Financial Opportunities Uncovered: A Keeler & Nadler Family Wealth Podcast
Come take a journey with us as we explore topics and concepts from the obscure to those hiding in plain sight, so obvious that you wonder how you missed the low lying fruit. Financial planner and host Andy Keeler and his team, thought leaders, and guests discuss everything from maximizing your money and lowering taxes to how to gain the upper hand in an auction and the math behind online gambling. We discuss wealth building strategies and wander into deeper aspects of the human mind that can improve or inhibit our ability to build wealth with confidence.
Financial Opportunities Uncovered: A Keeler & Nadler Family Wealth Podcast
When Sentiment Sours, Long-Term Discipline Wins. Case In Point - 2025
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
The year felt like a stress test wrapped in a plot twist: a spring selloff on tariff fears, a quick reset, and a powerful finish powered by heavyweights. Andy, Jake and Mark walk through the real drivers behind the numbers—how a 19% drawdown and an 8% wobble hid inside a “good year.” Plus, why market leadership looks unusually concentrated, and what makes today’s earnings story different from the dot-com era. No crystal balls here, just clear context and a focus on decisions that actually move the needle for long-term investors.
We dig into the global picture as well. Developed international and emerging markets finally showed some life, helped by a weaker dollar that lifted returns for U.S.-based investors. On the fixed income side, bonds did their boring, beautiful thing: they provided ballast when stocks stumbled and finished positive as the yield curve started to look normal again. (Oh yeah, we explain what a yield curve is!) Starting yields matter, and they tell a better story now than at any point in the near-zero rate era.
Policy and headlines gave us plenty to chew on too: tariffs that started scary but moderated with negotiation, consumer debt stories that missed the key metric of debt service ratios, and high-profile tech layoffs set against an unemployment rate still near full-employment territory. We close with a contrarian insight that keeps proving itself: when sentiment is bleak, forward returns tend to improve. The “wall of worry” is real, and it’s climbable with diversification, patience, and a plan built for years, not months.
Follow the show, share it with a friend, and leave a quick review so more listeners can find it. What market question should we tackle next?
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations.
It is only intended to provide education about finance, tax, retirement and related planning topics. To determine which investments or strategies may be appropriate for you, consult your financial, tax or legal advisor prior to implementing. Any past performance discussed during this program is no guarantee of future results.
Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.
Keeler & Nadler Family Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Keeler & Nadler Family Wealth and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Keeler & Nadler Family Wealth unless a client service agreement is in place.
Framing A Tumultuous Market Year
SPEAKER_00Have you ever heard the phrase climbing a wall of worry? Today on Financial Opportunities Uncovered, we'll put that phrase into context as we review what has felt like a very tumultuous year. Helping me unpack all of the financial events of the year are our very own Mark Beaver, CFP, who heads our investment committee, and Jake Martin, CFP. Welcome back, gentlemen.
SPEAKER_01Great to be here. Thanks for having us.
SPEAKER_00So to level set, we're recording this on December 9th, so not quite the end of the year. Certainly things can change in the next three weeks, but as our veteran listeners and clients know, if you're working with us, it's unlikely that anything that happens in three weeks is going to appreciably affect your long-term goals. Some really quick highlights to get us started. The SP index is currently up about 16% year to date, and the bond index is up about 7%. Let's peel back the onion on those real quick.
Roller Coaster To Double-Digit Gains
SPEAKER_01Yeah, let me jump in here, Andy. You know, when you look at total year-to-date numbers, it's easy to miss the roller coaster that sometimes happen happens intra-year. So let me just quickly go back to the beginning of the year and talk about what has happened since then. So January and February, very normal months for the market. We were up about 4% through the end of February. Then we had all the big tariff announcements that came out in March and April. We had a big fall of about 19% over March and April. And then since it bottomed in early April, we've had almost a straight ride back up, with the only exception of a little 8% pullback here in November around the government shutdown. But otherwise, since April, it's been basically just straight out, straight back up.
SPEAKER_00And now we're back to positive 16% year to date again, here mid mid-December and on track for another really good year.
SPEAKER_01That's right. A few other notable things that I would highlight is that commodities, especially gold and silver, have just absolutely crushed it this year. Gold is up 60%. Silver is up 111% on the year. So it's been a good year for the stock market, but you also have these outliers like gold and silver that are just way, way up. And then I also have to mention Bitcoin. We don't do a lot with Bitcoin or crypto here, but a lot of people watch it. You know, Bitcoin was up as much as 30% through October, and then just recently had a huge pullback and it's now back to just flat on the year.
