Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
You're just using in white axe and cutting everything and
often for the latest. I'm just divided fifty five KRC.
Speaker 2 (00:07):
The talk station.
Speaker 3 (00:17):
Night tuckets car panicking. Should you you're listening.
Speaker 2 (00:21):
To Simply Money, presented by all Worth Financial Imani Wagner
along with Bob Spondteller.
Speaker 3 (00:25):
If you are maybe a.
Speaker 2 (00:27):
Little bit nervous about the current state of the market,
the economy and more, you are spending some good time
tonight with us.
Speaker 3 (00:35):
You have come to the right place.
Speaker 2 (00:36):
We are going to provide some much needed perspective which
I think is lacking in all of the headlines.
Speaker 3 (00:42):
And articles that I'm seeing out there. Joining us right now.
Speaker 2 (00:45):
All Worth Chief Investment Officer Andy Stout, Andy, we were
talking uh with you just a second ago, saying like.
Speaker 3 (00:52):
How is your weekend?
Speaker 2 (00:53):
You were working all weekend trying to stay up to
breast and maybe a little bit ahead.
Speaker 3 (00:59):
Of what's going on.
Speaker 2 (01:02):
So let's start with catch us up on maybe where
we are right now with these tariffs.
Speaker 4 (01:09):
Well, where we are right now, it's a very very
fluid situation. And when you think about just the big picture,
we see tariff rates or these the average effective tariff
rate having increased to the highest level since nineteen oh nine.
That's higher than what the infamous Smooth Holly Ter Effact
(01:32):
of nineteen thirty, which made the Great Depression a lot worse,
higher than what we saw there got around to a
nineteen percent now, to be clear, to be very very clear,
I'm not suggesting we're on the verge of a depression.
So any sort of analogies that people are making to
periods like that, you know, the world is in a
(01:53):
much different position right now. And I'm sure everybody's heard
that this time is different, you know, monolog if you will,
and everybody says, all this time is different. It's always different,
But it's different because there's always a different catalyst. But
what's not different is that this is a market cycle,
and markets go through cycles, and this is not fun, obviously,
(02:15):
but it's part of a normal investing cycle. Now, when
you look at just the overall tariff rate, just to
give you a little bit more specific to amy, since
you asked, at the end of last year, our average
tariff rate was two point three percent. Now it's around
twenty two percent. Once you factor in the board of
Trump held up and with the auto tariffs that went
(02:36):
into effect, last Wednesday, as well as the tariff's already
in place on China, Canada and Mexico, so definitely introducing
a new level of economic uncertainty.
Speaker 5 (02:49):
Andy, let's talk about how what's going on right now
might be different and just how things have changed since
the nineteen thirties and the smooth Holly tariffs and the
Great Depression and all that. And what I mean is,
you know, we've got people and even in my own mind,
I mean, let's face it, this is a unilateral decision
by one one person, the President of the United States,
(03:11):
to take us down this tariff road.
Speaker 1 (03:14):
That is different.
Speaker 5 (03:15):
But I would I would counter with, you know, the
financial markets are so much more complicated than they were
back in the depression.
Speaker 1 (03:24):
You know what is different in.
Speaker 5 (03:25):
Regards to volatility, and I'm thinking of things like algorithmic trading,
you know, models and everything that can create tremendous short
term volatility in the market. Talk to us a little
bit about how things have changed since the nineteen thirties,
just with the financial markets.
Speaker 4 (03:45):
Well, certainly the financial plumbing as it's known, is significantly
more interconnected and information is really instant. So back then
there was no internet. I mean, there wasn't the instant
communication when you know, big news happen. Now, when news happens,
things get priced in right away. We basically have trading,
(04:08):
you know, twenty four hours a day, nearly seven days
a week. I mean you could you could find a
way to trade pretty much any time of the day
that you really want to. And these aren't things that
were available. So there's a lot more information available quickly.
And then, like you were saying, there's algorithmic trading that
pushes the markets around the Federal Reserve and all of
(04:30):
their monetary policies. It's now flowing from a global perspective
to where you know, we have agreements with other central
banks where we buy and lend dollars and other currencies
to one another in order to try to you know,
loosen the economy and try to keep things flowing, so
there's no like liquidity crisis and things like that. So
(04:52):
there's a lot more tools not only at the trader
stands like you were saying regarding algorithmic trading and having
information available, but there's also a lot more tools to
help combat any sort of potential crisis that could come up,
like a liquidity crisis where you know, capital dries up.
(05:13):
You know, we're not in a situation like that. I
mean we are in a situation. And what the market
is trying to figure out though, is what does this
all mean for the economy, Because when you look at
all the various scenarios and how you know this can
play out, the market doesn't quite yet know. Are we
on the verge of an economic slowdown where you could
(05:35):
fall into a recession or is this something where maybe
things get walked back a little bit. So, you know, Amy,
you mentioned at the very beginning, I was up, you know,
last night doing some work. What I was looking at
a lot is not just what you know, what's going on,
but essentially doing a little game theory of trying to
(05:57):
play out the different scenarios that are partners could have,
because it's not just about hey, here's where we're at
the day. We got to think not just today, but
we need to think one, two, three, four steps that
had ahead in terms of what people respond to us
with and what our response to them might be, and
then how this all plays out over a multi uh
(06:19):
you know, year, month, whatever however long this last, you know,
different timeframes.
Speaker 2 (06:24):
Yeah, yeah, I'd love to hear your thoughts on a
few of those scenarios, Andy.
Speaker 4 (06:29):
Well, I think there's a number of scenarios that could
play out. Ultimately. I think it's going to be some
sort of combination.
Speaker 1 (06:37):
What you hear the.
Speaker 4 (06:37):
Most is like, oh, this is an outright trade war.
World's going to come to an end, lasting retaliation, long
term economic destructions, disruption. At the same time, inflation will
you know, rear its ugly head and we're in this
not necessarily a stackflation environment, but an economic to colign
with inflation. That's kind of the worst case scenario. Not
(07:02):
saying it's impossible, but it's highly unlikely that it's just
that in isolation, because there's also strategic stalemate where you know,
we have tears that remain selective, we have partial deals reached.
You know, that's probably if you're just looking at a
single scenario. The most likely could also see some sort
of grand bargain. And this is what Trump's ideal situation
(07:23):
would to be, where terriffs lead to comprehensive trade agreements
and we have better terms for the US. Trump's also
looking to have like a manufacturing revival on shoring domestic
production and having less reliance on foreign supply chains. So
you know, those are some of the things. And I
think the couple others that aren't really talked about too
(07:45):
much is congressional or judicial intervention. So courts can rule
against certain aspects of this, and Congress could actually step
in as well. This would require, you know, Congress actually
work together to a degree. So so we'll see on
that one. But there are policies in place to where
(08:05):
you know, they can come together and they could roll
things back if they feel the president has overreached. And
then we can also and I think these two are
probably the most unlikely. The US just retreats completely. I
don't think that's going to happen, where he's walked back everything.
I think that's too late for that. Or our trade
partners completely capitulate, that's also unlikely. I think what we're
(08:27):
more likely to see is a fragmented response, meaning we
have some partners retaliate. We're already seeing that with Canada.
Others negotiate or partially concede. The EU has talked about saying,
you know, they want to, you know, find a good deal,
and I think you also see the US soften its stance.
I don't think Trump can walk it back completely, but
(08:48):
given where the financial markets are right now, hearing the
political pressures that he is facing, I think we could
see a softening of a stance, and ultimately this leads
to I'll call it an e even global response with
some I don't say a long period of uncertainty, but
definitely a period of uncertainty. Now the question is does
(09:10):
that uncertainty lead to an economic recession or is it
really just more of a pause. If it's an economic recession,
probably have some more pain to go. If we don't
fall into recession, this might end up being a great
buying opportunity.
Speaker 1 (09:26):
Andy.
Speaker 5 (09:26):
While all these deliberations go on, and I think it's
virtually impossible to get into the mind of President Trump
and what he's thinking and what he's going to do. Meanwhile,
business goes on, Earnings go on. We've got major bank
earnings coming out later on this week. As you look
and digest data that you have in front of you,
what are you expecting to see in terms of bank
(09:48):
earnings this week?
Speaker 4 (09:50):
Well, yeah, we do have the US's largest bank reporting earnings.
We have JP Morgan, and we also have you know,
some other banks, Wells Fargo, Morgan Stanley Reporting, and when
you look at all of these banks in general, I mean,
this is going to be an interesting time to pay
(10:12):
attention to it because it's not just about what the.
Speaker 1 (10:14):
Expected earnings are.
Speaker 4 (10:16):
And by the way, the expected earnings for all of
the S and P five hundred is a growth rate
of six point eight percent in the first quarter of
twenty five compared to the first quarter of twenty four.
But what's going to probably be more important, given what
we've talked about for the past ten minutes, basically is
how the banks and other corporations believe that tariffs and
(10:38):
the uncertainty resulting from them will affect future profits. Because
if you think about it just from a corporation standpoint,
I mean, if they have some major projects that they're
working on, they they'll probably put those on hold and
pause so they get a better idea of what the
rules of the game are, because the rules are changing
(10:59):
and you don't want to make it a big decision
if you don't know what the rules are.
Speaker 2 (11:02):
I think you've given us some fantastic perspective on maybe
potential scenarios how this could play up. I would love
to get your thoughts on how investors need to be
looking at this if they should be making any changes.
I think there's probably some investors out there who are thinking,
maybe I just pull all my money out of the
(11:24):
markets until we.
