Should I be taking more risk?

Season #1 Episode #77 August 07, 2024

Episode Overview:

In this episode, Nate Reineke and Ben Utley discuss socially responsible investing (SRI) and how physicians can align their investment choices with their values. They cover the importance of diversification, explore the tax implications of practice buy-in loans, and provide investment strategies that may benefit young doctors, all while addressing a listener's questions about managing financial decisions effectively.

Key Takeaways:

1. Understanding Socially Responsible Investing (SRI):

- SRI focuses on avoiding investments in industries like tobacco and firearms.

- It may lead to a tech-heavy portfolio, which could lack diversification.

- Direct actions, such as charitable donations or volunteering, might create more immediate social impact than SRI alone.

2. Aligning Investments with Personal Goals:

- Physicians should assess whether taking on more investment risk aligns with their personal goals.

- The idea that increased financial security justifies greater risk is examined.

- Historical examples, such as Japan's economic challenges, highlight the potential dangers of market downturns and concentrated investments.

3. Alternative Paths to Meaningful Risks:

- Explore meaningful risks outside of the stock market, such as making career changes or pursuing personal growth opportunities.

- Avoid taking unnecessary risks, especially as one approaches retirement or important financial milestones.

4. Bitcoin and Speculative Assets:

- Bitcoin is discussed as a speculative asset with fluctuating value, comparable to commodities like gold.

- The implications of holding Bitcoin indirectly through index funds are considered in terms of overall portfolio risk.

5. Lifetime Gift Planning:

- Technical aspects of making lifetime gifts, including tax considerations and the liquidity of assets like stocks and cash, are examined.

- The importance of considering the recipient’s needs when planning gifts is highlighted.

- Discussion includes the annual gift tax exclusion and strategies for gifting appreciated securities to minimize tax implications.

6. Engaging with Financial Planning:

- Listeners are invited to connect with Nate and Ben to discuss their financial goals and ask questions for future episodes.

- There’s an emphasis on making thoughtful financial choices that align with personal values and long-term aspirations.

Call to Action:

If you’re navigating financial complexities as a physician, this episode may provide helpful insights. Be sure to subscribe to the Physician Family Financial Advisors podcast for more discussions tailored to your unique needs. Don’t forget to check the show notes for full disclosures and additional resources.

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Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures

Episode Transcript

Speaker 1 (00:00.312)
The only hesitation I have about socially responsible funds generally is that they lean toward kind of growth, which lately has been a winning thing. But I think it's just something that you need to be aware of if you're going to invest.

Welcome to the Physician Family Financial Advisors podcast, where physician moms and dads like you can turn today's worries about taxes and investing into all the for retirement.

the money you made in college.

Speaker 2 (00:34.2)
Hello physician moms and dads. I'm Nate Renneke, certified financial planner and primary advisor here at Physician Family.

and I'm Ben Utley, a certified financial planner and service team leader.

All right, Ben, we have a few more questions to tackle today. They are mainly investment questions. So sign of the times, I guess. Yeah, so the first one's from a radiologist in Utah. They said, I'd like to invest in socially responsible investments. Is that OK? So I'll let you tackle this one. But first, can you tell me what socially responsible investments are?

Yes. Get down into it.

Speaker 1 (01:10.85)
Yeah, socially responsible investments or SRI is runs the gamut. There are a lot of things. they are things that investments that might not match the investors values. So for example, we have a lot of gun violence in our country. So you might not want to invest in a company that makes guns or ammo. But you know, maybe you live out in the country and guns and ammo is just part of your culture. But you saw your parents, a parent die from smoking.

