Lagniappe

This week, the guys are joined by a very special guest. Steve Lane is the author of Mickey Mantle: A Life In Memorabilia which chronicles the life and career of Mickey Mantle through the items in Steve’s extensive collection. They discuss his incredible Mantle items and how sports cards and memorabilia have now become a legitimate investment vehicle in what Steve calls the art of the 21st century. Key Takeaways [03:07] - How Steve got into collecting baseball cards [04:35] - Why Mickey Mantle is such an important American figure [10:54] - Steve’s most prized Mantle items [15:30] - When/why did the memorabilia market take off? [21:59] - Nostalgia vs. investment [30:01] - Steve’s appeared on the “Talking Sopranos” podcast Links Steve Lane Mickey Mantle: A Life in Memorabilia Aaron Judge with Mickey Mantle’s glove National Sports Collectors Convention ‘Talking Sopranos’ Superfan Episode Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision.

After a Spring Break vacation, the guys are back in the studio to catch you up on all the financial happenings around the globe. They discuss how remote work and office space vacancies are affecting the commercial real estate market, how the residential market fluctuates wildly from coast to coast, and why we should be optimistic despite continuing recession rumblings.

The Stokes Brothers pick apart negative headlines we are seeing despite coming out of a positive first quarter. They also discuss the resurgence of Bitcoin, the emergence of AI, the effects of an aging population, and of course…the Federal Reserve. Key Takeaways [06:18] - Is there any merit to the US dollar losing its status as a reserve currency? [09:57] - Why is Bitcoin back up? [12:09] - The speculative mania behind new tech like AI [16:01] - What happens when the Fed stops its rate hiking cycle? [22:00] - US vs International performance; a shift from growth to value [27:05] - The financial impact of an aging population Links Ryan Detrick - S&P 500 gains after a >7% Gain Q1 Historically Cullen Roche - Is the US dollar losing reserve status? Jurrien Timmer - The final Fed tightening cycle historically WP: How Silicon Valley Bank’s executives tweaked their risk model JP Morgan: USA vs EAFE relative performance Lawrence Hamtil Charlie Bilello: the % of Americans 65 and older Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision.

The guys take a look back at a crazy 1st quarter that has shown the market’s resilience. They discuss where the banking industry goes from here, how commercial real estate could factor into that, and how this first quarter was a classic example of why you stay invested in an equity portfolio through thick and thin. Key Takeaways [04:00] - What is market breadth? [12:11] - Potential banking ramifications related to commercial real estate/office space [18:04] - How do banking/lending standards change moving forward [20:26] - The coin flip of the market’s movements Quotes “So this is that classic wall of worry. Essentially the saying goes that a bull market is built on a wall of worry, meaning that generally the people that are optimistic about markets turn a blind eye to the headline risk and continue to invest and buy and average into markets during times of turmoil are generally rewarded. This first quarter is a classic example of that.” - Doug Stokes “Over the short term, markets are a voting machine, and over the long term, they're a weighing machine.” - Ben Graham Links RSP - Equal Weighted S&P 500 Index Bloomberg: FDIC Considers Forcing Big Banks to Pay Up After $23 Billion Hit Joe Consorti: Vacant office space in the US is at its highest level ever Vornado Realty Trust Planetizen: 11K Units Possible with San Francisco Office Conversions The Reformed Broker: A Shock to Lending Standards Michael Burry: “I was wrong to say sell.” Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision.

The guys once again turn their attention to Jerome Powell, Janet Yellen, and what the Fed will do in the wake of the recent bank failures. They dive into the global effects of those collapses including what happened with Credit Suisse and then look at what we can learn from the cyclical nature of human behavior. Key Takeaways [03:59] - How do banks actually work? [09:09] - How does the government determine what banks are “important”? [10:50] - What happened with Credit Suisse? [18:49] - Lessons learned from the repetition of human behavior Quotes “Banks are not going to want to loan in this environment with the fear that people may have a run on their bank too. They may be the next dominant fall. Lending is just going to be a little bit more stringent in this environment, which curbs economic growth because we're a credit-based society; businesses [and individuals] borrow money to invest and grow.” - Doug Stokes “Just from a macro standpoint, even though it was absolutely a bailout in terms of those two bank failures, the system on the whole would have really experienced a lot of stress. So even though it was a bailout, I think it probably was necessary to avert a bigger crisis.” - Greg Stokes Links Axios: Feds Raise Rates Again, Despite Bank Failures CNBC: Credit Suisse-USB, A Financial Banana Republic Truflation WSJ: Yellen Says U.S. Could Move to Protect Deposits at Other Banks Reuters: Bill Hwang’s History With Credit Suisse WSJ: JPMorgan Bought Nickel That Turned Out to Be Stones The World’s Oldest Complaint Letter Just Keep Buying by Nick Maggiulli David Senra: Lessons from Dinner With Charlie Munger Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision.

No doubt, you’ve heard about the collapse of Silicon Valley Bank. But do you know how it happened? Or why? Greg and Doug Stokes give these answers and more about how the government stepped in and what the biggest bank crash since 2008 means for the economy moving forward. Key Takeaways [01:41] - How the demise of Silicon Valley Bank really started in the COVID era [06:24] - What a bank run looks like in the technological age [11:28] - Where will the Fed go from here? [18:01] - A look at current CPI and Trueflation numbers Quotes “This all just leads me to believe that a prudent strategic asset allocation approach and not trying to jump in and out is even more important nowadays because It seems like information, as quickly as it gets across the wires, prices move so quickly that somebody attempting to jump in and out of the market and saying, ‘look, I'm going to take a break until things settle down.’ It's almost impossible to do that nowadays because everything just bounces around so quickly.” - Doug Stokes “It seems as of now, that things have chilled out, and the markets are positive now that CPI numbers have come out. But the interesting thing is what the Fed does. In terms of raising rates, they raise until something breaks, is the saying. And obviously, something broke.” - Greg Stokes Links Forbes: What to Know About the Biggest Bank Failure Since 2008 WSJ: Social-Media Postings Amplify Anxiety Over SVB Collapse Barney Frank Was on the Board of Failed Signature Bank Dr. David Kelly, Chief Global Strategist - JP Morgan Antetokounmpo Had Money in 50 Banks Until Bucks Owner Helped Him Invest Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week’s guest is Jim Cobb, a New Orleans defense attorney and the author of the award-winning book, Flood of Lies: The St. Rita's Nursing Home Tragedy. Jim won two high-profile cases defending the owners of nursing homes in St. Bernard, LA and Hollywood Hills, FL. The trio discusses these trials, the state of today’s judicial system, and even Jim’s under-the-radar New Orleans restaurant recommendation. Key Takeaways [02:23] - How Jim was inspired — as an attorney — by the Boston Massacre story [04:32] - The power of government and money in the U.S. justice system [09:57] - The mob mentality & political outcry after nursing home tragedies in LA & FL [16:54] - The probability of more weather-related tragedies [19:29] - How money factors into being a defendant [23:52] - The process of screening cases based on “win-ability” [25:58] - Why it’s harder to defend someone you know is innocent Quotes [05:39] - “The only thing written on the front of the Supreme Court is ‘equal justice under law’. That's their motto. That's our motto. Let me suggest to you folks that there's nothing equal about the justice that is dispensed in this country. The only thing that gets you close to equal justice is if you’ve got a lot of money.” - Jim Cobb Links Jim Cobb Flood of Lies: The St. Rita's Nursing Home Tragedy What Happened at St. Rita’s Nursing Home? St. Rita’s Nursing Home Owners Acquitted Judge Tosses Case Against Administrator in Hollywood Hills Nursing Home Trial N7 Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Back in the studio, the Stokes Brothers catch up after the Mardi Gras break. They examine why bad economic news is good news for the market and vice versa, and why the real estate market across the country has come to an abrupt halt. Key Takeaways [00:22] - Good news is bad news for the market and bad news is good news [05:28] - Is now the right time to lock in long-term bonds? [08:09] - A deep dive into the current real estate market [16:38] - Tales from the slopes during Mardi Gras break Quotes [01:25] - “Interest rates are moving around like crazy at this point, and that's just the market trying to figure out where this is ultimately going to land with the Federal Reserve. I'm still in the camp that we're going to see continued declines in inflation.” - Doug Stokes [12:40] - “My sort of base case is that there's just not going to be a whole lot of activity in housing, and either we're going to have sort of a sideways market in housing until rents sort of catch up, or maybe we have a decline in interest rates, which decreases that affordability gap. But as it currently stands, there's just a massive gap between what you can afford in rent versus the comparable house to buy. So no houses are affordable at this point.” - Doug Stokes Links Truflation Scott Grannis - Calafia Beach Pundit Goldman Sachs: 99% of borrowers have a mortgage rate lower than the current market rate Nick Timiraos - U.S. home prices fell 5.4% at an annualized rate over the Jul-Dec period Bill McBride - Weekly Active Inventory Up 67% YoY; New Listings Down 16% YoY Cullen Roche - Has Housing Bottomed Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

In this week’s episode, the guys welcome on Rob Koyfman, CEO and co-founder of Koyfin. His company offers live market data and powerful analytical tools in a modern, intuitive format. Rob, an expert at taking the macro perspective, discusses emerging markets, inflation, efficiency in the tech sector, and making industry-leading data available for everyone, no matter the size of the portfolio. Key Takeaways [00:18] - A look at Rob Koyfman’s experience leading to founding Koyfin [03:31] - Rob’s optimistic view about the macroeconomy right now [09:18] - The macro look at emerging markets [13:38] - The reality of shifting from oil and gas to renewable energy [20:23] - Interest rates’ effect on tech investing [23:09] - The tech culture of growth vs. efficiency [29:01] - How Koyfin is bringing professional-grade analytics tools to the masses [32:38] - Why there’s a lack of innovation from large companies like Bloomberg [35:42] - Where does Rob see Koyfin in 3-5 years Quotes [28:06] - “Maybe this whole [tech] layoff spurs the next wave of growth and technology by having all of these people that are intelligent coming together and saying, we've got to create a new product instead of being employed by one of these mega-firms.” - Doug Stokes [35:50] - “I'd say the real power of our tool is the customization and the fact that you have hedge fund managers and students using the tool in different ways. So we want to offer that customization to all of our users and basically offer all that data in one place so that they can customize the workflow to what they're trying to achieve.” - Rob Koyfman Links Rob Koyfman Koyfin Emerging Markets episode with Perth Tolle Spotify cuts 6% of its workforce Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

