October 15, 2021 • 42 mins
David has a passion for financial literacy, and has built his brands around that very concept. This week, Caleb Silver of Investopedia joins to discuss financial literacy, trends and how media and politics is influencing the current investment environment. Silver is an American journalist and the SVP and editor in chief of Investopedia, a Dotdash brand focused on investing and financial education. He previously worked as the Director of Business News at CNN, the Executive Producer of CNN Money and was a senior producer on The Situation Room with Wolf Blitzer.
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Episode Transcript
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Speaker 1 (00:00):
I'm David Grosso, and you're listening to follow the Profit.
I'm extremely passionate about financial literacy and it's what I've
built my brand's Bold TV and gen Bizz around, and
it's important to give people from all generations and backgrounds
in accessible way to learn more about money and how
(00:21):
to manage it. So our guest today I'm following the
profit is in a position that resembles mine, except his
is big time. We're talking about Caleb Silver and he's
the editor in chief of Investipedia. If you don't know
what that is, you've probably seen it in your Google results.
It's a publication focused on investing and financial education, and
oftentimes they're the first result that you'll get when you
(00:43):
google some sort of financial concept, and they have great
breakdowns and financial terms that you've ever been confused about before,
like right now, specifically what the depth ceiling is or
maybe what a PR stands for. So, Caleb, how you
doing today? Very good, Very happy to be with you.
We're birds of a feather where all about investing in
financial literacy, investing education, financial literacy, making sure you know
(01:04):
what you need to know. So Caleb, you are much
like me a journalist, one of the fastest disappearing white
collar professions in the world. How did you make a
career for yourself? And more importantly, how did you survive
in this space? Great question? And you know, twenty seven,
twenty eight years later, it's kind of a miracle to
still be here. But because I started in the restaurant
(01:26):
industry in Santa Fe, New Mexico, where I grew up, um,
you know, running restaurants, waiting tables, bussing tables, cooking uh.
And then I turned into a documentary filmmaker, doing environmental
educational documentaries. It just was a set of circumstances that
brought me to New York in about to go to
n y U School of Journalism at a time when
(01:47):
the stock market was becoming super hot, especially around internet
and tech stocks. And I did some interning with Bloomberg,
like a lot of us did that went to n
y U, fell in love with with business journalism and
the storytelling around businesses, and I'd say the rest is history.
But it's been a long, long and windy road, but
a but a very good one for me, Isn't that funny? Caleb?
(02:07):
I was also an environmental science major, so you and
I have more in common than we even originally thought.
So you started in the mid nineties, right, how have
you see news change from the mid nineties to to
to today. Yeah, well it just moves a lot faster, right, Um,
that's for sure. So we have so many different platforms,
so many outlets. We have social media, we have Twitter.
(02:30):
A lot of the news comes through those channels before
it becomes news in the way that you and I
grew up with it. So there's the velocity of news.
There's also, um, you know, the what is news? What
counts is news anymore? And we know there's that ranges
from you know, very basic economic reports like the jobs report,
to more scandalous types of things, um that are more
(02:50):
you know, simulating something you might see on the New
York Post. Uh, And so you have to be a
little bit more discerning. But at the same time, the
principles of journalism and the principles of news and the cycles,
especially as we cover business and economics, Um, those haven't
changed much, but the details within them have changed a
whole lot. Yeah. It seems like and we were talking
about this before recording is like anyone with a tripod
(03:13):
can call themselves a journalist. So how do we dessern
as consumers between you know, someone with a tripod and
someone who's professionally trained to give you the news. Yeah,
great question, and that's the ultimate question, especially in the
days of Facebook, Instagram, Twitter, etcetera, that that are actually
becoming a platform for people who want to put out
(03:33):
their own information. So, you know what we rely on
an Investipedia and you rely on and and what you
do is three letters and they spell eat, expertise, authority,
and trustworthiness. And guess what. Google also considers that those
word that word eat when it ranks sites for its trustworthiness,
when it ranks them in the rankings. You say, we
(03:54):
appear in Google a lot. We do because we have
that expertise, we have the authority. We've been doing this
for twenty three years and Investipedia and we're trusted and
more people continue to trust us, not just the you
know folks who go on and google something to read us,
but we have back links from institutions like the Federal
Reserve or the U n or or a dot e
du That shows trustworthiness. So for for folks out there
(04:17):
who are consuming media, consider the source at all times.
It's so hard to to just take everything you see
is the gospel, and not all news organizations have it either.
But just consider those three things. Are they experts, do
they have the authority to be telling me this? And
do I trust them? So one of the interesting things
about invest in media is exactly that you guys have
great distribution and you rank on Google. A lot of
(04:38):
days I see people pitch me and they have great content,
but they have poor distribution. What do you think made
investipdia stand out besides what you just mentioned eat to
make sure that you guys had the domain authority to
consistently rank on Google. Great question. Well, one of them
is our age. We're twenty three years old in internet years,
(04:58):
that's two d and third um being. We've been around
a very long time. But you know what we do
a lot of We spend a lot of time, a
lot of budget, a lot of people power updating our content.
We have thirty six thousand odd pieces of content on investipding.
That's quite a bit. You know, tens of thousands of
terms investing terms or finance terms. We spend a lot
of time updating them every month to make sure they
(05:21):
are the most up to date. There's a case study
in there. There's something relevant in the news that makes
that term more relevant today than it was yesterday. That
constant improvement project, if you will, is what helps us
remain at the top of search results. We have a
lot of content too, and again it's that it's that
trustworthiness that I think pays off time and time again.
(05:41):
If if folks who are googling something see our results
and other results, they're used to us. They know who
we are. They've clicked on us and relied on us
before and trusted us. It's worked out, they're going to
come back to us and do it again. Because I'll
tell you, David, nobody comes in the front door of
investi media. Very few people are browsing around looking for things,
you know, unless they're like me and they're investing geeks.
(06:02):
But most people come in through search or through a
side door, through our newsletters, or or from the podcast
my podcast because they hear me say something, and that's
how a lot of people experience us. But when they
find what they're looking for and we answer that question,
that just helps us continue to stay relevant and rank better.
I guess with web stuff, the more I learned, the
(06:22):
more I realize I have more to learn. So how
have you, as a journalist who started his career in
his nineties, kept up with the ever changing game of
web and ranking on Google page results, which, let's face
it changes every single day. Yeah, it's it's a very
big difference. I come out of the news world. I
worked at Bloomberg for eight years as a producer. I
(06:43):
worked at CNN as an executive producer and a senior
producer on the Situation Room with Will Blitzer. I worked
um as the news director for Business News at CNN.
So I'm a push I came out of the push world,
the extra extra read all about it world, where that's
what really news is. If you think about the wire services,
if you think about the journal Bloomberg at the Times,
it's hey, we're over here, check it out, check it out,
(07:03):
check it out. That's pushing content at consumers are readers now,
and that I'm in the uh, the search world, so
to speak, because Investipedia really generates a lot of its
traffic through search. I've learned a lot about pull and
that pull is what is it that's pulling you into
the article. We're never going to beat those news wires
on the news, that's what they do. They have robots
in a lot of cases that do the spot news.
(07:25):
But we're never going to beat them to the to
that breaking news, and that's not what we're about. We're
about that the second leg of the story. So if
you see an Amazon earnings report, we don't. We may
have that story as a news article, we probably will
later in the day, but what we really have is
how does Amazon make money? What are the fastest growing
businesses within Amazon? Who are the top shareholders of Amazon?
All that content that surrounds a topic, that's what pull is.
(07:48):
We know what you might be thinking or what you're thinking,
and we know what questions you ask, so we're gonna
make sure we have those answers. So you've come a
long way, because I've been following a vestopedia for a
long time. More resembled we Kipedia before, you know, a
very simple page layout, But these days it seems like
your user experience has been enhanced. What type of investments
have you made in assuring that you know you have
(08:09):
the latest and greatest You know that your website resembles
an Apple product, will call it, thank you very much.
I'll take that as a compliment. Well, the key difference
between Wikipedia, which I have a ton of respect for,
and Investipedia is they are crowdsourced. Wikipedia is crowdsourced, so
anybody can enter or updated a term, so to speak,
or or a definition. We are expert sourced, so we're
(08:30):
always working with you know, folks that are experts in
their field who are writing our articles or editing our articles.
And we have a financial financial review board that reviews
our articles to give them a thumbs up if they're good,
or a thumbs down to tell us how we need
to improve them. So there's different layers of how we
do that. But in terms of the the UI, the
user experience, you've got to have clean content. You have
to have super fast content and fast what do I
(08:52):
mean by that? I mean the page load time has
to be quick and you can't uh junk it up
with a lot of ads. You know, readers want what
they want when they on it. They don't want to
be distracted by pop ups. They don't want to be
distracted by video that starts talking to you if you
didn't enable it. They don't want any of that. What
they want is their content. They'll appreciate and understand a
respectful advertising experience. But what they won't tolerate is slow
(09:13):
page times and things that get in the way of
them and the answer they're seeking. And that is something
that dot dash, our parent company, which brought us a
few years ago, that is what they preach. That is
how they basically turn all their new sites into really
high quality, high performing sites. That's it, high high quality,
very fast load times, and a very respectful ad experience.
(09:36):
So and that you hit at the problem for a
lot of publishers. Publishers you know are dying, especially because
you know, big tech companies are taking the line's share
of ad revenue, so they end up, you know, reducing
the quality of the user experience by stuffing ads in.
