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Sideline Cash
330 Plays3 years ago
In a market that is unpredictable at best and recessive at worst, sometimes it feels like the most prudent thing to do is get out and put your cash on the sidelines. But doing so can often be counterproductive as high inflation chips away at the underlying value as your cash sits and you miss out on opportunities to get in on securities that are at a short-term discount, especially if performance is more related to the macro environment than the quality of the underlying security.
This week we’re talking to Kade Vasi from Clark Capital Management Group, who not only has some insight on why not to let your cash sit this one out, but also a view on bonds, bond portfolios, and municipal bonds that are worth your attention if you’re a high net worth individual who is looking for some less obvious tax-efficient strategies for your non-qualified money. Plus we’ll cover the history of Clark Capital Management Group, a high-level of what capital managers do, and how the firm uniquely serves individual investors as well as financial advisers and wealth managers.
To learn more about Clark Capital Management group, visit their website at ccmg.com
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Transcript
Defining an Uncommon Life
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit.
Podcast Introduction
00:00:11
Speaker
Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
a life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Philip Ramsey.
Hosts and Format Changes
00:00:35
Speaker
Hello and welcome everybody to another episode of The Uncommon Life Project, where I am your host, Philip Ramsey. And I am Brian Dewhurst. Gosh, it's great to hear your voice. It's been a while. It is. It has. And grateful that you're tuning in again for yet another episode. We've been doing over 100 of these. We actually kind of like it. Not going to lie to you. And now we're weekly. And now we're weekly. Who is your daddy? Probably not the best thing to say. We do have a guest on the show today.
Guest Introduction: Cade Vassey
00:00:58
Speaker
But before we get into that,
00:01:01
Speaker
How is your own uncommon path going? Brian Dewhurst. I'm excited about it. Okay. What's that mean? I just like where the business is at. I like where our family's at going into the school year. And I'm trying to think of what else we've got going on. Yeah. And if you don't know by now, this is probably a school year has already happened because we've recorded this probably a little while ago. But so here's what we have for the show today. We have a money manager that we are quite
What is a Money Manager?
00:01:28
Speaker
fond of. What is a money manager, Brian?
00:01:31
Speaker
It's people that manage money that you know we meet with people we do the kitchen table scene the financial planning scene trying to help people make informed decisions and so we hire people that manage money and have a lot of smart people that sit at desks all day analyzing the market and the
00:01:50
Speaker
undulations of politics and interest rates and geopolitical fun stuff. And these guys do undulations was the key word of the day. So 50 points for you, Brian. Let's go ahead and bring our guest on Cade from Clark Capital. Brian usually does the bio. We're going to get into it. We have Cade Vassey on the line. We have
00:02:11
Speaker
He joins us from Clark Capital. He's an investment consultant. And it's Clark Capital Management Group to be, you know, to get the full name in there. Technical. But basically what Cade does is he supports financial advisors and wealth managers like us. And he is dedicated to kind of the affluent, high net worth space and creating customized solutions for, you know, the end customer and financial advisors.
Clark Capital's Unique Approach
00:02:34
Speaker
Cade has more than a decade of experience in the financial industry. He's worked with, you know, the financial juggernauts,
00:02:40
Speaker
names that you would probably know, Oppenheimer and Invesco. And he graduated with a degree, so he's pretty smart. So let's bring him on to the show. A lot of letters behind his name. Let's go, man. Welcome to the show. Hey, Phil. And Brian, how are you guys? We're doing well. Yeah, thanks for joining. Let's just talk about why in the world would we want somebody like you on our show? Tell us what's so important and so different about Clark Capital than the average money manager out there.
00:03:10
Speaker
You know why you want me on your show i'm still trying to figure that one out but specifically you know about clark capital we do that so you need cuz we only work with a fluent clients or high net worth clients which we define is half a million dollars of investable assets or more because really once you get to that level.
00:03:28
Speaker
Your investment portfolio gets a lot more complicated when it comes to things like taxes and asset location, you know, different types of tax treatments for different accounts. And we want to make sure that we're optimizing the performance for our clients over time. So we take a unique approach to how we're building up custom portfolios for our clients.
00:03:47
Speaker
no two clients are getting the same portfolio and everyone that comes to clark capital can work with our team of cfas we have twenty six of them in the average about twenty eight years of experience in the industry so it's a really tenured team that have navigated a lot of different market environments that provides good outcomes for our clients the deep bench i got a deep bench over there i
History of Clark Capital
00:04:07
Speaker
like that.
