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Michael Falk Get and Stay Invested

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<p><strong><span data-contrast="none">This podcast is dedicated to John </span></strong><strong><span data-contrast= "none">Bogle</span></strong><strong><span data-contrast= "none"> </span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-contrast="none">Michael and Andrew would like </span><span data-contrast="none">to dedicate this podcast </span><span data-contrast= "none">episode </span><span data-contrast="none">to the icon who </span><a href= "https://www.nytimes.com/2019/01/16/obituaries/john-bogle-vanguard-dead.html"><span data-contrast="none">passed</span><span data-contrast="none"> </span><span data-contrast="none">away</span></a><span data-contrast="none"> </span><span data-contrast="none">just before this recording was made, </span><span data-contrast= "none">John </span><span data-contrast= "none">Bogle</span><span data-contrast= "none">,</span><span data-contrast="none"> founder of </span><span data-contrast="none">the </span><a href= "https://investor.vanguard.com/corporate-portal/"><span data-contrast="none">Vanguard</span><span data-contrast="none"> Group</span></a><span data-contrast="none">, </span><span data-contrast="none">and author of </span><span data-contrast= "none">such </span><span data-contrast= "none">classics </span><span data-contrast="none">on investing </span><span data-contrast= "none">as </span><a href= "https://www.amazon.com/Little-Book-Common-Sense-Investing/dp/0470102101"><em><span data-contrast="none">The Little Book of Common Sense Investing</span></em></a><span data-contrast= "none"> </span><span data-contrast= "none">was </span><span data-contrast="none">a real Vanguard and revolutionary</span><span data-contrast= "none">. </span><span data-contrast= "none">Bogle</span><span data-contrast= "none"> </span><span data-contrast="none">started the world’</span><span data-contrast="none">s first index fund</span><span data-contrast= "none"> so </span><span data-contrast= "none">they </span><span data-contrast= "none">tip </span><span data-contrast= "none">their </span><span data-contrast="none">hats in tribute. </span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p> </p> <h3><strong><span data-contrast="none">Guest profile </span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></h3> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><strong><span data-contrast="none">Michael Falk</span></strong><span data-contrast="none"> is a CFA charter holder and a certified retirement counselor. He is a partner at the </span><a href= "http://www.focuscgroup.com/"><span data-contrast="none">Focus Consulting Group</span></a><span data-contrast="none"> and specializes in helping investment teams improve their investment decision making</span><span data-contrast= "none">,</span><span data-contrast="none"> investment firms with their strategic planning</span><span data-contrast= "none">,</span><span data-contrast="none"> and mediating firms</span><span data-contrast="none">’</span><span data-contrast= "none"> successions. Previously, he was a </span><span data-contrast="none">chief strategist </span><span data-contrast="none">at a global macro fund and a </span><span data-contrast="none">chief investment officer </span><span data-contrast="none">in charge of manager due diligence and asset allocation for </span><span data-contrast= "none">a </span><span data-contrast= "none">mult</span><span data-contrast= "none">i</span><span data-contrast= "none">billion-dollar</span><span data-contrast= "none"> </span><span data-contrast= "none">advisory </span><span data-contrast="none">practice. Michael</span><span data-contrast= "none"> is</span><span data-contrast= "none"> an</span><span data-contrast= "none"> </span><span data-contrast="none">author, co</span><span data-contrast="none">-</span><span data-contrast= "none">author and frequent speaker</span><span data-contrast= "none">.</span><span data-contrast= "none"> </span><span data-contrast= "none">in</span><span data-contrast= "none"> 2016</span><span data-contrast="none">.  H</span><span data-contrast="none">e wrote the </span><a href= "https://www.cfainstitute.org/en/research/foundation"><span data-contrast="none">CFA Institute Research Foundation</span></a><span data-contrast= "none"> </span><span data-contrast= "none">monograph</span><span data-contrast= "none"> </span><a href= "https://www.amazon.com/Learn-Sustain-Long-Term-Economic-Growth-ebook/dp/B01HMURMBA"><em><span data-contrast="none">Let</span></em><em><span data-contrast="none">’</span></em><em><span data-contrast="none">s All Learn How to Fish</span></em></a><em><span data-contrast= "none">…to Sustain Long-Term Economic Growth</span></em><span data-contrast= "none">. </span><span data-contrast= "none">He </span><span data-contrast= "none">is</span><span data-contrast= "none"> </span><span data-contrast= "none">on </span><span data-contrast="none">the CFA </span><span data-contrast= "none">I</span><span data-contrast= "none">nstitute</span><span data-contrast= "none">’</span><span data-contrast= "none">s </span><span data-contrast="none">approved speaker list</span><span data-contrast="none">.</span><span data-contrast= "none"> </span><span data-contrast= "none">I</span><span data-contrast="none">n the past</span><span data-contrast="none">,</span><span data-contrast= "none"> </span><span data-contrast= "none">h</span><span data-contrast="none">e has taught on behalf of </span><span data-contrast="none">the </span><a href= "https://www.cfachicago.org/"><span data-contrast="none">CFA Society Chicago</span></a><span data-contrast="none"> in their</span><span data-contrast="none"> </span><a href= "https://www.cfainstitute.org/en/programs/investment-foundations"><span data-contrast="none">I</span><span data-contrast="none">nvestment </span><span data-contrast="none">F</span><span data-contrast="none">oundation </span><span data-contrast="none">C</span><span data-contrast="none">ertificate</span></a><span data-contrast="none"> program. </span><span data-contrast="none">He has be</span><span data-contrast="none">en a contributing member </span><span data-contrast= "none">of</span><span data-contrast= "none"> the </span><a href= "https://www.fma.org/"><span data-contrast= "none">F</span><span data-contrast="none">inancial Management Association</span><span data-contrast= "none">’</span><span