As the Stokes Brothers prepare for Mardi Gras in New Orleans, they reluctantly continue their ongoing conversation about the Fed and inflation. They’ll also look at rolling 30-year returns and delve into the legacy of Charlie Munger and the uneasy future of crypto. Key Takeaways [00:35] - The calm before the New Orleans Mardi Gras storm [03:16] - An update on inflation [09:06] - Shelter and the annualized rate of inflation [13:08] - The worst 30-year return over the past 100 years was a total gain of 850% [17:10] - Our thoughts on Charlie Munger [21:46] - Is the technology behind Bitcoin ripe for disaster? Quotes [06:14] - “I think what's happened is the market, on the whole, was surprised, positively, about the strength of the American consumer and the economy in spite of the fact that the Fed raised rates on the most rapid pace in history from basically nothing to where we're at right now. And the economy on the whole really hadn't slowed down.” - Greg Stokes [13:08] - “Discussion on markets is an exercise in futility and keeping people invested and towards an objective of long-term planning and discipline is really what this all this is all about.” - Doug Stokes Links Bill McBride: Core CPI ex-Shelter Ben Carlson: Deconstructing 10, 20 & 30 Year Stock Market Returns 3,000 Hit Club from age 27 on Charlie Munger at the Daily Journal Annual Meeting Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The Stokes’ consistently lean toward the optimistic side of thinking, but this week, they’ll take a look at data/opinions on both sides of the coin. The guys examine the national focus shifting away from the Fed and toward corporate profit margins, why companies becoming more efficient is a bullish sign for the economy, and how diversification is the right strategy no matter the economic outlook. Key Takeaways [00:35] - Recapping the earthquake in Turkey & Syria [05:20] - Shifting the focus from the Fed toward corporate profit margins [08:53] - Potential of a recession without a major crash in asset prices [10:18] - Number of employees needed to make $1M in revenue now vs. 1990 [14:18] - A look at the other, more pessimistic viewpoint [17:31] - The importance of diversification during economic downturns [19:04] - The decline of amateur investors and day traders [21:57] - How Chad Ochocinco saved millions buying fake jewelry and flying Spirit Quotes [09:44] - “Diversification is basically always saying that you're sorry because one part of the portfolio is not going to be working. So whether you're in stocks, bonds, real estate, cash, gold, whatever, a diversified portfolio should be set up for various outcomes with the emphasis on, we tend to lean more towards optimism than pessimism in our allocation approach.” - Doug Stokes [18:15] - “It's always good to look at alternate viewpoints and there are a lot of smart people on all sides of the equation. Usually, the ones that try to try to scare you positively or negatively are the ones to ignore.” - Greg Stokes Links WSJ: The rising death toll from the Turkey-Syria earthquake Bloomberg: Powell says further rate hikes needed Goldman Sachs cuts the subjective probability that the US will enter a recession BoA: number of workers needed to generate $1 million in revenue. Michael Kantro: A historical look at “soft landings” WSJ: The retreat of the amateur investor Chad Ochocinco saved most of his NFL salary by flying Spirit and wearing fake jewelry. Morgan Housel: The Psychology of Money Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

In this week’s episode, Greg and Doug Stokes focus on the long-term success of the stock market and not getting caught up in the next big thing. They’ll also take a look at tech companies shedding excess employee luxuries, the cyclical nature of trendy investment sectors, and the dichotomy of how inflation/employment news is viewed. Key Takeaways [01:15] - Corporations are shedding excess luxuries/amenities [03:21] - The cyclical nature of the “hot” industries [06:06] - Are AI and Machine Learning the next big investment sector? [08:29] - The Warren Buffett philosophy of buying businesses [12:43] - Investing ≠ Gambling longterm [20:31] - Inflation is coming down, China is coming back Quotes [010:44] - “It could be a cryptocurrency or a tech stock, or some software, etc. And now all of a sudden people are saying, wait, when are these businesses going to earn money? When are they going to pay dividends? As soon as that particular mindset shifts, then the Warren Buffet strategy, or others like him, starts to take hold. So we're big proponents of saying we don't know what the market's going to do over the next months or years really, but if we buy a collection of businesses that are growing their revenues and earnings and have pricing power and customers like them, then we feel pretty good about long-term prospects.” - Doug Stokes [15:40] - “The issue with the [concept of] investing versus gambling is that dichotomy of returns or the percentage difference in returns of periods of time. In the stock market, you have to be willing to grind through some horrible times.” - Greg Stokes Links Xbox revenue was down, but LinkedIn up 10% last quarter Celebrities frequently attend Salesforce meetings Marc Andreessen: Software is Eating the World Petroleum Engineering enrollment down at Louisiana Universities What is ChatGPT and why does it matter? Compounding Quality: Never invest in the next big thing The power of compounding: Warren Buffett's net worth at 52 & 92 Benjamin Graham: The Intelligent Investor Warren Buffet eats McDonald’s for breakfast every morning Treyton Devore: Investing vs. Gambling Jeremy Siegel, Professor of Finance at Wharton Plan Maestro: Global Billionaires & Millionaires Plan Maestro: 6-month CPI inflation Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

While the negative narratives swirl, Doug and Greg Stokes look at the actual data to find encouraging signs in the markets. The guys also examine the latest tech layoffs and what they mean for the macro economy and they question why people listen to “investor gurus" and why pessimism is seen as a sign of intelligence today. Key Takeaways [01:15] - High-growth tech companies are very sensitive to change [03:13] - Tech layoffs vs. the macro employment data [07:37] - A day in the life of a tech company employee [11:01] - S&P 500 growth indices: tech vs. energy [12:07] - S&P 500 above the 200 day moving average [17:00] - Should we give credence to investment “gurus”? Quotes [03:55] - “Bull markets climb a wall of worry, and every negative headline can be exacerbated into something that's doomsday worthy.” - Doug Stokes [20:46] - “Having an optimistic mindset with the understanding that things happen over time and having diversification built into the portfolio for that low probability event makes a lot more sense to me than shifting entirely to a bias or mindset for whatever reason.” - Doug Stokes Links WSJ: The changes in employee counts at high-growth tech companies St. Louis Fed - Average monthly layoffs post COVID A day in the life of a Google employee: before and after a layoff Willie del Wiche: S&P 500 - 200 day moving average Michael Burry - Big Short investor Puru Saxena Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Could we be looking at a year with a soft landing where inflation comes down without major economic pain? Greg and Doug dive into the potential of that outcome and the Fed’s role in it. They also look back on the EU energy crisis and its fear-based narratives and discuss how emotions/human nature affect the cycles of investment. Key Takeaways [01:30] - The potential for a soft landing [02:50] - Rent as a portion of CPI [05:08] - What to expect from the Fed’s rate hiking cycle [08:32] - Looking back on the fear-based narratives surrounding the EU energy crisis [11:36] - European vs U.S. Investments over the past 15 years & since the Ukraine invasion [14:04] - How emotions, sentiments, and narratives affect investment cycles Quotes [15:41] - “In bull markets, everyone wants to own what's working. And in bear markets, nobody wants to own what's not working. That mindset just shifts. It's the greed component. And that mindset shift from greed to fear is pretty amazing to see in such a short timeframe.” - Doug Stokes [16:46] - “When you have your human nature starting to talk to you like, I don't want to own this, I'm fearful of this, or I have greed because my neighbor's making money. Usually, when those sentiments start to play in, you're better off doing the exact opposite.” - Greg Stokes Links Ian Shepherdson - “Big rent increases won’t last” Joseph Politano - "How Europe is Decoupling From Russian Energy” S&P 500 Forward Total Returns Following CNBC’s “Markets in Turmoil” specials Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Happy New Year from Stokes Family Office. In this 1-year anniversary episode, Greg and Doug recap 2022 and look forward to 2023. They dig deeper past the forecasts and narratives to find factual reasons to be optimistic. The guys also discuss the importance of diversification across sectors and why pre-election years are historically bullish. Key Takeaways [01:10] - A recap of 2022 [05:19] - A historical look at the S&P500 during pre-election years [08:26] - Reasons to be optimistic in 2023 [13:35] - The wide range of potential financial outcomes this year [14:47] - Diversification - ranking returns by sector [20:00] - Venture capital fundraising [23:33] - Predictions on the Federal Reserve’s role in 2023 Quotes [04:17] - “The sentiment is bearish…that we're entering an imminent recession. The Fed is trying to introduce higher unemployment and trying to bring the economy down in order to temper inflation. That is the narrative at this point in time, and I'm sure that's going to change in the next couple of months, but just be reminded that sentiment does not always dictate reality.” - Doug Stokes [07:57] - “If you ignore the fundamentals, ignore the narrative, and just follow what actions are occurring in markets and look at history, then there's some positivity going along with that.” - Doug Stokes Links Cullen Roche Morgan Housel: How Bad Are Wall Street Forecasts? JC Parets: Pre-Election Years are Bullish Sam Rho: 9 Reasons to be Optimistic All Star Charts Returns by Sector Rankings - All Star Charts Santiago Solanet - Venture capital targets vs. funds raised Andreessen Horowitz % of car buyers committed $1000+ monthly payment Tik Tok Investors Dave Portnoy’s Trading Journey Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week’s guest is Perth Tolle, the founder of Life + Liberty Indexes and creator of the Freedom 100 EM Index (FRDM index). This freedom-weighted equity strategy is the first of its kind and uses personal and economic freedom metrics as primary factors in its investment process. Doug and Greg chat with Perth about how/why she came up with the ETF, how the strategy performs vs. the market cap-weighted benchmarks, the risks of autocracies, China’s role/exposure, ESG, and more. Key Takeaways [00:23] - About Perth Tolle [01:02] - The Freedom 100 Emerging Markets ETF (FRDM) [05:34] - Perth’s experience in China shaping her ideals [06:16] - Autocracy risks for emerging market investors [10:38] - The investment idea behind emerging markets [12:21] - What is freedom weighting? [12:56] - Human Freedoms Index: Civil, Political, Economical [14:00] - Composite Country Scores [14:47] - Taiwan is the #1 freest merging market [15:29] - Direct vs. indirect allocation/exposure to China [19:39] - Freedom metrics performance in non-COVID environments [21:12] - Why Perth launched the ETF [24:51] - Perth’s partnership with Wes Gray & Alpha Architect [28:35] - Excluding China from an emerging markets cap-weighted index [30:01] - What’s next for Life + Liberty Indexes? [31:50] - The politicization of ESG Quotes [12:06] - “We believe that the freer markets will experience more sustainable growth, they'll recover faster from drawdowns, and they'll use their capital labor more efficiently. So not only do we want to exclude the autocracies and stay away from that autocracy risk, but we want to give a higher weight to freer markets, which we think are launch paths for the growth stories of the next decade.” - Perth Tolle [17:28] - “If you're looking at these index providers putting between 20 and 40% of an allocation to a single country that's ranking near the bottom from a freedom perspective…that seems like a pretty high risk to me.” - Doug Stokes Links Perth Tolle Life + Liberty Indexes The Freedom 100 Emerging Markets ETF (FRDM) China’s 1 Child Policy Cato Institute Fraser Institute Human Freedom Index & Data Set Alpha Architect Dr. Wes Gray Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The Holidays bring lots of gifts, and one that we look forward to each year in the financial world is the upcoming year’s forecasts. On this week’s episode, Greg and Doug examine and discuss 2023 outlooks from several of the world’s largest asset managers. The guys take stock of a wild 2022, give their own predictions for next year, and debate how recency bias annually plays into these prognostications. Key Takeaways [01:33] - BlackRock’s 2023 Global Outlook [04:30] - Historical rebounds after market declines [05:34] - 10-Year Bonds vs. CDs [08:00] - Vanguard 2023 bond market outlook [10:35] - International markets and the Euro vs. the Dollar [13:34] - JP Morgan 2023 outlook [17:28] - Today’s price of oil [18:00] - Our takeaways from these 2023 predictions [20:00] - Bonds from the long-term planning perspective [21:22] - 2023 market predictions [24:17] - Next year’s housing market [26:39] - How recency bias affects forecasts Quotes [04:21] - “After you've had these sorts of declines, typically the markets are positive when you look at one year, three years, five years, 10 years. So, if you're thinking about it just from a historical standpoint, you would want to be risk-on, and that means getting short-term on the bond side of the equation to the extent that you have fixed income exposure. And then you would want to have a higher allocation towards equities, because presumably if history is any guide, equities would outperform after these sorts of periods.” - Greg Stokes [25:40] - “It seems like every year there's a certain level of uncertainty that exists that has never existed before. It's that recency bias that makes you fearful of taking any action from an investment perspective because so many things could go wrong. It happens every single year. That's why you have to have a long-term game plan investment-wise to take your risks with money that you can afford to lose and develop an investment strategy over a period of time longer than 2023.” - Doug Stokes Links BlackRock 2023 Global Outlook Ben Carlson - Getting Long-Term Bullish Vanguard Bond Market Outlook JP Morgan 2023 Outlook Marko Kolanovic Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

