Updates & Principles

“A cynic is not merely one who reads bitter lessons from the past; he is one who is prematurely disappointed in the future.”-Sydney Harris

My mission is to live a generous rewarding and enriched life and to help others do the same.  I apply this to so many areas of my life: personal, business and philanthropic. Today I want to focus a little bit more on the financial aspects of this mission and the principles I use to guide my own investments and those of my clients. Even in times of uncertainty, my philosophies remain steadfast.

Watch for more on recent events and how strong principles can help you weather any storm.



Hi there. Mike Brady with Generosity Wealth Management, a comprehensive full-service financial services firm headquartered right here in Boulder Colorado. Although you can see from my backdrop I am actually up at my cabin in Dubois Wyoming where I spend every summer, I continue to work here, I have wonderful views, as a matter of fact I was going to record this video outside of our rustic cabin but it was too sunny and I kept squinting. So, I’m going to put up on the screen a couple of photos that I’ve taken this morning so you can get an idea of what I look at when I’m looking outside of the windows of my office up here. It’s wonderful. I hope that you also have an opportunity to get away. Frankly, I was stay at home anyway in Boulder so we may as well do the stay at home here with quick jonts down to Boulder as needed.

Generosity Wealth Management Dubois Wyoming Retreat

Today I want to talk about, of course, the current situation and put that, of course, into context, but I also want to talk about some key principles. Because one of the books that I have really liked over the years was the Millionaire Next Door. And what he talked about in that book is there are certain key, how can I say, attitudes and behaviors of millionaires that we can all learn from. And I’m going to take that and I’m going to take it also kind of on the flipside of some key things that I’ve seen that we should avoid so I’m going to talk about some key principles. I sound like a broken record many times, particularly if you listen to my videos a lot because these key principles sneak into every single one of my videos it feels like because they are foundational and a basis for long-term, in my opinion, getting to where you want to be with your financial goals.

Now, so far this year we’ve had an unbelievably good couple of months. I’m recording this on Thursday I think it’s the 11th or the 12th, I think that’s the 11th, and nobody saw this happening so quickly two months ago. And one of the key principles that I have is humility. It’s amazing to me that when people talk about the future or they hear someone talking about the future they talk with such confidence that they almost believe that it’s going to happen and then when it doesn’t they somehow forget and then the next person around gives them such confidence about what is the future and that’s not very helpful so I’m going to come back to this key principle.

Up on the screen I have shown over the last 25 years the ups and downs in the S&P 500, which is an unmanaged Stock market index.

Now, while we have gone through a couple of really difficult times like 2008 and of this year, which was very sharp, very painful in a very short amount of time, I would argue that someone who has been around for 30 years doing this professionally working with clients, et cetera, is 2000, 2001 and 2002 were some of the most difficult years, not because they were the lowest but because it was one year followed by another by another. Duration and losing the faith after a while is what really dooms many people in my experience. Those people who lost the faith and then went in to go into money market or CDs around 2002/2003 did not see the nice upswings that happen over the next ten or 15 years. Up on the screen you’re going to see an arrow next to where we are now.

I think nobody foresaw the sharp upswing in the stock market over the last two, two and a half months or so. I’m recording this on Thursday and so yes today is a down day, yes it’s going to get lots of good news coverage and very newsworthy. There’s an old adage that the stock market takes the stairs up and the elevator down and that just means that it’s kind of 200, 300 points et cetera, et cetera, and then it gives it up very quickly. One of my key principles, which I’m going to get to in a minute, is being overly optimistic or being overly pessimistic. If only you look at the negatives you’re doing yourself a disservice and I think that you’re going to be unhappy along this path.

Let’s go to another chart.

This is a chart that shows since the last major financial crisis in 2008. And there were ten major pullbacks along that, ten major pull backs of which the worst one was this last March. It is important for us to remember that it is a long-term strategy, you don’t take short-term events and extrapolate them into long-term decisions if your goals are long-term. Now, one thing that people periodically say to me is hey I’m 70 years old, maybe I’m 75 years old I’m always looking short-term. I remember my grandmother she was in her 80s and she was very feisty and she says Mike, I’m not buying green bananas, which I always thought was very funny and I still do. You still have a long time horizon I would argue because you don’t want to outlive your money and unless you know you’re going to die in the next six to 12 months let’s all hope that you’re living five, ten, 20 plus years even if you are of course retired and living off your money. Most people that I meet with don’t want to outlive their money and they want to pass on the most that they can to the charities they care about or their heirs. And so, we can still invest for a multiple year time horizon therefore we should not allow our emotions to be controlled on a daily, weekly or even a monthly basis so it just is not helpful to you and it’s going to make you very unhappy.

