In this week’s episode, Josh and Austin are sharing their insights on constructing a portfolio that is tailored to the current economy. They dive into the latest market trends, share their top investment strategies, and discuss the importance of diversification. Whether you’re a seasoned investor or just starting out, this episode is packed with practical advice to help you build the perfect portfolio this year and beyond.
Main Talking Points
[1:55] – The Bull & Bear Case for US Large Cap Stocks
[5:18] – The Bull & Bear Case for US Small Cap Stocks
[6:54] – The Bull & Bear Case for International Stocks
[9:34] – The Bull & Bear Case for Bonds, Cash, Precious Metals, & Crypto
[16:21] – Dad Joke of the Week
[16:59] – How Can Investors Build the Perfect, Winning Portfolio?
[20:57] – The Importance of Diversification
Links & Resources
Full Transcript
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. Welcome back to the Invested Dads Podcast, the podcast where we take you on a journey to better your financial future. I am Austin Wilson, Research Analyst at Hixon Zuercher Capital Management.
Josh Robb:
I’m Josh Robb, Director of Wealth Management at Hixon Zuercher Capital Management. Austin, how can people help us with our podcast?
Austin Wilson:
First of all, subscribe. If you’re not subscribed, hit that plus, follow, whatever button you have to make sure you get new episodes each and every Thursday when they drop and visit our website and sign up for our weekly newsletter to know when an episode comes out, as well as have a nice little summary of what we’re going to be talking about with links and everything. It’s beautiful. So today, I’m going to get in trouble with our compliance officer, Josh here.
Josh Robb:
I should change my intro to chief compliance officer.
Austin Wilson:
Yeah, I’m going to give you all the tips and tricks on how to build the best, the winning portfolio for 2023. So let’s just say 2022 was rough.
Josh Robb:
Yes.
Austin Wilson:
2023 is already tumultuous.
Josh Robb:
Yes.
Austin Wilson:
It’s choppy.
Josh Robb:
It’s ups and downs.
Austin Wilson:
It’s volatile. It’s ups and downs. So Josh, you need to say what you need to say.
Josh Robb:
Let me disclose here. So, we’re going to be talking historically looking back at last year and then from there, extrapolating Austin has a bear case and a bull case, meaning a positive and negative outlook for each of these different asset classes. These are his opinions. Obviously, there’s no guarantee for the future and there’s no recommendation through this. We’re just going to be talking about different asset classes and some potential directions they could go this year.
Austin Wilson:
Absolutely.
Josh Robb:
So before making any decisions, make sure you talk with your financial advisor and if you don’t have one, you can reach out to us at hello@theinvesteddads.com and we’d love to get in contact with you.
Austin Wilson:
Or check out the “Invest with Us” tab on our website.
Josh Robb:
Oh, even better.
[1:55] – The Bull & Bear Case for US Large Cap Stocks
Austin Wilson:
All right. So yes, like I mentioned, 2023 is a tricky year already. Last year was really rough. Let’s review 2022 performance by asset class and then discuss a couple thoughts which they can go in 2023. So let’s start with the granddaddy, US large cap stocks and speaking about the S&P 500 specifically, it was down 18% in 2022. Not a good year. So let’s talk about the bull case of good case scenario for large cap US stocks, what could happen in 2023. Historically speaking, it’s rare to have two really bad back-to-back years in a row. Not impossible, so no guarantees obviously, but it’s rare that that does happen. Another bull case, it’s kind of counterintuitive, but if and when an economy weakens, which we’re thinking we’re heading into some slowing of the economy, rates should come down, which is going to help become a tailwind for stocks as valuations will be improved.
So future earnings and cash flows are worth more as interest rates are lower, that could happen. Typically, the stock market’s going to lead the economy in sort of those areas there. The bear case, so this is like what could happen if things don’t go the right way in 2023. So, company earnings are what drives stock prices over the long term. As earnings grow, stock prices go up, right? Well, we’re already starting to see cracks in the earnings picture. Earnings are weakening, margins are coming down. If earnings take a serious nose dive, valuations because prices will stay where they are, but earnings will go down, your ratios are going to go the wrong way, making stocks look even more expensive, you’re getting less for dollar of price.
Josh Robb:
Which could in turn bring the price down.
