The Fagan Financial Report

October 19th, 2025.

Episode Transcript

Speaker 1 (00:00):
Welcome to our podcast radio show. Please note that the
content presented is for educational purposes only. We encourage you
to consult with a financial advisor or conduct your own
due diligence before making any investment decisions. All information provided
is believed to be reliable, but is not guaranteed for
accuracy or completeness. This presentation does not constitute investment, legal,
or tax advice, nor an offer to buy or sell

(00:22):
any security or insurance product. It also does not endorse
any third party or their views. All examples are hypothetical
and for illustrative purposes only.

Speaker 2 (00:31):
Good morning, and welcome to the Capital District's Money and
Investment program. You're listening to the Fagan Financial Report on
Dennis Fagan. Sitting here with my son Aaron, as we
do every Sunday right here in News Talk A ten
and one oh three one WGY Catalata.

Speaker 3 (00:44):
Really good show today, really good show, a very good show.

Speaker 2 (00:48):
There's some information on some companies that released earnings and
data and plans. Stilantis, cheap manufacturer the old Chrysler announced
a thirteen billion dollar US investment would mark thirty five
years in the business. One of the more renowned hedge
fund managers talks about the market being expensive but not nutty,
despite the fact that investors sentiment weekend almost fifty percent

(01:11):
of household food is consumed away from home.

Speaker 3 (01:14):
Talk a little bit about that, and I think.

Speaker 4 (01:15):
One of the top of that, I don't mean to
cut you off. I think like Walmart sells fifty.

Speaker 5 (01:22):
Of the groceries in the United States. Isn't that crazy?

Speaker 3 (01:25):
Groceries or vegetables, right? Produce produce crazy? It is crazy.

Speaker 2 (01:30):
But then something that really in my mind kind of
hit spot on passive investing in what some of the
issues are with it, and what passive investing really is.
We'll talk about that because a lot of people practice
passive investing and kind of we'll certainly make sure.

Speaker 3 (01:52):
To talk about that. Last week, I feel like I
was just talking.

Speaker 2 (01:54):
You not this, not this part which we did talk
about what is passive investing. We'll talk about get into
detail about this little spin I have it because something
like that is, you know, really important to people, because
that most people believe they're passive investors.

Speaker 3 (02:07):
But FED Beige Book, which is.

Speaker 2 (02:09):
A summary of the twelve different Federal Reserve districts. Compilation
of it was released for and it also goes into
you know, how the FED decides their monetary policy. Was
released this past week. Not a lot of economic data
coming now, so we'll spend a little time on this.
And I think it a couple of things that that
that I saw from it that kind of was a

(02:32):
and I think I think some of it relates back
to the fact that Americans fifty percent of food consumption
is away from home.

Speaker 3 (02:39):
That blows my mind.

Speaker 2 (02:40):
You know, I asked you guys this morning, you and
Doug and Dougle beyond the second half hour, we'll talk
about sent him to Boston for a couple of days
last week. I got a lot more information. We've been
using money guys pro for a while. We've been having
Douglas kind of the point man for that.

Speaker 4 (02:57):
Yeah, and he does a lot of our holistic financial
planning and we're you know, trying to get more and
more into.

Speaker 3 (03:02):
That, just to provide that back zone on it.

Speaker 2 (03:06):
We have always done it the foundation for people, you know,
we have we have been doing it, but Dougs, you know,
kind of specializing in that the intricacies of it. And uh,
he'll talk on the second half about what he what
he knows and actually what that program can do. He
calls it, calls it like a living type of a
big yes.

Speaker 4 (03:25):
So we you know, we won't talk about it too much.
But you can hook it up to you know, our
portfolio management software system. We can hook it up to SCHWABS,
so we can.

Speaker 2 (03:33):
Maybe we don't even need Dug on the second half
of he I know he can hear us through the walls,
so we will make sure to have him on. But
just getting to the Beige book. But but I but
I think what I was going to say about that
is that I think the FED seas in part what
we just said about fifty percent of the food consumptions

(03:55):
away from the home, and it's almost like a k
type of economy that that those Americans that are doing
well are doing very well.

Speaker 3 (04:03):
Yeah, those Americans that are not doing well are.

Speaker 4 (04:06):
Not getting shaped recovery that they coming out of COVID.
It's kind of the same concept. You know, people that
have money, you know, yeah, are doing really well. People
that don't. You know, it's a struggle out there with
you know, inflation up what probably twenty five percent since
four or.

Speaker 3 (04:22):
Five years ago.

Speaker 5 (04:23):
So yeah, it's uh, it's it's tough out there for
a lot of people.

Speaker 2 (04:27):
It's impacting lower earners a lot more than higher earners.
And the Fed's page books, so if you think of
what a K shaped recovery is and just explain that
a little more in detail. If you look at a
K there's, you know, obviously the straight line that goes
up and down. Then there's one line that comes off
of it to the upside, and that's really what's driving

(04:47):
economic activity. Now there's a line that goes off to
the downside. And what the FED FED is saying in
their page book is spending by higher income individuals on
luxury travel accommodation was reportedly strong. American Express came out
with their runnings and they would justify that. FED also
said regarding the labor markets, and quoting from the FEB,

(05:10):
employment levels were largely stable in recent weeks and demand
for labor was generally muted across districts and sectors, and
most districts more employers reported lowering head counts through layoffs
and nutrition with contact citing weaker demand, elevated economic uncertainty,
and in some cases increased investment in artificial intelligence technologies.

(05:30):
So if the labor market, and finally, on prices. Prices
rose further during the reporting period. Several districts indicated that
input costs increased at a faster pace due to higher
import costs and the higher costs of services such as insurance, healthcare,
and technology solutions. Tariff induced input costs increased were reported
across many districts, but the extent of those higher costs

(05:51):
passing through the final prices varied. Some firms facing stiff
facing tariff induced cost pressures up they're selling price is
largely unchanged to preserve market share in response to pushback
from price sensitive clients. So I think you see an
economy that, yeah, is weakening.

Speaker 3 (06:09):
You see.

Speaker 2 (06:10):
As far as the tariffs, I think the jury's still
out on the ultimate who bears the burden of the tariffs?
You know, some people think it if you look at
the three potentialities of who bears the burden, it's the
you know, the importer, it's the consumer, and it's the exporter.
Right now, it seems to be a third to third
to third. Some people would suggest there's some reports would

(06:32):
suggest that's because they haven't been finalized and the importer
is bearing the cost, like the Walmarts of the world.
They're bearing most of the cost because they'd rather see
how how this thing settles out before they pass it out,
before they decide in their final allocation of that increased costs.
And others are saying, well, no, this is the way

(06:53):
it's going to be. So but I think the Beige Book,
in my mind is saying things are going okay, weakening
in some areas, some concern with prices, labor markets weakening.
AI kind of taking a little bit of a toll
any any anything you want to add to that.