On the screen though I am showing where we are right now.

Nobody saw two/three months ago what we have now and so now I’m going to start pivoting over to some key principles, which is the first one of humility. Anyone who talks absolutely about the future is crazy or a fool and I don’t want you to be that person if you’re listening to them. We can say hey I think this is what’s gonna happen, I want to increase my probability of the desired outcome that I have in the future so I do everything I can in order to situate in a certain way, but there’s no guarantees absolutely about the future in any aspect of our lives and finances are no different. So, humility is the first one. The second is having to understand everything. I don’t know about you but every day there’s always a reason why the market goes up or down and it vasawaits [ph] every day, the market is up it’s renewed optimism, the next day its down it’s real new pessimism about deaths, I mean all in 24 hours? That’s crazy. The mind is very logical and patternmaking and we look up at the clouds when we’re on a wonderful pasture and we see patterns. Our mind put together that that cloud is absolutely a sheep or a car or whatever it might be when of course our logical brains tell us that’s not the case. And so, many times our brain also starts to control the emotions and things that are going up we believe will always go up or things that are going down will always go down even if we look at the history of the unmanaged stock market indexes, unmanaged bond indexes that are diversified and that’s never always been the case. As a matter of fact, I’m going to put a chart up there, you’ve seen this before from me; a 50-50, and I’m circling it right now, a 50-50 stock and bond going back to 1950 has a 100 percent break even over five years. Yes a loss in one year, yes a loss in two or three years, but over five years a 50 percent of the S&P 500 and 50 percent of a bond index, which you should always be diversified and it was probably a bumpy ride along the way, is a 100 percent breakeven, although the future could be different. I have that humility as well that no one knows the future, but you know what, that’s something that I’m very interested in and when you find yourself being overly fearful or overly pessimistic it’s good to remember that and that’s why we have diversified portfolios.

The third thing is what is your conviction? That is a key principle. Are you invested for the long-term or the short-term? And it’s okay to be invested for the short-term, you just got to know which one it is. And if you are invested for the long-term, and in my mind I think of long-term of being two, three, five, ten years. If you are invested for the long-term then you’ve got to believe that the market is going to be higher over that long-term timeframe or otherwise why do you have any investments? I mean that makes no sense. Why would you invest in something if you truly believe that in a longer timeframe it’s going to be negative, you should just put that in your mattress or a safe or something some safety deposit box. So, what is your convection and stick to it; very important. Number four is being overly optimistic overly pessimistic. Bull markets many times turn into bubbles and add are people who are being overly optimistic. On the flipside there are overly pessimistic individuals as well and you take three steps forward two steps back, all they talk about are the two steps back. That’s not the full picture, that’s not the context and if we’re going to use logic and we’re going to use some rational thinking in approaching the problems that you have then you’ve got to be aware of the two, find something in between. That’s why I try to not be overly emotional in these videos. Every once in a while someone will come to me and say gosh this big event just happened one way or the other and you were so even keeled. And the answer is well yeah. One, I’ve seen pretty much, it feels like I’ve seen everything of the last 30 years so it’s hard to surprise me anymore. But even then I’m approaching things from a rational point of view in order to get to that end result. I see variables in an equation and I am focused on what is the solution that we want and I have yet to find that being emotional about it helps me with any of those variables and getting to the solution.

And then kind of the last thing is overly complicated and looking for quick and easy solutions. What do I mean by that? Have you ever found someone who wants to lose weight or get in shape and they have this really complicated system, they’re going from one diet to the next diet to the third diet and they just won’t stick with it or they’re looking for some get thin quick scheme, whether it’s this pill or that liposuction or something that’s ThighMaster whatever it might be they over complicate it, burn more calories than what you take in. Exercise X number of minutes, you know, 45 minutes every day or three times a week, do something that works for you but also don’t over complicate it. I had a situation where someone was referred to me, and by the way you should always refer people to me even if we’re not right for each other long-term, that’s for us to determine, but I always try to give them complementary advice and point them in the right direction. And this was actually someone who had been referred to me a long time ago and it’s very painful because they just can’t seem to make good decisions. Like the millionaire next-door they’re the opposite. There is something that this person brings that is really holding them back and I try to point that out to them. I’m sure that we all know someone who has just been unlucky in love and maybe they’re your best friend from when you were five years old and you look back at their life and like yeah he or she always seems to pick the wrong guy or gal and they just can’t quite, you know, there’s a behavior, there’s an attitude that they bring that’s obvious to you that might not be obvious to them. And what I find is many times people who are later on in life, they have certain habits or attitudes that are holding them back and so one of the purposes of my videos here is to talk about what is that bias? What is that attitude and behavior that might be holding us back and how does that apply in a logical format? Being emotional, having biases, all that absolutely common to being a human being and I would want it no other way, but it doesn’t mean it’s got to rule our lives and not everyone can do that.