Austin Wilson:
Which then the market might reset that and bring prices down even further to adjust for that, especially when you build in the fact that we live in a higher interest rate world already. So valuations are being more scrutinized. That’s the bear case for US large cap stocks. Now I’ll split this out by growth and value too. Specifically looking at growth stocks, the S&P 500 growth index, they were down 29% in 2022. So much worse than the overall market. The bull case here is like rubber band or springboard thinking. The most oversold stuff sometimes not always rebounds pretty strongly meaning it was overdone. Now this could happen to some extent as long as earnings don’t fall apart for growth companies, and that actually is what happened in January to some extent. January, the NASDAQ was up 11%. It was a really good month, kind of rebounding from being overdone to the downside the year before. If rates fall again, growth will outperform value likely because they’re more impacted by valuations and future earnings and future cash flows.
So that’s the bull case for growth stocks. The bear case for growth stocks is that rates continue to remain high or even rise continuing the valuation pressure we felt in 2022, right?
Josh Robb:
Yes.
Austin Wilson:
So if rates are higher, more pressure on valuations, we saw that all last year was a big thing. Well, if that continues, that’s bearish for growth stocks in general. And another note is that historically speaking, the areas of the market that had been the leaders in one bull market are not typically the leaders in the next bull market. Now we saw tech growth, all this stuff greatly outperforms the rest of the market for the last bull market. It seems unlikely that that will be what happens. A lot of these are great companies still doing great things and fundamentally sound companies, but they may not be the market leaders as strongly as they were the last cycle.
[5:18] – The Bull & Bear Case for US Small Cap Stocks
Austin Wilson:
Switching gears to value stocks, so this is the S&P 500 value index, it was only down 5% last year, so that’s actually a lot better than the overall market and a lot better than growth stocks. The bull case, that’s that earnings hold up, they do okay, especially in the value side of things, think like consumer staples, energy that holds up and rates stay higher than in previous cycles, meaning that value stocks would outperform growth stocks. Flip side of that, the bear case is if earnings fall apart and rates come down due to economic weakness, growth stocks are going to become more attractive, value stocks might underperform.
Austin Wilson:
Looking at US small caps, the Russell 2000 was down 20% in 2022. The bull case for small caps is that if cycle lows so that the bear market lows are in from October of 2022, small caps should actually lead the rebound as long as the economy gets a soft landing and doesn’t go into recession.
Josh Robb:
So historically, small companies are the fastest to adapt or adjust and come out of a downturn leading the way.
Austin Wilson:
They typically lead the way as rebounding. In the case of recession however, they do typically fare worse than large caps in a recession.
Josh Robb:
They’re very, very, very exposed to that. Yes.
Austin Wilson:
The bear case is that again, they’re likely to underperform in a recession, so if we get weakening of the economy in a recession later this year, that would be bad. Also, there’s a valuation premium for small caps. They’re trading at a more expensive multiple to the overall large cap market, and so they’re going to therefore be under pressure in a higher interest rate world. So that takes care of the US for now.
[6:54] – The Bull & Bear Case for International Stocks
Austin Wilson:
Let’s go overseas. Let’s take a boat, go over to like Europe. That’s kind of what I’m thinking when I talk about developed international stocks. Europe’s the biggest part of developed international. So using the MSCI EFI index, they were down 14% in 2022, actually outperforming the US pretty substantially, largely due to a fourth quarter rebound in international because the dollar weakened so strongly. So the bull case, bull case is that a European energy crisis continues to be nearly averted, which has kind of already happened. They’ve had a glut of extra natural gas and stuff like that.
Josh Robb:
They’ve found a way to offset-
Austin Wilson:
To make it work with the Russia thing going on, and there’s already a lot of bad news baked in. So any good news at all seems to be really, really good for Europe. If the dollar weakens because the Fed slows hikes compared to the European central banks making comparative valuations for those currencies better, developed international stands to gain from that. And that’s again what we saw in the fourth quarter of 2022.
Another thing is that compared looking at valuations, price to earnings ratios are usually favorable abroad compared to what they are in the US. You’re paying less for what you get, price to earnings in Europe specifically or abroad than you’re getting here in the US. So that is bullish. Bear side, bear case here, geopolitical tensions, so specifically Russia, Ukraine could cause, well maybe world war, I don’t know, but could cause energy issues again, which is huge for inflation. It’s really, really bad stuff over there. There could be a COVID resurgence. Europe while not as COVID zero as China, has not been as… they’ve been a little slower to release some stuff than the US so maybe they crimp down if they have a resurgence of something. I don’t know. That could be really bad though. And another thing, we’ve had a really hawkish Fed here.