Speaker 4 (07:13):
Or you know, the US, I think uh GDP was
up three point eight percent in Q two, So yeah,
I mean, I think there's a lot of uh, you know, varying,
you know, I don't know, there's a lot of positives.
And I think and I think that the the economy
remain pretty stable as long as the consumer remains stable.

(07:34):
It seems obvious, but yeah, I think I think we
keep on going back and forth from you know, the
uncertainty that Trump's administration brings. I mean, even this past week,
you know, we're in a trade war with China. Then
we want to figure this out. So I think that
eventually and I think you know, at the beginning of
this year, you saw, you know, a slowdown in GDP
because I think people were kind of in the weight
and C mode. So I just don't want to get

(07:56):
into that, you know, weight and CE mode again, and
and you know, I hopefully we won't for the rest
of the year or into the next year, but you know,
I don't know.

Speaker 2 (08:06):
I think the market went down twenty percent or so
in the beginning of the year in part because of
President Trump and you.

Speaker 3 (08:15):
Know, his rhetoric.

Speaker 2 (08:17):
It was rhetoric and not understanding perhaps that that President
Trump's some of his negotiating style.

Speaker 3 (08:26):
Was was was was foreign to people.

Speaker 2 (08:28):
Now I think you're seeing investors are becoming more accustomed
to his negotiating style. I do think that China's gonna
China's got a real u as in.

Speaker 3 (08:39):
The whole really with rare earth minerals.

Speaker 2 (08:42):
Yeah, they refined seventy percent of the world's rare earth minerals,
and we really don't have the capacity nor will we
have the capacity for probably two or three years to
supplant them. So they're gonna hold that against us, and
we're gonna hold the fact that we're gonna we're gonna
almost embargo their exports, and they really need to export
to the United States. So I think it's it's it's

(09:04):
going to be. It's a tall order for the Trump administration.

Speaker 3 (09:08):
Uh.

Speaker 2 (09:09):
Market's up around fifteen fourteen, fifteen percent year to data
is represented by the S and P five hundred and
I think that, uh, but you.

Speaker 4 (09:17):
Know, you know, we're in the earning season. We just
had the bank's report earnings. The banks came out with
really strong rings. I don't know, did you print anything out?

Speaker 3 (09:23):
I did, I did, Goldman set and that's kind of
what that's the other thing.

Speaker 5 (09:26):
So, you know, I don't know.

Speaker 4 (09:26):
I think as long as you know, the banks still
see a lot of positives in the economy. You know,
we're still seeing people spend, We're still seeing people invest.
You know, inflation is you know, hovering around that three
percent mark. But you know, I think as again, you know,
as long as the consumer remained strong, and I think
these you know, the foundation of the US economy and

(09:46):
the stock market is really on the banks. You know,
I think that, you know, the economy will be in
okay shape, and I think the stock market will be
in okay. Goldman's extras had earnings they beat on estimates,
better than expected investment banking and bond trading, you know,
earnings for share with twelve twenty five verse eleven dollars.
Revenue was fifteen point one verse fourteen point one. So

(10:07):
that's you know, a really major beat by Goldman Sachs,
the bank's equity trade partners, you know, seven percent increase
in revenue, you know, to three point seventy four billion dollars,
about one hundred and sixty billion below the estimate, but
you know, still very good, hundred and sixty million below estimates.

Speaker 2 (10:26):
Bank in New York, JP, Morgan, Morgan, Stanley, Bank of America, Blackrock,
Goldman Sachs all had earnings that beat estimates, and they
all had investment banking earnings that were well above estimates.
And I think that's you look at that, and you know,

(10:47):
I think sometimes we talk about, hey, let's not get
too caught up in the minutia of these earnings, and
listeners don't want to hear that. So I just kind
of picked out some of the titles from articles that
I read during the week. One Goldman Sachs and you
mentioned beats estimates. I'm better expected investment banking, bond trading salesforce.
CRM stock jumps after company offers rosy forecast for two

(11:10):
thousand and thirty. For two thousand and thirty, company set
it now expects over sixty billion in two thousand and thirty,
above the fifty eight point three seven billion consensus estimate
among analysts. You also look at Taiwan Semi TSMC profits
surges thirty nine percent to beat estimates, record AI chip demand.

(11:30):
So this is in the right in the wheelhouse of
the market. What's been driving the market certainly is ai
Taiwan Semi one of the big chip companies there, and
artificial chips especially, and they came out positive. You look
at Bank of America top estimates on forty three percent
Surgeon investment banking revenue Parent and then SO and the

(11:51):
g parents.

Speaker 3 (11:52):
Delantis i mentioned.

Speaker 2 (11:53):
Before the top of the show announces a thirteen billion
dollar US.

Speaker 3 (11:58):
Investment canto in.

Speaker 4 (11:59):
I think that that's what we're seeing is, you know,
with the Trump administration, we're seeing a lot of deregulation,
We're seeing a lot of friendliness in the investment business.
So I do think, you know, as long as the
consumer can continue to spend it as long as companies
continue to spend, you.

Speaker 5 (12:13):
Know that that should really put a floor on the
stock market.

Speaker 4 (12:16):
You know, I think we do say that there can
must be a five ten percent pullback. But you know,
you know, Google, Microsoft, Apple, Mata, they're all spending you know,
eighty plus billion dollars per year on capex with AI.
So you know, it's hard to see the market really
flounder substantially, you know, barring some sort of black Swan event.

(12:38):
But you know, while these companies are spending this type
of money, you know, eventually we want to see some
ROI and some some return on this investments. But I
don't think we're at that point yet.

Speaker 2 (12:47):
This is President Trump's Trump's economy. This is this is
this is this is this is his economy, meaning that, yeah, tariffs,
the negotiating through terror ups, the rewiring so to speak
of our relationship with our with our traditional allies, and deregulation.

Speaker 5 (13:09):
Don't fight the FED, don't.

Speaker 2 (13:12):
More influence on the FED. And also uh reshoring and
near shoring. Some some of those those things are good
for the market over the short term. Some of those
things will probably come home to really challenge the market.

Speaker 3 (13:30):
You know, in our opinion.