00:04:07
Speaker
Okay, so tell us a little history around Clark Capital. How did it start? And again, this show is basically trying to encourage other people to pursue their own uncommon path in any way they can. And so normally when things like this, there's always like a starting story. And so tell us about how your company started Clark Capital. Yeah, so we have a little bit of an uncommon story as well. 10 points for you, Cade.
00:04:36
Speaker
Yeah, we were found by Harry Clark in 1986. But before Harry Clark actually found Clark Capital, he was actually an engineer. So he was a very analytical guy, but he really didn't enjoy the work that he was doing as an engineer. And so he joined it.
00:04:52
Speaker
another big firm that you've probably heard of it was a wire house Merrill Lynch and he started to build his own practice and he really took on that entrepreneurial spirit and he was one of the first ones in our industry that really realized that he wanted to sit on the same side of the table with his clients and go to a fee only type practice and get away from some of the commissions that used to be
00:05:15
Speaker
predominant in our industry. He had some great success building out portfolios for high net worth clients and then ultimately he started building out portfolios for a lot of different advisors actually within his firm.
00:05:27
Speaker
But he wanted to be independent and really didn't want to be handcuffed to a home office or what somebody else was telling him to do. And so he actually started Clark Capital in 86. And so he had some seed money. And then if you look at us today, we manage about $30 billion. And so in 2015, we actually managed $3 billion. Wow. So we've been one of the fastest growing privately owned asset managers in the US now.
00:05:57
Speaker
Nice. I want to key in on two things in this. Well, mainly one, but we'll dovetail that into the other, but is kind of what you call it started off with in the kind of intro comments is asset location or asset positioning. It's a term I've actually kind of just started hearing about, but I think it's going to be far more important
00:06:20
Speaker
as we look at the 87,000 IRS agents that are going to be hired. And you're kind of, you know, you're hearing people starting to talk about that. But I do think when you look at, you know, the high net worth space and wealth management space, asset positioning or asset location is going to be a huge topic. Can you kind of just tell our listeners what that term means to you guys at capital and we can kind of maybe flush it out from there?
00:06:46
Speaker
Yeah, we'd have to do that. So there's several different ways that we can save money, right? A lot of us work for employers that offer us a 401k plan. And in that 401k plan, you could do a traditional 401k or you could do a Roth 401k. The tax treatment of those accounts is different.
00:07:07
Speaker
right? In a traditional 401k, you get a deduction today so it comes off your gross income. Your money grows tax-free but ultimately when you take the money out, then you get taxed on it. Whereas if your money is in a Roth IRA, well, you pay taxes today but your money grows tax-free and then you get to take it out tax-free.
00:07:30
Speaker
And that's really in the retirement world. And I'm oversimplifying it. There's a lot of different retirement plans like SEPS and Simples. And we're not going to necessarily go into all that to understand the concept of asset location. But when it comes to high net worth investors, a lot of times they max out their 401k, right? The IRS sets limits of how much you can save in those tax advantageous accounts. And so then when you have excess money,
00:07:56
Speaker
Typically, you save it in an individual account, a TOD account, which stands for transfer on death. You could have a joint account with your spouse and that account is actually not tax deferred. If you sell a security, the IRS wants a piece of their cut depending on how long you hold the security determines the tax rate that you could ultimately pay. The silent business partner. Oh, the silent business partner.
00:08:22
Speaker
Yeah, we all love them, right? And so when it comes to high net worth clients, because of those limitations on those retirement accounts, they oftentimes have a lot more after-tax dollars or non-qualified dollars.
00:08:37
Speaker
And part of what we want to do is make sure that those accounts are more tax efficient. And so the way that we can make sure they're more tax efficient is if we own something like individual securities and we buy and hold them. Maybe we trade them a little bit, but not a lot because every time you sell something, it's going to generate a tax.
00:08:55
Speaker
Conversely, in those tax-deferred accounts, or they're called qualified accounts, you can trade them as much as you want and never have to worry about the taxes because we know they're tax-deferred until you start taking the money out. And so we're going to be making changes a lot in our client portfolios to either overweight areas of opportunity or underweight areas of perceived risk in the markets, or maybe we want to shift the geographical regions that we're actually invested in.
00:09:25
Speaker
It's better for us to be able to make those shifts in a qualified account so it doesn't trigger a taxable event for our clients and we can continue to defer taxes in the non-qualified account until we actually need to sell us security.
Portfolio Building Strategies
00:09:39
Speaker
Okay. Give me your elevator speech. 30 seconds. What is the philosophy of Clark Capital Management Group?
