#225 – 3 Lessons For Investors: What Would John Bogle Do?

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Warren Buffett once said, “If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle.” By creating index investing, the Vanguard Group founder helped to provide investors with a streamlined and low-cost way to buy broader market-tracking mutual funds.

Though he died in 2019, his lessons continue to light the path toward a financially secure and happy retirement. Reviewing them is a healthy exercise for all those trying to make their hard-earned savings outpace inflation over time.

Read The Full Transcript From This Episode

(click below to expand and read the full interview)

  • Wes Moss [00:00:03]:
    I’m Wes Moss. The prevailing thought in America is that you’ll never have enough money, and it’s almost impossible to retire early. Actually, I think the opposite is true. For more than 20 years, I’ve been researching, studying, and advising american families, including those who started late, on how to retire sooner and happier. So my mission with the retire Sooner podcast is to help a million people retire earlier while enjoying the adventure along the way. Love for you to be one of them. Let’s get started. Three lessons for investors from Vanguard founder John Bogle, a man who perhaps did more for more investors than anyone else in the history of investing.Wes Moss [00:00:49]:
    Back in 1974, John Bogle founded the Vanguard Group. We’ve all probably heard of that at this point. It’s one of the largest investment management firms in the world. Vanguard Group right now is at last check, it was over 9 trillion, with a t, $9 trillion. And one of the world’s largest mutual fund providers, the second largest provider of ETF’s or exchange traded funds. They have brokerage services, educational accounts, financial planning, a long list. And John Bogle went through great peril to get to the foundation and the start of vanguard. Most of his educational work looked at Wall street and said, investors might just be better off owning a low cost index as opposed to finding great mutual funds, even the best mutual funds, because even the best mutual funds do end up falling out of favor.

    Wes Moss [00:01:46]:
    And the investor that just passively invests in an index and doesn’t try to beat the market could be a strategy that could work, and it could work for lots of people. But when that idea was put forth, Wall street laughed at him. Wall street thought he was crazy. How in the world can someone from Wall street, an investor who’s supposed to do well in markets, beat the markets, now be advocating, and this is early in his career, that we should all just throw up our hands, give up, and say, let’s just get whatever the market gives us. It was so highly controversial that it almost ended his career. People thought he was crazy. Fast forward almost 50 years, and Vanguard now is an over a $9 trillion company. And that’s just vanguard.

    Wes Moss [00:02:42]:
    And that doesn’t count. All of the other trillions of dollars that are now in low cost, passive investment strategies that were pioneered. The idea, the foundation, the DNA of all of that came from the very brave Wall street guy on the frontier to try to make investing better, cheaper, and more accessible to more people. And that’s John Bogle. And just like any great innovation or any massive change takes a lot of work. And it usually takes banging your head against the wall and a lot of dark times to get through to the other side. And today we know him as one of the most successful investors of all time. In fact, Warren Buffett said this.

    Wes Moss [00:03:31]:
    This is Warren Buffett, the best investor that we know of all time, hands down. Nobody’s going to argue with this. He’s the best investor of all time. Here’s what Buffett said. If a statue is ever erected to honor the person who has done the most for american investors, the hands down choice should be Jack Bogle. I guess it’s Jack Bogle. John Bogle. I called him John Bogle.

    Wes Moss [00:03:55]:
    I guess when your buddies call him Jack, and I called him, I think, Mister Bogle, or maybe I called him John Bogle. But I was lucky enough to interview him back in 2010 or so. I think he just updated one of his books and he was on an interview tour. So he finally said yes. And I think I asked him three or four or five times, sent him letters. I think I sent him flowers and chocolate. Please come on to money matters. I’d love to interview you.

    Wes Moss [00:04:20]:
    And as a young investment advisor or new in the media world and the radio world at the time, I had never gotten to interview anybody even close to that stature. So I was pretty nervous about this. But I still remember to this day him being one of the most genuinely friendly, engaging and polite guests of all time. And here he is, this absolute icon in the world of investing. Could not have been a sweeter guy and a better guest. He passed away in 2019, but his lessons continue to light the path towards a financially secure and happy retirement. And I think it’s really helpful to review some of his biggest takeaways and his biggest lessons, and that’s what we’ll do here today. There’s still a Boglehead community.