In this week’s episode, Greg recounts his recent trip to Buenos Aires, from the food, geography, and people to their current financial situation. He speaks on the local impact of their economic struggles as well as investment opportunities and their incredible opportunity to make changes. The guys also delve into year-end tax planning which is especially important this year due to the performance of mutual funds. They give tips on looking at your fund families' capital gains distributions and whether you should do some tax-loss harvesting before now and the end of the year. Key Takeaways [04:25] - Can you eat steak for each meal, every day? [05:18] - The conversion of Argentina into a nationalist/socialist country [06:47] - How 100% annual inflation affects the local people [7:44] - The current state of the Argentinian economy [13:09] - Investment opportunities in Argentina [15:36] - The inefficiency of actively-managed mutual funds [16:32] - Taxable capital gains [17:23] - Performance of 2022 Mutual Funds [17:44] - Morningstar’s list of fund families’ distribution estimates [18:42] - How to avoid capital gains tax [20:24] - An example of taxes on a fund that’s down this year [21:29] - Direct Indexing [21:47] - Tax loss harvesting Quotes [13:57] - “The food in Argentina was so good. The drinks were great, the ambiance was great. But the governmental policies have really taken the country in a really bad direction. If things improve, then they really have everything they need from a pure natural resource standpoint to become a, you know, a very wealthy country like, like they once were.” - Greg Stokes [18:13] - “It's just insane how some of these funds, even though they're flat or down or down big this year, are gonna have a negative tax impact to the client of, or the shareholder of that fund, even if that shareholder remains an investor. So the way that you get around this is by selling the fund before the capital gain is distributed, assuming that you don't have a gain in the fund itself.” - Doug Stokes [21:09] - “If you can do tax loss harvesting to mitigate the capital gain impact from the rest of the portfolio, or if you're selling a business that's gonna have a capital gain and you could do tax loss harvesting to mitigate that impact from a capital gain perspective, that's a fantastic way to manage a portfolio for after-tax returns. Another fantastic way to do it is to not hold these funds that are gonna distribute capital gains at the end of the year, even though you might be down in the position. It just doesn’t make any sense.” - Doug Stokes Links Santiago Solanet Juan Perón Inflation in Argentina Argentine VP Cristina Fernández convicted, sentenced in $1B fraud case Morning Star: Family Fund capital gains list Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

What effect does the character of a CEO have on a company’s performance? In this episode, Doug and Greg talk to Dan Cooper, Founder & CEO of ROC Investments. After working with Presidents, CEOs of large public companies, philanthropists, and extraordinary leaders from around the world, Cooper founded his firm with a character-based investment strategy, creating a model to quantify the character and integrity of public company CEOs. Focusing on the four pillars of character (integrity, responsibility, forgiveness, and compassion), the model is based on a Fred Kiel/Harvard Business Review Study that proved that high-character CEOs outperform low-character CEOs by 5x as return on assets. The guys discuss Dan’s incredible story, from his work in returning Afghanistan to its people to his attempt to build the first standard gauge railway for the Tanzanian Central Corridor. They also dive into how his character-based model performs and his thoughts on taking a quantitative versus qualitative view of investments. Key Takeaways [00:37] - Dan Cooper bio [07:24] - Mentorship of Joe Ritchie [11:32] - Development of the character-based strategy [15:22] - Performance results of the Return on Character study [18:18] - Percentage of companies who qualify as satisfactory [21:08] - Cooper’s thoughts on traditional ESG scores [22:00] - How failings of companies like FTX factor into the strategy [26:04] - Comparisons to the Jim Collins Framework [27:43] - How the ROC portfolio is reviewed and measured [29:02] - Historical examples of high-character CEOs Quotes [11:32] - “I developed the first character-based strategy in the early 2000s, and it was out of a conversation with Joe [Ritchie]. He said to me, man, I just wish I knew who the good ones were in the market…I mean the people with character because I think that has a huge impact on the long-term performance of the company.” - Dan Cooper [15:22 ] - “I actually ended up hiring the firm that developed and did all the research for the book Return on Character, KOW International, which is an extraordinary company. We went out and tried to identify leaders today using some new and really exciting ways of doing it. First of all, they define character in a really wonderful way….the four pillars of character: integrity, responsibility, forgiveness, and compassion, and they prove that when CEOs behave with those four characteristics at a highly consistent level, performance is correlated.” - Dan Cooper [19:30] - “What ROC Investments represents is kind of a new orientation for consideration, if you will, and how you spend and invest your money to get returns. And we think that not only do we hopefully outperform and do better than the market over time, but we also think if Wall Street wakes up and starts to see that there are a lot of people that care about this, it could have a positive effect. And maybe boards of directors start asking, why isn't my CEO on the list?” - Dan Cooper Links Dan Cooper ROC Investments Joe Ritchie Tom Campbell Bud McFarlane Fred Kiel Return on Character (Book) Return on Character (Study) Sam Bankman-Fried Jim Collins Framework The Outsiders by Willam Thorndike Herb Kelleher Jim Sinegal Timothy Boyle Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The cryptocurrency industry is one of the most volatile and unpredictable industries in the world. In just a few short years, the industry has gone from being relatively unknown to being worth billions of dollars. The recent drama surrounding the FTX cryptocurrency exchange is a cautionary tale for the industry. It is a reminder of how quickly things can go wrong in the Wild West world of crypto and how easy it is for investors to get caught up in the hype. In this episode, Doug and Greg talk about one of the latest and biggest market events, the fallout of cryptocurrency. As a part of the weekly news digest, the two also speak about inflation and how the FTX's fallout repeats history. Key Takeaways [00:53] - Two potential outcomes in today's economic climate. [02:06] - Greg's take on a good inflation print. [04:41] - The FTX fallout. [08:32] - What the new CEO of FTX has to say about FTX's bankruptcy. [10:30] - The experts' take on what's holding up inflation at this point. [12:15] - Doug and Greg's market prediction for the year ahead. [15:07] - What may cause the Federal Reserve to a halting scenario. [19:30] - How the FTX's fallout is repeating history. [22:45] - Greg's advice for investors and money managers. Quotes [12:15] - "My prediction for next year is that if we have a bad market year, bonds will return to being diversifiers, and the 60/40 will be alive again." ~ Doug Stokes [13:22] - "Even if we have a recession, the markets may still be up, and bonds may still be up, too, because bonds will have priced in the fact that inflation is coming down." ~ Greg Stokes [14:17] - "Markets are the most up-to-date snapshot of human psychology and how people feel about buying and selling assets at any time." ~ Greg Stokes [22:56] - "If you get excited about something, try to allocate a small percentage of your net worth to it. So if it doesn't work out, it won't sink the ship." ~ Greg Stokes Links Cullen Roche Sam Bankman-Fried Charlie Bilello Anthony Pompliano Tom Brady Mark Cuban Michael Saylor MicroStrategy Goldman Sachs Morgan Stanley Dave Portnoy Barstool Sports SafeMoon Dogecoin Coinbase Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

In this episode, Doug and Greg take a little break from the usual marketing discussion and talk about some other exciting things, basketball, and football. They are joined today by Scott Kushner. Scott is a leading expert on New Orleans sports and a columnist for The Times-Picayune. He is also the co-host of the Polk and Kush podcast, covering New Orleans' teams with a bend away from stats and bold takes. Scott talks with Doug and Greg about the Pelicans, Tulane football, and the Saints. Aside from sharing his thoughts on New Orleans sports, he also speaks about where he sees the city's sports scene going. Key Takeaways [02:31] - How far the Pelicans are from winning a championship. [04:34] - What Zion Williamson means to his team. [08:33] - Future impact of the trade in the NBA on the Pelicans. [11:19] - Scott's vision for the Pelicans in the future. [16:24] - What Scott thinks about the Saints and their potential. [19:24] - How Scott explains the Saints' failures during the Drew era. [21:04] - Where Sean Payton is likely to go after this year. [28:17] - In what direction will New Orleans go in the future? Quotes [04:09] - "This season is about connecting Brandon Ingram, Zion Williamson, CJ McCollum, Willie Green, and David Griffin and seeing how much potential there is. Before you can start saying where's the championship window, you want to see how all these things work together when they're all together. Cause we had just seen much of that in the first 10 games of the season." ~ Scott Kushner [13:25] - "Whether or not the Pelicans will get incrementally better to fit that timeline is a question that no one can answer. But they have allowed themselves to say if this is the right group, they've got nothing but time to get it together, fail together in the playoffs, tweak what's right around the edges and then go out and try to win. And that is a rare thing." ~ Scott Kushner [20:39] - "It doesn't do you much good if you aren't willing to use the value you have." ~ Scott Kushner Links Scott Kushner on Twitter NOLA Polk and Kush Podcast Hornets Pelicans CJ McCollum Brandon Ingram Zion Williamson David Griffin Ja Morant NBA Anthony Davis Lakers Dyson Daniels Josh Hart Larry Nance Jrue Holiday Chris Paul Phoenix Suns Golden State Warriors Jose Alvarado LeBron James New Orleans Saints Reggie Bush Drew Brees Sean Payton Sean Canfield Garrett Grayson Lamar Jackson Patrick Mahomes Chargers Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