Speaker 3 (11:25):
Know what's happening here.
Speaker 2 (11:27):
If you don't mind, let's stick around into the next
block and let's talk through the message for investors during
this period of uncertainty. Here's the all Worth advice. This
volatility can feel downright scary. It's also the part of
normal market cycles. As Andy reminds us. Coming up next,
Andy is going to stick around. We are going to
(11:49):
tell you as an investor, maybe what to keep in mind, if.
Speaker 3 (11:53):
There are any things you should be doing to shift how.
Speaker 2 (11:56):
You're invested, or if you should stay the course you're
listening to Simply money presented by all Worth Financial here
in fifty five KRC the Talk station.
Speaker 6 (12:05):
Yes, I've KRC, Cincinnati, make us the number one preset
on your car radio and on the free new and
improved iHeartRadio app. Free never sounded so good. Fifty five
KRC the Talk Station.
Speaker 7 (12:15):
All Worth Financial a registered investment advisory firm. Any ideas
presented during this program are not intended to provide specific
financial advice you should consult your own financial advisor, tax consultant,
or a state planning attorney to conduct your own due diligence.
Speaker 2 (12:35):
Listening to Simply Money presented by all Worth Financial, I
mean you Wagner along with Bob Sponseller straight ahead at
six forty three, we are playing some factor fiction. Of course,
no games in these markets right now, but we are
going to look specifically on the current volatility and the
market and give you some more perspective there. Andy Stout,
all Worth chief Investment Officer, continues to join us on
(12:57):
this show.
Speaker 3 (12:59):
And Andy, first of all, I appreciate you kind.
Speaker 2 (13:01):
Of laying out the different scenarios and how this could
play out from a full blown trade ward to a
mix to completely kind of walking back where we are
right now, and everything in between. But I think for
a lot of investors it's what should I be doing,
if anything, And I think there's probably some out there
(13:22):
who are saying, listen, late last week kind of felt
like a bloodbath for markets.
Speaker 3 (13:26):
We do not know what's going to happen this week.
Speaker 2 (13:28):
I'm just going to go ahead and pull my money
out of the market until we have some resolution around
all this and I'm wondering, what are your thoughts on that,
what's your message to those investors.
Speaker 4 (13:41):
Well, the unfortunate thing is that the market doesn't give
us the all clear sign tells us okay, now you
can invest. Usually what happens the market rebounds, and by
the time we have rebounded, people end up who wanted
to get out when there's uncertainty. What happens is they
miss out on that rebound and essentially they locked in
(14:01):
losses and missed out on the recovery. Because knowing how
the market cycles work, I believe it's probably one of
the best ways that an investor can really prepare themselves for,
you know, financial peace of mind. And if you look
at amy just like prior, you know, large drops. So
I looked at you know, over the weekend because it
(14:24):
seemed like the fun thing to do. I looked at
all the daily price stock returns on a daily basis
for the S and P five hundred, and I looked
at the worst one day and worst two day periods.
And when you look at those two day periods, there's
essentially three other times when it was as bad as
what Thursday and Friday was, and that was nineteen eighty
(14:48):
seven with the crash there November of two thousand and eight,
and then March of twenty twenty, so those there were
two day periods in each of those. The worst was
nineteen eighty seven when the SMB lost almost twenty five percent.
Two thousand and eight, market went down twelve and a half.
Twenty twenty in March went down almost fourteen percent. But
(15:11):
you know what happened after that two day dropped. One
month later, after the October eighty seven crash, market was
up seven percent. One year later it was up twenty
eight percent. Look at two thousand and eight in the
mid to late November. One month later market was up
eighteen percent. And I know there was some more volatility
between now when then went between then and when the
(15:33):
market eventually bought them in March. But one year later
it was up almost fifty percent, and we were well
underway to that recovery. And in March of twenty twenty,
the shortest bear market of all time.
Speaker 1 (15:44):
One month later.
Speaker 4 (15:45):
After March twelfth, we were thirteen percent higher, and then
one year later it was sixty one percent higher. Now,
there's absolutely no guarantee that you're going to see returns
from where we're at right now one year from now
in that thirty to six percent range. I mean, I
want to be very very clear about that because there
is still a lot of uncertainty out there. But what
we don't know is we don't know what the market
(16:08):
will do. That's not going to give us the all
clear sign. So the best you know, if history would
tell you at least that you're focusing more on the
longer run and not letting the emotions of driven by headlines,
shouldn't let that dictate what you do with your investment mix.
Speaker 5 (16:27):
So, Andy, what we're really saying here, if I understand
you correctly, is usually by the time people feel better
and feel like the quote unquote coast is clear, a
big part of this recovery has already happened. And if
you're sitting in cash waiting to feel better, you're missing
out on some of the biggest market days in history.
Speaker 1 (16:47):
Is that?
Speaker 5 (16:47):
Is that somewhat what you're saying, irrespective of the percentages,
because to your point, we can't guarantee, nor should we
predict what kind of recovery we're going to have and win.
Speaker 4 (16:59):
Yeah, absolutely so. I mean if you just look at
prior sell offs. I mean the market you know down,
you know, say, once it's down twenty percent. What we've
seen in the past is over the next basically one year,
three year, and five year periods, you've seen you know,
like twenty percent rates of returns over the next one
year on a cumulative basis, forty six percent over three years,
(17:22):
and eighty percent over the next five years after the
market has first dropped into that twenty percent correction zone. Now,
the thing that you're mentioning there about is that you
see a lot of volatility during that time period, and
when you do see the sell offs, Uh, there's also
some of the best days that can occur because you
see some of the best days occurring around stock market bottoms,
(17:43):
and even just missing a few of them can really
cut your returns substantially. So if you just look at it,
just for example, look at the last twenty years, uh,
the average SMP five hundred analyzed returns about ten.
Speaker 1 (17:58):
Point three percent.
Speaker 4 (17:59):
If if you remove just the ten best days because
you're trying to get cute, that falls down to six percent.
To put that in dollar terms, say you had a
million dollars invested, it would have gotten to about seven
million you know, hypothetically invested s and P five hundred
total return index, whereas if you miss just those ten
best days, it's only about three point three million.
Speaker 1 (18:21):
But here's the other thing. I remember that's over a
twenty year period of time.
Speaker 4 (18:24):
Right, Yeah, And here's the thing that's critically critically important.
Two things actually. First is, as you just said a
second ago, if the if you're in cash and you're
sitting on the sidelines, I mean, there's ways to be
invested but protected the downside. So there's certainly some called
buffer strategies and things like that dollar cross averagings and
(18:45):
other popular strategy. There's ways that you can still get
that market exposure. And the last thing I do want
to mention is that we're talking about just equities. You
know what bonds are actually up during this period of time.
So if you have a diversified portfolio, it's not as
bad as those headlines and make it out to be.
You're actually not in terrible shape depending on what your
(19:06):
overall you know, stock bond mixes.
Speaker 2 (19:08):
I want to talk about that for a second, Andy,
because you know, going back to twenty twenty two, we've
always kind of referred to bonds as the shock absorbers
in your portfolio. They did not behave like that during
that time, and I think there was maybe a behavioral
shift of some investors to say, what's the point of
having bonds anyway? Right now, I think we're seeing it
play out exactly why you may want some bonds, And
(19:31):
from a practical standpoint, if investors are wondering what they
should be doing right now, it might be to look at.
Speaker 3 (19:37):
Your asset allocation.
Speaker 2 (19:39):
And to figure out is this truly the best asset allocation.
It's great to be in all stocks in twenty twenty
four and twenty twenty three when you could do no wrong,
but what about now?
Speaker 1 (19:50):
And what about two thousand and eight.
Speaker 4 (19:51):
Let's look at the classic bear yar stocks fell thirty
seven percent, S and P five hundred and two thousand
and eight bonds you were up six percent, so you
got the protection from there. That's usually what happens. I
know it doesn't always happen that way, but when you
have this risk off environment, that's when bonds really can
shine and add some at a ballast, if you will,
(20:12):
to your overall investment mix, helping you to sleep a
little bit better at night.
Speaker 3 (20:16):
Here's the all Worth Advice.
Speaker 2 (20:17):
If your investments are truly diversified right and you have
the right asset allocation aligned with your long term goals,
please please resist the urge.
Speaker 3 (20:26):
To panic sell right now.
Speaker 2 (20:28):
Coming up next, we're going to be back talking about
the strategies that we are talking through with our clients
right now. Maybe some of this could apply to you.
You're listening to Simply Money, presented by all Worth Financial.
Here in fifty five krs the talk station, the day's News.
Speaker 8 (20:44):
We gave you a piece that are comment study not
to become a social activist.
Speaker 1 (20:47):
Your tax dollars ah to be spented widely.
Speaker 7 (20:49):
He's trying to give a tax cut the billionaires checky
eat out. We've never had fire quite like this with the.
Speaker 1 (20:55):
Very latest fifty five krs the talk station. This is
Jeff try State Men's Health.
Speaker 2 (21:01):
This is fifty five karc an iHeartRadio station listening to
Simply When you've presented by all Worth Financial, I mean
you Wagnore along with Bob's sponsller. I often say one
of the reasons I love my job so much is
that I get to do this show and I get
to give great money advice kind of to the masses.
(21:25):
At the same time, I get to sit down in
my office and talk to individual investors and couples and
families and help them figure out the best strategies for them,
and then I get.
Speaker 3 (21:35):
To see how that plays out for them.
Speaker 2 (21:38):
Right.
