• Time in an investment, not timing an investment!

  • Volatility creates opportunity!

  • Investors view their investment time horizon in comparison to when they are going to retire

  • Your money still needs to be invested so you can keep pace or exceed inflation

  • Do not take your money out of investments when you retire!

  • Volatility is not RISKY; its the allocation that is risky

  • During volatility is when there is more uncertainty and perceived risk

  • We are NOT on the verge of a recession

  • There are 5 indicators for an recession

    • NEVER is going to determine we are in a recession

  • Investment philosophy and strategy

  • Buy discipline and sell discipline

Question: I get the idea of volatility giving you opportunity to buy companies on sale: where do you come up with the money to buy them at that point? Either you had to have money in cash in which case it ant working for you or you’re forced to sell something else that is suppose to be invested in a good business, which seems like market timing

  • Most people who are invested in Mutual Funds and ETFs don’t have the flexibility because their money is all invested

  • In a well diversified SMA, there are assigned percentages of what you want to own in any given business

  • Taking profits where there are greats gains

  • Sell a position to invest in another position

  • Selling a position at a loss in tax loss harvesting

  • Sell the high to buy the low

  • You put cash to work over time

  • Its not market timing because were looking at the businesses we want to own on sale

  • Can take partial profit and don’t need to have a lot of cash

We’re not looking at the “market”, most people if you’re a growth portfolio do not have cash thats why asset allocation is incredible important

August 13, 2019