to share their success stories and lessons learned about budgeting as a couple. True to form, there are numerous differences in opinions, approaches and strategies used by each couple, but a few key lessons remain the same among all parties. As Austin & Laura reflect on their journey to clearly communicate with each other, Bob & Kate share their struggles and successes with managing separate, and now combined budgets. In the end, both couples share their tips for finding success in this management strategy and ensuring your spouse feels heard and understood. Ready to take the next step in gaining control over your money?  1.⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠ 2.⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠ Or 3. Schedule a⁠ ⁠FREE Discovery Call⁠⁠ to determine if you would benefit from 1:1 coaching

This week, financial coach Dawnette Palmore joins Austin to discuss her journey of overcoming personal and business financial challenges. Dawnette highlights the impact of financial stress on relationships and the need for open communication with your spouse AND with your children. She offers insight into how couples can work together to achieve financial peace and model healthy money habits for their children. As she and Austin discuss different strategies for communication, Dawnette reminds that modeling sound financial management habits are important to help kids have a solid foundation when they grow older. Topics such as saving for a large purchase, the value of money and the need for consistent financial education are all relevant conversations that she encourages parents to have with their kids.  Ready to take the next step in gaining control over your money?  1.⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠ 2.⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠ Or 3. Schedule a⁠ ⁠FREE Discovery Call⁠⁠ to determine if you would benefit from 1:1 coaching

This episode dives into the dynamics of financial management within a marriage, discussing who should take the lead in budgeting. Austin and Bob highlight that there is no one-size-fits-all approach; instead, it depends on the unique strengths, preferences, and circumstances of each couple. While traditionally, wives may take the lead due to their attention to detail, there's a growing trend of husbands stepping up to manage finances, emphasizing that both roles are valid depending on the couple's dynamics. They discuss various scenarios where one spouse might naturally be better suited to handle the finances, while the other might need to learn and adapt. Austin and Bob stress the importance of mutual agreement and cooperation, noting that while one person may take the lead, successful financial management in a marriage requires both partners to be involved and communicate effectively. The episode underscores that the key to deciding who should manage the budget lies in who has the time, skill, and willingness to take on the responsibility, ensuring that it aligns with the couple's overall financial goals and relationship dynamics. Ready to take the next step in gaining control over your money?  1.⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠ 2.⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠ Or 3. Schedule a⁠ ⁠FREE Discovery Call⁠⁠ to determine if you would benefit from 1:1 coaching

Whether you're engaged, recently married or celebrating a decade as husband and wife, talking about money with your spouse is something you're probably scared to do. But it's the key to developing healthy money management habits as a couple and winning with money in your marriage. Unfortunately, many couples wait to talk about money until there's a big decision to make or they face conflict. And that only makes the decision and conversation hard(er). In this week's solo episode, Austin shares 3 questions that every couple needs to ask each other to make sure they are on the same page and are ready to achieve financial success together. Ready to take the next step in gaining control of your money? 1.⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠ 2.⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠ Or 3. Schedule a⁠ ⁠FREE Discovery Call⁠⁠ to determine if you would benefit from 1:1 coaching

This week, Austin and Bob discuss the concept of "Nerds" and "Free Spirits" when managing money in a marriage. They share their own tendencies with money and why couples often face challenges when merging their different financial habits into one combined method. Austin and Bob highlight the importance of understanding the Nerd and Free Spirit tendencies in a relationship so each spouse learns how to communicate with and respect their partner when discussing money and finances. And they emphasize how this practice helps alleviate many financial conflicts in a relationship. Ready to take the next step in gaining control over your money?  1.⁠ Discover the 5 budget categories you need to be in control of your money⁠⁠ 2.⁠ ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠⁠ Or 3. Schedule a⁠ ⁠FREE Discovery Call⁠⁠ to determine if you would benefit from 1:1 coaching

  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. We 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. Yet amidst shifting seas, opportunity remains—with prudent planning. Given overvaluation concerns, we stress diversifying beyond tech and maintaining awareness of indicators and policy shifts. For 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.   P.S. Whenever you're ready… here are 3 ways I can help you with YOUR investing and wealth planning advice: 1. Listen to the Market Call Show Podcast One 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. https://www.youtube.com/channel/UCZZBFVZq3wIkZtToH-StTYw 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 – https://www.pathtorealwealth.com/the-book/p/financial-freedom-blueprint 3. Work with me one-on-one If you would like talk with me about planning and investing for your future. – https://meetings.hubspot.com/louis-llanes?uuid=979d970e-5869-43f5-87f7-0c20ea991e6e   TRANSCRIPT   (AI transcript provided as supporting material and may contain errors)   Louis: 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. 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. So we had a global market sell-off. So, like on August 5th, the S&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. I 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. But 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. That'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. The 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. And 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&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. And 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. On 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. So, 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&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. So 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. I 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. So 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? And 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. So 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. So 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. I 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. All 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, Louis Llanes signing off. Talk to you next time.   SHOW HIGHLIGHTS We 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. The 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. We emphasized the importance of diversification, especially in the tech sector, to mitigate the risk associated with sector-specific downturns. Stressing the necessity of staying informed about market developments, we discuss the  economic indicators, and the impacts of monetary and fiscal policies on investment portfolios. I Explain the significance of risk management and being prepared for market cycles, likening it to a sailor adjusting to changing winds. We 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. I discussed the role of political and economic policies in affecting market volatility and the importance of understanding their impact on investment portfolios. We discuss having an emergency fund and a diversified portfolio to manage withdrawals during market downturns without negatively impacting growth assets. I 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.