data-contrast= "none">s</span></a><span data-contrast= "none"> </span><span data-contrast= "none">practitioners</span><span data-contrast= "none">’</span><span data-contrast="none"> demand-driven academic research initiative group and</span><span data-contrast= "none"> </span><span data-contrast="none">taught at </span><a href= "https://www.depaul.edu/Pages/default.aspx"><span data-contrast= "none">De</span><span data-contrast= "none">P</span><span data-contrast="none">aul University</span></a><span data-contrast="none"> in their </span><a href= "https://www.learning.depaul.edu/eCS/CourseGroup.aspx?group_number=120&group_version=1"><span data-contrast="none">C</span><span data-contrast="none">ertified </span><span data-contrast="none">F</span><span data-contrast="none">inancial </span><span data-contrast="none">P</span><span data-contrast="none">lanner </span><span data-contrast="none">C</span><span data-contrast="none">ertificate </span><span data-contrast="none">P</span><span data-contrast="none">rogram</span></a><span data-contrast="none">. He</span><span data-contrast="none">’</span><span data-contrast= "none">s frequently quoted in the financial press and presents i</span><span data-contrast="none">n</span><span data-contrast= "none"> industry</span><span data-contrast= "none"> events.</span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <h3><strong><span data-contrast= "none">Moneyball </span></strong><strong><span data-contrast= "none">m</span></strong><strong><span data-contrast= "none">an</span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></h3> <p><span data-contrast= "none">Michael </span><span data-contrast="none">was an athlete who </span><span data-contrast="none">played competitive baseball until he was 31 years old. But in his early 20</span><span data-contrast="none">’</span><span data-contrast= "none">s, he realized that he couldn</span><span data-contrast= "none">’</span><span data-contrast="none">t get a career out of this, so he decided to get </span><span data-contrast= "none">a </span><span data-contrast="none">proper education</span><span data-contrast= "none"> in </span><a href= "https://giesbusiness.illinois.edu/"><span data-contrast= "none">Ill</span><span data-contrast= "none">inois </span><span data-contrast= "none">Gies</span><span data-contrast= "none"> </span><span data-contrast="none">College of Business</span></a><span data-contrast= "none"> and </span><span data-contrast= "none">acquired</span><span data-contrast="none"> his interest in money. It caught his attention</span><span data-contrast= "none">, </span><span data-contrast="none">but it wasn</span><span data-contrast="none">’</span><span data-contrast= "none">t about getting large amounts. It was about how money dr</span><span data-contrast="none">ove</span><span data-contrast= "none"> behavior. But still, he played ball and </span><span data-contrast= "none">was </span><span data-contrast="none">working on the side until </span><span data-contrast= "none">his </span><span data-contrast= "none">body</span><span data-contrast= "none">’</span><span data-contrast="none">s aches and pains started to </span><span data-contrast= "none">surface.</span><span data-contrast= "none"> </span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-contrast="none"> </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <h3><strong><span data-contrast= "none">Summary</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></h3> <p><span data-contrast="none">In this episode, </span><span data-contrast= "none">Michael</span><span data-contrast= "none"> </span><span data-contrast= "none">recounts </span><span data-contrast= "none">his </span><span data-contrast= "none">experiences </span><span data-contrast="none">as a private wealth manager </span><span data-contrast= "none">advising a client on what to do about holdings in </span><span data-contrast= "none">two </span><span data-contrast= "none">big </span><span data-contrast= "none">companies</span><span data-contrast="none">. The story </span><span data-contrast= "none">revolves </span><span data-contrast="none">around w</span><span data-contrast= "none">hat </span><span data-contrast= "none">is </span><span data-contrast="none">seemingly his </span><span data-contrast= "none">not-so-</span><span data-contrast= "none">lucky </span><span data-contrast="none">share-price level, US</span><span data-contrast= "none">$8/share. </span><span data-contrast= "none">He </span><span data-contrast= "none">share</span><span data-contrast= "none">s</span><span data-contrast= "none"> his </span><span data-contrast="none">take on the fortunes of these </span><span data-contrast="none">huge companies and the reasons </span><span data-contrast= "none">why he didn</span><span data-contrast= "none">’</span><span data-contrast="none">t take </span><span data-contrast="none">the risk of </span><span data-contrast= "none">investing </span><span data-contrast= "none">i</span><span data-contrast="none">n them</span><span data-contrast="none">, even though he was an educated investor and had advised his client to hang on to the stocks. </span><span data-contrast="none">Andrew will tell </span><span data-contrast= "none">add </span><span data-contrast="none">why execution is a</span><span data-contrast="auto"> vital part of building an investment plan</span><span data-contrast="none"> through his </span><span data-contrast="none">six-step process</span><span data-contrast= "none">. </span><span data-contrast="none">Inherent in that </span><span data-contrast= "none">is </span><span data-contrast="none">how crucial it is to </span><span data-contrast= "none">avoid</span><span data-contrast="none"> taking huge positions </span><span data-contrast="none">aggressively so you </span><span data-contrast= "none">don</span><span data-contrast= "none">’</span><span data-contrast= "none">t </span><span data-contrast="none">end up </span><span data-contrast="none">in the same sad state as do </span><span data-contrast="none">most investors.