Lagniappe

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.

If the past few months have reminded us of anything, it’s that market volatility is constant and unpredictable. With the spread of information accelerating faster than ever, global volatility now matches that of the market in (seemingly) real-time. So it’s no surprise that such upheaval takes a toll on our psyche as investors. But if there’s one thing we can predict, it’s that volatility isn’t going anywhere and we have to prepare for it, financially and mentally. Although it sounds like an oxymoron, there are ways to prepare for the unpredictable. And there are ways to protect yourself psychologically, even if those protections go against popular financial advice. This week, Doug and Greg discuss how to combat the psychological strain of volatile markets, why the market reacts the way it does to world disaster, and what the yield curve tells us about a recession in 2022. Key Takeaways [00:21] - Why taking time to travel (with your spouse) is important. [06:50] - Why major world downturns have a positive impact on the market. [11:29] - How to deal with “flash crashes” and overall market volatility psychologically. [17:26] - What the yield curve means for an upcoming recession. Quotes [14:38] - “The level of volatility and equities just improves the use case for direct indexing and custom indexing. Basically what that means is instead of owning the S & P 500, you own the component parts.” ~ Doug Stokes [15:48] - “For people that do potentially need a portion of their assets, from a psychological standpoint those assets over a defined period of time shouldn’t be invested in the markets. Because if you have your next month’s living needs in the market and you’re watching this kind of thing it can really be difficult from a psychological standpoint.” ~ Greg Stokes [23:37] - “The general rule here is, you anticipate recessions are going to occur over a lifetime, multiple recessions, and you design a portfolio in accordance with that sort of logic.” ~ Doug Stokes Links Covid lethality trends How Americans spend their lives Why travel is the best way to spend money The worst thing you can spend money on Why keeping cash is good for your psychology Yield curve inversion explained (part I) Yield curve inversion explained (part II) Yield curve inversion explained (part III) Yield curve inversion explained (part IV) Alibaba JD.com Stokes Family Office: April 2020 Market Update feat. Patrick O’Shaughnessy Understanding Inflation and Countercyclical Indexing with Cullen Roche 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.

With America more divided than ever before, few things have the power to bring together both sides of the political spectrum. The Opportunity Zone program is one of those rarities specially designed to satisfy political opposites. Not to mention, dramatically improving the community around us. But some businesses and individuals are hesitant about holding an investment for 10 years, or maybe they only remember the policy’s flawed origin story. An expert on all things Opportunity Zones, Joe Truhe from Jefferson Capital Partners is here to demystify the program’s complexities and core benefits. In this episode, Joe talks with Doug and Greg about the benefits – both financial and humanitarian – of the Opportunity Zone program, including how the program manages to merge oppositional thinking, how OZs work in practice, and why the program fits perfectly within Jefferson Capital’s core strategy. Key Takeaways [00:52] - What are Opportunity Zones? [02:30] - How the Opportunity Zone program marries both sides of the political spectrum and how it actually works in practice. [08:31] - How individuals can use Opportunity Zones to invest in a business. [11:27] - Why real estate investment took off in Opportunity Zones and what future law changes mean for current OZ investments. [15:27] - Why the 10-year hold is a drawback for many. [17:15] - What happens when you sell a company within that 10-year window. [20:18] - The real financial benefits of the Opportunity Zone program. [27:07] - How the Opportunity Zone program fits within Jefferson Capital’s core strategy. Quotes [02:20] - “The Opportunity Zone program is designed to get both sides of the political landscape to join on economic development in otherwise underserved communities.” ~ Joe Truhe [28:49] - “These are times of opportunity for us, no pun intended, but you can sort of lean into the chaos and grab market share with private investment where you may not be able to in a public company. That’s the illiquidity trade-off.” ~ Joe Truhe Links Joe Truhe Jefferson Capital Partners 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.

