Let's Talk Money

August 9th, 2026.

Episode Transcript

Speaker 1 (00:00):
And good morning and welcome.

Speaker 2 (00:03):
You're listening to Let's Talk Money here on eight ten
in one O three one WGY. I'm Ryan Bouchet and
I will be your host for the next hour. It's
great to be here with all of you. Whether you're
a longtime listener or newer to the program.

Speaker 1 (00:20):
Great to have you in.

Speaker 2 (00:21):
I'll give you the phone lines if you do have
any questions I want to jump in, whether it's related
to the markets, retirement planning, financial planning, whatever it may be.
Give me a call. Would be happy to have you
part of the show today. One eight hundred WGY. That's
one eight hundred eight two five, five, nine.

Speaker 1 (00:42):
Four nine.

Speaker 2 (00:45):
Where I'm coming in from today. It's a beautiful Sunday morning,
and like.

Speaker 1 (00:49):
I said, it's great to be here with all of you.

Speaker 2 (00:53):
I am actually just getting back was in Ireland the
last two weeks.

Speaker 1 (00:57):
Got in on Friday night and.

Speaker 2 (01:00):
Can talk a little bit about that and you know,
just having some time to reflect on it, and went
with my wife and three children and some family members.

Speaker 1 (01:10):
It was a great time away and really just an
unbelievable experience, but just.

Speaker 2 (01:18):
Got me thinking a lot about you know, personal finance
and you know how some of the decisions we make
around money, you know, are so personal in nature.

Speaker 1 (01:28):
And you know how that.

Speaker 2 (01:30):
Impacts the work we do with clients, some of the
conversations we have with clients, especially around some of their
goals and in spending habits and what it means to
them and what their priorities are. So talk about that,
and you know how, like I said, that impacts a
lot of the conversations we have get into the markets
we've you know, this past week, the SMP hit its

(01:53):
twenty sixth all time high this year, which you know
sometimes may scare folks and may get them worried that,
you know, how much longer can this go on for?
And you know where market's going to go from here?
But you know, historically speaking, when the markets hit all
time highs, that tends to be a good thing. And
we'll talk about that. You know, what's driving this market forward.

(02:17):
We had a jobs report on Friday for the month
of July, and you know, on the surface, pretty disappointing
just in terms of you know, really was more of
a loss of jobs than any sort of addition to.

Speaker 1 (02:31):
The job market.

Speaker 2 (02:32):
But believe it or not, unemployment rate picked down a
little bit lower.

Speaker 1 (02:36):
Which is a good thing.

Speaker 2 (02:37):
And we'll talk about why the markets actually responded a
little bit more favorably on Friday and into markets closed,
Like I said, we closed.

Speaker 1 (02:47):
That another all time high at the end of the day.

Speaker 2 (02:50):
And what that means, you know, as we move ahead,
you know, what impact does that have with the Fed?
Right that makes maybe the decision I don't want to
say necessarily easier, but if the jobs market is not
as robust as maybe it was the previous few months,
maybe that's a little less pressure of raising and hiking

(03:14):
interest rates.

Speaker 1 (03:14):
I think, you know, the market still expects.

Speaker 2 (03:17):
That to happen this year, but who knows, And you know,
there's a lot of variables that come into place to
you know, determine that. And frankly, I think you know,
in the short term, you know, maybe on a day
to day basis, on a weekly basis, the market has
a bigger impact there. But you know, really, when you

(03:37):
step back and you take that coach, what the FED
decides to do, whether it's keep rates as they are,
hike them, lower them, has really less of an impact
on the markets. And it's really you know, and we'll
talk about this, what's driving those decisions of what the
FED is doing. It's not what the FED does, it's

(03:59):
really what is happening being beneath the surface that are
causing the FED to make those decisions that really historically
has driven the stock market.

Speaker 1 (04:08):
So we'll talk about that.

Speaker 2 (04:10):
We can jump into earning season we've gotten, you know,
so far, you know, about two thirds of S and
P five hundred companies have reported earnings, and you know,
so far for the second quarter it's been quite solid
and now maybe a little bit better than expected. But

(04:32):
you know, we have this great positive momentum happening right now,
both in the markets within corporate America and what we're
seeing from earnings and from the reporting standpoint, and so
you know, it's it's been a great thing. And you know,
at the end of the day, that's really what kind

(04:54):
of keeps that market well.

Speaker 1 (04:56):
If earnings are good, keeps the market going higher.

Speaker 2 (04:58):
And you know, maybe if earnings in as good, could
be a little bit of a headwind there. But we've
been seeing, you know, pretty strong earnings across the board.
We'll dive into that a little bit and kind of
what we're seeing in the markets as a result of that,
and I think, you know, when you take kind of
where we're at right I've already talked about being at
all time highs, and when you take a look at,

(05:21):
you know, how the market is responding to some of
these earnings reports. You know, it feels to me that
this is a pretty healthy, you know, bull market that
we're in the midst of. And we'll get into the
details of that why that is likely the case, and
you know, some of the data and information that we're taking.

