Do you remember the predictions Josh and Austin made in the beginning of 2021? Today, they are revisiting them to see how they did – as well as making new predictions for 2022! Did the Fed hold steady? Did the Cleveland Guardians win the World Series? Tune in now to find out!
Main Talking Points
[2:09] – Revisiting Predictions from 2021
[9:32] – Dad Joke of the Week
[10:16] – 2022 Predictions
Links & Resources
107: iPhone Versus Android Battle Royale – The Invested Dads
Invest With Us – The Invested Dads
Free Guide: 8 Timeless Principles of Investing
Social Media
Full Transcript
Intro:
Welcome to the Invested Dad’s 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 Invested Dad’s Podcast, a podcast where we take you on a journey to better your financial future. Today, we are going to recap our 2021 predictions and see how we did, as well as make some new ones.
Josh Robb:
Make some new ones for 2022.
Austin Wilson:
Which, as we know, some of our predictions are pretty bold.
Josh Robb:
Yes.
Austin Wilson:
Maybe too bold. And we’re about to find out.
Josh Robb:
It’s like the font in a really angry email.
Austin Wilson:
Did you know that you can just do control-B and when you highlight a word and it will bold it?
Josh Robb:
Yes.
Austin Wilson:
Control-I, it will italicize it.
Josh Robb:
Control-U, underline it.
Austin Wilson:
It’s just, it’s amazing.
Josh Robb:
Shortcuts, shortcuts.
Austin Wilson:
If you don’t know these little shortcuts, you’re wasting minutes per month.
Josh Robb:
Yeah. Whole year back in your life.
Austin Wilson:
People who literally still right click, copy and paste. Or go up to the toolbar and copy and paste.
Josh Robb:
That’s slow. That’s slow.
Austin Wilson:
I copy and paste a lot. That would really slow me down. I’m control-C and control-V and control-X.
Josh Robb:
I had to figure out how to do it on my iPad.
Austin Wilson:
Oh, command.
Josh Robb:
Yeah.
Austin Wilson:
Command-C, command-V command-X.
Josh Robb:
Right? It took me a while. Figured it out.
Austin Wilson:
But if you’re a Mac guy like me.
Josh Robb:
You already knew that.
Austin Wilson:
Which I already knew that, which if you are Mac guy like me, you should probably go listen to our iPhone versus Android battle royale that we just published.
Josh Robb:
Get convinced to join the other side.
Austin Wilson:
Get convinced to stick with your iPhone because that’s the majority of our listeners listen on.
Josh Robb:
Yeah. That’s true. Very little listening on the Google side.
Austin Wilson:
Very little on the Google Play.
Josh Robb:
Yes.
Austin Wilson:
We’re going to revisit first of all, our 2021 predictions and we both had about five of those.
Josh Robb:
Yep.
Austin Wilson:
We are then going to pause because Josh has prepared a special, once in a lifetime opportunity at a dad joke of the week.
Josh Robb:
Yep.
Austin Wilson:
Well, once of the week anyway.
Josh Robb:
Yes.
[2:09] – Revisiting Predictions from 2021
Austin Wilson:
Then we are going to make some bold, and dare some of them likely too bold predictions for 2022. Josh, I will start us off some predictions that I made for 2021. My first prediction was that the Fed will hold rates steady. Was I correct in that assumption?
Josh Robb:
You were. And I will say when you’re at zero, there’s only one way to go. you already had 50% of that prediction already covered.
Austin Wilson:
I know.
Josh Robb:
Where it was at. But yes, they held it steady all year long.
Austin Wilson:
Held it steady.
Josh Robb:
They’ve made some of their own predictions what they expect to do this year. We’ll have to wait to see what we think will happen.
Austin Wilson:
Absolutely.
Josh Robb:
But for last year you were right. Nothing happened.
Austin Wilson:
Josh, what was your prediction?
Josh Robb:
My first prediction, I followed off what was kind of your last prediction, which is what the S&P 500 did, if you’re following the order of our episode. And I said that it would end at 42.06.
Austin Wilson:
What did it end at?
Josh Robb:
It ended at, let me pull up my piece of paper here.
Austin Wilson:
47.66.
Josh Robb:
47.66. Thanks. There it is.
Austin Wilson:
A little off.