Speaker 3 (21:38):
That's incredibly fulfilling.
Speaker 2 (21:40):
And I think now it's important then to kind of
flip things around here and to share with you the
conversations we are having with our clients right now, because
I do think you may be able to learn something
from some of the strategies that we are actually putting
into place and some that we have been working on
for years to kind of prepare clients for situations like this. Bob,
(22:04):
anything coming to mind for you right now?
Speaker 1 (22:07):
Yeah, two things come to mind.
Speaker 5 (22:08):
I you know, during times like this, to me, you
separate folks into two categories. And this might be painting
with too broad of a brush, but this is the
first thing that comes to mind. The first category is
people that have not thought about or even planned for
a volatility event like the one that we're having right now.
So there you're in scramble mode. You know, people generally
(22:31):
need cash and then you've got to figure out where
to take it from and these people are scrambling the other,
you know, side of the room, or folks that work
with us and work with a good fiduciary advisor and
we've quote unquote planned for this and we have and
so there's different conversations to have with different sides of
the room, and those conversations are quite different. I will
(22:54):
say this when we talk about people talk to people
about their risk tolerance. It's always good to have that
conversation when the markets are up dramatically and also when
they're down dramatically, because the answers can be completely different,
and now's the time to have that, you know, to
re engage with clients about that true risk assessment profile
(23:19):
to make sure that we're positioning portfolios correctly moving forward.
Speaker 3 (23:23):
Yeah.
Speaker 2 (23:24):
I also have so much compassion for those who are
getting ready to retire, have recently retired, are retired, because
I think if you're working and paychecks are still coming in,
it really does stink when you check your flour one K,
but you may not be is in panic mode as
those who are living off of these assets in retirement.
Speaker 3 (23:47):
We like to take a bucketed approach, right.
Speaker 2 (23:50):
I like to start building up cash reserves when a
client is getting closer to retirement. And sometimes this is
a hard conversation to have in up markets because when
I'm telling them not to be putting money into their
four oh and gay and they're like, wait, what you
know like last year, well my four oh one k's
I'm fifteen twenty percent. Why would I not, Well, you
need cash reserves. Yeah, but I'm not making much in
cash right now. Yes, but you will be glad during
(24:12):
times like this well, and that money isn't exposed to
the market, and.
Speaker 5 (24:16):
Those clients are thanking you right now, Amy, because you
did your job, you had the conversation, you planned for
this kind of an event, and this is what a
good fiduciary advisor does exactly.
Speaker 1 (24:28):
That.
Speaker 5 (24:29):
Another thing is, even if you're in sixty percent stock,
forty percent portfolio, seventy thirty whatever it is.
Speaker 1 (24:37):
You don't have to go sell stocks right now. You know.
Speaker 5 (24:40):
We we can work with our trade team and the
way we manage portfolios here to just sell bond positions
right now to you know, raise the cash that you
quote unquote have to have. Today, bonds are up almost
four percent year to date, so there are ways that
you can manage through this. Another one is for folks
that have to take require minimum distributions right now and
(25:03):
we're talking about Roth conversions. Wow, this is a great
time to maybe execute on that markets down thirteen fifteen,
whatever percent it is, do the Wroth conversion and whenever
we get the you know, proverbial comeback, the recovery is
going to be completely tax free.
Speaker 1 (25:19):
Once you pulled that.
Speaker 5 (25:20):
Money out of the IRA that you have to take
out anyway, you know, your tax bill is not going
to change at all. That RMD is what it is.
It's what happens to that money after you take it
out of the IRA. They can make a tremendous difference.
Speaker 2 (25:34):
Yeah, And I'm thinking about some clients that I have
now that are newer to me. They're working with another
advisor and there there were not a lot of cash
reserves right they're pulling money out of iras to live
off of. Well, that becomes, you know, so painful when
you're having to lock in losses. So you know, the
conversation I'm having with them is, Okay, let's open up
(25:55):
an IRA and pull some money that we're going to
need for the next year maybe of living expenses, and
let's not give that market exposure.
Speaker 3 (26:05):
Here's the benefit of that.
Speaker 2 (26:06):
The money that you're going to need to live off of,
you're not going to see these huge fluctuations in However,
going back to what Andy Stout, writer our chief investment officer,
just said, oftentimes the best days in the market come
on the heels of the very worst days in the market.
If you pull all of your money out of the market,
then you can't take advantage of that recovery. But if
(26:26):
you have a bucketed approach, what's the money I'm going
to need in the next one year that's out of
the market, you know, one to five years, three to
five years, right, you're a little more conservative.
Speaker 3 (26:36):
Money you're not going to need beyond that. Don't sweat this.
Speaker 2 (26:39):
I mean, I know it's easy to say don't sweat this,
but that money has time to recover. And while this
might feel different and in these tariffs are different, back
to Andy's point, market cycles are actually not any different.
The expectation is that every three to five years we
will have a twenty percent pullback. And certainly, you know, Bob,
(27:01):
you've been in this business for a long time, You've certainly.
Speaker 3 (27:04):
Been through much worse pullbacks.
Speaker 2 (27:05):
Than that, and also one hundred percent of the time
markets rebound to new highs.
Speaker 5 (27:11):
Yeah, the the annual average, the average annual pullback or decline,
and the S and P five hundred is around fourteen
percent amy, And that's exactly where we landed on Friday afternoon,
you know, down thirteen point four. Now, you know, the
market might be down a little more today, it might
be up.
Speaker 1 (27:29):
I don't know.
Speaker 5 (27:30):
But what we've experienced so far, even though it feels
like this time is different because the why behind the decline,
the actual monetary or percentage decline, is no different than
what we normally experience.
Speaker 1 (27:44):
So again it comes back to.
Speaker 5 (27:46):
Re replanning and you know, moving the ships around here
to say, hey, how do we navigate through the next
one to three years to eliminate this volatility from impacting
your monthly cash flow.
Speaker 1 (28:01):
And that's really what we've been talking about right now.
Speaker 2 (28:04):
Yeah, and it's just making sure you have built a boat.
I had someone call me, gosh, this was several several
weeks ago and say, I'm getting nervous, you know, what
should we be doing?
Speaker 3 (28:16):
And I looked at what we.
Speaker 2 (28:18):
Had already done. We had pulled a portion of their
IRA and put it in a buffer ETF. If this
is something you've never heard of before and you are
someone who's pretty nervous right now, this could be a
great strategy to look into. Right you can buffer yourself
from some of the downside that the market is experiencing
right now. And so they have a large cash position
(28:40):
and we've pulled back enough market exposure to where they
should be right at this.
Speaker 3 (28:45):
Point in their lives. But also, you know another thing
is pulling all your money out of the market.
Speaker 2 (28:50):
One of the other concerns or one of the other
risks there is inflation risk. Right then your money over
time may not keep up with inflation. So it's important
to figure out what your real goldilocks point is of
exposure to the markets. But also uh having some exposure
to fixed and commit fixed income instruments right and bonds
(29:10):
like that. So it's it's figuring out what is the
right asset allocation for you.
Speaker 5 (29:16):
Yeah, the key is to not make emotional, short term
decisions that are going to really mess you up down
the road. And usually scared money always loses all, almost
always loses you want you want to you want to
not be in a position where you're making decisions based
on fear, and that's the value of having a good
(29:37):
fiduciary advisor walk you through what we're going through right
now and plan accordingly and amy. The clients that actually
come in and have those conversations with us usually walk
out knowing they have a plan. They can sleep a
little better at night. I mean, let's let's face it,
everybody's a little uptight, nervous right now.
Speaker 1 (29:55):
But if you have a.
Speaker 5 (29:57):
Plan, you know, being nervous and a little uptight is
different than making wholesale decisions based on that fear that
can really mess you up down the road.
Speaker 2 (30:08):
I love that scared money always loses, right, How do
you keep yourself from making scared money decisions?
Speaker 3 (30:15):
You know, we always say it's our job to help our.
Speaker 2 (30:18):
Clients not make decisions that they cannot recover from. And
times like this, right or why maybe you need to
be working with someone you're listening to Simply Money presented
by all Worth Financial here on fifty five KRC the
talk station.
Speaker 1 (30:32):
When it comes to the news, corporate.
Speaker 7 (30:34):
Needs you to find the differences between this picture and
this picture.
Speaker 8 (30:38):
You won't have any trouble finding the differences.
Speaker 3 (30:41):
They're the same picture.
Speaker 1 (30:42):
Every day is different, very different.
Speaker 4 (30:44):
The story is a little bit different.
Speaker 1 (30:46):
Different things are happening every day. Every hour is different.
Speaker 5 (30:50):
So it's a little bit different, different from.
Speaker 1 (30:51):
What it was I'm just an hour ago. It's the source.
Source that's always the same, always been the same, the
same thing, And.
Speaker 4 (30:59):
I like that.
Speaker 8 (31:00):
Fifty five KRC the talk station on what is the
opposite of progress? You know what I'm saying, fifty five
KRC where it's still okay to tell us what you think?
Speaker 3 (31:17):
Listening to some money because I'm all worth financial.
Speaker 2 (31:20):
I mean you Wagner along with Bob spawn Teller, do
you have a financial question you need help with or
right now, maybe you have a dozen financial questions you
are trying to figure out.
Speaker 3 (31:29):
You are not alone.
Speaker 2 (31:30):
There's a red button you can click on while you're
listening to our show. It's right there on the iHeart app.
Record your question. It's coming straight to us. Okay, we
realize that it does not feel like a game right now,
and it is not a game right It is very
real when you're checking those flour oh one k balances.