Austin Black welcomes James and Amberlee Rich, founders of Rich Living Coaching, to discuss their work in helping couples reduce financial stress and build confidence. They emphasize automating good financial behaviors, celebrating small wins, and the transformative power of clarity in managing personal finances, illustrating how these strategies empower clients to change their financial identities and habits for the better. Their conversation centers around the importance of coaching, particularly in financial and personal development realms. James and Amberlee emphasize that while information is abundant, transformation comes from applying knowledge with personalized support. They discuss how coaching accelerates progress, provides accountability, and tailors strategies to individual needs, and they stress the value of finding a coach who aligns with personal values and offers a supportive, non-judgmental environment.  Ready to take the next step in gaining control over your money?  1. Discover the 5 budget categories you need to be in control of your money⁠ 2. ⁠Save Your Seat for my FREE masterclass “Financial Freedom Blueprint” here⁠ Or 3. Schedule a ⁠FREE Discovery Call⁠ to determine if you would benefit from 1:1 coaching

  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. With large-cap sell offs recently, we highlight opportunities in small-cap stocks and look at the fundamental analysis of these businesses.  Drawing 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.  Wrapping 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.    SHOW HIGHLIGHTS I 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. We talk about recent market trends indicate an overvaluation of large-cap companies, suggesting that small caps may offer promising opportunities for investors. Emphasizing 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. Investment 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. I 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. The importance of probabilistic thinking and incremental strategy adjustments is highlighted as a means to navigate the financial landscape successfully. Small-cap companies are identified as having rising potential, with quantitative analysis being a useful tool for building well-balanced portfolios. Fundamental metrics and scoring methodologies are recommended for better investment decision-making, rather than relying solely on indexing. I stress the need for a steady pace in investing, focusing on long-term fundamentals rather than reacting to market volatility.   PLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:  1.  Listen to the Market Call Show Podcast or Watch on Youtube One 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 3.  Work with me one-on-one If you would like to talk with me about planning and investing for your future. – Click here       TRANSCRIPT (This AI transcript is provided for reference and may contain errors) Louis Louis 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.  Good, 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.  So 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.  One 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.  So 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.  So 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.  So 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.  So 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.  So 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.  So 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.  And 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.  And 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.  One 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.  I 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.  So 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.  And 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.  So 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.  But 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.  But 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.  Being 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.  But 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.  So 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.  I 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.  No, 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.  So 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.  All 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.  For the latest episode of the Market Call Show. Make sure to like, subscribe and follow us on X, formerly- known as Twitter and YouTube.   

  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. Jason 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. Jason 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. Across various sectors of finance, Jason's experiences highlight the human element alongside technical progress.   SHOW HIGHLIGHTS Jason Meshnick talks about his transition from being a market maker on Wall Street to becoming a fintech expert. We discuss the changes in trading desks from the early 2000s to the present, emphasizing the shift towards automation and a reduced number of traders. Jason describes his unconventional career path, moving from a philosophy major to a Wall Street trader, and his eventual move into fintech. Jason shares insights into the development of CNN's Fear and Greed Index, including the collaborative efforts and practical constraints faced during its creation. We explore the shift from floor trading to electronic markets and how enduring principles of market trading continue to influence career paths in finance. Jason recounts his personal and professional journey, including his move to Boulder, Colorado, and his involvement with the CFA Society. We dive into the intricacies of building decision trees for financial data analysis, comparing their transparency and reliability to large language models. Jason reflects on his editorial role at TheStreet.com and the importance of market sentiment analysis in shaping financial media platforms. We discuss the role of experience and a deep understanding of market nuances in successful investment strategies. Jason 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.   PLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:  1.  Listen to the Market Call Show Podcast or Watch on Youtube One 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 3.  Work with me one-on-one If you would like to talk with me about planning and investing for your future. – Click here TRANSCRIPT (AI transcript provided as supporting material and may contain errors)   Louis: Jason Meshnick how are you? Jason: I'm doing great, Lewis. It's so great to see you. Louis: 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. Jason: 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. Louis: 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? Jason: 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. Louis: I think we'll circle back to that, but I was a little what's that about. But 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. Jason: 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. Having 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. Um, 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. Louis: Boy. Jason: 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. Louis: 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. Jason: 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. Louis: I guess we should probably. Oh, I'm sorry to interrupt you there. Jason: Go ahead. Louis: 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. Jason: 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. Louis: Man, that was a lucky dart throw. If you ask me, it's a lucky dart throw, I think. Jason: 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. And 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. So 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. So, I think they let me in, but that was about it, and they let me even onto the board. Louis: 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. Jason: 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. Louis: Oh yeah. Jason: 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. So 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. So, 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. And 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? And 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. So 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. Louis: 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. I'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. Jason: Right. Louis: 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. Yeah, that's okay, yeah. Jason: 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. Previous 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. So 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. The 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&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&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&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. Yeah, 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. Louis: 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? Jason: 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. Louis: In. Jason: 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. And 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. We 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. If 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. On 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. And 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. You 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. So 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. Louis: 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? Jason: Barry Ritholtz. Louis: 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. And 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. Jason: 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. Everybody 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. Louis: Wow, there's a lot there we could go into. Jason: I know yeah, as far as the no, no, not politics. Believe me, I mean we're staying away from politics. Louis: 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. It'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. I 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? Jason: 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. Right 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. Louis: Yeah, yeah. Jason: 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. Louis: 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? Jason: 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. I 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. Remember 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&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. Louis: And so we were right, that was a good trade. Jason: 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. But 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. Louis: 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. You 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. Jason: It's all risk. Yeah 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,. You 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. That 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. Yeah, they just you know they didn't get it. It wasn't what they do. I thought you were going to say mic drop. Louis: 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. Jason: 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. Our 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&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&P 500, right, normalized. So we understand if it's sort of fear, you know, fearful or greedy. But 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. Louis: 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. As 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. I'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? Jason: 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. And 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. I 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. So 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. Volatility 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. There'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. Extreme 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. Louis: 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. Exactly yeah, and you have a continuation of the trend. Jason: Right, yeah, yeah, completely. And so with anything, with any indicator, you have to look at it in context right. Everything 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. What 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? Louis: And what we see is both of those numbers are sitting at extreme fear. Because, 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. So 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? Jason: Exactly. Louis: You know what how? are 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. Jason: Right. Louis: 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? Jason: 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. Louis: 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. Yeah, because then you have that long-term