Speaker 2 (13:32):
Uh that, you know, the the the the rewiring of
the traditional relationships with our allies. Maybe that comes home
to roost at some point in time. That would probably
be my biggest concern. I think that the big beautiful Bill,
I think is going to be a longer term concern.
And I would say the same thing for Biden tax package.

(13:52):
I think, you know, Biden Trump, uh Trump, before that, Obama,
we're spending way too much money. We've got to rein
that in. Those are some longer term things, but the
market only think six to twelve months down the road,
and I think right now it's things you're good.

Speaker 4 (14:06):
And I would still see that like build out an
AI for the next you know, six to twelve months
at least, right I think you'll eventually see some fraud.
They think eventually you'll see some overbuilding in that AI.
But right now, you know, I think while we're spending,
we're still in the you know, positive momentum. I don't
know time in this market, so you know, but eventually,

(14:27):
you know, you just don't want to get caught with
too many of those names, because I do think that
we'll eventually see people asking for some return on this investment.
I agree, But you know, I think artificial intelligence is
also just making companies a lot more efficient. They're increasing margins,
and you know, I think we're in the midst of
that right now.

Speaker 2 (14:45):
I think one of the ETFs that you might want
to look at and we own for some of our
clients is ai are the first trust RBA, we talked
about it last week.

Speaker 5 (14:53):
And a small cap fund.

Speaker 4 (14:56):
It's mostly all industrials, so it's really a small cap
in industrial fund. It's ninety four percent industrial, six percent
financial services. I'm one hundred percent of America obviously, American
Industrial Renaissance Fund. Yeah, I think it's you know, yeah,

(15:17):
it's twenty two percent mad cap and seventy three percent
small cap and five percent microcap.

Speaker 3 (15:21):
So I think it's tough to chase.

Speaker 6 (15:25):
There, you know.

Speaker 2 (15:26):
And then people, I had a client in the other
day and I wanted to touch on this. We don't
own a lot of gold. Gold is a big time
this year, So what what do we own instead of gold?
Would would love love to own gold, all right, So
suffice it to say that, But what did what have
we always done instead of gold to look for growth?
And I think that is by the secular growers, like

(15:48):
we've always bought.

Speaker 3 (15:49):
What do you think of gold going forward?

Speaker 2 (15:54):
It's got a tail one, it's got momentum. I think
the client and the dollar makes it attractive. I think
that it's it's really small universe of total assets.

Speaker 3 (16:03):
It's total you.

Speaker 2 (16:04):
Know, finite resource, right right, It's somewhat you know, so
I think that I think it probably continues higher. I
you know, I think it's very volatile. Historically. I think
it's an area for maybe ten percent of client assets.

Speaker 3 (16:23):
Yeah.

Speaker 2 (16:23):
Again, you know, we've used more of the amazons and
alphabets and metas and apples and in videos of the
world and palanteers for growth in our portfolio, because in reality,
the van you know, just all the gold gold doesn't
pay a dividend, right, So you're basically saying, I want growth,
I'm going for capital appreciation.

Speaker 5 (16:43):
And history risk minimization.

Speaker 1 (16:45):
You know.

Speaker 4 (16:45):
Yeah, like three years ago, you wouldn't say, you know,
you're investing in gold for growth, You're investing in gold for.

Speaker 5 (16:52):
More of a preservation of assets.

Speaker 2 (16:55):
I think something that's uncorrelated to the to the to
the market, and I think it has shown that. It
certainly has shown that. Thus far this year, it's up
around sixty percent. Yeah, for risk mitigation generally speaking, when
we use cash so rather than something that's uncorrelated to
stock market.

Speaker 3 (17:13):
So I think I had a hard time.

Speaker 4 (17:16):
Yeah, investment in philosophy, we we typically don't invest in commodities.
And you know, I think this is the you know,
this past you know, three three years or past year.
Really you know, over the past five years, gold's up
one hundred and nineteen percent, but over the past one
it's up sixty, right, so half of those games are
in the past year, you know. The S and P
or QQQ you know, going into twenty twenty five was

(17:40):
up you know, about eighty percent over the past five years,
and gold is up thirty four you know, so it
was outperforming precipitously. But you know what's kind of amazing
is that now gold is outperforming QQQ over the.

Speaker 5 (17:56):
Past five years. Right, It's up one.

Speaker 4 (17:59):
Hundred and ninety teen percent over the you know, triple Q,
which is up one hundred and eight percent, which is
old kind of surprising.

Speaker 2 (18:05):
Really something, you know, And I think the asset that
I think, like investors, we're going to use for an
uncorrelated asset is crypto. Yeah, And I think what surprised
the market last week?

Speaker 4 (18:16):
And I think why, But like I think, like I know,
it's surprised the market, but like I are we just
trying to you know, speak into existence, you know what
I mean? Like, since when has crypto been like gold?
Everyone's trying to say it's like gold. It's like gold,
it's a you know, it's a store of assets as well,
but it's it's always acted like a risk odd asset.

Speaker 2 (18:36):
Well, I think the the US market is it has
it has so when when the market's doing well, crypto
does well. When the market's done poorly, crypto does poorly
generally speaking.

Speaker 3 (18:47):
But I think it's surprised. However, like if you look
at the.

Speaker 2 (18:52):
Just the the ETF that deals in that over the
I shares Bitcoin trust year to date over trailing here,
it's up sixty five percent, you know, year to date.

Speaker 3 (19:01):
It's probably a bigcoin point. Yeah, you know, and I
think that.

Speaker 2 (19:08):
I think what surprise investors was with the downdraft on
last Friday, Bitcoin went down a lot as well, and
I think and gold went up. So I think that's
taken a little bit of the shine off of bitcoin.

Speaker 3 (19:21):
Do we own a lot.

Speaker 4 (19:22):
No, I don't know if it's coincidental, but you know,
Bitcoin and the Triple keys are within a percentage of
each other this year, you know which qqq is up
eighteen point two eight and Bitcoin's up seventeen point six one,
Which is I don't know if it's a coincidence or.

Speaker 2 (19:34):
Not, right, but it seems more like a correlated asset
than it really was. Moving on, you know, I guess
I don't really want to talk about this that much,
but I did find it interesting at sixty four years old,
psychology expert an article by Morgan Housel, the author of
the Art of Spending Money Simpler Choice, Simple Choices for
Happier Life. I guess this is maybe a way to

(19:56):
end the.

Speaker 3 (19:57):
First half on three rule Houses says he discovered.

