April 28, 2025 • 33 mins
Mr. Market is both charming and bipolar – With all the recent volatility in the stock
market, Jeff Perry and Russ Ball discuss a recent article published in BottomLine
magazine which highlights the investing lessons from Benjamim Graham, who authored
“The Intelligent Investor” in 1949. Jeff & Russ outline the lessons from Mr. Graham
who describes “Mr. Market” as a bipolar fellow, very charming but suffering from
incurable emotional problems. Some days, he shows up feeling euphoric and will sell to
you only at unreasonably high prices. Other times, he is panicked for no obvious reason
and desperate to sell at any price. Listen in to the lively and fun conversation.
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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Transcript
Episode Transcript
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(00:00):
Welcome to Something More with Chris Boyd.
Chris Boyd is a Certified Financial Planner Practitioner
and Senior Vice President and Financial Advisor at
Wealth Enhancement Group, one of the nation's largest
registered investment advisors.
We call it Something More because we'd like
to talk not only about those important dollar
and cents issues, but also the quality of
life issues that make the money matters matter.
(00:22):
Here he is, your fulfillment facilitator, your partner
in prosperity, advising clients on Cape Cod and
across the country.
Here's your host, Jay Christopher Boyd.
Well, hello, and welcome to another edition of
Something More with Chris Boyd.
Chris Boyd is off this week, so you
have myself, Jeff Perry, and Russ Ball as
(00:45):
your host for this week's episode of Something
More.
Russ, thanks for making the time to join
me.
Yeah, of course.
Happy to be with you, Jeff.
We were joking, as we do frequently.
We were joking as we started the recording
of I wonder how many people are going
to see the headline of the podcast and
click it to see what it is.
(01:06):
If you're just listening and you didn't see
the headline because you just listened to all
the shows and subscribed, then we appreciate you
subscribing and listening all the time.
Mr. Market, he's both charming and bipolar.
I think it's the perfect time for to
go back and to do some thoughts about
(01:28):
the market, certainly, and to review a book
that has been reviewed time and time again,
The Intelligent Investor.
It's a famous book by Benjamin Graham, and
what got it on my radar is I
was reading Bottom Line magazine, which is a
magazine that I enjoy, and there was an
article about Warren Buffett.
(01:48):
We all like to learn about the Oracle
of Omaha and how he makes his decisions.
For those listeners who might have heard his
name and don't know who he is, he's
the CEO of Berkshire Hathaway, and he's a
legendary investor.
Lots of people in the financial services business
and individual investors really follow him, and he's
(02:11):
proven to be right time and time again.
When asked who he learned everything from, who
was his mentor, where did he get his
foundation for his investment principles, I guess he
always says the same thing, that he got
them from Benjamin Graham and the book, The
Intelligent Investor.
(02:32):
Right.
He actually studied under Benjamin Graham, so he's
definitely a mentor of Warren Buffett.
When some market volatility hits, it's always good
to go back and see what the people
who've been through it all have to say,
and going back to their sage words of
wisdom.
(02:52):
Most people, when they have a career in
a certain field, usually can point to something
that a professor certainly is relevant, and that
happens frequently, or a boss early in your
career, a supervisor, or sometimes it's a book,
or something that a class that you took.
One of the first books that I read
(03:14):
that had a meaningful impact on me was
Peter Lynch's book, one up on Wall Street,
the Main Street kind of logic, like keep
it simple, invest in what you know, don't
be too aggressive.
I still follow the lessons of Peter Lynch,
and certainly Warren Buffett.
(03:36):
Back to, I went on a small tangent.
Have you read a book or had an
impact that has seemingly stuck with you yet?
I know you're relatively new in your career,
but have something jumped out to you?
I have actually read that book by Peter
Lynch.
I thought that was probably the first investing
book that I read.
(03:56):
It was a little bit over my head,
I would say, some parts of it, but
the core fundamentals definitely resonated.
A little bit more recently, within the last
few years, I read a random walk down
Wall Street by, I think, Burton Malkiel, and
he talks about all the different bubbles that
have occurred over time.
It kind of goes through a little bit
of a history of the market, and then
(04:17):
gets a little bit more granular on the
past allocation, and different trends that have guided
markets.
It's been updated over and over the years,
but I found that to be a really
useful resource, and definitely frames the way I
think about investing now in this role.
(04:38):
Well, I think it's important that you go
back, and not you specifically, but all of
us, and learn the lessons that have been
learned from history, because in these times of
volatile markets, and we're certainly in a time
of extreme volatility, if you have that base
of knowledge, if you have studied under people
who espouse certain principles, like Benjamin Graham, Warren
(05:00):
Buffett, Peter Lynch, and we could add others,
we're missing some, of course, but you know
not to make certain mistakes that feel right
at the moment, or out of good times
or bad times, and that's why the headline
of this podcast is Mr. Market, so Mr.
Market is the stock market, primarily, both charming,
(05:25):
because the Mr. Market can be charming, and
bipolar, and lately, I guess since President Trump
announced his tariff plan, I don't know if
it's a plan, but his tariffs feel like
a plan, I hope it's a plan, since
his tariff policy, the market has been acting
(05:47):
in a, not to misuse the word, I
know it's a mental disease for some people,
but in a very volatile way, right, up
and down, seemingly for no reason, and that's
part of what was in this article, so
I thought as we're co-hosting today, it
would be fun to go through the principles
of Benjamin Graham, and now Warren Buffett, and
(06:09):
many of us, and kind of try to
relate them to where we are, because it's,
you know, it's right on point, right, it's
right on point.
Definitely, and you know, reading this article, this
was definitely the first time I've heard of
this idea of Mr. Market, kind of personifying
(06:30):
the market, I think that helps, like to
make it a little bit more relatable, where
you're watching the market day after day, and
it seems to swing on, you know, a
tweet here, a tweet there, there's no, seemingly
no rival reason some days.
More amazing than in my memory, like that
(06:50):
one tweet, or one suggestion, or one even
comment at walking down the hallway, can, yeah,
dramatically move, dramatically move the market, and you
know, this is like an idea of making
Mr. Market a character that you consider.
Yeah, maybe you want to dive into some
(07:12):
of your thoughts on that, yeah.
After, let me describe it, because it has
four sections in this article that's going off
of Intelligent Investor by Benjamin Graham.
The first one is handling stock market volatility,
and that's where we're introduced to Mr. Market.
So Benjamin Graham describes Mr. Market as a
(07:33):
bipolar fellow, very charming, but suffering from incurable
emotional problems.