In the final episode of the savings series, the conversation focuses on distinguishing between savings and investing. Savings involves putting money in a bank or money market account, offering low risk and moderate returns, mainly for short-term goals and emergencies. Investing, on the other hand, involves higher risk for potentially higher returns over the long term, such as through stocks or mutual funds. Austin and Bob highlight the importance of understanding the right time and place for each strategy, particularly for those new to financial management. They emphasize that a balanced approach, including both savings for security and investing for growth, is crucial. They discuss the limitations and benefits of various options like high-yield savings accounts, CDs, and market investments, stressing the need for diversification. Additionally, they note that individuals' decisions should be tailored to their specific financial situations and goals, taking into account factors like risk tolerance and time horizon.  Ready to take the next step in gaining control over your money?  1. ⁠Watch my free training on the 5 budget categories you need to be in control of your money⁠ 2. ⁠Register for my FREE masterclass “Financial Freedom Blueprint” here⁠ Or 3. Schedule a ⁠FREE Discovery Call⁠ to determine if you would benefit from 1:1 coaching

In this week's show, we talk about some of the secrets to tax-efficient investing strategies specifically tailored for tech stock portfolios. As 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. Discover 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. Don't miss out on this wealth of practical advice designed to make your investment journey smoother and more tax-efficient.   Highlights In this week's show we discuss: Acknowledging the significant gains in tech stocks over the past five years and a caution about current overvaluation. Strategies for diversifying tech stock portfolios to find good opportunities. Discussion on the challenges associated with concentrated stock portfolios. Evaluation criteria including quality, value, and technical conditions to determine stock attractiveness for long-term holding. Ranking stocks based on percentage gain from cost basis to minimize tax impact. Emphasis on prioritizing long-term gains over short-term gains for favorable tax treatment. Maximizing after-tax rate of return, particularly for high-income individuals. Suggestion to donate highly appreciated stocks to charity to reduce taxable gains. Importance of working with a financial advisor for managing complex decisions and aligning them with personal financial goals. Encouragement for listeners to delve deeper into the conversation for detailed strategies on tech stock investments and tax efficiency.   PLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:  1.  Listen to the Market Call Show Podcast or Watch on Youtube One 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 3.  Work with me one-on-one If you would like to talk with me about planning and investing for your future. – Click here     Transcript (Generated for reference - May contain errors)   Hi, I'm Louis Llanes and this is the Market Call Show. Today 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.  So, 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.  Once 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.  So 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.  So, 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.  So 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.  So 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.  Then 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.  Okay, 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.  So 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.  So 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.  In 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.  Don'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.  I 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.  So 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. 

Brian Madeleine of Madeleine Financial Coaching joins the show this week to talk about a shift in his client base towards couples needing help with debt and financial organization. He and Austin emphasize the impact of recent economic challenges, such as inflation, on people's financial habits and stress levels, highlighting the necessity for regular financial check-ins and effective communication within relationships. Austin and Brian discuss the difficulty couples face in managing finances amidst busy schedules and economic pressures, and agree that despite the challenges, open communication and shared responsibility are crucial for achieving financial stability and success. Ready to take the next step in gaining control over your money?  1. ⁠Watch my free training on the 5 budget categories you need to be in control of your money⁠ 2. ⁠Register for my FREE masterclass “Financial Freedom Blueprint” here⁠ Or 3. Schedule a ⁠FREE Discovery Call⁠ to determine if you would benefit from 1:1 coaching