Speaker 2 (20:01):
While working on his book, which can help you find
happiness at any wealth level. He says, there's beauty in
the ordinary, the happiest people aren't the wealthiest, and happiness
is the gap between expectations and circumstances, meaning that if
you have everything but want even more, you'll fear poorer
than someone who has little but wants nothing else. You know,

(20:26):
and I think that's those are those are That's very
interesting And I think, why aren't we bringing up on
a money show because I think this could pertain to
money as well.

Speaker 3 (20:34):
I think, no matter.

Speaker 2 (20:35):
How wealthy you are, if you always want more, you'll
always feel poorer than somebody else. I think the other
thing I like at my age sixty four and we
did a lot of the clients my age and up.

Speaker 3 (20:50):
The chase.

Speaker 2 (20:51):
The chase is over, you know. Now you know you
got let's say you got fifteen years left to enjoy
your you know, viable years to enjoy. Lift God will
and knock on wood. I think you need to make
sure you have a portfolio that conforms to your risk tolerance,
also conforms to the stage you are in life, so
that so that you can be confident that nothing will

(21:14):
come between you and enjoying that stage, enjoying those forty
years of hard work for the next.

Speaker 3 (21:20):
Fifteen years or so, you know what I mean. So anyways,
so that was just something that.

Speaker 4 (21:24):
Sometimes, you know, our job is to is to you know,
you always say that what financial independence, and you know,
a part of our job, you know, is to obviously,
you know, make people money through investments, but also to
kind of teach people how they can spend their money, right,
you know, and it's important because you know, you work,
what forty fifty sixty years, whatever that may be.

Speaker 5 (21:44):
And you know, we're creatures of habit. We're so we're
so routine oriented that it's hard. It's hard to.

Speaker 4 (21:50):
Start spending your money when your whole life is like
putting your four O one K save, save, save, and
then you retired. You know, we very rarely see clients
run out of money. So, yeah, I spent some of
that money, really even enjoying within reason. Yeah, within reason,
and that you know, active part of your retirement, you know,
sixty to seventy five.

Speaker 2 (22:10):
It's certainly our job to tell people when they're out
of bounds too. Yeah, and we do, you know, but
but but yeah, you're.

Speaker 3 (22:17):
And and and I think just that.

Speaker 2 (22:21):
Just the fact that if you've spent and you mentioned it,
but if you spent your whole life savings, to turn
that spigot, that savings spiggot off and turn the spending
spigot on is like telling you to change your habits.
So you almost feel like And I met with somebody
yesterday and he said a couple of things this year
he had a lot of things going on when he's

(22:43):
going on a trip to Antarctica, and he's gone on
a trip to Australia and he's had his nose to
the grindstone forever, he and his wife, and he was
saying two things. Okay, that it's really foreign to him
to spend that type of money on anything. But the
second thing he said was it's almost intoxicating too.

Speaker 3 (23:00):
Though, you know what I mean.

Speaker 2 (23:02):
He's like, I got to get a new coat, I
had to get this, I had to get back.

Speaker 3 (23:06):
I'm going to Antarctica.

Speaker 2 (23:07):
I think he's I don't know when they're going, sometime
in the winter because it's somewhere down there. It was
almost like it's intoxicating. And I thought that the word
intoxicating was interesting because you know, it is intoxicating and
you can get online at one in the morning and
spend a thousand dollars in a heartbeat.

Speaker 3 (23:21):
But uh, it's got on the word is what else
we got?

Speaker 4 (23:26):
I think we've got a good second half coming up.
You know, you know, Doug will be on here with us.
We'll talk a lot about you know, money guide Pro
one of the software systems that we use. But you
know how we integrate that into our business and you know,
help clients with that, you know, holistic you know, tax estate,
social security, security, investment planning, and you know, I think
it's it's very valuable to clients, and I think, you know,

(23:49):
I think we can you know, talk a little bit
about on the show and you know, some things that
you can do for yourself to to you know, to.

Speaker 5 (23:56):
Get a better look at your financial picture.

Speaker 2 (23:58):
And how that financial picture really should be should be
updated on a fairly regular basis, you know. Anyways, So
that'll just about do it for the first half. We
got Doug coming up in the second half, and then
still government shutdown. We'll see how that plays out over
the course of the next coming week. But you know,

(24:19):
right now, why don't we take a break. It's ten
thirty on the station depend Upon for News, weather and
information News Talk A ten and one O three one WGY.
Good morning, Welcome back to the second half five of
the Capitol District's Money and Investment program. You're listening to
the Fagan Financial Report. I'm Dennis Fagan sitting here with
my son Aaron, as well as Doug keynotso also works
for us and he specializes really in doing retirement planning,

(24:42):
financial planning for those near retirement, and also when you
talk about retirement planning too, Doug, I would imagine that
that planning includes those in retirement that haven't had something
like this done before.

Speaker 6 (24:57):
Yeah. Absolutely.

Speaker 7 (24:58):
I think, you know, the service that we can provide
for our clients or for anybody out there listening who
doesn't work with us, is that, you know, as people
are in retirement, I think they have a lot of
questions about, you know, what are what are the fears,
what are the concerns, what are the things they could
potentially derail their retirement? And that's you know, one of
one of the things that we talk about with our

(25:19):
clients as they come in to do this, whether or
not they're in retirement or not, is you know, the
kind of the psychological aspect of retirement, whether you're in
it or approaching it or still ten, fifteen, twenty years away.
Those factors matter, you know, as well as the factors
of you know, your money and your finances and making
sure that you're you know, allocated properly along the proper

(25:40):
risk categories and making sure your money lasts and things
along those lines, and so I think that's one of
the interesting aspects of kind of how we approach this
with our clients and with anybody we're working with, is
as we spend we spend a decent amount of time
upfront talking about some some of the kind of more
of the psychological factors of retirement, you know, some of
the common you know, concerns that we you know, hear

(26:01):
from people is, you know, I'm not having a paycheck anymore.
I've had a paycheck my whole life. What's that going
to feel like without having a paycheck, I run out
of money? You know, what what happens when? When and
if the market goes down in retirement? How will I feel?

Speaker 6 (26:14):
You know, I want to leave money to others? Am
I spending too much? You know?

Speaker 7 (26:19):
Cost of healthcare? You know, dying early, living too long?
Like these are all factors that that you know, some
people have in the front of their minds. Some people
have in the back of their minds, but really, you know,
spending time with people that kind of have them flesh
those out can help you know a lot with the
planning process of Okay, what are the best ways to
really you know, allocate your money, you know, across the

(26:41):
different financial spectrum when it comes to retirement and really
looking at, you know, the process of here are your
investments today. If you're nearing retirement, you know, what is
that going to look like when you when you want
to retire, If it's five years, ten years, whatever, where
will you be and really just projecting that out over
the course of the you know, the thirty years of
retirement after that to see to see where you'll be.