00:09:45
Speaker
Yeah, we take a multi approach to building portfolios. So when we build a portfolio, we use a core and explore approach. So what I mean by that is the core of your portfolio is individual stocks and bonds. The reason why is we can be tax efficient. The explore part is where we use tactical strategies that can shift around a lot. And that's where we can raise cash in a portfolios or overweight different areas of the market.
00:10:11
Speaker
I said we take a multifaceted approach because we take top down our chief investment officer Shawn Clark looks at the macro economy and he says okay this is what i think is going to be going on and here's how much you should allocate to each different sector of the market.
00:10:27
Speaker
However, we also have a bottom-up approach because we are active managers. We are stock pickers and bond pickers. And then our portfolio managers actually pick individual securities that go into the different sleeves of the account that Sean Clark wants in the portfolio. Gotcha.
00:10:45
Speaker
Okay, I want to define two terms there. So top down is like highest levels, like the macroeconomic, then you go into kind of the middle layers, typically like an industry. So like a good example of this would be like, the macroeconomic environment right now may look bleak to a lot of our listeners or clients. It's like what we're hearing is
00:11:04
Speaker
Depending on when this airs. Right. Evergreen. But we're shooting this in August 2022. But they just passed this chip bill, this trillion dollar anti inflation chip bill to bring domestic production to technology and these chips, microchips.
00:11:24
Speaker
So that's where you could look at, you know, the macroeconomic environment might look bleak, but the industry level of like chips looks good. And then, okay, Nancy Pelosi bought $5 million. Well, her husband did because it's not inserted or trading when the spouse does it.
00:11:40
Speaker
Her husband bought $5 million worth in the video. So that's kind of the top down. And then the bottom up is the exact opposite of you start with the stock first. Yeah, bottom up, we're looking at the fundamentals of a company, right? Are they profitable? What's their cash flow look like? How expensive or cheap are they relative to some of their peers? So that's kind of the difference between top down and bottom up. Yeah.
00:12:03
Speaker
Yeah, and a great example of your top-down approach is we're in an inflationary environment, right? And different sectors of the market perform better in an inflationary environment or when interest rates are even going up. Value stocks tend to do better when rates are going up. Gross stocks tend to do better when rates are going down.
00:12:24
Speaker
All right. Guys, in the last couple of weeks, we've seen some of those growth companies rally with rates falling, yet they're still lagging their value counterparts by 1200 basis points or 12% on the year. Sure. Right. And so who's the head trader? Did you say you said his name already? I just didn't.
00:12:41
Speaker
So our chief investment officer is Sean Clark. We have about 12 different traders that actually are buying and selling. We have several different portfolio managers that are making the calls on which stocks and bonds they want to buy or sell.
00:12:55
Speaker
Right. I think that's important. Here's why. Cause at the end of the day, if Sean gets hit by the proverbial bus, there's still a team behind Sean that allows you guys to continue to trade like you are. A lot of these places, like it sounds crazy, but like there's one person, like that's kind of the brains of the operation, if you will. And then something happens to them. It's kind of like, Oh, whoops. So I think that's something I think interesting to talk through quickly.
00:13:19
Speaker
We have a succession plan in place for that too, right? Something was to happen. We do have David Wrights who would be next in line. It's kind of like a lot of our clients. They maybe don't realize it, but they have a succession plan for their assets, right? And it's based on the beneficiary designation on their 401k or their life insurance or whatever their will says, right? That's really their succession plan.
00:13:40
Speaker
So, keep going on the asset location or asset positioning conversation and focusing on not even necessarily just high net worth people, but people with after-tax money. The other thing that we're getting constantly is like, what should I do with my cash?
00:14:00
Speaker
We've gotten lulled into, well, you don't need to be in cash, just put it in the stock market. And that's been a rough ride the last six to eight months. And people are, I think, risk exhausted, where it's just like, I don't want to take risk. I just want to get like 3% to 5% of my money, and I have to worry about the principal balance of my money.
00:14:21
Speaker
And so one of the last arts, in my opinion, just because I grew up in a firm in Omaha that had a bond desk and they did a lot of the SID type stuff, which is sewer and improvement. Like if you're building a subdivision and stuff like that, there's SID bonds that are sold to basically start that type of stuff.