There has been a lot of talk about the possibility of a recession in recent months. While it is impossible to know for sure what the future holds, there are still silver linings to be found. In this episode, Doug and Greg talk about how global investment managers view the market, how the Federal Reserve is at the center of the market's action, and the silver lining in today's economic climate. Key Takeaways [00:25] - An overview of the 2022 midterm elections. [03:21] - Global investment managers' view of the market. [06:21] - How the Federal Reserve is at the center of the market's action. [10:51] - The outlook for recession among global investment companies. [14:11] - How the economic slowdown affects tech companies. Quotes [07:34] - "Just a reminder to people that whatever the message you receive from the Federal Reserve, I would not take that as gospel by any means. They are all just human beings trying to interpret data." ~ Doug Stokes [09:06] - "Even the people appointed to forecast are horrible at forecasting. There are billions of financial interactions daily. How do you forecast all of that? That's an exercise in futility." ~ Doug Stokes [15:21] - "It's not good to talk about an economic slowdown. The positive is that if you say one shoe falls after the other, we're on the last shoe under the HOPE (Housing-Orders-Profits-Employment) framework. And so, you would expect a rise in unemployment, the last piece of the puzzle for this cycle. Then you start on to new." ~ Doug Stokes Links Nate Silver FiveThirtyEight BlackRock Charles Schwab Lloyd Blankfein Goldman Sachs Rocket Mortgage Bank of America Charlie Bilello Michael Kantro Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Recent years have been tough on the economy. Many challenges have led to a slowdown in the global economy. Despite the negative impact of the economic slowdown, there are still reasons to be optimistic. Tough times don't last forever, and the economy will eventually recover. In this episode, Doug and Greg talk about what financial experts have to say about inflation, the slowdown of today's economy, and how the global markets have been performing in the past weeks. Key Takeaways [01:45] - What financial experts have to say about inflation. [05:28] - The slowdown of today's economy. [11:21] - A decline in the growth rate of big tech companies. [15:12] - An aspect of the economy that is positive. [17:59] - A look at the scenarios facing Europe, Russia, and Ukraine. [20:29] - How the global markets are doing after 43 weeks. [23:48] - The best thing people can do in today's market. Quotes [05:00] - "We manage portfolios based on people's lifetime cash flow needs and build buffers between their equity portfolio and their expected living needs. You would never want to trade your retirement or your nest egg on what's happening in the world." ~ Greg Stokes [08:09] - "Regardless of where you look, it will be tough for people to buy homes at these rates." ~ Doug Stokes [20:51] - "The only things that have worked this year are energy and cash. It was the most hated asset class for the last 10 years." ~ Greg Stokes and Doug Stokes Links What To Do When You Know What Stocks Will Do Next Jason Zweig Lloyd Blankfein Goldman Sachs Federal Reserve Bank of St. Louis Nick Timiraos Bank of America Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The stock and bond markets have seen some wild swings over the past few weeks. This has caused large drawdowns in the stock and bond markets and a great deal of pain for international economies. While the increasing declines in the market may have a negative impact in the short run, they are likely to have a positive impact in the long run. In this episode, Greg and Doug talk about how people feel about the current state of the market, the increasing drawdowns in the stock and bond markets, and update on the economic situation around the world. Key Takeaways [01:14] - Some good news in the market today. [03:18] - How people feel about the current state of the market. [07:05] - The impact of market volatility on someone nearing or in retirement. [08:31] - The increasing drawdowns in the stock and bond markets. [12:36] - What Greg and Doug think about where we are in the economic cycle. [15:15] - An update on the economic situation in big countries. [19:50] - The impact of the U.S. economy on international economies. Quotes [09:07] - "Besides the Great Depression, during which the stock market was down 90%, the bigger drawdowns that have historically happened in the U.S. stock market have been down 50%, 40%, etc. The bond market is not supposed to function like that from a volatility standpoint. But this year, the 20+ year treasury market is down negative 42%. That's unreal to think about." ~ Greg Stokes [11:07] - "As far as the bond market is down as much as it is simultaneously with the stock market, that's unprecedented." ~ Greg Stokes [17:33] - "When you have an economic downturn, at least historically, one way to combat it has been to cut taxes and spur economic growth." ~ Doug Stokes Links Michael Gayed Charlie Bilello Charles Schwab Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The stock market has been on a roller coaster ride this year, and unfortunately, it has mostly been going down. This has made a lot of people very anxious about their investments and future. Bonds have also been performing poorly, adding to the anxiety. How should investors respond to current market conditions? In this episode, Greg and Doug talk about how stocks and bonds have performed poorly this year, how people react to today's market conditions, and how Mike Epstein's story makes sense from an Armageddon-type scenario. Key Takeaways [00:20] - Market performance for the past week. [02:20] - How stocks and bonds are performing poorly this year. [06:48] - How people react to today's poor market conditions. [10:59] - Why today's market conditions aren't comparable to the 1970s. [15:03] - The impact of higher mortgage rates on homeowners and renters. [17:04] - How Mike Epstein's story makes sense from an Armageddon-type scenario. [19:07] - Doug's thoughts on the wealth quote by Arthur Schopenhauer. [20:41] - What Greg thinks is the most valuable asset. Quotes [03:25] - "It's been a crummy year for stocks and bonds. The only thing that's worked this year has been cash and oil stocks, the things which people looked at negatively for the previous 10 years." ~ Greg Stokes [10:41] - "The market is a very good teacher and the lessons can be expensive." ~ Doug Stokes [19:33] - "My definition of wealth is time and freedom and the ability to choose what you want to do with your time and freedom. It's not necessarily the value of your portfolio, the amount of earnings, or the amount of material things you have." ~ Doug Stokes Links BlackRock Ben Carlson Getting Long-Term Bullish Warren Buffet Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

A growing number of experts believe that a recession is looming on the horizon. This week, Greg and Doug look at the importance of being prepared for the dips while remaining focused on the brighter days to come. Key Takeaways [00:21] - Recent headlines on the global economy. [06:01] - What surveys say about the economy and the market. [11:17] - What analysts have to say about the current state of the market. [14:27] - Insights into how bull markets and bear markets work. [15:40] - The impact of high mortgage rates on the housing market. [20:00] - What it takes to survive a possible recession. Quotes [03:38] - "The markets are hoping that data provides the Fed an excuse to pivot or get more dovish and not continue down the path of raising rates. The jobs report that came out on Friday did the opposite." ~ Greg Stokes [06:56] - "The Federal Reserve is trying to push the economy into a recession, which means having corporate profit margins cut substantially, and corporate earnings cut down, leading to higher unemployment." ~ Doug Stokes [14:42] - "Bear markets are typically an elevator down, and bull markets are an escalator on the way back up. Meaning that typically bear markets happen pretty quickly, and then it slows as it's climbing a wall of worry from the standpoint of re-initiating another bull market." ~ Greg Stokes Links Jamie Dimon J.P. Morgan KPMG Callie Cox eToro Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The market has continued to be volatile over the last month. This situation has left many investors wondering what they can expect in the coming weeks and months. Despite speculation surrounding investment banks, the financial market, and the housing market, many experts believe there is potential growth in the long term. In this episode, Greg Stokes and Doug Stokes talk about the market performance over the last month, the speculations surrounding investment banks, and their outlook on the financial and housing markets. Key Takeaways [00:31] - Why September's market performance was not good. [05:02] - Speculation surrounding investment banks. [07:13] - How the economic volatility over the last three years has been brutal. [09:58] - What makes today's market exciting. [11:43] - What makes the U.S. fortunate compared to other countries. [16:56] - Greg's outlook for the housing market. [21:55] - What financial experts have to say about the current market situation. Quotes [05:15] - "It's easy to be bearish at this point, and the people that are rewarded are the ones that are bullish when everybody else is bearish." ~ Doug Stokes [09:43] - "It's difficult to make buying decisions when there's so much uncertainty in the world and when the range of outcomes is so wide. I think that comes down to prudent portfolio and cash flow management." ~ Doug Stokes [09:58] - "As a young person, the exciting thing about the market today is the buying opportunity. If you're dollar cost averaging into your 401K plan, great. Your dollar cost averaging into lower and lower prices help with the accumulation of more and more wealth over time. But if you're reaching retirement age, the exciting component to your portfolio is that you can earn some interest on the bond side." ~ Doug Stokes Links Ben Carlson Credit Suisse Deutsche Bank Warren Buffet George Maroudas J.P. Morgan Bob Brinker Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Historically, leaders communicated with their employees in a transactional and hierarchical manner. However, these tactics no longer work in today's environment. The traditional, command-and-control leadership style is no longer as effective. What leadership techniques do effective leaders employ in the modern business and working environment? In this episode, Doug and Greg talk with Michelle Johnston, a management professor, executive coach, and leadership expert who serves as the Gaston Chair of Business at Loyola University New Orleans. Author of “The Seismic Shift in Leadership,” Michelle emphasizes the need for leaders to shift from a command-and-control leadership style to one focused on connection. Michelle talks with Doug and Greg about how leaders can get to the heart of their organizations, how human connection can drive better financial performance, innovation, and productivity, and what true connection is all about. Key Takeaways [00:54] - What Michelle's book, “The Seismic Shift in Leadership,” is about. [02:47] - How leaders can get to the heart of their organizations. [05:16] - How to move away from formal hierarchical leadership structures. [09:23] - An example of a leadership style that can erode people's trust. [12:15] - How human connection can drive better financial performance, innovation, and productivity. [17:53] - What true connection means. [21:39] - How to measure the effectiveness of a leader. [25:35] - The role incentives play in retaining top talent. [27:11] - The importance of purpose and personal growth in retaining high performers. Quotes [02:49] - "Leaders who were truly getting to the highest levels in their organizations were leaders who were focusing on showing up and connecting with their people." ~ Michelle Johnston [04:21] - "You can't truly connect with others and get the best out of your team if you're trying to be somebody you're not or you're uncomfortable in your own skin. It starts with you." ~ Michelle Johnston [18:02] - "Connection is shared reciprocity. Communication in the old way was transactional, hierarchical, or do this. In connection, there's got to be an energy of reciprocity. I see you, you see me. So even though I'm the leader, I see you." ~ Michelle Johnston Links Michelle Johnston Michelle Johnston LinkedIn Loyola University New Orleans The Seismic Shift in Leadership Jack Welch General Electric Entergy Qualcomm Don McGuire Salesforce The Seismic Shift Podcast Peter Ricchiuti Pete November Ochsner Health Warner Thomas Sutter Health Dennis Lauscha New Orleans Saints Drew Brees Swin Cash Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Inflation is commonly discussed in terms of its impact on commodity prices. However, its effects go much deeper than that. Businesses, the stock market, and even interest rates are affected by it. As inflation ripples through the economy, what is the federal government doing to deal with this problem? In this episode, Doug and Greg talk about inflation trends and their associated risks. They speak about the impact of inflation on commodities, businesses, and the stock market, the federal government's response to inflation, and how treasury risk premiums affect various asset classes. Key Takeaways [00:21] - Doug and Greg's market forecast for this week. [04:04] - Trend in inflation and its associated risks. [06:59] - How Doug and Greg design portfolios. [08:47] - The impact of inflation on commodities and services. [13:47] - The federal government's response to inflation. [16:23] - How the risk premium to treasuries affects various asset classes today. Quotes [04:19] - "There are a lot of components to the inflationary picture that seems to be slowing down. The risk is that the policymakers are making decisions from an interest rate standpoint with the analogy of the late 1970s when inflation existed for 15 years and wanted to nip it in the bud." ~ Greg Stokes [11:42] - "It's very difficult to be a business owner and a big participant in the global economy and manage a business with many variabilities." ~ Doug Stokes [13:27] - "There's tremendous volatility in all aspects of business and the same thing in the markets. Even though we have inflation in the 8% range, unemployment is low. Unemployment is 3.5%, so that's an interesting dichotomy of what's happening right now." ~ Greg Stokes Links Ken Fisher Morgan Housel Ben Carlson How Much Do Interest Rates Matter to the Stock Market Vanguard Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

