When it comes to your investments, diversification is a very important consideration you must make. It is all about spreading out the risk among different asset types. On this week’s episode, Josh and Austin talk about four major categories and some subcategories of a well-diversified portfolio. This includes large-cap U.S., developed international, emerging markets, small-cap U.S. stocks, and more. They also discuss how to actively achieve diversification and the importance of rebalancing. Listen now!
Main Talking Points
[1:19] – Diversification
[3:59] – Large-Cap US Stocks
[6:07] – International Stocks
[8:29] – Emerging Market Stocks
[10:10] – Small-Cap US Stocks
[11:25] – Dad Joke of the Week
[11:53] – Four Subcategories
[17:11] – How to Achieve Diversification
Links & Resources
Diversification Rocks – Blog by Austin Wilson
Invest With Us – The Invested Dads
Free Guide: 8 Timeless Principles of Investing
Social Media
Full Transcript
Intro:
Welcome to The Invested Dads Podcast, simplifying financial topics so that you can take action and make your financial situation better. Helping you to understand the current world of financial planning and investments, here are your hosts, Josh Robb and Austin Wilson.
Austin Wilson:
All right. Hey, hey, hey. Welcome back to The Invested Dads Podcast. The podcast where we take you on a journey to better your financial future. Today, Josh, we are going to be talking about diversification.
Josh Robb:
Which I assume you do not like because, you being a musician, you probably like versification, the process of adding more verses to a song.
Austin Wilson:
You know, sometimes I’d like to get more verses, but usually if I go rogue, which has been known to happen…
Josh Robb:
Yes.
Austin Wilson:
I’ll add more choruses, also known as chori.
Josh Robb:
Yes.
Austin Wilson:
If you pluralized chorus. No, but-
Josh Robb:
I’m always under the assumption, when that happens, that the screen got stuck.
Austin Wilson:
And they just had to sing the same thing?
Josh Robb:
Singing over, and over, and over, the same thing.
Austin Wilson:
See the problem is that it depends on where you go to church and your systems and stuff. But, oftentimes we have a sequence or a click track in our ears, behind it. So we hear what part of the song we’re supposed to be in.
Josh Robb:
Uh-huh (affirmative).
Austin Wilson:
But then if you go rogue-
Josh Robb:
It’s confusing.
Austin Wilson:
If you go rogue-
Josh Robb:
Then everything’s crazy.
Austin Wilson:
There’s no going back.
Josh Robb:
Oh, man.
Austin Wilson:
You just kill it. You just have to kill it.
Josh Robb:
Yeah.
[1:19] – Diversification
Austin Wilson:
So anyway… No, actually we’re talking about diversification, which is really the spreading of risk among different asset types or different investment types or whatever. We’re going to generally focus today on the specifics of equity diversification.
Josh Robb:
Mm-hmm (affirmative).
Austin Wilson:
Well, there’s a whole other topic about an overall diversified portfolio involving fixed income and stuff like that over time. But, specifically for younger people, we think that equities are generally the best vehicle to grow your wealth over time. And of course, we’re not going to get into details about your financial situation. I’m not saying that equities are the only option. Please talk to your financial advisor if you have any thoughts or questions on that. And if you don’t have one, hey, get a get ahold of us. We would love to talk to you. You can check that out on our website, in the “Invest With Us” tab.
Josh Robb:
So, really what you’re saying is, diversification is spreading out your risk over multiple asset classes or sectors or whatever you want to say, just spreading the risk.
Austin Wilson:
Correct. Yep.
Josh Robb:
And so, like you said, one of the big pillars of a successful wealth building is diversification. And the reason you do that is… And we’ll get to a lot of the reasons, but owning just one thing only works if that one thing continues to do well.
Austin Wilson:
Right.
Josh Robb:
If it falls apart and goes the other direction, then owning just that one thing really gave you a lot of risk. You’re taking a lot of risk-
Austin Wilson:
True.