00:14:41
Speaker
But is kind of building individual bond portfolios and
The Case for Individual Bonds
00:14:45
Speaker
so could you kind of talk to our listeners about the difference of Owning individual bonds versus a bond fund with kind of the different You know sensitivities to a rising rate environment, which we found ourselves in
00:14:59
Speaker
Yeah, we can do that. You said a couple of things in there that we could touch on. Let's touch on the cash part of that question first, right? You know, we think one of the worst things that we can do in this inflationary environment right now is to actually sit in cash because we know the risk of sitting in cash right now.
00:15:21
Speaker
You're losing 8%, 8.5% right now with inflation on a real purchasing power standpoint. So we know that's not ideal. So we can trade off that known risk of losing 8.5% on a purchasing power standpoint.
00:15:35
Speaker
to an unknown risk really of investing in the equity markets, fixed income markets, real estate, annuities, whatever vehicle you want to use out there. So I think cash on the sidelines is really sitting there based off fear. And we're seeing fear levels right now at similar levels to 08 when you look at the AAII, which is the American Association of Independent Investors.
00:16:00
Speaker
It tells us how bullish or bearish or optimistic and pessimistic investors are today. And they are more pessimistic or bearish than they were in 2020 when the global economy shut down. And they're at the same level as 2008 right now. And typically, when we see numbers like this, that's a really good contrarian indicator for when you want to deploy your capital. Because we can just go back.
00:16:27
Speaker
I'm not saying we're necessarily at a bottom, but let's just look at technology. A good benchmark kind of there is down 30% on the year.
00:16:38
Speaker
right? Well, if I send you a 30% off coupon for Cabela's or Nordstrom's or wherever you shop, what would you do? You would go buy stuff you don't even need, right? That's what I do at least. Especially at the grocery store right now. Yeah, that would help, right? We would go buy a ton of food and it all spoil over, right? But when the stock market offers us a 30% off discount, what do we do? Yeah, we freak out and
00:17:03
Speaker
Yeah, we're in the only industry where we want to pay full price. Right. And so for me, I think there's some really good opportunities in the market right now that you can buy these discounted prices as long as you have a long enough time horizon. Right.
00:17:19
Speaker
Right? And so I think that's really important for investors to understand. It goes kind of back to, you know, Warren Buffett, right? Be fearful when others are greedy and greedy when others are fearful. So I think that's a good, good lesson for all of us because it's kind of an uncommon path to getting wealth. You know, most people buy high and sell low. We're trying to buy low, which you have the opportunity to now and sell high.
00:17:44
Speaker
The back part of your question though was specifically about bonds and you mentioned you were on a desk where you guys buy individual bonds. There's several different ways you can access the bond market, but we believe in buying individual bonds and here's why. If you're in a mutual fund, you own a piece of the mutual fund. You don't actually own the underlying investments in that fund.
00:18:10
Speaker
And if you own it in that non-qualified account like we talked about earlier, and somebody else sells their bond, or sells a piece of that mutual fund, the IRS looks at that as a sale, and they want their money. But do you know who participates in that tax bill?
00:18:31
Speaker
everybody in the fund. Yeah, it's not just the guy that sold, it's the everyone that owns that mutual fund. And we know that investors panic and don't always make the best decisions. And in order for the portfolio manager of that mutual fund to give that client their money, they have two options. Well, one, they can tap a line of credit, but they're gonna have to pay that line of credit back.
00:18:58
Speaker
Two, they're going to have to sell some bonds and a lot of times they're selling their good bonds while they wait for some of the bonds that have sold off to recover. Right? You use buying those bonds?
00:19:11
Speaker
Someone likes our capital. Right. Right. They're coming on the street. We like the credit. We're able to pick it up. Because what we know today is bond mutual funds are in tremendous outflows across the board. And these portfolio managers are having to sell good bonds right now. And there's other shops out there that are willing to pick them up.
00:19:31
Speaker
And so if you own a portfolio of individual bonds, it doesn't matter if somebody else sells that bond because it has no impact on your bond. You own the bond, not the mutual fund. And so we know with certainty, if we want to, we can hold the bond until it matures. We're going to get our coupon is what it's called every six months. So we're going to get income every six months.
00:20:00
Speaker
And when the bond matures, we get our par value back, which is normally $100,000 or $10,000 depending on how you're looking at the bond market.
00:20:07
Speaker
So we can tell you exactly when you're gonna get your money back, exactly how much income you're gonna have, and exactly how much your bond's gonna fluctuate based on the length until maturity of the bond. Whereas when you're in a mutual fund, some months you get a little bit more income, some months you get a little bit less income, but you also get impacted by other investors, which doesn't always make for the best experience. What's interesting is with yields so low, a lot of bonds are trading at a premium.
