Ep 6 - How to Succeed in Volatile Markets: Things Most Won’t Hear From Big Brokerage Firms, Investment Banks and Financial Media (CNBC)

• Market volatility is essential for achieving premium returns and should not be feared.
• Market corrections are normal; understanding the historical context can prevent panic.
• Recessions occur regularly and should be viewed as part of the economic cycle.
• Long-term investment strategies outperform attempts to time the market.
• Warren Buffett's approach underscores the importance of investing in quality businesses.

Disclaimer: [00:00:00] The following podcast by Fusion Family Wealth LLC, Fusion, is intended for general information purposes only. No portion of the podcast serves as the receipt of or as a substitute for personalized investment advice from Fusion or any other investment professional of your choosing. Please see additional important disclosure at the end of this podcast.

A copy of Fusion's current written disclosure brochure discussing our advisory [00:00:15] services and fees is available upon request or at www. fusionfamilywealth. com.

Voiceover: Welcome to the Crazy Wealthy Podcast with your host, Jonathan Blau. Whether you're just starting out. Or are [00:00:30] an experienced investor. Join Jonathan as he seeks to illuminate and demystify the complexities of making consistently rational financial decisions under conditions of uncertainty. He'll chat with professionals from the advice world, [00:00:45] entrepreneurs, executives.

Hello,[00:01:00] 

Jonathan Blau: this is Jonathan Blau with another episode of the Crazy Wealthy Podcast. Thanks for joining us today. Today is going to be a little bit of a different version that we normally bring you in the sense that we're not going to have a guest because I [00:01:15] felt like it was important to address some of the recent concerns that investors seem to be having.

About the volatility in the markets and what they should be doing to address the volatility in order to protect their portfolios and their wealth. And [00:01:30] the things I'm going to talk about today are things that you won't hear from the big investment banking and brokerage firms. or the large financial media complexes like the CNBCs of the world, and I'll explain why.

But the first thing I think that's [00:01:45] important to do today is to talk about some context to, to kind of offset the messaging, which is what I call toxic messaging that comes out of the media almost every day. During periods of volatility, but before I even do that, [00:02:00] I want to define volatility.

Most investors and even many professionals I've met, but professionals that I've met define volatility as in their own mind as sharp, quick moves down in their [00:02:15] financial investments. And that's not at all what it is. Volatility are moves both up and down above the longterm trend. Yeah, of returns. So if the returns are 10 percent a year on average for US stocks, a volatility [00:02:30] means that we're seeing sometimes sharp, sometimes less sharp moves up and below that trend line.

It doesn't mean down in a hurry. So, so that's the first context I want to provide people. Volatility is not not a negative [00:02:45] thing at all. In fact, if we didn't have moves up and down, which creates ambiguity surrounding what our returns is, where stock investors will be in terms of the timing of the returns and the magnitude directionally of those returns.

They're [00:03:00] unknowable but nonetheless, the long term average for the last hundred years has been 10 percent a year. And without volatility creating ambiguity, investors in stocks would, would not be compensated for putting up with that ambiguity. And everybody would be relegated to making [00:03:15] something like 3 percent a year after inflation in bonds instead of 10, 7 percent a year after inflation in stocks.

So it's important not to hate on volatility. It's actually our friend. So, so one of the things I heard from the media yesterday is [00:03:30] that they were announcing we just went into correction territory for the S& P 500. And everybody who, who heard that is, is inclined to be looking to hide in their basement because it sounded so terrible.

But what it [00:03:45] really means, correction territory, it means that the S& P 500 was now 10 percent lower, not for the year. Not for where it started there, but from the highest point it had reached in 2025. So the highest point it reached in [00:04:00] 2025 was 6,144. And now it's at about 50 700 or so, or 5,600. So it's down 10% from the highest point that it reached for the year.