</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">  </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <blockquote> <p><em><span data-contrast= "none">“</span></em><em><span data-contrast="auto">Lose profitably. Use your takeaways and your learnings from those losses </span></em><em><span data-contrast= "auto">to </span></em><em><span data-contrast= "auto">not </span></em><em><span data-contrast="auto">repeat th</span></em><em><span data-contrast="auto">e same mistakes. They say there</span></em><em><span data-contrast= "auto">’</span></em><em><span data-contrast= "auto">s </span></em><em><span data-contrast="auto">no such thing as failure if you</span></em><em><span data-contrast= "auto">’</span></em><em><span data-contrast="auto">re learning. So, my parting comment is, if you</span></em><em><span data-contrast= "auto">’</span></em><em><span data-contrast= "auto">ve</span></em><em><span data-contrast="auto"> got to lose, at least lose profitably.</span></em><em><span data-contrast= "none">”</span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559739":160,"335559740":276}"> </span></p> <p><em><span data-contrast= "none">– </span></em><em><span data-contrast="none">Michael Falk</span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559739":300,"335559740":276}"> </span></p> </blockquote> <p><span data-contrast="none"> </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <h3><strong><span data-contrast= "none">W</span></strong><strong><span data-contrast= "none">$8/share </span></strong><strong><span data-contrast= "none">i</span></strong><strong><span data-contrast= "none">nvestments and the </span></strong><strong><span data-contrast= "none">o</span></strong><strong><span data-contrast= "none">dd </span></strong><strong><span data-contrast= "none">s</span></strong><strong><span data-contrast= "none">tories </span></strong><strong><span data-contrast= "none">b</span></strong><strong><span data-contrast= "none">ehind </span></strong><strong><span data-contrast= "none">them</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></h3> <p><strong><span data-contrast= "none">Apple</span></strong><strong><span data-contrast= "none"> Inc. </span></strong><strong><span data-contrast= "none">(</span></strong><a href= "https://www.bloomberg.com/quote/AAPL:US"><strong><span data-contrast="none">AAPL</span></strong><strong><span data-contrast="none">:US</span></strong></a><strong><span data-contrast="none">)</span></strong><strong><span data-contrast="none"> </span></strong><strong><span data-contrast="none">is now trading at US$199.23/share</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><a href="https://www.apple.com/"><span data-contrast= "none">Apple</span></a><span data-contrast= "none"> </span><span data-contrast= "none">was </span><span data-contrast="none">starting to </span><span data-contrast= "none">drop</span><span data-contrast= "none">,</span><span data-contrast= "none"> </span><span data-contrast="none">before Steve Jobs </span><span data-contrast= "none">returned </span><span data-contrast="none">and saved the company. </span><span data-contrast="none">It was trading </span><span data-contrast= "none">at </span><span data-contrast="none">around $8/share. </span><span data-contrast="none">Michael was a fan of Apple </span><span data-contrast= "none">computers </span><span data-contrast="none">and so his friend who was curious </span><span data-contrast= "none">about</span><span data-contrast="none"> the drastic consequences if the company </span><span data-contrast= "none">should </span><span data-contrast="none">fall. He was c</span><span data-contrast= "none">onfident</span><span data-contrast="none"> that it wo</span><span data-contrast="none">uld</span><span data-contrast= "none">n</span><span data-contrast= "none">’</span><span data-contrast= "none">t</span><span data-contrast="none">. Buying the stock was an absolute steal</span><span data-contrast="none">, given the</span><span data-contrast="none">se</span><span data-contrast= "none"> two probable scenarios:</span><span data-contrast= "none"> </span><span data-contrast= "none">1</span><span data-contrast="none">) The company</span><span data-contrast= "none"> </span><span data-contrast= "none">would </span><span data-contrast="none">rebound, or 2) Microsoft </span><span data-contrast= "none">would </span><span data-contrast="none">buy them because of the value of </span><span data-contrast= "none">the </span><span data-contrast= "none">technology</span><span data-contrast= "none">. </span><span data-contrast= "none">S</span><span data-contrast= "none">urprising</span><span data-contrast= "none">ly</span><span data-contrast="none">, he didn</span><span data-contrast="none">’</span><span data-contrast= "none">t follow the instructions that he gave to his friend. </span><span data-contrast="none">He didn</span><span data-contrast="none">’</span><span data-contrast= "none">t follow the instruction he gave to his friend. </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <h3><strong><span data-contrast="none">Philip Morris</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></h3> <p><strong><span data-contrast="none">Philip Morris International Inc. (</span></strong><a href= "https://www.bloomberg.com/quote/PM:US"><strong><span data-contrast="none">PM</span></strong><strong><span data-contrast="none">:US</span></strong></a><strong><span data-contrast="none">, $86.19); Altria Group Inc. (</span></strong><a href= "https://www.bloomberg.com/quote/MO:US"><strong><span data-contrast="none">MO:US</span></strong></a><strong><span data-contrast="none">, $56.94)</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">Michael started his career in private wealth management. He had a client</span><span data-contrast= "none"> named Jack, </span><span data-contrast="none">who inherited a stock portfolio from his father</span><span data-contrast="none">. As he </span><span data-contrast="none">was doing </span><span data-contrast="none">an audit on the low-cost basis portfolio, they </span><span data-contrast= "none">were unable to decide</span><span data-contrast= "none"> </span><span data-contrast="none">whether or not to hedge out the risks. One of the </span><span data-contrast= "none">companies </span><span data-contrast="none">they were </span><span data-contrast="none">looking at was </span><a href="https://www.pmi.com/"><span data-contrast= "none">Philip M</span><span data-contrast= "none">o</span><span data-contrast= "none">rris</span></a><span data-contrast= "none">,</span><span data-contrast= "none"> </span><span data-contrast= "none">which </span><span data-contrast= "none">was </span><em><span data-contrast= "none">also</span></em><span data-contrast= "none"> </span><span data-contrast="none">trading at $8/share too. Philip Morris had started to take a BD (broker-dealer) </span><span data-contrast= "none">at </span><span data-contrast="none">that time because that was when the US government was going after the tobacco companies in terms of the healthcare lawsuits.