00:20:36
Speaker
Right? And if those bonds have a gain on them, if you're invested in a mutual fund, you could have a negative return this year and have to pay capital gains taxes. Right. Compounding the problem. Exactly. Which could be a problem. Real problem. Not ideal. Negative return at the end of the IRS money. Winning combination right there. Winning combination. So the reason I wanted to have you guys or have you on to represent Clark, but
00:21:05
Speaker
is, you know, we're getting a lot of calls from clients of like, how do I earn something beyond zero at the bank? And, you know, in this rising interest rate environment, I was like, we just haven't done I kind of got away from an individual bond just because yields have been so low for so long. I mean, you know, the two year 10 year treasury was sub was like one and a half for basically the better part of 10 years. And so it was like, okay, if treasuries are coming back, if the two and the 10 year treasury are 2.7, 2.8, 2.9,
00:21:35
Speaker
That's actually a pretty decent return, you know, for just cash if people just want the principal protection of owning treasuries. But then I forgot, it's like treasuries are taxable income. Like you pay taxable, you know, you pay taxes on the interest you're getting from owning treasuries. And then kind of got hooked up with you and it was like,
00:21:54
Speaker
oh yeah municipal bonds. Municipal bonds don't pay federal and state income tax. So can you kind of walk our listeners kind of keeping down the rabbit hole of asset positioning and you know why municipal bonds could be a fit in non-qualified or after-tax accounts. Like what is a municipal bond? Why is the interest tax free? And you know kind of what is Clark's expertise within that.
00:22:21
Speaker
Yeah, so, you know, if we look at ways that corporations can raise money, there's several ways they can do it. One, they can issue equity, right? But two, they can also issue debt. And a municipal bond is a debt security that is issued by a state municipality or county
00:22:41
Speaker
It's really designed to finance capital expenditures for that area. It could be something as simple as a highway, a bridge, a school, a hospital. Really, the reason municipal bonds were created was because it took some onus off the federal government and put it on state and local municipalities for development.
00:23:05
Speaker
The reason it's tax-free is because if the state is able to implement these highways, well, that's money that the federal government isn't going to have to spend. Part of the reason it's tax-free is a lot of these cities realize that they're helping the general population or the general good. What I mean by that is if you build a highway with toll roads, it's not just going to be the population of your city paying for that toll road.
00:23:32
Speaker
If I drive from Denver, Colorado, where I'm based out to California, I'm going to have to pay tolls all along the way and it's going to help those other local municipalities. Really, the reason it's tax-free is that the federal government wants states and municipalities to invest in their unique geographies for the betterment of society. That is really the essence of what a municipal bond is and why it is tax-free.
00:24:02
Speaker
Nice. So, from that, you know, you look at what people want, you know, I'm looking constantly at internet learning and researching and
00:24:13
Speaker
You know, the biggest buzzword is just passive income. You know, we don't really believe in anything is totally passive. I like the term passion income kind of more fits our mantra. But, you know, when you really do get to that point, you sell your company or you've amassed, you know, wealth or inherit wealth and you do want income. Invariably, we all get there at a different point, but we all want it, right?
00:24:36
Speaker
Municipal bonds are a great way to generate truly passive because you guys are being hired to build the portfolio, manage the risk, and find the bonds that generate the
Understanding Municipal Bonds
00:24:47
Speaker
return. But this is a really great way to generate passive residual tax-free income.
00:24:53
Speaker
Yeah, absolutely. And I mean, we can just dollarize it, right? If you have a $10 million portfolio and you go buy a treasury bond and it's yielding two April, let's just say 3% for the sake of numbers, well, you have $300,000 of taxable income.
00:25:09
Speaker
If you go buy a municipal bond and it's yielding you 3%, well, you have $300,000 of tax-free income. It's a big difference. Yeah, depending on what you're at, that's almost a taxable equivalent yield on that municipal bond of like 5%, somewhere between 4.5% that you're actually getting off those muni bonds.
00:25:30
Speaker
And so you guys bring up a good point. We don't invest in an index passively. We buy individual bonds that we're managing for our clients. And the reason for that is the yield curve doesn't move in lockstep. It doesn't move linearly. Typically, when the Fed is raising rates, what happens is the short end of the yield curve goes up and the long end comes down a little bit and it gets flatter.