For centuries, families have passed down their wealth from one generation to the next. However, with the modern-day challenges, the need for a more formalized approach to multi-generational wealth stewardship has never been greater. In this episode, Doug and Greg talk with Jason Baker, a former NFL punter who is now the CEO and Partner at Paterson Center. This organization helps individuals and organizations be very intentional about their strategy and performance. After going through a life plan with one of the best strategic planning facilitators, Jason found clarity in the next act in his life. Today, he got licensed to hold all the Paterson licensing in his private practice. Jason talks with Doug and Greg about how he transitioned from playing football to owning a consulting firm, what Paterson Center can offer clients, and his approach to creating a life plan for families with different dynamics. Key Takeaways [01:07] - A brief overview of Jason's NFL career. [04:43] - How Jason transitioned from being an athlete to owning a consulting firm. [06:18] - What Paterson Center can offer clients. [08:09] - How LifePlan and StratOp work for families. [13:11] - In what ways Paterson practices accountability for its strategies. [16:59] - How Jason creates a life plan for families with different dynamics. [21:48] - The timeline for creating a family constitution. [26:07] - How Jason markets their services to attract new clients. [28:27] - The type of family Paterson Center usually works with. [33:27] - What Jason thinks is the most important role on an NFL team. Quotes [14:31] - "It's our job to recognize where the family wants to go and what needs to happen to get there. Then we'll certainly embrace getting there and maintaining our accountability." ~ Jason Baker [27:03] - "Our goal is always to do the best work we can that somehow we will be a blessing to the organizations and families we work with." ~ Jason Baker [32:40] - "We love the opportunity to help people do what they want with what they've got and what they've been blessed with in the world. And I'm fortunate enough to have some pretty cool tools to do it." ~ Jason Baker Links Jason Baker on LinkedIn Reggie Bush Devin Hester Paterson Center Paterson LifePlan StratOp | Paterson Pete Richardson McKinsey Deloitte New Orleans Saints Denver Broncos Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Real estate has long been considered an attractive asset class by investors for several reasons. This investment offers many benefits, including high returns, stability, and inflation protection. With real estate investing being an excellent way to diversify portfolios and build wealth over time, what are some of the investment strategies that can take advantage of these opportunities? In this episode, Greg and Doug talk with Drew Pearson, the Managing Partner at Pearson Partners. Drew began his commercial real estate career at Latter & Blum in Baton Rouge in 2008. He moved to a boutique firm, Waters & Pettit, in 2011 and became a top-selling agent there within a few years. In 2015, Drew began to work at Promanas, where he served as head of acquisitions helping the firm to grow to over $250M of real estate asset value. Drew talks with Greg and Doug about his journey to becoming a real estate investor. A self-storage investor and developer himself, Drew speaks about why self-storage is an attractive asset class, how he builds teams to manage local and regional markets, and what his thoughts are on the next big thing on the real estate investing scene. Key Takeaways [01:07] - Drew's journey to becoming a real estate investor. [05:39] - Why self-storage is an attractive asset class. [10:33] - How Drew finds deals in secondary and tertiary markets. [12:09] - What makes investing today different from the past. [14:45] - Why team building is important from an operational perspective. [17:28] - How Pearson Partners serves investors. [22:06] - The next big thing in real estate investing. [27:11] - Drew's thoughts about vacancies. [29:39] - What makes real estate an attractive investment. Quotes [06:25] - "The demand drivers for storage are death, divorce, and dislocation or moving. Those things happen in good times and in bad. Unlike an office tenant in a recession who needs to downsize his footprint, there is a need, regardless of economic times, for this storage type." ~ Drew Pearson [16:11] - "People are the gas to the race car, and investment properties are the race cars. They need people to operate them." ~ Drew Pearson [28:22] - "It's almost better to have a short-term lease in today's market. If the tenant's paying six bucks a foot and the market is now nine bucks a foot, it's beneficial to have a short-term lease as a landlord. We can restructure the lease or bring things back closer to market and get a better return." ~ Drew Pearson Links Drew Pearson on LinkedIn Pearson Partners Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The focus on Environmental, Social, and Governance (ESG) investing has grown in recent years as more investors are looking to put their money into companies that align with their values. While this investment can positively impact the world, some unforeseen consequences come with it, especially in a tight supply chain. In this episode, Greg and Doug talk about the recent updates on markets and economies. Focusing on the impact of the increased price of energy, they speak about the result of Europe's shift towards renewables, the unforeseen consequences of ESG investing, and the risks associated with ESG investing in a tight supply chain. Key Takeaways [00:34] - Recent updates on markets and economies. [04:46] - How the rising cost of electricity in Europe affects the global economy. [08:36] - Doug's thoughts on international and domestic market returns. [12:50] - Why investing in the US is still a better option. [14:31] - ESG investing and its unforeseen consequences. [18:58] - Why policymakers and investment committees need to revisit ESG guidelines. [22:15] - Risks associated with ESG investing in a tight supply chain. [24:07] - The impact of energy price increases on emerging economies. Quotes [16:56] - "There are these unforeseen consequences for many of these ideas that sound good in theory, like shifting to renewables. But there are potential causes and effects, like national defense concerns and what Europe is going through right now." - Greg Stokes [18:24] - "The whole collective idea behind renewables is fabulous, but the idea of getting ahead of yourself from a policy perspective is not prudent." - Greg Stokes [22:15] - "In good times, ESG seems great because you're not sacrificing anything. But in a supply chain crunch when energy is scarce and commodity investment has been low for a long period, those that didn't fall for the policy of the day are the ones that come out on top." - Doug Stokes Links Charles Schwab Liz Ann Sonders Lawrence Hamtil UBS Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The stock market is often seen as a leading indicator of economic activity, with movements in share prices reflecting changes in underlying conditions. For this reason, analysts closely watch stock markets for clues about future inflation trends. While inflation has been one of the most feared economic events, periods of high inflation have often been followed by bear market rallies. What does this phenomenon mean, and how does it impact investors? In this episode, Greg and Doug talk about inflation trends, the bright side of all of the issues facing the U.S. and the international community, and the importance of time and quality assets in investing. Key Takeaways [00:21] - Recent trends in commodity prices. [01:50] - Inflation trends, CPI, and the price-earnings ratio. [06:12] - How U.S. stocks outperform international stocks. [08:39] - The bright side to all issues facing the U.S. and the international community. [13:49] - The importance of time in investing. [15:15] - How real estate investing is similar to stock investing. Quotes [03:55] - "Inflation has peaked and is coming down. Anything can happen in markets, but from a fair valuation perspective, we're at the average level currently." - Doug Stokes [10:00] - "If we look at every single bear market rally since 1929 and look at the best performance during that bear market before it declined even further, 2022 would be the absolute best." - Doug Stokes [21:04] - "Having these emotional swings based on the political news of the day and general market sentiment is one of the worst things you can do for your portfolio decision-making." - Doug Stokes Links Crestmont Investments JP Morgan Jurrien Timmer Fidelity Investments Nautilus Capital Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

What are the narratives in the market? Bullish or bearish? This is a question that is always on the mind of investors. The stock market is constantly bombarding investors with news, analysis, and commentary, and it can be overwhelming to try to make sense of it all. However, looking at the market narratives from a different perspective can give you a better understanding of what is happening in the market. In today's episode, Greg and Doug debunk market myths. They explore the market narratives through a different lens by looking at the news, analyst opinions, and price action. Key Takeaways [02:15] - How the markets have rebounded recently. [06:16] - How the markets are doing better today than they have ever been. [08:57] - Why the current mortgage rate is unpleasant for homebuyers. [13:37] - What an inverted yield curve means from a market perspective. [18:34] - Why investing early in life is important. Quotes [06:57] - "Things are better now than they've ever been. From a short-term perspective, things have been looking a lot better. Inflation seems to have chilled out, and the latest inflation numbers were flat monthly." - Greg Stokes [07:51] - "Consumers are tapping into savings to fight inflation. On top of that, debt levels and delinquencies are rising." - Doug Stokes [15:23] - "Historically, a yield curve leads to a recession. And a recession is always accompanied by a negative market experience." - Doug Stokes [21:20] - "Invest early, invest often, be aggressive, and stick with the plan. If you do that for many decades, it will work out in your favor." - Greg Stokes Links You Can Make Any Piece of Data Look Bad If You Try Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting Sam Ro Brian Portnoy Goldman Sachs Santiago Capital Vanguard Fidelity Investments Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