It's [00:04:15] down only 5%. So since the end of the year, 2024, the s and p's down 5%. This is not something that any long term investor who plans on succeeding can afford to be worried about. So if you're worried about it now it's a good [00:04:30] time to start listening to some more of our podcasts to learn how to develop the temperament that one needs to be a long term successful equity investor.

And the reason I say that is the average annual decline in the S and P 500 from its peak to to a trough [00:04:45] every year on average. Doesn't stay down this much, but it goes down about 15 percent each and every year since 1980. According to JP Morgan's quarterly guide to the markets, they reported every, every quarter.

So this is not an [00:05:00] unusual occurrence now that we're in quote unquote correction territory, but you have to understand that the media's goal is not to help you as an investor or help me as an investor or an advisor. It's to encourage. Clicks on their stories to [00:05:15] increase their ad revenues. That's it.

They don't know how to advise. They're not competent to advise. And they most importantly have no interest in advising. They have an interest in increasing their media revenue. As in an old saying in media that says, if it [00:05:30] bleeds, it leads. It means you go with the story that's the most gory, bloody and concerning because it lead, it should lead.

Cause that's what's going to attract the eyeballs and that's going to increase our ad revenues. We're going to report on the plane that went down, not the hundreds that went up and [00:05:45] down successfully for the last month or two, because nobody's, that's not going to sell any news. And so it's very important to keep that context in mind.

So having said that. What should one expect going forward this year? We're down 5 percent [00:06:00] for the year. We're down 10 percent from the highest point that we reached this year. And so what one should expect is to say, gee, if on average we're down 15 percent during during every year since 1980 on average, then probably wouldn't be [00:06:15] wouldn't be silly to expect that might.

Go down another 5 percent at least, just that's, that's in line with averages. So, so set your expectations. It'll help you to why don't you manage your expectations, help you to start developing the temperament to stay the course without losing too much sleep [00:06:30] over what are ordinary types of moves in, in, in the market historically.

Secondly, I get a question frequently during times like this from professionals particularly who refer their clients to us for for help with managing their wealth. And the question is in light of the [00:06:45] tariffs and the war and, and, and, and, and, and the geopolitical and political environment what are you, what, what portfolio moves are you recommending that your clients make?

[00:07:00] And my answer is simple. My clients don't have any portfolio decisions really to make because they made them all when they decided that in order to reach their most important goals. which is to fight off the biggest threat to their money, inflation, which I [00:07:15] call the disease of money. They need to be invested in real assets.

In this case, stocks much more than in bonds because stocks after inflation for the last a hundred years made 7 percent a year and a similar portfolio bonds after inflation made three. So [00:07:30] they say, I need to make that kind of return two and a half times more than I can make in bonds. And, and I, and I made that decision when we did the plan.

So you'd never change your plan in response to current events, politics, market moves, or anything [00:07:45] else. Only change the plan in response to a life change, a goal change, or something like that. Never in response to current events. So I always advise that it's, it's okay to feel the fears or concerns. Relating to [00:08:00] whatever current events or political issues are concerning to you.

But once you start reflecting those fears by changing your long term portfolio composition, all the lights go out on the probability of reaching your goals in, in a big way. So with that, I want to share with you [00:08:15] a couple of questions that I got recently from clients, just to give a sense of, you know, everybody's concerned.

And, and has these sorts of questions, but also put, put, put the answers to them that I gave in context for the audience on the podcast. I think it'll be helpful. So [00:08:30] this is a real, this is a real question. I got a reading from the text. I got a copy of BBC news breaking. U. S. stocks plunge as fears grow over impact of tariffs.

First of all, I have a big problem with the word plunge. Again, we have an [00:08:45] entry year decline of 15 percent every year. They use this word plunge to attract readers again and, and, and to say if it bleeds, it leads, and that we're going to make it bleed, even if it's not bleeding. And the client then asked me, I'm trying to stay cool, but is this [00:09:00] talk about recession even plausible?