Josh Robb:
I was just a little shy of the mark.
Austin Wilson:
Quite a bit shy, actually. You had a much better year in the markets than, well, as we’ll find out soon, either of us anticipated.
Josh Robb:
Right. But between the two of us, I was closer just because I had predicted a little bit higher than you did. Not that I won in any way, shape or form because I was wrong.
Austin Wilson:
Josh was a little light on his S&P number.
Josh Robb:
Yes.
Austin Wilson:
My second prediction was that the US would lag emerging markets and international stock markets for the year. And I was very wrong on that.
Josh Robb:
You were off.
Austin Wilson:
In fact, S&P 500 for the year returned 28.71%.
Josh Robb:
That’s an okay year.
Austin Wilson:
That’s a pretty good year. Emerging markets stocks were down 2.2% and international stocks were up 11.78. I was very much wrong.
Josh Robb:
Yeah. You’re about 30% off on the one.
Austin Wilson:
I know. Not good on either one of those Josh, number two for you.
Josh Robb:
Yep. I made a prediction.
Austin Wilson:
Bolt, its a bold prediction.
Josh Robb:
This one, I took a stretch. I predicted that the national debt would increase.
Austin Wilson:
And?
Josh Robb:
It did. Surprisingly.
Austin Wilson:
It did quite a lot.
Josh Robb:
A little bit went up, but yeah, that was an easy one.
Austin Wilson:
Trillions, many trillions. Yes.
Josh Robb:
But yeah, the national debt did go up and we had some arguments over the debt ceiling limits and all that fun stuff.
Austin Wilson:
Good times.
Josh Robb:
Like always.
Austin Wilson:
Yeah, like always.
Josh Robb:
Good times.
Austin Wilson:
My third bold prediction was that small cap US stocks, small cap, would outperform large cap US stocks and I was once again wrong on that. As I mentioned, S&P was up 28.71%. The Russell 2000 was only up 14.82%.
Josh Robb:
Which again, historically speaking, that’s above average.
Austin Wilson:
It is.
Josh Robb:
Just trailed the large caps.
Austin Wilson:
Yeah. If we think the S&P 500 returns, depending on what timeframe you’re looking, maybe eight to 10& over longer timeframes, small caps have actually averaged about 11. It’s a pretty good year. But not as good as I had anticipated.
Josh Robb:
Yes. My next one was more of a personal one. Last year, the Cleveland baseball team was going through a re-branding and I had yet to come with a name. And so, I predicted the Cleveland, whatever they were, were going to win the world series.
Austin Wilson:
And?
Josh Robb:
They did not have a good year last year. They did not win the world series.
Austin Wilson:
But they did get a name.
Josh Robb:
They did get a name. They’re the Cleveland Guardians.
Austin Wilson:
Weren’t they supposed to be the Spiders?
Josh Robb:
There was a lot thrown around in there. Yeah.
Austin Wilson:
Guardians it is.
Josh Robb:
Guardians it is.
Austin Wilson:
They did not win the world series.
Josh Robb:
Did not, I was wrong.
Austin Wilson:
My fourth prediction was that Bitcoin would drop below $20,000 per Bitcoin at some point during the year. And I actually, I thought I was on track actually.
Josh Robb:
It had to drop below 30.
Austin Wilson:
Bitcoin got up over 60,000 and then, it fell all the way under 30, not under 20.
Josh Robb:
Yes.
Austin Wilson:
I was technically incorrect, but it had a huge 50% draw down.
Josh Robb:
Draw back. Yep.
Austin Wilson:
But still, not quite good enough. I’m going to give myself no points.
Josh Robb:
Nope. I made one and this actually was a little bit of a stretch. I predicted that oil, and I gave actually a number somewhere between 60 and 65 a barrel, but they would recover their losses from the prior year. And I was correct.
Austin Wilson:
You nailed it. Actually, oil ended the year of 2020 at $48 per barrel. And it ended 2021 at $75 per barrel. And it actually went up into the low 80s, I think. You nailed that one right on the head.
Josh Robb:
Yes. And in that conversation, we mentioned that that would be a big boost for energy stocks which, if you look at the sectors, energy was the best performing sector.
Austin Wilson:
The energy sector was up 54.6% for 2021.
