Latest / WCHS Network Podcasts / 02/09/2026 Retire Right Radio with John Burdette

Transcript

02/09/2026 Retire Right Radio with John Burdette · WCHS Network Podcasts

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  Speaker 1: The views and opinions expressed on this program do not
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  Speaker 1: necessarily reflect the views and opinions of five ADWCHS, its employees,
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  Speaker 1: or WVRC Media. This is retire Right Radio, a weekly
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  Speaker 1: show from John Verdet at Fourth Avenue Financial that aims
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  Speaker 1: to answer your questions about financial planning, investing, and how
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  Speaker 1: to retire right. Fourth Avenue Financial is located in downtown
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  Speaker 1: Charleston at one seventy Court Street. More information online at
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  Speaker 1: Fourth Avenue Financial dot com. Join the conversation by calling
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  Speaker 1: three oh four three four five fifty eight fifty eight
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  Speaker 1: or text three oh four nine three five fifty oh
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  Speaker 1: eight on retire Right Radio. Let's go live to the
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  Speaker 1: studio with host Dale Cooper and John Verdett from Fourth
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  Speaker 1: Avenue Financials And.
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  Speaker 2: A very pleasant Monday morning to you. Thank you so
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  Speaker 2: much for tuning in on this Monday morning. It is
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  Speaker 2: twenty two minutes past eight o'clock. Still cold out there,
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  Speaker 2: still very very very cold. Not a lot of weather
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  Speaker 2: happening right now as you're driving into work. But things
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  Speaker 2: that were frozen on Friday are probably still frozen now.
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  Speaker 2: We didn't get much relief as far as that goes. However,
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  Speaker 2: I did notice some places that were like actually shoveling off,
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  Speaker 2: like the sidewalks and the bus stops.
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  Speaker 3: So it was kind of nice the morning. The bottom.
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  Speaker 2: Yeah, that's the thing is it's really hard to get
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  Speaker 2: I noticed that just on around my house.
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  Speaker 3: Man. I mean, you have to chisel that stuff. It's
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  Speaker 3: not easy to get off there. Yeah.
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  Speaker 2: Anyway, hopefully that story is going to be behind us
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  Speaker 2: relatively soon, so to have some nicer days this week.
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  Speaker 2: Hopefully we get a little bit of a fall in
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  Speaker 2: and not worry about these things for a while. You can,
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  Speaker 2: but you can help demystify some of your retirement if
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  Speaker 2: you're looking into I mean, last week was a fairly
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  Speaker 2: crazy week when the market. We'll talk about that here
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  Speaker 2: in just a little bit, and that might give you
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  Speaker 2: a clue in It helps to have a steadying hand
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  Speaker 2: in somebody that can help you navigate through all the
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  Speaker 2: turmoil and mess. If we're financial planning, and that's where
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  Speaker 2: John brad Debt from Fourth Avenue Financial can help you out.
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  Speaker 2: You can find out more information online. It's worth Avenue
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  Speaker 2: Financial dot com. You spell out the whole thing and
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  Speaker 2: go to the website. You can do that same search
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  Speaker 2: on Facebook. And like the page over there. We'll give
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  Speaker 2: you more information as the day goes along today and
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  Speaker 2: give us a call this morning. Three zero four three
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  Speaker 2: four five fifty eight fifty eight three four five fifty
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  Speaker 2: eight fifty eight. You can send over a text message
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  Speaker 2: if you would prefer to do that as well. Three
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  Speaker 2: zero four none three five fives years zero eight three
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  Speaker 2: zero four nine three five fives years zero eight. And
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  Speaker 2: my first time on the air today, I just have
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  Speaker 2: to say, go Seahawks. Long time Dennesseehawks fan for forty
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  Speaker 2: three years, and most of those years have been kind
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  Speaker 2: of rough. The last you know, fifteen years has been better.
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  Speaker 2: You know, we've had three Super Bowl visits and two
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  Speaker 2: wins so in the last fifteen years. So I'll take
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  Speaker 2: that for the most part, much better than my Reds
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  Speaker 2: are doing. So I'll definitely take that.
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  Speaker 4: And I know you're not a front runner because I've
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  Speaker 4: heard you say this for years.
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  Speaker 2: Oh yes, I have pictures documenting me back to wy
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  Speaker 2: I was a little kid. My my big Christmas gift
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  Speaker 2: in nineteen eighty three was the Seahawks starter jacket, which
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  Speaker 2: for me, you know, we didn't grow up, you know,
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  Speaker 2: starter jackets was a luxury by back then, and so
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  Speaker 2: that was that was my That was I wore that
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  Speaker 2: thing for years. That was like my little pet jacket
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  Speaker 2: that I had forever, and that very unique in the
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  Speaker 2: area because there were no Seahawks fans and no globalization
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  Speaker 2: in nineteen eighty three. When I became a fan. It's
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  Speaker 2: when they drafted Kurt Warner. I just happened to see
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  Speaker 2: Kurt Warner from West Virginia. I happened to see his
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  Speaker 2: cart player car come up when he was a rookie
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  Speaker 2: for for Seattle and I saw he was from West Virginia.
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  Speaker 2: I was like, hey man, he's from my state. That's
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  Speaker 2: gonna be my team. It was just as simple as that.
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  Speaker 2: It was nothing else. And then I became a huge
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  Speaker 2: fan later of like the Kenny Easleys and the Steve
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  Speaker 2: Largins and stuff like that, and so just a big
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  Speaker 2: time Seahawks fan, always have been. So I don't Dave
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  Speaker 2: talks more about it than I do. I'm not a
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  Speaker 2: big you know, I don't talk a lot of crap
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  Speaker 2: or anything like that. You know, I'm kind of quiet
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  Speaker 2: when it comes to when it comes to this type
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  Speaker 2: of thing. So I was very happy for the Seahawks win.