Speaker 1 (05:43):
A look at.

Speaker 2 (05:44):
And then as we go on, right, as I said,
just got back from Ireland Friday night was a great
you know, ten days away you know, outside of the office,
and fortunately we have such a great, great team here
that we can get away and uh, you know, have
them cover for us. But you know, as we're jumping

(06:06):
back into it, talk a little bit about some of
the conversations we're having with clients, you know, around planning,
around goal setting, around you know, money habits and money mindsets.
And I think, you know, that's one of the biggest
things that that I think we can help clients with,

(06:28):
you know, in many ways, it's some of the most
meaningful conversations I think. Right you know, you can do
as much as you can within the portfolios, helping manage
the wealth. Right, you can come up with spending goals
and financial plans and you know, see how things look
and have the proper allocation and everything else. But you know,

(06:51):
money is such a personal topic and it's such a
you know.

Speaker 1 (06:58):
Everyone is a has a different mindset.

Speaker 2 (07:01):
When it comes to saving, spending, investing, whatever it may be.
And like I said, we're so fortunate in the work
that we do with our clients and and the trust
and they put in us with you know, having these conversations,
having these really deeply personal conversations with them, and the
trust that they put in us to to have these

(07:23):
and you know just how fortunate and grateful we are
to have those conversations. But you know, walking them through
you know, maybe a big financial decision or helping them
get to a point where they're comfortable with spending some
of the money that they've worked so hard with, you know, again,
can be some of the most meaningful conversations we have.
And you know, we'll talk about why you know, just

(07:46):
what you're just because your neighbor or your family members
are doing one thing, maybe that's not the right decision.
For you or maybe you have to think about things
a little bit differently in your own situation because you know,
again we have different priorities and different mindsets around money,
and so doing what is you know can have the

(08:07):
most impact for you or you know, can help you know,
what are the ways to help make some of these
financial decisions. And like I said, those are some of
the best conversations we have with clients, and like I said,
we're so fortunate that we're able to do so. So
with that again, bone Nut lines are open. Give me
a call one eight hundred talk WGY one eight hundred

(08:29):
and eight, two, five, five, nine, four nine. We have
a lot to get into, but we'll go to the
phone lines we have, Rich and.

Speaker 1 (08:38):
Good morning, Rich. How are you today?

Speaker 3 (08:40):
Good morning Ryan. Have a general question. I always listen
to your show on today Sunday at eight o'clock. I
never catched the one. I think you have a show
also on Saturday. Is the content the same for both shows?

Speaker 2 (08:58):
Yeah, No, it's a it's a good question, Rich, it
you know, generally speaking, it is right.

Speaker 1 (09:03):
We were you know all team members.

Speaker 2 (09:05):
I know yesterday my father did the show yesterday at
penn Am.

Speaker 1 (09:10):
I was not able to tune in and listen to it.

Speaker 2 (09:13):
But like I said, we have the same conversations internally
with our team every week. Sometimes we'll have the same
host on a Saturday and Sunday, so oftentimes I'm sure
a lot of the information is overlapping and it is
pretty similar, but there may be different you know, approach
and feel to it, given who is hosting the show

(09:33):
on that particular day. Like I said, we have at
this point nine or ten different advisors that will jump
in and share hosting duties depending on on the day.
So again they may have a different approach in different style.
But for the most part, I would say a lot
of the information and the you know, the way we
present things, like I said, because of the way we

(09:55):
work it so well as a team internally. You know,
our approaches to financial planning, wealth management, the investments are
all very similar. But again they may have a different
feel or vibe to the shows, but structurally.

Speaker 1 (10:10):
And the way we approach it, there's no real difference.

Speaker 2 (10:13):
It probably just comes down to more of who's hosting
that day and what's the topic.

Speaker 1 (10:18):
Of and you know, could be more of their specialty.
Like I said, we have some.

Speaker 2 (10:21):
CPA, So they may focus a little bit more on
some of the tax planning elements within the wealth management world,
and some may have more of a focus on investments
and investment management. So I think everyone has a little
bit different of approach to the show, but for the
most part, they're pretty similar.

Speaker 3 (10:41):
Okay, there's call in, there's live call and also on Saturday.

Speaker 2 (10:44):
It's yes, yes, it is, ye have both days live
call ins.

Speaker 3 (10:49):
Okay, and is that I don't haven't been to your website?
Is that call? Can you listen to that call on
your website?

Speaker 2 (10:57):
You can find so you can find our shows on
iTunes if you looked up.

Speaker 1 (11:03):
Bluche Financial Group, there is you know.

Speaker 2 (11:06):
The podcast availability and you can go to iHeartRadio and
find the shows as well, I believe, But I do
you know if you find us on the podcast, you know,
whether it's Apple or iTunes, uh, Android, whatever it may be,
you can you can find the radio show recordings.

