162: Our Bold Predictions for 2023

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. I am Austin Wilson, research analyst at Hixon Zuercher Capital Management.

Josh Robb:

And I’m Josh Robb, director of wealth management at Hixon Zuercher Capital Management.

Austin, how can people help us grow our podcast?

Austin Wilson:

Yeah. We would love it if you would subscribe, if you’re not subscribed. Hit that follow, plus, whatever that subscribe button on your player is. We would appreciate that.

Also, feel free to visit our website, and sign up for our weekly newsletter to get notified each and every Thursday when we drop a new episode. It’s great. It has little show notes on what we’re going to be talking about, and a direct link to listen.

Josh Robb:

Probably the best newsletter out there.

Austin Wilson:

It’s the best weekly newsletter you need to have in your email box.

Today, *drumroll* … we’re revisiting our 2022 predictions …

Josh Robb:

I nailed them.

Austin Wilson:

…and issuing new 2023 predictions on what we think is going to happen in this year.

Let’s just get it out there. We didn’t see 2022 coming the way it happened, so we’re probably going to be wrong about 2023 as well.

Josh Robb:

Usually are.

 

[1:20] – Revisiting Austin’s 2022 Predictions

 Austin Wilson:

But we want you to know what we’re thinking as of January, 2023.

I’ll start.

Josh Robb:

Okay. This is last year’s-

Austin Wilson:

This is revisiting my 2022 prediction.

Josh Robb:

Right.

Austin Wilson:

My 2022 prediction number one was that the S&P 500, which is Standard and Poor’s 500, largest market cap US stocks index, would end at a very precise number of 5,362, which, at that point, was an increase over the end of the prior year of 12.5%, which would’ve been about a 14% total return, including about 1.5% in dividends.

Was I right, Josh?

Josh Robb:

You were very close. Only off by about 30%. Yeah, the market was down. We used a S&P 500 ETF to track it. That was down 18%.

Austin Wilson:

So no bueno.

Josh Robb:

No.

Austin Wilson:

I got that one wrong.

I also believed that the emerging market stocks would outperform US stocks in 2022. I was wrong.

Josh Robb:

You were wrong.

Austin Wilson:

Emerging market stocks were actually down slightly more than the US, about 19.9%.

Josh Robb:

You were closer on this one. You weren’t off by 30%.

Austin Wilson:

I was not off as much, but I was close.

This is a funny one.

Josh Robb:

Yes.

Austin Wilson:

I predicted that Bitcoin … Because think of where we were last year. It was a pretty good time for cryptos. I thought Bitcoin would hit $100,000 per bitcoin at some point during the year.

That was also wrong. It actually hit a high, for the year, of 47,967 on March 28th. Its low was at 15,631 on November 21st. At the end of the year, it was trading in the 16, $17,000 range. Very wrong on that one.

Josh Robb:

Just slightly off.

Austin Wilson:

Number four, I predicted that the Republicans would sweep the midterms. That was what election betting odd and polls were showing at that point.

Josh Robb:

Yeah, early in the year, yes.

Austin Wilson:

Yep, yep. It seemed likely to me that that was going to happen, so I thought I had a pretty safe one in the bag.

Nope. That was wrong too. I actually was half right. You can give me maybe half credit.

Josh Robb:

I’ll give you the half credit.

Austin Wilson:

The Republicans credit did regain a majority in the House of Representatives, but they retained not having control of the Senate.

Josh Robb:

Retained not having control. I like how you worded that.

Austin Wilson:

See what I did that?

Josh Robb:

Yeah.

Austin Wilson:

They retained their minority.

Josh Robb:

Yes.

Austin Wilson:

That was number four.

Number five, I believed, we’re going to get to whether I was right or wrong, that inflation would moderate and would end the year in the three to 4% range compared to …

Josh Robb:

At that point.

Austin Wilson:

It was, at that point, greater than 6%.

I was wrong on that. In fact, inflation picked up from that point on, and only fell slowly, really, the rest of the year. As of the November reading, which came out in December, inflation was 7.1% year over year. As of the time of this recording, we’re about to get the December reading for the end of the year, expected to be in the mid-sixes. So wrong on that one.

Josh Robb:

Yeah, you’re still averaging above where you-

Austin Wilson:

Exactly. So probably not.

This was a bonus one.