Right. So maybe you wouldn't want to invest in tobacco stocks. So that's kind of the broad idea about socially responsible investing. There are many different ways to do it. You can pick stocks and leave out certain stocks. You can invest in mutual funds that run a screen or a filter and they filter out some of those stocks. There are some funds that actually de-emphasize some of these stocks. So maybe they invest in oil companies, but

They invest less in old companies than they do in other other companies. So there's a range of things. when we look, when we, when we drop out the tobacco manufacturers and we drop out the gun manufacturers and the people that are cool to animals in the manufacturer of, of things, and then we look at things that are good for the planet. We wrap that in there. What we wind up with sometimes is a rather lopsided portfolio. Because if you think about like.

a tech stock, maybe Apple or something like that, they're seen as socially responsible. They're seen as good for the environment because all the manufacturer happens at Foxconn overseas, right? So we, we never see the battery manufacturer residue. All we see is the report that Apple has. And so they look socially responsible. And as a result, a lot of the tech stocks tend to fall in this. so, the only hesitation I have about socially responsible funds generally,

is that they lean toward kind of growth, which lately has been a winning thing. But I think it's just something that you need to be aware of if you're going to invest in maybe an index fund that is SRI.

Speaker 2 (03:21.258)
Mm-hmm. Yeah. So I think a lot of times that's the answer. I mean, you to be aware of the consequences of the decision, but some people still want to do it. Yeah. And if growth makes sense, then yeah.

No, I do have a deeper thought about this. so if social responsibility is a value and it's a closely held value, I think that investing in an SRWI way is kind of a cop out, right? It's like I'm going to move around my portfolio a little bit. As I think about it, I'm thinking, well, first off, the socially irresponsible stocks have already been issued. They're already on the market. So whether you own them or someone else owns them, that's not going to

impact the behavior of the board of directors at that company, because they don't know you exist. mean, you could be an angel or devil. They'd have no idea. So whether or not you own that security is not going to make any difference in terms of how the planet turns out zero. So my thought is own the companies that are going to get you the best risk adjusted return. And then if you want to be socially responsible, take action, take, take the best returns that you can get and then turn around and get some of that money.

and give it to a charity or use it in your life in a socially responsible way. That direct impact, know, where you actually go and you volunteer in a school or, you know, you take your services overseas and you help children with cleft palates. I mean, that's how you really make a difference firsthand. So, I don't know, I think socially responsible investing is okay. The spirit of it is good, but I just don't think it really makes a big difference.

Yeah. Okay. So next question is from a cardiologist in Colorado and it's a multi-part question. So I'm going to frame up the question and then we'll go one by one. So I still have 16 years until I retire and my target date strategy is currently 84 % stocks and 16 % bonds. At the same time, I'm ahead on my retirement savings.

Speaker 1 (05:09.643)
area.

Speaker 2 (05:24.527)
and still have additional money to invest. So first question is, should I be taking more risk in my investments? Okay. Since I have the ability to absorb losses.

Mm-hmm.

My first thought on this is, know, it's always not a straightforward answer, it feels like, but you could. But the real question is, why would you? I'm not saying you should or shouldn't, but what is the reason to do it? Right. So what, you know, when you invest, it's for a reason. It's and hopefully it's for a good reason, not just to die with more money.

So what would taking more risk get you? This is a resource that you're going to use someday. What would you use that resource for if things went well? Yeah, and how would it impact your life if things didn't go well? Like if you took if you take more risk, that's what you're doing. It could go well or could go poorly and you know the result of it going poorly what I'm hearing is it wouldn't it wouldn't make a huge difference is kind of what they're saying.

but also why take risk if you don't have to. So I would be really interested, like, is your retirement plan not getting you everything you want? Because if it is, I just don't see a good reason to do it.

Speaker 1 (06:53.848)
Yeah, well, there's an inherent assumption in this, like taking more risk means that I can take more risk because I can absorb the losses. I think when most people say that these days, they think of these losses as temporary losses, like market goes down and market comes back up. It is in the realm of the possible, though not super probable, that stocks could go down and not come back up.