Josh Robb:
Yeah. And big playoff of that cover oil.
Austin Wilson:
Exactly. My fifth, I’m on my fifth. My fifth bold prediction was that the S&P 500 would end the year at 4,000. That was 6% return in price. And with dividends, you would’ve got about a total return of about 8%.
Josh Robb:
You were off by about 20%.
Austin Wilson:
I was off by about 20%. I was going for more of a slightly below, long term average return. And we actually got way above. Once again, not near as bullish as I should have been on that. And Josh, your fifth and final.
Josh Robb:
Yeah. With Bitcoin, you predicted a pullback. I predicted that Bitcoin would outperform gold. And we had a conversation about that because in rising rate and inflationary, not regime, but inflationary timeframes gold is looked at as a hedge against inflation. Historically, that’s what a lot of people who own gold, that’s one of the things they tell about it. I mean last year there was high inflation.
Austin Wilson:
Very high.
Josh Robb:
We had over 6% inflation.
Austin Wilson:
Yeah, 6.8%.
Josh Robb:
In that timeframe, gold actually should have done well. But guess what?
Austin Wilson:
It did not.
Josh Robb:
Bitcoin did outperform gold, by quite a bit. In fact, gold pulled back a little bit in the time it was supposed to be shining. Yes. That was a good.
Austin Wilson:
Yes. This is, I think it’s a whole different episode to talk about why gold is not an inflation hedge. Because it’s not.
Josh Robb:
It’s not.
Austin Wilson:
But we had the highest inflation we’ve seen in 30 years. And gold ended 2020 at 18.88 per ounce. And then ended 2021 at 18.06 per ounce. Therefore.
Josh Robb:
Did not do well.
Austin Wilson:
Gold is not an inflation hedge.
Josh Robb:
Maybe it was less than you got inflation, it fell. I don’t know. We could argue that.
Austin Wilson:
Like the inverse.
Josh Robb:
Yeah. It’s the inverse. You’re good.
Austin Wilson:
Yes, people. Gold is not-
Josh Robb:
I was correct on that.
Austin Wilson:
You were correct.
Josh Robb:
Yeah.
Austin Wilson:
That is, Bitcoin actually had a really good year. It was up over 100%. Yes. My bonus here.
Josh Robb:
Yes. You got an extra one.
Austin Wilson:
I do have a bonus here.
Josh Robb:
And I don’t know the answer to this.
Austin Wilson:
Well, but I should clarify. Bitcoin was up over 100% at one point. I think it had a pull back. Still, well outperforming goal. My bonus, which was a sixth prediction was that Max Verstappen would win 2021’s Formula One World Championship. And he did, and then went down to the last lap of the last race of the season and he won it.
Josh Robb:
Wow.
Austin Wilson:
It was incredible.
Josh Robb:
Was it exciting?
Austin Wilson:
It was very dramatic. And it was very controversial.
Josh Robb:
Where was the race at?
Austin Wilson:
Abu Dhabi.
Josh Robb:
Abu Dhabi.
Austin Wilson:
Which is in the UAE.
Josh Robb:
Has the world’s tallest building, is that right?
Austin Wilson:
That might be, or somewhere else over east.
Josh Robb:
It was for a while, wasn’t it?
Austin Wilson:
In the UAE?
Josh Robb:
Yeah. I don’t know.
Austin Wilson:
This was in the Yas Marina Circuit.
Josh Robb:
Okay.
Austin Wilson:
I don’t know. That was my bold prediction. I also estimated that Mark Marcus would not win the MotoGP championship. And he did not, but he won a couple races and that was very exciting for me. Those are personal things, but go Max. If you’re a Lewis fan and you’re still crying about the controversial last lap of the race, it’s time to move on to 2022.
Josh Robb:
That’s right. It’s over.
[9:32] – Dad Joke of the Week
Austin Wilson:
And speaking of moving on to 2022, before we do that, Josh.
Josh Robb:
Yes.
Austin Wilson:
Hit me up, dad joke of the week.
Josh Robb:
All right. Here we go. Telekinesis.
Austin Wilson:
Okay.
Josh Robb:
The ability to move things around with your mind.
Austin Wilson:
Yep.