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. Navigate 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.   Show Highlights In this episode we'll talk about: Diversifying your assets into business ventures, real estate holdings, and secure reserves like cash or gold. How achieving a balanced portfolio can help mitigate risks associated with market fluctuations and economic changes. Learn strategies to rebalance your real estate investments without incurring heavy tax implications. Understand the complexities of capital gains and depreciation recapture taxes and how they affect your net worth. Analyze how inflation and interest rates influence property values and rental income. Focus on after-tax, inflation-adjusted returns to better gauge the true performance of your investments. Explore the benefits and drawbacks of 1031 exchanges to defer taxes by transferring property into like-kind assets. Discover how 721 exchanges allow for moving assets into Real Estate Investment Trusts (REITs) for diversification and liquidity. Understand that while these tools offer tax deferral and estate planning benefits, they may require giving up some control over your properties. Consider how REITs can provide quarterly liquidity and simplify estate planning through unit-based ownership. REITs offer a diversified portfolio that may include sectors like multifamily housing, storage, and healthcare, which are more recession-resistant. Evaluate opportunities to reduce real estate concentration and invest in other areas like businesses and reserves. Implement a low-turnover investment strategy to maximize your after-tax rate of return and minimize costs associated with frequent exchanges. Recognize the challenges in commercial real estate post-COVID, such as high vacancy rates. 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. Diversify across different asset classes to protect against market volatility and economic downturns. Stay informed about quality investment opportunities in both real estate and the stock market. PLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:  1.  Listen to the Market Call Show Podcast or Watch on Youtube One 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 3.  Work with me one-on-one If you would like to talk with me about planning and investing for your future. – Click here       Transcript 00:00 - Louis Llanes (Host) 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.  00:30 - Intro/Outro (Announcement) 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.  00:46 - Louis Llanes (Host) Hi, 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.  01:17 I 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.  02:51 So 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.  03:22 You 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.  04:13 The 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.  05:37 So 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.  06:30 Okay, 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.  07:11 So 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.  07:41 And 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.  09:19 A 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.  10:32 There'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.  11:42 It 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.  12:19 Some 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.  13:02 I 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.  13:51 So 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.  14:32 So 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.  15:27 It'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.  16:19 Now 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.  17:32 You 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.  18:24 Real 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.  19:23 - Intro/Outro (Announcement) For 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.  19:37 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.   

Join host Tanya Rooney as she delves into the world of financial freedom with guest Dave Pere, founder of Military Millionaire. In this engaging conversation, Dave shares how his journey from Marine Corps veteran to real estate investor led him to create a thriving community of service members and veterans seeking financial independence. Discover how Dave's disciplined approach and military background have shaped his success, and gain valuable insights into building wealth and achieving financial freedom. From real estate investing to mastermind groups, learn how Dave and his community are empowering others to take control of their financial futures.   https://www.tanyarooney.com/ Follow Tanya on Social: IG: https://www.instagram.com/tanyarooneymn/ FB: https://www.facebook.com/TanyaRooney28 TT: https://www.tiktok.com/@tanya_rooney   Follow David Pere and make sure to let him know you heard him on the Tribe Builders Podcast:   https://www.frommilitarytomillionaire.com/ IG: https://www.instagram.com/frommilitarytomillionaire X: https://x.com/militaryrei FB: https://www.facebook.com/groups/militarymillionaire LI: https://www.linkedin.com/in/david-pere/  

David was raised to believe that money was bad and Paige grew to have a scarcity mindset around finances. When the two got engaged, it quickly became clear that money was a pain point for them both. Fortunately, they connected with Austin and joined his coaching program, which has completely transformed their financial understanding and success. This week, David and Paige share their story of finding Austin and going through his coaching program, revealing the monumental changes they experienced around understanding and managing money as a couple. Hear how their experience and commitment has allowed them to overcome their fear and frustration of financial management so that they can take complete control of their money. When you're ready, here are a couple ways Austin can help: 1) Download the "5 Secrets to Healthy Money Conversations With Your Spouse" guide 2) Register for the FREE Masterclass "Financial Freedom Blueprint" 3) Schedule a FREE Discovery Call with Austin

This week, our conversation revolves around discussing bad financial habits that are costing you money. Some of these habits you might not even realize you do. We emphasize the importance of budgeting, tracking expenses, and maintaining financial discipline to avoid overspending and financial stress. We also touch upon the limitations of certain financial apps and underscore the necessity of developing good financial habits for better money management. Be sure to check out these FREE resources to help you start gaining complete control of your money. FREE Masterclass "Financial Freedom Blueprint". Register at freedommoneycoach.com/training Download "6 Secrets to Healthy Money Conversations With Your Spouse" at freedommoneycoach.com/moneyguide

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.  Now 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.  Paris 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.   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! When you are ready, here are some ways we can help YOU with your investing and financial planning: 1. 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 2. 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/ You can also get a personalize signed hard cover copy ➡ https://www.pathtorealwealth.com/the-... 3. Work with me one-on-one If you would like to talk about planning and investing for your future. ➡https://calendly.com/wealthnet

Podcast Mentions: FREE Portfolio Review, www.wealthnetinvest.com Wealth Beyond Numbers, www.lblmedia.net/workshop Welcome to the Market Call Show! 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. In this week's episode, host Louis Llanes discusses: Why financial security & peace of mind are most people's biggest investment goals  How Monte Carlo simulation is used to model investment plans, and its pros and cons Limitations of Monte Carlo: Doesn't fully capture complex cash flows, equal failures Disconnect between Monte Carlo projections & client definitions of success  Having portfolio "players" with different roles: stability, growth, liquidity Social Media Links: Twitter: /LouisLlanes Linkedin: /LouisLlanes Facebook: /MarketCallShow or/WealthnetInvestments FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit www.pathtorealwealth.com Schedule a call and free portfolio review www.wealthnetinvestments.com 1. 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 – 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, Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. – Click here           You can also get a personalize signed hard cover copy – Click here 3. Work with me one-on-one If you would like to talk about planning and investing for your future. – Click here