Right? Which doesn't mean that they're going to vanish, but I mean, we could have the market drop a little bit and just plain out, which we've actually seen that in other countries. Haven't seen it in the US, but we saw it in Japan and that lasted for decades. Right? And most people that are listening to our show have a home-side bias and I would wager that some of those people are simply only invested in the S &P 500, in which case they're fully exposed to that risk. So first is an inherent bias. The risk is going to...

is going to be there. Second is ability to sustain the risk. Well, I've had plenty of people say I'm able to take a risk or I feel comfortable with the risk and then know markets drop or they actually sustain a loss and all that comfort goes out the window. So it's what you do in the case of fire that really matters, you know. So the other thing I think about here is imagine that you're running a race and the finish line is in sight and you're running that race and you're winning.

by a long stretch, know, the competitive competitions far, far behind you. You see the finish line inside and it's like, should I start doing tricks and cartwheels and stuff? Yeah. No, you should, you should either run at the same pace or perhaps run at a slower pace so that you're more likely to attain the finish line. Right? So risk is a bad thing, but it is a necessary

Right.

Speaker 1 (08:46.968)
bad things and necessary evil. You have to take risk to achieve the rewards. And so my take on this is minimize risk or eliminate risk anytime you can. And if you can't embrace it. But the fact that you can take more risk doesn't mean you should take more risk.

Agreed, agreed. Yeah. And if you, you know, I guess the, the way I'm looking at it is determine whether or not you should. I mean, and if you don't have a good reason, there's no reason to just do it because you have more money. So second part of this question, what are some ways I could increase my risk, but keep my target date strategy? is it, I mean,

I think, well, I'll hear your answer first.

You can't keep a target date strategy and increase more risk. They're not compatible. mean, target date strategy is a controlled risk strategy where the risk is automatically controlled over time. And the investments are designed to get you to a certain place at a certain time. Right? So it's kind of like, how can I make this city bus that I'm on move faster?

You can't. It's a city bus. It's going to go where it's going to go. You can either get off that bus. You could take a different bus. You could take a car. You could walk. You could fly, but you can't change the city bus. So, you know, I'm looking at this and I'm thinking 85 % stocks, 15 % bonds. Like how much more aggressive do you want to get? You want five more percent stocks. You want a hundred percent stocks. You're 15 years from retirement. You're way ahead. Like, really? Do you want a hundred percent stocks? Does that make any sense at all?

Speaker 1 (10:38.476)
So I guess if you wanted to maintain your target date fund in your 401k, but you wanted the risk of your overall portfolio to be higher, then you could invest all stocks in some other accounts such that the entire portfolio is more aggressive. You could pick a later target date fund, which would have some more stocks in it. But, you know, the most aggressive target date funds typically are 90 % stocks when you're 40, 50 years from retirement like my kids have.

So you're only going to get five more percentage points. And in terms of return, you're not ever going to feel that. That signal is going to get lost in the noise that the market's bouncing around. I mean, it's kind of like if you're listening to the radio and it's on nine and you turn it up to 10, it might seem a little bit louder, but it's not going to make all that much difference.

Yeah, it's, you know, this is sort of tangential to like gambling with your winnings. That's what it feels like. And, know, and that's how that's how the casino wins. Yeah. So but here.

Yes. Yes.

Speaker 1 (11:43.694)
Here's a way to take more risk. so take more risk in the things that pay off. Maybe take a different job, right? So you take a risk at work, you perform at work, work can always be improved. So maybe the risk that you take since you have extra money is to move to a different employer. Or maybe the risk you take is to go out on your own and start your own practice. Or perhaps maybe you move to a different state.

And it might take you a while to get settled there. You've got extra money so you can do that. That's like workplace risks. How about risk that you take at home? So being more vulnerable with your spouse, going and getting some counseling to take risks on improving who you are as a person, being more emotionally available or spending more time with your children, you know, take taking those kind of risks. you know, when you have bandwidth that money is basically just a proxy for time.

you can use some of your extra time to take risks in other places in your life, the kind of things that really would pay off, where you would see a meaningful difference.