Speaker 3 (11:28):
Okay, thanks, thanks for that information. I appreciate it.

Speaker 2 (11:31):
All right, all right, Rich, Well, we appreciate you tuning
in and uh, you know, it sounds like you're a
you know, longtime frequent listener on Sunday, So.

Speaker 1 (11:40):
Again, we we greatly appreciate that.

Speaker 2 (11:42):
And uh, you know, this is one of our opportunities
to you know, share how we work as a firm,
what we do with clients, and like I said, we
are we're so fortunate and grateful to be able to
do that in our our day to day jobs. And
you know, what we do and how we work with
clients is is so important to us. So again, we
appreciate you tuning in and I'm glad you enjoyed the show.

Speaker 1 (12:05):
And our phone minds are open. Give me a call.

Speaker 2 (12:07):
There's anything I brought up so far to start the show,
or anything that's on your mind when it comes to
the markets, financial planning, retirement planning, whatever it may be,
give me a call.

Speaker 1 (12:18):
One eight hundred talk w g Y.

Speaker 2 (12:20):
That's one eight hundred eight two five, five, nine, four nine.
And as we started out the show saying, you know,
we're it's hard to you know, we had such a
strong start to the year and then you know, we
kind of had some volatility when it came to overseas

(12:41):
conflict with Iran.

Speaker 1 (12:44):
You know, the the you know that was end.

Speaker 2 (12:46):
Of first quarter, started the second quarter, pretty pretty swift
drop in the market with you know, just as equally
swift of a recovery following it. And that's kind of
been a theme in a pattern that we've seen over
the last couple years.

Speaker 1 (13:01):
You know, last year had more to do with tariffs.
This year was the Warren.

Speaker 2 (13:05):
Iran markets have you know, especially of late, have had
some pretty quick as you call maybe a B shaped
recovery where maybe a quick drop equally as quick recovery.

Speaker 1 (13:18):
And bounce back.

Speaker 2 (13:19):
And you know, we had that that great bounce back
and recovery and we've kind of been in a little
bit of a holding pattern if you if you just
kind of look at the markets over the last two
to three months, uh, you know, a lot of volatility
on a day to day basis, and that can be
both on the upside and the downside. We always talk
about that with clients that you know, volatility. I think

(13:39):
generally speaking you view that as as more of a
negative right on the downside pullbacks in the market, maybe
some swift pullbacks, but volatility can work in both directions,
which we've seen you know a lot of back ups
and downs, especially in the you know AI tech trade,
which especially over the last two months in particular, you know,

(14:01):
you kind of had a pretty dramatic pullback. But this
past week, right the AI trade came back into favorability.
We've had some good earnings around that, and you're seeing
real winners and losers kind of stand out and buy
kate from each other, which you know, to me, as
I said earlier, is more of a healthy sign of
a of a help or a good sign of a

(14:23):
healthy bowl market, because you know the trading and the investment.
It's not just you know, let's just throw the money
at the full market. You're you're picking winners and losers,
and again in this type of environment can be a
good thing.

Speaker 1 (14:38):
And again we'll go you.

Speaker 2 (14:40):
Know, our phone lines are open one eight hundred talk
w g Y one eight hundred and eight, two, five, five, nine,
four nine. I'm going to go back to the phone lines.
We have Paul and Milton calling Paul, good.

Speaker 4 (14:51):
Morning, good morning, good morning, enjoying the show as all
age very good and I hope you had a great
preciate Ireland. Maybe you can hear some details about that
when you get a break. Certainly, Queally was general. For
the services you provide for your clients. You have a
number of CPAs on staff do you do tax preparation

(15:14):
for your clients?

Speaker 2 (15:17):
That's a great question, Paul, And you know, it is
something that we started doing in the last three to
four years. So we've built out an internal team with
the CPAs that we have and so we do prepare
some taxes. We were not quite able to offer it
to everyone just because of our size and scale of

(15:39):
those services. But it is something we've been slowly building
out and you know, we're taking you know, in similar
way in terms of how we've built the firm over
the last you know, thirty five years, my father starting
it and as the team has.

Speaker 1 (15:53):
Grown, is that you know, we're always very.

Speaker 2 (15:58):
You know, practical in terms of how we're doing it
and doing it in a way that's manageable where we
can add value, but also you know, do it in
a way that's not h you know, too quick or
over you know, overdoing it. So, yeah, we've slowly built
out a tax preparation uh team and group. Like I said,

(16:19):
we were not able to offer it to everyone just
because of again the scale of those services.

Speaker 1 (16:24):
But you know it's something that that we do.

Speaker 4 (16:27):
Where are retiring.

Speaker 2 (16:29):
And well, you know, it's it's fascinating because it's you know,
we've had the same you know, it's you know, you
see that area where there are a number of CPAs
that have been you know, retiring lately, and you know
it's harder and harder to find, you know, practitioners for
individual tax returns. So now I can I can see

(16:51):
where you know that can maybe a challenge at times,
because we see it in part of the reason why
we we've offered these services for some of our clients.