We’re going to continue to probably have that. That’s what they’re saying. That is going to likely relate to a continued stronger dollar which could drag on international. So going a little further overseas.
Josh Robb:
Whoa, still going.
Austin Wilson:
Still going. Emerging markets.
Josh Robb:
You have more seas to get over more.
Austin Wilson:
So this is the MSCI emerging market index was down 20% in 2022. The bull case for EM, China is the vastly largest piece of EM. It’s like a second largest economy in the world still considering emerging market. They’re the biggest part of EM. So I’m going to talk a lot about China, but the bull case is that China’s reopening after years of their COVID zero policy really unleashes a US style consumer spending rebound, which really could be a boom. The bear case is that maybe China stops progress by shutting down again from COVID or whatever, or if China escalates geopolitical issues with Taiwan or siding with Russia on things, that could really cause a mess.
[9:34] – The Bull & Bear Case for Bonds, Cash, Precious Metals, & Crypto
Josh Robb:
So that is a risk there. Okay, now those were all the stocks. Now we’re going to look at other asset classes.
Josh Robb:
Yeah.
Austin Wilson:
There are other ones if we did not know.
Josh Robb:
Yep.
Austin Wilson:
Bonds. Sometimes bonds are not fun to talk about.
Josh Robb:
Tend to be boring.
Austin Wilson:
Tend to be kind of boring.
Josh Robb:
Yes.
Austin Wilson:
I would say that’s not necessarily the case right now. So I’m looking at the Bloomberg aggregate bond index, biggest bond index in the world that everyone really talks about, the AG, it was down 13% in 2022. That’s a bad year for bonds. One of the worst on record. One-to-three-year treasuries though short term, those were only down 4%, kind of seven to 10 year treasuries were down 15 and longer term, like 20+ down 31%.
Josh Robb:
That’s crazy.
Austin Wilson:
Like bonds being down 31% because of the skyrocketed interest rates that we had. Rate sensitivity very high on longer term bonds. So here’s the bull case, in my opinion, again, not a recommendation, buying bonds is not as terrible as it has been because especially on the short duration side of things, you can lock in a really good yield, we have an inverted yield curve, so you can lock in four to 5% pretty easily on the shorter end of the curve with very little interest rate risk. If rates rise, you’re not impacted hardly at all. Now you also might get some small amount of price appreciation if the economy weakens and the Fed has to go dovish all of a sudden. So that is the bull case. The bear case is really on the long run of the curve still. So you still have interest rate risk out there and as long as economic data is hot and the Fed is super hawkish, then you’re at risk of losing more money because rates could go higher.
So that’s bonds. Kind of similar to that, cash. Cash is also an asset class. A lot of times we would say, and a lot of people agree, cash is trash. Right now, you can get, depending on what you’re looking at, 3.5, 4, 4.5, even up to 5% interest on your cash in a money market fund or-
Josh Robb:
High yield savings account.
Austin Wilson:
High yield savings account, these sort of things. That is not unattractive considering you have zero risk of loss of principle if you’re using an FDIC insured, beautiful, nice savings account. So cash is decently attractive at that point. What’s the bull case here? How could it get better than this? Well, it could get better than this if the Fed continues to be more aggressive on their hiking because their interest rate’s going to go up, which is going to send interest rates on things like savings accounts up and-
Josh Robb:
I think there’ll be a period, correct me if I’m wrong, that when inflation eventually does come down and before the Fed starts moving down, you’ll actually be yielding higher than inflation because historically cash does not keep up with inflation, but there’ll be potentially a period where inflation works its way, it’s at 6.4% now, works its way down to the goal of three somewhere in that range where the Fed’s trying to get it to, and if you’re still yielding four, you got that 1% over inflation where you’re actually earning money on your cash for maybe a little bit of time.
Austin Wilson:
It only slightly makes up for the time that you’ve been lagging inflation.
Josh Robb:
Yeah, it’s still not over the long term, but there may be a time where you look at that-
Austin Wilson:
A little bit of a Goldilocks time period. So the bear case for cash is a couple factors here. Number one, if the economy hits a wall, the Fed cuts rates, your interest rate on your cash is going to go down. I guess the other one is opportunity cost, where if this happens, you also could miss opportunity of putting it into something with a higher return such as equities or bonds or we’re going to talk about a couple other things, but those are some options there.