Some days he shows up feeling euphoric, and
will sell to you only at a reasonably
high price.
Other times he's no obvious reason, he's desperate
to sell at any price.
Mr. Market constantly moves between degrees of unsustainable
(07:56):
optimism and unjustified pessimism, and I think that's
how many people feel lately, you know.
The market's down.
So how many times, you know, do you
hear a client when the market is down,
or a friend, or you know, just a
neighbor or whatever, the market's down, and then
(08:18):
the next statement is something like, I gotta
get out.
I can't stand this, I gotta get out.
Or when the market was at record highs,
people would say, the market's doing so good,
have you seen it?
I gotta get in.
I gotta buy more.
And I think that's what Mr. Graham's suggesting,
(08:39):
is that he's making kind of some wrong
decisions at the wrong time.
I mean, don't we want to buy low
and sell high?
I mean, that's not oversimplify it, but.
Yeah, and I think a lot of investors
and just people that have money in the
market think, well, let's get out when things
(09:03):
are starting to go down, let's get back
in when things are starting to go up.
If it were only that easy, we all
wouldn't lose any money.
Yeah, go ahead.
Yeah, I think this idea, one piece I
highlighted here is just the idea that there's
nothing you can do to reason with Mr.
Market or, you know, there's just, there's going
(09:25):
to be those mood swings, it's going to
happen day to day.
And maybe the more you focus on, I
don't know if this was specifically noted, but
the more you focus on it, the more
you're prone to have that way of thinking
sort of temperamental and all over the place
with the market.
Better to think of it, all right, that's
what Mr. Market's going to do.
(09:45):
And I'm going to do my own thing.
Yeah, excellent point.
And I think you're also right about the
focusing of it.
I think people who, there's a fine line
between being informed and being just so emotionally
attached to what's going on.
(10:05):
And this can be, geez, in the days
of 24-hour breaking news, and you know,
all the cable channels who are rooting for
one team or another, and usually we watch
what our team is, you know, so you
can get, especially if you don't have a
you know, distractions, if you don't have a
(10:25):
job that you go to and leave the
TV or the computer, you know, if you're
focused in on these either market moves or
news cycles, you can really get so absorbed
into it that it can change your, certainly
change your emotions, you can worry, you can
be overly excited like Mr. Market sometime, and
you can make the wrong decisions, or you
can worry about things that you have no
(10:47):
control about.
And I think that's, and taking into account
that he wrote this book in 1949, he's
not writing it in the, I'm describing the
current setting where we have all this stuff
coming at us, and we can get totally
absorbed by it.
He's writing this, you know, 76 years ago.
(11:07):
And that's, it's very insightful.
And it's still, it's probably more true today
than it was in 1949.
So your point is well taken.
Don't get into the emotional decisions of the
volatility, because it's probably going to be wrong.
One another thing, you were listing some things
that you've heard people say, and they're all
(11:29):
correct is, I'm going to get out now.
And I'm going to get in back in
when things settle.
Yeah.
I'm, you know, I've been in the market
for 35 years, say, things haven't settled.
It can be, you know, the economic cycle,
boom or bust, it can be the political
(11:51):
cycle, it can be wars or things in
the news that you concern, it can be
trade, it can be foreign relations, it can
be whatever it might be, seasonal adjusted stuff,
inflation, stagflation, recession, whatever it is, it's never
(12:13):
settled.
There's no bell that rings and says, it's
now a good time to get in.
Right?
Exactly.
Yeah.
So don't be affected by the day to
day volatility.
If you're hanging out with Mr. Market, and
he's going off on one of his euphoric
happiness, don't think that it's time to get
in.
And if he's having a bad pessimistic day,
(12:34):
and you're a long term investor, it's not
time to get out probably.
Right.
Right.
One more part about volatility, I'm going to
ask you about is dollar cost averaging, right?
So take it from there, because I think
a lot of people don't understand or don't
(12:56):
appreciate the concept of it.
And why, especially the younger you are, but
certainly any age, why it's so valuable and
why people should participate in it.
Yeah, well, personally, in my investing life, I
definitely preferred dollar cost averaging and cost support.
Now there's mixed research that says, you know,
it might be better to just put all
(13:16):
your money in at once.
And just for context, dollar cost averaging would
be, rather than investing all in one go,
let's say you had $10,000 to invest,
you can decide to invest it tomorrow, or
you can spread it out over time.
So if the market goes up, you're participating
in that growth.
If it goes down, you're buying at lower
prices and you just spread out your $10
(13:36):
,000, let's say, over a couple of months,
three months, four months, whatever it is, any
period of time that you like, that would
be dollar cost averaging.
And for me, psychologically, it just is something
that really resonates.
It's like, if I continue to contribute, and
that's usually what you're doing with a 401k
or your work plan.
(13:58):
If you continue to contribute, you're always going
to be feeling like, well, you know, I
had this at a loss, but at least
I'm still investing now.
So it's going to grow from here.
So I think a lot of, as I
said, the research is a little mixed as
far as, is it more advantageous, is it
optimal to dollar cost average or to invest
(14:18):
all at once?
Typically, the longer you're invested, the better.
But psychologically, it's definitely a useful tool just
to get over that hurdle.
If you don't feel like you're ready to
commit, with all the volatility we've seen, not
a lot of people are thinking, oh yeah,
I'm just going to invest everything I have
right now that's been sitting on the sidelines.
Like now's the perfect time.
You just don't know what the market's going
(14:38):
to do tomorrow.
And it can be intimidating.
Some people don't care about that stuff, but
other people do.
Dollar cost averaging is a way around that.
Very good.
I share that sentiment.
Exactly.
And so, you know, with the volatility, don't
make rash decisions, don't make emotional decisions.
And if you're not sure, sometimes the best
(15:00):
thing to do is nothing.
And it's always a good idea when you're
feeling uncertain is to call your investment advisor
and talk it out.
Talk about if you're in the risk allocation,
the risk profile and asset allocation.
And, you know, I think some of the
times the best service that we as fiduciaries,
(15:20):
meaning people who put our clients' best interest
first, both legally and ethically, I think sometimes
we give them, our clients, the most value
when they have these feelings, like Mr. Market,
when they're feeling emotional about their finances, worried
about them or too euphoric about them and
talking to them about their long-term financial
(15:41):
plan.
I know we've been doing a lot of
that with clients, reviewing their financial plan and
saying, okay, what's changed since we reviewed it
last time?
Often very little because these are long-term
financial plans.
And it gives most clients the feeling of
stability.
