[00:00:00] Welcome to the Financial Call. We are financial advisors on a mission to guide you through the financial planning everyone should have, whether you're doing it yourself or working with a financial advisor. These episodes will help you break down complicated financial topics to practical, actionable steps. Our mission is to guide motivated people to become financially successful. Thanks for joining everybody. It has been a really long time since we've recorded. You won't know that. Our episodes are recorded and released every two weeks, and we tried to get really far ahead. Because Laura had a baby I did. Had a little baby in December, a little Christmas baby. So he's about a month and a half old. He is about a month, just over a month. It's great. Sleeping through the night. Now, last night was the first night that he slept through the night, so feeling good today. What time to what time is sleeping through the night? 10 to seven, like a full night. Wow. I kept waking up to check on him to make sure he was still breathing. Is this real or are you alive? So it didn't, it said you didn't even get the benefits of it. No, no. Maybe tomorrow. I mean, be fingers crossed, but, 

[00:01:00] oh, that's great. So we have Rich Ger with us as well. Rich is a very tenured advisor. He has been in the industry for many, many years. How many years? Rich? 25. We pulled Rich in not too long ago, hired him to capita to help with a lot of our higher net worth clients. He has a lot of experience, like I mentioned, and also just has a way of helping people organize their investments, their wealth planning, estate planning, tax strategy, that I think will be really helpful. So hopefully Rich has some examples putting you on the spot a little bit there of some different situations he's run into. Laura and I are going to help walk through building your portfolio. So this is episode. Of season three. This is the last episode of season three, right? Yeah. This is bringing it all together. So we talked about investing. You know, we went through the different pieces that make up investing, the stocks, the bonds, the different funds that you can own. So I think a lot of people are at this point thinking, okay, now what? What should I do? How do I build my portfolio? So we're gonna talk through the basics today, things that you should be aware of. Like risk. And there are two different aspects of risk that we're gonna talk 

[00:02:00] through and your time horizon, which is also really important. So I think this will be really helpful for people to know, okay, this is what I do with these different pieces of investing. I think this is also what makes investing hard, really having a plan. So let's really think through the fact that most people don't have an investment plan. They don't have target allocations. Unless they're working with professionals, most people don't have a target where they say, I know specifically I need 10.7% of my portfolio in this type of investment. And of that, I've broken it into two different types of philosophies, maybe within small cap stocks or something like that. It's much less scientific when it comes down to decision making. It seems like most people just say, oh, I really like that. I'm just gonna buy it, or, and they end up with a hodgepodge of random pieces to the portfolio. And then they're surprised when the overall portfolio doesn't behave like it should. Now, there is some science, this is years ago, but they built out what's called Modern portfolio theory, which is 

[00:03:00] the idea that if you design a portfolio with different types of investments in a very specific way, the sum of all the parts is better than any individual and better is not. The most returns, sometimes better is the best journey, maybe the least amount of risk. Okay, so as you start to build out target allocations, by the way, I'm a big fan of target allocations. When you can take emotion out of investing, you will be more successful. It is very, very difficult to invest. Successfully when you are emotionally tied to investments of any type. So you have to be careful and the best way to eliminate an emotion is to think like a computer, or maybe even better allow computers to do a portion of the work for you so the target allocations can be decided. Based on a couple different things, and Laura alluded to this, there's something called risk, capacity, and risk tolerance. And I even think that most professionals do a poor job of differentiating between these two. 

[00:04:00] Most of us just talk about, most advisors, I should say, talk about risk tolerance, and I think investors are accustomed to speaking about their risk tolerance, and very few of them really put much weight into their risk capacity. The problem is that risk capacity should be the deciding factor on how you invest. It's way more important than your risk tolerance. So capacities, the math tolerance is your feeling. Capacity includes things like, how much time do you have, how much money do you make? How much is your overall net worth? Do you have an emergency fund? How much cash flow do you need? I always talk to clients, you know, this is your financial ability to take on risk. A lot of times we'll meet with clients, understand their situation, and build out a portfolio based on their capacity. This is how much you really can. To take on. And then we talk about, okay, what's your tolerance? And this is where the emotion part comes into it. And that's why it's important. How much risk can we take before you're not sleeping at night before you call us and say, Hey, I wanna sell all of my stocks, cuz they're down so much. 

