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2023 Recap
98 Plays1 year ago
2023 was a year of challenges and growth. In this episode, we look back at some of our significant changes, including the transition from using money managers to managing our clients' money ourselves, and the benefits of this approach. We also talk about the importance of being adaptable and constantly learning in the financial industry.
Plus, the value of taking the emotion out of investing and following a strategic, long-term approach and the impact of the TD Ameritrade and Charles Schwab merger on our clients.
Lots to digest and use to make 2024 even better, we hope you enjoy the discussion. What lessons are you taking with you into this new year?
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Transcript
Introduction to the Uncommon Wealth Podcast
00:00:00
Speaker
Everyone dreams of living an uncommon life. And the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast. We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
00:00:25
Speaker
Hello
Reflecting on a Year of Growth and Challenges
00:00:26
Speaker
and welcome everybody to another episode of the Uncommon Wealth Podcast. I'm your host, Phillip Ramsey. And I'm Aaron Kramer. Coming back at you, just Aaron and I. New year, fresh new look. This is good. Happy 2024. Yeah. This was a crazy year. It was a crazy year. And one that I would do again. Yeah. As crazy as it was, how hard it was, I would do it again. Yeah. Which I think a lot of people in my position, in our position, would be like, I don't want to do that again. And it was challenging.
00:00:53
Speaker
but it was also refining and good. There's so much growth that came out of it. Yes. That growth that just doesn't come for just being complacent and sitting in one.
From Pressure Comes Clarity
00:01:01
Speaker
No, I mean, I know this is always like a touche statement, but like diamonds are made under pressure and I'm not saying we're diamonds, but like you gotta be put underneath pressure to grow. And yeah, but then I appreciate what you have.
00:01:13
Speaker
100% and the people that are around you, everything. Yeah. I could do a whole podcast on just that alone of like the things we learned, the trials and, and challenges and obstacles we had to overcome. It was quite significant, but I feel like we're on the tail end of kind of coming out of the corner hot.
00:01:32
Speaker
You know, yeah, accelerate out of the corner, uh, might not have come into the corner very good or prepared, but you know that it is what it is. It is what it is. You just take it and, but I think it's cool because like, I feel like for the first time, I don't know about you, but for the first time I feel like, man, you can really see.
00:01:51
Speaker
I don't think that the painting is pictured and it's clear, but there is a clear direction that we're heading. Yes. And the direction that we're heading is far better than it ever has been. Yeah. Right? Can I get an amen? Amen. Yeah. And so that has obviously come with a lot of.
00:02:08
Speaker
just hard work, sacrifice, all the things that I think make you who you are today. Like we've always said, like if you really think about your history, the good times are also amazing, but they don't teach you as much as the hard times. And so I feel like 2023 was, we were learning at a fast, quick pace.
00:02:31
Speaker
And one that I, again, I would go back and do it again. If I needed to make 2024 the same as 2023, I know that we're going to be even better in 2025. Yeah. Right? So that's the part where I kind of get
Market Predictions and Future Planning
00:02:42
Speaker
excited. So today we're talking about kind of the past, the year in the past. We're talking about the markets, what we think and our projections are for the 2024 year. Yeah.
00:02:52
Speaker
Kind of fun. We're going to actually at the end of this, we're shooting this full transparency on December 20th of 2023. So about what, 11 days before the first of the new year. So we've pulled some numbers. And then we're also going to say, hey, this is where the market is today. And then at the end of this year, we're going to go back and reference this podcast and say, Aaron, kind of like in the football or like you're watching football and they go around like, who do you think is going to be? Who do you think? Kind of like that.
00:03:21
Speaker
both Aaron and I are gonna do it. Again, it's election year. We also have Olympics that are coming down this year. So a lot kind of going forward here, but what is our predictions? What has kind of happened in the past? And go
Evolving Client Money Management Strategies
00:03:35
Speaker
from there. So that's all this podcast is. It's good old Aaron and I hanging out, having fun microphones in our head in front of us. So here we go. Where do you want to start? Oh, man. I just,
00:03:49
Speaker
Let's just go over like the year to recap it. Okay. All right. From like a market perspective, like a, like how we manage money or what's just like, yeah, how we manage money and then, uh, how it's changed and how it's, yeah. So, um, so at the beginning of last year, I feel like our philosophy was more over to hire money managers to manage our clients accounts. Yep.