Not a fan of it. We’re going to talk about it anyway, precious metals. My precious, right? A little Gollum thing there. Gold. Gold was flat in 2022 and silver was up 3% in 2022. So not much return. Now compared to equities that actually held up. Compared to bonds that actually held up. Although the beginning of 2023 has been horrible for precious metals, weeks of losses down double digits. Bull case for precious metals in general. I’m not splitting them out because they kind of move similar. Bull case for precious metals is an anti-risk flight to perceived safety. So, if people are risk averse, they don’t want to take on the risk of that they see inequities or even bonds for that matter. They see gold or silver as safe, they can go buy it. What could drive this? Well, geopolitical tensions or war can drive that.
People get scared and they go to buy something they feel is tangible, right? Another funny thing is I think if a lot of old people are watching the news all the time because that’s what they do, they could be falling for all the ads. There’s so many ads right now.
Josh Robb:
You see a lot of those gold ads.
Austin Wilson:
On gold or silver ads. So if a bunch of people fall for that, they could just bid up the price of gold or silver. I don’t think that’s really going to move the needle, but hey, some people are in there to make some money and those are the people on TV. The bear case for precious metals is that geopolitical tensions ease or that other assets become more attractive. And in my opinion, again, here’s Austin’s opinion-
Josh Robb:
Austin’s opinion.
Austin Wilson:
If people wake up to the fact that precious metals are purely speculation around the supply and demand dynamics of the underlying gold or silver commodity and they actually don’t provide any earnings or interest, then well gold or silver prices won’t go up. But that’s just my opinion on gold or silver. Another asset class that I kind of just briefly want to touch on is crypto. Kind of its own thing, kind of new. Bitcoin was down 64% in 2022. Big drop.
Josh Robb:
That’s a big move.
Austin Wilson:
Ethereum, these are two biggest was down 67% in the same time.
Josh Robb:
Wow.
Austin Wilson:
So the bull case-
Josh Robb:
Two thirds.
Austin Wilson:
Yeah. So I’m going to say either way here we’re going to say wild card and a half, volatile as all crap, right? Bull case, regulation could send crypto higher on optimism on more people feeling comfortable with adoption. There really hasn’t been a lot of traction on this, however, so I wouldn’t put all my eggs in that basket.
Josh Robb:
Now, if you recall, that was one of my predictions for this year is that some form of regulation would come out.
Austin Wilson:
True. We’ll see about that.
Josh Robb:
We’ll see.
Austin Wilson:
And then another note, any dovishness from the Fed is going to be a tailwind for risk assets. Growth stocks is one thing that comes to mind, but this is as risky of an asset class as it comes. So they would stand to benefit even more from that, of any pivot. The bear case is that if there is regulation, it could really actually make it more unappealing to hold crypto. And then the biggest risk in my opinion is more exchange fallout, FTX thing kind of happened. We could have other exchanges have issues. And then the general lack of trust really just continues this crypto wind term we’re in right now. So those are really the major asset classes around the world and what I see as being not, I’m not saying more or less likely to happen, I’m saying bull or bear cases for each one.
Josh Robb:
Those are the two different directions.
Austin Wilson:
Yep.
[16:21] – Dad Joke of the Week
Josh Robb:
All right. So I got a dad joke for you. I actually got two. They’re both kind of play on words.
Austin Wilson:
Yeah.
Josh Robb:
Okay, so first, what is the difference between a cat and a comma?
Austin Wilson:
I got nothing.
Josh Robb:
Okay. One has its claw at the end of its pause and the other has a pause at the end of a clause. See there?
Austin Wilson:
Grammar jokes.
Josh Robb:
Yeah, it’s got to follow that.
Austin Wilson:
I didn’t come to work thinking I was going to get a grammar joke.
Josh Robb:
What’s the difference between a sock and a camera?
Austin Wilson:
There’s a lot, man.
Josh Robb:
One takes five toes and the other takes photos.
Austin Wilson:
Josh, you’re funny.
Josh Robb:
I know. Those are my dad jokes.
Austin Wilson:
That’s good. All right, Josh, great joke.
Josh Robb:
Thank you.
[16:59] – How Can Investors Build the Perfect, Winning Portfolio?
Austin Wilson:
But are our listeners ready for the truth?