Now, what's interesting about that is we have a recession. One year and six since World War Two. They're very common. It's just there. And by the way, what a recession is, for those who aren't familiar with what it really means, [00:09:15] is two negative quarters is the most traditional definition of economic shrinkage.

So it could mean the economy, instead of growing for two quarters in a row, shrunk a quarter of a percent, a half a percent. It's very rarely much more than that. It's not shrinking five or [00:09:30] 10 percent and a quarter. The only time we saw something like that in recent history was during the pandemic where, where, where we had the deepest recession since the great depression.

And by the way, the stock market that year finished up something like [00:09:45] 15%. So just because you have a recession doesn't mean that you can understand what that will mean for the ultimate return in the stock market, the average return in the stock market, the S and P 500. During recessionary periods is plus three percent.[00:10:00] 

So don't let the word recession cause you unnecessary panic. But my answer to the client was not only is it plausible, but we have had one every every six years on average since world war two, given that the last one we had was. [00:10:15] March of 2020 during the pandemic, and we're coming into the end of March of 2025.

Guess what year we're going into? Year six since we've had one. So I said my bookie could predict that we are likely to have a recession [00:10:30] sooner than later. And so, so don't, don't let the term recession give you any concern. They're a normal part of economic growth. Economic growth is cyclical, not linear.

We don't grow in a straight line. Investments in stocks don't grow in a straight line. [00:10:45] Company earnings don't grow in a straight line. It's cyclical. And so we need to embrace that. We're used to thinking of a lot of things. I go to work every day and make a hundred thousand a year. That's linear. I spend 30, 000 a year.

That's linear. We're used to thinking in those terms. It's very hard for [00:11:00] us sometimes to reconcile how things work when they're cyclical, when they don't come in a straight, relatively predictable line. So recessions are commonplace. The answers will probably have one. It may or may not be because of the tariff policies.

It [00:11:15] just simply is that we have one, one year in six on average, and we do so, so don't let it don't let it get you to think you should be doing anything at all. And your portfolio in anticipation of a recession. One last word on recessions in 2022, March, the [00:11:30] entire complex of the financial industry from Goldman Sachs, the Merrill Lynch and UBS were their analysts were predicting there's a recession that's coming.

And I called it the Godot recession, because we're still waiting for it since March 22. It never came. People who [00:11:45] responded to it by changing their portfolio paid a big price. And that's always been my experience throughout my career. So here's the second question I got. This question was since we spoke last week, my portfolio is down close to a million dollars.

Shouldn't we have just acted [00:12:00] given that we know all of these things going on are so obviously detrimental and and we could have saved a million dollars. And then he said, there has to be a point at which you say, I'm going to sit on the sidelines, put it all back in when things are [00:12:15] a bit better. No, why just let it ride?

So my answer to this client was, There is a point, there is a point at which you say you're going to get out and sit on the sidelines. And I said, that point is when you, as an investor have [00:12:30] decided that you're no longer interested in increasing the probability that your investment as a stock investor Well, we'll yield anywhere near the eight to 10 percent a year that it has for the last a hundred years.

Because once you start moving out and [00:12:45] into the markets based on impulses, which is all this is, I have an impulse that it's going to get bad. So I'll get out. The only way you'll reenter is when another impulse get strikes your fancy. And what this person said. When get back in, when things are a bit better, [00:13:00] well, guess what happens to the price of stocks when the environment feels more certain to people and things that got better, the price of stocks goes higher.

And so engaging in a strategy where you're going to get out in response to a fear at low prices that are on sale, when in [00:13:15] fact. If it was any other economic good that was on sale, you'd want to buy it. With stocks, we don't relate to that. That way we want to sell it. And you see to get out based on that impulse when they're on sale.

And when it looks like the dust has settled and it's 20 percent higher, as happened after the [00:13:30] pandemic decline, went up a lot after the, after the March bottom quickly, no one had a chance to get back in. Many of them are probably still out today who got out, but, but it'll go back up and you'll get in.