Josh Robb:
… reward on just picking one thing correctly. So diversification spreads it out. And so you can go… Like you said, diversification between asset classes, stocks, bonds, cash, real estate, commodities, all those things. And then there’s also diversification within those. And we’re going to spend a little more time thinking about the equity side, the diversification. But in general, that just means spreading it out.
Austin Wilson:
Correct. Yeah. It’s-
Josh Robb:
Be more diverse, in your whole portfolio.
Austin Wilson:
It’s just like the old thinking of not having all your eggs in one basket.
Josh Robb:
Yes.
Austin Wilson:
Right? So this is about spreading that out. And, I guess-
Josh Robb:
The only time having all your eggs in one basket makes sense is during the Easter egg hunt.
Austin Wilson:
If you’re the-
Josh Robb:
You want all those eggs in your basket.
Austin Wilson:
That’s right. But some of those eggs have money in them.
Josh Robb:
That’s right.
Austin Wilson:
So you have to be real careful about that. So, yes. Not putting all your eggs in one basket, this is more about investing for the long-term, right? We’re not building portfolios and kind of the way that we run our investing world is that we don’t day trade. We’re not day traders. We’re not… Day trading can have very good or bad implications of diversification as well, but this is talking about building portfolios that are going to be set up for long-term investing to build wealth over the long-term in a variety of different situations. So, let’s talk at a little bit higher level and-
Josh Robb:
Write this down. Start at the top, and go down.
[3:59] – Large-Cap US Stocks
Austin Wilson:
Start at the top. Okay. So number one, I have a little home country bias. I’m an American, but I think that every portfolio, especially here in the US, should have some healthy dose of traditional large-cap US stocks.
Josh Robb:
Large-cap, describe that?
Austin Wilson:
Large market cap is what that’s talking about. And that’s in terms of the quote, unquote, size of a company. So a publicly traded company, think about, there’s a million shares outstanding, and each share is $5. That’s $5 million market cap, is what that would be. And the more shares outstanding and the higher the price, the bigger the market cap is. And that, actually, is the more exposure that a lot of people have to that asset, because a lot of those indexes we look at all the time are market cap weighted. So, the higher…
Josh Robb:
The S&P 500.
Austin Wilson:
Yeah, the bigger a company is… Yes, the S&P 500. The bigger the company, the more it’s going to move the needle in terms of the market.
Josh Robb:
Okay. So an example would be, in the S&P 500, something like Apple or Amazon they’re a trillion dollar market cap company.
Austin Wilson:
Or two.
Josh Robb:
Yeah. They’re huge, right. That’s the… You take the number of shares times the price of those shares, that’s the value that’s being assigned to that company. And for the S&P 500, they’re a bigger weighting because of their size.
Austin Wilson:
Correct.
Josh Robb:
Okay.
Austin Wilson:
So yeah, that’s market cap and that is large-cap US stocks. So these are kind of the vanilla, the base of your portfolio. They’re going to provide healthy growth. As, we’re the world leader in innovation. We have been, and we hope to be in the future. And that’s a trend that hopefully, like I said, will continue there. But large-cap US stocks typically have less volatility than stocks from companies based elsewhere.
Josh Robb:
Okay.
Austin Wilson:
And that can help investors sleep at night. It’s also a huge help that, especially since 2008, 2009, our financial system is extremely regulated and transparent. And there’s a lot of restrictions, but in a good way to protect people that a lot of places around the world don’t have. So that’s like-
Josh Robb:
And some of those large-cap banks-
Austin Wilson:
Yes.
Josh Robb:
… have certain rules in place that they didn’t have pre 2008, 2009.
Austin Wilson:
True. Yeah, they can’t get too risky.
Josh Robb:
Yeah. What they can do with their cash and how much cash they have and those types of things.
Austin Wilson:
Exactly.
Josh Robb:
Gotcha.