</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <h3><strong><span data-contrast= "none">Michael</span></strong><strong><span data-contrast= "none">’</span></strong><strong><span data-contrast= "none">s </span></strong><strong><span data-contrast= "none">a</span></strong><strong><span data-contrast= "none">nalysis:</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></h3> <p><span data-contrast="none">1.The dividend payment at that time was 8%</span><span data-contrast= "none">, </span><span data-contrast="none">and he believed it w</span><span data-contrast="none">ouldn</span><span data-contrast= "none">’</span><span data-contrast="none">t stopped. (</span><a href= "https://www.investopedia.com/terms/d/dividendpayoutratio.asp"><span data-contrast="none">D/P ratio</span></a><span data-contrast="none"> or Dividend Payout Ratio</span><span data-contrast= "none"> </span><span data-contrast= "none">=</span><span data-contrast= "none"> </span><span data-contrast="none">Dividends Paid/Net Income) </span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">2.He dug into legal research and started to read the case history on the lawsuits against Philip Morris. He realized that the government</span> <span data-contrast= "none">wouldn</span><span data-contrast= "none">’</span><span data-contrast= "none">t </span><span data-contrast="none">put them out of business since </span><span data-contrast= "none">it </span><span data-contrast= "none">need</span><span data-contrast= "none">ed</span><span data-contrast= "none"> the </span><span data-contrast= "none">company</span><span data-contrast="none"> to survive </span><span data-contrast="none">so it would have money </span><span data-contrast="none">to settle the lawsuits</span><span data-contrast= "none"> </span><span data-contrast="none">that had been </span><span data-contrast= "none">filed </span><span data-contrast= "none">against </span><span data-contrast= "none">them.</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">3.Jack thought of selling his shares but Michael, </span><span data-contrast= "none">told </span><span data-contrast= "none">him </span><span data-contrast="none">flat out: </span><span data-contrast= "none">“</span><span data-contrast="none">If you sell Philip Morris, I</span><span data-contrast= "none">’</span><span data-contrast="none">m going to slap you.</span><span data-contrast="none">”</span><span data-contrast= "none"> </span><span data-contrast="none">Backed by his research, his solid strong reasons </span><span data-contrast= "none">were </span><span data-contrast="none">the following:</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">a.The</span> <span data-contrast= "none">8% dividend growth </span><span data-contrast= "none">was </span><span data-contrast= "none">scarce</span><span data-contrast= "none">.</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">b.The g</span><span data-contrast= "none">overnment</span><span data-contrast= "none"> couldn</span><span data-contrast= "none">’</span><span data-contrast="none">t put them out of business.</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">c.If Jack sold his shares, his tax</span> <span data-contrast= "none">bill </span><span data-contrast= "none">w</span><span data-contrast= "none">ould</span><span data-contrast= "none"> be </span><span data-contrast="none">quite high. </span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">d.You have every incentive to hold on to this stock.</span> <span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><span data-contrast="none">Michael personally avoided buying Philip Morris</span><span data-contrast= "none">’</span><span data-contrast="none"> stocks for the reason that it was trading at $8/share</span><span data-contrast= "none">.</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <blockquote> <p><em><span data-contrast= "none">“</span></em><em><span data-contrast="none">It wasn</span></em><em><span data-contrast= "none">’</span></em><em><span data-contrast="none">t about losing money. It was about not making money.</span></em><em><span data-contrast= "none">”</span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559739":160,"335559740":276}"> </span></p> <p><em><span data-contrast="none">–  Michael Falk</span></em><span data-ccp-props= "{"134233279":true,"201341983":0,"335551550":2,"335551620":2,"335559739":160,"335559740":276}"> </span></p> </blockquote> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <h3><strong><span data-contrast= "none">Michael</span></strong><strong><span data-contrast= "none">’</span></strong><strong><span data-contrast= "none">s </span></strong><strong><span data-contrast= "none">t</span></strong><strong><span data-contrast= "none">akeaways </span></strong><span data-contrast= "none">  </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></h3> <p><span data-contrast="none">He</span><span data-contrast= "none"> admitted</span><span data-contrast= "none"> </span><span data-contrast= "none">having </span><span data-contrast="none">had the following downfalls in investing</span><span data-contrast= "none">. </span><span data-contrast="none">Most often</span><span data-contrast="none">:</span><span data-contrast= "none"> </span> <br /> <span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <ol> <li><span data-contrast="none">He </span><span data-contrast= "none">doesn</span><span data-contrast= "none">’</span><span data-contrast= "none">t </span><span data-contrast="none">take a lot of risk</span><span data-contrast="none">.</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559740":276}"> </span></li> <li><span data-contrast="none">He </span><span data-contrast= "none">has </span><span data-contrast= "none">eluded </span><span data-contrast= "none">buying </span><span data-contrast="none">individual insecurities to avoid conflicts of interest</span><span data-contrast="none"> due to the nature of his work</span><span data-contrast="none"> in private wealth counseling or institutional advisory </span><span data-contrast= "none">services. </span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559740":276}"> </span></li> <li><span data-contrast="none">He held on to either active or passively managed mutual funds </span><span data-contrast= "none">so I have very few stories other than the fact that I take very little risk, consistently</span><span data-contrast= "none">.