00:04:15
Speaker
And after doing some research and also seeing the history of those money managers, realizing like, I feel like we can make things less expensive for our clients for fee perspective. And we can get into the same kind of investments in a more cost-effective way.
00:04:35
Speaker
And then so start kind of having this feeling and working and it's been really fun to work with Aaron because we're both kind of like coming to this realization and then also having Brian. Brian was a part of the team at that point. And so working through all of that, we could start seeing some writing on the wall where maybe we're not lined up as equally as we thought we were.
Philosophical Shift in Investment Approach
00:04:55
Speaker
And so around March, Brian, we bought Brian out of the practice and kind of went off and
00:05:02
Speaker
and started conquering this whitewater ourselves. And thinking of trying to manage our client's money on top of that was daunting. So daunting. Daunting. Which is funny, because to back up a little bit more, it's funny because I know when I met you, both of us were pretty about, no, I don't ever foresee us doing this. Yes, right. Like third party money managers.
00:05:28
Speaker
This is our jam, this is what we're gonna do. And I would say the industry seems to be going more and more to money management. Yes. And so, you know, and we all know, Phillip, as soon as a lot of people are going one way, the fish is gonna swim up straight. Yes. But I think for our industry, there's a few things you gotta look at when everything's getting pushed one way, it's a why.
00:05:51
Speaker
Yeah. I totally agree. Like follow the money. Yeah. Follow the money. And so one of your mentors and friends, I know is he said something to me that just blew up my perspective.
00:06:05
Speaker
It's funny because it's so simple because I have another mentor that has been preaching this to me forever and it never clicked But like anyways your friend is how many hands are in your clients pot? Mm-hmm cookie jar. Yes cookie jar Yes, it was it's your job to get as many hands out of that cookie jar for your client Right so that they get the max return. Oh
00:06:26
Speaker
I love that you said that because then we started doing some analyzing and like checking to see how many hands were in the cookie jar. Yeah. And we saw the, one of the biggest hands were these money managers. Yeah. And they were getting access to the same things that we have access to, but they were just kind of placing things and trying to actively manage money. You're like, get in the world, get out of the market. And so we started kind of like really honing in on like, but what's our philosophy moving forward?
00:06:49
Speaker
Yeah. And that's when both Aaron and I realized that staying in the market in a portfolio that is commensurate to your risk tolerance is the way that we wanted to manage people's money. It's not this get out, get in, get out, get in. We're not timing the market. We're not timing the market. And the reason why I feel like we kind of landed on this philosophy is because when you time the market, you have to get out at the right time.
00:07:12
Speaker
which, okay, but then you have to get in at the right time. And now we're talking about some real feelings that we're putting in this. So I know that a lot of people said, hey, set it and forget it kind of philosophy. I hate that mentality. You never should forget your money for the record, especially here at Uncommon Wealth, but you should be taking the emotion out of it, right? And you should put your money into an account where you're okay with the roller coaster it's gonna go on.
00:07:39
Speaker
Yeah. Up, down, sideways. And there's ways that you can do different calculations to see what is going to be down. So that's both Aaron and I kind of landed on this and said, all right, we're going to go out and do this for our clients ourselves knowing that it's going to benefit our clients. And that's something that I feel like you've done a really good job of. It's like if it benefits our clients, we'll do it.
The Role of Mentors and Support Systems
00:07:57
Speaker
Yeah.
00:07:57
Speaker
And we, we all have our own obstacles and challenges that we have to overcome, but I do feel like you and I are both very unified of like, Hey, I hate doing that, but if it's for my clients and a benefit for them, we're doing it. Yeah. And, and we, we end up liking it. Yeah. That's the thing. Yeah. It's so, cause that's, it's so funny to say this and I don't, I never thought I'd be someone that enjoyed managing portfolios. Right.
