Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome, Thank you for tuning in. We get a lot
to talk about a lot of a lot of headlines
in the in the market this week, a lot that
we can touch upon and we'll share some things that
we're working with in dealing with on our clients end
as well from a planning perspective.
Speaker 2 (00:15):
So a lot to discuss.
Speaker 1 (00:16):
If you want to be part of the show, want
to give me a call, phone lines are open, give
me a call one eight hundred Talk WGY. That's one
eight hundred eight two five five nine four nine. Always
love hearing from the listeners out there. Always have you know,
great insights, great questions and typically lead to some good
(00:36):
discussion points. So again, you want to give me a call,
you can shoot us a ring at one eight hundred
talk WG. Why that's one eight hundred eight two five
five nine four nine. So, like I said, we have
a lot we can discuss today, talk about the markets.
Just you know, another up week, another up month for
(00:57):
the markets.
Speaker 2 (00:58):
Just continue despite all maybe the negative headlines or some of.
Speaker 1 (01:04):
The beer mongoring headlines, this market continues to plug along
and we'll talk about what's driving that. Having a lot
of earnings coming out over the last few weeks. We
started a few weeks ago with you know, financials, some
consumer stores, the home depots, targets of the world, those
(01:25):
are all relatively strong. And this past week we got
a lot of tech earnings coming out and you know,
I think what's most interesting there, and especially when you
think about some of the headlines that we have been seeing,
right maybe this AI bubble that has been more frequently
being seen within the news and headlines. I think this
(01:49):
week of earnings painted a pretty good picture of what
the market is thinking about, how they're viewing these large
cap tech companies and what's going to be important as
we move forwards. So we'll talk about that, you know,
along with just the AI trade. Have some really interesting
data at JP Morgan this week, just you know, looking
back over the last couple of years and just how monumental, Right,
(02:11):
we've talked about the mag seven, but when you break
down and really look at the companies that have been
integral in this AI revolution, if you will, the discrepancy
in those types of companies versus the rest of the
market is pretty eye opening over the last three years,
(02:32):
and it goes into a bigger conversation which we can
have and we see this quite often sometimes when when
we're onboarding new clients in particular, but you know, sort
of a differing of approach of how you you know, invest,
especially your your stock and equity portion of your portfolio,
especially as you you know, enter or near retirement. We
(02:54):
get the question all the time, you know, should I
be changing how I invest, what I'm doing, how I'm
allocated in you know, it always depends, but you know,
I do think this kind of bifurcation, if you will,
within the stock market right now is a great talking
point in terms of how we think about the markets,
how we think about client portfolios, and how we think
(03:16):
about retirement and working with clients and retirement.
Speaker 2 (03:19):
So we can jump into that.
Speaker 1 (03:22):
Actually it's a great segue to an interesting article in
the Wall Street Journal over the weekend as well, if
you ever follow them or read them, Jason's wig. He
writes some pretty interesting stuff and it talks about, you know,
a study that recently came out and where maybe all
you need is equities in a portfolio, and again that
(03:43):
may not be right for you, but just interesting kind
of looking into the numbers and getting a feel for it,
and it kind of goes into what we talk to
clients a lot about with regard to stocks, and you know,
stocks are certainly more risky than bonds, maybe in some
capacity right, depends on how you view it, but stocks
(04:05):
are more risky on a day to day, week to
week basis, but the longer you go out, those numbers
tend to change.
Speaker 2 (04:12):
On a historical look back period.
Speaker 1 (04:14):
So again, just some interesting data points and discussion points
that we can get into there, and we can get into,
you know, any sort of planning topics that one we're
working with clients on and two that maybe you have
questions on. So again, phone lines are open one eight
hundred Talk WGY. That's one eight hundred eight two five
(04:35):
five nine four nine.
Speaker 2 (04:38):
If you do have any questions with regard to.
Speaker 1 (04:40):
The markets, your personal situation, maybe without divulging too much,
but if you want to share, you know, maybe questions
you have with regard to some planning topics or retirement. Again,
give me a call one eight hundred Talk WGY one
eight hundred eight two five five nine four nine.
Speaker 2 (04:57):
So we'll talk about the markets a little bit.
Speaker 1 (04:58):
This past week, again, another positive week, another positive month,
and again despite what maybe you're you're seeing in the headlines.
This market continues to chug along. Right, we were up
the SMP was up just shy of one percent. This week,
Dow was up about seventy five basis points. The NASAC
(05:19):
another week up another two plus percent. And when you
look at you know, the year, nasac's up all of
a sudden, it's over the last few you know, maybe
since the third corner started the last month or so,
having tremendous growth and strength in that area of the market.
(05:40):
Nasac's up twenty three percent year to date, the SMP
is up about sixteen percent, to Dow of about twelve percent.
And interestingly enough, even I didn't even talk about this
in the show open, but we also had a FED
come in and cut interest rates this last week, so
you know, more to discuss with regard to the economy
(06:01):
and what the FED is dealing with right now, and
how the markets reacted to that. Certainly, an accommodative bed
is is typically you know, good for the markets in
the sense that it's there to help stimulate the economy,
maybe get a little bit more borrowing and movement of
money within the market. So that was kind of expected,
(06:26):
you know, some maybe depending on how you view it
negative guidance as to what's ahead, what's what they're planning
for December. Uh, you know, I don't think originally cuts
were on the table or or that was the you know,
foregone conclusion that what was going to happen in December,
And now the Fed may be pulling.
Speaker 2 (06:46):
Back on that a bit.
Speaker 1 (06:47):
So again we'll talk about that how it relates to
just our overall economy today, because there are a lot
of uh, you know, a lot of factors out there,
and especially with the government shutdown that we're dealing with
right now, that has had an impact on the labor.
Speaker 2 (07:04):
Reports, which you know, buy and large.
Speaker 1 (07:06):
We're kind of one of the you know, we always
say the foundation of a strong economy is a strong
labor market, and so not getting that bad over the
last couple of months has been interesting, and you know,
you have to filter what we can get and take
a step back and look at what that means for
the overall markets and economy right now. But we're going
(07:27):
to go to our phone lines. We have Paul in
Connecticut this morning. Paul, good morning, Thank you for calling in.
Speaker 3 (07:35):
Yay Rian, I call in frequently from an academic standpoint
and at an academic of his usband, and I read
a lot, and I go back decades to working at
Marriott with a close friend managing all their retirement funds,
who since the city's then, he would have been probably
one hundred today, and he was very knowledgeable. There was
(07:59):
active management back then, and I think if he was
around and could sit down, like a lot of the
guys who've been around a long time, they would argue
that the passive fun flow is not being considered in
the bubble. I'll call it regarding these AI companies that
(08:19):
or Google and any of these tech companies. And then
we've got to cliche. The mag seven has great companies,
yet the flows are unabated, and the younger people typically
are told in these companies and four one K plans
legitimately just to go with the index. And I think
(08:43):
that it's overlapping with a few of these economists and
people that you might listen to that when it goes down,
it's going to go down hard. And I'm not saying
there's a market crash. I'm simply saying it's no longer
investing that's passively flowing money artificially growing the bigger companies
(09:03):
and I think you already noticed. So at what point
would you argue that actively manage funds or portfolios? And
I know you actively manage ets and so forth, which
is great, even have a shot anymore, because it's too
much overhead, let's call it. And I think we've no
(09:28):
longer become an investing society. Balance sheets and income statements
don't mean much. I think what's happened is technology related
to investing that the company's coupled with management of cutting
the fees the easy way is creating a very non
(09:50):
investment driven stock environment. And the last thing I'll say
is I view stocks globally, not just in the United States.
So whenever people speak on these shows and write papers,
they always refer to the SMP. And I've held Tweedy
Brown Global Value since I believe nineteen ninety six, and
(10:11):
I have a finance background to do this kind of
cash flow and so forth. I think with the fee
at it back, I think it's a like at eight seven, okay,
and that's below the SMP clearly, but I'm extremely comfortable
holding it forever because I know it's globally diversified and
(10:32):
heached to the dollar, so I make a case that
the stock market should be viewed globally because these companies
in the United States do have global footprints, they happen
to be housed here. And the last thing I'll say is,
if in fact the video was housed in Switzerland, people
would be going, Switzerland's a great place to invest. I
(10:54):
want you to think them about what I said in comment.
It's more of a commentary for me. You guys as
active managers of ets that really are passively driven.
Speaker 4 (11:05):
Often if you no.
Speaker 2 (11:08):
It's it's a it's a good way to put it.
Speaker 1 (11:10):
That's what I kind of say is that we actively
manage a passive portfolio and and there's a lot to
kind of unwrap their So off going to start your
first points, Paul, with regard to the overall market and
this kind of active versus passive approach to it. And
you're right, I think when you look at the flows
of money, I mean that is that is one of
the arguments from an active managers in particular, and probably
(11:32):
active managers that may have been underperforming for the last
ten to fifteen years. A lot of those who made
their name kind of through the global financial crisis because
they were kind of more value based investors, right, you
think of like a Dan Lobes of the world, and
they've come out and kind of had made commentary that
you can't you know, you can't beat this market because
(11:52):
of the passive flows and it's you know, elevating these
larger companies. But you take a step back and even
a week like this week, you know there still is
enough active buyers and sellers within the market that do
drive the individual companies. So you know you have a
week like you know, Amazon pops on Thursday because of
their earnings. You see Facebook, on the other hand, you'll
(12:15):
get sold off on Thursday due to their latest earnings report.
So I mean there is that notion of passive flows.