Josh Robb:

Bonus, worth 100 points.

Austin Wilson:

We try to get five, but if you don’t get any of those right, and you get this one right, you come out ahead. Putting it all on the line, double or nothing.

My prediction was that Max Verstappen would win his second consecutive Formula One world title in his first year of these new cars that came out in 2022.

I was correct.

Josh Robb:

You were right on that one.

Austin Wilson:

I was correct. It actually was not close at all.

Josh Robb:

He blew everybody away.

Austin Wilson:

Blew everyone away, despite a couple DNFs in the first couple races of the year. Crazy tough year.

Josh Robb:

Did he not finish because he wrecked?

Austin Wilson:

No.

Josh Robb:

Or he ran out of gas?

Austin Wilson:

His car blew up. Engine.

Josh Robb:

That’s a bummer.

Austin Wilson:

Yeah. Not so fun.

Anyway, I’m going to say that my bonus prediction…

Josh Robb:

That made up for everything else.

Austin Wilson:

It negated all of the other five I got wrong.

Josh let’s talk about yours.

 

[5:05] – Revisiting Josh’s 2022 Predictions

 Josh Robb:

All right.

Austin Wilson:

What did you think?

Josh Robb:

We always both start with a prediction of the S&P 500.

Austin Wilson:

Yup.

Josh Robb:

I was a little less optimistic at the start of the year. I said 8%, which by the way, is the long-term average. That’s why I picked it.

Austin Wilson:

Wow. Really going out on a limb there.

Josh Robb:

That’s right. I was wrong. It was down 18%.

Austin Wilson:

Less wrong than me.

Josh Robb:

Less wrong than you. Yeah. That’s worth nothing.

I did say a version of the Build Back Better bill would pass. That was something back in 2021. They did pass a small offshoot of that, but there was debate on whether they would be able to get more of that done while the Democrats have control of all three, the presidency, the House and the Senate, during that early stage.

I was correct-ish in that they did pass a bill called the Inflation Reduction Act or IRA, but that was a piecemeal of some of their high agendas, the biggest piece being the green energy. There’s a lot in there on that. So I’m going to give myself partial credit for that.

Austin Wilson:

Not so much about inflation reduction.

Josh Robb:

No, but the Build Back Better was there. This was an offshoot of it.

Austin Wilson:

It was, a portion.

Josh Robb:

I’m going to give myself … And I said a less imposing one. So I’m actually giving myself really good credit for that.

Austin Wilson:

Good job, Josh.

Josh Robb:

They just didn’t call it that.

Austin Wilson:

Great job.

Josh Robb:

Number three, most Americans will not see a significant tax increase. Because part of that Build Back Better, there was a lot of debate on how they were going to pay for it.

Because the Inflation Reduction Act was a smaller version, and a lot of it had to do with credits and things like that, there was no significant tax increase. So I was correct on that one.

Austin Wilson:

You were correct.

Josh Robb:

Boom. I’m looking pretty good here.

Austin Wilson:

You are. You are.

Josh Robb:

Two for three right now. Two for three right now.

Falls apart from there. Number four, Winter Olympics, being the great United States that in I live in …

Austin Wilson:

In Beijing, I believe.

Josh Robb:

In Beijing. Being the great United States that I live in and believe in …

Austin Wilson:

You’re red-blooded American.

Josh Robb:

I said they’re going to win the medal count, because we have areas in this country that are cold.

Austin Wilson:

Some.

Josh Robb:

With snow.

I was wrong. Norway did awesome, with 37 total medals.

Austin Wilson:

They also did that same in the last one.

Josh Robb:

Yeah, I know. I had my hopes up. I was really hoping for …

Austin Wilson:

Home country bias here.

Josh Robb:

… the long jump. The skiing long jump was going to be it this year.

The US was in fifth, though, with 25. We did all right.

Now, the Russian Olympic Committee, the ROC, because Russia’s technically banned, they were ahead of us. But I really don’t want to count them, because they’re not even a country, they’re a group of athletes, because they’re banned from being in there, because of … So, I think we were actually fourth place.

Austin Wilson:

Okay. Good job.

Josh Robb:

But we can argue that.

Austin Wilson:

No. I’m not going to argue with you.

Josh Robb:

Still wrong. Still wrong either way.