Josh Robb:
Do you know what the opposite of telekinesis is?
Austin Wilson:
A concussion?
Josh Robb:
No.
Austin Wilson:
Ha. Get it.
Josh Robb:
I got it.
Austin Wilson:
It’s moving your mind around.
Josh Robb:
It’s teleki-nephew.
Austin Wilson:
Oh.
Josh Robb:
Telekinesis.
Austin Wilson:
Nieces and nephews.
Josh Robb:
Nephews.
Austin Wilson:
Good one, Josh.
Josh Robb:
Yes. That’s all I got.
Austin Wilson:
Good one.
Josh Robb:
It’s hilarious Josh.
Austin Wilson:
It’s time to get bold. It’s time to brew the dark roast coffee and have an extremely bold conversation about some predictions for 2022. And I also have five and a bonus. You do the same.
Josh Robb:
Okay.
[10:16] – 2022 Predictions
Austin Wilson:
I will start us off, my prediction. I’m going to start us off with the S&P. My prediction for the S&P 500 is that it will end at 53.62. That’s a very precise number.
Josh Robb:
That’s exact.
Austin Wilson:
And that is 12.5% in terms of price from where it ended 2021, or about a 14% total return, including about one and a half percent dividends.
Josh Robb:
Are you looking at statistically in BaaS when you have a 20% plus year, what happens the following year?
Austin Wilson:
Statistically speaking, after having a year like we did last year, you are, historically speaking, set for mid-teen returns the year after, which I saw it seemed a bit more aggressive than I was feeling. Because I always feel like I’m going to get one of these right eventually by saying, “Oh, we had a great year last year. This is going to happen this year.” I just lowered it a couple percent from there. But I still think, even though fiscal policies going to turn into a little bit of a drag because of some of those stimulus things pulling off. But we’ve got extremely accommodated still monetary policy, even though that’s going to slow down as well. Those are tailwinds. I think overall, they’re still good for stocks.
Inflation, I think will slow a little bit and I’ll get into a number later on, on that. I think the supply chain in the labor market woes are going to get a little bit better throughout this year. And I really think that from some of the research and stuff on the news and stuff I’ve been talking and reading about, the Omicron variant hopefully is the last major variant. Allowing the world to work back to normal, as much as we can anyway. That’s my base case is 12 and half percent price return for the S&P 500.
Josh Robb:
I’m going with 8%, which is 51,47, roughly math.
Austin Wilson:
Roughly the long-term historical average migration.
Josh Robb:
Hey moderation and everything. I’m going to go with the average and say we’re going to have an average year. There’s a lot I’ve read on, if you look at economic guesses, they always are right around here and they’re usually wrong. Because although it averages eight, you don’t get 8%.
Austin Wilson:
Oh, no. It’s either a huge one or a terrible one.
Josh Robb:
Yeah. I’m going to go with the middle.
Austin Wilson:
Go for it.
Josh Robb:
And see what happens. 8% return for the S&P 500.
Austin Wilson:
My number two bold prediction is something that should sound a little familiar. I’m once again, going to guess that emerging markets are going to outperform the US this year in terms of the stocks. Emerging markets were down 2%. US stocks were up 29%. I feel like there’s going to be some mean reversion.
Josh Robb:
At some point.
Austin Wilson:
At some point we have to get that. Valuations are extremely cheap relative to the US in emerging markets. Now, there’s a lot of uncertainty, especially in China, which are the bulk of emerging markets, in regards to regulation and how the government handles it.
Josh Robb:
Well, even China is talking about pulling some of their companies out of the US stock exchange.
Austin Wilson:
Exactly. That’s a bold prediction.
Josh Robb:
Pretty bold.
Austin Wilson:
We’ll see.
Josh Robb:
All right. My second one is the Build Back Better Bill.
Austin Wilson:
BBBB?
Josh Robb:
Yep. That some version of that will pass in 2022. Although, part of my prediction is it’s going to be a less imposing one than they had been messing around with at the end of last year.
Austin Wilson:
They were talking about $2 trillion.
Josh Robb:
Yes. I think it’s going to be…
Austin Wilson:
Joe Manchin came back at 1.8.
Josh Robb:
1.7, 1.8. Yep.
Austin Wilson:
You think even maybe a tick under that even?