And when you take a step back and you look
at passive flows versus especially now active flows, I mean
it's all going to ETFs or a bulk of funds
are going to ETFs. Do their low costs, good tax efficiencies,
(12:37):
plenty of reasons for it. But I do think you
have this this still this opportunity from a you know,
stock picking perspective, where you know earnings and how these
companies are being run really do matter. And again you're
seeing it with tech earnings this week. I think it
was a good sign. And we'll kind of talk a
little bit about the AI trade later in the show
(13:00):
and how that all you know, works around this, but
to your point, and then I recently saw some stats
where active management again like mutual fund industry active managers
are significantly underperforming ETFs this year. So I think when
I look at kind of this passive ETF world, you know,
to me, it's all about again having the the exposure
(13:23):
to the market, but then working around that with more
whether it's factor based, sector based, you know, whatever kind
of that active slant that you're looking for for us
right now, in particular in this environment. You know, we
like kind of that quality factor where companies with strong
free cash flow, strong balance sheets, and that's what presented
(13:44):
itself this week in particular with some of these different
technology companies in terms of who's being rewarded and who's
being punished. And I think, you know, having that cash
flow in this environment and in particular this concentration, and
that's what you have to remember too, right the MAXVAN
is now thirty eight percent of the SMP. The technology
sector is about fifty percent. So I do think is
(14:07):
this continues to grow, and I think there's still you know,
opportunity to run in this bull market, just given the
factors at play right now.
Speaker 2 (14:14):
But you have to be aware of your risk.
Speaker 1 (14:16):
And I think what you have to be more aware
of than ever before is that concentration risk that we're seeing.
And you could even just go back to twenty twenty
two when we had, you know, that year of a
brief bear market, but we did have a bear market,
and you can see some of those high flying technology
companies that are that have driven the market for the
last three years, you know, had had some pretty significant
(14:40):
draw downs. So I think in this world, especially in
the passive investing world, understanding what your concentration risk today
more than ever before, is so important, especially because these
companies have been driving the market.
Speaker 2 (14:55):
I'll try to touch.
Speaker 1 (14:56):
On your global diversification and like I said to your
to your in the I think it was a tweety
brown global fund that you're invested in. Yeah, I mean,
you know, when you go, the longer you go, you know,
foreign international stocks, have you done well? They They had
a nice pop this year, mostly in the first quarter,
and a lot was because of the evaluation of the
(15:20):
dollar so international stocks did well. You know, the way
we think about it, the way I think about it
from a market perspective, is a little twofold. Your point
on the video was in Switzerland and Switzerland would be
a great market.
Speaker 2 (15:32):
Now.
Speaker 1 (15:33):
The only pushback to that comment is, there's a reason
why we have the greatest technology companies based in the
US is that we have a infrastructure in a you know,
whether political environment or you know, the capitalistic nature of
our country that these companies can do very well here.
(15:56):
You do not have that same sort of perspective in Europe.
When you look at the European technology companies that have
come out over the last twenty thirty years, there is
very few. So they just do not have that sort
of environment to create these like great technology companies that
we're seeing in the US. So I think that's a
(16:16):
big part of it versus the video is just in Switzerland. Well,
like I said, I think there's a reason why Navidia
is not in Switzerland. It's because we have the environment
for these great, great companies. The other thing, too, is,
you know, you go into emerging markets a little bit.
You know, some areas have good demographics for long term growth.
Maybe something like in India. China has technology companies, and
(16:37):
you know, I do think we're heading into this AI
arms race with China, and so you know, some diversification
there may make sense. But again, you know, China makes
up such a big portion of the Emerging Market index.
You have to be comfortable with their political landscape and environment.
And you go back five six years ago and they
really hurt their fastest grown technology com because like Ali
(17:00):
Baba's of the world, they're finally coming back and being
a little bit more lenient in that space. So again
it's just understanding kind of where you want to be.
I think you can, you know, create a diversified portfolio
with US based companies where you know, you get some of.
Speaker 2 (17:15):
The exposure that you know, Europe is.
Speaker 1 (17:17):
More financials, staples, a little bit more defensive in nature.
I do think you get more of the technology and growth,
but you get a little bit more you know, highs
and lows with the merging market. So again it's just
understanding the perspective on it. I don't think, you know,
for especially this year, for most investors have been probably
happy with that international exposure, but for the fifteen years
(17:38):
prior to that, really hasn't come into play versus the SMP.
So again just understanding what the risks are and what
you have the exposure of. But you know, kind of
having a home country biased when you compare the US
versus other countries around the world. I don't think that
argument holds up, because yes, we may be biased to
the US, but again, I think there's a reason we've
(18:00):
seen the significant growth in our stock market.
Speaker 2 (18:02):
So Paul, I appreciate the call and the commentary.
Speaker 1 (18:05):
I think it was a great uh way to kind
of spend a few minutes and discuss a little bit
of our investment philosophy. So I appreciate the call. Our
phone lines are open. One eight hundred Talk WGI. That's
one eight hundred and eight two five five nine four nine.
If anything there, you know, peaked an idea or you
wanted to follow up on any of that conversation, don't
(18:26):
hesitate to give me a call again. One eight hundred
Talk WGY. That's one eight hundred eight two five five
nine four nine. I'm gonna go. I'm actually going to
take a quick commercial break. When we come back, we'll
talk a little bit more about the market environment, the
beds announcement this past week and what that means looking ahead.
Speaker 2 (18:45):
So stay with us.
Speaker 1 (18:45):
You're listening to Let's talk money here in eightpen in
one o three one WGY in welcome back to Let's
talk money here in eightpen in one of three one WGY.
If you have any questions, you want to talk about
the markets, the fed, the economy, what lies ahead, maybe
(19:07):
any questions in terms of your own planning process, give
me a call one eight hundred talk WGY. That's one
eight hundred eight two five five nine four nine. And
if you heard that commercial, we are We're having a
great presentation in about a week and a half. It's
going to be on November twelfth in Saratoga. You can
go to our website www dot Bouche dot com.
Speaker 2 (19:30):
You'll see a yellow link at.
Speaker 1 (19:32):
The top of the page called Planning with Purpose Seminar.
If you're interested in it. This is geared towards you know,
I would say a little higher net worth in terms
of some of the complexities of the planning process and
how we work with clients. And I'm I'm given part
of the presentation that night. I'm going to really dive
into as Chief Investment Officer one of the one of
(19:54):
the you know strategies that we've been working really really
hard on over the lint US a few years and
implementing it in conjunct, you know, alongside incredible tax team
that we have in house, is really formulating how we
invest our clients, right and to that commercial and what
(20:16):
it's said, right, Yeah, we're trying to maximize returns where
we are in different parts of the market and parts
of the portfolio.
Speaker 2 (20:24):
But there's so much more to that.
Speaker 1 (20:26):
The tax planning, the tax strategy around it, different types
of tax advantage holdings that that we're looking at, the
different ways to think about an overall portfolio, and you know,
what types of assets are held in particular types of
accounts to optimize for tax efficiencies. It's just so important
(20:46):
in today's day and age, and you know, having these
conversations with clients and working with them on these strategies,
understanding how important the tax ramifications are and what we
can do to kind of you know, say that for today,
but also for the next generation and you know, really
thinking long term for your families.
Speaker 2 (21:05):
Well, so those.
Speaker 1 (21:07):
Are some of the ideas and topics we'll be talking
about that night. So if that's of interest to you again,
go to our website www. Dot buche dot com check
it out. Planning with Purpose, Semar. I think you'll really
like it. It's like you said, it's it's going to
be a good one and put a lot of thought
and effort behind it, and.
Speaker 2 (21:27):
It should be a really, really nice night.
Speaker 1 (21:30):
So, you know, we coming up a great commentary by
Paul as he called in, talked a little bit about
kind of the markets right both domestic globally speaking, how
we think about it. You know, we are coming up
to the news break shortly, so I won't get into
it now, but maybe on the backside of that we'll
talk about this really fascinating report I saw from JP
(21:53):
Morgan this past week talking about, you know, the five
hundred companies in the S and P five hundred, they
identified forty one that are really critical to this AI growth,
in this AI revolution we've been talking about. So they've
identified those forty one companies in track how their returns
(22:15):
have done relative to the market, and it's pretty fascinating,
and it goes to the thought process around today's market,
comparing it to markets of the past, and how you're
thinking about your portfolio, especially your equity portfolio, as we
move ahead in this environment, because again you have to
balance both the growth opportunities that are there, but also
(22:38):
some of this concentration risk, and that was something Pao
alluded to in terms of maybe a future potential bubble.
Right there is a lot of concentration at the top
of this market today, and so we have to just
be aware of what the risk factors are there, how
to be investing around it, and really how we should
be thinking about these things when building a portfolio, when
(22:59):
allocating your assets.
Speaker 2 (23:01):
You again whether.
Speaker 1 (23:02):
You're more of a growth oriented investor more of a
conservative investor, but a lot of ways to be thinking
about how to build that portfolio.
Speaker 2 (23:11):
And something we've been.
Speaker 1 (23:12):
Working with our clients a lot on and something we're
working on a lot internally as well. Like I said,
within the investment committee that I helped lead, we are
you know, constantly looking at these details and what it
means both in today's market in the next six, twelve,
(23:33):
twenty four months ahead, because it is a vast changing,
dynamic investment environment right now and have to be aware
of again both today but also what lies ahead. So
with that, we are coming up to our commercial break.