And, you know, once again, they can see
(16:01):
what their long-term plan is, that their
cashflow is there, and that we expect as
part of our projections, corrections in the market,
and we expect bear markets from time to
time.
And that's all factored into our clients' projections.
Yeah.
And we've been doing a lot of stress
testing as well, at least over here, Jeff,
(16:23):
I'm sure you have too, just looking at
the what-if scenarios, what if the market
goes down, what if taxes are higher, what
if these tariffs go into effect, what is
that going to do?
And a lot of clients come in understandably
worried and saying, you know, this is different,
this time it's different.
And what I keep hearing and reading again
(16:44):
and again, and as you can see with
this article we're referencing, it's from the book
that was written in the mid-20th century,
that yes, it might feel different, but this
kind of thing happens time and time again.
And the market has consistently proven to be
the best hedge against inflation.
(17:05):
So there are certain assumptions that we can
make based on history.
There are things that are going to unsettle
that in the short term.
And I think that's Mr. Market, you know,
I think that's the idea of this piece
here.
And one other piece that I highlighted in
the section we're discussing is, it says, view
volatility not as a debilitating handicap, but as
opportunity to sell to the optimist and buy
(17:28):
from the pessimist.
So I thought that was pretty useful and
kind of being that contrarian mindset and you
kind of have to take a step back
and not go along with the flow just
because everyone's nervous and panicking and freaking out.
That's a great lead-in to number two
is deal with investment at risk.
And, you know, the concept of putting a
(17:49):
fair value or a good value on a
particular stock or a sector or whatever you're
investing in, most of the sections talk about
individual stocks.
They talk about Warren Buffett's, you know, the
cigar butt reference and people think of a
cigar butt as something that's been thrown away
by someone.
And Buffett has been famous for finding companies
(18:11):
that are cigar butts, if you will, meaning
they're not worthless, but they're not appreciated appropriately,
right?
And so when I was reading this, certainly
all true, but it brought me back to
Peter Lynch and how things I learned from
his lessons and what he did at Fidelity
is to set evaluations of a company and
(18:33):
have a reason that you're buying it, right?
Whether that's a price target, because you think
it's a cigar butt and it's going to
be appreciated in the near future, or if
you think it's potentially going to be sold
and, you know, get a premium for that.
But to have a reason why you buy
it and to have a target, because it's,
I believe, the hardest thing to do when
(18:54):
you buy an individual stock, and it could
be an investment, you know, it could be
a mutual fund, but it's harder with an
individual stock is not when to buy it.
You know, you hear something, you read something,
you do some analysis, your advisor maybe gives
you advice, we think you should buy X,
Y, or Z.
It's when to sell it, right?
Because two things, back to Mr. Market a
(19:16):
little bit, but it's relevant in the category
of having fair value and having good value.
People get emotionally attached to a stock, they
bought it, it did well, and they can
hold on to it far beyond the price
target they set, or it can go the
reason that you bought it in the first
place.
I bought it because I had a healthy
(19:37):
view of this sector, I thought this company
had good products and was not appropriately valued.
So that says that you should sell it
if the market recognizes that value and starts
to give you a premium for it, but
you might own it too long, or something
could change on the negative, you could make
a mistake when you bought it, and it
(19:59):
could go down, and then it's tough to
say I made a mistake, you know, personally,
I made a mistake.
Things have changed, or what I assumed was
true was not, I should sell it and
cut my losses.
And I think dealing with that investment risk
of being, this is the last one, I
don't want to jump to it, but being
(20:19):
disciplined and having a reason why you bought
it, and having a reason why you would
sell something, really makes a lot of sense.
Yeah, I think, you know, just looking at
the companies you're buying, or whatever investments you're
looking at, the idea of entry points kind
of matter as well, and you know, every
(20:43):
stock is going to come with risk, it's
just inevitable.
The stock swings, you know, year to year,
and within the year, and then it ends
up at a high, so individual names especially
are, you know, always going to carry some
risk, but part of that analysis is, you
know, is this a company I like over
the long term?
(21:03):
Is this a company that is trading at
a valuation that I think is reasonable relative
to where it's going to be?
I think definitely on our team, that's what
Brian does in the stock portfolio that he
runs, and he's taking a look at all
the various analytics, and all the things that
he's, you know, trying to do, and determine
(21:23):
those different price points.
So just, yeah, I think having that perspective
definitely changes the way you think as a
long term investor.
Yeah, and don't have, it's not in this
article, but you know, investors, individual investors who
do buy and sell stocks can have some
some problems of being too confident in their
(21:47):
own ability, right?
I mean, you're buying and selling stocks with
organizations against, basically, because you're buying something, selling
or selling something somebody's buying, and they often
have a lot more insight into the market,
insight into certain company, insight into what just
(22:07):
happened, you know, but inside a board room
or with a sector.
So use caution and control your investment risk.
And you can do that with diversification, you
can do that with professional management.
Yeah, I think that's the point there.
The third point is you started to talk
about was maintain a long term perspective.
(22:27):
And that's, you know, the, it's bolded in
the article, stop thinking of a stock prices
as a bet on a flashing ticker symbol
on your computer screen or TV.
The reality is, you're part of a real
business, you own, you own something, right.
So and the other part of that was,
(22:48):
and I like this very much.
It's a quote from Benjamin Graham, remember that
over the short term, the market is a
voting machine.
Like on any one given day, at any
one given moment, who do you want to
be your president?
Who's buying and selling the stock?
That's not in the quote, by the way.
Back to the quote.
But in the long run, it's a weighing
machine.
(23:09):
Right?
So it's more deliberate, it's more measured, it's
looking at everything over periods of time.
Yeah.
And it's not, it's not just looking at
the one day it's up, one day it's
down, it's looking big picture, taking a step
back.
And I really like that what you what
you mentioned.
I thought that was a good point, too.
It's not a bet.
It's not like, yeah, this is a, this
(23:31):
feels like a good bet.
This is like a better than 5050 bet.
It's like, no, if you like the company
you're buying, you like the sector you're buying
into over the long term, and you're going
to be investing that literally, you're going to
become a part owner of it or a
participant in it.
With all the sports betting opportunities out there.
(23:53):
Maybe, maybe you get a better chance at
picking your favorite basketball team in the playoffs
here, then you do have analyzing a stock
and picking on a certain day at a
certain moment, whether or not the price is
right and what the future of that is.
But that goes on to something he says
in the last section of this article, with
(24:14):
the title of the section four is develop
emotional discipline.
And there's a lot in there.