Austin Wilson:

Mm-hmm.

Josh Robb:

I did say, number five, there will be regulation on cryptocurrency by the end of the year.

Austin Wilson:

That didn’t quite happen.

Josh Robb:

No. No significant … There’s debate and talk.

Austin Wilson:

What did happen in cryptocurrency by the end of the year?

Josh Robb:

It got in big trouble.

Austin Wilson:

Big trouble.

Josh Robb:

There were some currency …

Austin Wilson:

Exchanges, essentially.

Josh Robb:

Exchanges, yeah, that got in trouble for how they were using clients…

Austin Wilson:

FTX, yeah.

Josh Robb:

… for not just holding the assets but lending them out and losing them.

Austin Wilson:

Sam Bankman-Fried.

Josh Robb:

Yes. A lot of stuff still under … That’s going to be going on for a little while.

Austin Wilson:

Okay. So, I’m not going to give you credit here.

Josh Robb:

Yes.

Austin Wilson:

But I will say that what happened, especially in the second half of 2022, pointed out the need, more than ever, for oversight.

Josh Robb:

Yes. Well, that’s going to be one of my predictions, so just wait. Just you wait.

Austin Wilson:

Yup. I’ll wait.

Josh Robb:

Then my bonus.

Austin Wilson:

Bonus.

Josh Robb:

Because I’m a Cleveland fan-

Austin Wilson:

This is double or nothing for you too.

Josh Robb:

This is double or just don’t count it. I said the Cleveland Guardians would win the World Series.

Not true.

Austin Wilson:

No.

Josh Robb:

They did not.

Austin Wilson:

No.

Josh Robb:

Houston Astros won.

Austin Wilson:

They did.

Josh Robb:

They, handful of years ago, had a big thing with cheating. If you don’t know the story, pretty much they were stealing signs, and somebody was beating on a trash can to signal to the players. Huge thing. In fact, the batters from the Astros got hit quite a bit early in the season because of that, because a lot of teams were very mad about that.

Long story short. They won this one. So far there’s been no controversy. That was beneficial for them, I think, to get past that and win a World Series. Not that I was rooting for them, but it was there.

Did not get that one.

Austin Wilson:

You did not.

Josh Robb:

Does not count.

But for the five, I think I was three for five.

Austin Wilson:

That was better than me.

Josh Robb:

No. I was two for five.

Austin Wilson:

It’s still better than me. So Josh…

 

[8:58] – Dad Joke of the Week

 Josh Robb:

All right.

You need a dad joke.

Austin Wilson:

I need a dad joke.

Josh Robb:

All right. Here we go. We got a dad joke here. Entertainment. We like to go out and do stuff. Where do cows go for movies, for entertainment? I just said it.

Austin Wilson:

I would’ve said the moo-vies.

Josh Robb:

Moo-vies is the answer. I messed that all up. Messed that up. Oh man.

Austin Wilson:

The moo-vies. That’s gold.

Josh Robb:

Okay.

Austin Wilson:

Come on. Give me another one.

Josh Robb:

I got to give you another one. I totally messed that one up.

Austin Wilson:

Where do cows go to the movies?

Josh Robb:

Here’s one. This was one that my kids love. All right? How do you make a tissue dance?

Austin Wilson:

Blow your nose on it?

Josh Robb:

You put a little boogie in it.

Austin Wilson:

Put a little boogie in it. I love it.

Josh Robb:

That was better. I didn’t mess that one up.

Austin Wilson:

That is better. Good delivery, Josh.

 

[9:39] – The Guys’ Market Predictions for 2023

 Josh Robb:

All right. That was 2022.

Austin Wilson:

’22.

Josh Robb:

Horrible at guessing.

Austin Wilson:

What are we going to get wrong this year?

Josh Robb:

Let’s go for it.

Austin Wilson:

Okay. Once again, I have five and a bonus.

Josh Robb:

All right.

Austin Wilson:

I’m going to say, some of these I think are going to happen, again.

Josh Robb:

Okay.

Austin Wilson:

I might have been wrong the first time.

Josh Robb:

You got it.

Austin Wilson:

But I might get them this time.

Josh Robb:

You’re going to bring it back.

Austin Wilson:

Okay. This is the one everyone’s going to be listening to.

Josh Robb:

Yep.