Speaker 4 (17:01):
Yes, we were interested in working with a financial planner,
so we're we're looking around to see what's available and
what services are provided by each planner. So I appreciate
your input.

Speaker 2 (17:13):
Thank you all right, well, Paul, we appreciate the call.
Thank you for listening. And you know, if you if
you'd like, if our office is a call this week,
and you know, if it's something that is uh, you know,
maybe fits for your situation and we can help with,
we'd be happy to do so. You can always call
our offices at seven two zero three three pre three
and we'd be happy to have that conversation. And hopefully,

(17:35):
you know, in the second half of the show we'll
get a little bit of downtime and we'd be happy
to share a little bit more of my travels to
Ireland last week and just the time that we had
with the family. So again, appreciate you calling and thanks
for listening to the show. Again, our phone lines are
open one eight hundred talk WGY. That's one eight hundred
and eight two five, five, nine, four nine. We're going

(17:58):
to go back to the phone line. We have Richard
and colony. Richard, good morning, how are you today?

Speaker 5 (18:05):
Good morning, mister Bouchet, and thank you for taking my call.

Speaker 1 (18:10):
Yeah, how are you doing?

Speaker 5 (18:12):
I'm doing it fine, Thank you very much, beautiful day.

Speaker 3 (18:16):
It is.

Speaker 1 (18:19):
Well.

Speaker 5 (18:19):
My question is, I hope kind of basic for you.
I did work for the state of New York, and
I wasn't the third compensation. A couple of years ago,
I did a rollover IRA, and now we understand I
don't recall the specifics at the time, and the fair
comp won't give me information at this point. But I

(18:42):
thought I heard or read one time that you could
withdraw like up to ten thousand dollars a year for
a two year period total twenty thousand, and that would
be New York state tax income free, or maybe it
wouldn't be tax by New York State. I'm not quite sure,

(19:02):
and I wonder if you had any any advice to
offer on that.

Speaker 1 (19:07):
Yeah, No, Richard's a great question. So with regard to.

Speaker 2 (19:13):
You know, retirement accounts and iras, New York State actually
offers up to twenty thousand per year of.

Speaker 1 (19:21):
You know, not taxable events.

Speaker 2 (19:25):
So if you know, up to from the IRA, so
that New York State deferred compland if you rolled it
over to an IRA, you have on an annual basis
twenty thousand. That is not part of your New York
State right, that's not on the federal side, but it
is on the New York State side of you know,

(19:45):
non taxable withdrawal from those you know, retirement accounts, which
you hit fifty nine and a half, so you know
that is I believe that's probably what you're alluding to
with with that question. And it actually is twenty thousand
per year, so it's not ten per year over two years,
it's the twenty per year.

Speaker 5 (20:05):
Oh my god, that's great insight. I thank you very much,
mister Bouchet.

Speaker 2 (20:10):
All Right, Richard, well, we appreciate the call, thanks for listening,
and thanks for reaching out.

Speaker 4 (20:16):
Very well.

Speaker 5 (20:16):
It might be time to buy a new car.

Speaker 1 (20:22):
Good luck with that if that's in your future plans.
I hope, I hope you find what you're looking for.
All right, Thanks Richard, appreciate it all right.

Speaker 2 (20:30):
Again, our phone lines are open one eight hundred talk WGY.
That's one eight hundred, eight two five, five, nine, four nine.

Speaker 1 (20:38):
And as we you know, start approaching the news.

Speaker 2 (20:43):
Break, we'll you know, start laying out some things we
can talk about in the second half of the show today.
So again we're markets in at all time highs. We'll
talk a little bit about, you know, earning season and
how that's driving where the market is. Like I said,
touched upon it earlier, but when we look at what's
happening in the markets, right you know, S and t's.

Speaker 1 (21:06):
About thirteen percent, believe it or not.

Speaker 2 (21:08):
Earnings expectations have been increased this year about twelve or
thirteen percent, So you know, you look at where the
market is today as a whole, how it's been trading
where we're at, and compare it to earnings.

Speaker 1 (21:24):
I mean, it's right in line with how expectations.

Speaker 2 (21:27):
Have jumped so far this year, both for this year
and heading into twenty twenty seven. So we'll talk about
you know, that impact and how that's been the case.
We can jump into some more of the details on
this latest earning season. We'll talk about, you know, this
latest jobs report for July, some of the revisions from

(21:47):
the two months previous and how that may impact what
the FED does and how the FED is looking at
their approach to interest rates as we move forward. And
you know, frankly, at the end of the day, to me,
I don't think it matters one way or the other
from a long term you know, if you're a long
term investor, which we all should be, why it has

(22:07):
less of an impact. And you know, if there's time permits,
we'll share a little bit about my trip to Ireland
and you know how I relate that to our conversations
with clients. So again you are listening to Let's Talk
Money here at eight ten in one O three one WGY.

Speaker 1 (22:23):
We're gonna take a quick break for the news.