Like I said, when we come back, we'll dive into
(23:55):
that report a little bit more. We'll talked about the FED,
what they've been doing, how the market's reacted to that, and.
Speaker 2 (24:00):
Any questions you may have. One eight hundred talk WGY.
Speaker 1 (24:03):
That's one eight hundred eight two five five nine four nine.
If you have any questions, feel free to give me
a call. We'd love to talk to you today. So
you're let's go to the news break. You're listening to
Let's Talk Money here on eight pen in one O
three one WGY. And welcome back to Let's Talk Money
here at eightpen and one O three one WGY. I'm
(24:25):
Ryan Bouche, chief investment Officer and advisor at Bouchet Financial Group,
and great to be with all of you. Appreciate you
sticking through the news for the second half of the show.
Speaker 2 (24:36):
We've got a lot to still discuss.
Speaker 1 (24:38):
But again, if you have any questions, you want to
talk about the markets, talk about your own situation again,
give me a call. One eight hundred talk WGY. That's
one eight hundred eight two five five nine four nine.
And you know, between some of the call earlier today
from Paul some of the discussion points there. You know,
(25:00):
I shared earlier there was an interesting article in the
Wall Street Journal over the weekend by Jason Zwig about,
you know, maybe even for retirees maybe owning only stocks.
There was a report that came out arguing for that
fact and just got me thinking a lot about kind
of what is going on in the current stock market,
(25:21):
how to be thinking about, you know, that portion of
your portfolio in particular, and really interesting data coming out
of JP Morgan this week I saw so I had
mentioned it earlier, So they identified forty one AI related stocks,
So forty one out of the five hundred companies in
(25:41):
the S and P five hundred, those stocks from a
market capitalization standpoint, make up forty seven percent of the market, so,
you know, less than ten percent of the actual companies.
But and that's no surprise, right, We've been talking about
kind of market concentration, whether it's mag seven, technology companies,
(26:03):
you name it. But these forty one AI related stocks
make up almost half of the overall market capitalization of
the S and P five hundred. And when you go
back over the last three years or so, really they've
been driving and again probably no surprise, the commentary on
mag seven, and what they've meant to the market is
no surprise. But these forty one stocks have made up
(26:26):
seventy five percent of the overall gains in the S
and P since going back to November of twenty twenty two.
That was right about when, right we had that bear
market in twenty twenty two, that was right about when
things bottomed out. So certainly some timing it as to
(26:48):
the bottom of the market. So the returns are going
to look good from that point forward. But those forty
one companies, you know, they are anelyzed up since that
low of about forty five percent. The other companies, the
other four hundred and fifty nine companies up about eight
percent annually, and when you look back over the last
eleven months, those four hundred and fifty nine non AI
(27:11):
related stocks are only up less than one percent over
the last eleven months. Right, And we're, as we shared earlier,
in the SMP is up sixteen percent, the nassas up
about twenty three percent year to date. So it's fascinating
what we're seeing in this market today, and you know
it comes with both the good and the bad of
(27:32):
this type of market environment, right I don't think it's
a surprise that we continue to hear about, you know,
fears of a bubble, right, Paul brought it up, the
fears with maybe this passive environment and the flows going
in and what a bubble from that would look like.
And you know, when you hear numbers like that, it
(27:52):
does make you think, like, what what does this market
look like as we progress forward?
Speaker 2 (27:57):
And you know, what are some of those risks that
lie ahead?
Speaker 1 (28:00):
And we'll talk a little bit more about that, but
I'm going to go back to the phone lines.
Speaker 2 (28:04):
We have Tom in North Green Bush. Tom, how are
you this morning?
Speaker 3 (28:09):
Good?
Speaker 5 (28:10):
Thank you for taking my call. Appreciate it.
Speaker 2 (28:12):
Yeah, thanks for calling in.
Speaker 5 (28:16):
Here's my question. If we sell appreciated stock in our
joint brokewards account and transfer all the proceeds to a
donor advisory fund, can we take the total proceeds as
a charitable deduction this year? That's question one? And question
(28:36):
two is the difference between the sale price and our
cost basis reportable on our tax return.
Speaker 2 (28:47):
It's a great question.
Speaker 1 (28:48):
So we're actually working actually helped the client just this
past week with a similar situation. What the recommendation would be,
is you seeing the app before. Don't sell the appreciated stock.
Use the appreciated stock to fund the donor advice fund.
What you want to do, especially if you're if you're
(29:12):
giving back to charity, is you know, if you have
that appreciated stock, your best bet is to actually donate that.
So now you're you're able to use the full value
of what you're putting into it, but you don't have
to take the gains. Now, if you were to then
donate it, you could certainly, you know, write those gains off.
(29:34):
But if you if you donate the appreciated stock, now
you don't have those gains, you don't have that income
that you're reporting. So now you can offset what you're
putting into the donor advice fund against something else that
maybe you had gains or income.
Speaker 2 (29:48):
From other sources.
Speaker 1 (29:49):
So try to avoid selling that stock prior to moving
it to an advised fund.
Speaker 2 (29:56):
What you want to do is donate the appreciated.
Speaker 1 (30:00):
Stock, and then you get the double benefit of avoiding
having to take those gains while also getting the tax
deduction on what that charitable giving or what you're putting
into that type of donor advice fund does does does
that help answer?
Speaker 2 (30:17):
Your question, Tom, or does.
Speaker 5 (30:18):
That you know, how do you how do you how
do you donate the stock without selling it?
Speaker 2 (30:25):
So depending on.
Speaker 1 (30:28):
As you're setting it up, if you can move you know,
those positions in kind? And who which platform are you
using for the donor advice fund.
Speaker 5 (30:38):
It's a troll price.
Speaker 1 (30:39):
Okay, I would I would you know, discuss with their
team or you know, someone within t Row's donor advise
fund platform. What the what the best way is to
move that you know, uh something in what they call
in kind over to that donor advice.
Speaker 2 (31:00):
It could be your best men.
Speaker 1 (31:01):
But certainly if you if you, if you are able
to move the appreciated stock again, you kind of get
the double benefit of not having gains on it and
getting the uh uh deduction and the full value of it.
Speaker 5 (31:15):
Right right, That's what I'm concerned about, right, Okay, thanks, Thanks.
Speaker 1 (31:19):
Yeah, absolutely appreciate the call. It's you know, it's a
great talking point. Donor advise funds something that we help
clients with and.
Speaker 2 (31:27):
In particular where it works very well.
Speaker 1 (31:30):
If you're charitably inclined, you like giving, but you know,
maybe maybe you don't itemize deduction, so you're sort of
capped out on what you can write off any given
year from your donations. A solution to that is using
a donor advise fund. You can you can contribute cash,
you can contribute appreciated stock, which I would recommend because
(31:52):
you get the double benefit of not taking those gains
but also getting the full rite off of what you
put in, and you can do a higher amount maybe upfront.
So maybe maybe you're you know, in a situation I'm
working on. You know, a client is in his last
year two working, has higher income, so it's a good
opportunity to you know, front load future charitable donations by
(32:17):
putting it into this donor advice fund. You get the
full right off of what you put in this year,
and then you can make charitable contributions from that fund
as time goes on while also having an invested in
growing over time. Now as time goes on, you know,
those future charitable contributions.
Speaker 2 (32:35):
From the fund.
Speaker 1 (32:35):
You don't get the right off from it, but you
get the one time upfront right off. So again, situations
where maybe you you you don't itemize, you take a
standard deduction, so you don't you know, maybe you're not
getting full advantage of what you're donating year and year out.
Think about a donor advice fund for maybe getting one
larger right off in one year. If again you're nearing
(32:58):
the end of your working year, maybe have higher income
where a higher contribution will have a bigger impact of
what you save on taxes. That could be a good
time for a donor advice fund. And it's a great
tool and avenue again to continue letting that money grow,
take advantage of the tax benefits of it, while also
(33:20):
being charitably inclined for years to come. It's really a nice,
nice solution. So good luck with that, Tom, I hope
they're able to help you with that. And like I said,
before you sell anything in the joint account, try to
move that appreciated securities into the donor advice fund. Like
I said, you'll get the double benefit of not having
to take those gains but also getting the write off
(33:42):
for the full value of that stock position before stock positions.
Speaker 2 (33:48):
That you have.
Speaker 1 (33:49):
So great question and a really nice talking point, really
good planning topic that like I said, we work with
clients on quite frequently to help with their charitable giving.
And like I said, it's a great solution for you know,
taking advantage of our tax laws and being able to
get the most for what you're giving back. So really
(34:11):
really good avenue and good planning strategy. Again, our phone
lines are open one eight hundred talk WGY. That's one
eight hundred and eight, two five, five, nine, four nine.
I'm going to go back for one more quick commercial break,
and when we come back, we'll we'll fintrupt that talk
on those AI related stocks, what this market concentration means,
(34:34):
and how we can better prepare the portfolios as we
move forward. You're listening to Let's Talk Money here on
APEN one O three one WGY, and welcome back to
Let's Talk Money. And as you heard from that radio spot,
I'm actually presenting that night about a week and a
(34:56):
half on November twelfth. Would love to have any listeners
that are out there that curious as to how we,
you know, help work with our clients, especially you know
from the investment perspective and how we're strategizing and optimizing
clients tax situation and their wealth situation for you know,
not only them, but for generations to come. So don't
(35:20):
don't has a go to our website www. Dot buche
dot com. As I said, we have a lot of
great content out there right now as it is, but
if you go to our homepage, you'll see at the
top Planning with Purpose Seminar. Feel free to click on
the link there and sign up. It should be a
really really nice night, you know, good getting together and
(35:41):
meeting some of the listeners, but I think some really
good information in planning strategies, like I said, things that
we're doing with our clients to help preserve their wealth,
and even going to Tom's question a few minutes ago,
right the donor advise funds something that like I said,
we're helping clients initiate and making sure that when we
(36:01):
do something like that, we are taking as much of
advantage of the things that we can right, the things
that we can control to optimize our tax situation and.