But what I'm talking about is that one
of the suggestions is to keep a mad
money account.
Um, so if you're compelled, I worked with
a guy once, it was a long time
ago.
This is when you used to have to
call your broker to buy a stock before
(24:36):
your day, Russell.
So he would read something in the paper,
or someone would tell him something.
And if he thought it was a good
idea, he would literally say, I'll be right
back.
Kind of like the movies, you get the
tip, he would go and call and say,
give me 50 shares of whatever.
(24:56):
And seems like it's a whole nother world.
Actually, I'm sure a lot of our listeners
remember those days.
Now you can do it yourself or your
advisors doing it for you.
But, and he never talked about and I
would, I would remember I was interested in
this.
I was investing myself.
So I was listening and I didn't take
(25:17):
notes.
Obviously, he was a friend, but he never
talked about his losers.
Yeah.
You know, and just like people who bet,
right?
Most people, most, most people who gamble, most
people who go to Vegas or they do
sports betting, and they say, you wouldn't believe
it.
I went to Vegas this weekend and I
(25:37):
won $5,000.
Right.
Yeah.
And they believe me folks.
And I think, you know, this, there are
no exceptions long-term.
Somebody might get lucky, right?
People do win the lottery, but most people
who gamble or day trade, the data is
very clear on either one.
They do not make money.
(25:59):
Right.
But still they tell you about their wins,
right?
Yeah.
I have a very short memory for the,
for the losers.
So as part of this developing emotional discipline,
I think Benjamin Graham and most people, most
advisors, us included, know that some clients have
this propensity that they want to pick their
(26:20):
own stocks.
They want to day trade.
They want to invest short-term.
They want to pick their own like things
that they have a hunch about.
And so they call it a, they call
it a mad money account.
We call it a sandbox account where clients
will say, okay, I want you to manage
our, this is super common.
I've been with Chris five years now, and
I did not know that this was common,
(26:41):
but people are prudent enough.
And, you know, wise enough to say, here's
my nest egg.
I know what I don't know.
So I want you to manage it.
And we, I want a financial plan.
I want it professionally managed because they are
smart enough to know that they should have
some help, right?
But they also have this desire to trade
(27:06):
stocks or to make investments on their own.
And so they have a sandbox account and,
you know, obviously it comes from the idea
of we're all kids at heart.
We like, are you still playing the sandbox?
So it's okay.
If you have this propensity, it's having the
discipline to keep it to a very small
amount of your net worth and to keep
(27:30):
it not part of your financial plan, just
as if you had a, you know, a
little secret fund where you gambled on sports
that shouldn't be written into your financial plan.
Either of that, when you turn 65, you're
going to win the biggest bet of your
life and that's your financial plan, right?
Yeah.
So emotional discipline.
(27:51):
And it's interesting that it notes that Graham
actually, it wasn't like, oh yeah, you can
have your sandbox account and your mad money
account.
He actually advocated for the idea to have
one of these like sandbox type accounts and
speculating with restraint was what he recommended.
I think that's the idea.
Just, you know, a little smaller sum of
(28:11):
money that you can play around with.
You can take bets on those.
And that's a little bit more like the
betting.
It is like betting.
I mean, really anything short term, the analogy
with sports betting is, I think, very accurate
because, I mean, if you're sports bet, you
don't, it's not like you're playing bingo and
(28:32):
you're waiting for your number.
It's just a random spin of the roulette
wheel buying a lottery ticket.
That's gambling, certainly.
But when you're sports betting, most of the
people that I know think that they know
who's going to win the game or they
think that they're confident in, you know, which
basketball player is going to get the most
points tonight in a playoff game.
(28:54):
They make that bet with a feeling that
they are going to win because of their
knowledge and experience in watching basketball games.
And the same thing really applies to day
trading.
Because you can be, you can study a
company for a month.
(29:14):
You can read everything.
You can listen to all the earnings calls.
You can watch CNBC.
You can get advice from five different people
about an individual stock.
And if you're investing in it at one
given time for a short term gain, there's
no way any of those people that you
talk to or anything that you read can
accurately predict what's going to happen in the
(29:36):
short term, which is, you know, a section
we talked about long-term perspective.
So you can be totally right.
You can be totally right about the talent
of Jason Tatum on the Celtics and he
can still have a bad couple of games.
Yeah.
Right.
And you can be totally right about hypothetically
buying Apple because of X, Y, Z reasons.
(29:57):
And they can be very valid, but that
doesn't mean that something in the world, a
tariff, a war, you know, whatever, one bad
earnings report doesn't submarine that bet in the
short term.
So having that long-term perspective, keeping that
emotional intelligence, watching out for stock market volatility
(30:18):
and controlling your investment risk of the lessons
of the day from Warren Buffett.
Really, though, I mean, we give him credit
for those, but really from his mentor and
his professor and the author of The Intelligent
Investor, Benjamin Graham.
So thanks.
Thanks for joining me today, Russ.
(30:39):
I think it was a great discussion.
It's really interesting to go back and put
all that history starting in 1949, I guess,
started before that, but when he writes the
book 1949 and thinking about what Warren Buffett
has learned from him, Benjamin Graham, and the
success that he has had.
And it just is smart to take these
(31:02):
lessons of the people who've come before us
and apply them to today's principles.
And it kind of takes you out of
your bubble too.
It takes you, you know, away from this
thinking of, oh my gosh, the market's doing
this and that one day to the next.
And when you build a big picture, like
this kind of stuff has been happening for
a very long time and we're not the
first to go.
I mean, we're the many of the first
(31:23):
to go through something specifically like this scenario.
And every time there's a new, this time
is different.
It's going to feel like this is brand
new.
This is like, this changes the game.
This changes everything.
But that has been happening for, you know,
the last hundred plus years.
Forever.
You're right.
It could have been the financial crisis, could
(31:43):
have been the housing crisis.
It could have been 9-11.
It could have been COVID and now it's
tariffs.
So, you know what they say about mistakes,
you're bound to repeat them unless you learn
the lessons from history.
So that was our intent today.
And I hope you enjoyed the podcast and
I hope you'll tune in each week to
(32:04):
listen to something more with Chris Boyd.
Chris Boyd will be back next week for
another interesting topic.
Until then, keep striving for something more.
(32:37):
Send us your questions to amr-info at
wealthenhancement.com.
You're listening to Something More with Chris Boyd
Financial Talk Show.
Wealth Enhancement Advisory Services and Jay Christopher Boyd
provide investment advice on an individual basis to
clients only.