00:08:20
Speaker
I'm like, no, I don't think that's my thing. I don't think that's my jam. I know guys that like live and eat that and they love it. I'm like, we are not like, we are not in sync, but when it comes down to like, wow, this like helps clients so much and then you get into it and you learn a lot of other stuff and learn, but I'm like, actually I really enjoy this because it brings so much value. You know, you're saving your,
00:08:44
Speaker
clients a lot of money because it is, you start seeing, I don't want to botch this statistic, but it is something about every 1% of fees is like 10 years of income in retirement. Oh, wow.
00:08:59
Speaker
Something like that. Don't hold me to that listener. It's something like that. Just give you an idea. It matters. Fees matter. Fees matter. So it's one of those things where it's like, oh man, if we can cheapen up, it really helps people long term. Yeah. Okay. So I want to go back to this because I do feel like it's something to address.
00:09:17
Speaker
At the end of the day, Brian, I would say Brian and I didn't have the same philosophy in this and it was just something that we just had to walk through. Yeah. But Aaron and I are not the people who are like analytically, I want to go and try to figure out the whole market, right? Yeah. And so what did we do?
00:09:32
Speaker
we reached out to mentors. Oh yeah. Because mentors, we always said as the cheat code of life. Yes. And so why not practice what we preached? And we did. Yeah. We found some great ones that said that they would not only help us, but they would be like, we'll help you learn the systems and the processes. Yeah. And like, one thing Aaron and I can do is we can follow a process. Yeah. And so we were like, all right, let's do it, and kind of had some faith in the mentors. But it was life giving. And they still to this day pour into us, which help our clients.
00:10:01
Speaker
You know, I got into this industry because I always said I just never knew there was anybody good in the industry. There fricking is. There is. I mean, I will say it's rare. It's rare. Yeah, there is. There is any industry, right? Especially when you're trying to be uncommon. There's, there's just a way that you look at your own industry. You're like, Oh,
00:10:17
Speaker
we could do better. And there's probably some pride in that, I'll be honest, right? But also, both Aaron and I wanna have the best financial services company ever. And so we're gonna do it. And if it means, in 2023, we need to change and do things right to make it less expensive, but more efficient for our clients, we're gonna do it. And we did it. And we found some people to help us. Yes, such is amazing. I know I can say this for you, because you will back this, but I always tell people,
00:10:46
Speaker
If I'm the same advisor now that I am in five years, next year, 10 years, then fire me.
00:10:55
Speaker
Because we gotta be constantly learning. Yeah, and constantly being better. Adapting. Yeah. I think that's so good because there's a pride there that's like, I know everything. And the answer is you don't. And because of things are so changing, ever changing, for you to say that you do, I would say, is it a person that I want to be around? No, because I think that the people that I know that I respect that are very smart,
00:11:19
Speaker
If you tell them, like, oh, dude, you're so smart. Like, no, I'm not. And I read a book and I talked about how once you hit a certain level of intelligence, you learn about how not smart you are. Yeah. How much more knowledge there is. Yeah. How much more you, how much you just don't know. And so anyways.
00:11:37
Speaker
Okay. So as we were kind of going through this, we got through the buyout, which wasn't easy. Yeah. Which you were super gracious, which I'm still saying, I'm like, man, you got a big heart to surround yourself with the right people is instrumental. Cause I I'll give Aaron kudos. There was one time where I was like up to my eyeballs. I was like, I remember the day I was sitting on the couch, like looking off and like just kind of looking in
Investing in Client Passions
00:12:01
Speaker
the distance, but like not looking at anything. Yeah. And I remember being at least,
00:12:06
Speaker
there enough to text the whole team of like, I'm not doing well. Like, not sure, I have a laundry list of to-do lists to do, and I can't get off the couch. I can't figure out what to do next. And that was a long and short of the text that I texted the team. And I remember what Aaron said, which was so interesting, because I think, you know, you can call it as, I think God used you in that moment, and Aaron said, it's fine. Keep sitting there, relax, we'll take the rest. We'll do the rest.
00:12:34
Speaker
And like, it was that.
00:12:37
Speaker
that exact kind of statement that was like, huh, maybe I can get up. Like now instead of somebody who's like, no, we need you. Like don't go down on us. Like that would put more pressure on me. But the fact that you were like, Hey, no, keep sitting there was exactly what I needed to be like, well, okay, maybe I'll go do something. You know? Yeah. So it's really good to just surround yourself. The right people. Here's another thing that I think that we started refining in 2023 to move on is we've always said that you are your best asset. Yeah.
