2024 Outlook: Setting Goals for Success in a Changing Financial Landscape

Embark on a financial journey through 2023's twists and turns, as we peer into the crystal ball of 2024 with our esteemed guest, market sage Brad. Discover how to navigate the unpredictable tides of the financial markets and the secrets behind setting achievable goals that not only enrich your personal life but also solidify your investment strategies. With the previous year's market defying expectations and the Federal Reserve's interest rate moves, we'll reveal how to adjust your sails and catch the winds of economic change.

The stage is set for an in-depth analysis of last year's economic surprises, from the S&P 500's and NASDAQ's impressive performances to the unforeseen growth of the US economy. As we analyze the resilience of the markets amidst global uncertainties, tune in for Brad's insights on investment recalibration in the face of stock futures dipping. Our conversation also spans the globe to Saudi Arabia's Vision 2030, where the desert kingdom's moves toward renewable energy, manufacturing, and societal reforms signal a new era of opportunity for the astute investor.

Finally, we'll unravel the intricacies of income investing for the year ahead. With a nod to Barron's top recommendations, we explore the landscape's shift from energy pipelines to the allure of U.S. and foreign dividend stocks. Brad weighs in on the volatility within the bond market and how municipal bonds might be the golden ticket for income investors in the current yield environment. This episode is your compass to financial confidence in 2024, charting a course through the complexities of market dynamics and investment opportunities. Join us for a masterclass in economic foresight and the smart execution of financial goals.

** For informational and educational purposes only, not intended as investment advice. Views and opinions are subject to change without notice.

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Transcript

Alan Eppers: 0:00

And now introducing Mr Keith Lanton.

Keith Lanton: 0:04

Good morning. I wish everyone a very healthy and happy New Year. I hope everyone had a wonderful end to 2023 and is looking forward to a even better 2024. So, as we head into the New Year, lots to talk about, lots of information to share with you this morning and to bring to you as we discuss financial markets year end, goal setting, thoughts on where the ball may be going in 2024, a little bit of a look back at 2023. And then Brad, of course, will give us his thoughts and insights regarding markets, with focus on one of the biggest movers of 2023, which is supposed to be the boring bond market. And, of course, we know that 2023 was anything but boring when it came to a fixed income markets Could be arguably stated that fixed income markets were more explosive and more volatile than equity markets were last year. So, of course, we turn the page on another year. We're going to look back a little bit on 2023. But before we do that, I want to start looking forward to 2024 and think about what it is that is so significant about a change in year and what we may want to think about as people, as investors, going into 2024.

Keith Lanton: 1:31

So a New Year is a marker someone called like a Roman milestone. The Romans put down markers on their roads to indicate what was about a mile. But New Year's are, unlike markers, that are unique to us individually. We each have unique events that occur throughout the course of our years or lives. Each year we have a birthday and we can choose that as a time to reassess where we are, how long we've lived, what we want to achieve and accomplish. We may take on a new job and think that this is a marker, and we may start to think about how we want to change what we're doing or perhaps reinforce what we're doing. We may have a retirement, we may, unfortunately, have deaths in our lives with those we care and love about, but a New Year is a marker that is recognized and shared by society. It is truly a global page turner, shared collectively, and it's an opportunity for us to collectively think about what it is that we want to change, what it is that we want to keep doing as we move forward collectively, whether it's a family unit, a business unit or just personally.

Keith Lanton: 2:38

So goal setting is not just a buzzword, it's a fundamental principle that paves the path to success. When we set clear, achievable goals, we give ourselves direction and purpose. Just as a ship needs a destination to sail to, we need goals to guide our actions and decisions. Setting goals provides clarity. It helps us understand what we truly want to achieve and what steps are necessary to get there. Without clear goals, we may find ourselves drifting aimlessly, unsure of what our next move is. Goals also provide motivation. We have a clear target in mind. We are driven to action. Each step is a stepping stone along the way in order to boost our confidence and propel us forward.

Keith Lanton: 3:23

But goal setting alone is not enough. We must mentally commit to achieving our goals, and this requires dedication, discipline and, very often, sacrifice. It means that we need to prioritize our goals over immediate gratification, stay focused even when faced with challenges. Goals should be smart. What do we mean by smart? They should be specific, measurable, achievable, relevant and time bound. This ensures that our goals are realistic, actionable and increase the likelihood that we will be able to achieve them. In conclusion, goal setting is a powerful tool that can transform our dreams into reality. By setting clear, smart goals and committing to them wholeheartedly, we can unlock our potential and achieve remarkable feats.