But we are going to play fact or fiction right now,
and our focus is going to be on this volatility
(31:53):
that we're seeing in the markets right now, and I
think just based on what we're talking through here, you
might learn something or be reminded of something that is
really critical to keep in mind.
Speaker 3 (32:05):
Let's get to this, Bob fact or fiction.
Speaker 2 (32:07):
Volatility always signals a coming recession.
Speaker 1 (32:12):
It's fiction and that.
Speaker 5 (32:13):
Word always is almost always untrue. But you know, to
the point here of what we're dealing with today, Amy,
correct me if I'm wrong here. I don't think people
really care today what the word recession even means. Most
people can't even define that word. The technical definition of
a recession is two straight quarters of negative GDP growth.
(32:34):
Are we going to get there? I don't know, Nobody knows.
I think all people really care about is how is
this volatility impacting my long term financial plan? So, you know,
I think we got to stick with not worrying about
these words that get permeated through the media because they
have no other words to use, and just stick with
(32:57):
the blocking and tackling of getting people through a period
like this. Have a financial plan, have a plan for
your short term cash, stay invested with your long term
money for the long term, because eventually it will always
recover and you'll be glad that you hung in there.
Speaker 3 (33:15):
Agreed. Fact or fiction.
Speaker 2 (33:16):
The stock market and the economy are related, but not
the same.
Speaker 5 (33:22):
That's definitely a fact. And here we can look at
what's actually going on right now. Yes, the markets are down,
but what else is down? The price of oil, the
price of gas, Interest rates are coming down.
Speaker 1 (33:36):
There.
Speaker 5 (33:36):
We are still relatively at full employment. So where you
want to get nervous is if people are starting to
lose their jobs, if inflation is spiking, if the price
of things that we're using every day goes up, you
know dramatically. None of those things are happening yet, and
we don't know if they're going to happen. So you know,
(33:58):
the stock market is just a discounting mechanism of where
people see corporate profits six to twelve months from now.
That is not an indicator of the overall economy.
Speaker 2 (34:12):
I like to explain this as Wall Street versus Main Street, Right,
they very much impact each other, but they are not
the same. Wall Street is looking at large corporations, their earnings,
their revenue, what they're projecting.
Speaker 3 (34:26):
On Main Street, we're worried about our four and K.
Speaker 2 (34:30):
Balances right now, you know, we're worried about the price
of eggs.
Speaker 3 (34:34):
We're worried about is inflation. Have we seen the last of.
Speaker 2 (34:37):
It or could it go back up as the results
of these tariffs now based on the decision we're making
on Main Street, it can then impact what they're seeing
on Wall Street. So they are related, but they are
definitely not the same thing.
Speaker 3 (34:52):
Factor fiction, Bob.
Speaker 2 (34:53):
Some of the biggest single day games in history have
happened in really volatile markets.
Speaker 1 (35:00):
That is a fact.
Speaker 5 (35:01):
And you know we talk about this all the time.
I mean the missing the ten best days, the twenty
best days. The returns if you look over the last
twenty years if you stay fully invested in the state,
and we're talking about all stocks, which most of most
of our clients are not one hundred percent invested in stocks,
but the numbers that I'm going to share are are
(35:21):
are powerful. You stay fully invested for the last twenty years,
your average annual return is ten point three percent. If
you miss just the ten best days in the market,
that total return drops to six point one percent. Think
about that, You give up forty percent of your twenty
year return by being out of the market for the
(35:43):
ten best days and That's why, as painful as it
is for your longer term money, you gotta hang in
there and ride it out because it makes a humongous
difference down the road.
Speaker 2 (35:56):
I have looked at this in two thousand and seven
to an eight, right when markets were started to recover.
The headlines that day and the in all of the
newspapers and online were about big banks collapsing. There was
no reason to think that we were coming out of this.
Speaker 3 (36:13):
Let's go back to the pandemic, right.
Speaker 2 (36:15):
We all remember that as investors, the free fall that
happened between February that year and mid March, and then
for whatever reason.
Speaker 3 (36:24):
Markets started to recover.
Speaker 2 (36:26):
People were still I mean, the economy was still shut down,
people were still working from home.
Speaker 7 (36:30):
Uh.
Speaker 2 (36:30):
There was no sign of vaccines or even any talk
of it by that point, and yet markets had started
to rebound. So, you know, I think Bop to your point,
there's no way of knowing when they'll come, but man,
it would be it would be really bad as an
investor to miss them. And I think kind of that's
the perspective that you need to have coming up next.
Speaker 3 (36:51):
I think we're going to we're going to continue on
this line.
Speaker 2 (36:53):
Of thinking of timing the markets versus time in the market.
And we're going to share maybe even a couple of
stories of how you can get this right and how
you can get this wrong, and how we've seen this
play out for investors. You're listening to Simply Money presented
by all Worth Financial here on fifty five KRS the
talk station.
Speaker 5 (37:15):
Give even greater access to the American people front and center.
Speaker 1 (37:19):
Every hour, every day that you think you've seen it all,
something is said. What's actually happening? If something is happening,
historic transparency.
Speaker 8 (37:27):
Something in our city in order back to everything in
our country.
Speaker 3 (37:31):
What is happening in our country?
Speaker 1 (37:33):
Something in our world toward peace are happening? CHECKI in
all day, all day long. It's always something.
Speaker 8 (37:39):
Listen to your radio station fifty five KRS the talk station.
Speaker 5 (37:43):
Where you figure out what to do about all this
violence recently, or someone is going to get seriously.
Speaker 8 (37:48):
Hurt fifty five KRC, where it's still okay to tell
us what you think.
Speaker 2 (37:57):
Listening to Simply Money presented by all Worth Financial Immi
Wagner along with Bob's bonds.
Speaker 3 (38:03):
As an investor, it is really easy to.
Speaker 2 (38:05):
Think this time is different and these tariffs are different.
But from an investing standpoint, is it really? Is this
market cycle really different? Bob?
Speaker 3 (38:19):
You have been in this business for a long time.
You know what goes through your head during times like.
Speaker 5 (38:26):
This, Well, what goes through my head, I think is
what goes through a lot of people's heads is our
our natural emotional bonds is to default to. This time
is different. Let's just go back to the two thousand
and eight, two thousand and nine housing crisis. I mean, Amy,
I remember looking at the price of fifth third Bank,
(38:48):
City Bank, you know, at a dollar a dollar twenty
a share. We're talking about the possibility of banks going
out of business. And if you're sitting there at your
desk looking, you know, or in your office looking and
charts of stocks, you're like, what the you know, what
is going on? I mean, are we going into a depression?
You know, it felt like this time is different. Same
(39:09):
thing with COVID. You know, it's it's real easy to
look in the rear view mirror now because the thirty
four percent COVID decline in the market was pretty short lived.
But back when that was going on, I mean, we're
sequestered in our basements, nobody can go to work, nobody
can go to church, nobody can do anything. And you're
thinking that, you know, this time is different and kind
(39:32):
of the proverbial world's going to come to an end.
Now we've got one guy, the President of the United States,
you know, with his hand on the wheel, dictating trade policy.
And yeah, that is different. It feels different. But as
we talk about all the time, you know, the the
(39:52):
US economy, the US consumer, the United States government corporations,
we're a very resilient people and we always get through
these things and move on to better and better days.
And I have complete confidence one way or the other,
the same thing's going to happen.
Speaker 1 (40:10):
Now.
Speaker 2 (40:11):
This is a time and maybe you need to go
into the bathroom and look in the mirror and tell yourself,
I am a long term investor, rate and say it
over and over again, because if you were to pull
your money out of the market right now, I think
you might feel instant relief, right, instant relief that if
markets continue to slide, that you are not part of it.
(40:33):
But I have also seen so many horror stories, sad stories,
tales that did not end well.
Speaker 3 (40:41):
For people who pulled it out. So you get that
instant relief.
Speaker 2 (40:45):
But then you've got to make another decision correctly and
that that's right to put me back in.
Speaker 5 (40:50):
If you do that, you've got to be right twice,
and it is extreme. Think about how hard it was
to predict what's happened in the last week. Yes, most
people couldn't predict that. It is impossible to be right
twice and say, well, I picked the right day to
get back in. So that's why yanking that money and
(41:11):
going to cash feels great in the short term, but boy,
can it have a negative impact.
Speaker 1 (41:16):
Long term on the viability of your financial plan.
Speaker 3 (41:20):
Repeat after me. I am a long term investor, right
just keep saying that. Thanks for listening tonight. Tune in tomorrow.
Speaker 2 (41:28):
We're talking about why ladders could be a good investment
strategy for you. Right now, you've been listening to Simply Money,
presented by all Worth Financial here on fifty five KRC,
the talk station.
Speaker 1 (41:38):
You're about it.
Speaker 2 (41:39):
We're on the tenth yard line of peace. We're getting close.
Speaker 8 (41:42):
Talk about it.
Speaker 7 (41:43):
I'll believe a psychopath.
Speaker 8 (41:47):
Where's why is any here explaining?
Speaker 4 (41:50):
Colin?
Speaker 1 (41:51):
Thank you?
Speaker 4 (41:52):
I love hearing the Democrats for news.
Speaker 2 (41:54):
We've been ripped off as a country for many, many years, and.
Speaker 1 (41:57):
Your views are trillions in deaths.
Speaker 7 (42:02):
How can tariffs be effective if they're hurting both countries.