How have you guys found a balance between monetization and
you know, the user experience. That is a very very
(09:58):
tight tight rope to walk. But at the end of
the day, our philosophy and Investipedia and dot dash our
parent company, is respect the reader. There they matter here,
and if you respect the reader, give them what they
want and don't obstruct them from from the answer they're seeking,
you can sell very contextually relevant ads around that. That
makes sense. So what do I mean by that, well,
(10:18):
for advertisers, we have a lot of advertisers and financial
services of course, um, because we have a very high
intent user. So what do I mean by that? It means,
like I said, you're not coming to invest in PDA
by accident. You have a purpose. You've come to us
to answer a question or get familiar with something. But
if you've come to us with that question of how
do I start investing ten thousand dollars, then you have
(10:38):
a very serious intent. How do I start investing ten
thousand dollars? We want to make sure that we're answering
that question right off the bat, but the ads that
are around it, our advertisers know they want to be
around that answer if that's the kind of service they're offering.
So contextual relevancy matched with user intent UM and a
respectful advertising experience, that's a good recipe for a good business.
(11:01):
So a lot of times, like you mentioned at the
beginning of your career, you know, everything's about timing, right
and investor Pedia is especially relevant right now because a
lot of people during the pandemic came into some cash
and at the same time apps came around like robin
Hood to invest in the market and making it easier
and gamifying it. How has investi Pedia leverage these trends
(11:22):
to grow its traffic, Well, we had a lot of
traffic just as so many people were signing up for
new investing in trading accounts during one If you can
imagine eighteen million people coming into the market for the
first time, a lot of them are learning how to
invest in trade for the first time. We're one of
the first places they come to to learn that. So
we were a beneficiary of that interest in the stock market.
(11:44):
But it wouldn't have worked for us, David, if we
hadn't spent millions of dollars over the past several years
making sure that the content we we have to answer
those questions was the best it could possibly be. Right,
We have content, like I said, for we've been around
since nine We have a lot of articles on the
site on the gonna sit here and tell you there
are a d percent correct. But to make sure that
you are as close to a correct across all of
(12:06):
that at all times, that's the big challenge. But we
were kind of ready for that because we didn't obviously
predict the pandemic, but we did predict and we know
that user interest in investing in trading just continues to
grow year after year after year, and because so many
people came into it last year for the first time,
we benefited from the traffic and we benefited from also
(12:26):
learning what they want to learn about. That's a key
part of what we do, David. It's not just have
that content, it's pay attention to the day to pay
attention to what they're asking you, and pay attention to
your reader feedback and your email and and the d
ms we get in our social media channels because they're
telling you that they want something. And the way the
world works around investing in trading has changed a lot
in the last five years, ten years, certainly in the
(12:48):
last twenty five years. Yeah. One of the things that
I feel like people don't know a lot about is keywords, right,
And as journalists, if you know anything about distribution, you're
always trafficking and keywords. And that's of course queries that
are trending on Google when people are searching for things.
How do you guys balance you know, good quality content
with the right keywords, because that seems to be a
(13:09):
problem that I have every single day of Bold TV. Yeah, well,
we don't have two keyword stuff just because we have
the intent, we have the user coming for that specific
thing that we know of. So uh, you know, for
our definition of pe ratio, one of our most popular
that is what it is. What is pe ratio? So
that is its own keyword. We've established that twenty three
years ago. We're going to rank there and people know
(13:29):
that that's where to find that that definition. But but
to your other point, you know, there are things that
are spiking around the news world all the time, things
that are trending, popping on on the social media platforms,
popping in Google trends. Paying attention to those is super important,
especially for us, not that we're chasing news, but we
want to make sure that as people do chase news,
they are coming to us. For the second part, the
(13:52):
deeper educational dive on that story. And let me give
you a weird example, but this is a classic one. Um.
You know, there was a recent the rapper Um, not
recently in the last few years, charged with racketeering with
the Rico act Um. So one day I'm just looking
looking through our Google analytics and I see that term
spiking racketeering wise, racketeering, spiking and I'm talking about, you know,
(14:15):
tens of thousands of sessions, more than it usually does.
I go and look and I see that there's a
rapper who is arrested for weapons charges and conspiracy to
kidnap and racketeering, and the the rap blogs and the
YouTube shows. We're all referring to investi pas definition of
that to explain that that has nothing to do with
the investing in finance education that we do on the regular.
(14:35):
But racketeering is a security. You know, it is a
it is a civil crime. It does sometimes involve securities.
So we had that definition, and all of a sudden
we became a source of information on a totally random story.
Now contextualized that to what happens in the trading world
when when the stock market halts because there's too much selling,
or when accompanying I p o s and the price
goes ballistic, or through the roof people are like, what
(14:59):
is that company? How does it make money? What is
an I p OH? What's a direct listing? So it's
kind of being prepared for all of these different scenarios,
and you never know where the traffic is going to company.
One of the questions I have is you know, one
(15:20):
of the big bondaries in our space is reducing the
cost of content creation. Can you see any tasks day
to day that happened at INVESTIPDIA that could be automated
or taken over by something like machine learning or artificial intelligence?
Probably my job if you could find a robot who
can speak a little better than I can and do
television and radio and all the things that I do.
(15:42):
But in our world, especially in the finance and investing
and business education world, UM, you have to go with expertise.
So I definitely on the content creation part, I don't
think that that will ever be replaced. I don't think
we'll ever you know, if anything, we're going to spend
more on that because we just want the we can
possibly get. You gotta pay for it if you want
(16:02):
the best, so we'll always do that automation, maybe through
the CMS and you know building, you know, loading content
into your website. A lot of that's kind of automated.
But do I think AI can supplant that. No. What
I do see happening though, with AI and and audio
journalism voice search is more and more people are using
it to get to our content. Um, whether they're asking uh,
(16:23):
you know Syria, or they're asking I better be careful
how loud? I say that better if you're asking Syria
or you're asking Alexa. You see a lot of that happening. Um,
and I think a lot of that. You can you
can prepare yourself for that by making sure you're you
can suit those platforms as well. But so much of
what we do is really about research, good writing, good explanations,
the right graphic, the right image that I just don't
(16:45):
see a world in the next few years where AI
or robot could do that. So a lot of media,
the big media conglomerates, including the one that owns Investipedia,
have become sprawling in recent years. Can you tell me
a little bit about the history of invested media and
how it was absorbed by Interactive Core, which, of course
has one of the most interesting buildings I've ever seen
(17:05):
in Manhattan. You know, it's like akin to an igloo.
I imagine you might work in that igloo, or at
least I've been to that iggloo. Yeah, it's a sailboat
actually designed by Frank Gary and it's a beautiful building,
even cooler on the inside. Right there and right about
eighteen Street on the West Side Highway, so it's very cool.
We're not based in there, we're based downtown with with
dot Dash. But investipdas history is super interesting and because
(17:27):
I came up at that time when Investipdia was being
born in Edmonton, uh in Alberta and Canada by four
guys who had this idea back, why don't we create
because there's so much interested in internet stocks right now
And this was the birth of CNBC and FNN and
Bloomberg TV, where I eventually worked. We should put a
(17:48):
lot of these terms online in a dictionary because nobody
knows what these terms mean and they're just spitting them
out on these new TV finance TV shows. So they
have that brilliant idea, and then they said, you know,
there's this company down a mountain View, Colorado, California, rather
h called Google. Two guys in Stanford. They're working out
of their garage. They're trying to index the entire Internet.
(18:09):
Maybe if we put the definitions up on the Internet
and organized them, maybe they'll point to us as they
try to organize information. Guess what that turned into a
pretty good idea, Google and indexing the investing terms. So
they did that, but then they also added test prep
to it, uh test prep for series six, for fifty
three for seven to get into the investing or financial world.
They put tutorials there which was super helpful. Kept adding
(18:31):
content over the years, and several years later they sold
Investi PDA these four gentlemen to Forbes. Forbes had it
for several years, added more content, expanded the verticals out
to just beyond investing and and terms to personal finance, uh,
the economy. So they started expanding it vertically to include
more and growing it. The bigger it got, the more
(18:52):
people pointed to it. Right, we're talking about the mid
two thousands here, uh, pre financial crisis. Financial crisis happen.
You can imagine the amount of content that was added
to our site during that period of time. Forbes eventually
sold it to another company UH called value Click I believe,
who had it for a couple of years. But I
See saw it, uh and I see had at the
time dictionary dot com and its portfolio. So another s
(19:13):
e O play for you know where you put in
your Google U or you put in being uh word
to look for its definition. They owned that and it
kind of made sense to have these two sorts of
SEO properties in the publishing group. We were in there
independently for a while on the sidelines inside I a
C Interactive corps Um, which had bought about dot Com.
You might remember from Internet one point oh about dot Com.
(19:35):
They bought about dot Com about eight or nine years ago.
Um and about dot COM's probably after they bought it. Uh. Basically,
all the results started failing, and and the ranking for
the about dot Com results started dropping precipitously because of
Google algorithm changes, and they tried to rescue that site.
Instead of after a couple of failed attempts, what they
(19:57):
did was say, let's go vertical, because the Internet is
now vertic. Call facebooks made it that way. Google's made
it that. Facebooks made it personal. Google's made it vertical.
Let's go deep on the subject matters we know we're
good at and have the best content with new brands.
So they created the Balance dot Com, which was about
dot Com money slash money, very well dot Com which
(20:17):
was about dot Com slash health, um the Spruce, which
was about dot Com slash home. So they went vertical,
deep expertise, great content, really good user interfaces, turned it
around I'm talking about a spiraling decline and about dot
Com that they arrested by saying, you know what, let's
change the game, and they went vertical and they succeeded
in really turning the business around um and launching all
(20:39):
these news sites. In the process of that, invest i
C said and dot Dash it invested PT would really
fit well into the portfolio along with the balance dot com.