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  Speaker 2: The last thing I'll say about it is I'm a
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  Speaker 2: defense and I'm a defense first and running game kind
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  Speaker 2: of guy. So to watch a team, I know that
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  Speaker 2: you didn't watch much of the game, but to watch
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  Speaker 2: a team just literally strangle the competition to when they're
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  Speaker 2: just basically have no life left in them, I have
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  Speaker 2: a feeling the first people that knew when that game
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  Speaker 2: will over last night was the defensive player for the
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  Speaker 2: Seahawks because they saw the quit in the eyes of
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  Speaker 2: the Patriots just just absolutely domination.
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  Speaker 3: It was wonderful. Yeah, that's the.
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  Speaker 2: Last I'll say about it. That's the last I'll say
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  Speaker 2: about that. But there is a lot of things. There
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  Speaker 2: is a lot of that's going on, and we have
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  Speaker 2: to take a look back on next or last week
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  Speaker 2: when it comes to the market, when it comes to earnings,
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  Speaker 2: when it comes I mean, there was a lot of
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  Speaker 2: instructive bubbles last week, just in what we talk about
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  Speaker 2: on our show when it comes to faith in the market,
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  Speaker 2: corrections happen, you know. I mean, there's a lot of
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  Speaker 2: things that sort of took place last week.
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  Speaker 4: Yeah, and and this weekend, I want to mention that
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  Speaker 4: I went to a baseball card show this weekend. Oh nice,
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  Speaker 4: and it gave me a lot of faith in the future.
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  Speaker 4: Lots of young people there wheeling and dealing. Capitalism is
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  Speaker 4: alive and well and maybe baseball. It was fun to watch,
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  Speaker 4: you know, kids rolling around, you know, trying to work
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  Speaker 4: deals out. And man I did that when I was
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  Speaker 4: a kid, A big kids doing it too.
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  Speaker 3: Yeah, exactly right, I did that.
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  Speaker 2: I'm not as much into cards now as when I
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  Speaker 2: when I was younger, but man, I really enjoyed that
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  Speaker 2: a lot when I was a kid. And you get
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  Speaker 2: to meet a lot of people, and then maybe you
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  Speaker 2: find something that you do for for for your entire
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  Speaker 2: life and it becomes a lifelong hobby. There's nothing wrong
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  Speaker 2: with that.
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  Speaker 4: Yeah, yeah, but it was it was exciting to see.
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  Speaker 4: It was kind of refreshing.
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  Speaker 2: It's nice. It's it's nice to see it. And I
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  Speaker 2: know that there's an online element to it, obviously, but
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  Speaker 2: you can't do all of that online. You have to
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  Speaker 2: meet in person. You have to see these things. And
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  Speaker 2: so there's something nice to the fact that it's still
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  Speaker 2: something that takes some physicality, you know, it takes some
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  Speaker 2: real world interaction for it to really make sense.
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  Speaker 4: See there have been efforts for you know, digital collectibles,
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  Speaker 4: that sort of thing in that space, and they never
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  Speaker 4: really they haven't taken a.
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  Speaker 2: How's your digital ape doing these days? Is that thing
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  Speaker 2: worth a lot of money or not? I think I
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  Speaker 2: saw where somebody I don't wanted to get it back.
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  Speaker 2: I forget that somebody lost literally million. They were like
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  Speaker 2: trying to resell it or something like that, and it
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  Speaker 2: was like worth zero when.
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  Speaker 3: This ape was supposed to be were so much money?
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  Speaker 3: I guess not.
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  Speaker 2: But it was very instructive because we had a lot
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  Speaker 2: of things that happened last week. So walking through some
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  Speaker 2: of these things that happened, there was sort of the
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  Speaker 2: AI panic. They there was a little bit of that
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  Speaker 2: going away. It's like, oh my goodness, are we getting
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  Speaker 2: too far? And then people for a few days. I
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  Speaker 2: remember the memes. One line was like, oh, how do
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  Speaker 2: you like the market now? All it took was like
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  Speaker 2: what three days?
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  Speaker 4: I mean it was and we're not even talking about
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  Speaker 4: a correction in the market. We're talking about a couple
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  Speaker 4: of percent, just.
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  Speaker 3: A little blip.
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  Speaker 4: Yeah, almost nothing at all. And you know, the earnings
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  Speaker 4: of all of the text docs were extremely good. You know,
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  Speaker 4: there's just concern that we're starting to creep in about
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  Speaker 4: the capital expenditures building the data. See those big numbers,
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  Speaker 4: unbelievable how much money is being spent. And it's not
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  Speaker 4: that they're not making money to fund that, it's just, well,
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  Speaker 4: those investments ultimately pay off as as they think that
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  Speaker 4: they will, and that's still an obviously still an unknown.
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  Speaker 4: But the earnings continue to come in in good What's
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  Speaker 4: interesting about this year, it's that there is some moderation
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  Speaker 4: in the earning expectations of the tech stocks, but the
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  Speaker 4: rest of the economy earnings they're really accelerating.
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  Speaker 3: Right now.
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  Speaker 4: The fourth quarter, which is the earnings that we've just
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  Speaker 4: kind of in the midst of the earning season, we're
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  Speaker 4: a little north of ten percent earnings growth year over year.
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  Speaker 4: By fourth quarter of this year, it's projected to be
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  Speaker 4: about seventeen percent year over year. So it's an accelerating
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  Speaker 4: earning story across the economy, which tends tends to support
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  Speaker 4: stock market and stock market valuations.