(27:03):
I think one of the things people as are you know,
not at retirement or nearing retirement. Kind of an eye
opening thing that I've found in doing this is retiring
can be for a long time.

Speaker 6 (27:14):
That can be put Yeah, I mean if you look.

Speaker 4 (27:15):
What you know, and you know, I don't mean to
cut you off, but you know, you did say when
the stock market pulls back, and I think what you know,
what is great about this holistic planning and you know,
is visualizing when the market pulls back because it does
it retirement.

Speaker 5 (27:30):
As you said, you know, retirement can be a long time.

Speaker 4 (27:32):
So if the market pulls back twenty percent every four
to six years and year in retirement for you know,
twenty twenty.

Speaker 5 (27:37):
Five years, you're going to experience five.

Speaker 4 (27:40):
Twenty percent pullbacks in the market, and I think you
know what I like about this, uh, you know the
holistic financial planet.

Speaker 5 (27:47):
You know, using money guide pros, you.

Speaker 4 (27:48):
Can actually visualize what a twenty percent pullback does to
your portfolio and you know, yeah, what that means for
your retirement if anything, because usually it's kind of like,
oh yeah, I can still say that that'll be fine.
But you know, in your head, if you if you
don't visualize things and you don't have the mount in
front of you, sometimes it can get even scarier.

Speaker 7 (28:08):
Yeah, and that's and that's you know that pivots well
into So one of the psychological things that you know,
we we want to ask folks is how will you
feel if that happens, if if the market pulls back,
if if the Great recession, you know, if the way
you're currently allocated, if that would you know, result in
a thirty three percent drop in your overall investment value?
How will you feel? Will you not be able to

(28:28):
sleep at all? Will you you know? Because that then
maybe will you know help you know, guide the process
of Okay, maybe this allocation maybe not the best for
you if this if this were to happen, you know,
But the the more kind of technical aspect of this
is really taking what you just said, Aaron, and basically
showing people, you know, what their situation will look like

(28:50):
over the course of the thirty thirty five years of retirement.
And the way the you know, way the program does
that is really using what's called a Monti Carlo simulation,
which if you're not familiar with what that is, it
basically takes you can either do it with historical numbers
or projected numbers. The way we do it right now
is the you know, the program that we use uses
projections over the next thirty years based on you know,

(29:13):
a million different factors, but it basically takes about a
thousand different scenarios and basically runs that out with your
with your portfolio, and you can really drill down on
all those thousand a thousand scenarios and see, you know, okay,
what this was.

Speaker 3 (29:29):
A bad outcome?

Speaker 6 (29:30):
Why was this a bad outcome?

Speaker 7 (29:31):
And you can really drill into those and say, okay, well,
you know, the market had three bad years right when
you're retired, and this in this iteration of this retirement plan,
and that meant X, Y and Z potentially could happen
to you, and it'll give you kind of a baseline
of a percentage of success, and success being you know,
you're basically your money lasting through your life expectancy.

Speaker 2 (29:52):
Well that that kind of that that kind of begins
to quantify or help you determine your tolerance to risk.
If you were to tell me, how do I feel
if my account goes from a million dollars to seven
hundred and fifty thousand, Maybe jokingly I would say, well,
how do you think I'd feel? But if you said
to me, and this is what we can provide, and
by the way, and I just should have prefaced this

(30:13):
whole conversation with the filly we offer this. It's funny
how people think we just do investment planning. But where
you put your investments is the culmination of a lot
of questions that pertain to investments that pertain to risk tolerance.

Speaker 3 (30:27):
You know, when to.

Speaker 2 (30:28):
Take social security, healthcare, long term care, estate planning, all
those things. If you look at putting all that information
into the funnel, out of the bottom comes the answers
to those of which we can help you solve.

Speaker 3 (30:41):
All of those, especially.

Speaker 2 (30:42):
The investment planning and social security planning. We have related
tax planning. We have relationships with CPAs we do our
clients taxes for them, have personal tax returns part of
our fee. A state planning, we have relationships with attorneys,
so we can do all that. But I guess my
point is is that other point before for moving on
is that you know that the quantification of if if

(31:04):
you were to say to me, like I said, my
account goes from a million to seven fifty, of course
I'm not going to feel good.

Speaker 3 (31:09):
But if you said to me that the.

Speaker 2 (31:10):
Chance of success doesn't move, or moves from ninety eight
percent to ninety six percent, I may say, well, I
can live with that, you know, And I think this
does that.

Speaker 6 (31:19):
Right, right.

Speaker 7 (31:20):
I think that's really the most valuable thing that I
find when while I've been doing this with our clients
is you know, let's let's take an example. Say you
say you have a couple who's in their mid fifties,
you know, ten years from when they'd like to retire
sixty five. You know, they they're both employed, you know,
and they have you know X amount of we don't
even get you know, dollar abounds, but X amount saved

(31:42):
you know, by taking all this information that we gather
we can put everything into kind of a pot and
stirred around and say, okay, here's what it looks like
when you get to retirement. And a lot of times
on the current you know, a current scenario will run
out with these Monte Carlo simulations and it may show, Okay,
you've got like a sixty five percent chance of you know,
making it through the end of you know, your life

(32:03):
if you stay on the current path that you are,
which is saving X. You know, you have Y invested,
you're both retiring at sixty five, taking social Security when
you are.

Speaker 6 (32:11):
But then there's all these what.

Speaker 7 (32:12):
If work sheets that we can play with with our
clients and say, okay, well, what if you know, you
Joe client decided to you know, work part time in
retirement for three or four years, that's something that interests you.
How does that change this outcome for you? Or you
Jane client, you decide, you know, you'd really like to
retire at sixty two not sixty five. You know, can
you can you do that? Can you if you take

(32:33):
return retire or take SoC security at sixty two? What
does that look like versus taking it sixty five and
basically run out, you know, as many different scenarios as
we as we can, and it basically will show these clients, okay, this,
if you stay on this path, here's where you're likely headed.
If you alter these few things, maybe you save an
extra ten thousand dollars a year. Maybe you decide, you know,
instead of taking two trips a year in retirement, you

(32:55):
really only want to take one, and you know, and
reduce your spending a little bit in retirement. You can
kind of play with all these levers and see where
you are. And on top of that, you're only fifty
five and there's a long road ahead. And it's a living,
breathing document. So once we go through this process with
our clients, it's there for us to at every annual review,

(33:15):
we can go in and say, okay, here's what the plan.