00:13:06
Speaker
But I felt like in years past, we at Uncommon Wealth would try to help you be your best asset. Instead of kind of leading, letting you lead, and then we would help put a plan behind you. I felt like we would give people ideas,
00:13:23
Speaker
and try to bring value by casting or giving some dream that, oh, here's another dream, here's another idea, here's another great grandiose thing. And I don't feel like that's not where we sit. We believe you're your best asset.
00:13:40
Speaker
We will also show you how to use your own money to go chase things that you really want to do, pursue your dreams. But all while we're going to have a solid financial plan behind it to show you like if you do X or you do Y, we're going to show you that it's actually beneficial to do so. We're going to help you be as strategic as possible about going after that. Yes. Now I love that word strategic, but we're also going to do things fairly
00:14:06
Speaker
Historically, we're gonna try to do things that aren't that sexy with your money. We don't need to, right? We're gonna make sure they're liquid, we're gonna make sure that it's proven historically, and we're gonna just manage people's money in such a way. We're not gonna tie it up into some kind of annuity,
00:14:23
Speaker
And we're kind of generalizing here, but for the most part, we're not worried about big commissions here at uncommon wealth. We want to try to set people off in a way that like we're right here. If you need something, if your plan doesn't come out correct, or if you hit an obstacle that you can overcome, we're right here.
00:14:38
Speaker
And so that's what we started to kind of change and evolve. Like our clients are their best asset. We're just a tool that can help them kind of course their direction and path through this uncommon territory. So I felt like that was a really healthy transition that we've made instead of giving people grandiose ideas. Hey, no, here's what we're gonna do with your money.
00:14:59
Speaker
And if something changes, we're right here. But here's the financial plan that we just kind of shown that we're all excited about. And we all know things change, which is fine. And then we're just going to adjust the plan. But we don't need to have some new idea for people every time we sit down in front of them. No. No, because the new idea is the fact that you are your best asset. You're going to invest in yourself. And then the money
00:15:24
Speaker
Like, for instance, investing or something, that's just a byproduct of getting your money to work harder for you to reach, to better invest in yourself. Yes. So like, by doing that, like you said, like, we're not going to come up with some grand idea or lock your money up. I mean, if you're our client, we're looking to have work with people that want to work with us long-term and we want to be with you until the end. Right. And the thing is.
00:15:48
Speaker
If we want to be with you till the end, that means if whatever we recommend, what we're doing, if you ain't way better off, you know, because we ain't there, right? Cause we want to win with you. Exactly. So that was, I think a really amazing transition we had. We made, but it wasn't easy cause we were always the people who sit in front of somebody like, here's another good idea. Like we don't need any more good ideas. Okay. Yeah.
00:16:13
Speaker
You're a good idea. Whatever your idea is was great. Let's figure out how to compliment that idea. That was it. It's like feeding off the influencers right now. I feel like it's one of those things because you're so gifted at being able to collect people, bring people, lead people.
00:16:29
Speaker
And you can only like, there's only so much time in a day to like create something. And so the client needs to come to us with the idea that they're passionate about and they're going to focus on building. Cause you hear so many, I see it on my Instagrams and stuff. Oh, build something, sell it, go off and build another thing. I was like, Oh my gosh, who are these people that can just build something so fast? And they make it look so easy. Yeah. I was like,
00:16:53
Speaker
I've been working on this one thing for 10 years. I'm not to a point where I can sell for these ginormous amount of money to where I think I'm gonna start over. No, no, no. I still got some billing to do and then I'm gonna coast. Yes. And to be honest with you, it just doesn't match up with our personality. And we've been doing this for quite some time. And we're gonna be doing it for quite some time. And I feel like there is some safety in that of I'm not trying to create something brand new to sell next week,
00:17:22
Speaker
Yeah.