[00:05:00] And that's why it matters because if you do make an emotion-based decision, that's maybe gonna affect it more than your risk capacity. Oh, for sure. So they're both important for sure. But we usually start with your capacity. and then tie in your tolerance. That's a really good point, Laura, because if they can't hold onto the portfolio you built because their emotions are not in line with it, then who cares about their capacity? Right. Then it didn't matter. Yeah, and capacity goes both ways. Can you afford a 20% drop in the market or can you afford not to keep up with inflation? Yeah. You can be too conservative too. Yeah, that's true. That's a harder one to explain to people, to tell them you need to have more in stocks than you want, or that you think you. Here's why it's okayed and why you should do it. Yeah, that's hard. Okay, so risk tolerance, like you said, is do you sell after losses? How upset do you get when your portfolio goes down? By the way, it's interesting. I find that with risk tolerance, what makes you the least upset is usually the way you should lean. In other words, how mad will you be if your portfolio goes down, or how mad would you be if 

[00:06:00] you're conservative and it doesn't go up enough? , whichever one makes you the most mad, that'll tell you where to go. And then for whatever reason, flipping it to the negative side of it helps people make that decision a little bit more. Yeah, that's a good way to think about it. All right, so we talked about time horizon being part of risk capacity, time horizon should be the number one factor to your portfolio allocation decisions. If you have one year and you need all of that money in one year, flip a coin as to whether or not stocks are going to be up or down during that time. It's barely over a 50% chance that they're positive. But if you go over a long period of time, it works out well. You were actually talking about this Laura, before we started that over a short period of time. It's hard to tell which way markets will go. Yeah, I like what you said. You know, in a year, we don't know. Could be up. Could be down. That's why a lot of people, if they have a need for the money in the next year or two or three years, a lot of times will say, yeah, maybe just keep it in the bank or in ultra-conservative bucket. Because we don't. Statistics show over a 10 year period of time, markets are usually positive over 95% of the time.

[00:07:00] So if you have 10 years to invest, you can take on a lot of risk because chances are markets are gonna be pretty good in years. 95. Yeah, you said 95%. It's high. Super high. And I think most people hear the news and think that markets are awful. They're the worst. Now, a 10-year window is a pretty long window. But most people have some money they're not going to use in 10 years. Even a 70 year old Yeah. Has money they probably will not use for 10 years. So it's something to think about for sure. You shouldn't have all of your money in high risk investments, and I wanna be careful when I say high risk. What we're really meaning is just volatile. Owning a diversified portfolio of healthy, well-performing stocks that have cash flow. That's not necessarily high risk, it's just a little more volatile. And differentiating that. Go ahead, rich. It's interesting. I work with a lot of folks planning for retirement or in retirement, and a lot of them think, oh, you know, I'm 65, I'm getting ready to retire. It's time to be very conservative with my portfolio. And I'm like, well, you're only 65. The majority of that money is gonna be in there 

[00:08:00] for. 10, 20, 30 years. And so it's not all of a sudden we just shift to go all conservative because now I'm retired. It's important to realize the time frame you have. Yeah. And it helps with the emotional side of investing. We talked about this bucketing approach in the first season of income planning with Tyson. Um, this is a Holy cow. That's a good memory there. Laura. I just remember Tyson brought up a really good point if you. Different buckets of money and you know, okay, this bucket of money we're not gonna touch for 10 years. You can afford to be more higher risk, like what you're talking about, rich, and not have to worry about it, thinking, okay, I'm fine, it's down with the markets, but that's okay. I'm not gonna touch it for 10 years. I have my short term bucket. So that's tying back into the income approach that we already talked about. I was talking to somebody two days ago about this and he was a little bit disenchanted by financial advisors and how they set up these target asset allocations, and that's another term for draw a pie chart and decide how big the individual pieces of the pie will be for each investment 