Proper advice depends on a complete analysis of
all facts and circumstances.
The information given on this program is general
financial comments and cannot be relied upon as
(32:58):
pertaining to your specific situation.
Wealth Enhancement Group cannot guarantee that using the
information from this show will generate profits or
ensure freedom from loss.
Listeners should consult their own financial advisors or
conduct their own due diligence before making any
financial decisions.
Welcome to Something More with Chris Boyd.
Chris Boyd is a Certified Financial Planner Practitioner
and Senior Vice President and Financial Advisor at
Wealth Enhancement Group, one of the nation's largest
registered investment advisors.
We call it Something More because we'd like
to talk not only about those important dollar
and cents issues, but also the quality of
life issues that make the money matters matter.
(00:22):
Here he is, your fulfillment facilitator, your partner
in prosperity, advising clients on Cape Cod and
across the country.
Here's your host, Jay Christopher Boyd.
Well, hello, and welcome to another edition of
Something More with Chris Boyd.
Chris Boyd is off this week, so you
have myself, Jeff Perry, and Russ Ball as
(00:45):
your host for this week's episode of Something
More.
Russ, thanks for making the time to join
me.
Yeah, of course.
Happy to be with you, Jeff.
We were joking, as we do frequently.
We were joking as we started the recording
of I wonder how many people are going
to see the headline of the podcast and
click it to see what it is.
(01:06):
If you're just listening and you didn't see
the headline because you just listened to all
the shows and subscribed, then we appreciate you
subscribing and listening all the time.
Mr. Market, he's both charming and bipolar.
I think it's the perfect time for to
go back and to do some thoughts about
(01:28):
the market, certainly, and to review a book
that has been reviewed time and time again,
The Intelligent Investor.
It's a famous book by Benjamin Graham, and
what got it on my radar is I
was reading Bottom Line magazine, which is a
magazine that I enjoy, and there was an
article about Warren Buffett.
(01:48):
We all like to learn about the Oracle
of Omaha and how he makes his decisions.
For those listeners who might have heard his
name and don't know who he is, he's
the CEO of Berkshire Hathaway, and he's a
legendary investor.
Lots of people in the financial services business
and individual investors really follow him, and he's
(02:11):
proven to be right time and time again.
When asked who he learned everything from, who
was his mentor, where did he get his
foundation for his investment principles, I guess he
always says the same thing, that he got
them from Benjamin Graham and the book, The
Intelligent Investor.
(02:32):
Right.
He actually studied under Benjamin Graham, so he's
definitely a mentor of Warren Buffett.
When some market volatility hits, it's always good
to go back and see what the people
who've been through it all have to say,
and going back to their sage words of
wisdom.
(02:52):
Most people, when they have a career in
a certain field, usually can point to something
that a professor certainly is relevant, and that
happens frequently, or a boss early in your
career, a supervisor, or sometimes it's a book,
or something that a class that you took.
One of the first books that I read
(03:14):
that had a meaningful impact on me was
Peter Lynch's book, one up on Wall Street,
the Main Street kind of logic, like keep
it simple, invest in what you know, don't
be too aggressive.
I still follow the lessons of Peter Lynch,
and certainly Warren Buffett.
(03:36):
Back to, I went on a small tangent.
Have you read a book or had an
impact that has seemingly stuck with you yet?
I know you're relatively new in your career,
but have something jumped out to you?
I have actually read that book by Peter
Lynch.
I thought that was probably the first investing
book that I read.
(03:56):
It was a little bit over my head,
I would say, some parts of it, but
the core fundamentals definitely resonated.
A little bit more recently, within the last
few years, I read a random walk down
Wall Street by, I think, Burton Malkiel, and
he talks about all the different bubbles that
have occurred over time.
It kind of goes through a little bit
of a history of the market, and then
(04:17):
gets a little bit more granular on the
past allocation, and different trends that have guided
markets.
It's been updated over and over the years,
but I found that to be a really
useful resource, and definitely frames the way I
think about investing now in this role.
(04:38):
Well, I think it's important that you go
back, and not you specifically, but all of
us, and learn the lessons that have been
learned from history, because in these times of
volatile markets, and we're certainly in a time
of extreme volatility, if you have that base
of knowledge, if you have studied under people
who espouse certain principles, like Benjamin Graham, Warren
(05:00):
Buffett, Peter Lynch, and we could add others,
we're missing some, of course, but you know
not to make certain mistakes that feel right
at the moment, or out of good times
or bad times, and that's why the headline
of this podcast is Mr. Market, so Mr.
Market is the stock market, primarily, both charming,
(05:25):
because the Mr. Market can be charming, and
bipolar, and lately, I guess since President Trump
announced his tariff plan, I don't know if
it's a plan, but his tariffs feel like
a plan, I hope it's a plan, since
his tariff policy, the market has been acting
(05:47):
in a, not to misuse the word, I
know it's a mental disease for some people,
but in a very volatile way, right, up
and down, seemingly for no reason, and that's
part of what was in this article, so
I thought as we're co-hosting today, it
would be fun to go through the principles
of Benjamin Graham, and now Warren Buffett, and
(06:09):
many of us, and kind of try to
relate them to where we are, because it's,
you know, it's right on point, right, it's
right on point.
Definitely, and you know, reading this article, this
was definitely the first time I've heard of
this idea of Mr. Market, kind of personifying
(06:30):
the market, I think that helps, like to
make it a little bit more relatable, where
you're watching the market day after day, and
it seems to swing on, you know, a
tweet here, a tweet there, there's no, seemingly
no rival reason some days.
More amazing than in my memory, like that
(06:50):
one tweet, or one suggestion, or one even
comment at walking down the hallway, can, yeah,
dramatically move, dramatically move the market, and you
know, this is like an idea of making
Mr. Market a character that you consider.
Yeah, maybe you want to dive into some
(07:12):
of your thoughts on that, yeah.
After, let me describe it, because it has
four sections in this article that's going off
of Intelligent Investor by Benjamin Graham.
The first one is handling stock market volatility,
and that's where we're introduced to Mr. Market.
So Benjamin Graham describes Mr. Market as a
(07:33):
bipolar fellow, very charming, but suffering from incurable
emotional problems.
Some days he shows up feeling euphoric, and
will sell to you only at a reasonably
high price.
Other times he's no obvious reason, he's desperate
to sell at any price.
Mr. Market constantly moves between degrees of unsustainable
(07:56):
optimism and unjustified pessimism, and I think that's
how many people feel lately, you know.
The market's down.