Commitment to Client Relationships
00:17:23
Speaker
There is a tried and true thing that I think what we are doing here on Commonwealth is going to be bigger than we ever thought it could be. Yeah. But we have to right now, just as we hit chop wood and carry water. Yes. Chop wood, carry water. That's another thing I felt like in 2023 was really good is just focus on the basics. Focus on the small things and let those small things
00:17:45
Speaker
add up to something great. It's not something great, the silver bullet. It's the small things done repetitively day after day and finding joy in those that gives a byproduct that's something bigger than you ever thought. And it's gonna take time. And you can't circumvent time. You can't. But you can enjoy it. And that's the part where like, I know I've done a podcast on this, and I feel like God just kind of reinforced it. Like, no, go back, try it again.
00:18:14
Speaker
He does that all the time. The big guy, I swear he's a comedian. But yeah, and I think that's the thing that we're trying to do is like, I want to go against, like you said, going against the current. Right now, society is pushing everybody to find the silver bullet, be this lucky one, be the Amazon. Oh, no, no, no. Look, stop.
00:18:36
Speaker
Warren Buffett says it the best. The things that need to be true and time tested are not sexy. It takes time. Now.
00:18:46
Speaker
Continuingly to chop wood, carry water, do the little things, and let it compound, it turns into something that's pretty sexy. But it takes time. Everything takes time. Yes. I love it. And then, so I would say that it's been a challenge, because as we know, I am competitive, to not see the scoreboard and see it adding up to wins.
00:19:11
Speaker
and financially like, oh, we're killing it. Well, but that's not the point. At least this is what in 2023 I've learned. For me, it's about the process and doing the right thing in front of the one person at a time and following up and being a man of my word and having integrity and all those little things add up to something big.
00:19:30
Speaker
And so super grateful for the team that also feels the same way, Aaron. Um, and at the end of the day, like if one of our clients ask us to do something to help them, we'll do it. Yeah. Even if it means sacrificing. I mean, it's funny cause I know both of us, I don't know how many times throughout the year, call each other and be like, well,
00:19:50
Speaker
I did it again.
Aligning Risk and Investment Strategies
00:19:52
Speaker
It was like, someone asked for help and they need help and I know we don't really have the bandwidth. Yeah, but I'm doing it. But I'm doing it. It's like, oh, and it's fun. And I love it because I know we're calling each other to apologize, but in the end, but I swear, I don't, I think every single time it's like, cool, let's do it. You know, like,
00:20:10
Speaker
We know we told each other because we'll have a poor moment. We've got to stop doing this stuff. But we can't. It's just who we are. We want to help people. That's right. So 2023 has been a good year in the market, I'll say that. 2022 was not. 2022 sucked. Yeah. It was an interesting year because it felt like you were a monkey and you could pick the right thing because they were just going up. And then 2022 happened. And we realized that maybe some of our clients were in the wrong portfolio. They were in the wrong risk tolerance.
00:20:40
Speaker
And so we have implemented, we've talked about this before, but it's data points. It's this company that helps our clients try to figure out what portfolio that we should be managing their money in a very unemotional way. Here's the process, fill this out. We're going to look at it. It kind of gives us an idea of how to invest your money. I ask you really weird questions. Yep, which I think our clients are okay about.
00:21:04
Speaker
I'll say that, but it's funny, some of my very analytical clients don't love it because it's a very psychological based... So there's a lot of different ways you can think about the answer and they don't like that.
00:21:18
Speaker
the vast majority of people. Yeah. Like this is an example. And I don't know if this, I guarantee you this question, I can't guarantee isn't in this, but it's like, do you speed, you know, like, yeah, no. Okay. Like that does tell us something, right? Like, maybe not that risky or,
00:21:35
Speaker
So that's deducing a lot of things and try to try to triangulate your risk tolerance. So that's what we use now and that I think have been a huge blessing for us, especially when we go to then manage people's money, we have a system to go back to. It's not emotional. And the reason why we did this is because I think in the past,
00:21:54
Speaker
maybe we were just like, Oh yeah, you're, uh, you're high risk. Great. We'll put you in this portfolio. You know, this is what we're going to do, but I don't know if people were really high risk or it would just felt good because the market was going up. We just want to get, I think it's because we just had the longest bull run, like coming up the longest bull run in history. Everyone's I'm risky because everyone loves these great returns. But when we had 2022 hit, everyone's
00:22:17
Speaker
I don't think I'm this risky, right? Because then they see their portfolio and they're not so happy. That's like, cause now they're sick. They want to go to the sidelines. And we have had some of them that had gone to the sidelines after 2022 and they never, they haven't got back in and we got back in. It's hard because now the market's up. What do we do? It's just hard. Now they're in this like, okay, you got to get out and you got to get back in the right time. It's nearly impossible to win that game. And if you watch, let me know, I know in my office, I got CNBC like stock market going and
00:22:47
Speaker
It feels like every other day, you're never seeing green consistently. Well, you're seeing a lot of red and stuff like that. So you can start feeling like, Oh, this year was daunting. This year wasn't daunting. We're finishing it up and it's looking pretty good. Pretty good. Right. So yeah, it's fascinating. But I do think that.