Higher and I call that cycle greed by fear [00:13:45] cell and repeat until broke. In other words, buy, buy high, sell low, repeat until broke. That's a horrible way to invest. And, and we need to get away from that. We need to understand that the only way. To capture the long term returns of investing in [00:14:00] equities is to be willing to be in the markets for every ounce of the up and down volatility associated with it, just as a, as a reference point from the day the month I was born in 1967, the S and P 500 stood at [00:14:15] 90 today it's at.

5600 or so, so it's a 1, 000, 000 investment is now worth 62, 000, 000 inflation has gone up 10 times. So I needed in order to buy what 1, 000, 000 bought when I was born. We [00:14:30] need 10, 000, 000 today investing in equities during my life. We didn't just get 10 million. We have 62 million. We increased our standard of living relative to inflation sixfold.

We didn't just keep up with it. It's like a miracle, but what's interesting about the period of [00:14:45] time I just referenced is not just that the, that equities did what they've always done historically, which is to trounce inflation. It's one of the best inflation fighters ever. Created by Humankind is that what happened in the period from the time I was born to [00:15:00] today is we've had eight recessions since 1967.

We've had 10 bear markets down at least 20% from, from recent highs. And, and among the bear markets that we had those 10, there were three Hals or more, 2000 [00:15:15] to oh two nine 19 73 and four, and then 2008 and oh nine and normally. According to Warren Buffett's partner, Charlie Munger, who passed this past year, he said that once in in a 50 or 100 year [00:15:30] period, we should expect a 50 percent decline here.

We had three of them in this 50 year period. Notwithstanding. The S and P made seven and a half percent a year beat inflation by six times and is [00:15:45] continuing to hit new highs after each decline as we did after the pandemic. So it's just important to keep in mind that recessions, bear markets, and, and, and even halvings are not uncommon and they, they are not the risk of investors [00:16:00] failing to meet their goals.

The biggest risk is the investor themselves. If they're behaving in a way that leads to reducing the probability of capturing the returns that we get as long term equity investors by staying in. And the biggest risk to [00:16:15] money is not wars and, and political people that we're not confident in or anything like that.

It's, it's simply inflation. Inflation is the disease of money. When the market goes up and down, or in this case down like it [00:16:30] has so far this year, the number of dollars we have. So if we have a million dollars, the number of dollars has fluctuated down. So now maybe instead of a million, we have a 950, 000.

But what's always happened historically. Is the number of [00:16:45] dollars that went down not only recovers, but goes on to new highs. That's what's always happened. And so the number of dollars fluctuating is never a risk. It's only an emotional risk. What really is the risk is the value of each dollar disappearing to the tune of [00:17:00] at least 3 percent a year, which is the inflation rate.

That's that's the disease of money. And when we try to protect against. The illusory risk, which is the number of dollars fluctuating by putting more bonds in our portfolio, what we're doing is we're feeding the [00:17:15] real risk because bonds freeze each of those dollars in the face of 3 percent or higher annual compound inflation.

And what's worse is The, the bonds not only the principle is frozen, but if you're getting [00:17:30] 5% a year in 20 years, you're gonna need 8% or nine to, to buy when inflation is. And, and the bonds don't do that. It's frozen at 5%. So the income you're earning as long as well as the principle is actually leading to turning our money into wallpaper.

[00:17:45] It's the biggest risk we face in the, and the one of the most widely misunderstood. So don't try to. control or wish volatility away without it. As I said earlier, we wouldn't get premium returns and without it, we'd be relegated to always being exposed to bonds, [00:18:00] which are the carrier of the risk, the disease of money inflation by freezing it in the face of inflation.

So having, having said that, one of the one of the things that's important in, in this kind of an environment. Is to not [00:18:15] engage in what I call confirmation biased searches. What that means is a lot of people this year. have, have caught wind of the fact that Warren Buffett one of the world's greatest investors who ever lived, who is [00:18:30] 94, has been liquidating some of his portfolio.