Commodities Surge And Bitcoin Whipsaws
SPEAKER_00One thing I'll come back to real quick. So 19% correction, technical term there, correction in February, March, maybe into April, down 19%. So between January and December, on average, every year, there is a 14% dip. And yet the market finishes positive about 80% of the time. And so what's interesting is the SP saw an 8% intra-year decline in 2024. When you average 2024 and 2025's 19% drop, you get a 13.5% average, which is pretty darn close to the 14. So, Mark, I know we have talked a little bit about market concentration, like the magnificent seven gets a lot of attention. What gives there?
The Mag Seven And Market Concentration
SPEAKER_02That's something that I think over time has always been a hot button issue, uh concentration at the top of the market. And so the market in the media really loves to have a catchphrase too, or some tagline of the magnificent seven. Um that's too long. So it's the mag seven. We had uh Fang stocks for a long time. So those were the headliners. Um, but it's really just describing the top seven companies in the SP. You know, so right now it's Apple, Nvidia, Microsoft, Amazon, Google. I'm still gonna call it Google, Facebook, I'm still gonna call it Facebook, uh, and Tesla. Um, so those are the biggest names right now. And and if you look at that, obviously there's a tilt towards technology, you know, growth-related companies. Uh, so that's really a big concentration there. But yeah, there's uh a big weighting that makes up about 40% of the S P 500 right now.
SPEAKER_00So 40% of the 16% is coming from seven out of the 500 companies.
SPEAKER_02Yeah, so that's um yeah, it's actually a little bit closer to 50%, even actually, as we're looking at it right now. Interestingly, too, 20% of the returns is just NVIDIA. Wow. It's such a big company, such a big uh makeup of the SP that it drives those returns that 20% of the 16%.
SPEAKER_00Exactly. Yeah, yeah. But isn't it pretty normal to have a high percentage of returns coming from a smaller number of companies? I you mentioned Fang. That was probably five to seven years ago that those Facebook, Apple, Netflix, and Google, yeah. Um Facebook has a different name. So and and it seems to me like back in even the around the tech bubble, there were the same thing.
SPEAKER_02Yeah. It's not that unusual. It is a little bit heavier weighting today than normal. Um, you know, so right now, if you look at the percentage of the market that those seven companies make up, it's about 41% of the whole SP 500. So that's a pretty big percentage of it. But I think one difference when we think of the dot com bubble to now is if you look at the earnings growth of the market. If you look at earnings growth of just the the Mag 7 stocks, year to date this year, uh it's 21% earnings growth. If you look at the rest of the SP, it's only 9%. If you look at 2024, Mag 7 earnings up 40%, the rest of the SP 4%. So the earnings growth of the Mag 7 is dramatically better than the rest of the market supporting that that weighting that they have right now. You look at the dot-com bubble, there weren't earnings or there wasn't anything close to what we're seeing today. So it's kind of justifying that that out uh outsize weighting that we're seeing right now.
SPEAKER_00Makes sense.
SPEAKER_01Yeah, I I think only the other thing I'd add is that um that we are unusually concentrated in just the the top handful of stocks. Like Mark said, you know, the top 10 stocks make up about 40% of the S P 500 index. You know, just for context, before that, you know, before about 2020, you typically the top 10 stocks only made up about 20 to 25% of the index. And so it while it is normal to have uh the top group take up such a big portion, it's unusual to have them take up 40% of the entire index. So we are much more concentrated than we typically have been in that top echelon of companies.
SPEAKER_02And as a reminder to ourselves as you know, long-term investors, if you look at those seven companies or kind of broaden that to the top 10 companies in the SP, if we go back 10 years ago, the only current top 10 companies that were top 10 companies then is Microsoft and Apple. If you go back 10 years before that, it was only Microsoft. And before then, it's none of them. You know, so when we think about what about 10 years from now, 20 years from now, it's not gonna be these 10 companies at the top of the market anymore. It's gonna be some other company, maybe a company that's not even a company yet. Uh, you know, so I think uh that's kind of good news and bad news as an investor. We don't need to know that necessarily if we're diversified and we're long-term investors.
SPEAKER_00Right on. A big surprise in 2025, I think, was developed international and emerging markets. Those both finally delivered.