Josh Robb:
Yes.
Austin Wilson:
Because I gave a lot of options on kind of-
Josh Robb:
Directions.
Austin Wilson:
Two different directions we could go here. Again, I didn’t call which one. No, if someone calls which one and says it’s for, sure going to happen, run and don’t listen to them because nobody on Wall Street, nobody on Facebook, nobody on YouTube or Twitter or Instagram or TikTok knows what this year will bring, right?
Josh Robb:
What about Snapchat?
Austin Wilson:
Oh, do people use that anymore?
Josh Robb:
I don’t know.
Austin Wilson:
I don’t use it.
Josh Robb:
That’s the only other one I know.
Austin Wilson:
Nobody on Snapchat.
Josh Robb:
Okay. Nobody.
Austin Wilson:
Everybody will be wrong about at least something even the best get it wrong, professionals get it wrong. I have my own opinions on what’s going to happen. I do this for a living, I’m going to get it wrong.
Josh Robb:
Yeah, right. Well, if you just look at the analyst expectations in any year on what the market’s going to do, they just don’t get it.
Austin Wilson:
Always wrong. So what do we know is the question.
Josh Robb:
Yes.
Austin Wilson:
We do know that over long time horizons, stocks should give solid returns, historical average eight to 10% over for large cap US stocks because economies grow, people spend more money, and then profits for those companies grow over time, and that’s what drives stock prices over the long term. We know that. That’s what has happened and that’s what we believe will happen. Bonds on the other hand, historically have proven to have their place as a source of income and stability over the long term as well for some diversification away from equities. Returns have been very varied on bonds, but that is what we’re saying. So the question is, what should investors do in 2023 to build the bulletproof winning portfolio Josh?
Josh Robb:
Yes. So I’m going to tell you exactly what to hold in your portfolio.
Austin Wilson:
Sweet.
Josh Robb:
You ready?
Austin Wilson:
I’m writing it down.
Josh Robb:
As a compliance officer here it goes, a well diversified portfolio that matches your long-term goals and your risk tolerance.
Austin Wilson:
So you really didn’t give me anything.
Josh Robb:
I did not give you any answer, but what it comes down to is just because we had a rough year in the market last year really does not drive any significant changes for your portfolio unless one of your goals changed, your time horizon changed, or your income changed. And those can all drive reasons why you need to make adjustments to your portfolio. But just because last year happened, does not mean you need a significant change or adjust your portfolio. If it is matching your goals, matching your time horizon and matching your risk tolerance, then you probably have the best portfolio for your situation. And that’s really the idea behind everything we’re talking about. Your portfolio is unique and customized for what you need it to do, and you shouldn’t let any other things drive that decision.
Austin Wilson:
Yeah.
Josh Robb:
Now I will say last year was a down year. The same advice applies to a year where it’s a really good year, like 2021, which was a very positive year in the market overall, bonds and stocks did well in 2021, that should not have driven any decision making for 2022. But what we see happen a lot is people chase that performance, go into those things even more, and then a year like 2022 compounds that downside because you’ve just went even heavier into a spot where you probably should have been more cautious in.
Austin Wilson:
Now, one thing I will say is that it is prudent to continue to look at asset allocation and periodically rebalance.
Josh Robb:
Yes.
Austin Wilson:
Now, that is not changing things out of fear, that is not reacting to what’s going on in the markets or anything, right? That is a perfectly normal thing to keep your risk tolerance in check.
Josh Robb:
Yes. Rebalancing should not be a fearful reaction. You should actually have a process to evaluate and adjust periodically.
Austin Wilson:
As a rule. As a rule.
Josh Robb:
Just as in general.
Austin Wilson:
It’s a rules based on-
Josh Robb:
To say, twice a year I will look at my portfolio based on what I’m trying to do and where it’s at and adjust it back to where it should be.
Austin Wilson:
Yes, exactly.
Josh Robb:
Yes. That is not a reactionary reaction. In fact, it gives you longer term better allocation because you don’t let things get too far out of whack.
[20:57] – The Importance of Diversification
Austin Wilson:
Whack. Another thing that I’ll elaborate on is you hit on this earlier, diversification is key. Don’t put all your eggs in one basket. For one, that’s a terrible idea. You’re going to have very volatile returns if you put all your eggs in one basket. One thing that we know is that-
Josh Robb:
The only time all your eggs should be in a basket is during the Easter egg hunt.