Speaker 2 (36:14):
Preserve your wealth. We want to preserve that wealth that
you work so hard for.
Speaker 1 (36:18):
So long on and sometimes it's not always how much
you make, but it's about how much you keep.
Speaker 2 (36:23):
And so that's where we're blessed.
Speaker 1 (36:25):
We have an amazing tax team in house and working
with them and being able to go into depth on
tax planning strategies with clients is a nice feature and
it's a nice I think differentiator with our firm, in
particular in the ways that we're able to kind of
get into that next level and layer of the planning
(36:47):
process and the complexities that arise through our tax code,
as I'm sure we're.
Speaker 2 (36:52):
All aware of.
Speaker 1 (36:53):
As you know, the end of the year approaches and
we'll be getting into tax filence season before we know it.
But with all the complexities that are at place right now,
having that tax expertise is a great tool for us
to really work closely with our clients and making sure
that we're making really smart decisions, like I said, to optimize.
Speaker 2 (37:17):
Their wealth for them and for generations to come.
Speaker 1 (37:19):
So again, if that's something that's of interest, you go
to our website www. Dot Buche dot com and you'll
see the Planning with Purpose seminar link at the top.
Speaker 2 (37:30):
It's in yellow. I can't miss it.
Speaker 1 (37:32):
So again, hopefully we'll see some of you listeners if
you can make it, would be great to connect and
meet you all in person. So we're got about ten
minutes left here.
Speaker 2 (37:44):
Again, our phone lines are open.
Speaker 1 (37:45):
If you have any questions before we wrap up for
the day, give me a call one eight hundred talk WGY.
That's one eight hundred eight two, five, five, nine, four nine.
And who's talking about that study by JP Moore just
about how you know those forty one stocks out of
the five hundred and the SMP are really driving this market.
(38:06):
And it's you know, it's you don't want to fight
momentum in these types of market environments. And I know
there is concern and fear of bubbles, not from everyone,
but you do see it more and more. It's becoming
more of a popular headline out in the news. And rightfully,
so right we have this, you know, and this goes back.
Speaker 2 (38:25):
A few years.
Speaker 1 (38:26):
I mean, we had pretty strong market concentrations, stronger than
we've ever seen. That's something we've talked about for the
last maybe eighteen to twenty four months in terms of
looking at the SMP, looking at the concentration again, I
just said, the mag seven make up thirty eight percent
of the stock market. Technology companies make up about fifty
percent of the stock market today, much higher concentration than
(38:51):
we've ever seen before. So there's you know, naturally risks
that are associated with that, but at the same time,
these are the companies that are driving the market. So
you know, two years ago you wanted to de lever
from that risk and you know, go to a more
conservative equity portfolio. You're missing out on monumental gains that
(39:12):
you know when you take a step back, when you
look at those twenty year historical returns, the ten year
historical returns. If you miss some of these really really
good years in the market because you're nervous about what
you know is happening, or nervous about the concentration, well
you're going to miss out on some of that long
term annualized return rate of return that's been so instrumental
(39:34):
in growing wealth in our country for decades and looking
at our market, So you have to factor and you
have to find the right balance, and there's ways to
do it, but you have to understand what the risks
are and what's ahead. And I can dive into that
a little bit more. But we do have another caller.
We're going to go back to the phone lines. We
have John and colony. John, how are you this morning?
Speaker 4 (39:54):
Thanks for calling, Good good morning. How are you? I
got I'm doing great questions? Four oh one k sixty
year old not drawing on it. Want to leave it
to my beneficiaries. What's the best route to take there
and how much? What's the tax liability on a beneficiaries
(40:15):
if I should leave it where it is?
Speaker 1 (40:18):
Yeah, no, good question, So Cixieroso, I always say, I
don't think there's a cut and dry way of you know,
someone's age or you know, if they're retired or three
years for retirement, one way to allocate a portfolio. As
you said, you know, this is money that's really meant
for your beneficiaries and meant for longer term. Then you
(40:38):
have a longer runway for those funds, right, you know,
I do think these four to one K companies have
made it easier, right with like a target date fund,
it does make it easier to have an allocation like that,
But a target date fund, you know, if you're sixty,
I don't know if maybe five years out is your
retirement date, John, So maybe you had a retirement twenty
thirty fund. Well, that portfolio it was going to be
(41:00):
closer to like a sixty forty allocation. And for some
folks that's fine. You know, that may work. They don't
like the ups and downs of the market on a
day to day, week to week basis. They may want
something more conservative. But if you were to tell me, hey,
this money is really meant for my beneficiaries, well, all
of a sudden, you have a much longer time horizon,
so I would probably think about, you know, having more
(41:22):
of a growth oriented strategy, you know, maybe something that's
closer to eighty twenty eighty five fifteen in terms of
stocks to bonds, knowing that, hey, don't overreact to maybe
the ups and downs, right, because there could be some
ups and downs in the market over the we don't
know the next month, the next year, the next five years,
whatever that may be. But if it's long term money
and you know, we'd preach time in the market versus
(41:44):
timing the market, well then you can be a little
bit more equity focused because you know, frankly, over the time,
equities have return closer to ten percent annualized. Right now,
the ten year is around four percent, so the ag
is going to be around four percent.
Speaker 2 (41:58):
So your bonds are.
Speaker 1 (41:59):
You know, for the next seven to ten years will
probably return right around four four and a half percent,
which is better than we've seen in some time. But
you know, stocks historically have had a better growth trajectory.
Now you have to comes with the cost of the volatility.
But if you have that longer term time horizon for
a beneficiary, then you may want to look to a
(42:20):
you know, something a little bit more growth oriented, like
I said, maybe eighty percent allocated to stocks versus something smaller.
Right in terms of the tax right, I mean, there's
not much you know, whether it's in a four to
one K or you wind up rolling it to an IRA.
You set up the beneficiaries right through the platform, so
you know upon your passing, those would roll into an
(42:43):
inherited IRA if it's you know, your kids or someone else.
You know, if it's a non spousal beneficiary, a spousal
beneficiary could take those IRA funds and essentially treat it
like their own IRA. If it's non spousal beneficiaries, they
roll it to an inherited IRA. They're now required to
(43:05):
distribute it within ten years. So that's really there's you know,
there's no immediate tax at the inheritance. It's just when
they pull it from their inherited IRA, that's when the
taxation is at ordinary income rights rates for that beneficiary.
So it's only when they take it out of an
IRA and they use it themselves. Is when it's tax
(43:27):
it's not taxed upon your passing.
Speaker 4 (43:30):
Let's say, excellent, you answered all my questions. Thank you
very much, all right.
Speaker 1 (43:35):
John, No, we appreciate the call. Good questions, and they said,
you're certainly not alone in those questions.
Speaker 2 (43:40):
We get those all the.
Speaker 1 (43:41):
Time, and you know, one of them goes to one
of the planning opportunities that we're doing more and more
of right now, especially with our tax expertise, but doing
roth conversions right because you know, if you think about it,
if you had a non spousal inheritance of an ira
or a four oh one K and they bring it
into their own inherited ira, having to take that in
ten years, you know, in today's say and age, you
(44:03):
may have some larger four row and k's larger iras,
and if you have to, if you're forced to take
that within a ten year timeframe, you could really be
elevating your You know that beneficiaries own tax requirements and
their tax rates, and so a lot of that money
is going back to Uncle Sam. So one of the
things that we've been doing a lot of work around
is roth conversions for client, especially in what we call
(44:27):
gap years in between retirement and maybe when they have
to take R and DS at seventy three years old,
you know, maybe they have lower income levels during those
gap years, and it's good opportunities to start moving some
of that money from iras to wroth iras and doing
a really full blown tax analysis of that to kind
of see what the impact is. But just another way
(44:48):
to keep more of that money from Uncle Sam. As
we said before, So we are running up to the
end of the show. A lot of good talking points,
a lot of great calls. Appreciate all the followers today,
the listeners tuning in. Always great to have you. I
feel like there is a lot to talk about. So
probably left a lot on the table that we didn't
(45:09):
get to but maybe we'll have more time next week
or be writing more about it.
Speaker 2 (45:14):
Like you said, you can go to our website and
check out our blogs.
Speaker 1 (45:17):
We write a lot, put a lot of content out
on a week to week basis. Make sure you follow
us on Facebook or LinkedIn. You can find us to
keep relevant with with our content that we're sharing. And
like I said, if you want to go with that
event in a week and a half on November twelve,
is of interest in seeing how we work with our
(45:39):
clients and doing some more complex planning strategies. Certainly, go
to our website www dot buche dot com and check
it out. If you're interested, please sign up, and like
I said, we'd love to see you there that night.
So with that we are at the end of today's show.
Speaker 2 (45:59):
Thank you so much much.
Speaker 1 (46:00):
I hope everyone has a great rest of your weekend.
I have a long day of youth flag football ahead
of me and we'll catch you next weekend at Saturday
at Penn and Sundays at eight. Listen to Let's Talk
Money here on A ten and one O three one
w GY. Have a great weekend, everyone,
Welcome, Thank you for tuning in. We get a lot
to talk about a lot of a lot of headlines
in the in the market this week, a lot that
we can touch upon and we'll share some things that
we're working with in dealing with on our clients end
as well from a planning perspective.