Yeah, that's that's a really you know the risk that comes to mind for me and this I think a lot of people struggle with this I don't know actually I you know, it's I'm curious to know if doctors actually show all this but a lot of people work Struggle to just be their whole self. Yeah, because they feel like they gotta be whoever their boss wants them to be let's say

Yeah.

Speaker 2 (13:12.022)
If you got extra money and you're super valuable in the marketplace, someone will accept you for exactly who you are. In fact, that's I'm here on this podcast right now. And we've had conversations like that. my former job, which I think I'm going to talk about later, you can't be yourself there. So, know, and so take some risks into improving your life. Just like you said, even at the at there's a chance that you'll lose money because of it. And that's a risk worth taking.

Yeah, because, know, it's at the end of your life that you you don't look back and say, gosh, I wish I'd invested my portfolio 5 % more in stocks. At the end of your life, you think I wish I'd hugged my kid one more time. I wish I'd taken one more fishing trip. I wish I'd, you know, taken my grandkids on this vacation with us. You know, I wish I'd spent one more day in the sunshine outside. It's like those are the things that you wish when medicine is long behind some of the people that you love are deceased. You know, it's it's the things that we didn't do.

that we regret and minimizing regret is really part of what it's all about.

Yeah, yeah Okay, so we're kind of hammering this don't take more risk thing Yeah in this situation, but I still want to answer the final question, which is essentially a Bitcoin question should I buy Bitcoin to increase my risk and we've recorded a whole episode on Bitcoin, but it's a long time ago yeah, so we should probably you know talk about it in full again and You have a lot to say about Bitcoin, but from you know, I'm really quick on this it is

Bitcoin is still a speculative investment. And what that means is it doesn't produce earnings. It doesn't produce dividends. It doesn't produce interest. And so the money that you make from Bitcoin, well, I guess I should say the only way to make money with Bitcoin is to sell it to somebody else for more than you purchased it for. Right. And so

Speaker 1 (15:09.962)
And I would I would disagree that it's a speculative investment. The reason I disagree is because it's not an investment. Right. And that gets back to what you're saying. So for me, an investment is something that has the inherent capacity to accrue wealth or generate income independent of the owner's actions. Right. And so Bitcoin does not accrue value.

It simply goes up and down in value the same way a basket of wheat goes up and down in value. Each kernel of wheat is not making more wheat, right? That would be a farm and perhaps that's an investment or business. But Bitcoin unto itself, doubtless a store of value, unto itself, I don't think it's a bad thing, but it's not an investment in my world, any more than when my house is an investment, right?

Yep. Okay. So no one Bitcoin still.

Yeah, and there's no risk for the sake of risk. I mean, I'm certainly not anti Bitcoin. I just don't perceive it to be an investment. It's speculation. Maybe it has a future. Maybe it doesn't. I don't know. But it doesn't look anything like a rental property or a stock or a bond or a loan or an endeavor. It doesn't look anything like that. It looks to me it looks more like an inert thing like a chunk of gold, maybe a gold coin.

It seems to be a really good proxy for that. It's not because I don't understand it. I've read several books on it. I have friends who have invested in it, people who own companies behind it. It's just, it's not an investment.

Speaker 2 (16:44.95)
Yeah, speaking of the the owned companies around it, you know, technically, if you own an index fund, you are synthetically invested into Bitcoin like big companies on Bitcoin. And so you're not going to be totally left behind if for some reason you and I are 100 percent wrong about this and it goes to the moon and all that. It's just it's just not appropriate.

You won't have any bragging rights when your buddies are talking about the Bitcoin and like yeah I've got some Bitcoin and it went up what I find fascinating is that we're getting a Bitcoin question now We didn't get any Bitcoin questions as a firm or from prospective clients didn't get any Bitcoin questions last year and The reason for that is Bitcoin went down in the toilet and now it's back out on all-time high. So we're hearing Bitcoin questions

Mm-hmm.