If there’s one industry that’s been uprooted since March 2020, it’s live entertainment. Just as leaders within tourism and hospitality have struggled to regain ground, runners of festivals and owners of live theaters have unleashed a wheelhouse of creativity just to stay afloat and continue serving the communities and artists around them. In this episode, Greg and Doug talk with Becker Hall, CEO of Hogs For The Cause, and Barrett Cooper, COO of ERG Enterprises. Although Becker manages the unpredictability of live outdoor events and Barrett the difficult task of positioning The Orpheum as a go-to experience, they’ve both developed unique ways to offset inflation, navigate a growing labor shortage, and encourage consumers to leave their living rooms for an in-person escape. Greg and Doug talk with Becker and Barrett about staying afloat during a global pandemic, navigating an unpredictable return to live events, what’s necessary to survive in the live entertainment business, and what audiences crave now more than ever. Key Takeaways [00:39] - What it’s like running a festival in 2022. [02:22] - The profit breakdown and how Becker offsets the cost of inflation. [04:06] - How entertainment venues like The Orpheum manage to stay afloat. [04:41] - How Becker and Barrett find creative ways to increase their revenue streams and offset inflation. [08:01] - The impact that 2020 federal stimulus programs had on Barrett and Becker’s businesses. [12:57] - Why there’s a massive labor supply gap. [16:53] - Navigating the rising cost of musicians. [22:07] - What it’s like operating an outdoor event in a subtropical climate. [27:54] - How Barrett positions The Orpheum as the go-to theater for up-and-coming artists. [31:39] - How Barrett has capitalized on a new attraction to entice audiences, improve customer experience, and bolster The Orpheum’s revenue streams. Quotes [01:58] - “I will tell you, if you want to put on a music festival, you better be making money somewhere, because it’s usually a loss leader for people and some kind of tax break that brings in some goodwill for the community and the environment doing it.” ~ Becker Hall [05:25] - “Just because we’re a non-profit or maybe just a private event, we still think like any privately-traded company. We’re focused on growth and you’ve got to be focused on growth year over year knowing that a lot of the expenses are going to pile up and get higher and higher.” ~ Becker Hall [20:40] - “If we can focus on that experience, that moment of escape, that’s what people I think really demand right now; a moment separate from all the static and noise of the world.” ~ Barrett Cooper [32:52] - “Coming out of COVID, again, it’s the whole escape from reality, lose yourself in something beyond just a good cocktail. It’s a good cocktail plus a story and that’s what we’re trying to sell.” ~ Barrett Cooper Links Becker Hall Barrett Cooper Hogs For The Cause ERG Enterprises The Orpheum Theater French Quarter Festival New Orleans Jazz & Heritage Festival AEG Live Nation Jon Batiste The Late Show with Stephen Colbert Mardi Gras Voice of the Wetlands Festival Dr. John Saenger Theatre The Fillmore Winter Circle Productions 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.

Russia’s invasion of Ukraine is a humanitarian crisis that’s gripped the globe. While difficult to comprehend on a human level, the economic impact of a widespread European conflict can be equally as complicated to unpack. From inflation to rising gas prices to seemingly unpredictable markets, the state of our economy is enough to make most panic. Luckily, understanding why the Russian-Ukraine conflict has increased inflation and what our government is doing to combat rising costs can dissolve some of that panic. This week, Doug and Greg discuss the recent market volatility and ramifications of the Russian invasion of Ukraine, unpacking why globalization impacts interest rates, the surefire way to combat market volatility, and why it’s pointless to panic about an imminent economic recession. Key Takeaways [00:39] - What Doug thinks about today’s volatile market. [07:35] - Why a recession may be on the horizon. [10:31] - How much of inflation is demand-driven versus supply-driven. [11:07] - How projections on the war in Ukraine have shifted and how inflation and supply chain issues will continue to impact developing countries. [15:41] - How investors should respond to volatility. [17:10] - Why today’s volatility highlights the importance of diversification. [19:37] - Why you shouldn’t panic about an imminent recession. Quotes [09:29] - “The silver lining here is that – and we talked about this on a prior podcast – households are in fantastic shape and debt service payments, specifically mortgage as a percentage of disposable income, were at all-time lows before rates crept up.” ~ Doug Stokes [15:49] - “The range of outcomes is so wide here that I think diversification is the ultimate winner in this sort of framework.” ~ Doug Stokes [17:47] - “Oil and commodities really have been vindicated as an asset class the last couple years and it really goes to show the importance of diversification. Because the human instinct is to go with what’s worked in the past and that absolutely has not worked in the past but it’s working like magic this year.” ~ Greg Stokes Links Cullen Roche Twitter Bill McBride Derek Thompson Chevron Exxon Lemonade Datadog Upstart Peleton Ben Carlson 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 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.