Speaker 2 (22:24):
We'll see you on the other side and look forward
to talking to you on the second half of the show.
And welcome back to Let's Talk Money here in eight
ten and one O three one WGY.

Speaker 1 (22:35):
I'm Ryan Bouchet and I will be your host today
thank you for everyone tuning in and being part of
the show. It's greatly appreciated.

Speaker 2 (22:43):
We love having the longtime listeners and the new listeners
as well be a part of the show and tune
in on a weekly basis, whether it's Saturdays at ten
or Sundays at eight am.

Speaker 1 (22:55):
It's great to have all of you with us. Again.

Speaker 2 (22:58):
Our phone lines are open, so if you have any questions,
give me a call one eight hundred talk WGY. That's
twenty eight hundred eighty two five five nine four nine.
And you know, if you if you listened to the
news break and what we was shared, it was a you.

Speaker 1 (23:16):
Know, interesting to hear the time away and what that
can do for the mentals.

Speaker 2 (23:20):
Not that I needed the time away, but as I
shared earlier, just getting back Friday night from about nine
or ten days over in Ireland with the family, so
my wife and three kids who are seven, nine and eleven,
you know, journeyed and made our way over to the
Emerald Island for a nice, you know, a little breakaway

(23:45):
and I do, I do feel refreshed and reinvigorated, ready
to jump back into things, which is a great thing.
But you know, it did remind me and I shared
it earlier, just some of the conversations with that we
have with clients. And you know how you know, figuring
out what is a priority to you and in your life.

(24:07):
And you know, I think about it often in terms
of my family, and you know, even my wife and
I my wife Nick, we uh, you know, I would
say we we probably have a little different approach to money,
you know, different money mindsets, if you will, and how
we view it and how we go about it, and
and I and I share these conversations and stories with

(24:29):
clients all the time because you know, it's it's not
uncommon for maybe one spouse to have a certain feeling
or approach to money versus the other. And it may
not just be what someone is, you know, comfortable with
from a portfolio allocation, right, Maybe someone wants to be
all inequities, Maybe someone wants to be a little bit

(24:51):
more conservative. It's much deeper than that. And you know,
sometimes it's in terms of you know, how comfortable they
are spending you know, how savings versus you know, withdrawing money,
I mean, and we see that often when clients are
making that transition from working and accumulating assets to that

(25:13):
transition of retirement and needing to preserve and withdraw their
asset base and what they've worked so hard and so
long to accumulate, and that can be you know, that
can be a mental strain, right It's it's not an
easy transition, and it's a huge shift in mentality, and

(25:36):
especially if you know you have you're working with two
spouses that maybe have different approaches to money. And you know,
for me, I've I've kind of always been really a
you know, a big saver. I like say, you know,
I have a little bit harder of a time on
spending and you know, especially big purchases maybe, And but
you know, when I think about, you know, what we

(25:58):
just did as a family and going overseas, you know,
those are the spending opportunities or or approaches where you know,
are more meaningful to me. And what's really important to me,
right is is kind of creating these types of memories
and you know, doing things that you know the entire

(26:19):
family can do and enjoy together versus you know, maybe
spending on objects or material things. It's you know, spending
money on experiences. And you know, for me, you know,
especially in the last you know, as my kids are
getting a little bit older, right Like I said, they're seven,
nine and eleven right now. You know, that is some

(26:40):
of the insight I've had in terms of what that
what those priorities are to me, and how I think
about you know, our own family, you know, budget and
spending and in savings and making sure you know, we're
hitting our savings goals, but you know, doing things that
are important to our family and you know, adding to

(27:01):
those experiences and that's something that that is important to
us and we figured that out as a family. And
those are a lot of the conversations I have with
with clients because believe it or not, you know, especially
in you know, the market environment we've had of late.

Speaker 1 (27:19):
You know, most clients have that they.

Speaker 2 (27:22):
Have a hard time spending and not overspending or spending recklessly,
but they're just you know, again, they may have been
so conservative and so disciplined in their savings approaches that
when they hit retirement, they do have that hard time spending.
And you know, oftentimes some of the conversations and the
role we play is you know, encourage them to spend

(27:42):
in a healthy way, do it in a way that's
meaningful to them, and something they can live with, but
also not putting them into a bad position from their
retirement plans and what they want to do. But you know, again,
money and you often hear it is you know, it's
not something you can take with you, and you want
to make sure you're doing the things that you know

(28:03):
bring joy to you.

Speaker 1 (28:04):
And again, you've worked so.

Speaker 2 (28:05):
Hard to accumulate those assets, you should enjoy them and
find ways to enjoy, whether you know, with you and
your spouse, with your family, with your loved ones, with friends,
whatever it may be. But you know, money is, like
I said, it's deeply personal to each and every individual.
And you know, a lot of these conversations are trying
to you know, work with clients and encourage them to

(28:27):
spend and do things that you know they'll get a
lot of joy out of. And it's great hearing kind
of the stories and the feedback when we are able
to have those conversations and make some of those breakthroughs
to really kind of have that full, living, in full
experience while you have your health and you can use
some of that wealth to add to those those memories

(28:49):
in good time. So again we'll talk about how that
plays into these client conversations and relationships. But we'll go
back to the phone, Linds. We have Ron calling from
Niskeuna this morning. Ron, Good morning, how.