What does that tell you? know, it's return chasing speculative. So no Bitcoin for me and I don't care if clients buy it. I'm just not going to help them do it.

Yep, exactly.

Speaker 2 (17:51.712)
Yeah. Okay. So that's that's it for that one. The next question is urologist from Oregon. My estate planning attorney said I should be making lifetime gifts to my children. What's the best asset to give them?

If the attorney is recommending lifetime gifts to children, then that means that the estate is probably taxable and it might be taxable at the state level. Some states have an inheritance tax like Oregon does, or it might be taxable at the federal level, which is really rare for physicians. But given that the Tax Cuts and Jobs Act will sunset at the end of 2025, we're looking at the potential for more physicians to have a taxable estate because the estate tax credit is going to go down precipitously.

If it does sunset, my money is on Congress doing nothing and having the TCGA sunset. Okay, so that's the back end of this. The front end of the gift is that you need to know that you can give $18,000 to anybody without having any kind of tax things at all. If you give more than that, then you start to get into some estate tax issues, but it's not like you would actually owe taxes. It's that you'd need to file a return to claim part of your tax credit. Okay, so still kind of off in the weeds.

So if you know if I'm deciding to give to my children I have two kids I can give each one of them 18,000 my wife can give 18,000 so it sounds like there's a family of four with two parents or it's a single parent with four kids because they're looking at giving away you know I don't know seventy two thousand dollars maybe that wasn't mentioned in the question but that's that's what I would see. So you know I would look at the assets that are available so you look at cash stocks bonds mutual funds.

real estate and other assets. Other assets might be a car or something like that. So let's just start with the easy stuff with a car. You could give them a car if they could use the car. So look around and see what might be useful. Real estate is harder to give because I mean, find me a piece of real estate for $72,000 and I'll buy it, right? Because it just doesn't exist. So making lifetime gifts of real estate is possible, but only if you put that real estate in like a family limited partnership where you can give shares of the real estate.

Speaker 1 (20:04.11)
Right? Which brings us back to shares. But before I get there, I'll go with the easy. So, uh, easy to write checks. You know, you can write an exact check for $18,000. If you do that, you want to make sure the check is cashed and cleared before the end of the tax year that you're making the gift for. All right. So then the other, uh, the other things we have stocks, bonds, and, uh, mutual funds. So, uh, mutual funds, stocks and bonds kind of work more or less the same way in this regard. So the thing to know.

that when you make a gift, the recipient of that gift is going to take your basis. So on our last show we had a question about Tesla where somebody paid $5,000 for Tesla and now it's worth $80,000. Okay, so if that person gives away some of their Tesla stock to their child, in that child's hands when they go to sell it, it's going to be as if that child bought it for $5,000 and sold it for $80,000, right?

So, or, you know, whatever portion it is going to be, let's say that you want to give them $18,000 worth of apple and you pay $2,000 for that apple. Okay. So when they go to sell it, they're going to, they're going to be taxed on $16,000 in capital gains. All right. So on our show, capital gains is a bad thing because physicians, you know, typically you're going to pay 23.8 % federal income tax on that. All right. So if this is a minor that is, that is an adult, excuse me,

is this is a child that's an adult, not a minor. They're going to have their own tax return, right? And sometimes our kids don't make a lot of money. Sometimes our kids really don't make much money at all. So in that environment, what you could do is you could give them appreciated securities. So you'd give away capital gains tax problem for you. And if that child's in a low enough income tax bracket, they might pay zero capital gain tax on that because there is a zero capital gains tax rate. And their state, they're probably still going to pay some income taxes, but

You know, that $18,000 gift in their hands is worth $18,000. In your hands, it's worth more like, I don't know, $15,000 if you had to sell it to get cash. So I think that looking at the difference between your tax bracket and the recipient's tax bracket is important in terms of whether you're determined to give them an appreciated security or a security that you recently bought.