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  Speaker 2: And that's I mean, really it's that encapsulates a lot
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  Speaker 2: of what you talk about on this program when you
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  Speaker 2: come one here. I mean, we saw not always because
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  Speaker 2: of the way things move. You know, it can be
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  Speaker 2: glacial at times with the way the market moves, but
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  Speaker 2: also that can rea you know, relatively nimbly at times,
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  Speaker 2: and you can kind of follow along. And we saw
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  Speaker 2: a lot of that stuff happen last week, and if
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  Speaker 2: you look at it from sort of a learning perspective,
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  Speaker 2: there was a lot there that you could take away
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  Speaker 2: to understand just in a short amount of time, how
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  Speaker 2: things can move, how impression change, how headlines from from
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  Speaker 2: Tuesday to Friday can be so different. You know, it's
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  Speaker 2: very very interesting.
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  Speaker 4: And we also eclipse the fifty thousand now wow Dow,
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  Speaker 4: which was kind of a hooplow news story. You know
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  Speaker 4: a lot of people now look at that and they'll say, oh,
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  Speaker 4: it's too late to buy now, it's too high, and no,
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  Speaker 4: not really, because it's based on earnings and if the
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  Speaker 4: earnings are growing, you know, that's that doesn't necessarily mean
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  Speaker 4: it's too high. That's just a number of that index.
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  Speaker 4: And if you look and the reality is, you know,
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  Speaker 4: you can extrapolate just growth rates, if from the past
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  Speaker 4: into the future, which can be a dangerous game. But
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  Speaker 4: you know, Dow fifty thousand becomes Dow one hundred, thousand
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  Speaker 4: and eight to ten years if if the market grows
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  Speaker 4: as it has the last decade. And it's pretty interesting too,
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  Speaker 4: the milestones that we've had. The ten thousand milestone on
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  Speaker 4: the DOW, it was March twenty ninth, nineteen ninety nine.
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  Speaker 4: That's when it reached ten thousand. Since the dow of
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  Speaker 4: these eighteen eighty five is when the DOW started to
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  Speaker 4: reach ten thousand. It took twenty eight thousand, three hundred
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  Speaker 4: and thirteen trading days to get to twenty thousand. January
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  Speaker 4: twenty fifth, twenty seventeen, it took four thousand, four hundred
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  Speaker 4: eighty six trading days to get to thirty thousand November
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  Speaker 4: twenty fourth, twenty twenty nine hundred and sixty six trading
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  Speaker 4: days WOW to get the forty thousand May seventeenth, twenty
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  Speaker 4: twenty four, eight hundred and seventy four trading days to
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  Speaker 4: get to fifty thousand February sixth of this year, four
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  Speaker 4: hundred and thirty three training days. And so what that
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  Speaker 4: looks like on a chart is that hockey stick that
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  Speaker 4: we talk about, and it's because it's compounding on itself.
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  Speaker 4: So those milestones tend to the time between them tend
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  Speaker 4: to shrink. You can go way back to when the
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  Speaker 4: Dow started. It's a pretty a pretty funny story. But
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  Speaker 4: when the Dow started February sixteenth, eighteen eighty five, it
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  Speaker 4: was at sixty two seventy six. Sixty two point seventy.
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  Speaker 2: Right, yeah, right, I was like, wait a minute, those
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  Speaker 2: four digits are you getting?
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  Speaker 4: It took almost three years for it go to go
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  Speaker 4: from sixty two point seventy six to sixty five.
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  Speaker 3: What Yeah, that's incredible, It really is incredible.
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  Speaker 4: So and even you and I you were getting that
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  Speaker 4: Seahawks jacket when the Dow crossed a thousand for good. So,
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  Speaker 4: I mean, in our lifetime, the market was in the
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  Speaker 4: in the you know, hundreds, not thousands, and now we're
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  Speaker 4: in multiple tens of thousands. And it's because our earnings
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  Speaker 4: have continued to march forward the you know, every now
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  Speaker 4: and then, like right now, we've in certain areas we
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  Speaker 4: might be extended as far as valuation, in other words,
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  Speaker 4: how much the market participants are willing to pay for
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  Speaker 4: the earnings that are out there. So sometimes that it
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  Speaker 4: can expand a little bit. If people are if expectations
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  Speaker 4: are that earnings are going to accelerate. People are willing
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  Speaker 4: to pay a little more today for those future earnings,
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  Speaker 4: and and you can get valuation changes a little bit
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  Speaker 4: on what people are willing to pay. But but right now, overall,
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  Speaker 4: you know the market is not technically overvalued, you know,
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  Speaker 4: by by those type of measures. There maybe certain areas
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  Speaker 4: within the market that you could you could say are
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  Speaker 4: but overall, you know, we're not at a stretch valuation.
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  Speaker 4: That's truly an earnings story more than it is a
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  Speaker 4: speculative story.
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  Speaker 3: You touched on something last week.
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  Speaker 2: I thought that that maybe people I don't mean a
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  Speaker 2: lot of people. I think there's sometimes like a general
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  Speaker 2: misconception because we talked about all the gambling that got
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  Speaker 2: that was placed on the Super Bowl yesterday, and and
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  Speaker 2: there's some people that equate the market with gambling, and
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  Speaker 2: I feel that those people sometimes, uh, they substitute in
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  Speaker 2: traders with investors, so they think that the people that
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  Speaker 2: are daily trying to chase certain stocks and cash in
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  Speaker 2: on a day to day basis in here. But I
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  Speaker 2: lost everything because I was those are not That's not
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  Speaker 2: what you do. Those aren't investors. That's that's a completely
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  Speaker 2: different being a day trader or somebody that trades or
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  Speaker 2: does something along those lines that can reflect gambling to
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  Speaker 2: some because there are you're not working on the long
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  Speaker 2: bend of the willow. There you're you're you're really trying
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  Speaker 2: to make some guesses and stuff there. That's not at
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  Speaker 2: all what you do. And I think sometimes people substitute
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  Speaker 2: one for the other. Well, the market's just like gamling
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  Speaker 2: what it's really not. It's not if you're not if
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  Speaker 2: you're looking at it as an investment tool.
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  Speaker 4: No gambling in itself, you know. And of course with
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  Speaker 4: the Super Bowl, I think I think it was probably
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  Speaker 4: pushing two billion dollars yesterday that was gambled online.