Josh Robb:
I think that’ll be the high end of it. I think they’re going to find the things they know they’re going to get done, build a bill out of that and push that through.
Austin Wilson:
Gotcha. Yep. I’m going to change the order of mine around a little bit.
Josh Robb:
Okay. Switch it up.
Austin Wilson:
Going on politics, I think that the Republicans are going to sweep the midterms. The Republicans hold majorities in neither the house nor the Senate at this point, but they’re very slim margins.
Josh Robb:
Yes. In both.
Austin Wilson:
And according to electionbettingodds.com, it’s currently predicted that the Republicans are going to sweep both. And more certainly, the house than the Senate. I really feel like there’s some uncertainty going on with this economic recovery. And I think people might be looking for a little bit of a different direction. And if you think about what that would then equal, you would have a Democratic president with a Republican Congress. Typically, that actually means no huge changes in terms of taxes and regulation, which is good for the markets. And just keep on chugging along.
Josh Robb:
Yep. All right. Good prediction there. And historically speaking, when you look at a fully controlled Congress and presidency in that midterm election, you usually do see some-
Austin Wilson:
Some flip.
Josh Robb:
Yeah. Interesting. All right. My number three is building up my Build Back Better plan, is that part of that they need to pay for, they were talking about different tax changes. And my prediction is that most Americans will not see a significant change in their taxes.
Austin Wilson:
By most Americans, are you saying, well, are we going to get the wealth tax everyone’s been talking about?
Josh Robb:
Yeah. I think that’s still on the table, but the average American, your effective taxes are really not going to change. You may see some adjustments to corporate tax rates and you may see some of those crazier, high net worth adjustments. But for the average American, I do not see a significant change in taxes.
Austin Wilson:
Gotcha. My fourth prediction is that Bitcoin will hit $100,000 at some point.
Josh Robb:
Some point.
Austin Wilson:
Now, it will be a choppy road and I’m not guaranteeing it ends there. But I think at some point…
Josh Robb:
You’re going to hit 100K.
Austin Wilson:
It can hit 100K.
Josh Robb:
The high was what? 64?
Austin Wilson:
68.
Josh Robb:
68. Okay. All right.
Austin Wilson:
Yeah. What you got?
Josh Robb:
I’m going to switch outside of investing and talk about the winter Olympics.
Austin Wilson:
Ooh.
Josh Robb:
Yeah. I guess the first prediction is we’re going to have the Olympics. Because that could be up in the air, I guess.
Austin Wilson:
Russia is still banned. That’s good.
Josh Robb:
Yeah, it is there. It is for whatever. But I will say the US will win the total medal count.
Austin Wilson:
Gotcha.
Josh Robb:
I’m not always as confident in the gold medal count for the winter Olympics because curling, which is one of my favorite sports. The US does well, but it’s not their traditional sport.
Austin Wilson:
It’s not the things you grow up.
Josh Robb:
No. It isn’t. But up in Canada, I tell you what they love it.
Austin Wilson:
I know. Or some of those Northern European.
Josh Robb:
Cold places.
Austin Wilson:
Yeah. And we don’t really have, if you look at our country as a whole, only a third of it has a crazy, severe winter.
Josh Robb:
Yeah. For skiing and all that kind of stuff.
Austin Wilson:
Right. And a lot of countries are 90% winter. Good call, good call. That will be exciting to see. And yeah, that’s going to be one. I don’t know. It seems like it’s one of the first times we’ve had a back to back Olympics because of us moving the summer Olympics back a year.
Josh Robb:
Yeah.
Austin Wilson:
My fifth bold prediction is that, speaking of inflation, talked about it a little bit earlier, but I think inflation’s going to moderate a bit. I think it’s going to pull back a little bit. I do think we’re going to still see some above trend inflation. 2, 2 and a half, 3%’s been the longer term average of inflation. I think we’re going to end the year at about three to 4%.
And I think that’s the Fed’s going to hike some rates, probably in the second middle of the year. Somewhere in there, second half. And I think that that’s going to pull back a little bit on that inflation. Some of that supply chain issues, labor shortages, those are going to work themselves out I think. Three to 4%. Maybe hopefully the lower end of that three range by the end of the year will be good.