Speaker 2 (00:15):
So a lot to discuss.
Speaker 1 (00:16):
If you want to be part of the show, want
to give me a call, phone lines are open, give
me a call one eight hundred Talk WGY. That's one
eight hundred eight two five five nine four nine. Always
love hearing from the listeners out there. Always have you know,
great insights, great questions and typically lead to some good
(00:36):
discussion points. So again, you want to give me a call,
you can shoot us a ring at one eight hundred
talk WG. Why that's one eight hundred eight two five
five nine four nine. So, like I said, we have
a lot we can discuss today, talk about the markets.
Just you know, another up week, another up month for
(00:57):
the markets.
Speaker 2 (00:58):
Just continue despite all maybe the negative headlines or some of.
Speaker 1 (01:04):
The beer mongoring headlines, this market continues to plug along
and we'll talk about what's driving that. Having a lot
of earnings coming out over the last few weeks. We
started a few weeks ago with you know, financials, some
consumer stores, the home depots, targets of the world, those
(01:25):
are all relatively strong. And this past week we got
a lot of tech earnings coming out and you know,
I think what's most interesting there, and especially when you
think about some of the headlines that we have been seeing,
right maybe this AI bubble that has been more frequently
being seen within the news and headlines. I think this
(01:49):
week of earnings painted a pretty good picture of what
the market is thinking about, how they're viewing these large
cap tech companies and what's going to be important as
we move forwards. So we'll talk about that, you know,
along with just the AI trade. Have some really interesting
data at JP Morgan this week, just you know, looking
back over the last couple of years and just how monumental, Right,
(02:11):
we've talked about the mag seven, but when you break
down and really look at the companies that have been
integral in this AI revolution, if you will, the discrepancy
in those types of companies versus the rest of the
market is pretty eye opening over the last three years,
(02:32):
and it goes into a bigger conversation which we can
have and we see this quite often sometimes when when
we're onboarding new clients in particular, but you know, sort
of a differing of approach of how you you know, invest,
especially your your stock and equity portion of your portfolio,
especially as you you know, enter or near retirement. We
(02:54):
get the question all the time, you know, should I
be changing how I invest, what I'm doing, how I'm
allocated in you know, it always depends, but you know,
I do think this kind of bifurcation, if you will,
within the stock market right now is a great talking
point in terms of how we think about the markets,
how we think about client portfolios, and how we think
(03:16):
about retirement and working with clients and retirement.
Speaker 2 (03:19):
So we can jump into that.
Speaker 1 (03:22):
Actually it's a great segue to an interesting article in
the Wall Street Journal over the weekend as well, if
you ever follow them or read them, Jason's wig. He
writes some pretty interesting stuff and it talks about, you know,
a study that recently came out and where maybe all
you need is equities in a portfolio, and again that
(03:43):
may not be right for you, but just interesting kind
of looking into the numbers and getting a feel for it,
and it kind of goes into what we talk to
clients a lot about with regard to stocks, and you know,
stocks are certainly more risky than bonds, maybe in some
capacity right, depends on how you view it, but stocks
(04:05):
are more risky on a day to day, week to
week basis, but the longer you go out, those numbers
tend to change.
Speaker 2 (04:12):
On a historical look back period.
Speaker 1 (04:14):
So again, just some interesting data points and discussion points
that we can get into there, and we can get into,
you know, any sort of planning topics that one we're
working with clients on and two that maybe you have
questions on. So again, phone lines are open one eight
hundred Talk WGY. That's one eight hundred eight two five
(04:35):
five nine four nine.
Speaker 2 (04:38):
If you do have any questions with regard to.
Speaker 1 (04:40):
The markets, your personal situation, maybe without divulging too much,
but if you want to share, you know, maybe questions
you have with regard to some planning topics or retirement. Again,
give me a call one eight hundred Talk WGY one
eight hundred eight two five five nine four nine.
Speaker 2 (04:57):
So we'll talk about the markets a little bit.
Speaker 1 (04:58):
This past week, again, another positive week, another positive month,
and again despite what maybe you're you're seeing in the headlines.
This market continues to chug along. Right, we were up
the SMP was up just shy of one percent. This week,
Dow was up about seventy five basis points. The NASAC
(05:19):
another week up another two plus percent. And when you
look at you know, the year, nasac's up all of
a sudden, it's over the last few you know, maybe
since the third corner started the last month or so,
having tremendous growth and strength in that area of the market.
(05:40):
Nasac's up twenty three percent year to date, the SMP
is up about sixteen percent, to Dow of about twelve percent.
And interestingly enough, even I didn't even talk about this
in the show open, but we also had a FED
come in and cut interest rates this last week, so
you know, more to discuss with regard to the economy
(06:01):
and what the FED is dealing with right now, and
how the markets reacted to that. Certainly, an accommodative bed
is is typically you know, good for the markets in
the sense that it's there to help stimulate the economy,
maybe get a little bit more borrowing and movement of
money within the market. So that was kind of expected,
(06:26):
you know, some maybe depending on how you view it
negative guidance as to what's ahead, what's what they're planning
for December. Uh, you know, I don't think originally cuts
were on the table or or that was the you know,
foregone conclusion that what was going to happen in December,
And now the Fed may be pulling.
Speaker 2 (06:46):
Back on that a bit.
Speaker 1 (06:47):
So again we'll talk about that how it relates to
just our overall economy today, because there are a lot
of uh, you know, a lot of factors out there,
and especially with the government shutdown that we're dealing with
right now, that has had an impact on the labor.
Speaker 2 (07:04):
Reports, which you know, buy and large.
Speaker 1 (07:06):
We're kind of one of the you know, we always
say the foundation of a strong economy is a strong
labor market, and so not getting that bad over the
last couple of months has been interesting, and you know,
you have to filter what we can get and take
a step back and look at what that means for
the overall markets and economy right now. But we're going
(07:27):
to go to our phone lines. We have Paul in
Connecticut this morning. Paul, good morning, Thank you for calling in.
Speaker 3 (07:35):
Yay Rian, I call in frequently from an academic standpoint
and at an academic of his usband, and I read
a lot, and I go back decades to working at
Marriott with a close friend managing all their retirement funds,
who since the city's then, he would have been probably
one hundred today, and he was very knowledgeable. There was
(07:59):
active management back then, and I think if he was
around and could sit down, like a lot of the
guys who've been around a long time, they would argue
that the passive fun flow is not being considered in
the bubble. I'll call it regarding these AI companies that
(08:19):
or Google and any of these tech companies. And then
we've got to cliche. The mag seven has great companies,
yet the flows are unabated, and the younger people typically
are told in these companies and four one K plans
legitimately just to go with the index. And I think
(08:43):
that it's overlapping with a few of these economists and
people that you might listen to that when it goes down,
it's going to go down hard. And I'm not saying
there's a market crash. I'm simply saying it's no longer
investing that's passively flowing money artificially growing the bigger companies
(09:03):
and I think you already noticed. So at what point
would you argue that actively manage funds or portfolios? And
I know you actively manage ets and so forth, which
is great, even have a shot anymore, because it's too
much overhead, let's call it. And I think we've no
(09:28):
longer become an investing society. Balance sheets and income statements
don't mean much. I think what's happened is technology related
to investing that the company's coupled with management of cutting
the fees the easy way is creating a very non
(09:50):
investment driven stock environment. And the last thing I'll say
is I view stocks globally, not just in the United States.
So whenever people speak on these shows and write papers,
they always refer to the SMP. And I've held Tweedy
Brown Global Value since I believe nineteen ninety six, and
(10:11):
I have a finance background to do this kind of
cash flow and so forth. I think with the fee
at it back, I think it's a like at eight seven, okay,
and that's below the SMP clearly, but I'm extremely comfortable
holding it forever because I know it's globally diversified and
(10:32):
heached to the dollar, so I make a case that
the stock market should be viewed globally because these companies
in the United States do have global footprints, they happen
to be housed here. And the last thing I'll say is,
if in fact the video was housed in Switzerland, people
would be going, Switzerland's a great place to invest. I
(10:54):
want you to think them about what I said in comment.
It's more of a commentary for me. You guys as
active managers of ets that really are passively driven.
Speaker 4 (11:05):
Often if you no.
Speaker 2 (11:08):
It's it's a it's a good way to put it.
Speaker 1 (11:10):
That's what I kind of say is that we actively
manage a passive portfolio and and there's a lot to
kind of unwrap their So off going to start your
first points, Paul, with regard to the overall market and
this kind of active versus passive approach to it. And
you're right, I think when you look at the flows
of money, I mean that is that is one of
the arguments from an active managers in particular, and probably
(11:32):
active managers that may have been underperforming for the last
ten to fifteen years. A lot of those who made
their name kind of through the global financial crisis because
they were kind of more value based investors, right, you
think of like a Dan Lobes of the world, and
they've come out and kind of had made commentary that
you can't you know, you can't beat this market because
(11:52):
of the passive flows and it's you know, elevating these
larger companies. But you take a step back and even
a week like this week, you know there still is
enough active buyers and sellers within the market that do
drive the individual companies. So you know you have a
week like you know, Amazon pops on Thursday because of
their earnings. You see Facebook, on the other hand, you'll
(12:15):
get sold off on Thursday due to their latest earnings report.
So I mean there is that notion of passive flows.