Speaker 2 (22:25.068)
Yeah, so tons of tax implications, estate planning attorneys, you know, that's what they're sort of looking at. But, you know, estate planning attorneys are decent at this too, which is to look at the soft side of this, which is giving money to your children. It really isn't just a big tax problem. It's a people problem. It might be a good people problem, but it's a problem. And so you have to, you don't have to, if this were my children.

I would be very careful with handing my child over a large sum of money. And when the way that this question is phrased makes it seem like it is a lot of money. Because if an estate planning attorney is telling you to do this, they wouldn't tell you to they wouldn't, you know, throw their hands up and make a big deal out of this if it was over 20,000 bucks.

because I mean we're talking about basically a couple and so maybe thirty six thousand dollars per child. Right. Right.

so you know if it was thirty six thousand I got an easy solution pay for college ... know if it was a hundred thousand I got an easy solution to pay for college and pay for grandchildren's college.

Okay, so there's a really cool thing here. right. This is really cool. So if they pay for college for anyone, a child, a grandchild, anyone, any anywhere that is not counted toward the $18,000. If you pay directly or if you pay somebody's medical bills, that is that's not counted. It's just completely out. So you still got your fresh $18,000.

Speaker 2 (23:50.99)
Right, if you pay directly.

Speaker 2 (23:59.938)
Yeah, in most physicians, this is probably a unique scenario, probably some sort of inheritance or something. But most physicians don't really have this problem because they don't they don't have so much money that they are certain they could never spend it. Yeah. But so, you know, if you're the average physician or even the above average physician, you have seven million or several million dollars and, you know, your children will probably get it when you die and they'll get a step up in basis and all that.

But if you're trying to avoid estate taxes, that means you got a good amount of money. And so the real problem here, because people like you and I can help them reduce their taxes. You probably need state planning or financial advisor to help walk you through that. The real challenge here is to give it in a way that is appropriate for an adult child. If you imagine yourself at 18 years old or 21 years old,

if you were handed over six figures.

wouldn't I wouldn't still have it if I was 18 doing I know me at 18 I would have shot it all on rock climbing gear yeah

It really wouldn't.

Speaker 2 (25:09.897)
Forget all the taxes and you know the tax savings. They're probably going to blow it. You know you can say all the taxes you want but if it goes to rock climbing gear it's like oh no. Right.

So, know, maybe this child's it kind of depends on the child. mean, if they're in their 20s and they're out of college, maybe they could use it for down payment on a house. a child, mean, for our clients, a child could be in their 40s, right? Because we serve people that are in their late 50s, that are in their 60s, some that are in their 70s. So I mean, a quote unquote child could be 40 or 50.

If that's your situation then I think a really good approach is to rather than doing it all in one shot Yeah, just take it slow and explain to them sit down with them explain I'm gonna give you this down payment in this, know, very strategic way Maybe I could have bought the house for you, but that's not tax efficient. So you're gonna get thirty six thousand dollars a year for ten years

Yeah, and you you could make it a matching gift. Like if you could say, hey, you scrape up 18,000 and I'll match you 18,000 you scrape up 36 and I'll match you 36. Right kind of depends on the stage of life that that that that child's in. Yes. And you know what they're going to do with the money if it's somebody who's younger, maybe you give them, you know, 1000 the first month of the year and you give them 4000 the next month of the year and it grows. So you see how they handle it over the course of the year because we're talking about gifting this kind of money.

It's one of those things that probably should happen every year and there's got to be more money behind it. So, you you can think about the tax aspect of it, but you can also think about the impact on the child and see this as a way to kind of put on training wheels as they go along teaching them how to handle this money.

Speaker 2 (26:53.418)
Agreed. lots of great ways to save on taxes. this deserves some sit downs with your children to explain to them what you're trying to accomplish and let them know how it's going to go.

Don't just shower them with money. mean, it's a nice surprise, but it could have an impact. You just can't see.