So basically we were you know, uh, we were already
in i C, but we were acquired into dot dash
and that's where we've been for the better part of
two almost three years right now. And that process how
(21:01):
we're speaking about earlier, great content, fast sites, respectful advertising experience.
That's the gospel of dot dash. When we started playing
using that playbook, our results improved dramatically across all categories. Yeah,
so how do you make sure that you can keep
up with these algorithm changes because you know, in the
publishing world, we always tremble at the thought that, you know,
these big tech companies that really determine whether we succeed
(21:23):
or fail. You know, whether we're keeping up with these changes.
Great question. So we don't have a strategy that relies
on social media platforms We have massive social media presences,
but we've never relied on them to power our business
because they can be fickle. Um and we are good
at what we're good at, which is educating people on
investing in finance and business. So the thing, the only
(21:46):
thing that we can control are those things. Great content,
a really good user experience, and a super fast site
that doesn't have ads clogging up the pages. So we've
done things like taken out pre roll in some cases
on some of the most popular pages. Why because that's
a distraction. Right If all of a sudden the video
starts playing or playing sound at you while you're in
the middle of work looking for something, that's just a
(22:06):
bad user experience. So we've done things like that to
clean it up and make the path from intent to answer.
I have a question, there's my answer on investipdia as
short as possible for our users. And if you do that,
I know it sounds simple, but simple is super hard,
especially in digital businesses. If you can do that and
do that well, you're gonna be okay for the most part. Now,
(22:27):
you can't predict what's going to happen when algorithms change,
but you can't control the things that you can't control,
and that's really all we try to do. And you know,
I think a lot of it has to do with
the fact that we've been around for a long time
doing it. So I think, you know, you know, thank
your lucky stars, knock Wood or whatever we've we've been okay,
and I think if we continue to play that, uh,
(22:48):
that strategy, we're going to be fine. So as a journalist, Caleb,
where do you see the industry going because it seems
to be a big question mark right now in terms
of financial sustainability, in terms of continue you you know
existence for a lot of media outlets out there. Yeah,
it's and the last year has really shown us, uh
how how fast you can get chicken up even if
(23:10):
you're a successful, popular, buzzy internet brand. So we know
that that's possible, uh, and we see that happening across
our industry. But then you look at the sites and
the publishers that are winning, um, that are doing really
well right now, and they all kind of have something
in common, which is, uh, make your readers smarter, give
them a good experience across all platforms. If you have
(23:31):
an app, make it make it great, make it easy,
to use um if you have a multi platform approach
and you can use like a CNBC. Does I have
a lot of respect for them. You know, great on TV,
great on the on the web, pretty good app uh.
They have the newsletters, they have good podcast, good talent,
multi platform approach. They're still in business and doing fabulously.
(23:52):
So is Bloomberg, which has great reporting, super in depth
across the entire world. They cover everything, and they have
a pretty good multi platform approach to And then you
look at other publishers that are doing really well, um
that that you know have an expertise in one thing
or the other. And even even the publishers like a
nerd Wallet or a banquet who we have a ton
of respect for. They're really good and helping people do
(24:13):
the things that they want to do in our world,
find the right credit card, find the right insurance, learn
how to invest in some cases. You know, we're respectful competitors,
but look, there's a reason there are succeeding and doing well.
They're answering questions and that's kind of what we do
and and and it's a that's where the competition and
the excitement is. I guess my question would be is
a lot of the businesses that you just mentioned. I
(24:34):
read all these outlets have businesses that are very diversified,
just like yours. Right. You know, Comcast, which own CNBC,
is a cable provider as well as a publisher and
a media outlet. Right and bank Rap probably makes most
of its money not off of its you know, publishing,
as does nerd wallet, which probably makes most of its
money from credit cards and everything You've just described as
(24:56):
a diversified business that doesn't solely depend on journalism. Is
the business model that solely depends on publishing articles and
making videos dead. I don't think so. And I look
at them some new entrants into the market. I become
real fans of the guys that earn your leisure, who
really have created out of nowhere, UM a great podcasting community.
(25:16):
They've got their own university, they have really smart webinars,
they have live events right now. These are two guys
out out from Mount Burning up here just north and
me in New York that decided that they wanted to
really get into financial education. One was a you know, uh,
physical education teacher. The other is a financial advisor. They're
just really good at building community. So I think if
you can build community and deep interest in what you're doing,
(25:40):
you don't need five million subscribers. You know, if you
have the right hundred thousand subscribers, then I think you
can create a real business. So look at opportunities like that.
There's people that have come out of nowhere to become
super influential voices, journalists in some cases, sometimes not sometimes
just um you know, folks who are experts in their
field to create businesses that you and I might have
(26:02):
thought of as journalism years ago. But you don't have
to be a Comcast. You don't have to be a
Bloomberg to do it. You just have to have some
special sauce and enter the right way to reach the
right people. A lot of outlets rely on video right now,
and Investor pdo is articles first, So it's unusual a
(26:22):
lot of times we always hear about video video video
video is the primary means of communication in today's world.
Do you all plan on doing more video in the
coming years? Well, I'm a video guy. I love video
and I would do as much as possible. It's kind
of expensive, so there's that, But we have videos on
our top five thousand terms. We have must have, uh,
(26:42):
you know, several thousand videos across the site, and you
know what they're They're super simple. So pe ratio is
one of our most popular terms. We have a video
that explains pe ratio in about sixty seconds. Or if
you wanted to learn about how to do something in
technical analysis or using technical analysis, we have an explainer
that as the charts and the things that go with
it with subtitles. Now, I thought for years that you know,
(27:06):
our users didn't care much about him, and we started
removing them or changing them on some pages or putting
in a different video. The outrage was incredible, David. People
rely on those and they use those. Our YouTube page
has a lot of video on and some of them
have you know, over a million views on them because
people do rely on it. So it's not like we
never did or never would um. But we also know
(27:26):
that the core of our business is in documents, right,
is in people reading the article they want a very
quick answer to something. A video could do it in
some cases and they get free to watch it because
it's right there in the article, but most of the
time they're like, what is that thing? Let me learn more. Now,
we also have video around education. So we have an
academy where you can take courses in investing or trading,
(27:49):
and that is video first. But that makes a lot
of sense for what that is. Right, If you want
to learn how to trade from a trader watching what
they do with charts with their watch list, that's cical.
But if you want to learn the formula for compound
annual growth rate, that's text. So one of the things
that's happened in the world, and somehow we ended up
(28:11):
this way in the past ten years, is the politicization
of everything. Trying to say that three times right, How
have you guys established yourselves as a neutral arbiter of
information in a world that seemingly has two filters or
two ways of looking at the world, liberal and conservative.
It's a good question, but we we must because we
(28:31):
are here for the user and their questions, not to
contribute our opinions, whatever they might be, into the conversation.
And any time, and I've been around for six years
in Investipedia, any time there's any hint of that, we
hear from our readers right away, and from both sides.
It's not like it's one way or the other. If
we if we head into those waters were corrected right
(28:53):
away from our users, and they say to us, we
know where to get that if we want that. But
we are here because we want this, so don't give
me that. And I don't need to hear that more
than once or twice from our readers. Um. And we
have twenty three million a month to know that we're
not where we're supposed to be. We have to be
neutral because what we're doing is answering their questions on
(29:14):
something super specific. If they want to know, you know,
does the stock market do better with Republicans in office
or Democrats in office? Fine, that's a databased answer. We
have that answer. We have a chart that shows you
that answer. The results would surprise a lot of people. UM.
So you know, we don't We don't go into politics
until and unless politics and the economy or the stock
(29:36):
market become enmeshed. And they've been that way for the
last couple of years. But when we do that, we're
explaining and we're educated. We're not taking aside. We're not
dumping on uh, Democrats for wanting to spend too much
or Republicans for wanting to roll back um, you know,
or not allow any tax increases. We don't play that game.
We just explain what it means so that you the
(29:57):
reader can understand it and then make up your own mind,
because we, oh, you already come with your own political
biases and we don't need to contribute to that conversation
at all. So what does the data say on Democrats
Republicans in the stock market? According to invest the Media, well,
(30:20):
the best returns under a US president in the last
hundred years go to Bill Clinton, but also coming out
of a pretty big tail spin when he took office.
Remember it is the economy, stupid, um, So a lot
of people might be surprised by that. The results under
President Trump were very good, but remember, um, you know,
we did have a little bit of a bear market,
(30:41):
uh right at the end of his last year in office. Um.
But the it's very fascinating. You can look all the
way back to Grover Cleveland and he's a pretty good
balance of Um. You know, where the results are the best,
and they pretty much pan out to be equal. Maybe
Democrats have a slight edge, but so much of it
is timing. The president has very little to do with
the performance of the stock market, although they love to
(31:01):
take credit when it does well, and they love to
not take credit when it doesn't do well. So it's
usually not the president, it's the era that the president
is presiding over, although they can influence things like the
tax rate and and government spending to a certain degree. Yeah,
I would underline that like ten times that that presidents
love taking credit for economies when they mostly inherit a.
(31:25):
Presidents have presidents, all presidents, all parties. So what do
you see for the economy going forward right now since
you're really in the thick of things. Yeah, I think
we're in the um. I think the best has come.
We've seen the best, we've seen the top, and now
we're going to be in this slow deceleration of economic growth.
(31:46):
We're going to be growing, but just not as fast
as we were. And we were growing at six six
and a half percent coming out of that cute little
recession we had at the in the teeth of the
pandemic UM. So you can't expect that kind of growth
to go on forever. China had that kind of growth
for a long time. It's definitely not experiencing that now.
But all the stimulus money, all the monetary policy moves
at the Federal Reserve has made and continues to make.