Austin Wilson:

S&P 500 call … Again, I’m not good at this. No one’s good at this, actually. I believe the S&P 500 will end 2023 at 4,000.

Josh Robb:

Ooh boy. Nice round number.

Austin Wilson:

That’s why I picked it. 4,000 is about 4.2% above its ending value. That really gets you about a 6% total return, including 1.8% in dividends, which is below average, but much better than 2022.

Josh Robb:

There you go.

Austin Wilson:

That’s my first one.

Josh Robb:

Do you want to go back and forth on these?

Austin Wilson:

Yeah, go for it.

Josh Robb:

All right. I will also do my S&P 500. You didn’t look at these, so these are new.

Austin Wilson:

No, these are brand new.

Josh Robb:

I’m going that we’re going to end this year double digits. I don’t have a number, but I’m going to say above 10%.

Austin Wilson:

Whoa.

Josh Robb:

I know.

Austin Wilson:

Bullish.

Josh Robb:

I am.

Austin Wilson:

Buy, buy, buy.

Josh Robb:

I think, historically, when you have a rough year, the next year tends to be positive.

Austin Wilson:

That’s why I said 4%.

Josh Robb:

Not double digits, but I’m just saying there’s a lot of potential. If things work out, there will be some tailwinds.

Austin Wilson:

Soft-ish landing.

Josh Robb:

There’ll be some tailwinds. There’s geopolitical stuff. There’s a lot that could change that could be a boom for the economy and for the market. So I’m saying +10. Be great for worked out. Maybe it’s less prediction, more of hope. But that’s where I’m at.

Austin Wilson:

You have some hope-ium over there.

Josh Robb:

Yes.

Austin Wilson:

All right. Number two. I do think emerging markets are going to outperform US stocks this year. One of those reasons is a weakening US dollar, which I anticipate to somewhat continue. Flat down from here for the dollar.

China has been in lockdown much more severe than the US for years now. Chinese people have pretty much said, “This is terrible. We’re done with this.” They’re reopening. It’s great.

Josh Robb:

Yes.

Austin Wilson:

They’re starting to get some COVID vaccines out there that they …

Josh Robb:

Go with emerging markets.

Austin Wilson:

… stole the intellectual property from and reverse engineered. They’re making their own.

Josh Robb:

There you go.

Austin Wilson:

I think that one of the bull cases for EM is China’s reopening is going to be similar, where a lot of pent-up demand could occur in the second half of the year.

Josh Robb:

There you go.

Austin Wilson:

That’s one of my things that I think will happen this year.

Josh Robb:

I also have a repeat, in that crypto regulation, there will be some passed this year. I think with everything that happened at the end of the year …

Austin Wilson:

Seems like it needs to happen.

Josh Robb:

It seems like it does. I think that’s something that both the Democrats and the Republicans, now that there’s a split between the two, the House and the Senate, could agree on.

This could be one bill that they could both come to some sort of agreement on and pass. Because I think there’s going to be a lot of things that just die. They can’t get through one side or the other. This is one that both parties can look at what happened and say …

Austin Wilson:

I think so.

Josh Robb:

“Yeah, we could probably come up with some …” They always like to regulate stuff. So I think that’s one that I’m going with.

Austin Wilson:

Here’s one that I hope happens. I think it will. I think we’re going to get some sort of resolution … I’m not saying what that will be. It could be bloody war.

Josh Robb:

Yeah. Who knows?

Austin Wilson:

But some resolution between Russia and Ukraine. I’m hoping it doesn’t turn into a global war, but I think it’ll either go one way or the other, or they’ll form some sort of agreement. There’s going to be a resolution …

Josh Robb:

By the end of the year.

Austin Wilson:

By the end of the year.

Josh Robb:

This kind of goes along with that, and what you said about China reopening. I think we’re going to see supply and demand globally back to normal. Because I think … We’re not there yet obviously.

For instance, I’m coaching for basketball, and a bunch of our jerseys and stuff that got ordered were delayed and stuck somewhere overseas. It was a whole mess.

With China reopening, I don’t want to see them go back the other direction. But I don’t think we’re where we need to be. But I think, by the end of next year, there’s not going to be that worry or that frustration that we currently have.

Austin Wilson:

Do you think I’m going to have my free one-day, all-the-time Amazon Prime deliveries?