[00:09:00] type. And I agree with him because what most advisors do, they take that pie chart and they say, oh, well the bonds are for the safe money for when it's rough in the markets. And we'll pull from that when markets are. and then markets drop like they do right now. And then what do they do? They are so married to their asset allocation that they sell proportionately across the whole portfolio. Because they decided at one point they've gotta be 70% stocks, 30% bonds, the markets are down, so they sell proportionately across the whole portfolio and they literally sell stocks at a loss to fund every monthly with. And I understand why they do it. It's actually really painful and difficult to manage a portfolio that's constantly changing in allocations because most software requires us to set allocations, so we constantly have to manually and adjust it just to not sell stocks when they go down. It's more difficult, but I think it's worthwhile because you're not selling the aggressive investments through the downturn. 

[00:10:00] And by the end of a recession or by the end of a downturn in the market, that portfolio might be 80-20. Now, 80% stocks, 20% bonds, because you used up a good portion of that portfolio. In other words, you used up some of the bonds. That's okay. You want to wait until stocks come back and then rebalance back to 70-30. That sounds super simple, but in execution it is really hard to. And I think most people miss out on that. But that's going back to what you're saying, Laura, is the bucketing approach is twofold. You have to build the buckets, but then you have to use just certain buckets when it's time to actually use them. Yeah. And most of the time if people are drawing from their 401k, if they just left their 401k invested with their employer, and then in retirement they call and say, Hey, I need $20,000. Most companies are just gonna sell it pro rata, like what you're talking about. Just take a portion from each investment. And so they are selling stocks when they're down. And most people know that you don't wanna sell your stocks when they're down. So that is the benefit of having purpose to your 

[00:11:00] portfolio, investing in the different buckets, maybe using an advisor or being aware of this different approach so that you can, like you said, use strategy and draw from the different buckets when markets are. It's difficult. I get why it doesn't get done, but it makes sense. So then that's using target asset allocations or a bucket approach. They're slightly different. And we talked about that in the income planning sections, like Laura mentioned. So when you build your overall portfolio within each target, let's say that we're talking about stocks. You might be choosing between stocks and bonds and then within the stock section you might need to divide it now between US and foreign investments. And I keep moving my hands around like everyone can see, but it's just rich. And I do too. I do just the two of you for all you listeners. You know I'm doing a great visual show here. Okay. So then you have US and foreign being split. And we've seen some long-term conventional, I'm doing air quotes now, wisdom of 70% US to 30% foreign. There were some studies done a while ago that said that was the optimal range 

[00:12:00] because. Not having any foreign made it so that you didn't have as much diversification benefit and your portfolio might have been a little more volatile, but having too much foreign was higher risk because we generally feel US investments are a little lower risk than foreign, and it was like that 70 30 split between foreign and US that made it the best return with the lowest risk possible. I think a couple studies have come out to debunk that and argue a different split between the two. So then you take the US section and you could divide it even further to say, okay, are we buying large size companies mid or small? Are we buying more dividend stocks and stocks that are trading closer to what they're worth? They call those values, or are we buying stocks that their earnings are growing? That would be growth. And then this is one of the most common approaches done by professionals. They also might divide it up into sectors. We see fewer professionals divided up into healthcare, financials, energy, and so on. But that's the target all asset allocation approach. And then the other side of it is 