Grant Sabatier's story begins in a financially stressed household, where money was a constant source of worry. Despite excelling academically and attending a prestigious university, his early twenties were marked by job uncertainties and a lack of clear direction, culminating in a sobering moment: moving back to his parents' house with a mere $2.26 in his bank account. This low point, however, was also a turning point for Grant. A family picnic sparked a profound realization about the traditional path to retirement and its limitations. This epiphany led him to reevaluate his relationship with money, viewing it not just as a means of survival but as a form of energy that could be harnessed and grown. Learn more about Grant Sabatier: Grant Sabatier is an accomplished author, entrepreneur, and financial independence expert. As the author of "Financial Freedom" and the creator of the Financial Freedom course, he's known for his profound understanding of wealth-building and personal finance management. Grant is a celebrated figure in the finance world, having been featured in major publications and media outlets. His journey from financial instability to becoming a millionaire by age 30 demonstrates his expertise in money management, digital marketing, and entrepreneurship. He is a sought-after speaker and a mentor for those seeking financial independence. Looking for something specific? Here you go: 00:03:56 Money is a form of energy. 00:04:22 Trading time for money limits. The timestamp for the statement "Choose opportunity over passion" is 00:10:05. Choose opportunity over passion. 00:14:23 Pursue passion and financial independence. 00:19:30 Leverage your value as an employee. 00:23:53 Build relationships for career growth. 00:28:33 Take control of your finances. 00:33:11 Spend more time with money. 00:37:27 Entrepreneurship is a choose-your-own-adventure journey. This episode is sponsored by PearsonRavitz– helping physicians safeguard their most valuable assets. Sign up for our upcoming webinar on December 11th! Go here.  If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physicians Facebook Group YouTube (Coming Soon!) ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

In this vault episode, our guest, Louis Llanes, shares the 7 seven steps to mapping your financial future to help you secure financial independence. If you're anything like me, you would love to know how to accelerate your path to prosperity. Now, that word means something different for all of us. Maybe prosperity is a dollar amount, or being able to have time and freedom in your day, maybe it's becoming debt-free, or having a certain amount of money in your investment accounts. No matter what prosperity means to you, you need a roadmap to get there. Our guest, Louis Llanes, is the founder of Wealthnet Investments, LLC, and the author of a new book called Financial Freedom Blueprint. Louis also holds the Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT) designations, an MBA from the University of Denver, and a BS in Finance from the University of Colorado - aka, he knows his stuff. Links Financial Freedom Blueprint book Wealthnet Investments, LLC SPONSORS Thanks to Factor for sponsoring the show. Head to www.factormeals.com/etm50 and use code ETM50 to get 50% off. Thanks to Noom for sponsoring the show. Start taking control of your weight management and join the millions who have lost weight with Noom. Sign up for your TRIAL today at www.noom.com.   Thanks to NetSuite for sponsoring the show. Download NetSuite's popular KPI Checklist for free at www.netsuite.com/etm.  Thanks to ButcherBox for sponsoring the show. Sign up today at www.butcherbox.com/etm and use code ETM to get $20 off your first order. Thanks to AirDoctor for sponsoring the show. Head to www.airdoctorpro.com and use promo code ETM and depending on the model, you'll receive UP TO 39% off or UP TO $300 off. How To Connect with Shannah: Download 10 Money Questions to Ask Yourself Free Money Guide https://bit.ly/10moneyq Join the Everyone's Talkin' Money Newsletter, where you get insider tips, exclusive content, and takeaways from each episode https://tinyurl.com/etmnewsletter  Ask Shannah a question on Instagram https://www.instagram.com/shannahgame/  Submit a money question for Shannah to answer in an upcoming episode https://tinyurl.com/askshannahq  Leave a 5-star Review here https://ratethispodcast.com/etm  Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial Freedom Blueprint: Strategies from the World's Wealthiest Minds | The Del Denney Podcast Join Del Denney on a transformative exploration of wealth creation, management, and impact. In this enlightening episode, uncover the strategies and mindsets that the world's financial giants swear by. From the importance of an abundance mindset to the art of diversification and the power of long-term vision, this episode provides a comprehensive roadmap to financial freedom. Whether you're just starting your financial journey or seeking to elevate your current status, Del offers insights that promise not just to enrich your bank account, but your life. Step into a world where wealth meets purpose and discover the true essence of financial freedom. --- Links & Resources: ⁠⁠⁠DelDenney.com⁠⁠⁠ Connect with me on ⁠⁠⁠Instagram⁠⁠⁠ and ⁠⁠⁠Facebook⁠⁠⁠ Get my book, the⁠⁠⁠ High Performance Playbook⁠⁠⁠ Subscribe to the ⁠Sunday Motivation Newsletter⁠ --- Stay Connected: If you enjoyed this episode, please leave a review on Apple Podcasts or wherever you listen. Don't forget to subscribe to ensure you never miss an episode! --- Send in a voice message: https://podcasters.spotify.com/pod/show/del-denney/message Support this podcast: https://podcasters.spotify.com/pod/show/del-denney/support