    Wes Moss [00:05:14]:
    Bogle, as in John Bogle, called Bogleheads. And it’s an online forum that still holds conferences and writes books, runs an informational forum. It’s got over 120,000 registered members who’ve made over 6 million posts. And people are still preaching to this day what was so controversial 50 years ago that John Jack Bogle taught low cost, highly diversified, passive investing? Here’s Bogle quote number one that we can learn from. Ask yourself, am I an investor or am I a speculator? An investor is a person who owns businesses and holds those businesses forever and enjoys the returns that us businesses, and to some extent, global businesses have earned since the beginning of time. Speculation is betting on price. Speculation has no place in a portfolio or in the kit of the typical investor. All right, what’s he mean by this? So this is a sentiment that aligns with the idea that the time above all, really time investing in the stock market beats almost anything, and it certainly beats trying to time the market.

    Wes Moss [00:06:33]:
    But we know it’s tough. It doesn’t feel good when markets drop and human nature urges us to pull money out when things are not going all that well and wait for clearer skies, wait till the roller coaster is over. But if we go back and look at and lean on the history of markets, we know that it’s been very much so more valuable to stay invested in markets and understand that market history. Remember that at the very root of being human is to be a flawed investor. We’re supposed to run from danger. We’re supposed to run and avoid uncertainty. We’re supposed to get out of the way if things aren’t going well. Whispers, rumors from village to village, well, that saved lives.

    Wes Moss [00:07:22]:
    Survival instinct, get away from things that aren’t going well. But when it comes to investing, ironically, it’s the opposite of that. Because investors who run from every rumor or whisper of something not going well or every headline that in today’s world, impossible to avoid, that crushes market returns. That crushes investor returns. Not really market returns, really the returns investors receive from markets because they’re not in markets and they’re hopping in and out because they’re just inherently flawed. We’re all inherently flawed investors because our DNA is to protect and run. It makes it pretty tough in a world that’s constantly seeming like it’s dangerous, maybe getting more dangerous every day and always uncertain. So the only way that we could really time markets is if we had a crystal ball.

    Wes Moss [00:08:17]:
    And of course, those don’t exist. At least I haven’t found one. And when things go wrong, one of the hitches or the catches that hurt investor returns is that they often start to go right very quickly. Markets whip back higher after declines. If you look at the history of bear markets, the initial recovery, we go through a bear market, and that could last for longer than we all want. Months, year, more than a year. And you’re mired in this cloud of despair and depression, and the economy’s not good, and we’re in recession, and markets are down, and you get stuck in that cloud. Then there’s a green shoot that pops up, and all of a sudden, the totality of the data and the sentiment starts to shift.

    Wes Moss [00:09:04]:
    And it does so really slowly. It doesn’t happen overnight. The us economy, the us stock market, there’s battleships, they’re giants. They don’t turn well, at least the economy itself doesn’t turn very quickly. It’s like a massive cargo ship. But the stock market is a lot more like a speedboat. Turns pretty quick. In fact, it turns really quick if you go back and look at when bear markets end.

    Wes Moss [00:09:31]:
    So bad sentiment, things not going well, markets are down when things do turn historically, the S and P 500 tends to jump by 30% to 50% in the first year after a bear market. Bottom imagine that 30% to 50% in a year. Now, we haven’t had plus 50% years. But if you count recoveries from the bottoms, that’s when we’ve seen these big, big moves. A couple of standout examples after the financial crisis, 2008 2009 felt like forever. When that finally ended, the market shot up about 65% in the twelve months following that low from March of 2009. Covid is the most recent example and maybe the most violent example on both ways. Market dropped over a third in a matter of a month.