So how many times, you know, do you
hear a client when the market is down,
or a friend, or you know, just a
neighbor or whatever, the market's down, and then
(08:18):
the next statement is something like, I gotta
get out.
I can't stand this, I gotta get out.
Or when the market was at record highs,
people would say, the market's doing so good,
have you seen it?
I gotta get in.
I gotta buy more.
And I think that's what Mr. Graham's suggesting,
(08:39):
is that he's making kind of some wrong
decisions at the wrong time.
I mean, don't we want to buy low
and sell high?
I mean, that's not oversimplify it, but.
Yeah, and I think a lot of investors
and just people that have money in the
market think, well, let's get out when things
(09:03):
are starting to go down, let's get back
in when things are starting to go up.
If it were only that easy, we all
wouldn't lose any money.
Yeah, go ahead.
Yeah, I think this idea, one piece I
highlighted here is just the idea that there's
nothing you can do to reason with Mr.
Market or, you know, there's just, there's going
(09:25):
to be those mood swings, it's going to
happen day to day.
And maybe the more you focus on, I
don't know if this was specifically noted, but
the more you focus on it, the more
you're prone to have that way of thinking
sort of temperamental and all over the place
with the market.
Better to think of it, all right, that's
what Mr. Market's going to do.
(09:45):
And I'm going to do my own thing.
Yeah, excellent point.
And I think you're also right about the
focusing of it.
I think people who, there's a fine line
between being informed and being just so emotionally
attached to what's going on.
(10:05):
And this can be, geez, in the days
of 24-hour breaking news, and you know,
all the cable channels who are rooting for
one team or another, and usually we watch
what our team is, you know, so you
can get, especially if you don't have a
you know, distractions, if you don't have a
(10:25):
job that you go to and leave the
TV or the computer, you know, if you're
focused in on these either market moves or
news cycles, you can really get so absorbed
into it that it can change your, certainly
change your emotions, you can worry, you can
be overly excited like Mr. Market sometime, and
you can make the wrong decisions, or you
can worry about things that you have no
(10:47):
control about.
And I think that's, and taking into account
that he wrote this book in 1949, he's
not writing it in the, I'm describing the
current setting where we have all this stuff
coming at us, and we can get totally
absorbed by it.
He's writing this, you know, 76 years ago.
(11:07):
And that's, it's very insightful.
And it's still, it's probably more true today
than it was in 1949.
So your point is well taken.
Don't get into the emotional decisions of the
volatility, because it's probably going to be wrong.
One another thing, you were listing some things
that you've heard people say, and they're all
(11:29):
correct is, I'm going to get out now.
And I'm going to get in back in
when things settle.
Yeah.
I'm, you know, I've been in the market
for 35 years, say, things haven't settled.
It can be, you know, the economic cycle,
boom or bust, it can be the political
(11:51):
cycle, it can be wars or things in
the news that you concern, it can be
trade, it can be foreign relations, it can
be whatever it might be, seasonal adjusted stuff,
inflation, stagflation, recession, whatever it is, it's never
(12:13):
settled.
There's no bell that rings and says, it's
now a good time to get in.
Right?
Exactly.
Yeah.
So don't be affected by the day to
day volatility.
If you're hanging out with Mr. Market, and
he's going off on one of his euphoric
happiness, don't think that it's time to get
in.
And if he's having a bad pessimistic day,
(12:34):
and you're a long term investor, it's not
time to get out probably.
Right.
Right.
One more part about volatility, I'm going to
ask you about is dollar cost averaging, right?
So take it from there, because I think
a lot of people don't understand or don't
(12:56):
appreciate the concept of it.
And why, especially the younger you are, but
certainly any age, why it's so valuable and
why people should participate in it.
Yeah, well, personally, in my investing life, I
definitely preferred dollar cost averaging and cost support.
Now there's mixed research that says, you know,
it might be better to just put all
(13:16):
your money in at once.
And just for context, dollar cost averaging would
be, rather than investing all in one go,
let's say you had $10,000 to invest,
you can decide to invest it tomorrow, or
you can spread it out over time.
So if the market goes up, you're participating
in that growth.
If it goes down, you're buying at lower
prices and you just spread out your $10
(13:36):
,000, let's say, over a couple of months,
three months, four months, whatever it is, any
period of time that you like, that would
be dollar cost averaging.
And for me, psychologically, it just is something
that really resonates.
It's like, if I continue to contribute, and
that's usually what you're doing with a 401k
or your work plan.
(13:58):
If you continue to contribute, you're always going
to be feeling like, well, you know, I
had this at a loss, but at least
I'm still investing now.
So it's going to grow from here.
So I think a lot of, as I
said, the research is a little mixed as
far as, is it more advantageous, is it
optimal to dollar cost average or to invest
(14:18):
all at once?
Typically, the longer you're invested, the better.
But psychologically, it's definitely a useful tool just
to get over that hurdle.
If you don't feel like you're ready to
commit, with all the volatility we've seen, not
a lot of people are thinking, oh yeah,
I'm just going to invest everything I have
right now that's been sitting on the sidelines.
Like now's the perfect time.
You just don't know what the market's going
(14:38):
to do tomorrow.
And it can be intimidating.
Some people don't care about that stuff, but
other people do.
Dollar cost averaging is a way around that.
Very good.
I share that sentiment.
Exactly.
And so, you know, with the volatility, don't
make rash decisions, don't make emotional decisions.
And if you're not sure, sometimes the best
(15:00):
thing to do is nothing.
And it's always a good idea when you're
feeling uncertain is to call your investment advisor
and talk it out.
Talk about if you're in the risk allocation,
the risk profile and asset allocation.
And, you know, I think some of the
times the best service that we as fiduciaries,
(15:20):
meaning people who put our clients' best interest
first, both legally and ethically, I think sometimes
we give them, our clients, the most value
when they have these feelings, like Mr. Market,
when they're feeling emotional about their finances, worried
about them or too euphoric about them and
talking to them about their long-term financial
(15:41):
plan.
I know we've been doing a lot of
that with clients, reviewing their financial plan and
saying, okay, what's changed since we reviewed it
last time?
Often very little because these are long-term
financial plans.
And it gives most clients the feeling of
stability.
And, you know, once again, they can see
(16:01):
what their long-term plan is, that their
cashflow is there, and that we expect as
part of our projections, corrections in the market,
and we expect bear markets from time to
time.
And that's all factored into our clients' projections.
Yeah.