There’s not necessarily easy answers, I mean there are different types of people. Some people have a wonderful experience at the grocery store, they get up, they pay for their food, they get in line and then they leave and they say wow that was really fun. Other people go and get their groceries and they’re obsessing of which line to get into, they’re swapping lines, they’re going from this one to that one to this one. I have to tell you I watch people sometimes at the TSA getting through the conveyor belt deal and some people are swapping from line to line to try to find the absolute best and others are just totally chill just waiting their turn and going right through. Everybody gets to the plane at the same time. I mean at the end of the day one person had a good experience, one person had a stressful experience. They might have gotten to the same spot two different experiences.

Generosity Wealth Management Principles

That’s it. That’s all I’ve got for today. I’m going to have another video coming out to you by the end of the month all ready for July 1 the end of the quarter. Between now and the end of the quarter if something huge happens of course I’ll get one out even quicker to you. Volatility has not gone away even if it’s gone to bed for a little while, let’s keep our eye on the big picture. Just because it’s giving up some in one day or maybe two days or a week I don’t know what it’s going to do at this point, it’s a good thing that I don’t need the money tomorrow or you don’t need the money tomorrow or next week because you would have no money in the market. That’s why we have to keep in mind the context of what we’re doing. Michael Brady, 303-747-6455. Have a wonderful, wonderful day. See you. Bye-bye.

May 2019: Making Sense of the Market

“Being rich is having money; being wealthy is having time.” –Margaret Bonnano

It is important to take a macro versus micro approach to investments, meaning we have to take a very big, long-term view in order to start to make some sense of the stock market. There are many variables in this equation that we call the market and only by looking at it as we would approach a mosaic by looking back months and even multiple years does it start to make sense.

Listen for more on how to keep perspective when looking at the market.

Watch my short video or read the transcript below.



Hi there. Mike Brady with Generosity Wealth Management, a comprehensive, full-service financial services firm headquartered right here in Boulder, Colorado.

Today I want to talk about making sense of things. I was meeting with a client a week or two ago and he said Mike, it doesn’t make any sense in the stock market. It’s something that I don’t understand. It goes up high one day and down the next day for a reason that I can’t understand. And my answer to him was stop trying to understand it. Stop trying to understand it on a daily basis, a weekly basis, even a monthly basis because I don’t know the future, you don’t know the future and for us to try to guess the emotions, the intents, the actions of millions of other people is very difficult.

We have to take a very big, long-term view in order to start to make some sense of the stock market. If we’re looking at it from a daily basis, one day if you listen to the newscasters or read some article they always have some reason why it went up like they know definitively what millions of people are thinking. The next day it might completely reverse and then they give a different answer that might be very similar. No, not that many people change from day to day. There are many variables in this equation that we call the market and only by looking at it as we would approach a mosaic by looking back months and even multiple years does it start to make sense.

So you have to look at yourself and your own emotions and say wow, am I going to allow myself to be whipsawed from day to day, from week to week, or am I going to take the long-term view. And your bias is very important to know. If you’re a naturally optimistic person I would argue that history has shown you to be a winner in this because three out of four years going back to 1929 the market has been positive. One out of four years have been negative. That doesn’t mean the future is going to be that way. All I can really say is that historically that has been the average when we look at many multiple years, many five-year, ten-year and twenty-year time horizons. Those that are pessimistic and are trying to time the market are worse off than those that say hey listen, I’m going to take a long-term view. On average I am going to be the winner. Sort of like going to a casino and you get to be the house. You don’t get to win every single hand but over time you certainly are the winners.

And so the future is never certain. It could be different in the future but this is what I think would be a better approach for most people.

Mike Brady, Generosity Wealth Management, 303-747-6455. I’m always here if you want to talk. Thank you. Bye bye.