Speaker 6 (33:17):
Looked like last year.

Speaker 7 (33:18):
What's changed in your life? You know what, maybe you're
some of your goals, your expectationship changed. What would you
like us to alter in this plan? And we can
continue to kind of game out these what if scenarios
and give them a real strong idea of where they're
headed and what it's going to look like when they
get to retirement.

Speaker 4 (33:35):
And I think that that's what we're trying to do
with clients. And I think that's why this plan can
be so effective. Is let's say, you know, and I
think it's great for in retirement nearing retirement, but I
also think it's great if you're forty five fifty years old.
You know, it's like the butterfly effect, like you know,
you can a small change, you know, for ten years
can really you know, compound and help help you out
when you're sixty two years old and in retirement, as

(33:56):
you said, save another ten thousand dollars a year, you know,
putting a few more percent in your four one K
I think I think that can go a long way. So,
you know, we've been trying to work with clients you know,
forty five, fifty to fifty five years old, to you know,
help them with a few things that they can do
to make their life substantially easier and less stressful, right,
because I think that's you always say that is you know,
the goal when you're in retirement is financial independence, right,

(34:18):
and you don't want to go back at that door.

Speaker 2 (34:20):
I think I just think of myself and people my age,
I'm sixty four and up. I think about it the
other way, Like I think about to a certain extent
that this what this does, This, this allows me the
ability to conform my lifestyle to my assets rather than
to my greatest fears. You know what I'm saying. Everyone

(34:43):
has the greatest the fear of running out of money.
We've been in business since nineteen eighty nine. I've been
in this business since eighty three. Doug, you've been in
this business ten years. Aaron, you've been in this business
fifteen years. And you know you can you can plan
your whole retirement around armageddon. And yet when you're in
and you have a lot of money and you don't
have a partner, you don't have your own health, you

(35:04):
don't have enough people to travel with, and you have
too much money, that's the real sadness out of life.
So I think this, this plan can also quantify.

Speaker 3 (35:11):
That what.

Speaker 6 (35:15):
So what?

Speaker 3 (35:15):
Uh as you so go ahead? Why don't you move forward?

Speaker 7 (35:18):
Yes, I was just gonna say, you know, to that point, Dennis,
I think, you know, it's not just from the aspect
of making sure you have enough money. It's making sure
your your goals in retirement are lined up with with
your you know, with your asset level.

Speaker 6 (35:32):
And what you're looking to do.

Speaker 7 (35:32):
I mean when we're meeting with people that are you know,
nearing retirement or you know, even years away, decades away
from retirement. I mean, the most common goals where from
people are travel, right, they want to be able to
travel once they get in retirement.

Speaker 6 (35:46):
And you know, whether that's you know, one.

Speaker 7 (35:48):
Big trip a year, they want to go to Europe
and thirty thousand dollars a year, you know, or they
you know, if they're even younger, they have college goals.
They want to save for college for their children. They
have home improvement. They want to move down south, they
want to have a second home in Florida. All of
these goals we kind of quantify, you know, in this
planning because they're above and beyond you know what, what

(36:10):
are need based goals?

Speaker 4 (36:11):
Right?

Speaker 6 (36:11):
You have needs?

Speaker 7 (36:12):
Right, you have needs and retire, you have a basic
retirement income. You're gonna need to cover your your.

Speaker 6 (36:16):
Needs, your you know, your living your water, daily living expense. Right,
and then you've got a healthcare go on top of that.

Speaker 7 (36:22):
You're gonna have a healthcare expense, whether that's you know,
Medicare when you get to retirement or if you have
you know a plan with your employer that you can
maintain in place, but there's gonna be a cost there.
These are things that we can kind of isolate, and
it's easy to kind of what I like to do
with folks is people don't know exactly how much what
their daily living needs are. But if you look at
how you're living today and you say, okay, I'm saving

(36:44):
X amount of dollars uh, and we make Y amount
of dollars and we pay Z amount of dollars and
taxes while everything else beyond that, you're pretty much spending.
If you're not saving it and you're not paying for
taxes or you're not excuse me, you're not paying bills
with it, that's considered saving. So why, you know, why
try to plan to step off in retirement and reduce
your spending by you know, fifty sixty percent. You know,

(37:04):
let's try to plan and say, hey, when you when
I step off in retirement, I want to live the
exact same way I'm living today. And it helps us
by quantifying these kind of goals that are outside of
those daily living expenses, whether travel, whether it cars, whether
at home improvement, a major purchase, weddings or a bequest goal.

Speaker 6 (37:20):
You know, if you do have a goal that you.

Speaker 7 (37:22):
Want to leave x amount of dollars to your children
or to charity or to whatever cause is important to you,
you know, we can kind of quantify those things, isolate them,
and then build a plan around, you know, making sure
those goals are you know, making sure your needs are met,
and then you know, maybe the wants are you know,
based on what where we are, they look like you're

(37:44):
all set. Maybe you don't have quite a good a
chance at all those So then that's where we can
get too those what if worksheets and tweak some things
to see, Okay, if you change this, then you know
that travel could be taken care of. With that, maybe
you can't leave as much to the kids, and you
kind of work on those expectations and those concerns to
see what's most important to me when I get to retirement,
and how can I work towards those goals as I
get there.

Speaker 4 (38:04):
Yeah, I think, as you were just saying, I think
that's what helps with this is quantifying goals. Like I'm
just thinking of myself, like, well, i'd like to travel,
I'd like to do this, I'd like to do this,
but I think some part of this job is trying
to get people, you know, to spend some of their
money that they save their entire life.

Speaker 5 (38:21):
You know, saving four you know, to to enjoy retirement.

Speaker 3 (38:25):
That's a hard thing to do. This. Yeah, it's a hard.

Speaker 2 (38:27):
Thing that you got here. I told someone with the
end of in the past few days. You got here
by being you know, disciplined and savings saving and sacrificing.
And now you want to turn around and have somebody
be different. That's hard to do, probably, you know.

Speaker 4 (38:42):
Yeah, And you know, even I just feel even the
older I get, the more I'm routine, I'm setting my
ways too. You know, I'm thirty six, I'm not that old.
But yeah, I've become way more set in my ways
the past five years or so than I had ever
been before.

Speaker 2 (38:56):
I remember telling your great grandfather and my father, Doug,
that you know what, God, you here from zero to
sixty five stubbornness, and this stubbornness could very well work
against you from sixty five tonight, right.