Earnings Strength Versus Dot-Com Memories
SPEAKER_01Yeah, I'll jump in on that. You know, I've honestly been waiting for foreign to have its moments for a long time. I mean, I feel like I've been beating this drum since about 2010. Uh the US has just been absolutely dominant for the last 15 years. So I think to some degree this is a reversion to the mean uh foreign was just way overdue to have uh some outperformance. Now, another big story here is what's happening with currency. So uh, whenever you have a movement in the value of the dollar, especially relative to foreign currencies, that actually affects the how your foreign investments are doing. So, for example, whenever you want to invest in a stock in Europe or in China or somewhere else in the world, you have to buy that stock in the local currency. So if while you're holding that stock, the value of the dollar goes down, your investment in that foreign currency relatively goes up. So whenever you have a year like this year where the dollar has declined about 7% over the last 12 months, that's going to simply add even more to the foreign stock returns, which we've certainly seen this year.
SPEAKER_02And Jake, you know, something we talk about uh in our investment committee conversations with international too is, you know, I just talked about how the Mag 7 is dominated by technology and a lot of growth-related companies. When you look at developed international, you don't see very many companies in that category. Uh it's interesting that you actually see more of that technology in emerging markets than you do in developed markets, you know, chipmakers and things centered around AI. That certainly could change over time, but right now uh we don't see a whole lot of technology in developed international.
SPEAKER_00So, how about bonds?
SPEAKER_02This is what everyone's been waiting for is here the bond update now.
SPEAKER_00So exciting.
International, Emerging, And The Dollar’s Drop
SPEAKER_02It's actually been a pretty good year for bonds. Uh it's not the most exciting thing in the world, it's bonds, but uh the bond index is up about 7% uh on the year, which is a pretty good year for something that's a relatively conservative asset class. Uh, I think one of the maybe more important things that I saw this year was when we saw stocks pull back that 19%, bonds went up in price that at that point. Perfect. That's what you want to see, you know, as a diversified investor, is those bonds ballast things out and and uh offset stock losses. So we finally saw that. It's been kind of a while since we've seen that, just given the interest rate environment that we've been in. That's stabilized a little bit. We've seen some interest rate uh cuts uh from the Fed as well. That's played a little bit of a role. But generally, we're we're seeing a pretty good environment for bonds. Um now with bonds too, your starting yield tells you most of the story looking forward. Uh maybe not in the next five weeks, but over the next five years, whatever your starting yield is, is generally what your return experience is going to be. Unfortunately, for bond investors in the last five years was we had extremely low interest rates. The 10-year treasury got down to I think half a percent yield at one point. So there's really only one direction that yield is going to go, and it's up. So when rates went up, bond investors got hurt pretty bad, particularly in 2022. But then you had the opposite happen where yields went went higher. So if you invest in those higher yields, you get these higher returns that we're seeing now.
SPEAKER_00So bonds were down what uh 16%?
SPEAKER_02I think the ag was down 13% in 2022.
SPEAKER_00Worst was 16%. Yeah. I joke.
SPEAKER_02Yeah, I I kind of joke that that's the worst bond year we've seen since Washington was president. And it's not uh it might actually be true. It's pretty pretty close to it. Uh you know, you very, very rarely see something like that. So just the extreme low interest rates to really normal-ish rates that we're in today, but just a big difference in the change is what we saw. That that really big band-aid being torn off for bond investors.
SPEAKER_00So up 7% year to date, a dip of 3% intra year, the average intra-year decline for bonds, like we talked about stocks being a 14% average intra-year decline for bonds is 3.5 percent. Yep. So, you know, the fact that we're getting a 7% return when stocks were down, bonds were up, and less volatility in general, they're doing their job finally again. And how about the yield curve? It was wacky at the beginning of the year.
Bonds Reassert Their Ballast Role
SPEAKER_02Yeah, we had very strange curves uh over over the last few years. And to just explain that, you know, real quick, what a yield curve is, if you just think about what the the yield is on a given bond relative to how long the bond is. So you have short-term treasury bills that we're we're seeing impacted by the Fed cuts. That's anywhere from you know three months to six months, through two years, three years, five years, you know, shorter-term bonds like that, all the way out to 20-year and 30-year bonds. So normally you would expect uh for the same credit rating that a 20-year bond is going to pay a higher rate than a three-year one because there's more risk involved. More risk. A lot of stuff can happen in 20 years. Uh so normally those have higher yields than the shorter term stuff does. Uh so if you plotted out all of those yields over time, it slopes slowly up to the right because as that risk goes up, the yields go up as well. Uh, so when you hear the term inverted curves, they mean that the short interest rates are higher than the long. And that's not really long-term gonna work. Uh, so we saw that come down as just expectations and inflation came down. Now, as the Fed is making some cuts as well, that's normalizing. It's it's mostly normalized. I think right now the only part that's technically inverted is three months to three years or something like that. The rest of it looks pretty pretty typical.