</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559740":276}"> </span></li> </ol> <p><span data-ccp-props= "{"201341983":0,"335559685":360,"335559740":276}">  </span></p> <p><span data-contrast="none">Michael called </span><span data-contrast= "none">himself </span><span data-contrast="none">out for his unwillingness to take risks</span><span data-contrast= "none">,</span><span data-contrast="none"> and it did hurt his self-esteem. He is a professional</span><span data-contrast= "none">,</span><span data-contrast="none"> an educated investor who knows so much and yet he made such mistakes. </span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <blockquote> <p> <br /> <em><span data-contrast= "auto">“</span></em><em><span data-contrast="auto">We have to come to recognize that what I took away from it is for better or for worse, most often remain invested</span></em><em><span data-contrast= "auto">,</span></em><em><span data-contrast="auto"> depending upon what the purpose of the money is and what your goal is and where your goal is out in timescale. </span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559685":360,"335559740":276}"> </span></p> <p><em><span data-contrast="auto">Stay the path and </span></em><em><span data-contrast= "auto">…</span></em><span data-contrast= "auto"> </span><em><span data-contrast= "auto">research.</span></em><em><span data-contrast= "auto">”</span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559685":360,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559685":360,"335559740":276}">  </span></p> <p><em><span data-contrast="none">–   Michael Falk</span></em><span data-ccp-props= "{"134233279":true,"201341983":0,"335551550":2,"335551620":2,"335559740":276}"> </span></p> </blockquote> <p><span data-ccp-props= "{"201341983":0,"335559685":360,"335559740":276}">  </span></p> <ol> <li data-leveltext="%1." data-font="Arial" data-listid="1" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"> <strong><span data-contrast="none">Lessons from </span></strong><a href= "https://asu.pure.elsevier.com/en/persons/hendrik-bessembinder/publications/"><strong><span data-contrast="none">Hendrik Bessem</span></strong><strong><span data-contrast= "none">b</span></strong><strong><span data-contrast= "none">i</span></strong><strong><span data-contrast= "none">n</span></strong><strong><span data-contrast= "none">der</span></strong></a><strong><span data-contrast= "none">.  </span></strong><span data-contrast= "none">Michael credits this professor who published his research in January 2017 to answer the question </span><span data-contrast="none">“</span><a href= "https://csinvesting.org/wp-content/uploads/2017/05/Bessembinder-Do-Stocks-Outperform-Treasury-Bills.pdf"><em><span data-contrast="none">Do Stocks Outperform Trea</span></em><em><span data-contrast= "none">s</span></em><em><span data-contrast="none">ury Bills</span></em><em><span data-contrast= "none">?</span></em></a><span data-contrast= "auto">“</span><span data-contrast= "auto">  </span><span data-contrast="auto">Quoting from </span><span data-contrast= "auto">this </span><span data-contrast= "auto">paper</span><span data-contrast= "auto">’</span><span data-contrast="auto">s findings, Michael says:</span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></li> </ol> <blockquote> <p> <br /> <em><span data-contrast= "auto">“</span></em><em><span data-contrast="auto">…</span></em><em><span data-contrast="auto"> </span></em><em><span data-contrast="auto">58% of stocks fail to beat </span></em><em><span data-contrast= "auto">treasury</span></em><em><span data-contrast= "auto"> bill </span></em><em><span data-contrast= "auto">returns over their lifetimes;</span></em><em><span data-contrast= "auto"> 38%</span></em><em><span data-contrast= "auto"> of</span></em><em><span data-contrast= "auto"> stocks be</span></em><em><span data-contrast= "auto">at</span></em><em><span data-contrast="auto"> treasury bill returns by just moderate amounts. If you look at the total return of the market index over time, trouncing treasury bills for just over 4% of stocks are responsible for all of it</span></em><em><span data-contrast= "auto"> </span></em><em><span data-contrast= "auto">…</span></em><em><span data-contrast= "auto">”</span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559685":720,"335559740":276}"> </span></p> </blockquote> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-contrast="auto">The research </span><span data-contrast= "auto">made </span><span data-contrast= "auto">Michael </span><span data-contrast="auto">ask himself whether he should </span><span data-contrast="auto">pick stocks </span><span data-contrast="auto">at all, citing it as </span><span data-contrast="auto">the same theme that the lottery companies </span><span data-contrast="auto">use to </span><span data-contrast= "auto">pull </span><span data-contrast="auto">people in. </span><span data-contrast= "auto">“</span><span data-contrast="auto">You got to be in it to win it</span><span data-contrast= "auto">.</span><span data-contrast="auto">”</span><span data-contrast="auto"> </span><span data-ccp-props="{"201341983":0,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <blockquote> <p><em><span data-contrast= "auto">“</span></em><em><span data-contrast="auto">If you</span></em><em><span data-contrast= "auto">’</span></em><em><span data-contrast="auto">ve got an appropriate time to be invested, get inv</span></em><em><span data-contrast= "auto">ested,</span></em><em><span data-contrast= "auto"> </span></em><em><span data-contrast= "auto">b</span></em><em><span data-contrast="auto">e widely diversified and stay the course.</span></em><em><span data-contrast="auto">”</span></em><span data-ccp-props="{"201341983":0,"335551550":2,"335551620":2,"335559740":276}"> </span></p> <p><em><span data-contrast="none">–  Michael Falk</span></em><span data-ccp-props= "{"134233279":true,"201341983":0,"335551550":2,"335551620":2,"335559740":276}"> </span></p> </blockquote> <p><span data-ccp-props= "{"134233279":true,"201341983":0,"335559685":720,"335559740":276}">  </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <h3><strong><span data-contrast= "none">Andrew</span></strong><strong><span data-contrast= "none">’</span></strong><strong><span data-contrast="none">s Takeaways</span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></h3> <ol> <li><strong><span data-contrast= "auto">A </span></strong><strong><span data-contrast= "auto">key</span></strong><strong><span data-contrast= "auto"> part of building an investment plan is executing it</span></strong><strong><span data-contrast= "none">.