Austin Wilson:
And then you need to win.
Josh Robb:
Yes. I mean ideally, that’s when all the eggs should be in your basket.
Austin Wilson:
But as far as your assets are concerned, depending on your risk tolerance and your overall asset allocation, you should have exposure to a variety of things. And the things that we talked about in asset classes, most of those should be in some way, shape, or form represented in portfolios. Now most. I’m going to exclude a couple of things, but-
Josh Robb:
Like cryptocurrency.
Austin Wilson:
And this is where my opinion is going to creep in here. So I’m saying generally speaking for younger people, I’m putting myself in that bucket Josh, thank you very much.
Josh Robb:
I’m out of it.
Austin Wilson:
I don’t know. You’re middle-aged now. I think that equities should represent the majority. I’m not going to say all, but the majority of what people should hold to get the best return over time because they have a longer time to compound and they should not always the case, but should have a higher risk tolerance because volatility should mean less to them.
Again, not a recommendation, but that’s the way I feel. Within equities, and this applies to everyone, you should have diversification, so you should hold the things we talked about, some exposure to large cap US stocks, some exposure to small cap US stocks, some exposure to growth and value stocks, some exposure to international emerging market stocks. All of those things, they’re going to move a little bit differently. Some are going to outperform and underperform during certain cycles, and those are things that also are going to be rebalanced when you do a rebalance to get into check. But those things are important to give you a stable and steady return over time. And that’s something that I feel very strongly about. Diversification within equities is very strong, very key as well for long-term success. Now the order and the further you get on into your investing time, it may make sense and it doesn’t for everyone, but it may make sense to start thinking about diversifying even out of equities into things like fixed income.
Within fixed income, there’s even different areas that you can invest in, but I’m just going to say fixed income can be added gradually if it meets your risk tolerance and goals over time. But I’m not going to belabor that too much. The other areas of the market that we talked about are cash and like I said, cash being quite attractive right now. I would say quite attractive for things like saving. I actually don’t think it’s attractive enough to be putting your investments in cash and not in actual equities or investment options like that. So that is one thing I would say. I would also say that things like cryptocurrency, I still don’t quite view as an investment. It’s a speculation and I would not take money that you would be putting into equities and putting it into crypto because we don’t really know exactly… we don’t have the long term thinking behind crypto that we do about equities where profits grow stocks over time.
Great. We can get our minds behind that. We don’t have that case yet for crypto. It is only put money you and you can lose. So you’re willing to lose, as we learned last year.
Josh Robb:
Like two-thirds of your value.
Austin Wilson:
It could happen again. It might not. It might go boom, but just keep your risk in check and that is not something that I would say should be a material portion of your long-term money. So those are my opinions. Josh, any closing the thoughts on that?
Josh Robb:
Yeah, you’re right. In diversified portfolio, historically speaking, equities provide the growth, bonds provide the short term stability. So depending on your risk tolerance and your goals, your allocation should include a portion of both of those in some way or another. But yeah, you’re right, people tend to play too much in some aspects and they move around and just miss out on the ability of just saying, “Let’s let it play out. Let’s let these good solid investments run their course.”
And that’s really where you get the long-term growth is just patience.
Austin Wilson:
Yep.
Josh Robb:
The boring is not bad when it comes to investing.
Austin Wilson:
Absolutely. I’d rather get eight, 10% return average over a long term, or even some of those asset classes cancel each other out or whatever, and you get a boring return over time that’s between five to 12% always.
Josh Robb:
Yeah.
Austin Wilson:
Not always, but most of the time. And instead of having like 50% down 40.
Josh Robb:
The boomer bust.
Austin Wilson:
Yeah, I’m not into that. And I think that most people would like to see their money grow slowly and steadily rather than boomer bust as well.
Josh Robb:
Well, thank you all for listening to Austin and I make sure that you share this episode. If you know anybody that was just talking about this year and kind of trying to figure out what to do, if you are interested in having us help you with your investments, go to our website and go to the invest with us tab and reach out to us. We’d love to have a conversation with you. Make sure you subscribe that way. Every new episode comes straight to you right when we release it, and if you have the ability to leave us a review, please do that. It’s always nice to see what people say.
Austin Wilson:
All right. Well, until next Thursday, have a great week.
Josh Robb:
All right. Talk to you later. Bye.
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 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 here in 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.