(32:07):
All of that, plus this pent up demand given that
we were kind of locked down for many months, that
has created an explosion in economic activity. It cannot sustain
itself for a bunch of reasons. Um. But we also
have still supply chain issues. We've got ships out at
the Port of Los Angeles and Long Beach and Shanghai
stuck for weeks. We don't have enough trucks to move
product across the country, or or enough folks to do it,
(32:30):
and enough people to sell those products once they get
to store. So we're gonna be in that labor constraint
capacity for quite a while. You saw it, You see
it in the jobs reports, and what it tells us
is it's gonna take us a while to get back
to sort of a healthy labor economy. Even though the
unemployment rate is down to four percent UM, it doesn't
feel like it right now. It's more like eight point
(32:51):
five percent when you look at the discouraged workers out there,
and we still have about five million people out of work.
So that's gonna constrain things a little bit, and growth
is gonna cool, and as growth cools, it's gonna be
very interesting to see how investors interpret that and then
decide how to allocate their investments going forward. Yeah, and
it's funny because we look at inflation, but people are
equally worried about deflation as well. Where do you see
(33:12):
that going? And I'm sure those terms are popular hits
on investor, PDA dot com as a stagflation, which is
rising prices while unemployment remains relatively high. So they're all
they're all popping right now because excuse me, they're all
popping right now because that's the the the dynamic we
find ourselves in right now. I see prices continuing to rise.
(33:33):
They did turn over a little bit, especially in commodities,
but look at oil crossing eighty bucks of barrel. Look
at uh um, you know, sugar and cotton uh still
rising aggressively. These are going to be around for a
while because of those supply chain issues, and demand is
very robust right now. It's not just robust here in
the United States, it's robust in Europe. It's robust in
parts of China as well. So you're gonna have those
(33:54):
prices continue to rise. How much invest consumers can bear
those price rises is the big question, because consumer spending
us GDP. So when consumers get tepid and pull back
on the spending, you're really going to feel it in
the economy. But so far they haven't. Some of that
is because of the relief money a lot of folks
got during the pandemic. Some of that's because we weren't
(34:15):
spending as much money. The savings rate remains high that
there are very few bankruptcies or people that are in
any sort of credit card turmoil compared to recent times.
So the consumers got to hang in there. But if
prices keep rising as I expect them to, I think
we're gonna have this disconnect, and it will probably be
by the end of the year. So I think it's
gonna get a little rocky, so to speak. One of
(34:35):
the things that people are especially feeling tepid about these
days is buying a home, and that's usually, you know,
the biggest investment will make in our lifetimes. Prices have
gone up really fast, seemingly overnight, and in markets like
where we're sitting here in New York. I'm in Los Angeles.
I mean, it's way out of reach for the vast
majority of people who live around here. So does this
(34:56):
is this a sustainable situation or do eventually people just
bulk at says them back out of the market. You're
starting to see that already. You see it seasonally anyway,
and the fall it's usually the worst, the court of
the final court of the year is probably the worst
for real estate sales. But we did have uh, you know,
prices doubling or going up a pent in some areas Phoenix,
the Denver area, San Diego, UM Sun Valley, Idaho, UH
(35:19):
North carolinam out in Top North Carolina, some very beautiful
places where people said, you know, I'm just picking up
and I'm moving. It's time for me to go. And
so you've seen it in extreme cases in some places.
But it has put it has put the housing market,
the or the opportunity to buy a house out of
reach for many Americans. It was already out of reach
for low income earners who couldn't afford a down payment,
(35:40):
even though mortgage rates were low. Still affording that down
payment and a competitive market is very, very hard. So
what you've seen is this amazing explosion in household net worth.
I think it was one point eight trillion at the
most recent count um in terms of the growth of
assets like stocks and like one's house. You've seen that
happen ready. And if you own your home, and if
(36:02):
you have equity and you have stocks and you have
equity in your home, you've done very well in the
last eighteen months. But so many people, millions of people don't.
And it just got a little further out of reach,
which contributes to what we call and you with terms
on invested PDA the K shape recovery, where the you know,
the top of the K is doing just find the
bottom of the cake continues to go lower. So how
do you keep since you do a lot of television
(36:23):
like I do, how do you keep your commentary close
to your mission without getting political? Because I'll tell you
every time they put me on t V KALB I
was on this morning, they try to push me into
a category. Do you just stick to straight business news?
And what outlets can we catch you on? Well, I'm
I'm I'm available everywhere. I'm promiscuous in my media appearances
(36:44):
because I want to talk to as many people as
I can to make sure that they can. My job
is to be the explainer in chief. So I think
people know that's what I'm gonna bring to the table.
So I do UH frequent hits on NBC News Now
the streaming platform, I'll be uh. I'm on Yahoo Finance frequently.
You'll see me on cheddar MSNBC from time to time,
Fox Business News I do from time to time. So
(37:05):
I'm an equal opportunity offender. I'll go anywhere, but my
job and people know this, and this is how I
pitch myself as why don't I come on and explain
what this actually means. The other thing that I do
a lot of, David, is we have newsletters for a
day that go out every single day um during the week,
and we have about a million and a half readers
of those daily newsletters and their super response at very
(37:25):
high open rate, and we have a conversation and ongoing conversation.
They come from me, these newsletters and some talented writers
and editors that I work on these with, but we're
able to survey them for their investing sentiment, and we
also know folks investing sentiment because of what they're searching
for on our site. We have something called the Anxiety Index,
which shows what fear based terms readers are looking for
around the market, like bearer market or capitulation or around
(37:48):
the economy like recession or depression or stagflation. Uh. So
we know what they're searching for and we track that movement.
So when I come on, I'm talking about what our
readers are telling us. I'm giving them the voice of
the individual investor and I'm educating. So it doesn't matter
if I'm on Fox or if I'm on m B, MSNBC.
I'm giving them what I know how to give them.
And they don't come to me for the political stuff. Um,
(38:11):
So I don't really have to go there, and I
think it's a good thing because you know, my my
mission is to educate and use the platform I have
to do that, and the world doesn't need another talking
head talking about politics one way or the other. And
as far as I'm concerned, I would agree with you.
How's that anxiety index looking these days? You know, it
piped up a lot in the last couple of weeks
(38:33):
like a two year old in a toy store when
it's time to go. Um, But nothing like what we
saw in March and April when it was screaming it's
head off like a tea kettle. Um. So it's cool,
but in our readers, and they come from all over
the world and all over the country, all ages. Um.
They are super smart and they look for they always
look for the knock on effect of something. So what
happens to the stock market when the dead ceiling, you know,
(38:55):
when you know the government shuts down. They're looking for
things like that. But they do get, um, the rest
of us a little nervous when you see these, you know,
sudden two percent drops in the stock market, like we've
seen it in the past few weeks, which are normally
not crazy, but we have had such a period of
quiet that all of a sudden, they're starting to get interested.
So they it woke up a little bit out of
its hibernation, but it is nowhere near where it was
(39:16):
back in March and April. So I want to leave
with one topic, which is the average baby boomers worth
ten times what I'm worth and I'm a millennial. How
can education help narrow that gap? Well, it starts with
you know, knowing yourself and what you've got right, what
your own personal balance sheet, your assets or liabilities, what
(39:38):
do you have in the bank, what security is you
and you really have to get self centered on where
do I stand today, a very honest conversation with yourself
and laying out all your work. But then how do
I how to build wealth over over your lifetime is
the ultimate challenge, but it's also a great learning journey.
So a lot of folks and I encourage young people
to invest. And I started concerting accounts for my kids
(39:58):
and my nephews, um, and for my friends kids because
I want them to understand and pick stocks with me
and understand how the market works. But a lot of
folks what they don't do, David, is they don't pay themselves.
And I know that sounds, um, you know, like like
a dream for some people. What do you mean pay myself?
You know, you get your paycheck, You get your paycheck,
and what are you doing with it? Right? You're paying
your bills just like everybody else that come in. You're
(40:20):
just auto paying them in some cases. But a lot
of folks haven't set themselves up with online accounts, brokerage
accounts or robo advisors, or even their own online bank
account where they automatically allocate every month. Yeah, you can
contribute to your four own k. Definitely do that. Get
the match from your company at the max if you
can do that. If they don't do that, start your
own rath I ra or if you're a small business owner,
start a step account, but make sure you're being loyal
(40:42):
to the contributions there and don't think about it. Make
it automatic. A hundred bucks a month goes in here
every month, every month. If you're in your thirties and
you do that, if you're thirty two years old, you're
fifty two year old. Self will just grab you and
give you a big old bear hug, because the magic
of compound growth over time in the stock market, in
investing is the fairy dust that is over this entire
(41:03):
financial market system that we live in. And it's not
a myth, it's real. So it's consistent investing, understanding how
to not take too much risk, but being consistent about
it and making sure you're paying yourself by giving yourself
a hunter bucks, a couple hundred bucks every month if
you can into that account, don't worry about where the
stock market is, if it's higher, if it's low, just
keep buying and in twenty years you will give yourself
(41:24):
a big old kiss on the forehead. Well, Caleb, I
really appreciate your time, and I will be looking for
you intently all over television to hear your latest commentary.
Caleb Silver, editor in chief of Investipedia, thank you so
much for your time. Thanks for having me. It was
real nice to be here. So thanks to all of
(41:47):
you for joining me as we followed the profit, and
a big thanks to our guest Caleb Silver. He's the
editor in chief of Investipedia, a great resource for anyone
who wants to learn about investing. I'm your host, David Grosso.