Speaker 1 (29:03):
Are you Hi?

Speaker 5 (29:05):
I'm doing good.

Speaker 6 (29:06):
Thank you for having me. I just read an article
this week about a group of funds and one in
particular x s p I. It's like a boosted S
and T income ETF fund. But you know, with the
everything at its fifty two week all time high, you know,

(29:29):
would you recommend this as a good time or just
keep that on your radar for another time.

Speaker 1 (29:36):
Yeah, no, it's it's a good question.

Speaker 2 (29:40):
I did not see that article, and I'll be honest,
I'm not entirely familiar with that ETF. But I'm going
to try to look at it real quick to kind
of see if I get a little oversight to it.
But your question, I think, as it pertains to markets
at all time highs, this is a great question, and
you know something that we you know, we've we've have

(30:00):
research on, have looked into it and have conversations with
clients often. I mean, I think you have to determine,
you know, why the markets at all time highs and
what are we seeing you know right now? Again, we've
shared it earlier. Markets up about thirteen percent year to date.
Earnings expectations have increased about the same amount so far.
Year to date, earnings have been really driving this market.

(30:24):
And you know, believe it or not, fundamentals, if you
look at them, they've gone from about twenty two forward
earnings per share at the beginning of the year to
only twenty times foreign earnings, which means, you know, stocks
are actually a little bit cheaper today than they were
at the beginning of the year, even with a you know,

(30:45):
double digit rise in market value and in price, and so,
you know, I think fundamentals look reasonably healthy. They're a
little bit higher than the historical norm, but they're reasonably healthy.
And you know, there's the old market saying never short
a new high. And you know, not only is there
momentum in the market right now, but again there is.

Speaker 1 (31:08):
Fundamental reasons why we're hitting new all time highs.

Speaker 2 (31:12):
And you know, believe it or not, if you invest
at all time highs, it tends to.

Speaker 1 (31:16):
Work out better than not investing at all time highs.

Speaker 2 (31:19):
Again, it has a lot to do with where momentum
is within the market, has to do with you know
what the environment is.

Speaker 1 (31:26):
It doesn't mean that maybe.

Speaker 2 (31:27):
You you know, you go all in or you go
from you know, a fixed income portfolio to being overly
aggressive with stocks all of a sudden. But as long
as you're allocated in a healthy way, you know, if
you were to have cash on the sideline, depending on
how much that makes up of your overall investable assets,
investing at all time highs tends to not be a

(31:49):
bad thing. It tends to actually be more of a
positive than a negative. Again, you have to make sure
that it fits within your your threshold for risk, that
it's an appropriate allocation for you know, any spending needs
you may have in the next year or two. But
investing at all time highs or markets at all time
highs should not.

Speaker 1 (32:10):
Deter you from being invested in the market.

Speaker 2 (32:13):
Like I said, there's there's you know, good reason why
we're hitting all time highs. There's a good reason why
we've had twenty six new all time highs so far
year to date. And outside of like maybe certain stocks
or certain segments of the market, you know, the market
has not necessarily overheated this year. We've actually seen a
pretty healthy rotation in stocks. We've seen you know, leadership

(32:36):
from other parts of the market that we haven't. You know,
the mag seven has led the market over the last
two to three years by a wide margin, and they've
kind of been underperforming so far year to date. So
again we're seeing rotation, we're seeing a pretty healthy bull market,
and I think, you know, for those factors, it's not
a bad time to be, you know, investing in a

(32:56):
market even at all time highs.

Speaker 1 (33:01):
Okay, does that help answer some of your questions?

Speaker 2 (33:05):
Like you said, I'm not I'm not as familiar with the.

Speaker 1 (33:08):
The x SPI. It looks like a boosted high income ETF.

Speaker 2 (33:13):
You know, it looks like a higher expense ratio, so
there's probably a little bit more activity there.

Speaker 1 (33:18):
So I don't fully you know, understand the ins and
outs of it.

Speaker 2 (33:22):
But again to your question about investing, you know, at
all time highs, I wouldn't let that deter you if
you're you know, in.

Speaker 1 (33:30):
The right types of positions and allocation.