January 2019: Market Reversal

“Money is only a tool. It will take you wherever you wish, but it will not
replace you as the driver.” -Ayn Rand

From a horrendous 4th quarter in 2018, to a complete 180 in merely the first month of 2019 it’s still important to keep your sights on the big picture.

It’s easy to be optimistic when the market is going up.  It’s harder when the market is going down and all those reporters on TV are giving you all the reasons to be negative.  That’s why we have to look at the underlying valuations, the underlying data, the money flow, the money velocity, the corporate earnings to look at what’s the real truth here.  What’s the true story?

Watch my video and/or read the transcript.  It’s a quick one, under 5 minutes and I continue to illustrate why it’s critical to keep your emotions in check.



Mike Brady with Generosity Wealth Management, a comprehensive, full-service financial services firm headquartered right here in Boulder, Colorado.  Recording this on Wednesday, January 30.  It was right here a month ago that I recorded my year end video and at that time I was talking about what a horrendous December and fourth quarter of 2018 we had.  I talked about how 2017 had very little volatility and was strongly up for the unmanaged stock market indexes.  In contrast it was followed by 2018 which had all kinds of volatility and was negative with, well the fourth quarter in December really going downward very sharply with huge volatility.

Generosity Wealth January 2019 Market Reversal 1 year DJIA

1 Year DJIA

So far in 2019 the month of January has shown another reversal.  What great examples that every year is different.  I’m going to show you a graph that shows the last 12 months and what you’ll see is so far this year we’ve made back much of what we lost in December and the fourth quarter of last year.

Generosity Wealth January 2019 Market Reversal 5 year DJIA

5 Year DJIA

It is important to have a diversified portfolio.  It is important to keep the big picture, the long view in mind.  Here is a five year graph and you can start to see how one year is not the entire picture.  It’s just one piece of the puzzle.  And if you only look at the one piece of the puzzle it doesn’t really make sense. Like a mosaic you have to step back and have some perspective for how the pieces, how the years add up toward reaching your 5, 10, 20 year goals.

If you’re older in life you might say wait a second, I don’t have a long view.  No, even if you’re retired you don’t want to outlive your money.  So whether you’re in the accumulation phase or whether the withdrawal phase of your life with your portfolio having 5, 10 and 20 year points of view is very important.

I believe that there continue to be reasons to be optimistic.  It’s easy to be optimistic when the market is going up.  It’s harder when the market is going down and all those reporters on TV are giving you all the reasons to be negative.  That’s why we have to look at the underlying valuations, the underlying data, the money flow, the money velocity, the corporate earnings to look at what’s the real truth here.  What’s the true story?

Let’s say that I am wrong.  Let’s say that we continue in the unmanaged stock market indexes to have downward and maybe more volatility as well.  That’s the reason why we have diversified portfolios which doesn’t guarantee against losses in declining markets.  That’s why we have though a long term view.

So what I would say is let’s get out of our own way.  Let’s keep our emotions in check.  The mind has a tendency to have a bias toward making patterns where there might not be a bias.  We lay on the grass on a nice summer day, look up at the clouds and we’re finding hey, there’s a dog, there’s a building, there’s this famous person right there in the clouds and we are certain that’s what it looks like when, in fact, our mind is creating patterns where there is no pattern.  Let’s not do the same thing in other areas of our lives including our portfolios and in the markets.

Mike Brady, Generosity Wealth Management, 303-747-6455.  Call me at any time.  I’m here to talk about how this is relevant to what you’re doing in your specific financial goals.  Here at any time.  Thank you. Bye bye.

2018 1st Half Year Report

“Life is really simple, but we insist on making it complicated” – Confucius

The first half of the year is over, and the year has been up and down on an almost weekly basis.

There are reasons to be positive, and pessimistic.

In this month’s video, I outline why you should be optimistic, and reasons why you can be concerned. In most areas of life there are pros and cons, but the question is which one wins out on balance.

In this case, and I outline this in my video, the positives outweigh the negatives.

But that being said, the fundamentals of reaching your goals remain the same–diversify, have a long term vision, and keep your emotions in check.



Transcript of the video:

Hi there. Mike Brady with Generosity Wealth Management; a comprehensive full-service financial services firm at headquartered right here in Boulder Colorado, although I’m recording this video from our cabin in Wyoming. Hopefully you had a wonderful 4th of July, maybe you took the whole week off. I came up here for the whole week it’s kind of an annual tradition and it allows need to get some business projects done, but even more importantly to get away from the hustle and bustle of the daily life, get my emotions in check, which is of course one of my big recommendations for my clients and for investor.