[00:13:00] some people will just ignore those target asset allocations and just buy things they like and they understand. I feel like Warren Buffet is this way. He talks about buying things, you understand? He looks at specific businesses. He ends up being a little bit more of a value investor because he's very conscious about the price that he buys for an individual investment. And the most common approach for individuals seems to be this, where they. Buy things they know and understand and they don't have an overall design for the whole portfolio. I mean, do you have any feedback on that, rich? It seems like that's what I see. Yeah. Especially a lot of times if they work in a specific sector in the economy, that's what they know and they'll tend to lean toward those type of investments or stocks or mutual funds or something that invests in that same sector, and then their portfolio becomes overweight in one area, which can lead to more volatility or. They're unaware of, yeah, their portfolio and their paycheck. We see that often, right? Where I know someone who works in the energy sector. And they have a ton of their own company stock and his entire 

[00:14:00] income is based on his own company's health. And so anyway, it's just so much exposure to one particular industry. Just a good summary to go over what we've already talked about. So when you're thinking about your own portfolio, Think about your risk capacity, a big portion of that being your time horizon. How long until I'm going to need this money? Maybe that's when you set up different buckets. Or if you're really young, maybe you can do a higher stock exposure. Maybe as you're coming up on retirement, we want a greater portion of that to be in bonds. So think about your risk capacity, including time horizon, and then think about your risk tolerance. You know, how much emotional risk can you take on? And then think about, okay, what are my target allocations? How much maybe you do it just as simple. How much do I want in stocks? How much do I want in bonds? Or maybe you break it down further, like Zacc was talking about, okay, this is how much I have in stocks, and then we're gonna talk about which type of stocks inside of there, develop it that way. But I just wanted to summarize what we were talking about. That's really good. Anything else that you'd add to that part? Then 

[00:15:00] document it. I'm amazed that when I started doing this for myself years ago, I would come up with that plan. I would even have a very specific target. and I would know what they were. I would buy those investments and then three to six months later, I would be looking at 'em and I'm like, wait a second. Did I start with 11% in that investment or did I start with nine? It's currently 13. Do I, is it going up? Is it going down? Right? What do I need to do with this? Like has it gone up more relative to the rest of the portfolio or less? And so if you have a target, Then you can work on bringing it back to that target. And we're gonna talk about rebalancing a little bit here and what that means specifically. Anyway, I would just say document it at that point. That's a good point. Give yourself a good paper trail as to how to follow your own, and maybe other people have better memories than me. But that was for sure my experience until I started really documenting it well, and that's where Excel files come in for me. A lot of times you'll see or talk to clients that, Hey, I picked all these mutual funds in my 401k and I've got my 60 

[00:16:00] 40 allocation and I'm. , but I haven't looked at it in 10 years. Is it still appropriate? It might not be. So it's important to just review. And one other thing on target asset allocations before we go forward, I've found that there is a trend where, you know how as you get older, people say, get more conservative, they don't realize that the true capacity, uh, for risk actually goes up as well as people get older oftentimes. So like from age 70 to. Their capacity for risk kind of goes up because their wealth is building. Well, not only that, they don't have as much time to worry about that money needing to last. Oh yeah, yeah, that's true. I mean, to put it nicely, they're gonna die at some point, and the big factor of capacity is time, and a good chunk of that money is likely to go to the next generation or charities or whomever they designate as beneficiaries. So at some point you actually have to rethink. Wait a second. I'm not investing for me. I'm investing for them. And I do have a particular person we've worked with, he's 74 years old. Very wealthy. He's 

[00:17:00] very smart with investing. Was an executive for a larger firm and he knows he's got way more money than he needs. He's gonna give a couple to several million to each of his kids, and then the rest is just gonna go to charities. And so he is also a very risk tolerant individual and based on his age, one should probably re. Bonds in his portfolio, if you're just talking about his age. But he has enough to give each of his kids a couple million dollars, and then that's probably only half of his estate, and the rest is just gonna go to charities. So the charities are the ones experiencing the buffer, right? His kids are gonna get that amount no matter what, basically. And so in his mind, he's like, well, why would we put any of it into bonds? I don't worry about markets long term. I worry about 'em short term, but I don't worry about 'em long term. And hopefully I live for another 10, 15, 20 years and if it doesn't go well, the charities just get a little less money. It's not a big deal. Anyway, it was really interesting to see how a 74 year old should be 100% stocks, which is not typical. Yeah, I 