⁠⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠⁠ ⁠ Hey there, it's Shana and Vanessa, your budget besties! In this podcast episode, we're diving deep into practical strategies that have helped us & our clients live below our means and gain financial stability. We know how stressful and messy living above your means can be so we're here to help you get out of that cycle! Here are some of the nuggets form the episode: Budget Like Pros: First things first, let's get real about budgeting. It's the foundation of our financial success, and it can be for you too. Start by creating a budget to understand where your money goes. Cash is King: We've learned that using cash instead of credit cards can naturally rein in spending. It helps you stay accountable and build a healthier relationship with your finances. Smart Vacationing: We're all about having fun, but we've found ways to do it without breaking the bank. Be strategic with vacations, opt for budget-friendly options, and plan ahead to avoid overspending. The Power of No: Learning to say no is a game-changer. Say no to unnecessary expenses, both for yourself and when setting boundaries with friends and family. Enjoy Life for Less: You don't have to splurge to have a good time. We'll show you how to find alternative, budget-friendly ways to enjoy life without compromising on quality. Debt Demolition: We've tackled our debt habits head-on. Avoid carrying credit cards, and really think twice before making purchases you can't afford. It's all about financial self-care. Cooking In: Eating out can be a budget buster. We've got tips for cutting down on restaurant expenses and meal planning to save money and eat healthier. These are the actionable steps that have helped our clients turn their financial situation around, and we know they can work for you too. Next Steps > > > Email us any questions: info@myidealbalance.com Interested in Coaching? We work 1:1 with clients to do everything we talk about in this show. If you're interested, click the link below to set up a FREE 30 minute free session with us. We'll chat, get to know one another and see if coaching is a good option for you! There is no obligation whatsoever on this call, but we will give you some quick wins you can implement immediately to level up your money management! ⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠ Join our free Facebook Group! Visit Our Website  "I love Shana & Vanessa and this podcast is amazing!" < If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don't forget to follow the show so you don't miss any episodes! And, if you're feeling really generous, we'd be SO honored if you would share this podcast with someone.  Click here to view our privacy policy. This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!  --- Send in a voice message: https://podcasters.spotify.com/pod/show/idealbalance/message

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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. I'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. Whenever you're ready… here are 3 ways I can help you with YOUR investing and wealth planning advice: 1.  Listen to the Market Call Show Podcast or Watch on Youtube One 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 3.  Work with me one-on-one If you would like talk with me about planning and investing for your future. – Click here Also please check these out: Wealthnet Investments Media Appearances & Interviews with Louis Speaking  

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. When you are ready, here are some ways we can help YOU with your investing and financial planning: 1. 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 2. 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/ You 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

Title: Top 5 Questions: Your Advisor's Critical Role in Spousal Support | Ep 80 Keywords:  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 Podcast Mentions: 10-Point Checklist for Worry Free Retirement, https://www.retireready.live Social Media Links: Twitter: /louisllanes Facebook: /louisllanes                 /marketcallshow LinkedIn: @louisllanes YouTube Channel: https://www.youtube.com/channel/UCZZBFVZq3wIkZtToH-StTYw Schedule a call and free portfolio review http://www.wealthnetinvestments.com Shownotes 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. In this episode, we discuss five essential questions that come from our own clients and felt it imperative to share. The importance of all parties being active with the financial discussions How to prepare yourself financially before the passing of a spouse The essentials of having an estate plan What your CPA and attorney has to do with being ready Knowing your financial team is imperative for a successful financial future. Join 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. We'll be answering your questions—please feel free to email your questions to hello@louisllanes.com. When you are ready, here are some ways we can help YOU with your investing and financial planning: 1. 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 2. 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/ You 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  

Title:  Avoid These 5 Mistakes Before You Retire | Episode 79 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. [0:00] Segment 1: Exploring the risk profile of a pre-retirement window. [2:16] Segment 2: Maximizing Retirement Benefits - An in-depth look at your company's retirement package. [4:20] Segment 3: Rolling over into an IRA - The pros and cons of rolling over a 401k. [7:07] Segment 4: Mastering the Pre-Retirement Budget and Taxes - Insights on budgeting and tax considerations. [9:53] Segment 5: Stress Testing Your Portfolio - Preparing for a secure retirement through portfolio analysis. [12:41] Segment 6: Determining Your Risk Profile - Avoiding the five worst mistakes near retirees make. [15:08] Segment 7: Accurately Calculating Income in Retirement - Tips for avoiding pitfalls in income calculations. [16:51] Segment 8: Carving High Debt into Your Retirement Plan - Strategies for managing debt and costs. Host: 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.  Podcast Mentions: Free Download of A 10-Point Checklist for a Worry-Free Retirement: http://www.Retireready.live FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Social Media Links: Facebook: /Louisllanes Twitter: @LouisLlanes LinkedIn: /LouisLlanes

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.  Corey 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. Podcast Mentions:   FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com  Schedule a call and free portfolio review http://www.wealthnetinvestments.com  Social Media Links:  Twitter: @choffstein LinkedIn: /coreyhoffstein Website: https://www.thinknewfound.com/ When you are ready, here are some ways we can help YOU with your investing and financial planning: 1. 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 2. 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/

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 Podcast Mentions:  FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com  Schedule a call and free portfolio review http://www.wealthnetinvestments.com  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. In 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.

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  Podcast Mentions:   FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com  Schedule a call and free portfolio review http://www.wealthnetinvestments.com  Social Media Links:  Facebook: /marketcallshow  /wealthnetinvestments Twitter: /louisllanes LinkedIn: /louisllanes Bull Speed or Yield Curve Ahead | Episode 75 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.  In 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. So, 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! 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.

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 Podcast Mentions: Martin Pring's website: www.pring.com Twitter: @martin_pring LinkedIn: Martin Pring FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Martin Pring On A Bull Market Outlook | Episode 74 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. During our conversation, we discuss: Pring's start from economics to technical analysis. His contribution to the industry as a prolific author The cautious approach to the current market conditions Pring's upcoming presentation at the CMT 50th symposium We 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.

Episode 73: Looking Beyond Market Theories with John Kosar CMT Keywords: trading floor, s&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 Podcast Mentions: John Kosar, LinkedIn : https://www.linkedin.com/in/johnjkosar/ Asbury Research: https://asburyresearch.com/ FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Looking Beyond Market Theories| John Kosar, CMT | Episode 73 Join 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. During 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. We 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.