Am I on the air fifty five KRC, the talk
station
You're just using in white axe and cutting everything and
often for the latest. I'm just divided fifty five KRC.
Speaker 2 (00:07):
The talk station.
Speaker 3 (00:17):
Night tuckets car panicking. Should you you're listening.
Speaker 2 (00:21):
To Simply Money, presented by all Worth Financial Imani Wagner
along with Bob Spondteller.
Speaker 3 (00:25):
If you are maybe a.
Speaker 2 (00:27):
Little bit nervous about the current state of the market,
the economy and more, you are spending some good time
tonight with us.
Speaker 3 (00:35):
You have come to the right place.
Speaker 2 (00:36):
We are going to provide some much needed perspective which
I think is lacking in all of the headlines.
Speaker 3 (00:42):
And articles that I'm seeing out there. Joining us right now.
Speaker 2 (00:45):
All Worth Chief Investment Officer Andy Stout, Andy, we were
talking uh with you just a second ago, saying like.
Speaker 3 (00:52):
How is your weekend?
Speaker 2 (00:53):
You were working all weekend trying to stay up to
breast and maybe a little bit ahead.
Speaker 3 (00:59):
Of what's going on.
Speaker 2 (01:02):
So let's start with catch us up on maybe where
we are right now with these tariffs.
Speaker 4 (01:09):
Well, where we are right now, it's a very very
fluid situation. And when you think about just the big picture,
we see tariff rates or these the average effective tariff
rate having increased to the highest level since nineteen oh nine.
That's higher than what the infamous Smooth Holly Ter Effact
(01:32):
of nineteen thirty, which made the Great Depression a lot worse,
higher than what we saw there got around to a
nineteen percent now, to be clear, to be very very clear,
I'm not suggesting we're on the verge of a depression.
So any sort of analogies that people are making to
periods like that, you know, the world is in a
(01:53):
much different position right now. And I'm sure everybody's heard
that this time is different, you know, monolog if you will,
and everybody says, all this time is different. It's always different,
But it's different because there's always a different catalyst. But
what's not different is that this is a market cycle,
and markets go through cycles, and this is not fun, obviously,
(02:15):
but it's part of a normal investing cycle. Now, when
you look at just the overall tariff rate, just to
give you a little bit more specific to amy, since
you asked, at the end of last year, our average
tariff rate was two point three percent. Now it's around
twenty two percent. Once you factor in the board of
Trump held up and with the auto tariffs that went
(02:36):
into effect, last Wednesday, as well as the tariff's already
in place on China, Canada and Mexico, so definitely introducing
a new level of economic uncertainty.
Speaker 5 (02:49):
Andy, let's talk about how what's going on right now
might be different and just how things have changed since
the nineteen thirties and the smooth Holly tariffs and the
Great Depression and all that. And what I mean is,
you know, we've got people and even in my own mind,
I mean, let's face it, this is a unilateral decision
by one one person, the President of the United States,
(03:11):
to take us down this tariff road.
Speaker 1 (03:14):
That is different.
Speaker 5 (03:15):
But I would I would counter with, you know, the
financial markets are so much more complicated than they were
back in the depression.
Speaker 1 (03:24):
You know what is different in.
Speaker 5 (03:25):
Regards to volatility, and I'm thinking of things like algorithmic trading,
you know, models and everything that can create tremendous short
term volatility in the market. Talk to us a little
bit about how things have changed since the nineteen thirties,
just with the financial markets.
Speaker 4 (03:45):
Well, certainly the financial plumbing as it's known, is significantly
more interconnected and information is really instant. So back then
there was no internet. I mean, there wasn't the instant
communication when you know, big news happen. Now, when news happens,
things get priced in right away. We basically have trading,
(04:08):
you know, twenty four hours a day, nearly seven days
a week. I mean you could you could find a
way to trade pretty much any time of the day
that you really want to. And these aren't things that
were available. So there's a lot more information available quickly.
And then, like you were saying, there's algorithmic trading that
pushes the markets around the Federal Reserve and all of
(04:30):
their monetary policies. It's now flowing from a global perspective
to where you know, we have agreements with other central
banks where we buy and lend dollars and other currencies
to one another in order to try to you know,
loosen the economy and try to keep things flowing, so
there's no like liquidity crisis and things like that. So
(04:52):
there's a lot more tools not only at the trader
stands like you were saying regarding algorithmic trading and having
information available, but there's also a lot more tools to
help combat any sort of potential crisis that could come up,
like a liquidity crisis where you know, capital dries up.
(05:13):
You know, we're not in a situation like that. I
mean we are in a situation. And what the market
is trying to figure out though, is what does this
all mean for the economy, Because when you look at
all the various scenarios and how you know this can
play out, the market doesn't quite yet know. Are we
on the verge of an economic slowdown where you could
(05:35):
fall into a recession or is this something where maybe
things get walked back a little bit. So, you know, Amy,
you mentioned at the very beginning, I was up, you know,
last night doing some work. What I was looking at
a lot is not just what you know, what's going on,
but essentially doing a little game theory of trying to
(05:57):
play out the different scenarios that are partners could have,
because it's not just about hey, here's where we're at
the day. We got to think not just today, but
we need to think one, two, three, four steps that
had ahead in terms of what people respond to us
with and what our response to them might be, and
then how this all plays out over a multi uh
(06:19):
you know, year, month, whatever however long this last, you know,
different timeframes.
Speaker 2 (06:24):
Yeah, yeah, I'd love to hear your thoughts on a
few of those scenarios, Andy.
Speaker 4 (06:29):
Well, I think there's a number of scenarios that could
play out. Ultimately. I think it's going to be some
sort of combination.
Speaker 1 (06:37):
What you hear the.
Speaker 4 (06:37):
Most is like, oh, this is an outright trade war.
World's going to come to an end, lasting retaliation, long
term economic destructions, disruption. At the same time, inflation will
you know, rear its ugly head and we're in this
not necessarily a stackflation environment, but an economic to colign
with inflation. That's kind of the worst case scenario. Not
(07:02):
saying it's impossible, but it's highly unlikely that it's just
that in isolation, because there's also strategic stalemate where you know,
we have tears that remain selective, we have partial deals reached.
You know, that's probably if you're just looking at a
single scenario. The most likely could also see some sort
of grand bargain. And this is what Trump's ideal situation
(07:23):
would to be, where terriffs lead to comprehensive trade agreements
and we have better terms for the US. Trump's also
looking to have like a manufacturing revival on shoring domestic
production and having less reliance on foreign supply chains. So
you know, those are some of the things. And I
think the couple others that aren't really talked about too
(07:45):
much is congressional or judicial intervention. So courts can rule
against certain aspects of this, and Congress could actually step
in as well. This would require, you know, Congress actually
work together to a degree. So so we'll see on
that one. But there are policies in place to where
(08:05):
you know, they can come together and they could roll
things back if they feel the president has overreached. And
then we can also and I think these two are
probably the most unlikely. The US just retreats completely. I
don't think that's going to happen, where he's walked back everything.
I think that's too late for that. Or our trade
partners completely capitulate, that's also unlikely. I think what we're
(08:27):
more likely to see is a fragmented response, meaning we
have some partners retaliate. We're already seeing that with Canada.
Others negotiate or partially concede. The EU has talked about saying,
you know, they want to, you know, find a good deal,
and I think you also see the US soften its stance.
I don't think Trump can walk it back completely, but
(08:48):
given where the financial markets are right now, hearing the
political pressures that he is facing, I think we could
see a softening of a stance, and ultimately this leads
to I'll call it an e even global response with
some I don't say a long period of uncertainty, but
definitely a period of uncertainty. Now the question is does
(09:10):
that uncertainty lead to an economic recession or is it
really just more of a pause. If it's an economic recession,
probably have some more pain to go. If we don't
fall into recession, this might end up being a great
buying opportunity.
Speaker 1 (09:26):
Andy.
Speaker 5 (09:26):
While all these deliberations go on, and I think it's
virtually impossible to get into the mind of President Trump
and what he's thinking and what he's going to do. Meanwhile,
business goes on, Earnings go on. We've got major bank
earnings coming out later on this week. As you look
and digest data that you have in front of you,
what are you expecting to see in terms of bank
(09:48):
earnings this week?
Speaker 4 (09:50):
Well, yeah, we do have the US's largest bank reporting earnings.
We have JP Morgan, and we also have you know,
some other banks, Wells Fargo, Morgan Stanley Reporting, and when
you look at all of these banks in general, I mean,
this is going to be an interesting time to pay
(10:12):
attention to it because it's not just about what the.
Speaker 1 (10:14):
Expected earnings are.
Speaker 4 (10:16):
And by the way, the expected earnings for all of
the S and P five hundred is a growth rate
of six point eight percent in the first quarter of
twenty five compared to the first quarter of twenty four.
But what's going to probably be more important, given what
we've talked about for the past ten minutes, basically is
how the banks and other corporations believe that tariffs and
(10:38):
the uncertainty resulting from them will affect future profits. Because
if you think about it just from a corporation standpoint,
I mean, if they have some major projects that they're
working on, they they'll probably put those on hold and
pause so they get a better idea of what the
rules of the game are, because the rules are changing
(10:59):
and you don't want to make it a big decision
if you don't know what the rules are.
Speaker 2 (11:02):
I think you've given us some fantastic perspective on maybe
potential scenarios how this could play up. I would love
to get your thoughts on how investors need to be
looking at this if they should be making any changes.
I think there's probably some investors out there who are thinking,
maybe I just pull all my money out of the
(11:24):
markets until we.