In this episode, Doug and Greg talk with Peter Ricchiuti, Founder and Director of Burkenroad Reports. Peter started Tulane’s nationally acclaimed student stock research program Burkenroad in 1993. Since then, he has mentored hundreds of students about underpriced and overlooked stocks in southern states. Before that, Peter also served as the Chief Investment Officer for the state of Louisiana. Peter talks with Doug and Greg about overlooked stocks, the impact of the pandemic on the decline in birth rate, and trends in the markets of different states, especially New Orleans. Key Takeaways [03:30] - Stock Under The Rocks. [04:40] - The Burkenroad Mutual Fund. [07:46] - Peter’s insights on the future of the markets. [09:01] - How COVID sped up the progress of inflation. [15:56] - What’s the Baltic Dry Index? [17:06] - What happens after an inverted deal curve? [22:05] - How big is the impact of the top six companies? [24:16] - Why you should not focus on the market-cap-weighted index. [25:41] - Do oil companies affect other entities in the market? [28:00] - Can Louisiana be a renewable state? [32:35] - Pumping money into startups in New Orleans. Quotes [20:31] - “I think one of the big problems we have in the country is tremendous income, inequality, wealth inequality, economic opportunity inequality. And I think that's leading to a couple of big trends.” - Peter Ricchiuti [22:55] - “Indexing in other asset class, small-cap, mid-cap stocks, international, they just look flat out more inviting. On the international side, I think the average American has 90% to 95% of their money domestically. And yet, 50% of all stocks are actually non-US. And these countries are growing faster.” - Peter Ricchiuti Links Peter Ricchiuti Burkenroad Reports Tulane University Freeman School of Business Stocks Under Rocks: How to Uncover Overlooked, Profitable Market Opportunities by Peter Ricchiuti Hancock Whitney Bank First Horizon Bank (formerly Iberia Bank) CARES Act Charles Ponzi Baltic Dry Index Origin Bank Wall Street Journal S&P 500 Early assessment of the relationship between the COVID-19 pandemic and births in high-income countries 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.

Argentina just struck a deal with the International Monetary Fund (IMF) to give the South American country some “breathing space” for the next few years to pay off debt. From an Argentinian expert’s perspective, how is it looking for the economy and more importantly, to its people? In this episode, Doug and Greg talk with Santiago Solanet, Senior Investment Analyst at BlackTORO Global Investments. Santiago is known for monitoring and analyzing the local and global economic situation of the Argentinians. Santiago talks with Doug and Greg about understanding Argentinian markets—from the recent IMF agreement to peso depreciation to its political environment. Key Takeaways [00:41] - Beyond the markets: the life and rich culture of Argentina. [03:51] - Peso currency depreciation. [08:55] - What's it like to do business in Argentina? [11:19] - Insights on the effect of war with the UK, soybean prices, and inflation. [15:59] - How does a country turn around a 50% year-over-year inflation? [21:00] - How's 2023 looking for the Argentinian economy? [24:16] - A look at Argentina’s labor market performance. [33:13] - Vista plans with cash flow. [37:13] - Exploring Argentinian cuisine. Quotes [06:47] - “The ‘most’ problem is, with every month that passes, with your salary, you can buy less and less goods as compared to the previous months. In Argentina, every six months, we have a compensation—we actualize the salary, but we always run it back against inflation.” - Santiago Solanet [15:58] - “In my opinion, we need a change in the government, change of power, because, in this government, we don’t have trust or confidence or credibility. You're not going to solve anything because you might say, well, we are going to change the economy plan, we are going to have lower taxes—but the markets, they don’t believe that.” - Santiago Solanet [29:23] - “I think there are good opportunities in Argentina. We have to be very picky. There are companies that have huge problems that are too risky.” - Santiago Solanet Links Santiago Solanet on LinkedIn BlackTORO VISTA Argentina strikes breakthrough deal with IMF in $45 bln debt talks International Monetary Fund (IMF) Central Puerto ConocoPhillips 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.