And when you take a step back and you look
at passive flows versus especially now active flows, I mean
it's all going to ETFs or a bulk of funds
are going to ETFs. Do their low costs, good tax efficiencies,
(12:37):
plenty of reasons for it. But I do think you
have this this still this opportunity from a you know,
stock picking perspective, where you know earnings and how these
companies are being run really do matter. And again you're
seeing it with tech earnings this week. I think it
was a good sign. And we'll kind of talk a
little bit about the AI trade later in the show
(13:00):
and how that all you know, works around this, but
to your point, and then I recently saw some stats
where active management again like mutual fund industry active managers
are significantly underperforming ETFs this year. So I think when
I look at kind of this passive ETF world, you know,
to me, it's all about again having the the exposure
(13:23):
to the market, but then working around that with more
whether it's factor based, sector based, you know, whatever kind
of that active slant that you're looking for for us
right now, in particular in this environment. You know, we
like kind of that quality factor where companies with strong
free cash flow, strong balance sheets, and that's what presented
(13:44):
itself this week in particular with some of these different
technology companies in terms of who's being rewarded and who's
being punished. And I think, you know, having that cash
flow in this environment and in particular this concentration, and
that's what you have to remember too, right the MAXVAN
is now thirty eight percent of the SMP. The technology
sector is about fifty percent. So I do think is
(14:07):
this continues to grow, and I think there's still you know,
opportunity to run in this bull market, just given the
factors at play right now.
Speaker 2 (14:14):
But you have to be aware of your risk.
Speaker 1 (14:16):
And I think what you have to be more aware
of than ever before is that concentration risk that we're seeing.
And you could even just go back to twenty twenty
two when we had, you know, that year of a
brief bear market, but we did have a bear market,
and you can see some of those high flying technology
companies that are that have driven the market for the
last three years, you know, had had some pretty significant
(14:40):
draw downs. So I think in this world, especially in
the passive investing world, understanding what your concentration risk today
more than ever before, is so important, especially because these
companies have been driving the market.
Speaker 2 (14:55):
I'll try to touch.
Speaker 1 (14:56):
On your global diversification and like I said to your
to your in the I think it was a tweety
brown global fund that you're invested in. Yeah, I mean,
you know, when you go, the longer you go, you know,
foreign international stocks, have you done well? They They had
a nice pop this year, mostly in the first quarter,
and a lot was because of the evaluation of the
(15:20):
dollar so international stocks did well. You know, the way
we think about it, the way I think about it
from a market perspective, is a little twofold. Your point
on the video was in Switzerland and Switzerland would be
a great market.
Speaker 2 (15:32):
Now.
Speaker 1 (15:33):
The only pushback to that comment is, there's a reason
why we have the greatest technology companies based in the
US is that we have a infrastructure in a you know,
whether political environment or you know, the capitalistic nature of
our country that these companies can do very well here.
(15:56):
You do not have that same sort of perspective in Europe.
When you look at the European technology companies that have
come out over the last twenty thirty years, there is
very few. So they just do not have that sort
of environment to create these like great technology companies that
we're seeing in the US. So I think that's a
(16:16):
big part of it versus the video is just in Switzerland. Well,
like I said, I think there's a reason why Navidia
is not in Switzerland. It's because we have the environment
for these great, great companies. The other thing, too, is,
you know, you go into emerging markets a little bit.
You know, some areas have good demographics for long term growth.
Maybe something like in India. China has technology companies, and
(16:37):
you know, I do think we're heading into this AI
arms race with China, and so you know, some diversification
there may make sense. But again, you know, China makes
up such a big portion of the Emerging Market index.
You have to be comfortable with their political landscape and environment.
And you go back five six years ago and they
really hurt their fastest grown technology com because like Ali
(17:00):
Baba's of the world, they're finally coming back and being
a little bit more lenient in that space. So again
it's just understanding kind of where you want to be.
I think you can, you know, create a diversified portfolio
with US based companies where you know, you get some of.
Speaker 2 (17:15):
The exposure that you know, Europe is.
Speaker 1 (17:17):
More financials, staples, a little bit more defensive in nature.
I do think you get more of the technology and growth,
but you get a little bit more you know, highs
and lows with the merging market. So again it's just
understanding the perspective on it. I don't think, you know,
for especially this year, for most investors have been probably
happy with that international exposure, but for the fifteen years
(17:38):
prior to that, really hasn't come into play versus the SMP.
So again just understanding what the risks are and what
you have the exposure of. But you know, kind of
having a home country biased when you compare the US
versus other countries around the world. I don't think that
argument holds up, because yes, we may be biased to
the US, but again, I think there's a reason we've
(18:00):
seen the significant growth in our stock market.
Speaker 2 (18:02):
So Paul, I appreciate the call and the commentary.
Speaker 1 (18:05):
I think it was a great uh way to kind
of spend a few minutes and discuss a little bit
of our investment philosophy. So I appreciate the call. Our
phone lines are open. One eight hundred Talk WGI. That's
one eight hundred and eight two five five nine four nine.
If anything there, you know, peaked an idea or you
wanted to follow up on any of that conversation, don't
(18:26):
hesitate to give me a call again. One eight hundred
Talk WGY. That's one eight hundred eight two five five
nine four nine. I'm gonna go. I'm actually going to
take a quick commercial break. When we come back, we'll
talk a little bit more about the market environment, the
beds announcement this past week and what that means looking ahead.
Speaker 2 (18:45):
So stay with us.
Speaker 1 (18:45):
You're listening to Let's talk money here in eightpen in
one o three one WGY in welcome back to Let's
talk money here in eightpen in one of three one WGY.
If you have any questions, you want to talk about
the markets, the fed, the economy, what lies ahead, maybe
(19:07):
any questions in terms of your own planning process, give
me a call one eight hundred talk WGY. That's one
eight hundred eight two five five nine four nine. And
if you heard that commercial, we are We're having a
great presentation in about a week and a half. It's
going to be on November twelfth in Saratoga. You can
go to our website www dot Bouche dot com.
Speaker 2 (19:30):
You'll see a yellow link at.
Speaker 1 (19:32):
The top of the page called Planning with Purpose Seminar.
If you're interested in it. This is geared towards you know,
I would say a little higher net worth in terms
of some of the complexities of the planning process and
how we work with clients. And I'm I'm given part
of the presentation that night. I'm going to really dive
into as Chief Investment Officer one of the one of
(19:54):
the you know strategies that we've been working really really
hard on over the lint US a few years and
implementing it in conjunct, you know, alongside incredible tax team
that we have in house, is really formulating how we
invest our clients, right and to that commercial and what
(20:16):
it's said, right, Yeah, we're trying to maximize returns where
we are in different parts of the market and parts
of the portfolio.
Speaker 2 (20:24):
But there's so much more to that.
Speaker 1 (20:26):
The tax planning, the tax strategy around it, different types
of tax advantage holdings that that we're looking at, the
different ways to think about an overall portfolio, and you know,
what types of assets are held in particular types of
accounts to optimize for tax efficiencies. It's just so important
(20:46):
in today's day and age, and you know, having these
conversations with clients and working with them on these strategies,
understanding how important the tax ramifications are and what we
can do to kind of you know, say that for today,
but also for the next generation and you know, really
thinking long term for your families.
Speaker 2 (21:05):
Well, so those.
Speaker 1 (21:07):
Are some of the ideas and topics we'll be talking
about that night. So if that's of interest to you again,
go to our website www. Dot buche dot com check
it out. Planning with Purpose, Semar. I think you'll really
like it. It's like you said, it's it's going to
be a good one and put a lot of thought
and effort behind it, and.
Speaker 2 (21:27):
It should be a really, really nice night.
Speaker 1 (21:30):
So, you know, we coming up a great commentary by
Paul as he called in, talked a little bit about
kind of the markets right both domestic globally speaking, how
we think about it. You know, we are coming up
to the news break shortly, so I won't get into
it now, but maybe on the backside of that we'll
talk about this really fascinating report I saw from JP
(21:53):
Morgan this past week talking about, you know, the five
hundred companies in the S and P five hundred, they
identified forty one that are really critical to this AI growth,
in this AI revolution we've been talking about. So they've
identified those forty one companies in track how their returns
(22:15):
have done relative to the market, and it's pretty fascinating,
and it goes to the thought process around today's market,
comparing it to markets of the past, and how you're
thinking about your portfolio, especially your equity portfolio, as we
move ahead in this environment, because again you have to
balance both the growth opportunities that are there, but also
(22:38):
some of this concentration risk, and that was something Pao
alluded to in terms of maybe a future potential bubble.
Right there is a lot of concentration at the top
of this market today, and so we have to just
be aware of what the risk factors are there, how
to be investing around it, and really how we should
be thinking about these things when building a portfolio, when
(22:59):
allocating your assets.
Speaker 2 (23:01):
You again whether.
Speaker 1 (23:02):
You're more of a growth oriented investor more of a
conservative investor, but a lot of ways to be thinking
about how to build that portfolio.
Speaker 2 (23:11):
And something we've been.
Speaker 1 (23:12):
Working with our clients a lot on and something we're
working on a lot internally as well. Like I said,
within the investment committee that I helped lead, we are
you know, constantly looking at these details and what it
means both in today's market in the next six, twelve,
(23:33):
twenty four months ahead, because it is a vast changing,
dynamic investment environment right now and have to be aware
of again both today but also what lies ahead. So
with that, we are coming up to our commercial break.