Speaker 2 (33:35):
So thank you, all right, Well, thank you for the call,
And like I said, I wish I knew more about
this fund in particular, I'll try to do if I
have an opportunity to kind of read more into it. Today,
I'll try to share some thoughts, but again, just not
as familiar with it. Unfortunately, I don't want to try
to talk too much about it without having a good
basis of it. But we appreciate the call, ron and

(33:58):
thanks for checking in again. Our phone lines are open.
Give us a call. One eight hundred Talk WGY. That's
one eight hundred eight two five five nine four nine.
We've had some great call ins today, great participation. Always
love having that on the show. And it's like I said,
it's great to have the listeners be part of the
show because we always say, you know, if you have

(34:20):
a question, there's there's a high likelihood that there's other
listeners out there that may have a similar question to yourself,
or or similar concerns or or insights. So always great
having you in. One eight hundred Talk wg Y again,
that's one eight hundred eight two five five nine four nine.
I know on our last I want to know, be

(34:40):
remiss not to plug it and add some you know,
flavor around it. But our Women in Wealth event that
we're part of through the Shiro Fund and Palette, Catherine
Hover does a great job up in Saratoga. They're having
the event on Tuesday, August twenty fifth, so it's about

(35:03):
two weeks away. The Women in Wealth, Harmony and Sam
from our office will be a big part of that
day in the event. So we're really you know, proud
to be a part of it, really proud to help
sponsored and play a big role of it. And you know,
should be just an unbelievable day on Tuesday, August twenty fifth.

(35:26):
So if you do have you know, questions on it,
or you have an interest in participating in being part
of that amazing day again, go to our website. You'll
see on our home page you'll see at the top
the Women in Wealth. You can reserve your seat or
click on the link and find out more information. And
I think it's going to be a spectacular day And

(35:48):
like I said, we're really excited to be a part
of it. And it's just a little bit more than
two weeks away, so make sure you check it out.

Speaker 1 (35:55):
Take a look.

Speaker 2 (35:56):
And you know, outside of that, we'll have some more
someone ours and presentations that we'll be doing this fall
and wanted to share that and and we'll have more
information as those events get nearer. But we are having
an event, uh in the middle of September again, uh,
going back to our planning with purpose, So it's going

(36:16):
to be more of a uh, you know, financial planning
and uh, you know, especially in times of you know,
we've had a good week this past week, but when
we have times of volatility, you know, some of the
more i would say complex planning issues and approaches that
we use with our clients to help, you know, take
some of the fear concerned with the volatility in the

(36:39):
markets or some of the uncertainties we see in the markets,
and take more control of your wealth in your situation.

Speaker 1 (36:45):
So be able to look out for that.

Speaker 2 (36:46):
We'll share more about it in the in the next
week or so. And like I said, you can always
go to our website at boshay dot com. That's www
dot usha dot com and you'll be able to see
all the information there. So with that, well, I'm going
to take one final break before the end of the show,

(37:07):
but stay with us.

Speaker 1 (37:09):
You are listening to Let's Talk.

Speaker 2 (37:11):
Money here on eight ten in one O three one WGY.
Then welcome back to Let's Talk Money here in eight
ten and one O three one w g Y.

Speaker 1 (37:20):
I'm Ryan Bouchet and.

Speaker 2 (37:22):
I am your host today thank you again so much
for tuning in, for being part of the show.

Speaker 1 (37:28):
Between the callers and listeners, it is greatly appreciated.

Speaker 2 (37:32):
We have a lot of fun doing the show we
can week out and again always appreciate the loyal listeners
and the folks who call in and make the show
what it is. It's it's you know, great to having
a live call in show. It's always makes the conversation
more interesting and more engaging when we get callers, you know,

(37:54):
reaching out and asking the questions. So again we appreciate it,
and we still you know, have a little less than
ten minutes left in today's show.

Speaker 1 (38:02):
So if you do have a call or a question
and you want to give me a.

Speaker 2 (38:05):
Call, happy to take at one eight hundred talk w
g Y again one eight hundred, eight, two, five, five, nine,
four nine.

Speaker 1 (38:13):
And you know, Ron asked a great question earlier.

Speaker 2 (38:16):
You know, again, unfortunately don't have as much insight to
the fund he was asking about. But you know, when
you think about investing at all time highs, and you know,
sometimes this can be a nervous time for some investors. Right,
maybe you're sitting on cash, maybe you know you're you're
a little unsure. Maybe you've been sitting in cash for
a while. And sometimes we have prospective clients that do

(38:38):
come in and they've been cash or they've been they've
been uncertain what to do with their money because you know,
this market keeps sitting all time highs. But again, in
a healthy bull market, you're going to continue to hit
all time highs. If you get a long term chart
of the S and P five hundred or the stock
market in general, right you go back over one hundred years, it's.

Speaker 1 (38:59):
Generally going up into the right.

Speaker 2 (39:00):
We are always hitting new all time highs, and so
that shouldn't deter you from investing in the market.

Speaker 1 (39:07):
Now.

Speaker 2 (39:08):
You know what should deter you is maybe being too
aggressive or doing something that you know is maybe against
what you're comfortable with. But you know, having that conversation
of hey, am I in the right allocation? Am I
doing the right things?

Speaker 1 (39:21):
Right?