Josh Robb:
All right.
Austin Wilson:
I’m going to call on inflation.
Josh Robb:
I’m going to stick with politics and talk about regulation. I think by the end of the year, there will be some form of cryptocurrency regulation.
Austin Wilson:
Wow.
Josh Robb:
Yeah. That’s pretty big.
Austin Wilson:
It’s like the wild west right now.
Josh Robb:
It is. And there’s been talk back and forth and no one’s done anything. And I think next year that seems like something that, even in a divided Congress, enough of them may want to get it done that that could get through.
Austin Wilson:
Yeah.
Josh Robb:
That’s my prediction. I don’t know what it will be. I don’t what it will look like. But I guess it’ll be similar to what you see in a lot of alternative investments of regulation. But nothing-
Austin Wilson:
The Wash-Sale Rules are going to be applied.
Josh Robb:
Yeah. Some of those type of things are pretty-
Austin Wilson:
Low-hanging fruit.
Josh Robb:
Yeah. That they can just knock out and say, “Hey, we’re getting tough on crypto.”
Austin Wilson:
Exactly.
Josh Robb:
Because now you can not buy and sell without tax ramifications.
Austin Wilson:
Exactly.
Josh Robb:
Ooh, scary.
Austin Wilson:
I know.
Josh Robb:
Yep.
Austin Wilson:
My bonus.
Josh Robb:
Bonus.
Austin Wilson:
The sixth bonus. I think Max is going to win his second Formula One world title.
Josh Robb:
Oh boy.
Austin Wilson:
It’s the first year of new cars. We haven’t even seen them yet.
Josh Robb:
Wait, they can’t use whatever they want?
Austin Wilson:
No.
Josh Robb:
No.
Austin Wilson:
Not at all. This is very strictly regulated.
Josh Robb:
Strictly. Okay.
Austin Wilson:
But new rules.
Josh Robb:
Okay.
Austin Wilson:
Designed to make better racing. But I hear they’re a handful to drive and he is really good at driving cars that are hard to drive.
Josh Robb:
Okay.
Austin Wilson:
I think that that is going to be good for him. I also think that it’s too close to call in my other sports site. Specifically speaking of MotoGP and Supercross. There you go.
Josh Robb:
Now that the Cleveland Guardians have a name, they have zero distractions, so they’re going to win the world series.
Austin Wilson:
Okay. Bold prediction again.
Josh Robb:
Yes. They’re going all the way.
Austin Wilson:
That is a pretty bold bunch of predictions we got here.
Josh Robb:
Yes.
Austin Wilson:
But always good to look back and see how wrong we were. But it just proves that you can live in this world and follow the news and the markets all the time. And still, looking out one year, it’s really hard to call. Especially when we’re still coming out of a pandemic, there’s a lot of uncertainty. Washington’s always got a lot of drama going on. Yeah. What do you really know? You know that we don’t know much. But we know that-
Josh Robb:
Yes. Stick to a plan, that’s what we know.
Austin Wilson:
Stick to a plan and long term things are good. But the short term things are uncertain. That’s where we’re at.
Josh Robb:
That works.
Austin Wilson:
As always, check out our gift to you. It’s a brief list of eight principles of timeless investing. These are overarching investment themes meant to keep you on track to meet your long-term goals. A lot of these are short-term. Don’t get bogged down in the short term. Long-term goals here. Check it out. It’s free on our website. Josh, how can people help us grow this podcast?
Josh Robb:
Yeah. Make sure you subscribe. That way, every Thursday you get our podcast. Also, leave a review if you listen on Apple Podcast. Then, if you have any questions, thoughts, or had your own predictions, want to let us know how you did, shoot us an email at hello@theinvesteddads.com. Then also, please share this podcast with anybody you think needs to know about our predictions. It’s very important not set in stone.
Austin Wilson:
All right. Well, until next time. Even next Thursday.
Josh Robb:
Next Thursday.
Austin Wilson:
All right.
Josh Robb:
All right. Bye.
Outro:
Thank you for listening to the Invested Dad’s Podcast. This episode has ended, but your journey towards a better financial future doesn’t have to. Head over to the investeddads.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 guest 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 forecast 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 a loss of principle. There is no assurance that any investment plan or strategy will be successful.