Like I said, when we come back, we'll dive into
(23:55):
that report a little bit more. We'll talked about the FED,
what they've been doing, how the market's reacted to that, and.
Speaker 2 (24:00):
Any questions you may have. One eight hundred talk WGY.
Speaker 1 (24:03):
That's one eight hundred eight two five five nine four nine.
If you have any questions, feel free to give me
a call. We'd love to talk to you today. So
you're let's go to the news break. You're listening to
Let's Talk Money here on eight pen in one O
three one WGY. And welcome back to Let's Talk Money
here at eightpen and one O three one WGY. I'm
(24:25):
Ryan Bouche, chief investment Officer and advisor at Bouchet Financial Group,
and great to be with all of you. Appreciate you
sticking through the news for the second half of the show.
Speaker 2 (24:36):
We've got a lot to still discuss.
Speaker 1 (24:38):
But again, if you have any questions, you want to
talk about the markets, talk about your own situation again,
give me a call. One eight hundred talk WGY. That's
one eight hundred eight two five five nine four nine.
And you know, between some of the call earlier today
from Paul some of the discussion points there. You know,
(25:00):
I shared earlier there was an interesting article in the
Wall Street Journal over the weekend by Jason Zwig about,
you know, maybe even for retirees maybe owning only stocks.
There was a report that came out arguing for that
fact and just got me thinking a lot about kind
of what is going on in the current stock market,
(25:21):
how to be thinking about, you know, that portion of
your portfolio in particular, and really interesting data coming out
of JP Morgan this week I saw so I had
mentioned it earlier, So they identified forty one AI related stocks,
So forty one out of the five hundred companies in
(25:41):
the S and P five hundred, those stocks from a
market capitalization standpoint, make up forty seven percent of the market, so,
you know, less than ten percent of the actual companies.
But and that's no surprise, right, We've been talking about
kind of market concentration, whether it's mag seven, technology companies,
(26:03):
you name it. But these forty one AI related stocks
make up almost half of the overall market capitalization of
the S and P five hundred. And when you go
back over the last three years or so, really they've
been driving and again probably no surprise, the commentary on
mag seven, and what they've meant to the market is
no surprise. But these forty one stocks have made up
(26:26):
seventy five percent of the overall gains in the S
and P since going back to November of twenty twenty two.
That was right about when, right we had that bear
market in twenty twenty two, that was right about when
things bottomed out. So certainly some timing it as to
(26:48):
the bottom of the market. So the returns are going
to look good from that point forward. But those forty
one companies, you know, they are anelyzed up since that
low of about forty five percent. The other companies, the
other four hundred and fifty nine companies up about eight
percent annually, and when you look back over the last
eleven months, those four hundred and fifty nine non AI
(27:11):
related stocks are only up less than one percent over
the last eleven months. Right, And we're, as we shared earlier,
in the SMP is up sixteen percent, the nassas up
about twenty three percent year to date. So it's fascinating
what we're seeing in this market today, and you know
it comes with both the good and the bad of
(27:32):
this type of market environment, right I don't think it's
a surprise that we continue to hear about, you know,
fears of a bubble, right, Paul brought it up, the
fears with maybe this passive environment and the flows going
in and what a bubble from that would look like.
And you know, when you hear numbers like that, it
(27:52):
does make you think, like, what what does this market
look like as we progress forward?
Speaker 2 (27:57):
And you know, what are some of those risks that
lie ahead?
Speaker 1 (28:00):
And we'll talk a little bit more about that, but
I'm going to go back to the phone lines.
Speaker 2 (28:04):
We have Tom in North Green Bush. Tom, how are
you this morning?
Speaker 3 (28:09):
Good?
Speaker 5 (28:10):
Thank you for taking my call. Appreciate it.
Speaker 2 (28:12):
Yeah, thanks for calling in.
Speaker 5 (28:16):
Here's my question. If we sell appreciated stock in our
joint brokewards account and transfer all the proceeds to a
donor advisory fund, can we take the total proceeds as
a charitable deduction this year? That's question one? And question
(28:36):
two is the difference between the sale price and our
cost basis reportable on our tax return.
Speaker 2 (28:47):
It's a great question.
Speaker 1 (28:48):
So we're actually working actually helped the client just this
past week with a similar situation. What the recommendation would be,
is you seeing the app before. Don't sell the appreciated stock.
Use the appreciated stock to fund the donor advice fund.
What you want to do, especially if you're if you're
(29:12):
giving back to charity, is you know, if you have
that appreciated stock, your best bet is to actually donate that.
So now you're you're able to use the full value
of what you're putting into it, but you don't have
to take the gains. Now, if you were to then
donate it, you could certainly, you know, write those gains off.
(29:34):
But if you if you donate the appreciated stock, now
you don't have those gains, you don't have that income
that you're reporting. So now you can offset what you're
putting into the donor advice fund against something else that
maybe you had gains or income.
Speaker 2 (29:48):
From other sources.
Speaker 1 (29:49):
So try to avoid selling that stock prior to moving
it to an advised fund.
Speaker 2 (29:56):
What you want to do is donate the appreciated.
Speaker 1 (30:00):
Stock, and then you get the double benefit of avoiding
having to take those gains while also getting the tax
deduction on what that charitable giving or what you're putting
into that type of donor advice fund does does does
that help answer?
Speaker 2 (30:17):
Your question, Tom, or does.
Speaker 5 (30:18):
That you know, how do you how do you how
do you donate the stock without selling it?
Speaker 2 (30:25):
So depending on.
Speaker 1 (30:28):
As you're setting it up, if you can move you know,
those positions in kind? And who which platform are you
using for the donor advice fund.
Speaker 5 (30:38):
It's a troll price.
Speaker 1 (30:39):
Okay, I would I would you know, discuss with their
team or you know, someone within t Row's donor advise
fund platform. What the what the best way is to
move that you know, uh something in what they call
in kind over to that donor advice.
Speaker 2 (31:00):
It could be your best men.
Speaker 1 (31:01):
But certainly if you if you, if you are able
to move the appreciated stock again, you kind of get
the double benefit of not having gains on it and
getting the uh uh deduction and the full value of it.
Speaker 5 (31:15):
Right right, That's what I'm concerned about, right, Okay, thanks, Thanks.
Speaker 1 (31:19):
Yeah, absolutely appreciate the call. It's you know, it's a
great talking point. Donor advise funds something that we help
clients with and.
Speaker 2 (31:27):
In particular where it works very well.
Speaker 1 (31:30):
If you're charitably inclined, you like giving, but you know,
maybe maybe you don't itemize deduction, so you're sort of
capped out on what you can write off any given
year from your donations. A solution to that is using
a donor advise fund. You can you can contribute cash,
you can contribute appreciated stock, which I would recommend because
(31:52):
you get the double benefit of not taking those gains
but also getting the full rite off of what you
put in, and you can do a higher amount maybe upfront.
So maybe maybe you're you know, in a situation I'm
working on. You know, a client is in his last
year two working, has higher income, so it's a good
opportunity to you know, front load future charitable donations by
(32:17):
putting it into this donor advice fund. You get the
full right off of what you put in this year,
and then you can make charitable contributions from that fund
as time goes on while also having an invested in
growing over time. Now as time goes on, you know,
those future charitable contributions.
Speaker 2 (32:35):
From the fund.
Speaker 1 (32:35):
You don't get the right off from it, but you
get the one time upfront right off. So again, situations
where maybe you you you don't itemize, you take a
standard deduction, so you don't you know, maybe you're not
getting full advantage of what you're donating year and year out.
Think about a donor advice fund for maybe getting one
larger right off in one year. If again you're nearing
(32:58):
the end of your working year, maybe have higher income
where a higher contribution will have a bigger impact of
what you save on taxes. That could be a good
time for a donor advice fund. And it's a great
tool and avenue again to continue letting that money grow,
take advantage of the tax benefits of it, while also
(33:20):
being charitably inclined for years to come. It's really a nice,
nice solution. So good luck with that, Tom, I hope
they're able to help you with that. And like I said,
before you sell anything in the joint account, try to
move that appreciated securities into the donor advice fund. Like
I said, you'll get the double benefit of not having
to take those gains but also getting the write off
(33:42):
for the full value of that stock position before stock positions.
Speaker 2 (33:48):
That you have.
Speaker 1 (33:49):
So great question and a really nice talking point, really
good planning topic that like I said, we work with
clients on quite frequently to help with their charitable giving.
And like I said, it's a great solution for you know,
taking advantage of our tax laws and being able to
get the most for what you're giving back. So really
(34:11):
really good avenue and good planning strategy. Again, our phone
lines are open one eight hundred talk WGY. That's one
eight hundred and eight, two five, five, nine, four nine.
I'm going to go back for one more quick commercial break,
and when we come back, we'll we'll fintrupt that talk
on those AI related stocks, what this market concentration means,
(34:34):
and how we can better prepare the portfolios as we
move forward. You're listening to Let's Talk Money here on
APEN one O three one WGY, and welcome back to
Let's Talk Money. And as you heard from that radio spot,
I'm actually presenting that night about a week and a
(34:56):
half on November twelfth. Would love to have any listeners
that are out there that curious as to how we,
you know, help work with our clients, especially you know
from the investment perspective and how we're strategizing and optimizing
clients tax situation and their wealth situation for you know,
not only them, but for generations to come. So don't
(35:20):
don't has a go to our website www. Dot buche
dot com. As I said, we have a lot of
great content out there right now as it is, but
if you go to our homepage, you'll see at the
top Planning with Purpose Seminar. Feel free to click on
the link there and sign up. It should be a
really really nice night, you know, good getting together and
(35:41):
meeting some of the listeners, but I think some really
good information in planning strategies, like I said, things that
we're doing with our clients to help preserve their wealth,
and even going to Tom's question a few minutes ago,
right the donor advise funds something that like I said,
we're helping clients initiate and making sure that when we
(36:01):
do something like that, we are taking as much of
advantage of the things that we can right, the things
that we can control to optimize our tax situation and.