Keith Lanton: 4:10

So let us embrace the power of goal setting and embark on a journey towards a brighter, more fulfilling future. As we think about that future, one of the things that we do is we look backwards to see what we can learn from the past. If we think about going into 2023, which turned out to be a very positive year for both financial markets, despite all of the headwinds that were experienced and were anticipated to be experienced. It was very unlikely that many expected two thousand twenty three to be as positive as it was, especially after abysmal and abysmal two thousand twenty two, and that's one of the primary reasons that we each individually established our own financial plan, our own goals, our own direction, in order to create our own individual road map. And it's critically important that, despite all the diversions along the way, all of the all of the attempts To turn us and turn our attention away from the path that we are set on and committed to, that, we stay the course unless there is something truly noteworthy In order to cause us to alter our course in.

Keith Lanton: 5:15

Two thousand twenty three was a great example of why it's so important to remain committed to a plan. It was easy at the end of two thousand twenty two To yourself. You know what I'm gonna pull up my stake here and this investing doesn't make as much sense as I thought it did. Two thousand twenty two was a year in which cash was king and it was very possible that they could have been a very strong incentive to move the cash, to alleviate the pain of a downward markets, both in fixed income and in equity, and for two thousand twenty three to become your year of cash. And if you had done that in two thousand twenty three would have missed out on a lot of the games that we experienced because you didn't stick to your plan.

Keith Lanton: 5:55

So here we are heading into two thousand twenty four and speaking specifically of cash. If you think about how cash is traditionally performed, if you expect the fed to actually cut rates in two thousand twenty four, as they've indicated that they will do, three times Financial markets have built into the equation six rate cuts. But if you believe that there will be rate cuts coming in two thousand twenty four, then when you think about that, when the fed has reached the end of a hiking cycle and move the cutting, cash holdings have traditionally dramatically underperformed over long periods of time and it is a period of time in which investors may consider locking in higher yields, taking on more duration and interest rate risk in their portfolio. This morning it's a little challenging to think about doing that. We see the ten year treasury yield up almost ten basis points to a three ninety six. You could look at that as something that is frightful and perhaps a warren caution. Well, you could look at that perhaps, as opportunity and view that as as an opportunity to be able to take advantage and to continue to believe that the fed will go about two thousand and twenty four with a rate cutting mindset. I would argue that the greatest debate going into two thousand twenty four will be a continuation of the debate that permeated two thousand and twenty three, and that was how much the fed is going to cut, whether the fed is going to cut and when the fed is going to cut. Goldman Sachs, economist, over the weekend, said that he felt that two thousand and twenty four was not going to be the year of hire for longer, like two thousand and twenty three was, but two thousand and twenty four was going to be. When does the fed cut and how much do they cut will be two thousand and twenty four. We will see if that is in fact what we experienced in two thousand twenty four. As we begin two thousand twenty four, we're seeing markets set up for something different than what we were thinking of, at least at the end of two thousand and twenty three.

Keith Lanton: 7:46

So, looking back at two thousand twenty three, it was a great year, one full of missed predictions. Almost no market prognosticators expected the markets to move as positively as they did, which again goes back to the thesis stick to that plan. We had strong market moves, we had contradictory currents and we had a market that, at the end of the day, had one final disappointment. And what was that? Well, that was no matter how hard it tried. The S and P five hundred just couldn't close at a record high in two thousand and twenty three. And oh, it tried. The S and P five hundred got as far as four thousand seven hundred and ninety three on Thursday morning, just inches from its all time high of four thousand seven ninety seven, before finishing the Christmas short and week, at four thousand seven seventy, which was up point three two percent. It closed the year up twenty four point two percent, its biggest gain since two thousand twenty one. It was the first time since two thousand and twelve at the index failed to close at a record high at least once during the year. The NASDAQ was up forty three point four percent for the year. It also fell well short of its record and was up to point one two percent last week. Only the Dow Jones industrial average, up about point eight percent last week, managed to scale the mountain of a record close and that close was breached on December 13th and the Dow continued to climb and finish the year up thirteen point seven percent. So, despite the fact that markets and the S and P and NASDAQ didn't reach all time highs, the year of two thousand twenty three has to be considered a success, especially when considering the gloom that was facing it.