In this episode, Doug and Greg talk with Jamie Catherwood, Client Portfolio Associate at O’Shaughnessy Asset Management. Jamie has a deep fascination with and expertise in finance history. Throughout the years, he’s shared finance content that goes in-depth to help investors make better and more evidence-based financial decisions. Jamie talks with Doug and Greg about the importance of financial history in strategizing portfolios, and insights on innovation entering deep value territory. Key Takeaways [02:30] - Parallels between the current market and the past. [05:01] - What does history tell us about the change in behavior of retail investors? [07:49] - What's the Kindleberget Minsky Cycle? [09:06] - The Price Conviction Paradox. [12:35] - The Golden Age of Fraud [ 13:57] - Historical investment cycles. [17:35] - Where can the market go wrong? [23:35] - Are innovation stocks in deep value territory? [26:25] - What is the bubble triangle? Quotes [33:27] - “I think that the government has some role in markets, but obviously too much of a presence can kind of stifle innovation. Too much regulation can hurt markets, but I think there definitely needs to be some level of regulation because otherwise, frauds would be able to persist with kind of no threat from anyone stepping in.” - Jamie Catherwood [39:52] - “Once you read enough about financial history and you kind of see all these crazy bubbles, it kind of gives you more perspective and makes you step back and say, ‘Is this going to be one of those? And it makes it easier to not get swept up in the next hot thing.” - Jamie Catherwood Links Jamie Catherwood on LinkedIn @InvestorAmnesia Price Conviction Paradox by Jamie Catherwood Nasdaq 100 Peloton Russell 1000 James Chanos | Yale School of Management Wall Street power player: We're incentivized to cheat A Minsky-Kindleberger Perspective on the Financial Crisis Tesla Ark Innovation ETF Innovation Stocks Are Not in A Bubble: We Believe They Are in Deep Value Territory by Catherine Wood Wirecard Target Boom and Bust: A Global History of Financial Bubbles by John Turner and William Quinn GameStop 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.

In this episode, Doug and Greg talk with Cullen Roche, Founder and Chief Investment Officer at Discipline Funds. Aside from advocating for rebalancing portfolios with low-fee, tax-efficient funds, Cullen also writes about the macroeconomy and investing strategies through his blog, Pragmatic Capitalism. Cullen also advises on the overall impact of inflation in the current market. Cullen talks with Doug and Greg about inflation, economic cycles, and countercyclical indexing with ETFs. Key Takeaways [00:47] - What causes inflation? [03:02] - How COVID impacted the direction of inflation. [07:08] - Bank reserves vs. direct payments to individuals. [09:40] - Has the inflation already peaked? [13:35] - Are inflation and inflation rates correlated? [20:16] - Hyperproductivity in the US economy. [23:31] - How inflation negatively impacts everybody. [26:40] - The midterm elections and market predictions. [34:06] - Cullen’s insights on portfolio allocation. [39:25] - Is global market investing a good idea? [44:12] - What is Discipline Funds ETF? [50:11] - How is Disciplines Fund ETF designed to last long term? Quotes [20:20] - “The thing about deflation is it tends to occur, especially the really traumatic ones, inside of debt bubbles like the housing crisis. The thing that made that so frightening was that you had balance sheets collapsing from debt deflation, and that is really traumatic because it's the exact opposite of money printing — it's money destruction. And that is a very unnatural process inside of any long-term economic period.” - @cullenroche [38:52] - “A lot of people get in trouble because they get overly confident about potential outcomes and they start saying, ‘Oh, well, hyperinflation is coming, the government's ruining everything, so I need to just own nothing but Bitcoin.’ And those sorts of maximalist positions can be really damaging because if you're wrong, your outcome is asymmetric in a really potentially catastrophic way.” - @cullenroche [41:59] - “I'm not just an advocate of diversifying globally. I'm actually an advocate of diversifying globally based on what the actual full market capitalization is.” - @cullenroche Links Cullen Roche on Twitter Cullen Roche on LinkedIn Orcam Financial Group, LLC Pragmatic Capitalism Discipline Funds Everything You Need To Know About Inflation by Cullen Roche Further Evidence on Greenspan’s Conundrum Joe Manchin John Bogle Tesla Vanguard ETFs S&P 500 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.