Josh Robb:

That be-

Austin Wilson:

Remember, before COVID, one-day delivery.

Josh Robb:

They were there. They were on top of things.

Austin Wilson:

It was awesome.

Josh Robb:

Same day in big cities. Crazy.

Austin Wilson:

Mm-hmm.

Josh Robb:

I think we’ll be back to more normalized supply.

Austin Wilson:

That’s good.

Josh Robb:

Yep.

Austin Wilson:

Number four, I believe that the Fed is going to overdo the tightening that they’re doing right now. They’re going to go too far on restricting monetary policy, and they’re going to see that the economy’s slowing more than they want. I think, at the end of the year, you might get one rate cut. I think you’re going to get a rate cut.

So interest rates are going to be up a couple more, maybe, times in early in the year. Then things are going to be really starting to slow down, from all the lagged effect of the other bajillion interest rate hikes at the end of 2022, and that they’re going to end up cutting at the end of the year.

Josh Robb:

Interesting. See, I’m saying no recession, 2023.

Austin Wilson:

No recession.

Josh Robb:

No recession. I think we are going to see a slowdown. But I think, again, the job market is so strong right now that, although we’ll see a slowdown, they’re not going to call it a recession, because there’s still going to be that piece propping up. So there will be no official recession in 2023.

Austin Wilson:

I dig it.

My fifth and final regular prediction is a repeat as well. I think, again, that inflation is going to moderate and end the year at three to 4%.

Josh Robb:

There you go.

Austin Wilson:

Now, that’s compared to six to 7%, as we are right now. So heading towards the Federal Reserve’s goal, maybe not quite getting there by the end of the year, but heading in the right direction throughout the year. So yeah.

Josh Robb:

Now, I’m saying the US dollar will end stronger.

Austin Wilson:

We’re butting heads on this one.

Josh Robb:

You said it’s going to weaken. Let me tell you my reasoning on this. I think we did a lot of the hard rate hikes last year, where a lot, globally, especially the developed countries, have yet to really impact their inflation. So, I think they’re going to need to do some things, and I think the US economy’s going to look better, which will improve the dollar.

Austin Wilson:

See. I want to tell you …

Josh Robb:

I’m probably wrong.

Austin Wilson:

… that this can go both ways.

Josh Robb:

It can go both ways.

Austin Wilson:

Because as we’re not going to be hiking rates, and other central banks are going to be forced to be hiking rates, there’s called a yield differential.

Josh Robb:

Yields.

Austin Wilson:

So, where we’ve got a huge yield premium over especially places like Europe, that’s going to close. One of my theses is that that is going to …

Josh Robb:

It’s going to hurt the dollar?

Austin Wilson:

… weaken the dollar and make other currencies more attractive to buy the other debt that’s yielding higher.

Josh Robb:

Okay. Do you think, globally, you’re going to see them put spending packages on the tail end, after they rate hike?

Austin Wilson:

Stimulus?

Josh Robb:

Well again, you’re talking about a slowdown. I just wonder if they’re going to have a more condensed version. Because we started last year, and we were able to push through that … I’m just not sure if they’re going to … I think they’re just going to mess with their currency.

Austin Wilson:

It is possible. I know that some … Europe is very weird, the way it works, specifically.

Josh Robb:

They are weird. Yeah.

Austin Wilson:

I’m going to focus on that. The Eurozone is made up of a bunch of countries, but they have one central bank. The European Central Bank targets different areas differently. Each country …

Josh Robb:

Like Germany gets …

Austin Wilson:

Yeah.

Josh Robb:

Because they’re stronger.

Austin Wilson:

Each country can get their own situation. Now, as a overnight lending rate like the Fed has, the Eurozone has one. But in terms of bond issuance, all of the different countries can do their own bond issuing, which means that the European Central Bank can really do quantitative easing or quantitative tightening by …

Josh Robb:

At the same time.

Austin Wilson:

Yeah. By region. They can do interest rate hikes for the zone, but they could similarly, at the same time, be loosening or easing monetary policy via the debt market on each location.

Josh Robb:

At a location. Yeah.

Austin Wilson:

Europe’s crazy.

Josh Robb:

That’s a mess. That’s crazy.

Austin Wilson:

In some instances, they’re actually doing QT on one end and QE on the other, in the same region.

Josh Robb:

Weird.