[00:18:00] like that you bring that up. The time horizon. It's not necessarily your age, it's when you need the money. Good point. Yes. Not even you. You know who's gonna receive the money, what's their time horizon? Yes. It's basically when that dollar exits the investments. That could be for withdrawal, but if it's moving from you to a kid, it's not exiting the investments. If the kid is going to keep investment, they might keep it invested. Yeah. Yeah. But if they're not, if you know that they're gonna use it right away to pay down debt or whatever it may. Then that is the time horizon for it. Yeah, that's a good point. So there have been some pretty strong trends in these various asset classes and I just thought it would be interesting to go through it. I remember back about eight years ago, I saw some reports that showed for the last 30 years at that time value had destroyed growth value had done so, so well, and that was in large size companies, mid small. And so this was about eight years ago, and I remember asking some fund managers, this is back at a previous firm where fund managers would come in and we'd interview 'em and talk to him. I asked one of 'em about it and he said, well, you have to think about the eighties

[00:19:00] during that time, Valuations just went through the roof really fast and there was inflation. And so value did really, really well coming out of the eighties because they had gone down so much as well. I hadn't put that in context because that was the decade in which I was born, and so I didn't think that you weren't thinking about stocks when you were five Exactly. In the womb. So anyway, it was really interesting to hear that, and then more interesting to see that for the last five to eight. Growth stocks have absolutely crushed value, with the exception of about the last eight 12 months. Some of these trends can be very long term and some of 'em switch back and forth, but anything else to add on value versus growth Rich that you've seen? Just that it's important to have exposure to, to each side of that, because we don't know one year from the next what's going to outperform. So we want investments that'll compliment each other. And so if one's performing poorly, let's say value is doing better than growth, well then we have exposure to value to offset that growth side, right? And then vice versa. And if you're sitting in heavy 

[00:20:00] growth right now, like really, really heavy growth, the last 12 months have absolutely been brutal value, has done a great job to help. Buoy up the overall portfolio in 2022, so that was helpful. Let's see. Tech has definitely pushed growth in the top five or six stocks years ago, they didn't make as much of the actual stock market as they do now. I mean, the top five or six stocks, I think it was like 25% of the overall s and p 500. So you didn't see that in the past and some of these giants just got even bigger. We're talking about Apple and Microsoft and Google and companies like that. Anything else on the styles to add rich? Yeah, I mean, especially this last year, as difficult as it was, I look at it like, okay, we have a slowing economy, we have inflation. It's gonna hurt areas like technology, like you mentioned. The areas that performed okay, are those value stocks, those products and services that we're gonna have to have regardless of what's happening. I call that the toothpaste in toilet paper, you're gonna buy the same amount of that. It doesn't matter what's happening out there. Right. And those are those areas and sectors of the 

[00:21:00] market that still has demand. Even if things are slowing down. That makes sense. And interestingly enough, I think cell phone companies like communication services are actually moving into that category where they used to not be, but there's no way people are not going to have a cell phone. No one stopped paying their phone bill during Covid and they gave up their phone. Yeah, right. Something else that's been an interesting trend is companies used to go public, They used to get to be worth maybe 50, a hundred million in assets. The company would sell to the public for that amount, and then the public would be able to buy in at a really early stage. In companies, that doesn't seem to happen anymore. They call a unicorn, a privately held company that is worth more than a billion dollars in assets. That is a really, really big privately held company, and I think that the way the market has provided more opportunities for people to invest in private institutions. Has allowed them to stay private longer, which allows people to maybe maintain a little bit more control and have less bureaucracy in their good corporate governance. So there's some 