Speaker 3 (11:25):
Know what's happening here.
Speaker 2 (11:27):
If you don't mind, let's stick around into the next
block and let's talk through the message for investors during
this period of uncertainty. Here's the all Worth advice. This
volatility can feel downright scary. It's also the part of
normal market cycles. As Andy reminds us. Coming up next,
Andy is going to stick around. We are going to
(11:49):
tell you as an investor, maybe what to keep in mind, if.
Speaker 3 (11:53):
There are any things you should be doing to shift how.
Speaker 2 (11:56):
You're invested, or if you should stay the course you're
listening to Simply money presented by all Worth Financial here
in fifty five KRC the Talk station.
Speaker 6 (12:05):
Yes, I've KRC, Cincinnati, make us the number one preset
on your car radio and on the free new and
improved iHeartRadio app. Free never sounded so good. Fifty five
KRC the Talk Station.
Speaker 7 (12:15):
All Worth Financial a registered investment advisory firm. Any ideas
presented during this program are not intended to provide specific
financial advice you should consult your own financial advisor, tax consultant,
or a state planning attorney to conduct your own due diligence.
Speaker 2 (12:35):
Listening to Simply Money presented by all Worth Financial, I
mean you Wagner along with Bob Sponseller straight ahead at
six forty three, we are playing some factor fiction. Of course,
no games in these markets right now, but we are
going to look specifically on the current volatility and the
market and give you some more perspective there. Andy Stout,
all Worth chief Investment Officer, continues to join us on
(12:57):
this show.
Speaker 3 (12:59):
And Andy, first of all, I appreciate you kind.
Speaker 2 (13:01):
Of laying out the different scenarios and how this could
play out from a full blown trade ward to a
mix to completely kind of walking back where we are
right now, and everything in between. But I think for
a lot of investors it's what should I be doing,
if anything, And I think there's probably some out there
(13:22):
who are saying, listen, late last week kind of felt
like a bloodbath for markets.
Speaker 3 (13:26):
We do not know what's going to happen this week.
Speaker 2 (13:28):
I'm just going to go ahead and pull my money
out of the market until we have some resolution around
all this and I'm wondering, what are your thoughts on that,
what's your message to those investors.
Speaker 4 (13:41):
Well, the unfortunate thing is that the market doesn't give
us the all clear sign tells us okay, now you
can invest. Usually what happens the market rebounds, and by
the time we have rebounded, people end up who wanted
to get out when there's uncertainty. What happens is they
miss out on that rebound and essentially they locked in
(14:01):
losses and missed out on the recovery. Because knowing how
the market cycles work, I believe it's probably one of
the best ways that an investor can really prepare themselves for,
you know, financial peace of mind. And if you look
at amy just like prior, you know, large drops. So
I looked at you know, over the weekend because it
(14:24):
seemed like the fun thing to do. I looked at
all the daily price stock returns on a daily basis
for the S and P five hundred, and I looked
at the worst one day and worst two day periods.
And when you look at those two day periods, there's
essentially three other times when it was as bad as
what Thursday and Friday was, and that was nineteen eighty
(14:48):
seven with the crash there November of two thousand and eight,
and then March of twenty twenty, so those there were
two day periods in each of those. The worst was
nineteen eighty seven when the SMB lost almost twenty five percent.
Two thousand and eight, market went down twelve and a half.
Twenty twenty in March went down almost fourteen percent. But
(15:11):
you know what happened after that two day dropped. One
month later, after the October eighty seven crash, market was
up seven percent. One year later it was up twenty
eight percent. Look at two thousand and eight in the
mid to late November. One month later market was up
eighteen percent. And I know there was some more volatility
between now when then went between then and when the
(15:33):
market eventually bought them in March. But one year later
it was up almost fifty percent, and we were well
underway to that recovery. And in March of twenty twenty,
the shortest bear market of all time.
Speaker 1 (15:44):
One month later.
Speaker 4 (15:45):
After March twelfth, we were thirteen percent higher, and then
one year later it was sixty one percent higher. Now,
there's absolutely no guarantee that you're going to see returns
from where we're at right now one year from now
in that thirty to six percent range. I mean, I
want to be very very clear about that because there
is still a lot of uncertainty out there. But what
we don't know is we don't know what the market
(16:08):
will do. That's not going to give us the all
clear sign. So the best you know, if history would
tell you at least that you're focusing more on the
longer run and not letting the emotions of driven by headlines,
shouldn't let that dictate what you do with your investment mix.
Speaker 5 (16:27):
So, Andy, what we're really saying here, if I understand
you correctly, is usually by the time people feel better
and feel like the quote unquote coast is clear, a
big part of this recovery has already happened. And if
you're sitting in cash waiting to feel better, you're missing
out on some of the biggest market days in history.
Speaker 1 (16:47):
Is that?
Speaker 5 (16:47):
Is that somewhat what you're saying, irrespective of the percentages,
because to your point, we can't guarantee, nor should we
predict what kind of recovery we're going to have and win.
Speaker 4 (16:59):
Yeah, absolutely so. I mean if you just look at
prior sell offs. I mean the market you know down,
you know, say, once it's down twenty percent. What we've
seen in the past is over the next basically one year,
three year, and five year periods, you've seen you know,
like twenty percent rates of returns over the next one
year on a cumulative basis, forty six percent over three years,
(17:22):
and eighty percent over the next five years after the
market has first dropped into that twenty percent correction zone. Now,
the thing that you're mentioning there about is that you
see a lot of volatility during that time period, and
when you do see the sell offs, Uh, there's also
some of the best days that can occur because you
see some of the best days occurring around stock market bottoms,
(17:43):
and even just missing a few of them can really
cut your returns substantially. So if you just look at it,
just for example, look at the last twenty years, uh,
the average SMP five hundred analyzed returns about ten.
Speaker 1 (17:58):
Point three percent.
Speaker 4 (17:59):
If if you remove just the ten best days because
you're trying to get cute, that falls down to six percent.
To put that in dollar terms, say you had a
million dollars invested, it would have gotten to about seven
million you know, hypothetically invested s and P five hundred
total return index, whereas if you miss just those ten
best days, it's only about three point three million.
Speaker 1 (18:21):
But here's the other thing. I remember that's over a
twenty year period of time.
Speaker 4 (18:24):
Right, Yeah, And here's the thing that's critically critically important.
Two things actually. First is, as you just said a
second ago, if the if you're in cash and you're
sitting on the sidelines, I mean, there's ways to be
invested but protected the downside. So there's certainly some called
buffer strategies and things like that dollar cross averagings and
(18:45):
other popular strategy. There's ways that you can still get
that market exposure. And the last thing I do want
to mention is that we're talking about just equities. You
know what bonds are actually up during this period of time.
So if you have a diversified portfolio, it's not as
bad as those headlines and make it out to be.
You're actually not in terrible shape depending on what your
(19:06):
overall you know, stock bond mixes.
Speaker 2 (19:08):
I want to talk about that for a second, Andy,
because you know, going back to twenty twenty two, we've
always kind of referred to bonds as the shock absorbers
in your portfolio. They did not behave like that during
that time, and I think there was maybe a behavioral
shift of some investors to say, what's the point of
having bonds anyway? Right now, I think we're seeing it
play out exactly why you may want some bonds, And
(19:31):
from a practical standpoint, if investors are wondering what they
should be doing right now, it might be to look at.
Speaker 3 (19:37):
Your asset allocation.
Speaker 2 (19:39):
And to figure out is this truly the best asset allocation.
It's great to be in all stocks in twenty twenty
four and twenty twenty three when you could do no wrong,
but what about now?
Speaker 1 (19:50):
And what about two thousand and eight.
Speaker 4 (19:51):
Let's look at the classic bear yar stocks fell thirty
seven percent, S and P five hundred and two thousand
and eight bonds you were up six percent, so you
got the protection from there. That's usually what happens. I
know it doesn't always happen that way, but when you
have this risk off environment, that's when bonds really can
shine and add some at a ballast, if you will,
(20:12):
to your overall investment mix, helping you to sleep a
little bit better at night.
Speaker 3 (20:16):
Here's the all Worth Advice.
Speaker 2 (20:17):
If your investments are truly diversified right and you have
the right asset allocation aligned with your long term goals,
please please resist the urge.
Speaker 3 (20:26):
To panic sell right now.
Speaker 2 (20:28):
Coming up next, we're going to be back talking about
the strategies that we are talking through with our clients
right now. Maybe some of this could apply to you.
You're listening to Simply Money, presented by all Worth Financial.
Here in fifty five krs the talk station, the day's News.
Speaker 8 (20:44):
We gave you a piece that are comment study not
to become a social activist.
Speaker 1 (20:47):
Your tax dollars ah to be spented widely.
Speaker 7 (20:49):
He's trying to give a tax cut the billionaires checky
eat out. We've never had fire quite like this with the.
Speaker 1 (20:55):
Very latest fifty five krs the talk station. This is
Jeff try State Men's Health.
Speaker 2 (21:01):
This is fifty five karc an iHeartRadio station listening to
Simply When you've presented by all Worth Financial, I mean
you Wagnore along with Bob's sponsller. I often say one
of the reasons I love my job so much is
that I get to do this show and I get
to give great money advice kind of to the masses.
(21:25):
At the same time, I get to sit down in
my office and talk to individual investors and couples and
families and help them figure out the best strategies for them,
and then I get.
Speaker 3 (21:35):
To see how that plays out for them.
Speaker 2 (21:38):
Right.