And we've been doing a lot of stress
testing as well, at least over here, Jeff,
(16:23):
I'm sure you have too, just looking at
the what-if scenarios, what if the market
goes down, what if taxes are higher, what
if these tariffs go into effect, what is
that going to do?
And a lot of clients come in understandably
worried and saying, you know, this is different,
this time it's different.
And what I keep hearing and reading again
(16:44):
and again, and as you can see with
this article we're referencing, it's from the book
that was written in the mid-20th century,
that yes, it might feel different, but this
kind of thing happens time and time again.
And the market has consistently proven to be
the best hedge against inflation.
(17:05):
So there are certain assumptions that we can
make based on history.
There are things that are going to unsettle
that in the short term.
And I think that's Mr. Market, you know,
I think that's the idea of this piece
here.
And one other piece that I highlighted in
the section we're discussing is, it says, view
volatility not as a debilitating handicap, but as
opportunity to sell to the optimist and buy
(17:28):
from the pessimist.
So I thought that was pretty useful and
kind of being that contrarian mindset and you
kind of have to take a step back
and not go along with the flow just
because everyone's nervous and panicking and freaking out.
That's a great lead-in to number two
is deal with investment at risk.
And, you know, the concept of putting a
(17:49):
fair value or a good value on a
particular stock or a sector or whatever you're
investing in, most of the sections talk about
individual stocks.
They talk about Warren Buffett's, you know, the
cigar butt reference and people think of a
cigar butt as something that's been thrown away
by someone.
And Buffett has been famous for finding companies
(18:11):
that are cigar butts, if you will, meaning
they're not worthless, but they're not appreciated appropriately,
right?
And so when I was reading this, certainly
all true, but it brought me back to
Peter Lynch and how things I learned from
his lessons and what he did at Fidelity
is to set evaluations of a company and
(18:33):
have a reason that you're buying it, right?
Whether that's a price target, because you think
it's a cigar butt and it's going to
be appreciated in the near future, or if
you think it's potentially going to be sold
and, you know, get a premium for that.
But to have a reason why you buy
it and to have a target, because it's,
I believe, the hardest thing to do when
(18:54):
you buy an individual stock, and it could
be an investment, you know, it could be
a mutual fund, but it's harder with an
individual stock is not when to buy it.
You know, you hear something, you read something,
you do some analysis, your advisor maybe gives
you advice, we think you should buy X,
Y, or Z.
It's when to sell it, right?
Because two things, back to Mr. Market a
(19:16):
little bit, but it's relevant in the category
of having fair value and having good value.
People get emotionally attached to a stock, they
bought it, it did well, and they can
hold on to it far beyond the price
target they set, or it can go the
reason that you bought it in the first
place.
I bought it because I had a healthy
(19:37):
view of this sector, I thought this company
had good products and was not appropriately valued.
So that says that you should sell it
if the market recognizes that value and starts
to give you a premium for it, but
you might own it too long, or something
could change on the negative, you could make
a mistake when you bought it, and it
(19:59):
could go down, and then it's tough to
say I made a mistake, you know, personally,
I made a mistake.
Things have changed, or what I assumed was
true was not, I should sell it and
cut my losses.
And I think dealing with that investment risk
of being, this is the last one, I
don't want to jump to it, but being
(20:19):
disciplined and having a reason why you bought
it, and having a reason why you would
sell something, really makes a lot of sense.
Yeah, I think, you know, just looking at
the companies you're buying, or whatever investments you're
looking at, the idea of entry points kind
of matter as well, and you know, every
(20:43):
stock is going to come with risk, it's
just inevitable.
The stock swings, you know, year to year,
and within the year, and then it ends
up at a high, so individual names especially
are, you know, always going to carry some
risk, but part of that analysis is, you
know, is this a company I like over
the long term?
(21:03):
Is this a company that is trading at
a valuation that I think is reasonable relative
to where it's going to be?
I think definitely on our team, that's what
Brian does in the stock portfolio that he
runs, and he's taking a look at all
the various analytics, and all the things that
he's, you know, trying to do, and determine
(21:23):
those different price points.
So just, yeah, I think having that perspective
definitely changes the way you think as a
long term investor.
Yeah, and don't have, it's not in this
article, but you know, investors, individual investors who
do buy and sell stocks can have some
some problems of being too confident in their
(21:47):
own ability, right?
I mean, you're buying and selling stocks with
organizations against, basically, because you're buying something, selling
or selling something somebody's buying, and they often
have a lot more insight into the market,
insight into certain company, insight into what just
(22:07):
happened, you know, but inside a board room
or with a sector.
So use caution and control your investment risk.
And you can do that with diversification, you
can do that with professional management.
Yeah, I think that's the point there.
The third point is you started to talk
about was maintain a long term perspective.
(22:27):
And that's, you know, the, it's bolded in
the article, stop thinking of a stock prices
as a bet on a flashing ticker symbol
on your computer screen or TV.
The reality is, you're part of a real
business, you own, you own something, right.
So and the other part of that was,
(22:48):
and I like this very much.
It's a quote from Benjamin Graham, remember that
over the short term, the market is a
voting machine.
Like on any one given day, at any
one given moment, who do you want to
be your president?
Who's buying and selling the stock?
That's not in the quote, by the way.
Back to the quote.
But in the long run, it's a weighing
machine.
(23:09):
Right?
So it's more deliberate, it's more measured, it's
looking at everything over periods of time.
Yeah.
And it's not, it's not just looking at
the one day it's up, one day it's
down, it's looking big picture, taking a step
back.
And I really like that what you what
you mentioned.
I thought that was a good point, too.
It's not a bet.
It's not like, yeah, this is a, this
(23:31):
feels like a good bet.
This is like a better than 5050 bet.
It's like, no, if you like the company
you're buying, you like the sector you're buying
into over the long term, and you're going
to be investing that literally, you're going to
become a part owner of it or a
participant in it.
With all the sports betting opportunities out there.
(23:53):
Maybe, maybe you get a better chance at
picking your favorite basketball team in the playoffs
here, then you do have analyzing a stock
and picking on a certain day at a
certain moment, whether or not the price is
right and what the future of that is.
But that goes on to something he says
in the last section of this article, with
(24:14):
the title of the section four is develop
emotional discipline.
And there's a lot in there.
But what I'm talking about is that one
of the suggestions is to keep a mad
money account.
Um, so if you're compelled, I worked with
a guy once, it was a long time
ago.
This is when you used to have to
call your broker to buy a stock before
(24:36):
your day, Russell.
So he would read something in the paper,
or someone would tell him something.
And if he thought it was a good
idea, he would literally say, I'll be right
back.