[00:22:00] reasons that that's happening, but what that means is for investors like us, , it makes it a little bit harder to get in at the ground level with investments. And so you see folks who have enough money and you have to meet certain qualifications from an income and asset standpoint to be able to invest in privately held businesses. But that's definitely a trend we've seen and we've started to really help people look and assess privately held businesses and get access to that. It's definitely more risky. Frankly, the same business on the stock exchange would feel like less risk to. Because typically when you invest in that business through a private structure, your money's tied up for 10, sometimes 15 years, where you can't really just sell it to somebody else on the stock exchange. You just have to sit there and hold it. And there's less transparency too. I can see why they stay private longer. They don't wanna have to do all the reporting. But from an investor's standpoint, I've done a few of these and frankly I have no idea how some of them are doing. I mean, I get reports, but we don't really know how well they're doing. And a couple of 'em, I'm 

[00:23:00] a little suspicious, you know, anyway, maybe that's just me being skeptical. Okay. So going back to proper monitoring of the portfolio. If you don't have your target written down or your exact plan, whatever that might be, you're not gonna be able to rebalance it properly. And different people rebalance a portfolio. On different triggers. So it might be based on a schedule. So they might just say, on a quarterly basis, we're going to rebalance this portfolio, or they might do it on Drift. So they may say, we're gonna let that go until it reaches a certain amount of drift, and then we'll bring it back to Target. We focus a little more on Drift. We worry about cutting the investments off if they're running well. And so we'd like to let them drift enough that we can see those stocks that are performing. Well go for a while and then make. We also do it based on cash deposits and withdrawals. So like if someone deposits a hundred thousand dollars to an investment, that's 500,000. We'll probably take, not probably, we'll take that a hundred thousand and fill in the investments that are low first and then get 

[00:24:00] proportionate after that. So it's a chance for us to bring 'em back to Target when money comes or goes from the portfolio. And then regularly on a schedule, we also check Drift and see how Drift is looking and see which investments might need to be. Based on that, you could do both. We have a little bit of a hybrid schedule ourselves, and I think the rebalancing is important for two reasons. It helps keep your risk where you want it to be. If your stocks are doing really well, they're supposed to be 70% of your portfolio, now they're 85, 90%, we can trim off some of those stocks, buy back the bonds to get you back to that 70% allocation you're shooting for. Because if you leave it for a long time, now 90% of your portfolio's stock and you're at a higher risk level than you initially wanted it to be at. Another opportunity is if stocks are down, you can sell some of your bonds and buy stocks when they're low. And so when we have a market recovery, you get to take advantage of that. So two different aspects of rebalancing I think are really important. And like Rich said, you wanna check and see where you're at. To 

[00:25:00] make sure you know what risk level you're at, or it's still appropriate for your time horizons. The second thing you mentioned, it's not only a good idea, but it eliminates the emotion because let's assume that someone started at a 50-50 portfolio between conservative and aggressive investments, and the market goes down. Well, that's the moment. No one wants to buy those aggressive investments. Right? Yeah, because it's, it's counterintuitive. It doesn't, so counterintuitive doesn't feel right, but it's a great opportunity. You're looking at the worst performing investment in your portfolio. So you're talking about selling the best performing asset always and buying the worst performing asset always. And it feels wrong when the market's down and it feels wrong when the market's up, and it's really, really hard to do. And so you have to take some of the blinders and put 'em on your. And let that math drive that decision a little bit better so that you're not quite as hesitant. We find that that's one of the things. That we do for people as well. When someone else manages your money, they don't have that same emotional tie, and so sometimes that actually 