[6:07] – International Stocks
Austin Wilson:
So that’s like the balance of your portfolio, but secondly, I think it’s also a good idea to have exposure to developed, international stocks. So I think of these economies, similar to places like Europe-
Josh Robb:
Photoshop? Developed, like you put them in and…
Austin Wilson:
Developed. Ooh, when’s the last time you got camera film developed?
Josh Robb:
Well, my daughter has one of those Polaroids, so I guess it does it in the camera when you take it.
Austin Wilson:
Okay.
Josh Robb:
So those are cool.
Austin Wilson:
Yeah. But not like a roll of film at Walmart?
Josh Robb:
But side note, in college I took a photo class and part of that class was learning how to develop the photos in one of those dark rooms.
Austin Wilson:
Really?
Josh Robb:
Really cool. To learn that you had the chemicals and all that crazy stuff. So, I actually got to do that.
Austin Wilson:
That is, wow. I have never done that, Josh. When I was a film developer-
Josh Robb:
It’s a lot of work for getting a bad quality photograph.
Austin Wilson:
… in a phase in my life. I would take it to Walmart and they would, yeah. They would give you your roll… Take your rolls and give you some pictures. So-
Josh Robb:
Next time I see one.
Austin Wilson:
And negatives. Remember negatives?
Josh Robb:
Yes. You had those… Got to keep those, got to keep them. But weddings, that’s the only time I see them nowadays. It’s like, they’ll put them on a table just as disposable cameras and then they collect them all and then they kind of use those as memory.
Austin Wilson:
So back to…
Josh Robb:
That was… So you’re talking about developed. Okay.
Austin Wilson:
Developed, international. So this is like established economies. So Europe, been around for a long time. Japan, been a superpower for a long time in terms of, their economy’s one of the largest in the world. Those are kind of the two that stick out to me. There are others, but this is the general vibes I think of. These grow at different rates and have different pros and cons for their economies at any given time than the US.
And another wildcard is that currency. So like the yen, the euro, the pound, whatever you want to talk about, relative to the dollar moves in very different directions based on their economic situation compared to ours. So, that can either be a headwind or a tailwind for those equities as you translate them between different currencies.
So, I think that that is a good thing to have exposure to. These do not move in lock step with US stocks. And that’s a good thing for the diversification of your pole… or of your portfolio. Plus, I think it’s easy. As I said, I already have home country bias, but I think it’s easy to forget that there is a lot of innovation and a lot of growth going on elsewhere, right?
Josh Robb:
Yes.
Austin Wilson:
So-
Josh Robb:
There’s a lot of really cool companies-
Austin Wilson:
True.
Josh Robb:
… that may not be based here in the US.
Austin Wilson:
Absolutely.
Josh Robb:
And that’s, when you’re buying stocks again, you’re buying ownership in these companies. And so you’re not buying Europe stocks, you’re buying company stocks that are based in Europe.
Austin Wilson:
Absolutely.
Josh Robb:
That’s what you’re saying. You’re still finding good quality companies to invest in.
[8:29] – Emerging Market Stocks
Austin Wilson:
So a third pillar, and this is like the high-level pillar.
Josh Robb:
Yep.
Austin Wilson:
Third pillar of a diversified equity portfolio is exposure to emerging market stocks. So these are a little different than the developed, international stocks, but these are some of the fastest growing economies in the world. So countries like… from areas like Asia, from areas like Africa, Latin America. Sometimes these can be referred to as… they used to be referred to as the BRIC countries, so Brazil, Russia, India, China. These are all kind of high growth. They’re just… They’re getting their economic system in place and people are getting more money and they’re growing very rapidly.
Now the difficulty sometimes and the challenge, that actually makes it a good diversifier, is that regulation is inconsistent and currency movements can be dramatic. So, these investments are often a lot more volatile than US stocks or even developed, international stocks. But because invest… Obviously, they want investment in these economies, traditionally, that extra volatility has, and we expect to go forward, to be rewarded with additional return. Now you’re going to have to stomach a lot more drops.