</span></strong><span data-contrast= "none"> –</span><span data-contrast= "none"> </span><span data-contrast="none">Andrew outlines his </span><strong><span data-contrast="none">six-step process</span></strong><span data-contrast="none"> in investing he came up from his works and previous interviews:</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></li> </ol> <p><span data-contrast="none">Step 1: Find an idea.</span><span data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559685":720,"335559739":150,"335559740":240}"> </span></p> <p><span data-contrast="none">Step 2: Research the return.</span><span data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559685":720,"335559739":150,"335559740":240}"> </span></p> <p><span data-contrast="none">Step 3: Asses</span><span data-contrast="none">s</span><span data-contrast= "none"> the risks.</span><span data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559685":720,"335559739":150,"335559740":240}"> </span></p> <p><span data-contrast="none">Step 4: Create a plan.</span><span data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559685":720,"335559739":150,"335559740":240}"> </span></p> <p><span data-contrast="none">Step 5: Execute the plan.</span><span data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559685":720,"335559739":150,"335559740":240}"> </span></p> <p><span data-contrast="none">Step 6: Monitor the progress</span><span data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559685":720,"335559739":150,"335559740":240}"> </span></p> <p><span data-contrast="none">He emphasizes that Step 6 may not always be the last step. You might want to keep holding, so monitor the progress.  But the point is, </span><em><span data-contrast= "none">“</span></em><em><span data-contrast= "none">You</span></em><em><span data-contrast= "none">’</span></em><em><span data-contrast="none">ve got to act</span></em><em><span data-contrast= "none">.</span></em><em><span data-contrast= "none">”</span></em><span data-ccp-props= "{"201341983":0,"335559685":720,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast= "none">Michael </span><span data-contrast= "none">adds</span><span data-contrast= "none"> </span><span data-contrast= "none">S</span><span data-contrast= "none">tep</span><span data-contrast= "none"> 7</span><span data-contrast= "none">. </span> <br />  <br /> <span data-contrast="none">Step</span><span data-contrast= "none"> 7: </span><span data-contrast= "none">Find</span><span data-contrast= "none"> an </span><span data-contrast="none">educated and skilled</span><span data-contrast="none"> person to be the devil</span><span data-contrast="none">’</span><span data-contrast= "none">s advocate, the raging skeptic, </span><span data-contrast="none">and take a</span><span data-contrast="none">ll of your research </span><span data-contrast= "none">and </span><span data-contrast= "none">findings </span><span data-contrast="none">to them and ask them to</span><span data-contrast="none"> tear it apart</span><span data-contrast= "none"> and </span><span data-contrast="none">poke holes</span><span data-contrast="none"> in it</span><span data-contrast="none">.</span><span data-contrast= "none"> </span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559685":720,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"134233279":true,"201341983":0,"335559685":720,"335559740":276}">  </span></p> <p><span data-contrast="none">Andrew adds that he has done just that i</span><span data-contrast="none">t creates constructive ideas during meetings and raises the quality of a decision.</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335559685":720,"335559740":276}"> </span></p> <blockquote> <p> <br /> <span data-contrast="none">“</span><span data-contrast= "none">W</span><span data-contrast="none">hen I work with investment teams</span><span data-contrast= "none"> …</span><span data-contrast="none"> I teach </span><span data-contrast="none">people how to properly do devil</span><span data-contrast= "none">’</span><span data-contrast="none">s advocacy, how the role gets </span><span data-contrast="none">assigned, how it rotates among</span><span data-contrast="none"> team members, and how the action is supposed to be taken in a de</span><span data-contrast= "none">cision-</span><span data-contrast="none">making meeting.</span><span data-contrast= "none"> </span><span data-contrast= "none">Y</span><span data-contrast="none">ou can actually create constructs around this topic, to </span><span data-contrast= "none">materially </span><span data-contrast="none">raise the quality of a decision</span><span data-contrast="none">, so your input is great stuff</span><span data-contrast= "none">.</span><span data-contrast= "none">”</span><span data-contrast="none"> </span></p> <p><span data-contrast="none">– Andrew Stotz</span><span data-ccp-props= "{"134233279":true,"201341983":0,"335551550":2,"335551620":2,"335559685":720,"335559740":276}"> </span></p> </blockquote> <p><span data-ccp-props= "{"201341983":0,"335559685":720,"335559739":160,"335559740":276}">  </span></p> <p><strong><span data-contrast="none">2. Take a small position.</span></strong><span data-contrast="none"> – The mistake most people make is that they think of a </span><span data-contrast= "none">huge</span><span data-contrast="none"> position immediately and it overwhelms them.  </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <blockquote> <p><em><span data-contrast= "auto">“</span></em><em><span data-contrast="auto">Keep in mind that if it really is going to be a Juggernaut, that small position is going to become a huge position. It</span></em><em><span data-contrast= "auto">’</span></em><em><span data-contrast="auto">s just a matter of time. You got </span></em><em><span data-contrast= "auto">a </span></em><em><span data-contrast="auto">4% chance of that according to the research.