Right. Okay, last question here. Spouse of a dermatologist in Virginia. So they said, do you have any advice on how to withstand the uncertainty of the markets for the next year? And they're essentially alluding to the election. So I have a story for this. So I'm going let you give your experience with kind of investing near election years and

it does tend to bring a lot of feelings for a lot of people so what's your take on this

My take on it is it doesn't matter. It doesn't matter who wins the presidency. You can't predict who's going to win it. You can't predict what they're going to do. You can't predict whether or not they're going to be assassinated. Like you can't predict that. in the 25 or 30 years that I've been investing, I have, you know, placed a bet about who's going to be the president. And every time I've done it, I look back and I have regret. I either missed returns or I lost money.

Speaker 1 (28:16.758)
And it just strikes me as a stupid thing to do. I mean, I would let the presidents be the presidents, the Congress be the Congress. I mean, you need to think about what you do with your money, right? Not how the macroeconomic or the politics is going to impact it. So, you know, I would say act as if this is three years ago and the presidency's already decided. It won't make any difference.

Yeah, and especially what will make a difference if you have decades of investing.

Exactly. Maybe it makes a difference, you can't control that. You have to accept what you can't control as an investor. You're correct. The long view. Exactly.

So, yeah, have a, in a former life, I often talk about my former life out of this big company. I worked for a German auto manufacturing conglomerate. Okay, so this is big giant company. And I worked for a guy, incredibly smart guy. around the office, we just treated him like the mad scientist. Okay, so he's this high up dude.

And he was really good at understanding the trends of the prices of raw materials, which was a big deal in car manufacturing. So this guy hired me because of my economics degree. Like when I sat down for, I'm putting, know, interview, it was just, he wanted to just talk about economics. So we talked about economics. and then he placed me outside of his office.

Speaker 2 (29:47.18)
so that when he was bored looking at raw material prices, we could come chat about macroeconomics. So he got to pick my seat. And so he comes out of his big glass office one day around an election year. And he says, Nate, I'm investing all my money in three things, gun stocks, a third in casinos, and another third in oil. And it was all because of some read he had on the presidential election.

You he was too high up for me to challenge him. So I just said, OK, you know, well, that sounds good. So a while later, he he, you know, after election and everything, I thought about it and I asked him, like, how did it go? Two of them went to the floor, one of them doubled. And that's what he told me. And so he.

Nice.

Speaker 1 (30:36.192)
He's still down by one-third as he's down. I take it. Yeah

He's down, you know, and so I guess all this to say is people make some crazy decisions sometimes even the smartest people in the room Yeah get moved by the election and get moved by these things you see on the news and the smartest guy in the room couldn't even pick the stocks right in my world back then yeah, and Another note on this he would have never followed up with me About his loss unless I asked him

So when you're hearing these people talk about their picks, you are only hearing about the winners and you might even hear them tell you what they're gonna do because it's exciting. Picking stocks is exciting. And so don't, you know, get swayed from a really good time tested, battle tested investment strategy because everyone's doing crazy things out there, including the president. Yeah. So that's my story.

Speaker 1 (31:31.726)
That's a great story. Yeah. Okay. So you ready for me to take us out? So as usual, we're open for business. We're looking for clients. If you'd like to become a client, visit physicianfamily.com and click start. You can schedule a time to chat with me and we'll talk about what is important about money to you and what you need. Other thing that you can do is you can allow a question to us. So you can send your questions to podcast at physicianfamily.com or leave a question on our answer line at 503-308-

Yeah, I think we're done for the day.

Speaker 1 (32:01.614)
8 7 3 3 and until next time remember you're not just making an income you're making a life. Thank you for listening.

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All the tax really deserves

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in the

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This show is for educational purposes only and is not personalized. Taking action all investments involve.

consult your tax advisor before risk of loss past performance is no guarantee of future results read show notes for full disclosure

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