I’m going to cut right to the chase of today’s video because it’s going to be a mid year report, but the fundamentals of investing and being successful in my opinion have stayed the same, which is to stay diversified, be long-term and keep your emotions in check. That’s one of the fundamentals and I just think that that’s absolutely important.

Today I do want to talk about what’s happened so far and talk about the reasons for being optimistic or pessimistic for the rest of this year. Nobody knows the future. I certainly don’t so this is my analysis so this is one of the reasons why those three that I brought to you, be diversified, long-term, keep your emotions in check are so very important because when someone says they know absolutely what’s going to happen, the impact of this policy or that policy they know exactly what’s going to happen they’re lying to themselves, they’re lying to you and so I don’t think that anyone is well served by that particular approach. So here so far this year the market was up pretty dramatically in January, continuation of low volatility and good market in 2017 coming into 2018; February and March very difficult. And then the second quarter recovered as some of that, but really was really more in general in the unmanaged stock market indexes and bond indexes basically a flat year so far. Plus or minus a couple percent in my mind is flat.

I’m going to throw a chart up on the screen where you’re going to see is we’re in a consolidation period. The markets go up, down and sideways and so far this year it’s a sideways. It’s always irritating to have; everybody wants the up with no volatility and that’s just not the world that we live in. What we’re seeing right now is a time where patients makes a lot of sense. Those are the people who are rewarded long-term and so remember that as you look at your particular investments and your particular approach.

Now, I’m going to put a number of charts up on the screen and I’m going to talk about some of the reasons to be optimistic, some of the reasons that things could look very good. So let’s go through them. The first one is strong U.S. economy and that’s shown a really above average pace with tax cuts, higher government spending, ultra low unemployment rate, the biggest increase in business investments in years, we’ve had an earnings per share that’s very high and the Fed is normalizing monetary policy, and the last is equity valuations are not as pricey as they were just a couple of years ago. And so this is a good reason to be optimistic and in my opinion, I’m not going to lie to you, the pros outweigh the cons. Here are some of the cons: The price of the oil is back up high in the last year or two; it’s around $75 for a barrel. However, I will also put it into context that it is where it was three years ago and lower where it was four years ago and I don’t remember the stock market being horrible during that time frame. Always up and down that’s just part of the deal, but it is not a travesty. Excessive fiscal stimulus in a full economy could lead to an overheat. Got it. And then the third is the tariffs, which I want to talk about here today.

Tariffs over the last number of administrations they have talked about how the barrier to entry, some of the costs of doing business with other countries is greater than it is here. It’s easier for people to import it into the United States than it is for us to export to other countries. That’s what the tariff discussion is all about. So the discussion is out there, has been out there for a long time, the question is what do you do with it? So one of the reasons why, and I’ll jump to the conclusion on this too, while it’s an irritation it’s a wrench into all of the pros that I just brought up it’s not necessarily a deal killer and the U.S. could actually win on it. Some people say they know absolutely this is horrible for the U.S. or they say it’s absolutely horrible for other countries. The bet that President Trump is making is that others will blink before the U.S. will or before he will. And so one of the reasons why that might be the case is the reliance that other countries that we have had these discussions with and imposed some tariffs on are much more vulnerable than we are. Their stock markets are not doing as well as ours are and their economies are not doing as well as ours. We are the strongest out of all those that we have imposed these tariffs on. Our exports are 12 percent of our economy, whereas in China it’s 20 percent, in Canada it’s 1/3 and in Germany it’s 50 percent. They’re much more reliant on exports to us and to other countries as we are exporting to others. So we only do 12 percent of our economy is based on exports from the United States because we have such a big country, we have such a vibrant interstate commerce from city to city state to state that we are less vulnerable than many other countries.

And so that’s why when I weigh something negative like the tariff discussion and wars against all of the positive it’s the net still going towards the positives than it is on the negative. If you’re only focused on the negative, sorry you’re going to be very disappointed and of course you’re quite dark about that. I on the other hand want to balance both of them and that’s why I’ve come out net on the positive. So I’m optimistic for the rest of this year. I’m not making any changes wholesale in client portfolios, in my discussions with clients, et cetera. Sticking with those particular fundamentals it’s served us well the first half of the year, I think it’s going to serve us well the second half as well. Be diversified long-term, be cool, cool as a cucumber.

Mike Brady; Generosity Wealth Management; 303-747-6455. Give me a call at anytime. Thanks. Bye bye.