Josh Robb:
The ups and downs are pretty big.
[10:10] – Small-Cap US Stocks
Austin Wilson:
Yeah, exactly. So that’s kind of the emerging market side of things. And I want to note that the regulatory environment, it’s getting better all the time. I think we probably have the most transparent and best regulatory environment around the world followed closely by those developed, international companies. But emerging markets are getting better. There are some difficulties in some countries, in some areas with government intervention into their economy, China’s one that comes to mind, can make doing business a little bit more challenging. So that’s something that has to be taken into consideration, but the growth is just undeniable and you really can’t find it anywhere else around the world. So that’s pillar number three.
Pillar number four, small-cap US stocks. It’s another area that, it’s good to have exposure to. So these kind of smaller market cap companies, they’re very closely tied to the economic cycles here in the United States. They perform exceptionally well early on during an economic cycle, during expansionary times and they do a little bit worse than larger companies during contractions in the economy. But again, like emerging market stocks, over time, investors have been rewarded with better returns for that additional risk and that additional cyclicality there.
Austin Wilson:
So that is… Those are the four main pillars. Now, we’re going to dig into in a little bit, some of the subcategories within those. But those are the four main pillars that I would say are things to consider putting in your portfolio for a well-diversified equity portfolio.
Josh Robb:
And when you’re talking small-cap, those are the smaller company… And we talk about cap, there’s US small-cap, there’s international small-cap-
Austin Wilson:
True.
Josh Robb:
There’s… And they tend to both be similar in that, they’re a little more volatile, because they’re smaller companies, there’re a little more swings. But you do get a little bit more enhanced growth than the large-cap because they’re expanding-
Austin Wilson:
Yes.
Josh Robb:
… they’re capturing market share.
Austin Wilson:
Yep.
Josh Robb:
But there’s US and international small-caps.
Austin Wilson:
True. That is true. Mm-hmm (affirmative).
[11:25] – Dad Joke of the Week
Josh Robb:
All right, let’s take a quick break. I got a dad joke for you.
Austin Wilson:
Ooh, I’ve been waiting for this all week.
Josh Robb:
I’m pretty excited. Okay. Did you hear about the two houses falling in love?
Austin Wilson:
I did not.
Josh Robb:
It was a lawn distance relationship.
Austin Wilson:
That is hilarious. That is… That’s a long distance.
Josh Robb:
Long distance, yeah.
Austin Wilson:
Think about… Yeah, that is the connector between houses.
Josh Robb:
That’s right.
[11:53] – Four Subcategories
Austin Wilson:
They’re like holding hands through their yard all the time. That’s a long distance relationship. So yes, that is a funny joke, Josh, but I think we should dig a little bit deeper into that diversification.
Josh Robb:
Yes.
Austin Wilson:
So, we talked about broad areas of the market, of the equity market specifically. Let’s dig into some subcategories within that and, these are… Again, you can obviously buy O general investments in the areas we just talked about, but you can also go a little bit more specific. And we’ll talk about how in a little bit. You can go a little bit more specific if you want to hold different kinds of-
Josh Robb:
You can invest in the Pacific?
Austin Wilson:
You could.
Josh Robb:
Or specific?
Austin Wilson:
Both. Both.
Josh Robb:
Okay.
Austin Wilson:
Both. Specific Pacific companies. So let’s start at the most general one. This is called a blend investment. And this is typically established, growing at a sustainable rate, companies that have been around for a long time, usually a general representation of the market as a whole. Easy to access via an index or an ETF. So, that’s kind of like your run of the mill, you want to get a category, you can get just a general XYZ ETF that fills that category.
Josh Robb:
So like S&P 500 would really be a blend?
Austin Wilson:
Yeah.
Josh Robb:
Because it has a little bit of everything?