In this episode, Jamaul Ford, a serial entrepreneur in New Orleans who runs High Level Speech and Hearing Center with his wife, Dr. Lana Joseph-Ford, talks with Greg and Doug about launching a product-based business alongside a service-based venture, the R&D behind Jamaul and Lana’s product Jrumz, why culture is invaluable within big and small operations, and the challenges and opportunities associated with launching a business in New Orleans. Key Takeaways [00:23] - A brief introduction to Jamaul. [00:46] - How High Level Speech and Hearing Center came to fruition. [04:28] - What the High Level Speech & Hearing Center looks like today. [06:35] - Why Jamaul and Lana developed Jrumz. [10:27] - Why Jrumz has a better sound quality than AirPods. [11:55] - What challenges Jamaul and Lana overcame starting their business versus launching a consumer products company. [16:02] - How to transition from direct-to-consumer to retail outlets and distribution. [17:55] - The R&D process behind Jrumz. [20:54] - What Jamaul is developing at Joseph Ford Enterprises. [23:03] - How Jamaul, Doug, and Greg have experienced running a business in New Orleans and how they believe New Orleans can prosper. Quotes [06:55] - “Most people don’t know this: as an entrepreneur, what we are, we are problem solvers, we typically identify what the problem is and try to come up with a solution.” ~ Jamaul Ford [15:21] - “Being product-based is really about building community. And when you’re trying to build community, it’s more or less like building people [who] are zealots of your product that are going to go out and tell other people. As much marketing, Facebook advertisement, these things you can do, still word of mouth is always going to be the thing that’s really going to push your product to the next level.” ~ Jamaul Ford [23:32] - “When it comes to building businesses in New Orleans, I really believe that you have to know the city, you have to know the needs of the city, know the people of the city, to know what to provide for the people of the city.” ~ Jamaul Ford [24:04] - “I do believe personally that it is important to master something in New Orleans and then transition it to the masses.” ~ Jamaul Ford Links Jamaul Ford Dr. Lana Ford High Level Speech & Hearing Center Jrumz Ear Wear Nicholls State University Xavier University Waffle House East Jefferson General Hospital Washington University in St. Louis AirPods Target Best Buy Walmart Facebook Walt Disney World Covington Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week, Doug and Greg discuss the confusing state of today’s economy, their predictions for economic growth and recovery years down the line, how the Feds can successfully avoid an economic recession, which parts of today’s inflation might stick around, and what you can control financially in a time of mass financial uncertainty. Key Takeaways [00:22] - What Greg’s thoughts are on Lisbon, Portugal vs. Madrid living. [03:55] - Are we in a recession or not? [08:31] - What the economy may look like one year from today. [13:24] - How to translate recent earnings reports. Quotes [04:45] - “The economy and the markets are two distinct things. The economy might be in a situation where it’s in a recession but the markets typically are forward-looking.” ~ Greg Stokes [15:20] - “If [the Feds] can somehow figure out a way to have a soft landing, which is what they’re trying to do by slowing down the economy, slowing down spending without causing a recession, I think that would be a pretty admirable result.” ~ Greg Stokes [19:51] - “If you’re not confused about what’s going on in the economy right now, then you really don’t know anything about economics is a way to think about it. Because this is a completely unprecedented period.” ~ Doug Stokes Links Spending, Statistics, and Why Midterms Matter Mortgage News Daily J.P. Morgan’s Guide to the Markets Walmart Q22 Earnings Amazon Q22 Earnings Bill Ackman Jerome Powell The Wall Street Journal Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week, Doug and Greg discuss how consumers and big business are responding to sky-high inflation, which income bracket is struggling the hardest and which brands are selling out faster, the bright side to a recession in vibes, why midterms matter, and why despite it all, the market is up. Key Takeaways [00:16] - What inflation means for consumer spending and where prices have (surprisingly) gone down. [05:29] - Why despite the constant bad news, the market is looking up. [15:12] - A guessing game for Greg. [19:54] - Why midterm years matter. Quotes [10:00] - “Things are bad, but the market ebbs and flows and generally overcorrects on the downside and overcorrects on the upside, and people that stick with a game plan end up working out.” ~ Doug Stokes [10:16] - “One of our clients told me one time that things are never as good or as bad as they seem. And you’re right, things have seemed very bad lately.” ~ Greg Stokes [13:39] - “I’m optimistic on the future and I think that if you extend your time or horizon long enough and if you look at prior data after the declines that we’ve seen recently, usually it’s a setup for a positive outlook going forward.” ~ Doug Stokes Links Cheaper Beer, Cigarettes Gain Favor as Inflation Pinches Shoppers The Upper Middle Class is Getting Squeezed Busch Light Keystone Light Walmart WCI Shanghai To Los Angeles Shipping Index Understanding America’s History and Modern Markets AT&T Quarterly Earnings Report BlackRock July 2022 Highlights Consumer Confidence Falls Again in June FiveThirtyEight New Orleans Saints New Orleans Pelicans Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week, Richard Chen talks with Doug and Greg Stokes about overcoming obstacles and becoming a successful attorney, what the ultimate value-add is for both Rich and the advisors he serves, what prompted Rich to launch his own firm, and how Rich experiences life to the fullest without eyesight. Key Takeaways [01:12] - A brief introduction to Rich. [03:48] - Rich’s journey with sight. [04:44] - How Rich operates a law firm without sight. [06:15] - How Rich remained competitive in school and his field despite physical disadvantages. [07:50] - What life is like in the Azores. [08:35] - Where Rich likes to travel and his day-to-day rec routine. [10:32] - A typical day in the life of Rich Chen. [11:58] - Why Rich launched his own firm. [13:54] - How Rich perceives natural beauty without physical sight. [16:03] - What country transformed Rich’s perspective. [17:36] - What values are most important to Rich. Quotes [03:34] - “It’s a real privilege to be able to serve RIAs and to really help them grow their business.” ~ Richard Chen [07:11] - “To this day I can’t recall ever thinking, ‘I can’t do this.’” ~ Richard Chen [15:42] - “Life is too short to focus on what you can’t do and what you can’t experience. There are so many things out there to experience that it’s better just to look forward to what you can do and the possibilities out there.” ~ Richard Chen [20:11] - “Humility is so important because there’s always something we can learn from everybody. I always try to take that attitude.”~ Richard Chen Links Richard Chen Richard L. Chen PLLC Text-to-speech output Creating Financial and Humanitarian Change with Jonathan Shafer Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week, Doug Stokes and Greg Stokes discuss the state of corporate America, why stock-based investors should treat dividends like rent, the fluctuation of global currency, and why the Federal Reserve is stoking your recession-based fears. Key Takeaways [00:31] - What to make of the dividends increase per share versus price increase per share. [05:15] - What the current housing market means for a potential recession. [08:42] - Why it feels like a recession is approaching. [11:39] - The implications, opportunities, and root causes of the decline in value of European currency. Quotes [02:06] - “If you were a real estate investor, even though the value of your property was down you probably didn’t know it. If your rents were up 14% over the last twelve months – you wouldn’t really care what the actual value of the property was. The same thing should apply to stock-based investing. In the case of dividends appreciating by 14%, even though the value has fluctuated, and fluctuated negatively, over the last twelve months, your ‘rents’ or your dividends are up 14%. ” ~ Greg Stokes [04:45] - “In essence, if you buy in great companies that have pricing power and are able to pass through increased costs to their customers and then increase the dividends paid to you, that’s something to treat like a piece of property and collect your rents, your increased rents, year over year.” ~ Doug Stokes [11:29] - “Whether there’s a recession or not, it seems like the best place to be is in the U.S. markets currently. We’re actually seeing that in currency movements.” ~ Doug Stokes Links Charlie Bilello Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic (Redfin) The Organic Food Hoax (Hoover Institution) Le Figaro Lagniappe: Understanding Argentinian Markets with Santiago Solanet Fidelity Charles Schwab Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

This week, Doug Stokes and Greg Stokes discuss the unique and successful American experiment, what’s going on with the U.S. housing market, when inflation will eventually end, and what they believe is an even bigger issue than inflation itself. Key Takeaways [00:47] - What the American experiment (and America itself) means to Greg and Doug. [10:51] - The state of the U.S. housing market. [16:15] - What Doug believes inflation will look like one to two years from now. [18:48] - When will this bear market end? [21:07] - What’s priced into the market, what the market believes will happen, and what Greg thinks will actually happen coming out of this period. Quotes [13:18] - “The last major recession was a housing-led recession and a housing crisis which led to a global financial crisis. And I think people are looking for the same signs of cracks in the system in housing and I don’t think that’s necessarily the case. I think this is probably a manufactured slowdown in housing.” ~ Doug Stokes [17:29] “I really don’t see high inflation for long periods of time. I’m not considering that as a high probability outcome although it could be the case. I think the more scary situation is that the federal reserve overshoots its raising rates to the point where it pushes the economy into a recession.” ~ Doug Stokes [18:55] ~ “The comforting thing to me is that it will eventually end. This market will eventually turn into a bull market and I think that there are some psychological aspects to it as well that I think are promising. But also from just a historical timing standpoint, the average bear market lasts about six months.” ~ Greg Stokes Links Bill McBride Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