But the narrative they've come to me with is, if Warren Buffett's going to cash, does he know something? Shouldn't we get out too? And what I mean by a confirmation by a search, when people are concerned about, In this case, [00:18:45] the stock market's volatility. They'll research using terms in Google, why should I be concerned about market volatility continuing and, and that hurting my stock portfolio?

And so they'll only get articles that confirm their bias, their bias to loss aversion, [00:19:00] to disliking or feeling the pain of a loss two times more than the pleasure of a gain. Once you engage in those kinds of searches, that's another exercise that makes all the lights go out. So now what comes back to them is Warren Buffett's going to cash.

Now this is kind of a silly concept [00:19:15] because Warren Buffett has decried market timing, which is the act of going to cash when you're fearful that the markets might go down and then hoping you'll get back in at the right time before they appreciate. He didn't suddenly at 95 embrace market timing. What he did is he [00:19:30] trimmed two of his largest positions, which were Apple and Bank of America.

And in trimming those positions, it did lead him to have What's a record level of cash in his portfolio, 321 billion. He still has about 70 percent in stocks. And the [00:19:45] reason there's many reasons that he, that he trimmed those portfolios. One is when, when a holding in a portfolio gets to grow disproportionately relative to the other holdings, prudent managers will trim the positions, which is what he did.

And 90. [00:20:00] He has a successor named Greg Abel, who is going to take over who is largely managing now a lot of the investments in Berkshire, but when, when Buffett dies, there has been talk by many analysts that he is concerned that the price of Berkshire Hathaway stock could decline. [00:20:15] And if it does and he, whatand he didn't have some cash available for Greg Abel, his successor, to build the positions he would like to build, Greg might be forced to either wait too long or sell off some of the portfolio at a loss.

So there's many different reasons here. None of them, [00:20:30] I can assure you, and you don't have to take my word for it, have to do with Barr and Buffett suddenly embracing the idea of market timing. So I'm just going to read you what he wrote in his February 2022 25 rather, recent shareholder letter.

What he wrote is despite, [00:20:45] this is from Buffett, quoting, despite what some commentators currently view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities. That preference won't change. He then goes on to say Berkshire [00:21:00] shareholders can rest assured that we will forever deploy a substantial majority of their money in equities.

And then finally, he says, Berkshire will never prefer ownership of cash equivalent assets over the ownership of [00:21:15] good businesses. So. Even after his trimmings and so forth of his portfolio at 70 percent equities, my bet is, especially today, he's probably got a much bigger exposure to equities than most people who are investing.

So, so [00:21:30] hopefully today's episode was helpful to everyone. To give you a contextual framework to be able to keep the temperament that one needs in order to stick with your long term investment plans, particularly in the face of, of [00:21:45] declines where the media is looking to make them more than they are.

And they could become worse, but right now they're less than average annual declines that we've experienced in the S& P. And by the way, if one is properly diversified as our clients are, where we have not just the S& [00:22:00] P overweighted, we have international stocks, Europe is up about seven or 8 percent this year.

So, so not everything is down. And that, that's the other thing I want to before we sign off. Leave people thought of don't think of yourselves as stock market investors. [00:22:15] If you're investing in great companies that can only be bought by buying the stocks of them, the stock market to me is, is, is one of the craziest places where some of the craziest people go to do some of the craziest things in response to events that change every [00:22:30] day.

And so you're investing in great companies and the stock when people think of the stock market, they'll look at the S& P 500 and think that reflects their portfolio. It shouldn't. One should stay broadly diversified because investment [00:22:45] styles like large companies that are growth oriented like the S& P will go in and out of favor over time.

And, and this year's a good example of that. And and so it's important to stay diversified and not to think of oneself as a stock market investor [00:23:00] and investor in great companies in a broadly diversified portfolio that spans the globe and, and, and companies of all different sizes, small, medium, and and large.