If you're joining the show, give us five stars us
and give us a review so others can learn what
the show is all about. I'd like to thank our producers,
Rob Scott and Cheyenne, as well as our executive producers
(42:08):
New Gingrich and Debbie Meyers. Follow the Prophet as a
production of Gingrich three six and I Heart Radio. For
more podcasts for my heart Radio, visit the i Heart
Radio app, Apple Podcasts, or wherever you get your podcast.
Part of the Gingwich three network
I'm David Grosso, and you're listening to follow the Profit.
I'm extremely passionate about financial literacy and it's what I've
built my brand's Bold TV and gen Bizz around, and
it's important to give people from all generations and backgrounds
in accessible way to learn more about money and how
(00:21):
to manage it. So our guest today I'm following the
profit is in a position that resembles mine, except his
is big time. We're talking about Caleb Silver and he's
the editor in chief of Investipedia. If you don't know
what that is, you've probably seen it in your Google results.
It's a publication focused on investing and financial education, and
oftentimes they're the first result that you'll get when you
(00:43):
google some sort of financial concept, and they have great
breakdowns and financial terms that you've ever been confused about before,
like right now, specifically what the depth ceiling is or
maybe what a PR stands for. So, Caleb, how you
doing today? Very good, Very happy to be with you.
We're birds of a feather where all about investing in
financial literacy, investing education, financial literacy, making sure you know
(01:04):
what you need to know. So Caleb, you are much
like me a journalist, one of the fastest disappearing white
collar professions in the world. How did you make a
career for yourself? And more importantly, how did you survive
in this space? Great question? And you know, twenty seven,
twenty eight years later, it's kind of a miracle to
still be here. But because I started in the restaurant
(01:26):
industry in Santa Fe, New Mexico, where I grew up, um,
you know, running restaurants, waiting tables, bussing tables, cooking uh.
And then I turned into a documentary filmmaker, doing environmental
educational documentaries. It just was a set of circumstances that
brought me to New York in about to go to
n y U School of Journalism at a time when
(01:47):
the stock market was becoming super hot, especially around internet
and tech stocks. And I did some interning with Bloomberg,
like a lot of us did that went to n
y U, fell in love with with business journalism and
the storytelling around businesses, and I'd say the rest is history.
But it's been a long, long and windy road, but
a but a very good one for me, Isn't that funny? Caleb?
(02:07):
I was also an environmental science major, so you and
I have more in common than we even originally thought.
So you started in the mid nineties, right, how have
you see news change from the mid nineties to to
to today. Yeah, well it just moves a lot faster, right, Um,
that's for sure. So we have so many different platforms,
so many outlets. We have social media, we have Twitter.
(02:30):
A lot of the news comes through those channels before
it becomes news in the way that you and I
grew up with it. So there's the velocity of news.
There's also, um, you know, the what is news? What
counts is news anymore? And we know there's that ranges
from you know, very basic economic reports like the jobs report,
to more scandalous types of things, um that are more
(02:50):
you know, simulating something you might see on the New
York Post. Uh, And so you have to be a
little bit more discerning. But at the same time, the
principles of journalism and the principles of news and the cycles,
especially as we cover business and economics, Um, those haven't
changed much, but the details within them have changed a
whole lot. Yeah. It seems like and we were talking
about this before recording is like anyone with a tripod
(03:13):
can call themselves a journalist. So how do we dessern
as consumers between you know, someone with a tripod and
someone who's professionally trained to give you the news. Yeah,
great question, and that's the ultimate question, especially in the
days of Facebook, Instagram, Twitter, etcetera, that that are actually
becoming a platform for people who want to put out
(03:33):
their own information. So, you know what we rely on
an Investipedia and you rely on and and what you
do is three letters and they spell eat, expertise, authority,
and trustworthiness. And guess what. Google also considers that those
word that word eat when it ranks sites for its trustworthiness,
when it ranks them in the rankings. You say, we
(03:54):
appear in Google a lot. We do because we have
that expertise, we have the authority. We've been doing this
for twenty three years and Investipedia and we're trusted and
more people continue to trust us, not just the you
know folks who go on and google something to read us,
but we have back links from institutions like the Federal
Reserve or the U n or or a dot e
du That shows trustworthiness. So for for folks out there
(04:17):
who are consuming media, consider the source at all times.
It's so hard to to just take everything you see
is the gospel, and not all news organizations have it either.
But just consider those three things. Are they experts, do
they have the authority to be telling me this? And
do I trust them? So one of the interesting things
about invest in media is exactly that you guys have
great distribution and you rank on Google. A lot of
(04:38):
days I see people pitch me and they have great content,
but they have poor distribution. What do you think made
investipdia stand out besides what you just mentioned eat to
make sure that you guys had the domain authority to
consistently rank on Google. Great question. Well, one of them
is our age. We're twenty three years old in internet years,
(04:58):
that's two d and third um being. We've been around
a very long time. But you know what we do
a lot of We spend a lot of time, a
lot of budget, a lot of people power updating our content.
We have thirty six thousand odd pieces of content on investipding.
That's quite a bit. You know, tens of thousands of
terms investing terms or finance terms. We spend a lot
of time updating them every month to make sure they
(05:21):
are the most up to date. There's a case study
in there. There's something relevant in the news that makes
that term more relevant today than it was yesterday. That
constant improvement project, if you will, is what helps us
remain at the top of search results. We have a
lot of content too, and again it's that it's that
trustworthiness that I think pays off time and time again.
(05:41):
If if folks who are googling something see our results
and other results, they're used to us. They know who
we are. They've clicked on us and relied on us
before and trusted us. It's worked out, they're going to
come back to us and do it again. Because I'll
tell you, David, nobody comes in the front door of
investi media. Very few people are browsing around looking for things,
you know, unless they're like me and they're investing geeks.
(06:02):
But most people come in through search or through a
side door, through our newsletters, or or from the podcast
my podcast because they hear me say something, and that's
how a lot of people experience us. But when they
find what they're looking for and we answer that question,
that just helps us continue to stay relevant and rank better.
I guess with web stuff, the more I learned, the
(06:22):
more I realize I have more to learn. So how
have you, as a journalist who started his career in
his nineties, kept up with the ever changing game of
web and ranking on Google page results, which, let's face
it changes every single day. Yeah, it's it's a very
big difference. I come out of the news world. I
worked at Bloomberg for eight years as a producer. I
(06:43):
worked at CNN as an executive producer and a senior
producer on the Situation Room with Will Blitzer. I worked
um as the news director for Business News at CNN.
So I'm a push I came out of the push world,
the extra extra read all about it world, where that's
what really news is. If you think about the wire services,
if you think about the journal Bloomberg at the Times,
it's hey, we're over here, check it out, check it out,
(07:03):
check it out. That's pushing content at consumers are readers now,
and that I'm in the uh, the search world, so
to speak, because Investipedia really generates a lot of its
traffic through search. I've learned a lot about pull and
that pull is what is it that's pulling you into
the article. We're never going to beat those news wires
on the news, that's what they do. They have robots
in a lot of cases that do the spot news.
(07:25):
But we're never going to beat them to the to
that breaking news, and that's not what we're about. We're
about that the second leg of the story. So if
you see an Amazon earnings report, we don't. We may
have that story as a news article, we probably will
later in the day, but what we really have is
how does Amazon make money? What are the fastest growing
businesses within Amazon? Who are the top shareholders of Amazon?
All that content that surrounds a topic, that's what pull is.
(07:48):
We know what you might be thinking or what you're thinking,
and we know what questions you ask, so we're gonna
make sure we have those answers. So you've come a
long way, because I've been following a vestopedia for a
long time. More resembled we Kipedia before, you know, a
very simple page layout, But these days it seems like
your user experience has been enhanced. What type of investments
have you made in assuring that you know you have
(08:09):
the latest and greatest You know that your website resembles
an Apple product, will call it, thank you very much.
I'll take that as a compliment. Well, the key difference
between Wikipedia, which I have a ton of respect for,
and Investipedia is they are crowdsourced. Wikipedia is crowdsourced, so
anybody can enter or updated a term, so to speak,
or or a definition. We are expert sourced, so we're
(08:30):
always working with you know, folks that are experts in
their field who are writing our articles or editing our articles.
And we have a financial financial review board that reviews
our articles to give them a thumbs up if they're good,
or a thumbs down to tell us how we need
to improve them. So there's different layers of how we
do that. But in terms of the the UI, the
user experience, you've got to have clean content. You have
to have super fast content and fast what do I
(08:52):
mean by that? I mean the page load time has
to be quick and you can't uh junk it up
with a lot of ads. You know, readers want what
they want when they on it. They don't want to
be distracted by pop ups. They don't want to be
distracted by video that starts talking to you if you
didn't enable it. They don't want any of that. What
they want is their content. They'll appreciate and understand a
respectful advertising experience. But what they won't tolerate is slow
(09:13):
page times and things that get in the way of
them and the answer they're seeking. And that is something
that dot dash, our parent company, which brought us a
few years ago, that is what they preach. That is
how they basically turn all their new sites into really
high quality, high performing sites. That's it, high high quality,
very fast load times, and a very respectful ad experience.
(09:36):
So and that you hit at the problem for a
lot of publishers. Publishers you know are dying, especially because
you know, big tech companies are taking the line's share
of ad revenue, so they end up, you know, reducing
the quality of the user experience by stuffing ads in.
How have you guys found a balance between monetization and
you know, the user experience. That is a very very
(09:58):
tight tight rope to walk. But at the end of
the day, our philosophy and Investipedia and dot dash our
parent company, is respect the reader. There they matter here,
and if you respect the reader, give them what they
want and don't obstruct them from from the answer they're seeking,
you can sell very contextually relevant ads around that. That
makes sense. So what do I mean by that, well,
(10:18):
for advertisers, we have a lot of advertisers and financial
services of course, um, because we have a very high
intent user. So what do I mean by that? It means,
like I said, you're not coming to invest in PDA
by accident. You have a purpose. You've come to us
to answer a question or get familiar with something. But
if you've come to us with that question of how
do I start investing ten thousand dollars, then you have
(10:38):
a very serious intent. How do I start investing ten
thousand dollars? We want to make sure that we're answering
that question right off the bat, but the ads that
are around it, our advertisers know they want to be
around that answer if that's the kind of service they're offering.