</span></em><em><span data-contrast= "auto">”</span></em><span data-ccp-props= "{"201341983":0,"335551550":2,"335551620":2,"335559685":720,"335559739":160,"335559740":276}"> </span></p> <p><em><span data-contrast="none">–  Andrew Stotz</span></em><span data-ccp-props= "{"134233279":true,"201341983":0,"335551550":2,"335551620":2,"335559739":160,"335559740":276}"> </span></p> </blockquote> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><strong><span data-contrast="none">To avoid the same fate</span></strong><span data-contrast= "none"> </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><strong><span data-contrast= "none">M</span></strong><strong><span data-contrast="none">ake your investments simple</span></strong><span data-contrast= "none"> instead of dreaming about buying the next Amazon, Google or Apple</span><span data-contrast= "none">, </span><span data-contrast= "none">TenCent</span><span data-contrast="none"> or Alibaba.</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><span data-contrast="none"> </span> <br /> <strong><span data-contrast="none">Number 1 goal to achieve in the next 12 months </span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">A follow-up book is all set </span><span data-contrast="none">to be </span><span data-contrast= "none">release</span><span data-contrast= "none">d</span><span data-contrast="none"> by the end of 2019 based </span><span data-contrast="none">on the </span><a href= "https://www.cfainstitute.org/en/research/foundation"><span data-contrast="none">CFA Institute Research F</span><span data-contrast= "none">o</span><span data-contrast= "none">undation</span></a><span data-contrast= "none"> monograph </span><a href= "https://www.amazon.com/Learn-Sustain-Long-Term-Economic-Growth-ebook/dp/B01HMURMBA"><em><span data-contrast="none">Let</span></em><em><span data-contrast="none">’</span></em><em><span data-contrast="none">s All Learn How to Fish</span></em></a><span data-contrast= "none">,</span><span data-contrast= "none"> </span><span data-contrast="none">which Michael </span><span data-contrast="none">published in 2016. </span><span data-contrast="none">The three </span><span data-contrast= "none">initial</span><span data-contrast="none"> chapters in the forthcoming book are: 1) Work, 2) Artificial Intelligence and Robots, and 3) Universal Basic Income.  </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="none">T</span><span data-contrast="none">he first book </span><span data-contrast="none">is downloadable in </span><span data-contrast="none">Amazon Kindle</span><span data-contrast= "none"> for </span><a href= "https://www.amazon.com/Learn-Sustain-Long-Term-Economic-Growth-ebook/dp/B01HMURMBA"><span data-contrast="none">fre</span><span data-contrast="none">e</span></a><span data-contrast="none">. </span><span data-contrast="none">It</span><span data-contrast="none"> was about </span><span data-contrast="auto">rethinking entitlement policies to generate sustainable economic growth. </span><span data-contrast="auto">The book</span><span data-contrast="auto"> focused on 1) Retirement, 2) Health </span><span data-contrast= "auto">C</span><span data-contrast="auto">are, and 3) Education</span><span data-contrast= "auto">, </span><span data-contrast= "auto">and </span><span data-contrast= "auto">these </span><span data-contrast="auto">were the three main policy chapters</span><span data-contrast="auto"> as well.</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-contrast="auto">Michael has lectured on this book in 14 countries. </span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><strong><span data-contrast="auto">Parting tips from Michael</span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-contrast="none">Take valuable lessons from monetary losses. You might lose money from your decisions. But in the end, you still gain from all the learning that goes with it.</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><span data-ccp-props= "{"201341983":0,"335559685":357,"335559740":276}">  </span></p> <p><strong><span data-contrast="auto">Final words from Andrew</span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559685":357,"335559740":276}">  </span></p> <p><span data-contrast="auto">Michael and Andrew </span><span data-contrast="auto">would like to </span><span data-contrast="auto">dedicate this podcast to</span><span data-contrast= "auto"> </span><span data-contrast= "auto">John </span><span data-contrast= "auto">Bogle</span><span data-contrast="auto"> (see tribute at top of post).</span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><strong><span data-contrast="none">You can also check out Andrew’s </span></strong><strong><span data-contrast= "none">b</span></strong><strong><span data-contrast= "none">ooks</span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-contrast="none"> </span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <ul> <li data-leveltext="●" data-font="Arial" data-listid="2" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"> <a href= "https://www.amazon.com/Start-Building-Wealth-Investing-Market-ebook/dp/B00Y25765G/ref=sr_1_3?s=books&ie=UTF8&qid=1542680567&sr=1-3&refinements=p_27%3AAndrew+Stotz"> <em><span data-contrast="none">How to Start Building Your Wealth Investing in the Stock Market</span></em></a><em><span data-contrast= "none"> </span></em><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></li> <li data-leveltext="●" data-font="Arial" data-listid="2" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"> <a href= "https://www.amazon.com/Worst-Investment-Ever-Andrew-Stotz-ebook/dp/B07C81PYP9/ref=sr_1_1?s=books&ie=UTF8&qid=1542680567&sr=1-1&refinements=p_27%3AAndrew+Stotz"> <em><span data-contrast="none">My Worst Investment Ever</span></em></a><em><span data-contrast= "none"> </span></em><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></li> <li data-leveltext="●" data-font="Arial" data-listid="2" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"> <a href= "https://www.amazon.com/Valuation-Mistakes-How-Avoid-Them-ebook/dp/B07J6FLXCY"> <em><span data-contrast="none">9 Valuation Mistakes and How to Avoid Them</span></em></a><em><span data-contrast= "none"> </span></em><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></li> </ul> <p><span data-contrast="none"> </span><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <p><strong><span data-contrast="none">Connect with Michael Falk:</span></strong><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <ul> <li data-leveltext="" data-font="Symbol" data-listid="11" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"> <a href="https://www.linkedin.com/in/mlfalk/"><span