Austin Wilson:
Now I would note that specifically with the S&P 500, because it’s market cap weighted and a lot of those larger companies in the market… in terms of market cap, they are more growth-oriented companies. The S&P 500 tends to lean a little bit more growthy. But yes, that would be a great example of that.
So speaking of that, alternatively, next category, you can invest in growth companies and you can get that through an ETF as well. But these companies, guess what? They grow. They grow fast. And they are innovating and they’re changing rapidly. They generally, not always, but generally don’t pay dividends, or as high of dividends, because they’re constantly reinvesting in the business. And they usually trade at a substantial valuation premium. So what you pay for what you get in terms of earnings-
Josh Robb:
They’re expensive.
Austin Wilson:
Yes. To the overall market. And that’s because you’re looking far ahead in terms of how many, how fast and how many years this company is going to grow for to get to today’s price. Now that also makes them more susceptible to interest rate volatility. So as interest rates rise, that means that all those earnings in the future are all of a sudden worth a lot less. And that can put pressure on growth stocks like this.
Austin Wilson:
So, flip side of that coin is value stocks. So value stocks are your old school, slow growth, steady as she goes, companies. They’ve been around for decades. They have fortress balance sheets, lots of cash, low debt, and they usually pay a sizeable cash dividend. These companies offer value because the market may believe they’re under priced, because of… We’re to compare it to where they had historically been. So that’s why they would be categorized as a value company, because they’re trading cheap relative to what they had been trading back in, their higher growth phase or whatever.
So that is the theory of value investing, is that these companies, in terms of their valuation, is going to increase more towards its average over time. And they’re just temporarily beat down. So that’s third category. Fourth is real estate. So we had an episode on real estate, check it out, we’ll link it in the show notes. But one way to access real estate is through the stock market. In that specifically through real estate investment trusts.
Josh Robb:
Mm-hmm (affirmative).
Austin Wilson:
The way that these corporations are treated, they must pay 90% of their income as dividends to shareholders, which sounds like a lot. And it is a lot, but they pay a great dividend and that’s why it’s a good thing to consider adding to your portfolio. Now, I will note that there may be some of these real estate investment trusts already in other assets that you’re buying.
So if you’re buying an S&P 500 index fund or whatever, it’s going to have these already in there. Some exposure, to some extent. But there’s all kinds of different real estate investment trusts out there, many different areas of the market, big ones, small ones, technology, malls, data centers, all over the place. So, those are the four subcategories within the four major categories of diversification.
Josh Robb:
So, I could have a growth international, or value international-
Austin Wilson:
Yep.
Josh Robb:
Or growth, emerging market, small-cap, large-cap, growth value-
Austin Wilson:
Emerging market, real estate.
Josh Robb:
Yeah. You can make a combination of those. And that then becomes… Okay, there was four main categories, four subcategories, statistics tell me that’s a lot of combinations. And so what do I do? And high-level, like you said, a portfolio’s weighting really matters based on what are your goals for that investment.
Austin Wilson:
Right.
Josh Robb:
For that account, for your money, what is your time horizon? What’s your risk tolerance, which is important because we talked about emerging markets being more volatile.
Austin Wilson:
And Small caps.
Josh Robb:
Yep.
Austin Wilson:
Yep.
Josh Robb:
So, that’s the answer. We can’t sit here and say, “You need X percent in large-caps.” It really depends on what you’re trying to achieve there.
Austin Wilson:
Absolutely.
Josh Robb:
But from a high-level, the more of these asset classes and sub-asset classes you have, the more diversity you will have in spreading out among different places.
Austin Wilson:
And what do you always say about portfolios?
Josh Robb:
Portfolios, if you don’t like something that’s happening at any point in time, you’re probably diversify.
Austin Wilson:
That’s right.
Josh Robb:
And that’s a good thing. Not everything should head the same direction, the same time all the time.