Speaker 4 (39:09):
Especially that you know, active part of retirement, you know,
sixty five to seventy five, where you really can be
doing a lot.

Speaker 3 (39:14):
Yeah, that's the truth. Yeah, go ahead.

Speaker 7 (39:17):
I was just going to to kind of put a
put a period on the end of that sentence. I
think that's helpful. I've seen it in, you know, sitting
with couples who they maybe have had some of these
thoughts in their own brain but never really have talked
about it, like what are our goals for retirement? Do
you want to have an active retirement? Do we want
to just you know, kind of just live our lives.
You know, we have kids that live across the country.
Do we want to move to live with them?

Speaker 2 (39:36):
Like?

Speaker 7 (39:37):
I think this is this process for folks. The earlier
they can start it, you know, prior to retirement, I
think it helps create conversations that you know, can help
lead that conversation to you know, those goals and those
expectations of those concerns so that we can identify them
and then you can you know, the earlier you get
started on things like this, the more you know chance
you have to tweak things to give you a better

(39:57):
higher probability of success and all those goals.

Speaker 2 (40:00):
And you were saying the other day that you actually
have met with people where they hadn't talked about that,
you know, I think one was thinking about moving closer
to their kids, and the other one wasn't, and that
actually generated that conversation.

Speaker 6 (40:12):
It generates those conversations.

Speaker 3 (40:14):
What about the now? What about inflation? What about taxes?

Speaker 2 (40:16):
What about uh, you know, all that stuff that comes in,
like what about travel? Do you have to put a
time frame on it? I know these answers to you
where and I do these things too, But you are
the you're the reigning expert.

Speaker 7 (40:27):
Right, yeah, I mean, certainly inflation, and certainly within the
last you know, two or three years, it's been a
high topic of conversation. I'm sure in most client meetings.
You know, the standard on this is used about a
two and a half percent inflation rate. So every everything
in today's dollars that we put in here inflates at
two and a half percent, other than college and medicare,
which have their own inflation rates, so which are different.

(40:50):
But if you know, if if you're someone who thinks that,
you know, I don't think that I think inflation's never
coming down. I think it's going to go up. Well,
we can look at it, and that's that's one of
the joys of the what if here's the current at
two point five what if inflation is four percent over
the next thirty years of your life, what does that
do to your plan? We can we can tweak all
those levers and look at that. And in terms of taxes,
it really you know, the back engine of this program

(41:13):
that we use is very powerful and that it will
just take all the information we put in there and
it will calculate those taxes based.

Speaker 6 (41:18):
On where you live.

Speaker 7 (41:19):
If you're in New York, it calculates, you know, if
there is state tax company, you know, state tax issues,
and you know, based on the current tax rates. It
basically will take all of that.

Speaker 3 (41:29):
You know.

Speaker 7 (41:29):
It we pivoting a little bit to the investment side
of this, you know, because we were talking a little
bit about the psychological side of it, but it's very powerful,
powerful on the investment side too. Say, we'll look at
all you know, the qualified money, your non qualified money,
your money that's outside the market, maybe you've got some
money in insurance policies, everything like that, and based on
the tax implications of those this can give us a

(41:52):
really good guide of what's the best way to draw
down those assets.

Speaker 6 (41:55):
Is it better to.

Speaker 7 (41:56):
Take non quality money first and then take the qualified
Is it better to draw down you know, assets that
are outside the market and not outside the market, and
it basically will will.

Speaker 6 (42:05):
Give a kind of a whole If you're more of.

Speaker 7 (42:07):
An engineering type and like to look at like gamorization
schedules and you know numbers, it'll take your thirty three
or five years in retirement and basically you can drill
down to every year and show exactly where every dollar
that this is showing coming out of, which account is
coming out of, and which it's not. And that to
me is one of the other valuable things for us
is you know, we work primarily on these so far
with our own clients, but that doesn't mean we we

(42:30):
have every asset that our clients have. Obviously, our clients
that are still working with them have, well most of
them have. If they're still working, they have four o
one k is.

Speaker 6 (42:38):
They have you know, maybe they have you know.

Speaker 7 (42:41):
Inherited accounts somewhere else. By gathering that information and getting
their last statements on those, we can put those investments in. Obviously,
we know how their accounts that are with us are invested,
but we can give a more holistic view of what
their investments look like throughout their entire world, their entire household,
not just the investments that we have here at Vagan Associates,

(43:01):
and that can give a good guide in terms of Okay,
you know, maybe you're you know, seventy thirty here with us,
your growth and income portfolio mostly equities. Maybe your four
O one K is a target based fund, but maybe
you have a lot of money and cash on the side,
or you know, sometimes we've run into clients that have
a very concentrated stock position. They've got they've had an employer,

(43:22):
you know, they've been the same employer for thirty years
and had a stock you know, buy program, a discounted
program to buy their company stock. Well, maybe thirty forty
percent of their wealth is tied up in that one stock.
This program does a great job of looking at, okay,
what if something catastrophic were to happen to that that stock,
If if that stock were to go to zero or

(43:44):
to drop by fifty percent, what does that do to
your plan? And it kind of gives just some good
sobering information about that to say maybe we should look
at or or not or we're in good shape either way,
it doesn't matter, you know. So it gives a lot
of I think holistic view of someone's entire financial world
from an investment status that maybe we don't see every day,

(44:06):
just on the accounts that we manage here for clients.

Speaker 2 (44:08):
Now I do this, Uh, both Aaron and I do this,
and you do this. When you're speaking with clients. We
talk about trust and things like that. But does this
this portfolio's this money guide proh the financial planning software
identify like concerns like a nursing home and things like.

Speaker 3 (44:23):
That, or what does it do for that anything?

Speaker 6 (44:25):
Yeah?

Speaker 7 (44:25):
Absolutely again on those on those what if levers, you know,
if if someone's is very concerned about.

Speaker 6 (44:31):
Health, about long term care, about whatnot.

Speaker 7 (44:33):
We can do an insurance analysis that shows if what if,
what if there was a long term care event in
your life, you know, and three years later there's a
long term care event in your in your spouse's life,
what does that do to your overall estate? And we
can use estimates. It takes, you know, based on where
you live and you know what you wanted. It'll estimate
the nursing hare cost, nursing home cost, or you can

(44:55):
do home health care cost. It's got all the day
that back in the back of the you know, the
where the mouse runs on the on the treadmill to
to kind of calculate all those things and give you
an exact you know, this is how much this would cost.
This is what it would look like for your portfoliof
these things were to happen.