[00:26:00] fixes it. There are many, many people who do a great job managing their own assets. I'm not trying to say like, you gotta do it this way or that way. I'm just saying like, that's one of the things that we see that changes. Okay, so rebalancing and reallocating. Slightly different things are happening here. Sounds like the same thing? Rebalance is, let's get you back to your original. Relocating is, you know what? I started with these targets over here. I'm going to change my long-term targets because I'm not as confident in this particular sector, or I'm not as confident in international investing, or I'm older and I feel like I'm going to need more of this money sooner. Not as confident having this much in risk related or volatile assets. That would be a reallocation. Slightly different. And I know that sounds simple or sounds like the same thing, but it matters because are we just bringing you right back to where you should be, where you were before? Or are we changing where you should be? I should say something you mentioned earlier on rebalancing. So you're right, you wanna go back and get yourself back 

[00:27:00] to your original targets, but when you have a withdrawal plan, Somehow you have to isolate that conservative money out of that equation, and that's what we were talking about earlier, is allowing the overall portfolio to drift. One of the best ways of doing it is to pull out the short-term spending money into a whole different strategy, so you can still rebalance the more growth-oriented portion. I wondered if somebody might think that those two things were working against each other in terms of like, okay, well you just. Let it drift when markets are down. But you also said to rebalance it. The way you do that is you break 'em apart into two different strategies and manage it that way. Okay. That's a lot of bringing the portfolio together. I mean, we're not giving you exact numbers today because that's specific to each of you. If you do wanna talk to us, happy to chat. We do have our own biases. I dunno if its biases or belief set is probably the best way of putting it around how much should be in large companies, mid and small, and how much should be in value and. And how much should be an international versus domestic, how much 

[00:28:00] should be in corporate bonds or treasuries or municipal bonds, and how you use those various asset classes as a group to give you the best risk and return trade-offs within a portfolio. And then how you watch that on a regular basis. But I would say give it a shot. I mean, First of all, give it a shot if you're really, really interested in it. We know that many listeners love this podcast because they want to learn and apply it themselves. Go for it. Hopefully this is helpful, and then some of you want to be able to know how to talk to professionals about it. Some of the main things to think about when you're talking to professionals is are they thinking about my capacity for risk? Are they thinking about my tolerance for it? Are they thinking about how to rebalance? How to reallocate? What is their plan when markets go down so that I don't have to sell at a loss? All those things together. Anything else, Laura Rich, that you can think of? So much of it was on behavioral finance. Don't let emotion dictate what we do. Think of volatility as opportunity. Maybe try and change 

[00:29:00] your mindset, like use that as a way to rebalance or re. When we have times of volatility like this, and I think when you have a plan, it helps maintain those emotions, not let 'em get outta control. If you have a plan and you stick to it during the ups and downs, you're gonna be okay. So hopefully this was helpful for people to know how to create a plan. So season four is that tax. Wonderful. That sounds like, I'm sure people don't think that's exciting . I'm like, I'm pumped about the tax section. Yeah, it's helpful. Everyone has to deal with taxes, so it's applicable to everybody. Perfect time to talk about taxes. That's true. We didn't plan that. I mean, we did. Of course we did. We did. Of course we did. Zacc. All right. Thanks everybody. This podcast is intended for informational purposes only and is not a substitute for personal advice from capita. This is not a recommendation offer or solicitation to buy or sell Any security past performance is not 

[00:30:00] indicative. Or for future results, there can be no assurance that investment objectives will be achieved. Different types of investments involve varying degrees of risk, including the loss of money invested. Therefore, it should not be assumed that future performance of any. Specific investment or investment strategy, including the investments or investment strategies recommended or proposed by capita will be profitable. Further capita does not provide legal or. Tax advice. Please consult with your legal or tax professional for advice prior to implementing any strategies discussed during this podcast. Certain of the information discussed during this podcast is based 

[00:31:00] upon statements, information and opinions, including descriptions of. S anticipated market changes and expectations of future activity. Capital believes that such statements, information and opinions are based upon reasonable estimate eight and assumptions. However, Forward-looking statements, information and opinion are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, Undue reliance should not be placed on such forward-looking statements, information and opinions. Opinions. Registration with the C S E C does not imply a 

[00:32:00] certain level of skill or training.

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