In 2008, as a recession raged on in America, Jonathan Shafer believed it was time to make a difference elsewhere. After meeting a family searching for someone to launch an investment strategy company in West Africa, Jonathan jumped on the opportunity. Planning to be in Africa for only one year, Jonathan and his family ended up staying for seven years. Despite its challenges, Jonathan saw tremendous opportunity in Africa, both financially and through humanitarian work. Given that 600 million people in Africa don’t have access to power, investing in renewable energy became Jonathan’s primary focus, creating flourishing financial returns as well as a powerful impact on the lives of native civilians. Today, Jonathan’s efforts in Africa total more than $215 million of invested capital, and include ventures such as Fortis Green Renewables, a firm investing in renewable energy assets throughout Sub-Saharan Africa, and CommonGood Capital, a financial services company focused on global values-based investments. In this episode, Jonathan talks with Doug and Greg about why Africa has incredible opportunities for both financial investments and powerful humanitarian change, the impact alternative power sources can have on the quality of life in Africa, the risks of developing hydropower in Africa versus elsewhere, and what life is like in Kigali, Rwanda. Key Takeaways [01:13] - Why Jonathan and his family moved to Rwanda. [06:53] - What it’s like to live in Rwanda. [10:22] - How Kigali’s international reputation is evolving. [11:58] - The mission behind Fortis Green Renewables. [15:36] - What power source Jonathan focuses on. [19:38] - How the risks of developing hydropower in Africa differ from the risks of developing renewable energy elsewhere. [21:52] - How bureaucratic obstacles differ in Africa versus the United States. [25:38] - How Jonathan considers potential contract disputes. [29:31] - What major themes and investment opportunities exist in Africa besides power. [34:32] - The altruistic benefits of investing in power across developing regions. [39:06] - What the return difference is between infrastructure investment projects in Rwanda versus the United States. [40:37] - What visitors should see in Rwanda. Quotes [04:05] - “It was really this desire back in 2008 to use my skill set to make a difference in the world. How do I use the talents that I have and the skills that I’ve acquired to not just go build orphanages and not just go build schools, but how do we use business as a tool to really make an impact on people’s lives?” ~ Jonathan Shafer [32:43] - “When we look at the world, when we look at emerging markets in terms of where do we think the most potential for long-term growth is, we look at Africa. I think the challenge is you have to pick those segments of the market at the right time.” ~ Jonathan Shafer [34:48] - “I have very little, let’s just say no interest, in making money for the sake of making money. Money is important. Money matters. But, for me personally, I only want to be involved with things that a) make money, that’s a given, but then have the potential to have a positive impact on people’s lives.” ~ Jonathan Shafer Links Jonathan Shafer Fotis Green Renewables CommonGood Capital Yale School of Management Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The happiness and contentment we feel surrounding money doesn’t end with the number in our bank account. Take it from Brian Portnoy, founder of Shaping Wealth, a financial wellness company that helps clients make smarter financial moves. Brian understands the psychology behind financial decisions as much as he does the strategy behind investment. For instance, as human beings, we instinctively compare ourselves to others, seeking comfort in status and discomfort when our social media is flooded with 18-year-old billionaires rich off crypto. But how can we learn to mute the comparison triggers all around us? And why do growth-focused goals keep us grounded? Brian talks with Doug and Greg about navigating the comparison landscape, why money is still taboo, why unlimited freedom has led to increased paralysis, and the difference between being rich and being wealthy. Key Takeaways [00:17] - An introduction to Brian. [01:11] - Why Brian believes money is a taboo subject. [02:32] - Does insecurity around discussing money correlate with general financial insecurity? [04:27] - Why social media has decreased society’s contentment surrounding their finances. [07:52] - The dangers of comparison and Brian’s perspective on differing financial priorities amongst generations. [12:04] - How Brian approaches goal-setting and disciplined progress. [19:23] - The power of purpose. [21:31] - How to live a meaningful life and spend accordingly. [26:28] - How investors can stay grounded amidst a volatile world and a volatile market. Quotes [06:12] - “There’s a quote I love from J.P. Morgan, the original John Pierpont Morgan from whatever it was 100 years ago, where he said, ‘Nothing corrupts your financial judgment more than the sight of your neighbor getting rich.’ It wasn’t that long ago that your neighbor was the guy across the street. Now your neighbor is every person on Facebook and TikTok and Snap and LinkedIn and Twitter. Everybody is everybody’s neighbor and we’re going a little bit bonkers with it.” ~ @brianportnoy [16:26] - “What goals do from a negative perspective is they tee us up for emotional disappointment. Because no matter how good, or frankly how bad, a particular outcome is, we tend to revert to type, and then we say, ‘what’s next?’ Because we are foundationally growth-oriented creatures. And wherever we get, we want to get further.” ~ @brianportnoy [22:21] - “I think what anyone can do to figure out where money fits into a meaningful life and have those goals be more emotionally resonant, is to think about purpose, is to think about meaning.” ~ @brianportnoy Links Brian Portnoy Shaping Wealth The Geometry of Wealth The Investor’s Paradox Alliance for Decision Education Growth Without Goals by Patrick O’Shaughnessy Twitter Los Angeles Lakers Lebron James Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

After spending years going through a tough academic program, one dissertation away from achieving a degree, Wes Gray chose to take a step back and join the Marine Corps. Following five years of service, Wes finished his degree at The University of Chicago, studying under the acclaimed Eugene Fama. While working as a professor, a cold call from a billionaire in New York prompted Wes to begin moonlighting as an internal due diligence agent. That decision to take on a second job became his inspiration for Alpha Architect – an asset management firm committed to empowering investors through education. In this episode, Wes talks with Doug and Greg about why Alpha Architect is abnormal, the method to their madness, how Wes challenged Eugene Fama (and nearly won), how Alpha Architect is responding to today’s volatile markets, and what the future looks like for value investors. Key Takeaways [01:24] - How Wes transitioned from professor to founder of Alpha Architect. [04:50] - Why Wes’ studies led him to be more of a quant than a discretionary investor. [14:00] - Has a rise in awareness diluted investors’ ability to obtain Alpha? [19:25] - How Wes explains the recent market volatility. [22:40] - How Alpha Architect responds to “flows” and market volatility. [26:23] - How Alpha Architect remains tax-efficient. [29:37] - What Wes believes the future looks like for value investors. Quotes [27:14] - “One of the problems with the financial services industry is, the best idea, the best strategy in the world, can always be ruined by fees and taxes. And so, you can have a lot of excess returns, but if you give it all up in fees and taxes, what was the point?” ~ Wes Gray [31:08] - “No matter how you cut it, the valuation of value stocks is the cheapest it’s ever been relative to the valuation of the market or gross stocks more particularly. And so the problem is timing. I have to survive the potential issue of, I go buy value stocks and then all the sudden all the crazy maniac stocks beat me and crush my soul by ten percent a year for the next ten years again.” ~ Wes Gray [31:57] - “The problem is, if there is a risk that you give up on fundamentals and the weighing machine in the short run, that means you will not get to extract the benefits of the long run. And I always tell people, you really need to sit down and think about your own brain psychology, and if you can’t deal with the heat in the kitchen, get out of the kitchen and just go buy the Vanguard fund.” ~ Wes Gray Links Wes Gray Alpha Architect Eugene Fama The University of Chicago Drexel University Embedded Quantitative Value DIY Financial Advisor Quantitative Momentum Warren Buffett Robinhood Vanguard iShares Seth Klarman Tesla BlackRock Cliff Asness: Still Crazy After All This YTD Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

It’s no secret that cryptocurrency has been a trending point of contention for financial experts and the general public. But is it worth the hype or a bubble waiting to burst? David Chase of Crescent City Capital has become an expert on the subject. But David’s desire to explore crypto was not for the sake of hopping on a fintech fad. Spending his early career learning the nuances of central bank policy, David had a hunch there was a better way to regulate policy. After diving into the subject, cryptocurrency became that solution. So after a year of exclusively trading crypto, David launched Crescent City Capital with his partner Hunter Metcalf. The firm’s goal is to accumulate as much Bitcoin as possible and David’s personal belief is that crypto is not only here to stay, but is fundamentally irreplaceable. In this episode, David talks with Doug and Greg about why crypto solves the problems most currencies encounter, the future of Bitcoin and blockchain technology, how anyone can and should invest in crypto, and the potential life-saving impact of digital currency. Key Takeaways [00:18] - An introduction to David and his background. [04:55] - Bitcoin’s solution to the flaws in centralized policy, and what mining cryptocurrency actually means. [08:18] - Why it’s valuable to invest in Bitcoin and the difference between Bitcoin and Ethereum. [10:58] - What makes Bitcoin valuable. [11:48] - Why Bitcoin is an inflationary hedge. [14:19] - How Bitcoin is invaluable in moments of political instability. [18:00] - Why David believes Bitcoin isn’t going anywhere. [20:17] - The future of blockchain technology. [25:43] - What stablecoins are and the difference between collateralized and arithmetic stablecoins. [34:17] - Where David believes Bitcoin is headed. Quotes [19:55] - “I don’t see any of the top 10s going away, I certainly don’t see Bitcoin going away unless there’s this onset of some kind of one world central bank currency that could potentially replace it. But even then it’s not the same, it’s not disinflationary. Any central bank currency is going to have to be inflationary.” ~ David Chase [21:27] - “We listen to three or four pitches a day. And I can tell you, the smartest minds in the world are moving toward blockchain development.” ~ David Chase [33:58] - “Until Bitcoin or the total asset class valuation reaches a point, kind of the equivalent of gold or even silver, you’re going to have massive manipulation, massive volatility. I think that scares a lot of people away. But with volatility comes opportunity.” ~ David Chase Links David Chase Crescent City Capital Bitcoin Gelber Group Coinbase Ethereum Whitecoin Dash Hunter Metcalf Twitter Litecoin Solana Acacia Digital Holdings RareMint Terra Luna Tether Circle USD Coin Dogecoin Shiba Token Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Sometimes, the best places to invest are the places no one’s looking. Ian Bezek has become an expert on under-the-radar places to spend his time and invest his money. Having spent the last eight years living in South and Latin American countries, he’s an advocate for exploring countries that cost less for a higher quality of life. Not to mention, he’s diving headfirst into the international markets and is here to share his tips for investing overseas. Rather than looking where everyone else is (literally), Ian focuses on compounding businesses, companies constantly growing their earnings, companies with nearly irreplaceable assets, and businesses becoming leaders in a “boring” sector. He values companies with exit ramps and hand railings over those with high-speed glass elevators and no red exit sign in sight. His stocks may not be the sexiest, but Ian’s peace of mind and the performance of his portfolio remain intact. In this episode, Ian talks with Doug and Greg about his perspective on the U.S. versus Latin American markets, his philosophy on the ESG score, when Ian predicts we’ll see market revisions in the U.S., tips for exploring life in Colombia, and the surprising sector Ian believes is this decade’s top growth industry. Key Takeaways [00:18] - An introduction to this episode and Ian Bezek. [01:34] - Ian’s perspective on the markets post-2020. [03:14] - How Ian describes today’s markets in comparison to the previous tech bust in 2000. [05:30] - When Ian believes market revisions will happen. [06:41] - What industries and sectors Ian focuses on. [09:36] - How the perception of the companies Ian invests in has shifted over the years. [10:36] - What Ian thinks is the best growth industry this decade and what he’s keeping an eye on as the 2020s continue to evolve. [13:07] - Why Ian believes EVs are overblown and where you can be investing instead. [15:15] - Ian's experience living in Latin and South America and why low-cost and high-quality living areas are fantastic (and feasible) options. [17:08] - What the quality of life is like in Columbia. [18:56] - How Ian views Latin America and Columbia from an investment perspective. [21:18] - What’s worth the investment in Latin and South American countries. [26:27] - How ESG metrics impact Ian’s investment choices. [30:01] - What Ian loves to do in Columbia. Quotes [21:52] - “I’d say one thing that a lot of people should pay more attention to are the Mexican companies because you can find companies that are much less cyclical there, like the airports for example.” ~ @irbezek [24:40] - “I do think that the Latin American markets should outperform. In particular, Mexico’s kind of the one I’ve planted my flag on because that’s a much broader market that is not just tied to commodities. So I think investors will rediscover that one.” ~ @irbezek Links Ian Bezek Seeking Alpha Ian’s Insider Corner Kerrisdale Capital Management LLC Echo Labs Bancolombia Pacifico Airport Rotoplas Sureste Airport Microsoft Yahoo Cisco Lucent Peloton Netflix Adobe Alphabet Meta Google Amazon Walmart Costco Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