Speaker 3 (45:11):
How about like survivorship options on pensions? Does it do that?

Speaker 2 (45:14):
And how about the early death Like let's say my
wife and I are married. It doesn't obviously doesn't. It
doesn't druw both of us out for thirty years. What
if my Carolyn dies? What if I died? Is it
does it pay? Those different scenario?

Speaker 3 (45:24):
Yeah?

Speaker 6 (45:25):
Again, those those what if worksheets?

Speaker 7 (45:26):
We can we can look at any different scenario if
if it's a concern, it's a you know, listen, my
my wife's family, has you know this is not true.

Speaker 6 (45:33):
I don't want my wife's listening. Has you know the
longevity is not as good or whatever.

Speaker 7 (45:38):
I'm worried about her, And and she's a she's a teacher,
and so should she take the single life pension?

Speaker 6 (45:44):
Or what if she passed.

Speaker 7 (45:45):
Away early into into retirement and and I'm left without
that pension. I don't have a pension at my job.
We can look at that scenario and say okay, here's
you know, and you got.

Speaker 3 (45:55):
Other things here.

Speaker 6 (45:56):
Though this was a purely hypothetical. I don't know why
I figured it out there. My wife is not a
school teacher either.

Speaker 7 (46:02):
So but you you know, you can look at and
usually we can get that pension information from from the
folks that we're working with and say, okay, here's what
the single life option would look like. Here's what a
fifty percent survival benefit would look like. Here's what one
hundred percent survival benefit would look like. And then just
game that out and say, okay, if you take the
single and you live forever, here's where you end up.
I st wise, if you take the joint and you

(46:24):
pass away early, here's how that looks. If you take
the single and you pass away early, what does that
look like from your asset level, for your for your
remaining spouse.

Speaker 2 (46:31):
Two or three minutes left. You could do side by
sides to comparisons. Ye, absolutely, And then my last question,
I'll hand it over you wear how about social security?
What does it do for social security? So you got
about a minute and a half for that. The air
you wanted to pitch, You wanted to say something.

Speaker 6 (46:43):
To got it.

Speaker 7 (46:44):
Yeah, So for Social Security the same way. Obviously, you know,
you can take it as early as sixty two. You
can take it at when when you retire. If you
retire sixty five, you can take it at sixty seven
is the current full retirement age. You can take it
up to seventy. You know, we'll take the either an
estimate or if you have your you can easily get
your Social Security statement at going to SSA dot gov
and it gives you kind of that.

Speaker 6 (47:02):
Breakdown for you.

Speaker 7 (47:04):
And by putting that information in there, we can say, okay,
how's the plan. Look if you were both to take
it at sixty two, what if you both took it
at sixty seven. What if one took it at seventy
and one took it at sixty two and kind of
give you you know, your percentage goes from sixty percent
to sixty three percent, from seventy two to sixty four,
whatever the case may be. Right, it's just the more
information that you have, I think, the more informed decisions
you can make. And that's great for all of us.

Speaker 4 (47:26):
Yeah, you know I think that with a show like
this or just in general, like it's fun to talk
about you know, stocks, it's fun to talk about the
sty wall, it's fun to talk about the economy, but
you know, these are the things that really can you know,
help you out in your retirement, in getting to retirement, right, So,
you know, I think that it's just a second yeah
business right, Yeah, you know, the financial planning is just

(47:48):
as important as you know, your asset allocation or the
performance of your stock.

Speaker 6 (47:52):
Really.

Speaker 7 (47:52):
Yeah, I think it's just good for our clients certainly
to know that, you know, we have the ability to
do this for them as a service, you know, as
a part of their fee here with us, and you
know people are thinking about it. You know, they might
not be talking about it, but I think it's a
good a good conversation starter within the family to say, hey,
let's talk about this. What are the things that are
concerning to you or what do you want your retirement

(48:13):
to look like?

Speaker 4 (48:13):
And it's not that difficult really, you know that there's
a nice questionnaire that we can send out to you,
you can fill it out and then we then we
can kind of do the rest of the work.

Speaker 7 (48:21):
Right yeah, I mean we either people do it on
their own or you know, a thirty second, a thirty
minute conversation over the phone. Usually we can gather just
about everything. Then we get the documents and you know,
we can spit out a report and then review it
with our clients.

Speaker 2 (48:32):
And for for again, for our clients is part of
your fee, right, so there's no additional quest.

Speaker 3 (48:37):
So it pays to reach out to us.

Speaker 2 (48:39):
We are we are reaching out to our clients at
about ten a week just saying hey, would you like this?
We're getting two or three responses back a week, Doug.
Would you say that you're working them?

Speaker 6 (48:47):
Yeah?

Speaker 3 (48:47):
Definitely good. So this is uh, thanks Doug. And and
you got ten seconds? Anything else?

Speaker 7 (48:53):
Go giants giants yeahs Broncos talking a lot of trash steak.

Speaker 6 (48:56):
I don't know why, I know they are they are
to go get them got.

Speaker 3 (48:59):
Boom scat ota boo.

Speaker 2 (49:00):
If you want to give us a call during the
week five one, eight, two, seven, nine, ten forty four,
check us out on the webit, fagan asset dot com,
Like us on Facebook, and don't forget flannel fest at
Ryan's Wake. I think it starts at one over twenty eight.
It's twelve October twenty sixth.

Speaker 5 (49:14):
Twelve to twelve to three.

Speaker 1 (49:15):
All right, take care Thank you for joining our podcast
radio show. Remember the views expressed are not necessarily those
of fake and associates. All content is for educational purposes
only and should not be construed as an endorsement of
any third party or their views, or as the solicitation
are offered to sell securities or provide investment, tax, legal,
or other consulting services. We believe the information presented to

(49:35):
be reliable, but it's not guaranteed for accuracy or completeness.
All examples are hypothetical for illustrative purposes only and are
merely arithmetic calculations. They are not representative of any performance
of any type of investment, security, or strategy offered by
the firm. Hypothetical returns do not reflect actual training and
may not be indicative of the performance of any specific investment.

(49:56):
They are based on assumptions and estimates may not be
accurate or applicable to your individual situation. Always consult with
a qualified financial advisor before making any investment decisions. Investing
involves risk, including the potential of loss of principle. Past
performance is not a guarantee of future results. Additional information,
including management fees and expenses, is provided on our form

(50:16):
adv Part two available upon request or at the SEC's
Investment Advisor Public Disclosure website TRIPLEW dot advisor info, dot
sec dot gov