So contextual relevancy matched with user intent UM and a
respectful advertising experience, that's a good recipe for a good business.
(11:01):
So a lot of times, like you mentioned at the
beginning of your career, you know, everything's about timing, right
and investor Pedia is especially relevant right now because a
lot of people during the pandemic came into some cash
and at the same time apps came around like robin
Hood to invest in the market and making it easier
and gamifying it. How has investi Pedia leverage these trends
(11:22):
to grow its traffic, Well, we had a lot of
traffic just as so many people were signing up for
new investing in trading accounts during one If you can
imagine eighteen million people coming into the market for the
first time, a lot of them are learning how to
invest in trade for the first time. We're one of
the first places they come to to learn that. So
we were a beneficiary of that interest in the stock market.
(11:44):
But it wouldn't have worked for us, David, if we
hadn't spent millions of dollars over the past several years
making sure that the content we we have to answer
those questions was the best it could possibly be. Right,
We have content, like I said, for we've been around
since nine We have a lot of articles on the
site on the gonna sit here and tell you there
are a d percent correct. But to make sure that
you are as close to a correct across all of
(12:06):
that at all times, that's the big challenge. But we
were kind of ready for that because we didn't obviously
predict the pandemic, but we did predict and we know
that user interest in investing in trading just continues to
grow year after year after year, and because so many
people came into it last year for the first time,
we benefited from the traffic and we benefited from also
(12:26):
learning what they want to learn about. That's a key
part of what we do, David. It's not just have
that content, it's pay attention to the day to pay
attention to what they're asking you, and pay attention to
your reader feedback and your email and and the d
ms we get in our social media channels because they're
telling you that they want something. And the way the
world works around investing in trading has changed a lot
in the last five years, ten years, certainly in the
(12:48):
last twenty five years. Yeah. One of the things that
I feel like people don't know a lot about is keywords, right,
And as journalists, if you know anything about distribution, you're
always trafficking and keywords. And that's of course queries that
are trending on Google when people are searching for things.
How do you guys balance you know, good quality content
with the right keywords, because that seems to be a
(13:09):
problem that I have every single day of Bold TV. Yeah, well,
we don't have two keyword stuff just because we have
the intent, we have the user coming for that specific
thing that we know of. So uh, you know, for
our definition of pe ratio, one of our most popular
that is what it is. What is pe ratio? So
that is its own keyword. We've established that twenty three
years ago. We're going to rank there and people know
(13:29):
that that's where to find that that definition. But but
to your other point, you know, there are things that
are spiking around the news world all the time, things
that are trending, popping on on the social media platforms,
popping in Google trends. Paying attention to those is super important,
especially for us, not that we're chasing news, but we
want to make sure that as people do chase news,
they are coming to us. For the second part, the
(13:52):
deeper educational dive on that story. And let me give
you a weird example, but this is a classic one. Um.
You know, there was a recent the rapper Um, not
recently in the last few years, charged with racketeering with
the Rico act Um. So one day I'm just looking
looking through our Google analytics and I see that term
spiking racketeering wise, racketeering, spiking and I'm talking about, you know,
(14:15):
tens of thousands of sessions, more than it usually does.
I go and look and I see that there's a
rapper who is arrested for weapons charges and conspiracy to
kidnap and racketeering, and the the rap blogs and the
YouTube shows. We're all referring to investi pas definition of
that to explain that that has nothing to do with
the investing in finance education that we do on the regular.
(14:35):
But racketeering is a security. You know, it is a
it is a civil crime. It does sometimes involve securities.
So we had that definition, and all of a sudden
we became a source of information on a totally random story.
Now contextualized that to what happens in the trading world
when when the stock market halts because there's too much selling,
or when accompanying I p o s and the price
goes ballistic, or through the roof people are like, what
(14:59):
is that company? How does it make money? What is
an I p OH? What's a direct listing? So it's
kind of being prepared for all of these different scenarios,
and you never know where the traffic is going to company.
One of the questions I have is you know, one
(15:20):
of the big bondaries in our space is reducing the
cost of content creation. Can you see any tasks day
to day that happened at INVESTIPDIA that could be automated
or taken over by something like machine learning or artificial intelligence?
Probably my job if you could find a robot who
can speak a little better than I can and do
television and radio and all the things that I do.
(15:42):
But in our world, especially in the finance and investing
and business education world, UM, you have to go with expertise.
So I definitely on the content creation part, I don't
think that that will ever be replaced. I don't think
we'll ever you know, if anything, we're going to spend
more on that because we just want the we can
possibly get. You gotta pay for it if you want
(16:02):
the best, so we'll always do that automation, maybe through
the CMS and you know building, you know, loading content
into your website. A lot of that's kind of automated.
But do I think AI can supplant that. No. What
I do see happening though, with AI and and audio
journalism voice search is more and more people are using
it to get to our content. Um, whether they're asking uh,
(16:23):
you know Syria, or they're asking I better be careful
how loud? I say that better if you're asking Syria
or you're asking Alexa. You see a lot of that happening. Um,
and I think a lot of that. You can you
can prepare yourself for that by making sure you're you
can suit those platforms as well. But so much of
what we do is really about research, good writing, good explanations,
the right graphic, the right image that I just don't
(16:45):
see a world in the next few years where AI
or robot could do that. So a lot of media,
the big media conglomerates, including the one that owns Investipedia,
have become sprawling in recent years. Can you tell me
a little bit about the history of invested media and
how it was absorbed by Interactive Core, which, of course
has one of the most interesting buildings I've ever seen
(17:05):
in Manhattan. You know, it's like akin to an igloo.
I imagine you might work in that igloo, or at
least I've been to that iggloo. Yeah, it's a sailboat
actually designed by Frank Gary and it's a beautiful building,
even cooler on the inside. Right there and right about
eighteen Street on the West Side Highway, so it's very cool.
We're not based in there, we're based downtown with with
dot Dash. But investipdas history is super interesting and because
(17:27):
I came up at that time when Investipdia was being
born in Edmonton, uh in Alberta and Canada by four
guys who had this idea back, why don't we create
because there's so much interested in internet stocks right now
And this was the birth of CNBC and FNN and
Bloomberg TV, where I eventually worked. We should put a
(17:48):
lot of these terms online in a dictionary because nobody
knows what these terms mean and they're just spitting them
out on these new TV finance TV shows. So they
have that brilliant idea, and then they said, you know,
there's this company down a mountain View, Colorado, California, rather
h called Google. Two guys in Stanford. They're working out
of their garage. They're trying to index the entire Internet.
(18:09):
Maybe if we put the definitions up on the Internet
and organized them, maybe they'll point to us as they
try to organize information. Guess what that turned into a
pretty good idea, Google and indexing the investing terms. So
they did that, but then they also added test prep
to it, uh test prep for series six, for fifty
three for seven to get into the investing or financial world.
They put tutorials there which was super helpful. Kept adding
(18:31):
content over the years, and several years later they sold
Investi PDA these four gentlemen to Forbes. Forbes had it
for several years, added more content, expanded the verticals out
to just beyond investing and and terms to personal finance, uh,
the economy. So they started expanding it vertically to include
more and growing it. The bigger it got, the more
(18:52):
people pointed to it. Right, we're talking about the mid
two thousands here, uh, pre financial crisis. Financial crisis happen.
You can imagine the amount of content that was added
to our site during that period of time. Forbes eventually
sold it to another company UH called value Click I believe,
who had it for a couple of years. But I
See saw it, uh and I see had at the
time dictionary dot com and its portfolio. So another s
(19:13):
e O play for you know where you put in
your Google U or you put in being uh word
to look for its definition. They owned that and it
kind of made sense to have these two sorts of
SEO properties in the publishing group. We were in there
independently for a while on the sidelines inside I a
C Interactive corps Um, which had bought about dot Com.
You might remember from Internet one point oh about dot Com.
(19:35):
They bought about dot Com about eight or nine years ago.
Um and about dot COM's probably after they bought it. Uh. Basically,
all the results started failing, and and the ranking for
the about dot Com results started dropping precipitously because of
Google algorithm changes, and they tried to rescue that site.
Instead of after a couple of failed attempts, what they
(19:57):
did was say, let's go vertical, because the Internet is
now vertic. Call facebooks made it that way. Google's made
it that. Facebooks made it personal. Google's made it vertical.
Let's go deep on the subject matters we know we're
good at and have the best content with new brands.
So they created the Balance dot Com, which was about
dot Com money slash money, very well dot Com which
(20:17):
was about dot Com slash health, um the Spruce, which
was about dot Com slash home. So they went vertical,
deep expertise, great content, really good user interfaces, turned it
around I'm talking about a spiraling decline and about dot
Com that they arrested by saying, you know what, let's
change the game, and they went vertical and they succeeded
in really turning the business around um and launching all
(20:39):
these news sites. In the process of that, invest i
C said and dot Dash it invested PT would really
fit well into the portfolio along with the balance dot com.
So basically we were you know, uh, we were already
in i C, but we were acquired into dot dash
and that's where we've been for the better part of
two almost three years right now. And that process how
(21:01):
we're speaking about earlier, great content, fast sites, respectful advertising experience.