Kind of like the movies, you get the
tip, he would go and call and say,
give me 50 shares of whatever.
(24:56):
And seems like it's a whole nother world.
Actually, I'm sure a lot of our listeners
remember those days.
Now you can do it yourself or your
advisors doing it for you.
But, and he never talked about and I
would, I would remember I was interested in
this.
I was investing myself.
So I was listening and I didn't take
(25:17):
notes.
Obviously, he was a friend, but he never
talked about his losers.
Yeah.
You know, and just like people who bet,
right?
Most people, most, most people who gamble, most
people who go to Vegas or they do
sports betting, and they say, you wouldn't believe
it.
I went to Vegas this weekend and I
(25:37):
won $5,000.
Right.
Yeah.
And they believe me folks.
And I think, you know, this, there are
no exceptions long-term.
Somebody might get lucky, right?
People do win the lottery, but most people
who gamble or day trade, the data is
very clear on either one.
They do not make money.
(25:59):
Right.
But still they tell you about their wins,
right?
Yeah.
I have a very short memory for the,
for the losers.
So as part of this developing emotional discipline,
I think Benjamin Graham and most people, most
advisors, us included, know that some clients have
this propensity that they want to pick their
(26:20):
own stocks.
They want to day trade.
They want to invest short-term.
They want to pick their own like things
that they have a hunch about.
And so they call it a, they call
it a mad money account.
We call it a sandbox account where clients
will say, okay, I want you to manage
our, this is super common.
I've been with Chris five years now, and
I did not know that this was common,
(26:41):
but people are prudent enough.
And, you know, wise enough to say, here's
my nest egg.
I know what I don't know.
So I want you to manage it.
And we, I want a financial plan.
I want it professionally managed because they are
smart enough to know that they should have
some help, right?
But they also have this desire to trade
(27:06):
stocks or to make investments on their own.
And so they have a sandbox account and,
you know, obviously it comes from the idea
of we're all kids at heart.
We like, are you still playing the sandbox?
So it's okay.
If you have this propensity, it's having the
discipline to keep it to a very small
amount of your net worth and to keep
(27:30):
it not part of your financial plan, just
as if you had a, you know, a
little secret fund where you gambled on sports
that shouldn't be written into your financial plan.
Either of that, when you turn 65, you're
going to win the biggest bet of your
life and that's your financial plan, right?
Yeah.
So emotional discipline.
(27:51):
And it's interesting that it notes that Graham
actually, it wasn't like, oh yeah, you can
have your sandbox account and your mad money
account.
He actually advocated for the idea to have
one of these like sandbox type accounts and
speculating with restraint was what he recommended.
I think that's the idea.
Just, you know, a little smaller sum of
(28:11):
money that you can play around with.
You can take bets on those.
And that's a little bit more like the
betting.
It is like betting.
I mean, really anything short term, the analogy
with sports betting is, I think, very accurate
because, I mean, if you're sports bet, you
don't, it's not like you're playing bingo and
(28:32):
you're waiting for your number.
It's just a random spin of the roulette
wheel buying a lottery ticket.
That's gambling, certainly.
But when you're sports betting, most of the
people that I know think that they know
who's going to win the game or they
think that they're confident in, you know, which
basketball player is going to get the most
points tonight in a playoff game.
(28:54):
They make that bet with a feeling that
they are going to win because of their
knowledge and experience in watching basketball games.
And the same thing really applies to day
trading.
Because you can be, you can study a
company for a month.
(29:14):
You can read everything.
You can listen to all the earnings calls.
You can watch CNBC.
You can get advice from five different people
about an individual stock.
And if you're investing in it at one
given time for a short term gain, there's
no way any of those people that you
talk to or anything that you read can
accurately predict what's going to happen in the
(29:36):
short term, which is, you know, a section
we talked about long-term perspective.
So you can be totally right.
You can be totally right about the talent
of Jason Tatum on the Celtics and he
can still have a bad couple of games.
Yeah.
Right.
And you can be totally right about hypothetically
buying Apple because of X, Y, Z reasons.
(29:57):
And they can be very valid, but that
doesn't mean that something in the world, a
tariff, a war, you know, whatever, one bad
earnings report doesn't submarine that bet in the
short term.
So having that long-term perspective, keeping that
emotional intelligence, watching out for stock market volatility
(30:18):
and controlling your investment risk of the lessons
of the day from Warren Buffett.
Really, though, I mean, we give him credit
for those, but really from his mentor and
his professor and the author of The Intelligent
Investor, Benjamin Graham.
So thanks.
Thanks for joining me today, Russ.
(30:39):
I think it was a great discussion.
It's really interesting to go back and put
all that history starting in 1949, I guess,
started before that, but when he writes the
book 1949 and thinking about what Warren Buffett
has learned from him, Benjamin Graham, and the
success that he has had.
And it just is smart to take these
(31:02):
lessons of the people who've come before us
and apply them to today's principles.
And it kind of takes you out of
your bubble too.
It takes you, you know, away from this
thinking of, oh my gosh, the market's doing
this and that one day to the next.
And when you build a big picture, like
this kind of stuff has been happening for
a very long time and we're not the
first to go.
I mean, we're the many of the first
(31:23):
to go through something specifically like this scenario.
And every time there's a new, this time
is different.
It's going to feel like this is brand
new.
This is like, this changes the game.
This changes everything.
But that has been happening for, you know,
the last hundred plus years.
Forever.
You're right.
It could have been the financial crisis, could
(31:43):
have been the housing crisis.
It could have been 9-11.
It could have been COVID and now it's
tariffs.
So, you know what they say about mistakes,
you're bound to repeat them unless you learn
the lessons from history.
So that was our intent today.
And I hope you enjoyed the podcast and
I hope you'll tune in each week to
(32:04):
listen to something more with Chris Boyd.
Chris Boyd will be back next week for
another interesting topic.
Until then, keep striving for something more.
(32:37):
Send us your questions to amr-info at
wealthenhancement.com.
You're listening to Something More with Chris Boyd
Financial Talk Show.
Wealth Enhancement Advisory Services and Jay Christopher Boyd
provide investment advice on an individual basis to
clients only.
Proper advice depends on a complete analysis of
all facts and circumstances.
The information given on this program is general
financial comments and cannot be relied upon as
(32:58):
pertaining to your specific situation.
Wealth Enhancement Group cannot guarantee that using the
information from this show will generate profits or
ensure freedom from loss.
Listeners should consult their own financial advisors or
conduct their own due diligence before making any
financial decisions.
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