So thanks again for listening today. I want to end by saying what one of the most important things people [00:23:15] can do. To protect their portfolios during anxiety, inspiring times like this. One of the most important things to do. And also one of the most difficult things to do for almost every human being because human nature and the way [00:23:30] it responds is immutable.

So one of the most important things and difficult things to do and wait for it. It's nothing left to their own devices. Very few human beings, investors can do nothing in the face of [00:23:45] beer. And we have, what's called an action bias. It's why we press the elevator button consistently and persistently when we feel that it's not coming fast enough.

No, it doesn't help it get there faster, but we do have this action bias [00:24:00] in investing what I've learned is investment effort. And investment outcomes are very highly correlated, but the correlation I found is negative. The more we try to force an investment outcome by [00:24:15] responding to an environment, the worse we do.

That's been the entire history of my career. I'll leave you with one example. When people during the pandemic wanted to say, Hey, what's a good thing that we can invest in now? Everybody [00:24:30] Teladoc or Zoom. Because people were staying at home and when investors did it extrapolated that condition that people would always stay at home to make a long story short, zoom was 500 at that point in 2020 today, it's [00:24:45] 75.

So people who think, what can I do with these tariffs going on? Maybe I should invest in utilities. Maybe that would work, but that assumes the tariffs will still be on indefinitely. What happens if Canada and Mexico resolve the tariff issues with our country next [00:25:00] month? And the market could go up 10 percent suddenly.

That's not built into the market today. It's mostly negatives. So again, I leave you with that last thought. The most important thing and difficult thing to do is nothing. Please practice doing that during times like this. And if it [00:25:15] helps switch from CNBC to the cartoon network, that's also been something that my clients have found useful.

All right. So signing off, please tune in either on your favorite podcast channels or a crazy wealthy podcast. Dot com until next time, [00:25:30] Jonathan Blau. Stay tuned to hear Amy's colon for the recap of today's episode. 

Amy Blau: Good 

Jonathan Blau: morning, honey. 

Amy Blau: Good morning. How are you? Good How's the day going? Everything is good.

Another day. Another dollar. I know and especially in this [00:25:45] environment. I'm sure as well coached as your clients are. I'm sure you're still getting calls and texts and emails here and there asking you what you think about what's going on considering 

Jonathan Blau: what's [00:26:00] going on in the world. Yeah. Fortunately, our approach to helping our clients develop the temperament to not react to these environments is successful.

We've only gotten maybe a handful of calls, but whenever we get them, it's the same types of questions. So I thought it'd be a good idea to put out [00:26:15] a podcast. For the crazy wealthy, the long version, without an interview and postpone the next interview another month because people, I think, will benefit now from hearing some of what I think are the most salient points to succeed when times are [00:26:30] volatile.

Amy Blau: Normally, I would think that was a great idea because I would feel like I was giving the idea. But in this situation, I'll still say it was a great idea even though it was your great idea initially. 

Jonathan Blau: All right. So now I'm not going to talk to you about the [00:26:45] podcast and the guests as we normally do. I'm really going to use you today.

Kind of like you used me when we first met at brother Jimmy's barbecue. And you said that you saw some guy there that broke your heart and If you bought me a drink, what I talk to you. So today I'm buying you a drink so I can [00:27:00] add some more things that I wanted to, to the end here to highlight what I want to in the podcast.

Amy Blau: Wow. That is cold. Bringing up that I was broken up with someone at some point that I made up that story just because I knew that you were going to be the [00:27:15] greatest financial coach to ever walk the earth. And that's why I wanted to 

Jonathan Blau: meet you. All right. So what I want to do is I want to summarize a couple of things.

So basically In, in the episode, one of the things I didn't talk about cause I wanted to save it to the end is a habit [00:27:30] that, that investors really should try to break is they, they tend to look at their wealth and measure it not from where it was five years ago, 10 years ago, but from where it was five minutes ago and five days ago.