That's the gospel of dot dash. When we started playing
using that playbook, our results improved dramatically across all categories. Yeah,
so how do you make sure that you can keep
up with these algorithm changes because you know, in the
publishing world, we always tremble at the thought that, you know,
these big tech companies that really determine whether we succeed
(21:23):
or fail. You know, whether we're keeping up with these changes.
Great question. So we don't have a strategy that relies
on social media platforms We have massive social media presences,
but we've never relied on them to power our business
because they can be fickle. Um and we are good
at what we're good at, which is educating people on
investing in finance and business. So the thing, the only
(21:46):
thing that we can control are those things. Great content,
a really good user experience, and a super fast site
that doesn't have ads clogging up the pages. So we've
done things like taken out pre roll in some cases
on some of the most popular pages. Why because that's
a distraction. Right If all of a sudden the video
starts playing or playing sound at you while you're in
the middle of work looking for something, that's just a
(22:06):
bad user experience. So we've done things like that to
clean it up and make the path from intent to answer.
I have a question, there's my answer on investipdia as
short as possible for our users. And if you do that,
I know it sounds simple, but simple is super hard,
especially in digital businesses. If you can do that and
do that well, you're gonna be okay for the most part. Now,
(22:27):
you can't predict what's going to happen when algorithms change,
but you can't control the things that you can't control,
and that's really all we try to do. And you know,
I think a lot of it has to do with
the fact that we've been around for a long time
doing it. So I think, you know, you know, thank
your lucky stars, knock Wood or whatever we've we've been okay,
and I think if we continue to play that, uh,
(22:48):
that strategy, we're going to be fine. So as a journalist, Caleb,
where do you see the industry going because it seems
to be a big question mark right now in terms
of financial sustainability, in terms of continue you you know
existence for a lot of media outlets out there. Yeah,
it's and the last year has really shown us, uh
how how fast you can get chicken up even if
(23:10):
you're a successful, popular, buzzy internet brand. So we know
that that's possible, uh, and we see that happening across
our industry. But then you look at the sites and
the publishers that are winning, um, that are doing really
well right now, and they all kind of have something
in common, which is, uh, make your readers smarter, give
them a good experience across all platforms. If you have
(23:31):
an app, make it make it great, make it easy,
to use um if you have a multi platform approach
and you can use like a CNBC. Does I have
a lot of respect for them. You know, great on TV,
great on the on the web, pretty good app uh.
They have the newsletters, they have good podcast, good talent,
multi platform approach. They're still in business and doing fabulously.
(23:52):
So is Bloomberg, which has great reporting, super in depth
across the entire world. They cover everything, and they have
a pretty good multi platform approach to And then you
look at other publishers that are doing really well, um
that that you know have an expertise in one thing
or the other. And even even the publishers like a
nerd Wallet or a banquet who we have a ton
of respect for. They're really good and helping people do
(24:13):
the things that they want to do in our world,
find the right credit card, find the right insurance, learn
how to invest in some cases. You know, we're respectful competitors,
but look, there's a reason there are succeeding and doing well.
They're answering questions and that's kind of what we do
and and and it's a that's where the competition and
the excitement is. I guess my question would be is
a lot of the businesses that you just mentioned. I
(24:34):
read all these outlets have businesses that are very diversified,
just like yours. Right. You know, Comcast, which own CNBC,
is a cable provider as well as a publisher and
a media outlet. Right and bank Rap probably makes most
of its money not off of its you know, publishing,
as does nerd wallet, which probably makes most of its
money from credit cards and everything You've just described as
(24:56):
a diversified business that doesn't solely depend on journalism. Is
the business model that solely depends on publishing articles and
making videos dead. I don't think so. And I look
at them some new entrants into the market. I become
real fans of the guys that earn your leisure, who
really have created out of nowhere, UM a great podcasting community.
(25:16):
They've got their own university, they have really smart webinars,
they have live events right now. These are two guys
out out from Mount Burning up here just north and
me in New York that decided that they wanted to
really get into financial education. One was a you know, uh,
physical education teacher. The other is a financial advisor. They're
just really good at building community. So I think if
you can build community and deep interest in what you're doing,
(25:40):
you don't need five million subscribers. You know, if you
have the right hundred thousand subscribers, then I think you
can create a real business. So look at opportunities like that.
There's people that have come out of nowhere to become
super influential voices, journalists in some cases, sometimes not sometimes
just um you know, folks who are experts in their
field to create businesses that you and I might have
(26:02):
thought of as journalism years ago. But you don't have
to be a Comcast. You don't have to be a
Bloomberg to do it. You just have to have some
special sauce and enter the right way to reach the
right people. A lot of outlets rely on video right now,
and Investor pdo is articles first, So it's unusual a
(26:22):
lot of times we always hear about video video video
video is the primary means of communication in today's world.
Do you all plan on doing more video in the
coming years? Well, I'm a video guy. I love video
and I would do as much as possible. It's kind
of expensive, so there's that, But we have videos on
our top five thousand terms. We have must have, uh,
(26:42):
you know, several thousand videos across the site, and you
know what they're They're super simple. So pe ratio is
one of our most popular terms. We have a video
that explains pe ratio in about sixty seconds. Or if
you wanted to learn about how to do something in
technical analysis or using technical analysis, we have an explainer
that as the charts and the things that go with
it with subtitles. Now, I thought for years that you know,
(27:06):
our users didn't care much about him, and we started
removing them or changing them on some pages or putting
in a different video. The outrage was incredible, David. People
rely on those and they use those. Our YouTube page
has a lot of video on and some of them
have you know, over a million views on them because
people do rely on it. So it's not like we
never did or never would um. But we also know
(27:26):
that the core of our business is in documents, right,
is in people reading the article they want a very
quick answer to something. A video could do it in
some cases and they get free to watch it because
it's right there in the article, but most of the
time they're like, what is that thing? Let me learn more. Now,
we also have video around education. So we have an
academy where you can take courses in investing or trading,
(27:49):
and that is video first. But that makes a lot
of sense for what that is. Right, If you want
to learn how to trade from a trader watching what
they do with charts with their watch list, that's cical.
But if you want to learn the formula for compound
annual growth rate, that's text. So one of the things
that's happened in the world, and somehow we ended up
(28:11):
this way in the past ten years, is the politicization
of everything. Trying to say that three times right, How
have you guys established yourselves as a neutral arbiter of
information in a world that seemingly has two filters or
two ways of looking at the world, liberal and conservative.
It's a good question, but we we must because we
(28:31):
are here for the user and their questions, not to
contribute our opinions, whatever they might be, into the conversation.
And any time, and I've been around for six years
in Investipedia, any time there's any hint of that, we
hear from our readers right away, and from both sides.
It's not like it's one way or the other. If
we if we head into those waters were corrected right
(28:53):
away from our users, and they say to us, we
know where to get that if we want that. But
we are here because we want this, so don't give
me that. And I don't need to hear that more
than once or twice from our readers. Um. And we
have twenty three million a month to know that we're
not where we're supposed to be. We have to be
neutral because what we're doing is answering their questions on
(29:14):
something super specific. If they want to know, you know,
does the stock market do better with Republicans in office
or Democrats in office? Fine, that's a databased answer. We
have that answer. We have a chart that shows you
that answer. The results would surprise a lot of people. UM.
So you know, we don't We don't go into politics
until and unless politics and the economy or the stock
(29:36):
market become enmeshed. And they've been that way for the
last couple of years. But when we do that, we're
explaining and we're educated. We're not taking aside. We're not
dumping on uh, Democrats for wanting to spend too much
or Republicans for wanting to roll back um, you know,
or not allow any tax increases. We don't play that game.
We just explain what it means so that you the
(29:57):
reader can understand it and then make up your own mind,
because we, oh, you already come with your own political
biases and we don't need to contribute to that conversation
at all. So what does the data say on Democrats
Republicans in the stock market? According to invest the Media, well,
(30:20):
the best returns under a US president in the last
hundred years go to Bill Clinton, but also coming out
of a pretty big tail spin when he took office.
Remember it is the economy, stupid, um, So a lot
of people might be surprised by that. The results under
President Trump were very good, but remember, um, you know,
we did have a little bit of a bear market,
(30:41):
uh right at the end of his last year in office. Um.
But the it's very fascinating. You can look all the
way back to Grover Cleveland and he's a pretty good
balance of Um. You know, where the results are the best,
and they pretty much pan out to be equal. Maybe
Democrats have a slight edge, but so much of it
is timing. The president has very little to do with
the performance of the stock market, although they love to
(31:01):
take credit when it does well, and they love to
not take credit when it doesn't do well. So it's
usually not the president, it's the era that the president
is presiding over, although they can influence things like the
tax rate and and government spending to a certain degree. Yeah,
I would underline that like ten times that that presidents
love taking credit for economies when they mostly inherit a.
(31:25):
Presidents have presidents, all presidents, all parties. So what do
you see for the economy going forward right now since
you're really in the thick of things. Yeah, I think
we're in the um. I think the best has come.
We've seen the best, we've seen the top, and now
we're going to be in this slow deceleration of economic growth.
(31:46):
We're going to be growing, but just not as fast
as we were. And we were growing at six six
and a half percent coming out of that cute little
recession we had at the in the teeth of the
pandemic UM. So you can't expect that kind of growth
to go on forever. China had that kind of growth
for a long time. It's definitely not experiencing that now.
But all the stimulus money, all the monetary policy moves
at the Federal Reserve has made and continues to make.