data-contrast= "none">LinkedIn</span></a><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></li> <li data-leveltext="" data-font="Symbol" data-listid="11" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"> <a href="https://twitter.com/msfalk?lang=en"><span data-contrast= "none">Twitter</span></a><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></li> </ul> <ul> <li data-leveltext="" data-font="Symbol" data-listid="11" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"> <a href="mailto:%20mfalk@focuscgroup.com"><span data-contrast= "none">Email</span></a><span data-ccp-props= "{"134233279":true,"201341983":0,"335559739":160,"335559740":276}"> </span></li> </ul> <p><span data-ccp-props= "{"201341983":0,"335559740":276}"> </span></p> <h3><strong><span data-contrast="auto">Connect with Andrew Stotz</span></strong><span data-ccp-props= "{"201341983":0,"335559685":360,"335559739":160,"335559740":259}"> </span></h3> <ul> <li data-leveltext="●" data-font="Times New Roman" data-listid="8" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"> <a href="https://www.astotz.com/"><span data-contrast= "none">astotz</span></a><a href= "https://www.astotz.com/"><span data-contrast= "none">.</span></a><a href= "https://www.astotz.com/"><span data-contrast= "none">com</span></a><span data-ccp-props= "{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> <li data-leveltext="●" data-font="Times New Roman" data-listid="9" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"> <a href= "https://www.linkedin.com/in/andrewstotz/"><span data-contrast= "none">LinkedIn</span></a><span data-ccp-props= "{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> <li data-leveltext="●" data-font="Times New Roman" data-listid="9" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"> <a href= "https://www.facebook.com/andrewstotzpage"><span data-contrast= "none">Facebook</span></a><span data-ccp-props= "{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> <li data-leveltext="●" data-font="Times New Roman" data-listid="10" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"> <a href="https://www.instagram.com/andstotz/"><span data-contrast= "none">Instagram</span></a><span data-ccp-props= "{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> <li data-leveltext="●" data-font="Times New Roman" data-listid="10" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"> <a href="https://twitter.com/Andrew_Stotz"><span data-contrast= "none">Twitter</span></a><span data-ccp-props= "{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> <li data-leveltext="●" data-font="Times New Roman" data-listid="10" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"> <a href= "https://www.youtube.com/c/andrewstotzpage"><span data-contrast= "none">YouTube</span></a><span data-ccp-props= "{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> <li data-leveltext="●" data-font="Times New Roman" data-listid="10" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"> <a href= "https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"> <span data-contrast="none">My</span></a><a href= "https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none"> </span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none">Worst</span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none"> </span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none">Investment</span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none"> </span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none">Ever</span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none"> </span></a><a href="https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2"><span data-contrast="none">Podcast</span></a><span data-ccp-props="{"201341983":0,"335559685":1080,"335559739":160,"335559740":276,"469777462":[360,720],"469777927":[0,0],"469777928":[1,1]}"> </span></li> </ul> <p><span data-contrast="auto"></span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <p><strong><span data-contrast="none">Further reading</span></strong><strong><span data-contrast= "none"> mentioned </span></strong><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></p> <p><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}">  </span></p> <ul> <li data-leveltext="●" data-font="Arial" data-listid="7" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"> <span data-contrast="none">John C. </span><span data-contrast= "none">Bogle</span><span data-contrast= "none"> </span><span data-contrast= "none">(2007) </span><a href= "https://www.amazon.com/Little-Book-Common-Sense-Investing/dp/0470102101"><em><span data-contrast="none">The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns</span></em></a><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></li> <li data-leveltext="●" data-font="Arial" data-listid="7" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"> <span data-contrast="none">by John C. </span><span data-contrast= "none">Bogle</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></li> <li data-leveltext="●" data-font="Arial" data-listid="7" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"> <span data-contrast="none">Michael S. Falk (2016) </span><a href= "https://www.amazon.com/Learn-Sustain-Long-Term-Economic-Growth-ebook/dp/B01HMURMBA"><em><span data-contrast="none">Let’s All Learn How to Fish … To Sustain Long-Term Economic Growth</span></em></a><span data-contrast="none"> - Kindle Edition</span><span data-ccp-props= "{"201341983":0,"335559739":160,"335559740":276}"> </span></li> <li data-leveltext="●" data-font="Arial" data-listid="7" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"> <span data-contrast="none">Hendrik</span><span data-contrast= "none"> </span><span data-contrast= "none">Bessembinder</span><span data-contrast= "none"> (2018) </span><a href= "https://doi.org/10.1016/j.jfineco.2018.06.004"><em><span data-contrast="none">Do stocks outperform Tr</span></em><em><span data-contrast= "none">e</span></em><em><span data-contrast="none">asury bills?</span></em></a><span data-contrast="none"> Journal of Financial Economics, Volume 129, Issue 3, Pages 440-457 Also available as </span><a href= "https://www.universal-investment.com/media/document/Do%20Stocks%20outperform%20Treasury%20Bills"><span data-contrast="none">P</span><span data-contrast="none">D</span><span data-contrast="none">F</span></a><span data-contrast="none"> </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":276}"> </span></li> </ul>

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