Episode 72:  Laurens Bensdorp on Trading in Any Market Condition Keywords: 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 Podcast Mentions: Laurens Bensdorp links: Website: https://tradingmasteryschool.com/ Twitter: https://twitter.com/laurensbensdorp Automated Stock Trading Systems Book: https://www.amazon.com/Automated-Stock-Trading-Systems-Systematic-ebook/dp/B084WWH3MB?ref_=ast_author_mpb FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Laurens Bensdorp on Trading in Any Market Condition | Laurens Bensdorp | Episode 72 This 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. During our conversation, you'll learn about: Laurens' intriguing introduction to the industry The correct approach to backtesting The distinctions between trend following, mean-reversion strategies, shorting, and investing in stocks versus ETFs The 12 essential components of every investing or trading system. We 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.  

Episode 71: Investing In A Climate Of Change Keywords: 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 Podcast Mentions:  FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Investing In A Climate Of Change | Episode 71 Right 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. In this episode, you'll hear: • Reading and understanding the financial climate • Why Fundamental Analysis is more important than ever before. • What has happened to get to this point • Attack Risk, Diversify and Strategize  My 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! Help others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured

Episode 70: All Weather Trader with the Market Wizard Tom Basso Keywords: 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 Podcast Mentions: FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Tom Basso's new book available here, https://www.amazon.com/All-Weather-Trader-Serenitys-Thoughts ebook/dp/B0BXYZ2GT5/ref=sr_1_1?crid=1668PROKV5IKQ&keywords=tom+basso+book&qid=1679537550&sprefix=basso+tom%2Caps%2C137&sr=8-1 Tom Basso's Author Page: https://www.amazon.com/stores/Tom-Basso/author/B001KE1CIE?ref=ap_rdr&store_ref=ap_rdr&isDramIntegrated=true&shoppingPortalEnabled=true   All Weather Trader with the Market Wizard Tom Basso | Episode 70 This 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 In This Episode, You'll Hear: The importance of having a strategy and the myth of the perfect investment Tom's definition of All Weather Trading Filling the potholes during volatility The power of expanding your investing horizon and having a complete strategy. Tom's new book and his final project before he retires, again My 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! Help others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured

Are you ready to learn how to accelerate your path to prosperity and create your financial freedom blueprint? Maybe prosperity is a dollar amount or being able to have time and freedom in your day, maybe it's becoming debt-free, or having a certain amount of money in your investment accounts. No matter what prosperity means to you, you need a roadmap to get there. Our guest, Louis Llanes is the founder of Wealthnet Investments, LLC and the author of a new book called Financial Freedom Blueprint. In this vault episode, Louis shares the 7 seven steps to mapping your financial future to help you secure financial independence and create financial freedom.LinksFinancial Freedom Blueprint bookWealthnet Investments, LLCSPONSORSThanks to EveryPlate for sponsoring this show. Go to everyplate.com/podcast and enter code mymoney149 to get the $1.49 per meal offer. LEAVE US A REVIEWLeave us an honest rating and review, pretty please. Head to the podcast player you're listening to this episode in to leave us a review or you can click here to leave a review for Everyone's Talkin' Money podcast on Apple Podcasts. Love this episode. Share it with a few friends so they can learn these valuable money concepts as well. Be sure to FOLLOW and SUBSCRIBE to never miss an episode!GOT A QUESTION?Have a Shannah Shares question? Submit your question here https://bit.ly/shannahsharesMORE MONEY TIPSFollow Me on Instagram for more money tips and behind-the-scenes information https://www.instagram.com/shannahgameSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Episode 69: Investing Outside the Stock Style Box Keywords:  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 Podcast Mentions: FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Investing Outside the Stock Style Box | Episode 69 How 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. In this episode, you'll hear: Using Quality, Valuation and Technical signals Dimensions, Degrees and Diversification Quality on a roll vs quality at a reasonable price vs emerging value Why diversification of styles is critical to your success.   My 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! Help others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured

Episode 68: The Value of VWAP with Brian Shannon CMT Keywords:  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  Podcast Mentions:  FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Alpha Trends www.alphatrends.net Maximum Trading Gains With Anchored VWAP - The Perfect Combination of Price, Time & Volume, Brian Shannon, Get it on Amazon The Value of VWAP | Brian Shannon, CMT | Episode 68 This 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.   In this episode, you'll hear: • Our similar starts in the financial business • The value of VWAP data and placing anchors • Technical analysis and aligning timeframes for maximum return • Stocks vs ETF's: what tools should you use? • The strategies for mitigating risk in trading and fractal measuring My 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! Help others find The Market Call Show, Email, Text, or Share this link, https://www.youtube.com/@louisllanes/featured

Optimizing Returns | Dr. Wes Gray | Episode 67 Podcast Mentions: FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Alpha Architect: https://alphaarchitect.com/   ETF Architect: https://etfarchitect.com/ This 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. Why you need a "money doctor" Wes' philosophy on assessing risk tolerance and the perfect portfolio The 3 Bucket System

Episode 66: Is the Big Bear Hibernation Over? Keywords: trend, stocks, companies, people, technical, decline, market, investments, markets, earnings, bear market, peak, home, NASDAQ, noticed, starting, general, relative strength, conventional wisdom, fundamentals Podcast Mentions:  FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com Is the Big Bear Hibernation Over? | Episode 66 Could 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. In This Episode, You'll Hear: • Should you listen to the fundamentals or the technicals? • One stock screen that I like to find potential winners & see some stocks on my watchlist right now  • Why big stocks might not be the best bets for big returns NOTE: This episode includes charts, please watch on my YouTube channel to get the best information!  Please watch on my YouTube channel here https://youtu.be/LQ0rFXotDVs&list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!