Keith Lanton: 9:19

As it began the year, consensus opinion called for a two thousand twenty three recession in the US. Once again consensus. All the economists did wrong. Gross domestic product grew at faster than two percent in the first half of the year, accelerated to four point nine percent in the third quarter. Did any economists expect that? None that I'm aware of. The fourth quarter is on pace for an annualized GDP growth rate of two point three percent as per the Atlanta Federal Reserve's GDP now model. It wasn't the first time the economists blew it and it won't be the last. Again, you can read all the predictions. You can listen to. The experts got to have a plan. Stick to the plan. That's the lesson of 2023, in my opinion, to take into 2024. It was also lesson of 2022, 2021, 2020, 2019. I think you get the picture, but the momentum last year kept corporate profits afloat, despite some hiccups early in the year. The S&P 500 is on track to show an earnings for share increase in 2023 of 3%. Energy and material stocks saw the biggest declines last year and then that was after. They saw some of the biggest gains in 2022.

Keith Lanton: 10:31

The unforeseen economic strength that we experienced in 2023 brought surprises of its own. It forced the Fed to raise interest rates far higher than markets were expecting at the start of the year. And if someone told you at the start of the year that rates were going to go higher than expected, how many would have anticipated a S&P 500 of 24%? The more hawkish Fed caused bond yields to spikes, some regional banks to go bust Again. If you knew banks were going to go bust in 2023, would you have expected the NASDAQ to be up over 40%? Even wars and fiscal policy drama in Congress couldn't invest enthusiasm for long.

Keith Lanton: 11:06

Again, looking back. It's easy to look back and say, hey, I see how things played out. It makes a lot of sense to me. If someone told you at the start of 2023, going into the end of the year that you were going to see the fact that the war between Moscow and Ukraine was going to continue to rage and with no end in sight, and if someone were to tell you that there would be a terrorist attack against Israel on October 7th that would lead to a prolonged and vicious war between Israel and Hamas, would you have expected this rally to be as strong as it was in 2023? If you knew that Iran was going to be supporting Houthi rebels and they were going to be threatening ships in the Red Sea, would you have said that 2023 was going to be a strong year for markets?

Keith Lanton: 11:54

Well, 2023 was helped by the burst of enthusiasm for artificial intelligence stocks, with investors piling into the clearest near-term beneficiaries, including some of the market's biggest companies. Gains from Nvidia, microsoft and others drove an exceedingly top-heavy rally in the first 10 months of the year. The gains did broaden out in November, but more than two-thirds of the S&P 500 stocks have returned less than the index in 2023. You saw that coming as well. So, heading into 2024, what's going on this morning? Well, we are, at the moment, reversing some of the trends that we saw going into the end of last year. Stock futures are lower, as interest rates are rebounding this morning and investors are taking money off of the table following the strong perhaps surprising rally that we experienced going into year end, as well as the lead-up through the gains that we experienced throughout the year. And the stock that's leading the pullback this morning is one of the biggest gainers, and that is Apple. Barclay is downgrading the member of the Magnificent Seven to an underweight rating, with a price target about 17% below the level that Apple is currently trading at.

Keith Lanton: 13:07

Stock market did finish 2023 with a bang, closing for nine weeks in a row to end the year notching its best winning streak since 2004. Risk assets enjoyed a big relief rally as the economy remained resilient, inflation cooled and the Fed signaled perhaps an end to a rate hike. And this morning we are seeing some of those bets that were placed at the end of last year and throughout the year being taken off the table. Perhaps market participants reassessing, perhaps moving some funds around, perhaps money coming out of Magnificent Seven, which are amongst the largest stocks and therefore weigh most heavily in the indexes, and perhaps some money managers so wanted to show that they own those positions going into the end of last year. Perhaps they didn't want to take gains because they'd have to pay taxes. So perhaps we're seeing some of those effects as money gets reshuffled. We'll see if this is a reshuffling or a more sustained decline.