SPEAKER_01One of the other reasons an inverted curve gets a lot of attention is that oftentimes um economists look at that as a potential recession indicator that when the when that curve inverts and it's you know the shorter term rates are higher than the longer term rates, um, it's it's common to see a recession happen about 18 months later. Now, uh funny joke is that the yield curve inversions and has predicted nine of the last seven recessions. So sometimes it gets this wrong. And it actually this may be a good example that we had an inversion about 18, 24 months ago, something like that, and we have not yet seen a recession. So this may be one of those false positives that occasionally we get.
SPEAKER_02And it's important to note, you know, that obviously a lot of times has to do with Fed cut cycles starting. And the reasons for those cuts also matter. You know, so if the Fed is making interest rate cuts because they're scared about economic conditions, that correlates pretty well with recessionary times. If they're cutting them because you know they're trying to you know lower mortgage rates or do something different, that's a little different scenario. So that could be part of what we're seeing now.
SPEAKER_00I think we've spent like seven minutes talking about a really dull and boring investment topic.
SPEAKER_02We've got one listener left, maybe.
SPEAKER_00Right, right. Yeah, that's it. Let's switch to some underlying themes for the year. The word it seems we can't go without saying tariffs. It seems like the 19% correction, Jake, you mentioned this that started in February was due to the market's reaction to the tough initial tariff talk. Jake, where are we have we actually landed on that?
SPEAKER_01Yeah, gosh, the the news has been all over the place. So I wouldn't blame anyone for not knowing where things stand. Um, let me first start by just giving a little bit of historical context on where we've been from a tariff standpoint. So if you look at the average tariff on all goods that come into the United States, since World War II, that rate has been really pretty low. It really was at about 7% or lower after World War II. It even got down to as low as anywhere from 2% to 3% really for the last 50 years. So you for the for recent memory, tariffs have really been a non-issue. I mean, we've had very small tariffs in general. So this rapid increase in tariffs, uh, you know, it certainly scared markets when when it first happened in uh you know back in March and April. And that's the big reason that we saw this this big downturn in markets.
SPEAKER_00Because they were estimated to be 35 percent.
SPEAKER_01Exactly. Yeah, jumping from two to four percent up to 35 percent. You know, this is a huge, huge increase. And so the market just had no idea how to handle all that. Now, since then, you the we continue to get more tariff news, both good and bad. Uh it seems like every month there's some some new news that comes out. Markets are largely ignoring all that news now. Uh, I think the big reason is that that uh you know most traders uh have realized that Trump uses this as a as a negotiation tactic, often starts very high and then comes back down as as part as the negotiation goes on. So I think we could certainly see some adjustment. Um, like you mentioned, it was it was as high as 35 percent.
SPEAKER_00That was the estimate.
Yield Curve Normalizes And Recession Signals
SPEAKER_01That was the estimate. Now it's come down to about 15 and a half percent, is where we currently stand. I think that could potentially even come down further as we get um more trade deals that that materialize. So um you you know it certainly jumped higher. I think the market breathed a sigh of relief when they realized that it wasn't actually going to be as high as as we initially thought it was gonna be. Um and again, I think we could see some further um further relief there. Trevor Burrus, Jr.
SPEAKER_00There have been some stories floating around in the media about rising consumer debt. Mark, what's your take on that?
SPEAKER_02Aaron Powell This is another one that we see come back uh sort of in cycles every every few years. Um it makes for good headlines, of course, to see record household debt numbers or or things like that. And uh on one hand, they're reporting record debt uh in what we would call nominal terms. So the the the whole dollar amount is the highest we've ever seen. And in some ways, you'd sort of expect that because the population is getting bigger and bigger. If you add them all together, it's a bigger number.
SPEAKER_00Right.