Episode 65: Know This Before You Rollover Your Old 401(k) Keywords: 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 Podcast Mentions: FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com   Know This Before You Rollover Your Old 401(k) | Episode 65 New 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. In This Episode, You'll Hear: The new DOL rule, the good, the bad and the ugly What to consider when thinking of rolling over your 401k Building your retirement wealth vs using your retirement wealth   Please watch on my YouTube channel here https://youtu.be/BoXJXrupXcE&list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!

Episode 64: Creating the Optimal Diversified Portfolio | Eric Crittenden Keywords: trend, people, etfs, futures, portfolio, fund, run, equity, market, bonds, trade, years, question, hedge funds, return, position, add, long, paying, commodities Podcast Mentions:  Standpoint 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 Schedule a call and free portfolio review http://www.wealthnetinvestments.com Creating the Optimal Diversified Portfolio | Eric Crittenden | Episode 64 It 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. In This Episode, You'll Hear: • Creating the optimal diversified portfolio • ETF's vs individual equities • Trend strategies and analysis • Risk in the markets and regulatory confines • Continuous signals and how they can affect long term trading Please watch on my YouTube channel here https://youtu.be/A0YkxNTAEgk &list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!

Podcast Mentions:  Wade Pfau's contact info: Retirement Researcher https://retirementresearcher.com/ Podcast: Retire with Style Retirement Planning Guidebook, Wade Pfau FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com The Ultimate Retirement Plan | Wade Pfau | Episode 63 This 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.   When 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.  In This Episode, You'll Hear: • Ways to maximize retirement income without taking on too much risk. • Little known, yet powerful strategies to lower your taxes • Tips on estimating the true cost of retirement • Making choices that enhance your life before you retire  Please watch on my YouTube channel here https://youtu.be/7bM-geh0pyE&list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe!   Keywords: 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

Podcast Mentions: Episode 36-How to Evaluate Your Investment Performance https://marketcall.podbean.com/e/episode-36-how-to-evaluate-your-investment-performance/ FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd.   Visit http://www.pathtorealwealth.com Schedule a call and free portfolio review http://www.wealthnetinvestments.com 2023 Recession Risk, My Strategy and Your Plan| Episode 62 Happy 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! In This Episode, You'll Hear: • What is the probability of a deep recession? • The three main factors to look at when screening stocks • How retirement planning will change your income strategy Please watch on my YouTube channel here https://youtu.be/HGakPUSPdkM&list=UUZZBFVZq3wIkZtToH-StTYw◀︎ Please like and subscribe! Keywords: people, stock, volatility, investments, important, risk, portfolio, probabilities, sizing, opportunity, clients, talk, recession, higher, failsafe, tax, budget, companies, retirement plan, taxable

Are you ready to learn how to accelerate your path to prosperity and create your financial freedom blueprint? Maybe prosperity is a dollar amount or being able to have time and freedom in your day, maybe it's becoming debt-free, or having a certain amount of money in your investment accounts. No matter what prosperity means to you, you need a roadmap to get there. Our guest, Louis Llanes is the founder of Wealthnet Investments, LLC and the author of a new book called Financial Freedom Blueprint. Louis also holds the Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT) designations, an MBA from the University of Denver, and a BS in Finance from the University of Colorado - aka, he knows his stuff. In this vault episode, Louis shares the 7 seven steps to mapping your financial future to help you secure financial independence and create financial freedom.LinksFinancial Freedom Blueprint bookWealthnet Investments, LLCRELATED EPISODESInvest Differently to Reach Financial FreedomSaving Money Tips to Achieve Financial FreedomHow to Use Renting As a Tool to Reach Financial FreedomSPONSORSThanks to Chime for sponsoring the show. Get started with Chime today. Applying for a free account takes less than 2 minutes. Get started at chime.com/mymoney.Thanks to Apple Card for sponsoring the show. Apply for the Apple Card now in the Wallet app on iPhone and start using it right away.Thanks to the Jordan Harbinger Show for sponsoring this episode. Search for The Jordan Harbinger Show on Apple Podcasts, Spotify, or wherever you listen to podcasts.Thanks to BetterHelp for sponsoring the show. I want you to start living a happier life today. As a listener, you'll get 10% off your first month at BetterHelp by visiting our sponsor at http://www.betterhelp.com/mymoney. Thanks to Shopify for sponsoring the show. Shopify is more than a store. Connect with your customers. Drive sales. Manage your day-to-day. Go to http://www.shopify.com/mymoney for a FREE fourteen-day trial and get full access to Shopify's entire suite of features.LEAVE US A REVIEWLeave us an honest rating and review, pretty please. Head to the podcast player you're listening to this episode in to leave us a review or you can click here to leave a review for Everyone's Talkin' Money podcast on Apple Podcasts. Love this episode? Share it with a few friends so they can learn these valuable money concepts as well. Be sure to FOLLOW and SUBSCRIBE to never miss an episode!GOT A QUESTION?Have a Shannah Shares question? Submit your question here https://bit.ly/shannahsharesMORE MONEY TIPSFollow Me on Instagram for more money tips and behind-the-scenes information https://www.instagram.com/shannahgameFREE GUIDES + RESOURCESDownload our FREE Top 25 Episode GuideSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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