Speaker 3 (21:38):
That's incredibly fulfilling.
Speaker 2 (21:40):
And I think now it's important then to kind of
flip things around here and to share with you the
conversations we are having with our clients right now, because
I do think you may be able to learn something
from some of the strategies that we are actually putting
into place and some that we have been working on
for years to kind of prepare clients for situations like this. Bob,
(22:04):
anything coming to mind for you right now?
Speaker 1 (22:07):
Yeah, two things come to mind.
Speaker 5 (22:08):
I you know, during times like this, to me, you
separate folks into two categories. And this might be painting
with too broad of a brush, but this is the
first thing that comes to mind. The first category is
people that have not thought about or even planned for
a volatility event like the one that we're having right now.
So there you're in scramble mode. You know, people generally
(22:31):
need cash and then you've got to figure out where
to take it from and these people are scrambling the other,
you know, side of the room, or folks that work
with us and work with a good fiduciary advisor and
we've quote unquote planned for this and we have and
so there's different conversations to have with different sides of
the room, and those conversations are quite different. I will
(22:54):
say this when we talk about people talk to people
about their risk tolerance. It's always good to have that
conversation when the markets are up dramatically and also when
they're down dramatically, because the answers can be completely different,
and now's the time to have that, you know, to
re engage with clients about that true risk assessment profile
(23:19):
to make sure that we're positioning portfolios correctly moving forward.
Speaker 3 (23:23):
Yeah.
Speaker 2 (23:24):
I also have so much compassion for those who are
getting ready to retire, have recently retired, are retired, because
I think if you're working and paychecks are still coming in,
it really does stink when you check your flour one K,
but you may not be is in panic mode as
those who are living off of these assets in retirement.
Speaker 3 (23:47):
We like to take a bucketed approach, right.
Speaker 2 (23:50):
I like to start building up cash reserves when a
client is getting closer to retirement. And sometimes this is
a hard conversation to have in up markets because when
I'm telling them not to be putting money into their
four oh and gay and they're like, wait, what you
know like last year, well my four oh one k's
I'm fifteen twenty percent. Why would I not, Well, you
need cash reserves. Yeah, but I'm not making much in
cash right now. Yes, but you will be glad during
(24:12):
times like this well, and that money isn't exposed to
the market, and.
Speaker 5 (24:16):
Those clients are thanking you right now, Amy, because you
did your job, you had the conversation, you planned for
this kind of an event, and this is what a
good fiduciary advisor does exactly.
Speaker 1 (24:28):
That.
Speaker 5 (24:29):
Another thing is, even if you're in sixty percent stock,
forty percent portfolio, seventy thirty whatever it is.
Speaker 1 (24:37):
You don't have to go sell stocks right now. You know.
Speaker 5 (24:40):
We we can work with our trade team and the
way we manage portfolios here to just sell bond positions
right now to you know, raise the cash that you
quote unquote have to have. Today, bonds are up almost
four percent year to date, so there are ways that
you can manage through this. Another one is for folks
that have to take require minimum distributions right now and
(25:03):
we're talking about Roth conversions. Wow, this is a great
time to maybe execute on that markets down thirteen fifteen,
whatever percent it is, do the Wroth conversion and whenever
we get the you know, proverbial comeback, the recovery is
going to be completely tax free.
Speaker 1 (25:19):
Once you pulled that.
Speaker 5 (25:20):
Money out of the IRA that you have to take
out anyway, you know, your tax bill is not going
to change at all. That RMD is what it is.
It's what happens to that money after you take it
out of the IRA. They can make a tremendous difference.
Speaker 2 (25:34):
Yeah, And I'm thinking about some clients that I have
now that are newer to me. They're working with another
advisor and there there were not a lot of cash
reserves right they're pulling money out of iras to live
off of. Well, that becomes, you know, so painful when
you're having to lock in losses. So you know, the
conversation I'm having with them is, Okay, let's open up
(25:55):
an IRA and pull some money that we're going to
need for the next year maybe of living expenses, and
let's not give that market exposure.
Speaker 3 (26:05):
Here's the benefit of that.
Speaker 2 (26:06):
The money that you're going to need to live off of,
you're not going to see these huge fluctuations in However,
going back to what Andy Stout, writer our chief investment officer,
just said, oftentimes the best days in the market come
on the heels of the very worst days in the market.
If you pull all of your money out of the market,
then you can't take advantage of that recovery. But if
(26:26):
you have a bucketed approach, what's the money I'm going
to need in the next one year that's out of
the market, you know, one to five years, three to
five years, right, you're a little more conservative.
Speaker 3 (26:36):
Money you're not going to need beyond that. Don't sweat this.
Speaker 2 (26:39):
I mean, I know it's easy to say don't sweat this,
but that money has time to recover. And while this
might feel different and in these tariffs are different, back
to Andy's point, market cycles are actually not any different.
The expectation is that every three to five years we
will have a twenty percent pullback. And certainly, you know, Bob,
(27:01):
you've been in this business for a long time, You've certainly.
Speaker 3 (27:04):
Been through much worse pullbacks.
Speaker 2 (27:05):
Than that, and also one hundred percent of the time
markets rebound to new highs.
Speaker 5 (27:11):
Yeah, the the annual average, the average annual pullback or decline,
and the S and P five hundred is around fourteen
percent amy, And that's exactly where we landed on Friday afternoon,
you know, down thirteen point four. Now, you know, the
market might be down a little more today, it might
be up.
Speaker 1 (27:29):
I don't know.
Speaker 5 (27:30):
But what we've experienced so far, even though it feels
like this time is different because the why behind the decline,
the actual monetary or percentage decline, is no different than
what we normally experience.
Speaker 1 (27:44):
So again it comes back to.
Speaker 5 (27:46):
Re replanning and you know, moving the ships around here
to say, hey, how do we navigate through the next
one to three years to eliminate this volatility from impacting
your monthly cash flow.
Speaker 1 (28:01):
And that's really what we've been talking about right now.
Speaker 2 (28:04):
Yeah, and it's just making sure you have built a boat.
I had someone call me, gosh, this was several several
weeks ago and say, I'm getting nervous, you know, what
should we be doing?
Speaker 3 (28:16):
And I looked at what we.
Speaker 2 (28:18):
Had already done. We had pulled a portion of their
IRA and put it in a buffer ETF. If this
is something you've never heard of before and you are
someone who's pretty nervous right now, this could be a
great strategy to look into. Right you can buffer yourself
from some of the downside that the market is experiencing
right now. And so they have a large cash position
(28:40):
and we've pulled back enough market exposure to where they
should be right at this.
Speaker 3 (28:45):
Point in their lives. But also, you know another thing
is pulling all your money out of the market.
Speaker 2 (28:50):
One of the other concerns or one of the other
risks there is inflation risk. Right then your money over
time may not keep up with inflation. So it's important
to figure out what your real goldilocks point is of
exposure to the markets. But also uh having some exposure
to fixed and commit fixed income instruments right and bonds
(29:10):
like that. So it's it's figuring out what is the
right asset allocation for you.
Speaker 5 (29:16):
Yeah, the key is to not make emotional, short term
decisions that are going to really mess you up down
the road. And usually scared money always loses all, almost
always loses you want you want to you want to
not be in a position where you're making decisions based
on fear, and that's the value of having a good
(29:37):
fiduciary advisor walk you through what we're going through right
now and plan accordingly and amy. The clients that actually
come in and have those conversations with us usually walk
out knowing they have a plan. They can sleep a
little better at night. I mean, let's let's face it,
everybody's a little uptight, nervous right now.
Speaker 1 (29:55):
But if you have a.
Speaker 5 (29:57):
Plan, you know, being nervous and a little uptight is
different than making wholesale decisions based on that fear that
can really mess you up down the road.
Speaker 2 (30:08):
I love that scared money always loses, right, How do
you keep yourself from making scared money decisions?
Speaker 3 (30:15):
You know, we always say it's our job to help our.
Speaker 2 (30:18):
Clients not make decisions that they cannot recover from. And
times like this, right or why maybe you need to
be working with someone you're listening to Simply Money presented
by all Worth Financial here on fifty five KRC the
talk station.
Speaker 1 (30:32):
When it comes to the news, corporate.
Speaker 7 (30:34):
Needs you to find the differences between this picture and
this picture.
Speaker 8 (30:38):
You won't have any trouble finding the differences.
Speaker 3 (30:41):
They're the same picture.
Speaker 1 (30:42):
Every day is different, very different.
Speaker 4 (30:44):
The story is a little bit different.
Speaker 1 (30:46):
Different things are happening every day. Every hour is different.
Speaker 5 (30:50):
So it's a little bit different, different from.
Speaker 1 (30:51):
What it was I'm just an hour ago. It's the source.
Source that's always the same, always been the same, the
same thing, And.
Speaker 4 (30:59):
I like that.
Speaker 8 (31:00):
Fifty five KRC the talk station on what is the
opposite of progress? You know what I'm saying, fifty five
KRC where it's still okay to tell us what you think?
Speaker 3 (31:17):
Listening to some money because I'm all worth financial.
Speaker 2 (31:20):
I mean you Wagner along with Bob spawn Teller, do
you have a financial question you need help with or
right now, maybe you have a dozen financial questions you
are trying to figure out.
Speaker 3 (31:29):
You are not alone.
Speaker 2 (31:30):
There's a red button you can click on while you're
listening to our show. It's right there on the iHeart app.
Record your question. It's coming straight to us. Okay, we
realize that it does not feel like a game right now,
and it is not a game right It is very
real when you're checking those flour oh one k balances.