00:23:06
Speaker
It's nice to take the emotion out of it to help manage the emotion. Exactly. Because that's our job. Yep. And if we can just keep you in the market, it seemed historically to be the best bet. Yep. So I read a fact from a 60-40 portfolio. In the first year, you have one out of five chance to lose money.
00:23:29
Speaker
If you go all the way out to 15 years in a 60-40 portfolio, you have less than a 1% chance that you've lose money. So it shows you how you can't, time in the market is something you can't. And staying in the market. And staying in the market. And that means people are always like, oh, if you lose 50%, it takes 150% to come back. It's like, yes, but the thing is, is you're in the market.
Navigating Firm Transitions and Loyalty
00:23:56
Speaker
Those shares go down, and they come back,
00:23:59
Speaker
They're above that the way they were that means you came back with it. So It's good. So that's one of the things that I think that we learned in 2023 Anything else you can think of? Man, I don't know. I just mine's just the appreciation of being here. It's so funny Because like you guys are leaders. It's fun to like watch. I know I always thought I was pretty good communicator and
00:24:23
Speaker
for the most part, because I think all of us financial advisors, we're on the front lines, we love being in front of people talking, but then how many times I have to call you all the time, like, hey, how would you say this? Or just getting your opinion on it, so it's really nice to have you leading us, and you do a lot of good things, and I've always stated, I love people, and I've taken personality tests, I'm like a protector, there's a big one on there.
00:24:52
Speaker
It's fun because to me I can see that I navigate to people that like for the leadership that like beat me and things and like your care for people is like me being also competitive. It's like, I hate saying this, but I want to say it. It's like, I think it beats mine and it was just like, it's like, dang it, but it levels me up and that's why you're the leader. So that's great. But that's why 2023, I think it's fun and super fun to see where it's going to go.
00:25:18
Speaker
Yeah, it is. I will say this before we went through this whole transition with Brian and the year I could see the writing on the wall that we are going to have a hard year. And I went to each one of our team singly and individually and just said, listen, if we are in a little life, a little raft, we're going down a river. We can't see what's around this next bend, but we can hear it and it's white water and it's gnarly. Yeah.
00:25:48
Speaker
And I'm not, you never signed up for this. This is basically what I said. This is my second year. I think I just hit my anniversary. Yeah. And I don't, I mean, no one really signed up for this. Yeah. And so I went to each one of them, like our, I'll, I'll paddle over to the side of the shore and try to get you off this boat before we go around this bend. And every one of them was, every one of our team was like, give me the paddle, like, which was so encouraging. But as we were going through it,
00:26:17
Speaker
Oh man, it doesn't constitute how hard it was. It was, and like you really can't, you can't even fathom how much pressure I felt like we had in the middle of it, you know? And at that point, anybody still could have tapped out, but it would have been really hard and everybody's
00:26:34
Speaker
still here that was here in the boat before the rapids. And one thing that really changed not only our practice, but I think the industry in and of itself was TD getting purchased by Charles Schwab. Oh, yeah. That was a big deal. One of the biggest financial transactions in the history of this industry. Yeah. And we had a lot of our clients' money at TD Ameritrade.
00:27:03
Speaker
trying to wrestle through all of that, you kind of have a foreshadowing of what could happen. That was something that I was like, ooh, underestimated what ripple effect it would have on our clients. And so we just had to adjust. And at times we had to adjust quickly.