(32:07):
All of that, plus this pent up demand given that
we were kind of locked down for many months, that
has created an explosion in economic activity. It cannot sustain
itself for a bunch of reasons. Um. But we also
have still supply chain issues. We've got ships out at
the Port of Los Angeles and Long Beach and Shanghai
stuck for weeks. We don't have enough trucks to move
product across the country, or or enough folks to do it,
(32:30):
and enough people to sell those products once they get
to store. So we're gonna be in that labor constraint
capacity for quite a while. You saw it, You see
it in the jobs reports, and what it tells us
is it's gonna take us a while to get back
to sort of a healthy labor economy. Even though the
unemployment rate is down to four percent UM, it doesn't
feel like it right now. It's more like eight point
(32:51):
five percent when you look at the discouraged workers out there,
and we still have about five million people out of work.
So that's gonna constrain things a little bit, and growth
is gonna cool, and as growth cools, it's gonna be
very interesting to see how investors interpret that and then
decide how to allocate their investments going forward. Yeah, and
it's funny because we look at inflation, but people are
equally worried about deflation as well. Where do you see
(33:12):
that going? And I'm sure those terms are popular hits
on investor, PDA dot com as a stagflation, which is
rising prices while unemployment remains relatively high. So they're all
they're all popping right now because excuse me, they're all
popping right now because that's the the the dynamic we
find ourselves in right now. I see prices continuing to rise.
(33:33):
They did turn over a little bit, especially in commodities,
but look at oil crossing eighty bucks of barrel. Look
at uh um, you know, sugar and cotton uh still
rising aggressively. These are going to be around for a
while because of those supply chain issues, and demand is
very robust right now. It's not just robust here in
the United States, it's robust in Europe. It's robust in
parts of China as well. So you're gonna have those
(33:54):
prices continue to rise. How much invest consumers can bear
those price rises is the big question, because consumer spending
us GDP. So when consumers get tepid and pull back
on the spending, you're really going to feel it in
the economy. But so far they haven't. Some of that
is because of the relief money a lot of folks
got during the pandemic. Some of that's because we weren't
(34:15):
spending as much money. The savings rate remains high that
there are very few bankruptcies or people that are in
any sort of credit card turmoil compared to recent times.
So the consumers got to hang in there. But if
prices keep rising as I expect them to, I think
we're gonna have this disconnect, and it will probably be
by the end of the year. So I think it's
gonna get a little rocky, so to speak. One of
(34:35):
the things that people are especially feeling tepid about these
days is buying a home, and that's usually, you know,
the biggest investment will make in our lifetimes. Prices have
gone up really fast, seemingly overnight, and in markets like
where we're sitting here in New York. I'm in Los Angeles.
I mean, it's way out of reach for the vast
majority of people who live around here. So does this
(34:56):
is this a sustainable situation or do eventually people just
bulk at says them back out of the market. You're
starting to see that already. You see it seasonally anyway,
and the fall it's usually the worst, the court of
the final court of the year is probably the worst
for real estate sales. But we did have uh, you know,
prices doubling or going up a pent in some areas Phoenix,
the Denver area, San Diego, UM Sun Valley, Idaho, UH
(35:19):
North carolinam out in Top North Carolina, some very beautiful
places where people said, you know, I'm just picking up
and I'm moving. It's time for me to go. And
so you've seen it in extreme cases in some places.
But it has put it has put the housing market,
the or the opportunity to buy a house out of
reach for many Americans. It was already out of reach
for low income earners who couldn't afford a down payment,
(35:40):
even though mortgage rates were low. Still affording that down
payment and a competitive market is very, very hard. So
what you've seen is this amazing explosion in household net worth.
I think it was one point eight trillion at the
most recent count um in terms of the growth of
assets like stocks and like one's house. You've seen that
happen ready. And if you own your home, and if
(36:02):
you have equity and you have stocks and you have
equity in your home, you've done very well in the
last eighteen months. But so many people, millions of people don't.
And it just got a little further out of reach,
which contributes to what we call and you with terms
on invested PDA the K shape recovery, where the you know,
the top of the K is doing just find the
bottom of the cake continues to go lower. So how
do you keep since you do a lot of television
(36:23):
like I do, how do you keep your commentary close
to your mission without getting political? Because I'll tell you
every time they put me on t V KALB I
was on this morning, they try to push me into
a category. Do you just stick to straight business news?
And what outlets can we catch you on? Well, I'm
I'm I'm available everywhere. I'm promiscuous in my media appearances
(36:44):
because I want to talk to as many people as
I can to make sure that they can. My job
is to be the explainer in chief. So I think
people know that's what I'm gonna bring to the table.
So I do UH frequent hits on NBC News Now
the streaming platform, I'll be uh. I'm on Yahoo Finance frequently.
You'll see me on cheddar MSNBC from time to time,
Fox Business News I do from time to time. So
(37:05):
I'm an equal opportunity offender. I'll go anywhere, but my
job and people know this, and this is how I
pitch myself as why don't I come on and explain
what this actually means. The other thing that I do
a lot of, David, is we have newsletters for a
day that go out every single day um during the week,
and we have about a million and a half readers
of those daily newsletters and their super response at very
(37:25):
high open rate, and we have a conversation and ongoing conversation.
They come from me, these newsletters and some talented writers
and editors that I work on these with, but we're
able to survey them for their investing sentiment, and we
also know folks investing sentiment because of what they're searching
for on our site. We have something called the Anxiety Index,
which shows what fear based terms readers are looking for
around the market, like bearer market or capitulation or around
(37:48):
the economy like recession or depression or stagflation. Uh. So
we know what they're searching for and we track that movement.
So when I come on, I'm talking about what our
readers are telling us. I'm giving them the voice of
the individual investor and I'm educating. So it doesn't matter
if I'm on Fox or if I'm on m B, MSNBC.
I'm giving them what I know how to give them.
And they don't come to me for the political stuff. Um,
(38:11):
So I don't really have to go there, and I
think it's a good thing because you know, my my
mission is to educate and use the platform I have
to do that, and the world doesn't need another talking
head talking about politics one way or the other. And
as far as I'm concerned, I would agree with you.
How's that anxiety index looking these days? You know, it
piped up a lot in the last couple of weeks
(38:33):
like a two year old in a toy store when
it's time to go. Um, But nothing like what we
saw in March and April when it was screaming it's
head off like a tea kettle. Um. So it's cool,
but in our readers, and they come from all over
the world and all over the country, all ages. Um.
They are super smart and they look for they always
look for the knock on effect of something. So what
happens to the stock market when the dead ceiling, you know,
(38:55):
when you know the government shuts down. They're looking for
things like that. But they do get, um, the rest
of us a little nervous when you see these, you know,
sudden two percent drops in the stock market, like we've
seen it in the past few weeks, which are normally
not crazy, but we have had such a period of
quiet that all of a sudden, they're starting to get interested.
So they it woke up a little bit out of
its hibernation, but it is nowhere near where it was
(39:16):
back in March and April. So I want to leave
with one topic, which is the average baby boomers worth
ten times what I'm worth and I'm a millennial. How
can education help narrow that gap? Well, it starts with
you know, knowing yourself and what you've got right, what
your own personal balance sheet, your assets or liabilities, what
(39:38):
do you have in the bank, what security is you
and you really have to get self centered on where
do I stand today, a very honest conversation with yourself
and laying out all your work. But then how do
I how to build wealth over over your lifetime is
the ultimate challenge, but it's also a great learning journey.
So a lot of folks and I encourage young people
to invest. And I started concerting accounts for my kids
(39:58):
and my nephews, um, and for my friends kids because
I want them to understand and pick stocks with me
and understand how the market works. But a lot of
folks what they don't do, David, is they don't pay themselves.
And I know that sounds, um, you know, like like
a dream for some people. What do you mean pay myself?
You know, you get your paycheck, You get your paycheck,
and what are you doing with it? Right? You're paying
your bills just like everybody else that come in. You're
(40:20):
just auto paying them in some cases. But a lot
of folks haven't set themselves up with online accounts, brokerage
accounts or robo advisors, or even their own online bank
account where they automatically allocate every month. Yeah, you can
contribute to your four own k. Definitely do that. Get
the match from your company at the max if you
can do that. If they don't do that, start your
own rath I ra or if you're a small business owner,
start a step account, but make sure you're being loyal
(40:42):
to the contributions there and don't think about it. Make
it automatic. A hundred bucks a month goes in here
every month, every month. If you're in your thirties and
you do that, if you're thirty two years old, you're
fifty two year old. Self will just grab you and
give you a big old bear hug, because the magic
of compound growth over time in the stock market, in
investing is the fairy dust that is over this entire
(41:03):
financial market system that we live in. And it's not
a myth, it's real. So it's consistent investing, understanding how
to not take too much risk, but being consistent about
it and making sure you're paying yourself by giving yourself
a hunter bucks, a couple hundred bucks every month if
you can into that account, don't worry about where the
stock market is, if it's higher, if it's low, just
keep buying and in twenty years you will give yourself
(41:24):
a big old kiss on the forehead. Well, Caleb, I
really appreciate your time, and I will be looking for
you intently all over television to hear your latest commentary.
Caleb Silver, editor in chief of Investipedia, thank you so
much for your time. Thanks for having me. It was
real nice to be here. So thanks to all of
(41:47):
you for joining me as we followed the profit, and
a big thanks to our guest Caleb Silver. He's the
editor in chief of Investipedia, a great resource for anyone
who wants to learn about investing. I'm your host, David Grosso.
If you're joining the show, give us five stars us
and give us a review so others can learn what
the show is all about. I'd like to thank our producers,
Rob Scott and Cheyenne, as well as our executive producers
(42:08):
New Gingrich and Debbie Meyers. Follow the Prophet as a
production of Gingrich three six and I Heart Radio. For
more podcasts for my heart Radio, visit the i Heart
Radio app, Apple Podcasts, or wherever you get your podcast.
Part of the Gingwich three network
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