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  Speaker 3: Unbelievable. In the Super Bowls, they might just not sports anymore.
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  Speaker 3: That's you know, I don't know.
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  Speaker 4: Have to have the little extra juice I guess to
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  Speaker 4: stay interested, I guess. But but gambling is is something
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  Speaker 4: where if you play long enough, you will lose because
• 13:43
  Speaker 4: the odds are stacked against you from the beginning. The
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  Speaker 4: house is going to win over time, and somebody wins
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  Speaker 4: and somebody loses. For sure. That doesn't happen. If a
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  Speaker 4: stock works out, you know, there's no loser. If a
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  Speaker 4: company grows and serves more people and hires more people
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  Speaker 4: and the value of the company grows. You know, there's
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  Speaker 4: there's not an automatic loser in that deal. And and
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  Speaker 4: you're taking a calculated and educated risk when you make
• 14:18
  Speaker 4: an investment in a company, looking at the company, trying
• 14:21
  Speaker 4: to see, Okay, are the business prospects of this company good?
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  Speaker 4: Are the earnings? Is the earning story good enough to
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  Speaker 4: invest in? Am I comfortable that the market that they're
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  Speaker 4: serving it well and a big enough market to warrant
• 14:38
  Speaker 4: the valuation? You know, you're looking at things like that,
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  Speaker 4: and when you invest, you're not trying to trade it.
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  Speaker 4: Oh I bought it for forty three dollars a share
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  Speaker 4: and now it's forty four. You know this afternoon, you're
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  Speaker 4: investing for the long term, or the way I invest
• 14:56
  Speaker 4: it's for the long term. And it's that compound that
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  Speaker 4: we talked about, how that how the Dow compounds and
• 15:04
  Speaker 4: ratchets up. So do your individual stocks if if if
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  Speaker 4: you've if you've got the the growing earning story, you know,
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  Speaker 4: that's what you're investing in. That compounding effect. Think about
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  Speaker 4: individual companies. You know, it used to be a fifty
• 15:20
  Speaker 4: billion dollar company, was a large company. But now these
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  Speaker 4: companies are worth trillions, literally three four trillion dollars some
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  Speaker 4: of these companies. And that's just a nature of compounding.
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  Speaker 4: And that's the way the math works on that. It's
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  Speaker 4: it's it's it's not a zero sum game where somebody
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  Speaker 4: has to lose in the market. It's truly your owning
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  Speaker 4: something tangible that is growing with the sort of the
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  Speaker 4: well being of the society, of a quality of life
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  Speaker 4: of of people. You know, think about all the goods
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  Speaker 4: and services we have that didn't exist before. You know,
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  Speaker 4: you're investing in that process long term, and as that
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  Speaker 4: process continues, and it sometimes continues in ways that you
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  Speaker 4: can't predict, but it does continue because you know, why
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  Speaker 4: does certain companies win and certain companies lose because people
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  Speaker 4: are voting on that and I like the way this
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  Speaker 4: company serves versus this company. You know, that's progress that
• 16:29
  Speaker 4: improves the quality of life for people, or they wouldn't
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  Speaker 4: be buying those services. Why would you buy something that
• 16:35
  Speaker 4: makes your life worse off? And if you look most
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  Speaker 4: people today, even though you can see individuals that struggle
• 16:44
  Speaker 4: in the economy, that sort of thing. I'm not saying
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  Speaker 4: that that everything is roses everywhere. But the quality of
• 16:51
  Speaker 4: life of the average person the day is much better
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  Speaker 4: than it was fifty years ago, much better than it
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  Speaker 4: was one hundred years ago. You know, we live like
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  Speaker 4: kings compared to two hundred years ago.
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  Speaker 2: Yeah, the scale slides, or not the scale, but the
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  Speaker 2: focus slides on what people are, the folks that are struggling.
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  Speaker 2: And you know, there might be more on top now
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  Speaker 2: than there are below than what there was, but population
• 17:17
  Speaker 2: keeps growing. I mean, that's still a significant amount of people.
• 17:19
  Speaker 2: But that doesn't mean that the advances that we've made
• 17:23
  Speaker 2: in modernity are for not. It just means there's still
• 17:26
  Speaker 2: people that get left behind. I think COVID is a
• 17:28
  Speaker 2: great example of this, the big reshuffling that happened after COVID.
• 17:31
  Speaker 2: There's a lot of people that were sort of in
• 17:33
  Speaker 2: that maybe solid middle class tier that suddenly found themselves
• 17:38
  Speaker 2: short of than a lower middle class kind of feeling,
• 17:41
  Speaker 2: you know, squeezed the way that maybe people slightly below
• 17:44
  Speaker 2: their social status was once before. And a lot of
• 17:47
  Speaker 2: people got a little bit of a reality check from that.
• 17:49
  Speaker 2: You know, it's like suddenly I can't do anything about this.
• 17:52
  Speaker 2: Suddenly I am kind of locked into this position, and
• 17:55
  Speaker 2: you know that's a kind of a wake up call.
• 17:56
  Speaker 2: But when you look at the abundance that's a above
• 18:00
  Speaker 2: that level and where we're living at now, it's without
• 18:02
  Speaker 2: question better than what it used to be. It's just
• 18:05
  Speaker 2: there's That doesn't mean that there's not people that still struggle.
• 18:07
  Speaker 4: Somewhere, absolutely there and there will always be be that.
• 18:11
  Speaker 3: Yeah, yeah, I mean because in relative terms, if nothing else, that's.
• 18:14
  Speaker 4: Correct in relative terms, and there will always be a
• 18:19
  Speaker 4: spectrum of of wealth. You know, beyond a certain point though,
• 18:24
  Speaker 4: you know, if you have one billion dollars or fifty
• 18:27
  Speaker 4: billion dollars, it doesn't change your life. Essentially, what that
• 18:31
  Speaker 4: is in the way I look at it, it's it's
• 18:35
  Speaker 4: society has given certain individuals the ability to allocate those
• 18:40
  Speaker 4: resources because they've been good at it in the past.