00:27:21
Speaker
but all of our clients stayed with us, right? Like, that is a huge testimony. I should say all, I would say the majority of people stayed with us. The most part, we've had a couple of lumps a long way. Of course we would have. And we took them with grace. And still great people, loved them to death. Yeah, I mean, a lot of them was just like,
00:27:42
Speaker
they don't understand this side and what they've happened, nor should they. And so it makes sense. It makes sense. And so that was something that happened. So we've made some transitions and I feel like where our clients are now, not only are the best place that we've ever had our clients money in the last 10 years, but I see a future there of like, this will be indefinitely.
00:28:05
Speaker
please don't get bought out. That's more what it is because you know, custodians are always changing, but like here it's always like, Oh, is this the place? You know, is that right here? It's like, Oh no, this is, this looks good now. And we can do things and strategies that we never could in other places. The fees are super inexpensive for the client. Like there's a lot of things that I think are
00:28:28
Speaker
are lining up with, you know, you're your best asset. We're going to put a plan together. We're going to be the most beneficial for you and try to keep the fees as low as we can so we can keep serving you and your family for not only today, but tomorrow in the future, which I love.
Informal Market Predictions and Gratitude
00:28:42
Speaker
Okay. So last thing we wanted to do is just give us a snapshot. We'll just going to take the S and P you're okay with that. Yeah, let's do that today, December 20th, 2023.
00:28:54
Speaker
It's not when you're listening to it, but that's when we shot the gas. The S and P were at 4,764.73. That's where it is at today. All right. I should say it opened today. It opened today. That's not where it's closing. Yep. So it opened today at 4,764.73.
00:29:16
Speaker
What do you think is going to happen given that we have a presidential election? We have the Olympics, which there is always something that happens in the morning Olympics. There's always historic history that you can go back and also presidential, but like, thanks. What do you think will be December 20th next year, 365 days from today? Where do you think it'll open?
00:29:37
Speaker
Oh, man. All right, so you said 4,764. 764. 0.73, if that matters. It does matter, but numbers matter. This will be for lunch, too. Whoever gets it right has to pay for the other part. All right. Who's closest? Yeah. Who's closest. All right, it's not like price is right, where you can go over and be closer. Yeah. OK, yeah. Whoever's closest. Yeah, yeah, right.
00:30:04
Speaker
Okay, I want you to write it down so I can't be influenced by yours cuz that's you would never be influenced by my You know like I like all right. Hold on. I gotta do my numbers here Okay, cuz we just can't like that There's got to become some kind of method to this and then we'll talk through our method and then we'll yeah All right, so we'll give the numbers here first. All right
00:30:25
Speaker
Okay, I'm just going to say it right now. Ready for mine? I think we're going to be up 7.5%. This is nothing. There is no crystal ball. I don't know what compliance things I'm violating at this point. Do not listen to us, but this is what I think. This is up 7.5% because historically in election year, the market's up. I don't know why it's 7.5% because I feel like I was going to do seven. I was like, I feel like we can get more. So here's my number.
00:30:50
Speaker
5,122.08. Lock it in. All right. This is fun because this is why we work together. I came back, I'm projecting 8%. Okay, interesting. So mine is not because of the election and that, which that is true too. Mine is because we just came off an amazing return.
00:31:12
Speaker
And so I think that for us to do that twice, especially with everything going on with the feds and stuff, I don't know. So I'm guessing eight. So mine's 5,145.9.
00:31:26
Speaker
Okay, you heard it here first. Yeah, but again, compliance-wise, this is like speculating. For sure. There's a difference between speculating and investing. Yeah. Anyway, okay, you've been listening to the Uncommon Wealth Podcast. Thank you so much just for being part of this community, listening to this podcast, being a client if you're a client. If you're a future client, can't wait to get a part of this. Can't wait to be a part of your journey.
00:31:53
Speaker
Um, and if you're just a listener and a long time listener, thanks for listening. Yeah. Thanks for taking the time to listen to us. That's two. Just weirdos, I guess. Yeah. So cheers to, uh, 2024. Yeah. Thanks for listening. Thank you.
00:32:10
Speaker
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