Keith Lanton: 14:00

We are seeing weakness not only in Apple, but other artificial intelligence stocks like Microsoft and Nvidia also trading in the red. This morning, nvidia, despite trading down, was named a best idea for 2020, for at Stiefel, uber reiterated as a top pick. At Wells Fargo this morning, the Department of Energy updates the electric vehicle models that will qualify for the $7500 tax credit that listed down to just 13 models. Also in the news this morning, asml, the Dutch manufacturer of semiconductor semiconductors, issuing a statement saying that we do not expect the current revocation of our export license or the latest US export control restrictions to have a material impact on their 2023 outlook. And what they're talking about here is they instituted some new controls on chips that will be sent to China, chinese expressing frustration with the Dutch and specifically with ASML this morning, with some comments regarding increased restrictions on artificial intelligence chips being sent to China. Speaking of China, news reports out that over the weekend, over the New Year's weekend in China, that the domestic travel was up about 150%. Also, president Xi stating that he feels that the economy in China will see a stronger 2024.

Keith Lanton: 15:29

Yesterday, japan was hit by a big earthquake. Reports of at least 48 casualties. I believe it was 7.6. Bloomberg reporting that Iran is sending a warship to the Red Sea after the US destroyed three Houthi boats. This is perhaps adding to some tension In the Middle East. Oil, up $1.64 this morning on concerns that the US and Iran getting close to each other in the Red Sea is not something that will necessarily translate into a good outcome. Natural gas also higher this morning by about 11 cents, which is about 3.5%. Gold is up about $5 an ounce this morning to 2076. Silver, up modestly this morning.

Keith Lanton: 16:08

So what do we have to look forward to the rest of this week? Today, tuesday. Yesterday, new Year's Day. Market closed in observance of New Year's Day.

Keith Lanton: 16:17

Today, not a lot of economic news, but tomorrow, the Federal Open Market Committee releasing the minutes from its mid-December monetary policy meeting. At that meeting, the FOMC left the Fed funds rate unchanged at 5.25 to 5.5%. Fed chair Powell's post meeting news conference was perceived as dovish by Wall Street, which led to the furious rally that closed out 2023. So these minutes will be carefully scrutinized to see if the assessment that the markets drew and the conclusions they drew immediately following that announcement, once the details are released, whether or not those reactions were warranted. Also, tomorrow we get the adults report, the job openings and labor turnover survey. This report has gotten increasing attention as the markets have been focusing on the employment picture. Consensus estimates for 8.75 million job openings on the last business day of November, slightly more than in October, where we saw a surprise decrease in this number. And then Friday we get the Bureau of Labor Statistics releasing the jobs report for December. Economists expect an increase of 155,000 non-farm payrolls following 199,000 dollar 199,000 number gain in jobs in November. Unemployment rate expected to take up from 3.8%, from a historically low 3.7%.

Keith Lanton: 17:32

Moving on to Barron's and thinking about what 2024 may bring. Barron's is suggesting that 2024, and perhaps the rest of the 2020s, might be the decade where we see the rise of Saudi Arabia as a relevant investment vehicle country and a place that is transforming itself and may warrant further investment attention. Cover story of Barron talks about Saudi Arabia's $3 trillion plan to move past oil. Saudi Arabia embarking on a grand experiment the Middle East version of if you build it, they will come Facing an existential threat to oil, the country's lifeblood. Saudi Arabia is spending $3.2 trillion to transform its economy by 2030. While oil remains essential, the country is trying to fashion itself as a high tech hub and destination for global business and leisure, preparing the end of the fossil fuel era. An exchange-traded fund which tracks the Saudi market is up 11% in the past year, almost doubling the return of emerging markets. Broadly, barron saying more gains could come as the economic transformation takes hold. In the near term, oil will remain critical, counting 40% of Saudi economic activity and 70% of government revenue. But over the longer term, global efforts to phase out fossil fuels threaten the economy, the reason the Saudis are investing aggressively to diversify. The government does need oil to stay above $80 a barrel to sustain fiscal break, even as they spend at a breakneck pace to transform their economy. Currently, the non-oil economy is booming with spending by consumers. The Saudi economy is expected to grow by over 6% in 2025, making it one of the strongest emerging markets.

Keith Lanton: 19:20

The core of the Saudi makeover is what they call Vision 2030, a sweeping modernization plan launched in 2016 by the country's de facto ruler crown, prince Mohammed bin Salman, also known by his initials MBS. These changes are transforming the Saudi economy. Riyadh, the capital, recently hosted the Middle East's largest pop music festival. Lucid started building electric vehicles in the country for both domestic and sales and export. A 500 billion renewable powered city project is going up in the desert. Even its oil industry is diversifying with a push into petrochemicals. A big change is that the Islamic morality police in Saudi Arabia have been sidelined. Women are now on the road to enable to socialize about a male guardian. Female labor force participation is jumped from eighteen percent in two thousand nine to thirty percent.