• 18:44
  Speaker 4: They have a track record, so they attract capital. And
• 18:47
  Speaker 4: and that I think is, you know, after a certain point,
• 18:52
  Speaker 4: that's really all money is. You know, you can't spend
• 18:55
  Speaker 4: it one hundred billion dollars, but you can allocate it
• 18:58
  Speaker 4: in investments and try to come up with new products
• 19:03
  Speaker 4: and services or or or whatever the case is. You
• 19:06
  Speaker 4: have to do something productive with that money. You know,
• 19:09
  Speaker 4: if you are, you don't just bury it in the backyard.
• 19:13
  Speaker 4: You know, you're allocating those resources to achieve some type
• 19:17
  Speaker 4: of productive goal that society wants. If society doesn't want it,
• 19:25
  Speaker 4: then that person won't have that capital anymore, you know.
• 19:28
  Speaker 4: So you know, in a way, you know, I look
• 19:33
  Speaker 4: at that expansion of the of the top of the top.
• 19:40
  Speaker 4: You know, it doesn't really change lifestyles so much. You know,
• 19:42
  Speaker 4: it's because somebody has a hundred billion does not mean
• 19:46
  Speaker 4: that it kept somebody else from having money, because it's
• 19:50
  Speaker 4: not as zero sum game. It's always expanding, right, It's
• 19:54
  Speaker 4: it's and that person can't live on that money beyond
• 19:58
  Speaker 4: a certain level. It's it's truly an allocation that they
• 20:03
  Speaker 4: have been granted because of the assets. They have the
• 20:07
  Speaker 4: ability that to allocate and you know, make some decisions
• 20:10
  Speaker 4: on how things get produced, and they're taking risk, calculator
• 20:15
  Speaker 4: risk on that as well, because if they produce something
• 20:17
  Speaker 4: that people don't like, they will not have the capital anymore.
• 20:22
  Speaker 4: And you know, that's the way I look at it.
• 20:24
  Speaker 4: And it's you know, now there can be political questions
• 20:29
  Speaker 4: of you know, should two hundred people have the power
• 20:34
  Speaker 4: to make those decisions. You know, that's a political.
• 20:37
  Speaker 2: Decision, right, And what I like about the way you
• 20:40
  Speaker 2: look at things, And for those of you that are
• 20:42
  Speaker 2: baseball fans like you and I are, if you look back,
• 20:45
  Speaker 2: maybe ten or fifteen years ago, when we were first
• 20:47
  Speaker 2: kind of bringing on advanced analytics and cyber metrics and
• 20:50
  Speaker 2: stuff like that into the evaluation of baseball players, one
• 20:53
  Speaker 2: of the things that people kept on saying was, don't
• 20:55
  Speaker 2: look at the players, just look at the stats, you know,
• 20:58
  Speaker 2: because sometimes there was there was, you know, either good
• 21:00
  Speaker 2: or bad. There was this inclination to rate people based
• 21:03
  Speaker 2: on their name equity instead of what they were actually
• 21:05
  Speaker 2: doing on the field. One of the great things I
• 21:07
  Speaker 2: like about how you do the political question. Those are
• 21:09
  Speaker 2: the names of the players, and really, yes, those matters
• 21:12
  Speaker 2: to some people, and yes there's important issues that can
• 21:15
  Speaker 2: be evolved there. That doesn't have anything really to do
• 21:17
  Speaker 2: with what you're doing. You just look at the data
• 21:18
  Speaker 2: and you need to know how that's going to help
• 21:20
  Speaker 2: your clients to get where they need to be in
• 21:23
  Speaker 2: the future. It doesn't You're not there to change their
• 21:26
  Speaker 2: policies or anything else. You're there to take advantage of
• 21:28
  Speaker 2: what's available to help your clients. The names don't matter.
• 21:31
  Speaker 2: You're just worried about the stats.
• 21:33
  Speaker 4: Yeah, and you know, to be successful, you have to
• 21:37
  Speaker 4: be patient and you can't be changing the strategy every
• 21:41
  Speaker 4: every time. We look at the last week or two
• 21:45
  Speaker 4: the turmoil and bitcoin, gold and silver, you know, oh yeah, right,
• 21:51
  Speaker 4: why can they move so much? Because those are emotional
• 21:54
  Speaker 4: based trades. There's not an earning stream attached to those things.
• 21:57
  Speaker 2: Every time we talk about that, you're like where you
• 21:59
  Speaker 2: sort of did the the explainer on how those things
• 22:03
  Speaker 2: are so different from like a traditional investments, And I
• 22:05
  Speaker 2: think about that every single there's nothing attached to them,
• 22:07
  Speaker 2: no wonder they can just soop up and down all
• 22:09
  Speaker 2: over the place.
• 22:09
  Speaker 3: There's nothing really attached to them there.
• 22:12
  Speaker 4: Yeah, I mean it's it's it's what is the service there?
• 22:16
  Speaker 4: You know in in in the economy, you know, they
• 22:19
  Speaker 4: they've it's sort of like a baseball card, Yeah right,
• 22:23
  Speaker 4: what what is the what is the service there? I mean,
• 22:26
  Speaker 4: you know, people desire it like they desire gold for
• 22:28
  Speaker 4: some reason. There's an emotional attachment and we've attached some
• 22:31
  Speaker 4: such sort of value to that. But that value can
• 22:33
  Speaker 4: change rapidly because unlike a building, for instance, that's out
• 22:39
  Speaker 4: there collecting a rent check every month. You know, you
• 22:41
  Speaker 4: can value evaluate that and decide what a fair price
• 22:44
  Speaker 4: to pay is because there's an income stream. Same thing
• 22:47
  Speaker 4: with the company, but there's no real income stream on
• 22:50
  Speaker 4: some of those type of assets and and uh and
• 22:53
  Speaker 4: that gets into more speculation, not really that long term
• 22:57
  Speaker 4: process of investing. The belief that the services and goods
• 23:04
  Speaker 4: we have today will be better tomorrow because of innovation.