Austin Wilson:
Because it’s great when it’s all heading up.
Josh Robb:
Yep.
Austin Wilson:
But when it all falls apart, that’s horrible.
Josh Robb:
Yes. We call that correlation and you don’t want everything to be correlated.
Austin Wilson:
It shouldn’t be perfectly correlated. Exactly.
[17:11] – How to Achieve Diversification
Josh Robb:
All right. So that’s diversification. Now let’s talk about, how do I do that? You mentioned, most of these you could buy in ETFs, mutual funds, but what does it look like?
Austin Wilson:
Yeah. So, like I mentioned before, you can accomplish a lot of this diversification through mutual funds or ETFs. You can also… You can buy securities, whether that be individual securities, or those mutual funds or ETFs that are either actively, meaning people are actively choosing the weightings and what’s in them, or passively managed, meaning it’s kind of representing an index. Or you can alternatively just buy… You could buy individual securities, you could buy securities that do it all for you. So, I’m thinking of something like world… Like a world… something that represents the All-World Index.
Josh Robb:
Yep.
Austin Wilson:
That would be something that would have-
Josh Robb:
Got everything.
Austin Wilson:
International and emerging markets, US, small-cap, large-cap, everything.
Josh Robb:
Goats? I mean…
Austin Wilson:
They have goats. I wonder what the price of goats over time has compared to the S&P 500. Look that up. But, yes.
Josh Robb:
I’m just kidding.
Austin Wilson:
No… kidding.
Josh Robb:
That’s my goat joke.
Austin Wilson:
So it’s funny, our friends, the Links… So Links, if you’re listening, Colin, Grace, they have goats. And Colin was helping me with a house project a week ago and he’s like, “Yeah, last night I just brought home three more goats.” And I was like, “Ah, I guess you got to get back to the kids tonight.”
Josh Robb:
Mm-hmm (affirmative). There you go.
Austin Wilson:
That’s funny. So yes, goats.
Josh Robb:
Are they the goats that you scare and they freeze up and fall over?
Austin Wilson:
They had scaring goats or whatever they were called. And-
Josh Robb:
Freeze goats.
Austin Wilson:
… there were videos where they would just jump and try and make them… scare their pants off of them. They don’t actually wear pants. But some… Then they posted it to Facebook and someone got mad-
Josh Robb:
because you’re not supposed to scare them?
Austin Wilson:
Because apparently-
Josh Robb:
Don’t scare them. It’s bad on their heart!
Austin Wilson:
But it cracked me up so hard. So scaring goats-
Josh Robb:
Don’t do it.
Austin Wilson:
I think they’re… Or do do it. It’s hilarious. So yes, those are some ways that you can kind of get the actual exposure. Those can be ETFs, mutual funds, individual securities. Buy one to do it all, individually choose them. You can splice and dice that however you want. At the end of the day, what’s most important is that you are diversified. Once you are diversified, you can worry about figuring out how… The ins and outs of all the little details, of all the weightings, but getting there is probably, step one.
Number two, you could work with an advisor, like we had talked about a couple of times. And that is their job. They know how to take your goals, where you’re at, what you want to do, how much you can contribute or how much you need, or whatever that looks like and they’ll put together the plan for you.
Josh Robb:
Yep.
Austin Wilson:
Based on your risk tolerance, your situation in life. And I personally think… Yes, I might be biased as I kind of work in the industry, but these people are worth what their fee is, because they do put you in a position to succeed over time. So…
Josh Robb:
Yeah. And diversification is important and you may think, “Okay, the more I buy, the more spread out I am, are not going to reduce my returns over the long run?” Well, yes, if you’re saying, I pick one stock that does really well versus a diversified portfolio, you’re not going to get the same results.
Austin Wilson:
Right.
Josh Robb:
But what you’re going to get is a smoother ride along the way. A smoother ride means a higher probability of sticking with your plan. A higher probability of sticking with your plan means, you get an overall better result than you would of trying to pick and come in and out of those stocks. And-
Austin Wilson:
That’s just it, it’s all about your behavior at that point.