Investing And Life Are More Like Poker Than Chess

“Success is nothing more than a few simple disciplines, practiced every day.” – Jim Rohn

Investing and life are more like poker than chess. I recently listened to an interview with Annie Duke. Ms. Duke’s book, Thinking in Bets along with the interview really resonate with me because her thinking is quite similar to mine.

In this quick video, I detail the parallels of investing and poker and why it is critical to keep a “poker face,” keeping your emotional composure during bad….and even good investment periods!

About Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts

Thinking In Bets Book Cover

Annie Duke, a former World Series of Poker champion turned business consultant, draws on examples from business, sports, politics, and (of course) poker to share tools anyone can use to embrace uncertainty and make better decisions.

I like this book for many reasons, the greatest one being the statement, “Even the best decision doesn’t yield the best outcome every time.” In poker, like in investing, you can make the best decisions but there are still unknown elements at play.


Transcript of the video:

Hi there. Mike Brady with Generosity Wealth Management, a comprehensive, full service financial firm headquartered right here in Boulder, Colorado. 

Today I want to talk about how investing and life is more like poker than it is chess. I got a lot of these ideas I’m going to share with you today from an interview and a book that I read by Annie Duke. I’m going to put a link in the newsletter and in the transcript of this. (http://a.co/aw2KM5f) Annie Duke, Thinking in Bets.

And when I heard her interview on this podcast it was like she was speaking right to me because that’s the way I think. And so of course I thought she was brilliant. If you watch my videos going back seven, eight, nine years you’ll hear that I talk in well let’s increase our probability of success. And I think the odds are because that’s really the way life and investing is. Let’s think about chess for a second. Chess there’s these pieces on the board and all of them are visible. You see it and so does your opponent. With all that visibility it’s a completely logical game. The person who is the more experienced, the person who is the better player should always win. And if that person doesn’t win then they can go back piece by piece or play by play and say oh, this is where I made a mistake.

That’s not the case with poker. Let’s talk about poker for a bit. You don’t get to see all the cards so there’s a hidden element there. It’s all a bunch of odds. You might have an 85 percent probability, 90 percent. But there’s still 10 percent that you could be wrong. And it doesn’t mean that you were wrong because the outcome went against you. But there were things that you didn’t know. There were unforeseen things and there is luck. I’m not going to ask you to raise your hand but if I was to say who has run a red light, most of us would raise our hand. Even if it’s only once in our life or if it’s once a day. Just because you run a red light doesn’t mean you automatically get hit although it dramatically increases your odds of getting hit. Just like if you’re following the rules and you go through a green light it doesn’t guarantee that you won’t get hit, T-boned by somebody else. So there are factors outside of our control that we have to understand.

When we’re looking at a poker game, a typical poker hand a professional might take two minutes. Therefore, you might have 30 hands in an hour. And a professional poker player is going to know the odds. They have to work really hard to know the odds, play the game, to be cool. Maybe there’s a string of bad luck that you have but you stick to your particular core knowing that you’re a really good player. You know the odds better than the people that you’re playing against and you just can’t get too emotional one way or the other. If you’ve ever seen a poker game nobody’s jumping up and down when they win or at two, three or four hands they’re getting super depressed. Maybe amateurs are but definitely not the professionals.

So investing is very similar. We can do the best that we can with all the different variables that are known to us we can come up with a strategy. We can say wow, I think the market is going to do this, I think the market is going to do that. And we could be wrong because there are going to be things that are unforeseen that are going to be in the future. Nobody knows the future. So that by definition is going to be a variable that we’re not able to account for fully. Therefore, what do we do? What we do is we, of course, look at a diversified portfolio. We say well how can I not stick my neck out so much that if that 10 percent or that 20 percent or whatever the number is that I’m wrong, I’m really stuck that I’ve lost so much. How much are you willing to risk? So a diversified portfolio is very, very important. Staying in it for the long term. If you find your strategy that works with your risk level, your tolerance, that allows you to stay emotionally cool it’s got to be a long term. If you were a poker player it might be many hours. If you are an investor it should be many years. And so you’ve got to keep that in mind as well.

Life is full of unknown variables so we try to increase our knowledge. We try to increase it so we can make the best decisions. We try to learn from those decisions as well. It is not a chess game. It’s not a guarantee. So if you’re looking for a guarantee then investing in life, you know, you’ve come to the wrong place so you’re never going to get that and you’re going to be continually disappointed.

Mike Brady, Generosity Wealth Management, 303-747-6455. You have a great day. Thanks. Bye bye.