But we are going to play fact or fiction right now,
and our focus is going to be on this volatility
(31:53):
that we're seeing in the markets right now, and I
think just based on what we're talking through here, you
might learn something or be reminded of something that is
really critical to keep in mind.
Speaker 3 (32:05):
Let's get to this, Bob fact or fiction.
Speaker 2 (32:07):
Volatility always signals a coming recession.
Speaker 1 (32:12):
It's fiction and that.
Speaker 5 (32:13):
Word always is almost always untrue. But you know, to
the point here of what we're dealing with today, Amy,
correct me if I'm wrong here. I don't think people
really care today what the word recession even means. Most
people can't even define that word. The technical definition of
a recession is two straight quarters of negative GDP growth.
(32:34):
Are we going to get there? I don't know, Nobody knows.
I think all people really care about is how is
this volatility impacting my long term financial plan? So, you know,
I think we got to stick with not worrying about
these words that get permeated through the media because they
have no other words to use, and just stick with
(32:57):
the blocking and tackling of getting people through a period
like this. Have a financial plan, have a plan for
your short term cash, stay invested with your long term
money for the long term, because eventually it will always
recover and you'll be glad that you hung in there.
Speaker 3 (33:15):
Agreed. Fact or fiction.
Speaker 2 (33:16):
The stock market and the economy are related, but not
the same.
Speaker 5 (33:22):
That's definitely a fact. And here we can look at
what's actually going on right now. Yes, the markets are down,
but what else is down? The price of oil, the
price of gas, Interest rates are coming down.
Speaker 1 (33:36):
There.
Speaker 5 (33:36):
We are still relatively at full employment. So where you
want to get nervous is if people are starting to
lose their jobs, if inflation is spiking, if the price
of things that we're using every day goes up, you
know dramatically. None of those things are happening yet, and
we don't know if they're going to happen. So you know,
(33:58):
the stock market is just a discounting mechanism of where
people see corporate profits six to twelve months from now.
That is not an indicator of the overall economy.
Speaker 2 (34:12):
I like to explain this as Wall Street versus Main Street, Right,
they very much impact each other, but they are not
the same. Wall Street is looking at large corporations, their earnings,
their revenue, what they're projecting.
Speaker 3 (34:26):
On Main Street, we're worried about our four and K.
Speaker 2 (34:30):
Balances right now, you know, we're worried about the price
of eggs.
Speaker 3 (34:34):
We're worried about is inflation. Have we seen the last of.
Speaker 2 (34:37):
It or could it go back up as the results
of these tariffs now based on the decision we're making
on Main Street, it can then impact what they're seeing
on Wall Street. So they are related, but they are
definitely not the same thing.
Speaker 3 (34:52):
Factor fiction, Bob.
Speaker 2 (34:53):
Some of the biggest single day games in history have
happened in really volatile markets.
Speaker 1 (35:00):
That is a fact.
Speaker 5 (35:01):
And you know we talk about this all the time.
I mean the missing the ten best days, the twenty
best days. The returns if you look over the last
twenty years if you stay fully invested in the state,
and we're talking about all stocks, which most of most
of our clients are not one hundred percent invested in stocks,
but the numbers that I'm going to share are are
(35:21):
are powerful. You stay fully invested for the last twenty years,
your average annual return is ten point three percent. If
you miss just the ten best days in the market,
that total return drops to six point one percent. Think
about that, You give up forty percent of your twenty
year return by being out of the market for the
(35:43):
ten best days and That's why, as painful as it
is for your longer term money, you gotta hang in
there and ride it out because it makes a humongous
difference down the road.
Speaker 2 (35:56):
I have looked at this in two thousand and seven
to an eight, right when markets were started to recover.
The headlines that day and the in all of the
newspapers and online were about big banks collapsing. There was
no reason to think that we were coming out of this.
Speaker 3 (36:13):
Let's go back to the pandemic, right.
Speaker 2 (36:15):
We all remember that as investors, the free fall that
happened between February that year and mid March, and then
for whatever reason.
Speaker 3 (36:24):
Markets started to recover.
Speaker 2 (36:26):
People were still I mean, the economy was still shut down,
people were still working from home.
Speaker 7 (36:30):
Uh.
Speaker 2 (36:30):
There was no sign of vaccines or even any talk
of it by that point, and yet markets had started
to rebound. So, you know, I think Bop to your point,
there's no way of knowing when they'll come, but man,
it would be it would be really bad as an
investor to miss them. And I think kind of that's
the perspective that you need to have coming up next.
Speaker 3 (36:51):
I think we're going to we're going to continue on
this line.
Speaker 2 (36:53):
Of thinking of timing the markets versus time in the market.
And we're going to share maybe even a couple of
stories of how you can get this right and how
you can get this wrong, and how we've seen this
play out for investors. You're listening to Simply Money presented
by all Worth Financial here on fifty five KRS the
talk station.
Speaker 5 (37:15):
Give even greater access to the American people front and center.
Speaker 1 (37:19):
Every hour, every day that you think you've seen it all,
something is said. What's actually happening? If something is happening,
historic transparency.
Speaker 8 (37:27):
Something in our city in order back to everything in
our country.
Speaker 3 (37:31):
What is happening in our country?
Speaker 1 (37:33):
Something in our world toward peace are happening? CHECKI in
all day, all day long. It's always something.
Speaker 8 (37:39):
Listen to your radio station fifty five KRS the talk station.
Speaker 5 (37:43):
Where you figure out what to do about all this
violence recently, or someone is going to get seriously.
Speaker 8 (37:48):
Hurt fifty five KRC, where it's still okay to tell
us what you think.
Speaker 2 (37:57):
Listening to Simply Money presented by all Worth Financial Immi
Wagner along with Bob's bonds.
Speaker 3 (38:03):
As an investor, it is really easy to.
Speaker 2 (38:05):
Think this time is different and these tariffs are different.
But from an investing standpoint, is it really? Is this
market cycle really different? Bob?
Speaker 3 (38:19):
You have been in this business for a long time.
You know what goes through your head during times like.
Speaker 5 (38:26):
This, Well, what goes through my head, I think is
what goes through a lot of people's heads is our
our natural emotional bonds is to default to. This time
is different. Let's just go back to the two thousand
and eight, two thousand and nine housing crisis. I mean, Amy,
I remember looking at the price of fifth third Bank,
(38:48):
City Bank, you know, at a dollar a dollar twenty
a share. We're talking about the possibility of banks going
out of business. And if you're sitting there at your
desk looking, you know, or in your office looking and
charts of stocks, you're like, what the you know, what
is going on? I mean, are we going into a depression?
You know, it felt like this time is different. Same
(39:09):
thing with COVID. You know, it's it's real easy to
look in the rear view mirror now because the thirty
four percent COVID decline in the market was pretty short lived.
But back when that was going on, I mean, we're
sequestered in our basements, nobody can go to work, nobody
can go to church, nobody can do anything. And you're
thinking that, you know, this time is different and kind
(39:32):
of the proverbial world's going to come to an end.
Now we've got one guy, the President of the United States,
you know, with his hand on the wheel, dictating trade policy.
And yeah, that is different. It feels different. But as
we talk about all the time, you know, the the
(39:52):
US economy, the US consumer, the United States government corporations,
we're a very resilient people and we always get through
these things and move on to better and better days.
And I have complete confidence one way or the other,
the same thing's going to happen.
Speaker 1 (40:10):
Now.
Speaker 2 (40:11):
This is a time and maybe you need to go
into the bathroom and look in the mirror and tell yourself,
I am a long term investor, rate and say it
over and over again, because if you were to pull
your money out of the market right now, I think
you might feel instant relief, right, instant relief that if
markets continue to slide, that you are not part of it.
(40:33):
But I have also seen so many horror stories, sad stories,
tales that did not end well.
Speaker 3 (40:41):
For people who pulled it out. So you get that
instant relief.
Speaker 2 (40:45):
But then you've got to make another decision correctly and
that that's right to put me back in.
Speaker 5 (40:50):
If you do that, you've got to be right twice,
and it is extreme. Think about how hard it was
to predict what's happened in the last week. Yes, most
people couldn't predict that. It is impossible to be right
twice and say, well, I picked the right day to
get back in. So that's why yanking that money and
(41:11):
going to cash feels great in the short term, but boy,
can it have a negative impact.
Speaker 1 (41:16):
Long term on the viability of your financial plan.
Speaker 3 (41:20):
Repeat after me. I am a long term investor, right
just keep saying that. Thanks for listening tonight. Tune in tomorrow.
Speaker 2 (41:28):
We're talking about why ladders could be a good investment
strategy for you. Right now, you've been listening to Simply Money,
presented by all Worth Financial here on fifty five KRC,
the talk station.
Speaker 1 (41:38):
You're about it.
Speaker 2 (41:39):
We're on the tenth yard line of peace. We're getting close.
Speaker 8 (41:42):
Talk about it.
Speaker 7 (41:43):
I'll believe a psychopath.
Speaker 8 (41:47):
Where's why is any here explaining?
Speaker 4 (41:50):
Colin?
Speaker 1 (41:51):
Thank you?
Speaker 4 (41:52):
I love hearing the Democrats for news.
Speaker 2 (41:54):
We've been ripped off as a country for many, many years, and.
Speaker 1 (41:57):
Your views are trillions in deaths.
Speaker 7 (42:02):
How can tariffs be effective if they're hurting both countries.
Am I on the air fifty five KRC, the talk
station
Simply Money News
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!