Josh Robb:
Yes, it is. Diversification is there to avoid making that mistake of selling because the ups and downs are too much for you to handle.
Austin Wilson:
Absolutely. If you can build a portfolio that you can sleep at night with.
Josh Robb:
Yes.
Austin Wilson:
Regardless of if the market’s falling apart or not, or the United States market or the emerging market or whatever is falling apart, then you’ve done your job.
Josh Robb:
Yes.
Austin Wilson:
So yeah, that’s exactly where it’s at. Josh, kind of wrap it up on, just some overall thoughts on that.
Josh Robb:
Yeah. So high-level, when you’re building a portfolio, make sure it’s diversified. Add to it when you have the money, when you need the money, you draw from it. That’s investing.
Austin Wilson:
It’s that simple, right?
Josh Robb:
That’s high-level, right?
Austin Wilson:
It’s pretty simple.
Josh Robb:
When you had the money, you add to it. Don’t try to time it. Just say, “If I have money and I’m contributing, I’m going to do that periodically on a set plan. That way I’m not trying to outsmart anything or anybody. I’m just adding money when I have it.” All right. When the market’s down, don’t panic, don’t sell, just stay invested.
Austin Wilson:
Or buy.
Josh Robb:
Or buy. Yeah.
Austin Wilson:
So yes, that’s exactly why it. And do not forget to rebalance because-
Josh Robb:
Yes. Rebalance is important.
Austin Wilson:
… as we had talked about, these things move in different ways, right? Different magnitudes, different speeds.
Josh Robb:
Yes.
Austin Wilson:
And it is possible that over time, they will get out of weight. So if you have a hypothetical 25% in those four buckets each.
Josh Robb:
Mm-hmm (affirmative).
Austin Wilson:
After a year, one may have done really well, one may have not done well and two in the middle, or whatever. So your weightings are all of a sudden way out of whack and you might be overweight to one.
Josh Robb:
You got to rebalance.
Austin Wilson:
So then, one option you can do is rebalance on a set basis. That’s a great option for a lot of people. Number two is, if you’re periodically contributing, you can work it out so that your contributions go to what’s most underweight.
Josh Robb:
Yep.
Austin Wilson:
And then you’re kind of always… you’re always going to be more close to where you would be there. So that’s what I would advise. But, I guess, as an overall thought, we built this free gift to you. It’s 8 Principles of Timeless Investing. These are overarching investment themes, to keep you on track to meet your goals. We don’t necessarily… We talk about a lot of things for your high-level plan. We don’t get in too many details. We think that that’s best case for a financial advisor to talk about there. But check it out, it’s free on our website. Josh, how can people help us grow this podcast?
Josh Robb:
Yep. Make sure you subscribe that way you know every Thursday, when a new episode is released. Also leave us a review on Apple Podcasts. And if you have any ideas or questions, please shoot us an email at hello@theinvesteddads.com. And if you know someone talking about how to diversify, or they just need to hear this, share this episode with them.
Austin Wilson:
All right. Well until next Thursday, have a great week.
Josh Robb:
All right. Talk to you later.
Austin Wilson:
Bye.
Outro:
Thank you for listening to The Invested Dads Podcast. This episode has ended, but your journey towards a better financial future doesn’t have to. Head over to theinvesteddads.com to access all the links and resources mentioned in today’s show. If you enjoyed this episode and we had a positive impact on your life, leave us a review, click subscribe, and don’t miss the next episode. Josh Robb and Austin Wilson work for Hixon Zuercher Capital Management. All opinions expressed by Josh, Austin or any podcast guests are solely their own opinions and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only, and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses, which would reduce returns. Securities investing involves risk, including the potential for loss of principle. There is no assurance that any investment plan or strategy will be successful.