Keith Lanton: 20:12

The overarching goal is to inject dynamic system into the economy and modernize the country, where more than half of its thirty six million people are under the age of thirty five and, until recently, had little incentive to look for anything but a government job. Welcoming faces on display and gaining traction, films, music and other forms of entertainment are no longer banned. How do you sponsored L I V, golf league, league of Lord, top players, soccer superstars like we name our and renaldo, are now playing in riyadh. Global leaders are coming to Just weeks after the Hamas attack on Israel at Davos in the desert desert conference drew chiefs like CEO Jane Frazier from city group, ceo is from black rock Goldman Sachs I'm, as well as the top business leaders from companies like Microsoft and H S B C. In fact, the new entrepreneurial spirit is percolating in Saudi Arabia and this perhaps will lead to investors as they shift some of their funds away from countries like China where they are more concerned about the policies in those countries. Perhaps they will shift them of those funds to Saudi Arabia. Baren direct investment is China has dwindled and even went negative recently about a hundred billion outflows last quarter.

Keith Lanton: 21:29

While Saudi Arabia isn't nearly big enough to replace China in terms of investment or corporate portfolios, it stands in stark contrast in terms of the resources at its disposal and as a young, increasingly educated population. Its economy is in an earlier development stage than China, has vast financial resources, fueled by a sovereign war chest of roughly two trillion dollars and oil revenue topping two hundred and twenty eight billion dollars. Manufacturing is on the rise of. The government is moving biotech and pharmaceutical companies with subsidies and other incentives, including one billion for treatment for aging Most eye popping project in Saudi Arabia is a project called Neon 500 billion, futuristic city and business hub powered by solar and thermal energy. An off shoot island called Sindala is being built as a playground for the global elite. In the long term, the goal is to challenge Dubai as a luxury tourism destination. Riyad has set a goal for tourism to count to 10% of GDP in 2030, up from 6% this year. To help it that target, the government is starting a second airline. All of this is an unprecedented experiment. No country dependent on oil has reinvented itself so quickly.

Keith Lanton: 22:44

While the Saudis are pushing reforms, they are still an early stage market. Foreign ownership of publicly listed Equities is limited to 49%. Underlying asset owners need to be quote qualified foreign investors and obtain legal registration to own and trade securities. Plus side is that officials are open to hearing investors concerns. The most accessible way to invest in Saudi Arabia is through the I share Saudi Arabia ETF. The symbol is King Sam alpha. Ksa. One tracks the Saudi stock market, holding 120 companies listed on the Riyad exchange. About 40% of that ETF consists of banks, nearly a fifth is in materials and 8% is in energy. Another list of foreign investors could come from increasing investments in emerging market funds.

Keith Lanton: 23:33

Currently, saudi Arabia makes up just 4% of the MSCI emerging markets index, but is expected to become the fifth largest country in the index in a couple of years. The upshot any investor that uses the index as its benchmark will need to buy more Saudi stocks. Some analysts are saying Saudi Arabia is on the cusp of being too large to ignore. But if you're looking at corporate activity, boeing, for one, is secure to deal for 80 new 787 Dreamliners as the Saudis build their second airline, and Hilton recently announced plans to open more than 50 hotels across the country. A few caveats market isn't cheap. By emerging market standards, saudi markets trading at 17 and a half times forward earnings, versus about 12.3 for the broader emerging markets index.

Keith Lanton: 24:19

Before I move on to Brad talk a little bit more about the markets, I will tee him up with article in Barron's talking about the best income investments for 2024. As we look at income in 2024, we got to look back at 2023 and that year, which was now last year, looked like it was going to be another tragedy after 2022 for the bond markets, and 2023 wound up turning into a field good story Treasuries, as I mentioned before, extremely volatile. 2023 aren't expected to move like this. But the 10 years started the year last year at 3.9 percent, touched 5 percent late October and then ended last year at 3.85 percent, and here we are this morning all the way back up to 3.97 percent. So wild ride continuing as the new year begins. But even with the end of year rally that began last year, in the drop in yields that came with those price increases, yields on fixed income investments are considerably higher than they were. They stood at the end of 2022. Investors can now get 2 to 5 percent yields on municipal bonds, 7 percent or more on junk, 5 and a half to 7 on preferred stocks, 3 percent on convertibles and 4 percent on treasuries. Barron says don't give up on bonds. Cash remains appealing, but with rates likely to come down. As it started the conversation, perhaps now is a time to lock in some of these higher yields.