And so because of that, they [00:27:45] get a distorted perception of what compounding is because compounding is average returns for a long period of time. And time does. All the heavy lifting and if somebody had a million and fifty thousand before the correction in the market and now They [00:28:00] look a month later and they have a million or under a million They think they've lost money but really from the beginning of the year Not from the highest point the market reached during the year from the beginning of the year They're actually they're actually exactly at the same point.

So it's an illusion and and People need to [00:28:15] really just look at where they were five ten 15 years ago and appreciate the miracle of compounding through investing. So that's one point that I didn't bring out that I wanted to. The other thing I wanted to say is, is in the in the title of the podcast, we talked about [00:28:30] surviving or investing successfully in volatile times and why the big firms and the big media complexes like CNBC won't tell you these things.

So people need to realize when they're watching the financial news. Always, not just now, is the financial [00:28:45] news and media is not qualified or interested in giving them financial advice to succeed. They have no interest in that, and they're not qualified. What they're interested in is increasing the number of clicks that they get.

From investors on the [00:29:00] stories. And there's an old saying in media, if it bleeds, it leads. So get the bloodiest story and make it the lead story. Cause that's what people's eyeballs are going to hit the most. And that's when our ad revenue is going to go up. So investors need to understand there's a complete conflict of interest.

[00:29:15] Between what they want investors, which is certainty about the financial future and what the media is looking to give them Which is the illusion of certainty by by going through all of these catastrophes Or potential catastrophes and how to protect yourself from them go to cash by by [00:29:30] By put options, which are bets against the market, bet that it's going to go down.

This is how the financial media makes money, getting a click on these stories, and, and by the way, the, the big financial firms make money not by telling you to stay put and [00:29:45] let compounding work, they make money also by getting you to react. And buying more products from them. So, so those are the two things I wanted to point out.

Beware of the the big media complex participants and the big brokerage firm and investment bank [00:30:00] participants who go on this show like CNBC to collude with them to get you to take action for their profits to your detriment. So I'm going to leave it at that. And hopefully this podcast was will be helpful to all the investors who are listening.

Amy Blau: Well, it sounds like [00:30:15] Most of the people investing in the market right now are kind of like me, the what have you done for me lately? You know that I ask you that all the time when you tell me about all the great things you've done. All I say to you is, that's great, but what have you done for me lately?

So that's what's going on with people in the market these [00:30:30] days, I would guess. 

Jonathan Blau: Well, what I did for you lately is I used you the way you used me 30 years ago today. 

Amy Blau: Oh, okay. So now after 30 years, we're finally even. Everybody have a great day. 

Jonathan Blau: You too, honey. 

Amy Blau: Take care. Bye bye.[00:30:45] 

Voiceover: Thank you for tuning in to another episode of the Crazy Wealthy Podcast. For more insights, resources, and to sign up for our newsletter, visit crazywealthypodcast. com. Until then, stay crazy [00:31:00] wealthy.

Disclaimer: The previous podcast by Fusion Family Wealth LLC, Fusion, was intended for general information purposes only. No portion of the podcast serves as the receipt of or as a substitute for personalized investment advice from Fusion or any other investment professional of [00:31:15] your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy or any non investment related or planning services, discussion, or content will be profitable, be suitable for your portfolio or individual situation.

Neither Fusion's investment advisor registration status nor any amount of prior experience or success should be construed that a certain level of results [00:31:30] or satisfaction will be achieved if Fusion is engaged or continues to be engaged. Fusion is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice.

No portion of the video content should be construed by a client or prospective client as a guarantee that he or she will experience a certain level of results if Fusion is engaged or continues to be engaged to provide investment [00:31:45] advisory services. A copy of Fusion's current written disclosure brochure discussing our advisory services and fees is available upon request or at www.

fusionfamilywealth. com.