In this episode, Doug and Greg talk about the effect of electoral party systems and politics on the markets, and the promising investment opportunities in New Orleans. Key Takeaways [00:42] - How do politics affect the markets? [05:11] - How the market behaves amid political uncertainties. [07:59] - Why markets don’t like uncertainties. [12:06] - Current living conditions in New Orleans. [18:03] - Promising investment opportunities in New Orlean. Quotes [03:48] - “That's the beauty of the American system, right? There are always ebbs and flows between one party or another, or one prevailing ideology or another. It's a good or a bad thing politically, but generally, a moderation between one party or the other is good in my opinion.” - Doug Stokes [07:59] - “Markets don't like surprises. For example, we all saw that in March of 2020, when the world was coming to an end—the stock prices were falling off a cliff because there was so much uncertainty.” - Greg Stokes Links Some Early Clues About How The Midterms Will Go | FiveThirtyEight Georgia Potential November Showdowns: They're Already Close, Quinnipiac University Georgia Poll Finds; Only 25% Are Very Confident In Accurate 2022 Election Count Ken Fisher 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.

Doug and Greg talk about why the cure to inflation is inflation, and why US stocks continue to outperform international stocks. Key Takeaways [00:28] - 2022 kicks off with a consumer price rise. [05:31] - Why Doug believes the Federal Reserve is very market-facing. [09:49] - The cure to inflation is inflation. [12:13] - Efficient automobiles: from gasoline to electric. [13:04] - What is ESG investing? [14:12] - The rule of the commodity market. [15:50] - What's a commodity supercycle? [16:54] - Who's the biggest performer in recent inflation? [18:13] - Why is it important to diversify? [20:44] - Annualized return from the US compared to international countries. [23:58] - Why the market and tax administration is a great factor in US relocation. [27:48] - Why the state of California tops most rankings. Quotes [14:32] - “In 2012, emerging markets were up and commodities were down. In 2013, small-cap US stocks were up big and emerging markets were down. The whole idea behind this is it's important to stay diversified and not put all of your eggs in one basket.” - Greg Stokes [19:16] - “It's important, number one, to diversify because nobody knows what's going to be the best performer over any given period of time. And just because it's the best performer one year doesn't mean it's going to be the best performer the next year.” - Greg Stokes Links U.S. Inflation Hit 7% in December, Fastest Pace Since 1982 | Wall Street Journal Jerome Powell 2018 Doesn’t Prove Rate Hikes Are Bad for Stocks | Fisher Investments Inflation in Time & Inconvenience by Ben Carlson | A Wealth of Common Sense Markets That Are Definitely NOT In a Bubble by Ben Carlson | A Wealth of Common Sense WisdomTree Apple S&P 500 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.

In this episode, Doug and Greg discuss everything you need to know about the blockchain, cryptocurrency, and digital assets—its speculative market, its stance against looming inflation, and its promise to be the currency of the future. Key Takeaways [00:42] - The triple threat of policy tightening. [02:05] - Insights on unemployment during COVID. [06:04] - The need for focusing on continued ability to grow amid the pandemic. [07:40] - What transpired in the downfall of Peloton? [10:38] - Why old-world, bottom-up investing may be the way to go. [13:04] - Are bitcoin and other cryptocurrencies hedged against inflation? [16:08] - Should you invest in blockchain stocks? [17:32] - What's promising about blockchain? [18:04] - How blockchain-based companies work. [19:37] - Cryptocurrency as fiat money. [21:04] - What's the future for digital assets and crypto? Quotes [04:15] - “In the last 10 years, I would imagine that people are hitting their retirement objectives earlier than they were planning on if they were doing any planning, just because of the growth in markets.” - Doug Stokes [11:18] - “That particular investment style— the bottom-up, buying earnings, buying companies that have consistent earnings —was really not in favor until the last 18 months or the last seven to 10 years. But it has definitely come into favor recently.” - Greg Stokes [14:27] - “We can see on both sides that when things are not going well in markets in general, I think people are just dumping everything. And instead of viewing that as sort of a hedge on overreaching government and inflation, it's basically just a complete speculative bed right now.” - Doug Stokes Links Minutes of the Federal Open Market Committee, December 14-15, 2021 December jobs report: Payrolls rise by 199,000 as the unemployment rate falls to 3.9% CARES Act NASDAQ Teladoc Peloton Lemonade DocuSign Roku Bitcoin Netscape Stanford MBA programs 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.