Keith Lanton: 25:45

Barron's last year, when they talked about fixed income investing, laid out their top 12 picks and number one on their list was energy. Energy turned out to be specifically energy. Pipelines turned out to be the best returning of all income investments last year. And Barron's last year had utilities on the bottom and utilities turned out to be the worst of the income investments of 2023. So perhaps a piece to pay attention to what they say about 2024.

Keith Lanton: 26:11

At the top of their list this year, this year, is US dividend stocks. Barron suggests taking a look at the Vanguard high dividend yield ETF symbol, vym, yielding 3.1%. Was up just 7% last year, so significantly underperforming. Barron suggesting perhaps it will outperform this year. Also, a little bit higher yield, a little bit different makeup, is the Schwab US dividend equity ETF symbol, schd, which yields 3.5%. Next on Barron's list of income investments would be foreign dividend stocks. Barron's just taking a look at the iShares international select dividend symbol is IDV, idelta, victor, and we're looking at a return dividend yield here of 6.5%, after a total return last year of 10.9%.

Keith Lanton: 27:01

Energy pipelines moving down to number three on Barron's list going into 2024. Utilities moving up to number four on Barron's income list the one utility specifically mentioned is Next Era Energy symbol, nee. And coming up at number five is telecoms. Barron's just considering AT&T yielding 6.7% they have to falling 3.9% until return last year and Verizon, which eked out a positive return of 1.7% last year but yielding 7.1%. Interesting last on the list of the 12 best places for income in 2024 are treasuries, which happened to be the area of the market which a lot of investors clamored to in 2023. Barron suggesting that perhaps 2024 won't be quite as good for treasuries as 2023 was. With that, I will turn it over to Brad give us some more thoughts on the market.

Brad Harris: 28:05

Thank you. Happy New Year everyone. I was thinking over the weekend about how exhausting and volatile the bond market was in 2023. Towards the end of the year, the 10-year got to just below 3.8%, from 5% just two months earlier and, as Keith alluded to before, all the talking heads were again changing course. Now the Fed was going to go on a big weight cutting spree. That is certainly possible this year, but coming in this morning and seeing the 10-year down 5.8% to 3.96% and the 30-year down a point and a half back up to 4.11%. As reminded once again after saying this a handful of times last year, the Fed primarily controls the short end of the curve Traders, institutional buyers and these days, algos seemingly control everything else, which is why I assume not only bonds but many things this morning are selling off on profit taking and a change of at least short-term expectations.

Brad Harris: 29:07

When I see that 10-year municipals are being quoted at 2.25% in various publications and business news channels, I have to think not in the world we're looking at. 2.25% is the level that new issues and institutional structures are trading at and, yes, given a 3.96% 10-year, that would equate to 58% of treasuries, which is not attractive. However, if you buy a high-grade municipal 3%. With a short call you will get better than 3% yield on that bond, and that's 10 years and even a little bit shorter. If you go out 12 to 14 years, you can buy that 3% municipal in the low to mid 90s. The 3% of interest coupon itself is 4.61% equivalent for those in the 35% bracket and for someone in a high state tax 3% is better than 5%. So as long as treasuries stay in this range, which I assume they will, I find this structural municipals extremely attractive for individual investors as well as money managers and look forward to a productive but still volatile 2024.

Alan Eppers: 30:24

Thank you for listening Mr Keith Lanton. This podcast is available on most platforms, including Apple Podcasts, Spotify and Pandora. For more information, please visit our website at www. heroldlantern. com.

Sophie Cohen: 30:44

Opinions expressed herein are subject to change and not necessarily the opinion of the firm. Past performance is no guarantee of future results. The information presented herein is for informational purposes only and is not intended to provide personal investment advice. It is important that you consider your tolerance for risk and investment goals when making investment decisions. Investing in securities does involve risk and the potential of losing money. The material does not constitute research, investment advice or trade recommendations.