Speaker 2 (36:14):
Preserve your wealth. We want to preserve that wealth that
you work so hard for.
Speaker 1 (36:18):
So long on and sometimes it's not always how much
you make, but it's about how much you keep.
Speaker 2 (36:23):
And so that's where we're blessed.
Speaker 1 (36:25):
We have an amazing tax team in house and working
with them and being able to go into depth on
tax planning strategies with clients is a nice feature and
it's a nice I think differentiator with our firm, in
particular in the ways that we're able to kind of
get into that next level and layer of the planning
(36:47):
process and the complexities that arise through our tax code,
as I'm sure we're.
Speaker 2 (36:52):
All aware of.
Speaker 1 (36:53):
As you know, the end of the year approaches and
we'll be getting into tax filence season before we know it.
But with all the complexities that are at place right now,
having that tax expertise is a great tool for us
to really work closely with our clients and making sure
that we're making really smart decisions, like I said, to optimize.
Speaker 2 (37:17):
Their wealth for them and for generations to come.
Speaker 1 (37:19):
So again, if that's something that's of interest, you go
to our website www. Dot Buche dot com and you'll
see the Planning with Purpose seminar link at the top.
Speaker 2 (37:30):
It's in yellow. I can't miss it.
Speaker 1 (37:32):
So again, hopefully we'll see some of you listeners if
you can make it, would be great to connect and
meet you all in person. So we're got about ten
minutes left here.
Speaker 2 (37:44):
Again, our phone lines are open.
Speaker 1 (37:45):
If you have any questions before we wrap up for
the day, give me a call one eight hundred talk WGY.
That's one eight hundred eight two, five, five, nine, four nine.
And who's talking about that study by JP Moore just
about how you know those forty one stocks out of
the five hundred and the SMP are really driving this market.
(38:06):
And it's you know, it's you don't want to fight
momentum in these types of market environments. And I know
there is concern and fear of bubbles, not from everyone,
but you do see it more and more. It's becoming
more of a popular headline out in the news. And rightfully,
so right we have this, you know, and this goes back.
Speaker 2 (38:25):
A few years.
Speaker 1 (38:26):
I mean, we had pretty strong market concentrations, stronger than
we've ever seen. That's something we've talked about for the
last maybe eighteen to twenty four months in terms of
looking at the SMP, looking at the concentration again, I
just said, the mag seven make up thirty eight percent
of the stock market. Technology companies make up about fifty
percent of the stock market today, much higher concentration than
(38:51):
we've ever seen before. So there's you know, naturally risks
that are associated with that, but at the same time,
these are the companies that are driving the market. So
you know, two years ago you wanted to de lever
from that risk and you know, go to a more
conservative equity portfolio. You're missing out on monumental gains that
(39:12):
you know when you take a step back, when you
look at those twenty year historical returns, the ten year
historical returns. If you miss some of these really really
good years in the market because you're nervous about what
you know is happening, or nervous about the concentration, well
you're going to miss out on some of that long
term annualized return rate of return that's been so instrumental
(39:34):
in growing wealth in our country for decades and looking
at our market, So you have to factor and you
have to find the right balance, and there's ways to
do it, but you have to understand what the risks
are and what's ahead. And I can dive into that
a little bit more. But we do have another caller.
We're going to go back to the phone lines. We
have John and colony. John, how are you this morning?
Speaker 4 (39:54):
Thanks for calling, Good good morning. How are you? I
got I'm doing great questions? Four oh one k sixty
year old not drawing on it. Want to leave it
to my beneficiaries. What's the best route to take there
and how much? What's the tax liability on a beneficiaries
(40:15):
if I should leave it where it is?
Speaker 1 (40:18):
Yeah, no, good question, So Cixieroso, I always say, I
don't think there's a cut and dry way of you know,
someone's age or you know, if they're retired or three
years for retirement, one way to allocate a portfolio. As
you said, you know, this is money that's really meant
for your beneficiaries and meant for longer term. Then you
(40:38):
have a longer runway for those funds, right, you know,
I do think these four to one K companies have
made it easier, right with like a target date fund,
it does make it easier to have an allocation like that,
But a target date fund, you know, if you're sixty,
I don't know if maybe five years out is your
retirement date, John, So maybe you had a retirement twenty
thirty fund. Well, that portfolio it was going to be
(41:00):
closer to like a sixty forty allocation. And for some
folks that's fine. You know, that may work. They don't
like the ups and downs of the market on a
day to day, week to week basis. They may want
something more conservative. But if you were to tell me, hey,
this money is really meant for my beneficiaries, well, all
of a sudden, you have a much longer time horizon,
so I would probably think about, you know, having more
(41:22):
of a growth oriented strategy, you know, maybe something that's
closer to eighty twenty eighty five fifteen in terms of
stocks to bonds, knowing that, hey, don't overreact to maybe
the ups and downs, right, because there could be some
ups and downs in the market over the we don't
know the next month, the next year, the next five years,
whatever that may be. But if it's long term money
and you know, we'd preach time in the market versus
(41:44):
timing the market, well then you can be a little
bit more equity focused because you know, frankly, over the time,
equities have return closer to ten percent annualized. Right now,
the ten year is around four percent, so the ag
is going to be around four percent.
Speaker 2 (41:58):
So your bonds are.
Speaker 1 (41:59):
You know, for the next seven to ten years will
probably return right around four four and a half percent,
which is better than we've seen in some time. But
you know, stocks historically have had a better growth trajectory.
Now you have to comes with the cost of the volatility.
But if you have that longer term time horizon for
a beneficiary, then you may want to look to a
(42:20):
you know, something a little bit more growth oriented, like
I said, maybe eighty percent allocated to stocks versus something smaller.
Right in terms of the tax right, I mean, there's
not much you know, whether it's in a four to
one K or you wind up rolling it to an IRA.
You set up the beneficiaries right through the platform, so
you know upon your passing, those would roll into an
(42:43):
inherited IRA if it's you know, your kids or someone else.
You know, if it's a non spousal beneficiary, a spousal
beneficiary could take those IRA funds and essentially treat it
like their own IRA. If it's non spousal beneficiaries, they
roll it to an inherited IRA. They're now required to
(43:05):
distribute it within ten years. So that's really there's you know,
there's no immediate tax at the inheritance. It's just when
they pull it from their inherited IRA, that's when the
taxation is at ordinary income rights rates for that beneficiary.
So it's only when they take it out of an
IRA and they use it themselves. Is when it's tax
(43:27):
it's not taxed upon your passing.
Speaker 4 (43:30):
Let's say, excellent, you answered all my questions. Thank you
very much, all right.
Speaker 1 (43:35):
John, No, we appreciate the call. Good questions, and they said,
you're certainly not alone in those questions.
Speaker 2 (43:40):
We get those all the.
Speaker 1 (43:41):
Time, and you know, one of them goes to one
of the planning opportunities that we're doing more and more
of right now, especially with our tax expertise, but doing
roth conversions right because you know, if you think about it,
if you had a non spousal inheritance of an ira
or a four oh one K and they bring it
into their own inherited ira, having to take that in
ten years, you know, in today's say and age, you
(44:03):
may have some larger four row and k's larger iras,
and if you have to, if you're forced to take
that within a ten year timeframe, you could really be
elevating your You know that beneficiaries own tax requirements and
their tax rates, and so a lot of that money
is going back to Uncle Sam. So one of the
things that we've been doing a lot of work around
is roth conversions for client, especially in what we call
(44:27):
gap years in between retirement and maybe when they have
to take R and DS at seventy three years old,
you know, maybe they have lower income levels during those
gap years, and it's good opportunities to start moving some
of that money from iras to wroth iras and doing
a really full blown tax analysis of that to kind
of see what the impact is. But just another way
(44:48):
to keep more of that money from Uncle Sam. As
we said before, So we are running up to the
end of the show. A lot of good talking points,
a lot of great calls. Appreciate all the followers today,
the listeners tuning in. Always great to have you. I
feel like there is a lot to talk about. So
probably left a lot on the table that we didn't
(45:09):
get to but maybe we'll have more time next week
or be writing more about it.
Speaker 2 (45:14):
Like you said, you can go to our website and
check out our blogs.
Speaker 1 (45:17):
We write a lot, put a lot of content out
on a week to week basis. Make sure you follow
us on Facebook or LinkedIn. You can find us to
keep relevant with with our content that we're sharing. And
like I said, if you want to go with that
event in a week and a half on November twelve,
is of interest in seeing how we work with our
(45:39):
clients and doing some more complex planning strategies. Certainly, go
to our website www dot buche dot com and check
it out. If you're interested, please sign up, and like
I said, we'd love to see you there that night.
So with that we are at the end of today's show.
Speaker 2 (45:59):
Thank you so much much.
Speaker 1 (46:00):
I hope everyone has a great rest of your weekend.
I have a long day of youth flag football ahead
of me and we'll catch you next weekend at Saturday
at Penn and Sundays at eight. Listen to Let's Talk
Money here on A ten and one O three one
w GY. Have a great weekend, everyone,
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.
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com