• 23:10
  Speaker 4: You know, that's what you're investing in when you invest
• 23:12
  Speaker 4: in the market, and that that long term compounding effect,
• 23:16
  Speaker 4: like say we can see that quickening of going from
• 23:19
  Speaker 4: ten thousand to twenty thousand to thirty thousand, that's compounding.
• 23:23
  Speaker 4: That's that's happening over time, doesn't happen overnight, and there
• 23:27
  Speaker 4: can be lots of swings in between. But you know,
• 23:30
  Speaker 4: I think you really have to get that concept in
• 23:34
  Speaker 4: your mind of what you're actually doing when you invest
• 23:37
  Speaker 4: and believe in that process so the noise of the
• 23:40
  Speaker 4: world doesn't pull.
• 23:42
  Speaker 3: You off track.
• 23:43
  Speaker 2: And I think it's great advice as always with jobre
• 23:44
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• 23:46
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• 23:48
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• 23:51
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• 24:19
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• 26:35
  Speaker 3: O the Beatles, I say up.
• 26:39
  Speaker 8: Six.
• 26:53
  Speaker 2: I still say somehow or now that that's one of
• 26:56
  Speaker 2: the most perfect songs for the segment that we could
• 26:58
  Speaker 2: possibly have because there's a lot of that. You say,
• 27:00
  Speaker 2: you say goodbye, say hello, you say yes, I say no.
• 27:02
  Speaker 2: Here's a lot of that that goes on, and these
• 27:04
  Speaker 2: types of things that's.
• 27:06
  Speaker 3: Exactly true, you know.
• 27:07
  Speaker 2: One of the things that where I've tried to climb
• 27:09
  Speaker 2: completely off of social media and find different ways to
• 27:12
  Speaker 2: district myself with things. One of these things I really
• 27:14
  Speaker 2: enjoy watching sometimes is these like gen zers reacting to
• 27:20
  Speaker 2: X for the first time, like the first time that
• 27:21
  Speaker 2: they do things.
• 27:22
  Speaker 3: And sometimes I really.
• 27:23
  Speaker 2: Enjoy it because they'll get into like you know, like
• 27:25
  Speaker 2: a Beatles or Stone song or Pink Floyd Ors and
• 27:27
  Speaker 2: like they're like, oh my gosh, I didn't even know
• 27:29
  Speaker 2: that this was the way music was done. Then this
• 27:31
  Speaker 2: is amazing. Like you see people like generally dawning on
• 27:34
  Speaker 2: them is like, wow, these guys are really talent or whatever.
• 27:37
  Speaker 2: But it also makes me really mad because sometimes like
• 27:39
  Speaker 2: I'll watch something and they just have no idea like
• 27:43
  Speaker 2: the context of the situation of the thing that they're
• 27:46
  Speaker 2: talking about. Like a guy was talking about the Rooftop
• 27:49
  Speaker 2: concert and he was reviewing the Beatles, and it showed
• 27:50
  Speaker 2: Billy Preston. The guy's like, man, this guy's pretty good
• 27:52
  Speaker 2: on the keyboards never And he looked at me and
• 27:54
  Speaker 2: was like, Billy Preston, Well, I have no idea who
• 27:56
  Speaker 2: that is, but he's pretty good on the keyboards. I'm like,
• 27:57
  Speaker 2: oh my, there's like ten great keyboardists of all time
• 28:01
  Speaker 2: and he's like in the top five of those and
• 28:03
  Speaker 2: he's in the Hall of Fame.
• 28:04
  Speaker 1: You don't know.
• 28:05
  Speaker 2: And this guy was supposedly like a modern producer or whatever.
• 28:08
  Speaker 2: It's like, it's just amazing that and I wanted to
• 28:10
  Speaker 2: relate that back is just context sometimes matters. Yeah, you know,
• 28:15
  Speaker 2: understanding the historicity of something sometimes matters. Not that the
• 28:18
  Speaker 2: history always predicts the future, but knowing what things are
• 28:22
  Speaker 2: and what they were and how they informed the future
• 28:25
  Speaker 2: can help you when it comes to things like that.
• 28:26
  Speaker 2: And again, that's what you're good at. That's what having
• 28:30
  Speaker 2: John Burdad on your side does, because you understand I
• 28:33
  Speaker 2: talk about the bending the bending branch. You understand how
• 28:35
  Speaker 2: that branch bends. That's what your study is. And so
• 28:40
  Speaker 2: it's very hard for a layperson. You know, a gen
• 28:43
  Speaker 2: Z producer listening to the Beatles for the first time.
• 28:46
  Speaker 2: He may be very good at what he knows now,
• 28:48
  Speaker 2: but he didn't understand of the history of the context
• 28:51
  Speaker 2: of that. That informed what he was trying to say today.
• 28:53
  Speaker 2: That history can be important when it comes to the market.
• 28:55
  Speaker 4: No doubt about it. I mean, you know, tomorrow doesn't
• 28:59
  Speaker 4: exist and the past doesn't exist either. The only thing
• 29:04
  Speaker 4: that really exists is right now. And I just said
• 29:08
  Speaker 4: right now, and that that's now past.
• 29:10
  Speaker 3: That's the past. Yep. I love that.
• 29:13
  Speaker 4: So so you know, you're wise to try to learn
• 29:18
  Speaker 4: from the past, but you can't dwell.
• 29:21
  Speaker 3: On the past.