At the heart of Il San Pietro in Positano, one of Italy’s – and the world’s – finest hotels, is a family business with a fascinating story. Il San Pietro was built by Carlino Cinque when Positano was a simple fishing village. Carlino’s family believed him crazy for pursuing a life outside their home and even had Carlino impeached for his entrepreneurial aspirations. Luckily Carlino overcame obstacles and his grand hotel came to fruition. Today, Vito Cinque co-owns Il San Pietro with his brother Carlo, the third generation to take the reins and help their family’s legacy live on. The hotel has become an architectural feat – existing on the precipice of one of Positano’s infamous cliffs. Each room has a view and a beautiful terrace. While a room is a luxury, the staff become like family and your stay is always a consistent, trip-defining experience. But there’s an art to maintaining luxury with family by your side. Greg and Doug talk with Vito about transforming the Il San Pietro into a world-renowned five-star hotel alongside his brother Carlo, his strategy for remaining competitive as the years go on, how Vito led his staff through COVID-19, plus the key reason Vito believes Il San Pietro has remained a family-owned worldly success. Key Takeaways [00:54] - An introduction to Vito and Il San Pietro. [04:17] - The first travelers to the Il San Pietro hotel. [05:48] - The construction of Il San Pietro’s unbelievable elevator. [07:25] - What prompted Vito’s Great Uncle to take the risk and move forward with building a hotel. [09:45] - How the hotel’s construction developed over time. [11:22] - How Vito considers the five-star offering he’s providing to clients. [16:26] - How Vito distinguishes Il San Pietro’s food and beverage services from competitors. [20:15] - How Vito managed the challenges of the pandemic. [25:55] - What Vito does to ensure guest loyalty and the importance of a strong team. [29:34] - What visitors should experience on the Amalfi Coast. [34:02] - Vito’s wine philosophy. Quotes [08:58] - “This is what we want clients to understand: that when your family has a unique experience, you cannot put this sort of experience in a box. It’s not something that has been planned. It’s like, you find the right plant in the right spot and the plant grows perfectly.” ~ Vito Cinque [12:47] - “Being in a family business, the time for making a decision is very fast, as long as you divide your duties. Me and my brother have two different backgrounds. We take care of two different parts of the hotel. So I run the place, I am the front office person, and he’s the back office guy. He looks at the numbers and I produce.” ~ Vito Cinque [23:45] - “The attitude of the clients has totally changed now. They want to go where they don’t have surprises. They want a place to be consistent. Now the price is not an issue as long as you get what you were expecting.” ~ Vito Cinque Links Vito Cinque Il San Pietro Zass Restaurant Bee Chic The Il San Pietro Gardens Anish Kapoor Jeff Koons William Kentridge Bordeaux Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

What would you do with a family fortune? Taking a hard look at the downfall of the Vanderbilt dynasty tells us a few things about wealth, purpose, and the importance of a trusted financial advisor. History can tell us what to expect during unpredictable global events, how bear markets typically come to a close, and the surprising similarity between institutional and retail investors. This week, Doug and Greg why wealth alone won’t buy happiness, what the market corrections of the past mean for today’s turbulent fluctuations, and why “professional” investors aren’t immune to emotional influence. Key Takeaways [00:18] - Money lessons from the Vanderbilt curse. [11:19] - What a history of market corrections should mean for your perspective on an upcoming bear market. [15:48] - How a bear market may end. [20:13] - Actively managed strategies versus index-type strategies. Quotes [08:14] - “I just think that lack of purpose and lack of direction leads to lack of wealth. So what does money really do? Money, if you’ve at least been a good steward of capital, provides you with flexibility and time.” ~ Doug Stokes [15:28] - “That’s the real issue — trying to time the market and waiting for the dust to settle. Our human nature does not want to buy when we think that there is a risk of loss around the corner and there’s been a recent risk of loss. And so the whole involving of human emotions and investments is a really bad combination.” ~ Greg Stokes [24:05] - “The presumption is that investment professionals, investment managers are better at that sort of emotional aspect and timing the market than a retail investor but this basically debunks that whole theory. And it is absolutely true that people, in general, retail investors or institutional investors, are not good at beating the market.” ~ Greg Stokes Links Morgan Housel Breakers Estate Biltmore Estate Anderson Cooper Elon Musk Tesla Bill Gates Our Perspective on April’s Return to Rocky Markets Twitter Gamestop Peloton Dogecoin Cathie Wood Fizz AMC ‘Past performance is no guarantee of future results,’ charted SPIVA Study: Percentage of actively managed funds that outperform benchmarks Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

While times may feel unsteady and unpredictable, if you take a look through history, you’ll see these very market fluctuations repeated, time and time again. The tricky part is convincing your psyche to invest during a downtime when the market’s on sale. So how can you override your human instinct to hoard cash in a downturn? And when will there be resources available to prevent ourselves from acting on less than financially favorable inclinations? This week, Doug and Greg discuss their point of view on today’s crazy markets, the long-term implications of rising interest rates, why it’s best to avoid anxiety over unpredictability, and how to retrain your psyche to make smarter financial decisions. Key Takeaways [00:17] - An intro to this episode, the joys of family vacations, and Doug’s guide to wine tasting in Sonoma. [09:07] - Why New Orleans is a great place to be. [13:10] - How Greg and Doug view today's markets, who can best take advantage of the volatility, and how to remove psychological blocks and invest in a downturn. [21:16] - How Verdad Capital and others are forcibly encouraging investors to buy-in when a crisis hits. [25:32] - Greg and Doug’s closing thoughts. Quotes [14:13] - “Our job really as portfolio managers and as advisors is to try to put context in these types of situations for clients that these are normal types of market events. Historically, if you look at the stock market from 1980 to present you get an intra-year decline.” ~ Greg Stokes [17:50] - “The rise in interest rates has afforded people the ability to not be as aggressive as they had to be maybe last year or the year before to achieve a reasonable rate of return.” ~ Doug Stokes [20:02] - “The sort of psychological issue is that when things go on sale in the stock and bond markets, it’s really hard to take advantage of that because the human aspect of investing is that things are going to continue to get worse, which they might, but it really is a good opportunity if you look at it through the lens of the long-term, you try to separate your natural psychology from the situation.” ~ Greg Stokes Links Farmstead Restaurant Ledson Winery & Vineyards Castello di Amorosa Gundlach Bundschu Zichichi Wines Devin Booker French Quarter Fest Zurich Classic Waste Management Phoenix Open Jazz Fest Hogs For The Cause Mr. John’s Steakhouse The French Laundry S&P 500 Intra-year Declines and Total Returns 1980 to 2021: Chart Nick Murray Verdad Meb Faber Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Bull or bear? Always the question and (almost) always difficult to answer. Especially in 2022. Between the Russia-Ukraine invasion, rising interest rates, and spiked inflation, the markets have been up and down. And it’s incredibly difficult to take a hint from what’s happening when deciding whether to invest or play it safe. Given today’s turmoil, it’s important to consider what’s worked in crisis markets of the past and what indicators signal it’s time to “go long” with your investments. CNN, Vanguard, and BlackRock have different ideas on where things are headed, short-term and long-term. But is it always best to trust the investor experts? And if so, which experts should you trust? This week, Doug and Greg discuss what rising fear and uncertainty mean for today’s tricky markets, why now is the best time to look overseas for property purchases, how to manage rising inflation, and why the best investors don’t always dish out the best financial advice. Key Takeaways [00:18] - Why a rise in general fear is a contrarian indicator for today’s financial markets. [09:34] - Why it’s important to remain cautious about rising inflation. [11:48] - How the markets have evolved and what the experts think about prospective returns. [16:54] - Why now is the best time to explore international real estate. [21:30] - Why rising interest rates are a positive thing for investors. Quotes [02:48] - “It’s counterintuitive to buy when there’s fear and panic, but that really is the best time to buy if you look at history.” ~ Greg Stokes [06:13] - “Generally speaking, being a human being is not something that helps you in terms of emotions from an investment standpoint. Typically, if you look back at history, if the crowd is doing something, either buying or selling at a high clip, it’s usually a contrarian indicator one way or another.” ~ Greg Stokes [12:39] - “It’s not really a valuation-driven sentiment change in terms of just general markets. I think rising interest rates, rising inflation is really the concern here while a year ago it was more about, can companies really grow into the valuations they’re receiving?” ~ Doug Stokes Links CNN’s Fear & Greed Index When Fear Runs High, Time To Buy? Charlie Bilello Crisis Investing: How To Maximize Returns During Market Panics Ken Fisher Always Buy High Uncertainty. Certainty In the Stock Market Is Very Expensive. Vanguard Market Perspectives: February 2022 BlackRock Capital Market Assumptions Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

Despite dealing with the aftermath of a global pandemic, an unpredictable stock market, and record-breaking inflation, life in 2022 may not be as bad as you think it is. 150 years ago, the richest people in America didn’t have easy access to basic commodities like air conditioning and ice, not to mention apps that deliver food and streaming services playing everything you can imagine. Rising interest rates, higher mortgage payments, and a low inventory can make it feel like a crazy time to be buying a house right now. But real estate has more value than just a percentage point and, like all major decisions in life, there are several factors at play when deciding to buy a home. This week, Doug and Greg discuss why it’s easier to stay optimistic than you might think, the best way to manage client expectations regardless of the times we’re living in, and why rising interest rates don’t necessarily throw a wrench in your real estate plans. Key Takeaways [00:59] - Why there’s a lot to be optimistic about and the key to managing expectations in the stock market and in life. [10:18] - How the rise of interest rates and mortgage payments will impact real estate. [23:33] - Who Doug and Greg bet on at the Masters. Quotes [09:27] - “The last thing that I would want to do is plan on some historical rate of return that makes the numbers look fabulous and then way undershoot that, for one reason or another. I think it’s really good from a psychological standpoint to maintain those reasonable expectations that returns are going to be more muted in the future and if you beat them then that’s great.” ~ Greg Stokes [10:06] - “You could end up in the same exact place, but if you have the expectations of higher outcomes at the outset then you’re disappointed versus ecstatic.” ~ Doug Stokes [12:40] - “I think we’re in a situation where theoretically we could have a rise in mortgage rates like we’re experiencing in the first half of 2022, coinciding with either a steady price of homes or even a continued increase of the value of homes, which would be extremely interesting.” ~ Doug Stokes Links Surprise, Shock, and Uncertainty Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting Growth Without Goals Can Home Prices and Interest Rates Soar at the Same Time? The increase in 30-year fixed mortgage rates Caesars Sportsbook Tiger Woods Jon Rahm Sergio Garcia Bryson DeChambeau Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.