Speaker 2 (39:21):
You know, you think about even where the market is
right now, you know, a getting all time highs in
the stocks, we're you know, we're nearing we're at about
four six five in the ten year treasury, so rates
are higher again. You know, if you are you know,
maybe you're in retirement or nearing retirement. You know, depending

(39:44):
on where you're starting from and where you're at, hey,
maybe it's a good time to think about.

Speaker 1 (39:48):
A rebalance with all time highs.

Speaker 2 (39:51):
And it's not saying we're scared of the market or
getting away from the market, but you know it may
maybe you've gotten above and beyond what you're comfortable with
from an allocation standpoint, you know, why not rotate into
all time highs into you know, where we're at with
the interest rate. You know, the AG is up around

(40:13):
four to nine decent duration, the ag AGG you know,
being a bell weather for the US bond market. If
you can get close to five percent there, you know,
over a six year time period, give or take, that's
not a bad thing right now. Like I said, the
ten year treasuries at you know, again, it doesn't mean

(40:35):
we're nervous.

Speaker 1 (40:36):
About where stocks are. We like where stocks are.

Speaker 2 (40:38):
And you know, from a fundamental standpoint, valuations have come down.
They're much more reasonable than they were even at the
start of the year with markets being up twelve thirteen percent,
So the markets are in a healthy position. We're seeing
you know, even on even in big tech, right you know,
this AI trade has been a big you know, driver

(40:59):
of the market. But you look at you know, some
of the dividend aristocrat and in dividend growers, they've been
doing outstanding this year.

Speaker 1 (41:06):
Right there's different leadership within this market right now. You're
having a bifurcation.

Speaker 2 (41:12):
It's not you know, it's much different than you know,
even going back to like the late uh nineties and
that you know tech bubble, which a lot of people
compare this market environment to that in different ways and
different purposes. But you know, we're you know, the market's
rewarding positive cash flow, the markets rewarding earnings. You know,

(41:33):
right now, profit margins are really at high high levels
that we haven't seen in quite some time, mid teens
for for profit margins on some of these corporate earnings
as a whole. I mean, this is a healthy market
as it stands right now. And like I said, when
you see the market rewarding you know, positive earnings in

(41:58):
hurting some other companies that aren't doing as well or
maybe don't have as positive outlooks.

Speaker 1 (42:03):
Again, to me, that's a good thing.

Speaker 2 (42:05):
It's not just throwing money at the market as a whole,
but it's picking and choosing winners and you know, those
areas of the market that are doing well. You know,
it's it's being driven by what they're doing on their
earnings and what they're doing on their bottom line. And
I think that's a good thing when you look at
you know, especially a market that is at all time highs,

(42:25):
that has hit twenty six all time new highs this year.
But like I said, these companies are being rewarded to
how they're allocating their resources, how they're investing their dollars,
you know, what their revenue, what their earnings are doing,
and what the future projection looks like. And you know,
even Wall Street continuing to raise earnings expectations and you know,

(42:46):
the corporate America hitting those and reaching them.

Speaker 1 (42:49):
I mean, you know, I think outside of you know,
some of the big, big, you.

Speaker 2 (42:54):
Know, tech companies as a whole, earnings are up around
twenty eight percent year over year, which is you know,
it's so strong, and like I said, earnings growth expectations
are still in those low double digit percentages as we
move forward and look ahead. And you know that's a

(43:15):
big driver as to why again for earnings multiples have
gone from about twenty two to twenty and again still
historically high, but they're getting more reasonable as earnings expectations
continue to increase. So obviously it's going to be you know,
critical to see how some of these resources are put
into play, right when you have a concentrated SMP where

(43:38):
you know, especially the mag seven makes up about a
third of the overall SMP now, which is very high.
And for the market to be doing what it's doing
when those companies buy and large have underperformed the market,
market environment when you take a step back, so I
think all these things are positive elements when you look
at the markets today. Obviously you have to be allocated

(43:59):
properly for your risk tolerance. Like I said earlier, you know,
thinking about a rebalance at these levels isn't a bad thing.
We did it a little while, you know, not too
long ago, within some of our portfolios. But you know,
when you look at where yields are at and what
the market is is, you know doing it all time highs.

Speaker 1 (44:19):
Like I said, I.

Speaker 2 (44:20):
Shouldn't deter you or scare you from the markets. But
you know, like I said, if it fits into where
you want to be as an investor and your you know,
appropriate allocation, you know may be a good time to
take a step back.

Speaker 1 (44:33):
And think about those things.

Speaker 2 (44:34):
So you know, we're getting down to the last thirty
seconds or so of today's show. We had a great show,
we u you know a lot of good callers. Really
appreciate all the participation in the listeners out there today.
As we wrap up this week and and the weekend,
I hope you know everyone out there has a great

(44:56):
rest of your Sunday, great rest of your weekend, and
as always you you can always tune in and catch
us on Saturdays at ten am and Sundays at eight am.
So thank you for listening to Let's Talk Money. Hope
you all have a great rest of your weekend. Take care,
have a great Sunday.