In this episode, Doug and Greg talk about the rate hiking cycle as we enter 2022, the truth about debt and the affordability of housing, the impact of monopoly capitalism, and the new business investor mindset amid a pandemic. Key Takeaways [00:55] - Ken Fisher’s insights on the rate hiking cycle of 2022. [03:51] - There is no rule of thumb in markets. [06:29] - Debt and affordability in housing. [08:25] - How Amazon remains on top. [09:47] - How the smallest Airpods became as big as all of Tesla. [14:33] - The “COVID is airborne” newsbreak and its market implications. [18:31] - How to do business as usual amid COVID. [21:11] - The impact that relatively safety has had on society. [24:44] - Why new parents should opt for automated savings. Quotes [03:51] - “There is really no rule of thumb in markets. If you think about it, do you really think that the collective knowledge of the millions and millions of investors that are participating in markets are not aware that we're in a rate hiking cycle now, or at least entering one? There's just so much going on in the markets beyond just one of these particular narratives that drive prices.” - Doug Stokes [10:55] - “In terms of Apple, Amazon, Google, and Facebook, their size and their company have an ingrained nature in our lives─I don't see that as a negative. And I don't see them as respective monopolies, as purely anti-competitive. I think they've improved our lives in crazy ways. And I think they still continue to do so.” - Doug Stokes [19:38] - “A lot of it is going to come from leadership. The CDC just came out and said quarantine, if you're exposed or have COVID, is five days now, down from 10. In the midst of an Omicron wave, I think that the signal the government is sending, which I think is the right signal, is that we need to start working on the next phase of this getting back to, nearly, or 100% of what previous life was like.” - Doug Stokes Links 2018 Doesn’t Prove Rate Hikes Are Bad for Stocks | FisherInvestments S&P500 @MorganHousel on Twitter Scott Galloway Amazon Apple Tesla Netflix Scott Gottlieb The psychology of protecting the UK public against external threat: COVID-19 and the Blitz compared Sean Payton 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.

Investors’ decisions are mostly based on financial predictions made by so-called experts. So, when the news broke that we were about to enter a pandemic, investors and advisors were in shock. How do investors move forward when modern society is suddenly afflicted by an uncontrollable peril like COVID-19? In this episode, Doug and Greg talk about the risks of poor financial forecasting, the truth about market corrections, and the true indicators for smart investing practices. Key Takeaways [02:03] - Why is forecasting in finance becoming a nightmare? [03:47] - What forecasts and projections really tell you. [05:47] - Omicron’s impact. [09:52] - How COVID-19 has been affecting investors’ and advisors’ daily lives. [12:30] - Why is it impossible to forecast in finance? [15:29] - Why the bond market is always the best guide. [17:11] - Two factors that affect inflation. [18:36] - Why corrections are normal. [25:10] - How forecasting works in sports. Quotes [10:26] - “This has been such a shock to society, especially a society that's been used to general comfort throughout life. I think if this would have happened 100 or 200 years ago, people would have just dealt with it and moved on. But now we're basically protected from most dangers in the world and modern society. And so having an uncontrollable danger like this is a complete shock to the system, and I think it's going to take time to come out of it. And I'm hopeful sooner rather than later.” - Doug Stokes [12:35] - “It's impossible to forecast what's going to happen in the future. We were in the trenches dealing with human psychology and individuals that were dealing with some very stressful situations in March of 2020, and nobody could've forecasted that we were going to run into a pandemic.” - Greg Stokes [22:17] - “As an investor, if you can't take the 10% or maybe even 20% correction in stocks─because it's going to happen statistically once every year with 10% and once every six years at 20%─then what's your alternative?” - Doug Stokes Links How bad are Wall Street forecasts? Really bad by Morgan Housel | USAToday Warren Buffett NFL US Senator Joe Manchin S&P500 @fivethirtyeight on Twitter New York Times 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.

Lagniappe is a new podcast hosted by Greg Stokes and Doug Stokes, brothers and partners in Stokes Family Office, a New Orleans wealth management firm. Lagniappe is a word derived from the South American Spanish phrase la yapa, which means “a little something extra”. Although this is an old custom, it is still widely practiced in Louisiana. We created this podcast to be a little something extra for our listeners, friends, and clients. We want to share some of our passions and insights about life in New Orleans, as well as how we run our business, manage portfolios, and thoughts about what’s going on in the world of finance and financial planning. We also have some great guests lined up to talk about their specific areas of expertise. Join us each week for an entertaining look at current news, personal finance, brotherly banter, and more. Our first episode drops in January 2022. Subscribe now, wherever you listen to podcasts. Links Doug Stokes Greg Stokes Stokes Family Office