Austin Wilson:

Yeah, they’re manipulating yield curves, essentially.

Josh Robb:

Yeah.

Austin Wilson:

So that’s crazy.

Josh Robb:

We’ll see what happens.

That was my last one. I was like, “You know, dollar.”

Austin Wilson:

Hey, it’s good. I love a dollar.

Josh Robb:

Strong dollar.

Austin Wilson:

Yeah.

 

[17:35] – Bonus Predictions!

 Josh Robb:

Sixth and final one.

Austin Wilson:

Bonus,

Josh Robb:

What do you got?

Austin Wilson:

Max Verstappen will win his third consecutive Formula One world title.

Josh Robb:

At that point, does anybody else race anymore? They’re just done?

Austin Wilson:

They’re talking about trying to bring a new team on. Mario Andretti, I believe.

Josh Robb:

Yeah. Heard of him.

Austin Wilson:

Yeah. American, famous, racer. He actually raced in Formula One. A lot of money in the Andretti family for IndyCar here in the US. But trying to put together a Formula One team, backed by Cadillac.

Josh Robb:

Remind me. The Indianapolis 500 is not a Formula One?

Austin Wilson:

That’s Indy racing.

Josh Robb:

IndyCar racing.

Austin Wilson:

Yeah. IndyCar.

Josh Robb:

They look the same.

Austin Wilson:

They are not the same. They’re very different. But they look similar.

Josh Robb:

Yeah.

Austin Wilson:

I can see where you would get …

Josh Robb:

Yeah, they do. They have the open wheels. They drive around. The guy sits in there. No roof.

Austin Wilson:

Now, IndyCars, as of the last handful of years ago …

Josh Robb:

Get milk.

Austin Wilson:

… have little windshields.

Josh Robb:

Yeah?

Austin Wilson:

You do get milk if you win the Indy 500.

Windshields …

Josh Robb:

For bugs.

Austin Wilson:

… called the Aero-screen or whatever. For safety.

Josh Robb:

Oh.

Austin Wilson:

So, if a tire flies off, it hits the windshield, not the driver’s head.

Josh Robb:

Yeah. Makes sense.

Austin Wilson:

Formula One has what’s called the halo, which is like a bar.

Josh Robb:

A roll cage?

Austin Wilson:

It looks like a little roll cage. It goes around the top and then straight down the front. You just avoid looking at the bar.

Josh Robb:

Yeah. That seemed like-

Austin Wilson:

It’s like a football helmet.

Josh Robb:

I think you could put two, though. I would rather have two instead of one straight in the middle.

Austin Wilson:

Yeah. Nope. They got one in the middle. I know.

Josh Robb:

The one thing I want to look at at 400 miles an hour is right down the middle of the road.

Austin Wilson:

Yeah. That’s an interesting thing.

So yeah. That’s my bonus. What’s yours?

Josh Robb:

I’m a very loyal person, so I’m going to say the Cleveland Guardians are going to finally win a World Series. It’s been a while for them. It’s been quite a while. So this is it.

Austin Wilson:

This is the year.

Josh Robb:

This is the year.

Austin Wilson:

This is the year.

Josh Robb:

This is the year.

Austin Wilson:

We’ve made a lot of predictions here.

Josh Robb:

Yep.

Austin Wilson:

Chances of the majority of them being correct is very low.

Josh Robb:

Yeah, not good.

Austin Wilson:

We might get a couple. We’ll see.

Josh Robb:

What we should do, though. I need to be more just opposite of what you say, then somebody’s going to get it right.

Austin Wilson:

That’s right. That’s exactly right.

Josh Robb:

I think Max Verstappen is not going to win. No, just kidding.

Austin Wilson:

Hey, he might not. He might not. How many can you win in a row?

Josh Robb:

Apparently three is what you think.

Austin Wilson:

At least. That’s what I’m hoping for.

All right. Well, thank you guys for listening. Please share this episode if you know someone who is looking at what might happen in 2023. Maybe these will give them some ideas of what might or might not happen.

Subscribe if you’re not subscribed. That way, you get new episodes every single Thursday. We would love it if you would leave us a review on Apple Podcast or Spotify or wherever you’re listening to us.

Until next Thursday, have a great week.

Josh Robb:

Talk to you later.

Austin Wilson:

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 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.