SPEAKER_02So what we kind of think of more as in percentage terms, you know, how is this impacting someone on a daily basis? So there's another way of looking at it. They call it a debt service ratio. This is the kind of thing banks look at when you try to get a mortgage or car loan or something like that. Um and right now that number is sitting at a little over 11% of household debt service to ratio. Now, that has come up a little bit in the last few years. So it isn't wrong to say that those numbers are increasing in recent years. But when we look at average uh over time, it's actually still below long-term average. Uh looking back to 1980, it seems like that number is usually in the 13 to 14 percent range uh for household debt.
SPEAKER_00Aaron Powell Gotcha. So we're below average, but we're increasing. Um and we're increasing on a percentage basis. So there's validity to that. True. Something to keep an eye on. Um for those that that don't necessarily know what a debt-service ratio is, Mark mentioned banks will look at that when they're lending. I remember when I got started in the business in the in the 90s, the banks used this basic ratio. They called it the 28, 36 ratio. The bank wanted to see your mortgage payments less than 28% of your gross income. And the total of all your debt payments, so your mortgage, credit cards, car loans, student loans, all of that, they wanted it to be less than 36% of gross income. So we're standing at 11.3% of discretionary income, which is less than gross income. So while the trend line is increasing, it's all in how you look at it.
SPEAKER_02And what could be interesting there too is there is a large percentage of Americans right now that don't have a mortgage because they can't afford to purchase a home. And then you had existing mortgages at very, very low interest rates, and everyone's holding on to those for dear life because they've got a two or three percent mortgage rate that they can't walk from. Um so it's kind of remains to be seen, you know, exactly how that plays out with this whole debt service ratio, you know, increasing debt scenario. Um, but generally speaking, it doesn't seem like it's a a huge Huge concern relative to history right now.
Tariffs: From Shock To Negotiation
SPEAKER_00Gotcha. Recent headlines have been also highlighting some layoffs, particularly in the tech sector. Is this something we should be concerned about?
SPEAKER_01Aaron Powell Great question, Andy. It certainly does grab a lot of headlines when you see big layoffs at big companies. But I I would note that layoffs are part of a nor it's a normal part of our economy. These things happen all the time. And the tech sector especially really ramped up quickly with all of this AI investment. So I actually think the tech sector is probably overhired, and this is a bit of a correction within the tech sector. So I don't see that as being an indicative of the broader economy. What we really worry about is a wider trend or contagion in layoffs. That's where we really start to worry. So kind of looking at total unemployment is oftentimes a good barometer for how the economy is doing from a layoff standpoint. Over the last 50 years, unemployment has averaged around 6.1%. Most economists consider full employment to be somewhere between 4% and 5%. You're always going to have a certain percentage of the population that is unemployed for various reasons. So it's very rare to see unemployment go below 4%. Currently, we're standing at about 4.4%. So still near historical lows. We've we've kind of come off the historical lows of the high threes not too long ago. But 4.4 is still a very, very healthy and low, low unemployment rate. Just as for reference, unemployment peaked around 10% back in the 08-09 housing crisis. And actually briefly got down to uh got to 15% unemployment when COVID hit. So we've certainly had much worse periods than we have now. So you know despite the headlines, unemployment is really in is still in a good shape.
SPEAKER_00So with 2025 almost behind us, what is the outlook for 2026?
Consumer Debt And Service Ratios
SPEAKER_02This is the time of year that all of the big financial institutions start announcing their S P 500 targets for the year. And what we've seen is they range basically anywhere from up four percent to up 18%, uh and even beyond that in some cases. So they all tend to be thinking that it's gonna go up to some degree. Uh what I'll say is they're all wrong. Um they always are. Um so I I actually keep a little record just for fun. Uh because that's you know, that's how nerdy we are about stuff. But uh they're always not, you know, what they predict. Uh it's a hard thing to do, and we're not gonna come out and say this is our target for that. But there's a lot going on next year, you know. So we're coming off of uh a few very strong return years in the market, uh, which has been great. But you know, we have uh the tariff activity that we just talked about. What how is that gonna be resolved uh in the markets? We're starting to hear companies say that they're willing to now start passing on that expense to consumers. So we could see that as a price impact. On the other side of things, we have this new tax bill that was passed this year. Uh that's probably gonna result in higher refunds for a lot of individuals. So that could be stimulative into the economy as well. Uh, like any time that we're looking at the market, we see a lot of signals that point to the market being too highly priced. We also see a lot of signals saying that there's a lot of room to go. And while which signals are saying what changes, we always see this conflict uh in the marketplace. And in some ways, that's a good, good thing. Uh, and so I think that will continue into next year. It is a midterm election year, which I know everybody's really excited about. The commercials have already started. That tends to bring some extra volatility into the market as well. Now, it does mean, you know, generally the average uh midterm election year is a good year in the market. Positive. Yep. It's still a positive time to be an investor. It just means it can be a little bit of a bumpy year uh to be an investor. So I think we should kind of brace ourselves for for that potential. A couple other things that that we talk about, uh consumer confidence is very low right now. So there's a certain university north of us that does a survey of of confidence both in the consumer side and with businesses.