• 29:23
  Speaker 4: You know, you can inform decisions of today, but you
• 29:26
  Speaker 4: have to take the actions today and and the past
• 29:31
  Speaker 4: can help help you, you know, shape some of that
• 29:34
  Speaker 4: decision making. And the future is out there for you
• 29:36
  Speaker 4: to you to create. You can create it in the
• 29:41
  Speaker 4: in the now and the actions you take in the
• 29:44
  Speaker 4: now and and the markets that way. I mean, if
• 29:47
  Speaker 4: you you you can set around and think, well, the
• 29:51
  Speaker 4: market's too high, the market's this, the market's that, the
• 29:54
  Speaker 4: political news is this and that, and what happens you
• 29:57
  Speaker 4: don't use the now to make any decisions.
• 30:00
  Speaker 3: Oh man, that's a great point.
• 30:01
  Speaker 4: So there will be no future that you're creating. You're
• 30:04
  Speaker 4: just along for the ride. At that point, you have
• 30:06
  Speaker 4: to seize that now, and it's you know, in the
• 30:10
  Speaker 4: case of the market, there's plenty of paths to look
• 30:13
  Speaker 4: at two should it should be able to give you
• 30:18
  Speaker 4: some degree of confidence that well, you know, who cares
• 30:21
  Speaker 4: if the market's at fifty thousand and I think it's
• 30:24
  Speaker 4: too high and it falls to forty five thousand, you
• 30:27
  Speaker 4: know next year? Are you wrong if you're investing for
• 30:30
  Speaker 4: fifteen years from now when the market will be at
• 30:32
  Speaker 4: one hundred thousand?
• 30:33
  Speaker 3: Right?
• 30:33
  Speaker 4: Oh, great point, right, you know, don't don't allow yourself
• 30:37
  Speaker 4: to be locked into not making the decisions in the now.
• 30:43
  Speaker 4: And if you read that past, it's it's hard to
• 30:47
  Speaker 4: find a reason not to try to move forward, to
• 30:50
  Speaker 4: try to create the world that you want to create
• 30:53
  Speaker 4: for yourself.
• 30:54
  Speaker 2: And I think as an amazing insight and another thing
• 30:57
  Speaker 2: that I think that we found and we use the
• 31:00
  Speaker 2: last two presidential administrations a little bit for this, not
• 31:03
  Speaker 2: necessarily to make a political point about anything, but how
• 31:06
  Speaker 2: people the psychology of people sort of rooting for their side.
• 31:10
  Speaker 2: So there were people in the previous administration who refused
• 31:14
  Speaker 2: to admit that prices were out of control and getting
• 31:16
  Speaker 2: high and that and then everything was supposed to get better,
• 31:20
  Speaker 2: to something I mean, not realistically, but some people's like
• 31:22
  Speaker 2: everything's going to get better the market and prices, Like
• 31:26
  Speaker 2: the economy doing well does not mean like suddenly, the
• 31:28
  Speaker 2: market doing well does not mean you're going to get
• 31:30
  Speaker 2: prices that are going to go back down. Those things
• 31:32
  Speaker 2: are divorced. That's not the same thing. And there's people
• 31:35
  Speaker 2: that try to trick themselves into saying, well, the prices
• 31:38
  Speaker 2: are stabilize, everything's great. That's not true. Prices have not
• 31:42
  Speaker 2: gone down. The prices are as high as they everwhere
• 31:44
  Speaker 2: you play seventeen dollars for a canister of coffee. You know,
• 31:47
  Speaker 2: I mean, those are realities. But that's okay because that's
• 31:51
  Speaker 2: what you're planning for now. You just have to embrace
• 31:53
  Speaker 2: that those things don't equate. Just because the market's doing
• 31:56
  Speaker 2: great does not mean that prices are going to suddenly
• 31:58
  Speaker 2: drop or anything along those lines. At the enemies quote
• 32:00
  Speaker 2: unquote fixed, those prices are baked in. You know, it's
• 32:03
  Speaker 2: it's not going anywhere. So you have to plan for
• 32:05
  Speaker 2: the real future and not what for your sort of
• 32:08
  Speaker 2: telling your friends.
• 32:09
  Speaker 4: And also when you look at the market and you
• 32:12
  Speaker 4: really think about it, you know, inflation happens over time.
• 32:17
  Speaker 4: And sometimes it's higher and sometimes it's lower. But it's
• 32:21
  Speaker 4: going to happen, and you need to think about that
• 32:25
  Speaker 4: in your investment. But how do you how do you
• 32:27
  Speaker 4: escape that? You know, look a look at this last
• 32:30
  Speaker 4: bout of high inflation. Who did that hurt? It hurt
• 32:33
  Speaker 4: the people that didn't own things always? I mean, yeah,
• 32:36
  Speaker 4: right exactly. It is a kind of a tax on
• 32:40
  Speaker 4: the less well to do well.
• 32:42
  Speaker 3: What do I hear it's very expensive to be poor?
• 32:44
  Speaker 4: Yes, yes, So how do you get out of that? Well,
• 32:48
  Speaker 4: you have to make a decision to live below your
• 32:50
  Speaker 4: means today and what do you do? You buy assets
• 32:54
  Speaker 4: that are doing what serving people. It gets right back
• 32:57
  Speaker 4: to the same thing. I don't know how much things
• 32:59
  Speaker 4: are going to cost ten or years from now, twenty
• 33:01
  Speaker 4: years from now. I have no idea what inflation's going
• 33:03
  Speaker 4: to be. I know what it's been. I can make
• 33:05
  Speaker 4: some assumptions, but I really don't know the future. But
• 33:09
  Speaker 4: I know this, If I own companies that are valuable
• 33:12
  Speaker 4: to people, and inflations twice as much as I thought
• 33:16
  Speaker 4: it was going to be, and my company, though that
• 33:19
  Speaker 4: I own, is serving those people, well, it's earnings are
• 33:23
  Speaker 4: probably going to be more than I thought they were
• 33:25
  Speaker 4: going to be too.