00:25:58
Speaker
And that interest rate movement has an impact on the price of our bonds. But if we look at a 10 year treasury today, you'll let's call it 284, somewhere around there. A 10 year municipal bond is actually yielding 79% of 2.84. Okay, so if you're in a 21% tax bracket or lower, it probably doesn't make sense to buy munis. If you're in a tax bracket that's 21% or higher,
00:26:29
Speaker
Well, now you're getting a higher tax equivalent yield, right? And most muni investors are in a higher tax bracket, and so they really need that tax-free income so they're not, you know, rubbing up on some higher AGI levels when it comes to their taxes at year-end.
00:26:49
Speaker
Definitely. Yeah, that's a great question. So what's the minimum of that exact account? Because I know you like to work with higher net worth clients. And I think our listeners would like to at least hear what that is.
00:26:59
Speaker
Yeah, so when we're building bond portfolios, our minimum is 250,000. Depending on which portfolio you go into, we buy you somewhere between 35 and 50 individual bonds. We also do have a couple bond portfolios that I like to say are in the back room, you know, the stuff that we don't keep on the shelf. The back room. The back room, yeah. And they have higher minimums. So one of the minimums is a million and one of the minimums is 5 million.
00:27:27
Speaker
Nice. Yeah, that's, that's, that's really cool. And you got to think about this. Like if you, like we have clients all over the country, very thankful for that. But when we ask you to build a bond portfolio, you have to figure out where they live so they can get the tax credit or not credit, but they can get the tax free for their state and their federal obviously. So that's kind of important, right?
00:27:50
Speaker
Yeah, so when you look at the muni market, the state that you reside in is absolutely important. However, there's about 50,000, 60,000, somewhere in that range, 50,000, 60,000 issuers across the board. But if we actually break it down, about 400 municipalities issue 53% of the outstanding debt out there.
00:28:11
Speaker
And the big states that issue a lot of municipal bonds are states that you would probably figure with higher state income taxes like New York and California, New Jersey. Those are the states that are really issued a lot. But when we're building out portfolios, our clients, whatever state they reside in, they always get preferential treatment to have a bond in their state. Because if you live in Minnesota and you own a Minnesota bond,
00:28:37
Speaker
It's exempt at the federal level and at the state level. It could be also at the city level, right? But we also don't always build out portfolios just because you live in Minnesota doesn't mean we're going to give you 100% Minnesota paper. Why? Well, sometimes we want better diversification in our portfolio based on geography.
00:28:58
Speaker
sometimes we can get a better bond from California. And even after paying the state tax, we're still going to net more income than we would have if we just bought a Minnesota bond and got the federal and state tax exemption. So while yes, you do get preferential treatment, and there is some states that we can build out a whole portfolio of just your state paper, like California or New York, a lot of times it makes more sense to have a national portfolio
00:29:27
Speaker
than just a state specific portfolio but it varies by client needs clients tax situation nice good cool.
00:29:38
Speaker
Well, what else would you say just quickly of, obviously you guys have done a great job of the high net worth. I love that you guys know who your client type is. You know your patient type, if you will. And you obviously do a good job and that's why we got connected with you. But if our listeners wanted to hear more about Clark Capital, where would
Exploring Further Resources
00:29:57
Speaker
they go? Where could they do their own research? Obviously we can talk, we can speak to it as well, but what would you, where would you point them?
00:30:05
Speaker
Yeah. So the best place to go to would be our website, which is ccmg.com. It stands for Clark Capital Management Group.com. It's not Chipotle. It's not Chipotle. Okay. Well, it's close. Close. Close. Yeah. Not Chipotle.
00:30:22
Speaker
Yeah, we have tremendous content on there. We published our mid-year outlook from Sean Clark in June. We also hosted a call that our clients of financial advisors could join. It was by Glenn Dorsey. Every about month, we do put out a session called Office Hours, which is a two or three minute video that talks about different topics about what is going on in the marketplace.
00:30:46
Speaker
But I always think the best place to go is to our financial advisors that we work with. You guys hear our story quite a bit. You hear from me quite a bit. You get a lot of different emails and you're able to join calls that clients aren't able to join. So I think leveraging you guys and our website is really the best way to learn more about Clark Capital.
00:31:07
Speaker
It's good. It's good. Well, Hey man, thank you so much just for diving deeper into the Clark, uh, management style and just the history of it. I think it's been super helpful for at least me. Uh, and I know our listeners. And so thanks again. You've been listening to the uncommon life project where I've been your host, Philip Ramsey. And I am Brian Dewhurst until next time. Go be in common.
00:31:26
Speaker
That's all for this episode of the Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.