SPEAKER_00It's not Wisconsin.
SPEAKER_02It's not Wisconsin. They're they're fine. Um it's very, very low. What maybe close to an all-time low in confidence. When so they're saying how do you how do you expect the market to behave over the next 12 months? And a lot of the response is is negative.
SPEAKER_00What's that's a good thing, right? Because most people are wrong most of the time.
SPEAKER_02Yeah, interestingly, from an investment perspective, that actually is a very good time to be an investor. So we've looked at this with clients before. If you look at all the times when all of uh the consumer sentiment was the lowest versus the times that it was the highest, uh if you invested at one of those extremes, from let's just go from the when everyone's excited, everyone thinks it's a great time to invest, the average forward return of the SP over the next year is about 4% from there. If you look at the the most pessimistic times and look at the next 12 months, it's 24%. So that fear you know aspect of things tends to be actually a very good time to invest. You mentioned at the beginning the climbing the wall of worry. That's that's really that playing out in real time. Uh another thing, just to kind of tie all this together and say, you know, we don't know what the next five to ten months are going to do in the market. We don't have that crystal ball. We feel pretty confident in the next five to ten years, and that's really what we align ourselves as as long-term investors. So something that we look at uh over time is, you know, if you looked at the annual returns of the SP, and I actually have a chart in front of me where I've plotted out every year of those on a piece of paper for the last hundred years. Uh, you know, we're all concerned about the big declines. We've heard clients coming to us this year saying, hey, I just saw this headline that the market's gonna have a huge crash. What do you think about that? And then so it's on our minds to avoid these big declines. If you look at years where the market dropped 20%, it's only six percent of the time. Six years out of the last hundred. Three of those were in the Great Depression. So minus the Great Depression, three percent of the time the market dropped twenty percent or more. Thirty-eight percent of the time it was up twenty percent or more.
SPEAKER_00I don't care about any of that. I want to invest in bonds.
SPEAKER_02So, you know, I've I've had kind of people kind of joke and say, you know, it's investing, but just like going to Vegas. Uh, and I kind of respond with if there was a machine that you won 74% of the time, I want to know where that machine is because I'm gonna pull the lever on that thing over and over again. And that's what the SP has been over the last hundred years. So I think all of this stuff, you know, obviously we track this really closely here. I think for most investors, you should ignore basically everything we just talked about here. You're we have a long-term focus. Uh, we talked about Warren Buffett in another podcast, and he's the master at this. Have a long-term focus, stay diversified, do the right things, don't worry about what the next six months might bring. Think about the next six years.
Tech Layoffs And A Healthy Labor Market
SPEAKER_00And we talked about Vegas in a previous episode, and the odds of winning in Vegas is 3%. So this is not gambling.
SPEAKER_02Right.
SPEAKER_00Mark and Jake, thanks for putting this year in perspective for us today. And as always, we thank our listeners. I'm Andy Keeler, and this is Financial Opportunities Uncovered, brought to you by Keeler and now they're Family Wealth. If you have questions on anything you heard in this episode or have an idea for a future episode, connect with us on LinkedIn or email me at andy.keeler at canwealth.com.
SPEAKER_02The opinions expressed in this program are for general information purposes only and are not intended to provide specific advice or recommendations. It is only intended to provide education about finance, tax, retirement, and related planning topics. To determine which investment strategies are appropriate for you, consult your finance, tax, or legal advisor prior to implementing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always, please remember investing involves risk and possible loss of principal. Please seek advice from a licensed professional. Keeler and Nadler Family Wealth is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Keeler and Nadler Family Wealth and its representatives are property licensed or exempt from licensure. No advice may be rendered by Keeler and Nadler Family Wealth unless a client service agreement is in place.