• 33:25
  Speaker 3: Such a great point.
• 33:26
  Speaker 4: Yeah, So you know you have to keep up with
• 33:29
  Speaker 4: the only way to keep up with inflation is to
• 33:32
  Speaker 4: stay valuable in the marketplace.
• 33:35
  Speaker 2: So all these people that some folks villainize as far
• 33:37
  Speaker 2: as your millionaires and your billionaire, I guess millionaires are
• 33:40
  Speaker 2: dima dozen anymore, but you're billionaires and your trillionaires and
• 33:43
  Speaker 2: things along those lines. The fact of the matter is
• 33:46
  Speaker 2: that when you're in charge of a company that is
• 33:50
  Speaker 2: providing the service and the reliability in this company, and
• 33:54
  Speaker 2: you might break off too different than whatever might happen,
• 33:55
  Speaker 2: But the reliability of this company five years from now,
• 33:58
  Speaker 2: ten years from now, twenty years from twenty five years
• 34:00
  Speaker 2: from now, whatever it might be, to be that one
• 34:04
  Speaker 2: that provides the service, you know that they're always going
• 34:06
  Speaker 2: to provide and they might have ups and downs within
• 34:09
  Speaker 2: or whatever, but you know they're always going to be
• 34:10
  Speaker 2: on that on that that larger path.
• 34:13
  Speaker 4: Let's forget about a company, and let's say let's say
• 34:15
  Speaker 4: you are a heart doctor and I have a heart problem.
• 34:20
  Speaker 4: Does it matter what inflation is going to be. You're
• 34:24
  Speaker 4: valuable to me, right, And and that is really what
• 34:29
  Speaker 4: you're investing in and it's not always just an individual company.
• 34:33
  Speaker 4: You know, you're diversifying across the economy. And there again
• 34:36
  Speaker 4: it's that overall belief that we haven't thought of everything
• 34:40
  Speaker 4: yet as a people. You know, we haven't solved every problem.
• 34:44
  Speaker 4: There's still problems out there. Last time I checked, well,
• 34:48
  Speaker 4: how do you how do you serve people? You try
• 34:50
  Speaker 4: to solve problems for people. You know, if you believe
• 34:54
  Speaker 4: in that process, then all of a sudden, the market
• 34:57
  Speaker 4: is a much less scary thing over time, even though
• 35:01
  Speaker 4: it has the ups and downs, it's easier to believe that, hey,
• 35:04
  Speaker 4: if I commit to this path, I'm going to be
• 35:07
  Speaker 4: successful because of that process that's kind of baked into
• 35:13
  Speaker 4: the way the economy works.
• 35:14
  Speaker 2: My favorite thing about these discussions that we have, and
• 35:16
  Speaker 2: I mean this legitimately, is you know, the discussions that
• 35:20
  Speaker 2: you have, you try to dig in a little bit
• 35:23
  Speaker 2: to what's going on and explain to folks these things
• 35:25
  Speaker 2: which are it's all the background to how you operate.
• 35:29
  Speaker 2: The fact is, although we have all these discussions, if
• 35:31
  Speaker 2: somebody just wanted to pick up a phone and call
• 35:32
  Speaker 2: you and you get to the ball rolling on it,
• 35:34
  Speaker 2: you don't have to have all these discussions. So all
• 35:36
  Speaker 2: you have to do is you have a conversation, you
• 35:39
  Speaker 2: figure out what you know, what your maybe your your
• 35:42
  Speaker 2: risk assessment is, what your goals are, things along those lines,
• 35:45
  Speaker 2: and you put a plan in place. You don't have
• 35:47
  Speaker 2: to worry about it. You don't have to talk about
• 35:48
  Speaker 2: this background noise. You know, we do this as an
• 35:50
  Speaker 2: instructive point, but that's not what you taught. That's not
• 35:53
  Speaker 2: the conversation you're going to have with a client.
• 35:55
  Speaker 4: You know, some people definitely want to be more hands
• 35:57
  Speaker 4: off on that decision making, but I always do try
• 36:01
  Speaker 4: to get the concept of the why down because when
• 36:07
  Speaker 4: the market does get rocky, like it does from time
• 36:09
  Speaker 4: to time, if you have a base understanding of the
• 36:11
  Speaker 4: why it works over time, you're more likely to stick
• 36:14
  Speaker 4: to it.
• 36:15
  Speaker 2: That's great information as always, But Gen bre Debt from
• 36:17
  Speaker 2: Fourth Avenue Financial let me get the information out for
• 36:19
  Speaker 2: you so you can get a hold of John when
• 36:21
  Speaker 2: we're not on the airwaves. Fourth Avenue Financials is located
• 36:23
  Speaker 2: into downtown Charles and one seventy Court Street is where
• 36:25
  Speaker 2: you can find them, right across from the town Center
• 36:28
  Speaker 2: location mall Indoor place. You can find it right across
• 36:33
  Speaker 2: from from where five Guys used to be, approximately in
• 36:37
  Speaker 2: that area across the street from the Town Center, next
• 36:40
  Speaker 2: to the National Travel you can find into downtown Charleston
• 36:42
  Speaker 2: the phone number three zero four seven four six seven
• 36:44
  Speaker 2: done seven seven three zero four seven four six seven
• 36:46
  Speaker 2: nine seven seven three zero four seven four six seven
• 36:49
  Speaker 2: non seven seven on line fourth Avenue Financial dot com.
• 36:52
  Speaker 2: You spell out the whole thing fourth Avenue Financial dot com.
• 36:54
  Speaker 2: You can also do that same search on Facebook and
• 36:56
  Speaker 2: like it over there. You can catch our show every
• 36:59
  Speaker 2: Monday morning at eight twenty right here on five ah
• 37:00
  Speaker 2: W c HF