    Wes Moss [00:10:26]:
    And then following that crash in 2020, the market rallied over 50% within a year of that March 2020. Bottom so the economy turns like a cargo ship. The stock market turns like a j 20 sailboat. If you’ve ever been in one of those things, those things can do a 360 on a dime. Highly nimble, built for speed. Also a little unsteady. Not that it’ll tip over, but you’re always worried you’re going to fall in. Not everyone’s going to get that reference, but maybe a few sailors out there listening to the podcast will.

    Wes Moss [00:11:07]:
    If you look over the course of economic and stock market history, the whole process, if you zoom out and look at 30 and 40 and 51 hundred years, that looks relatively gradual. But when you’re in it, there are these huge dips and huge recoveries. They’re violent. It’s feast, famine, feast, famine, zoom out. And it looks like this nice, gradual process, but when you’re in it, it doesn’t feel that way. That’s what makes it so hard to be an investor and stay invested. Which goes back to a statistic we’ve talked about here many times on the retire sooner podcast. And that’s just, hey, if I missed a few of the best days in the market, those spikes.

    Wes Moss [00:11:46]:
    I think this study is emblematic of just how quickly things turn. And if you miss out just a little bit, a fraction of days over decades, it can really hamper not the market’s return, because the market’s return is the market return. But your investor returns, 1995 to 2023, call that about a 30 year period. Fully fully invested, you’ve averaged almost eight and a half percent per year on average. You missed five of the best days over a 30 year period. Drops all the way down to about six and a half. Five days out of 30 some years, huge chunk out of your return. Miss ten days, ten of the best days, and you go from eight and a half down to five and a half.

    Wes Moss [00:12:33]:
    It’s almost a third. Missed the best 20 days. Now you’re down to 3.6%. You get the picture. Just a few of those days that we have to be there for and be invested when markets recover, because it can happen very fast. So let’s take Bogle’s advice here. We don’t want to be speculators. We want to be investors.

    Wes Moss [00:12:55]:
    And the risk of missing out on the market’s best days, the risk is just too high to attempt. It’s kind of like an impossible tightrope act. If you’ve ever done a Jane Fonda workout, or if you remember as a kid rocky running the steps. And if Michael Keaton is still Mister mom to you, then guess what? It’s officially time to do some retirement planning. It’s Wes moss from money matters. Weren’t those the good old days? Well, with a little bit of retirement planning, there are plenty of good days ahead. Schedule an appointment with our team today@yourwealth.com. dot that’s y o u r, your wealth.com dot.

    Wes Moss [00:13:39]:
    Bogle quote number two, the greatest enemies of the equity investor are expenses and emotions. I’m getting pretty emotional about this right now. Good investing habits are very much around controlling our emotions, controlling things we can control. We can control expenses, we can control our emotions. Nothing necessarily always that easy, but we can. These are things we can control. So you go to retirement and you’ve got this long list of things you’re going to worry about, okay? I’m not working anymore. I’m not bringing money in.

    Wes Moss [00:14:14]:
    My money’s got to work for me. What if it doesn’t during some of these years? Or we go through a big recession or we go through a scary geopolitical event, wars, pandemics, hurricanes. And we think, well, the world’s been pretty good, but what if it’s not so good while I’m retired? So we’re always, we’re nervous and we’re worried about that. We can’t control it, but we’re worried about it. But no matter what, we do. What we do know is that the cost for us to live in retirement due to inflation, that cost is going to continue to rise. It’s going to continue to rise very few periods in our entire economic history that it hasn’t done so. So first lesson is to figure out how to stay invested.

    Wes Moss [00:15:01]:
    Second lesson here, how do we control our emotions and our expenses? And one way to do that on the emotional side, knowing that, again, being invested in stocks is what will help protect our purchasing power over time. Rising stock prices, rising stock dividends. We want as much equity exposure, exposure to the stock market that we can tolerate. So you have to find a tolerable level for you, which means that unless you’re an equity purist and that’s the only thing you ever want to invest in, there’s a lot to be said by also diversifying with some percentage of safety type assets. Call that cash, call that money market. In today’s world, money market is actually pretty productive. Four and a half to 5% rates. Still.

    Wes Moss [00:15:53]:
    Now that changes depending on where the Fed funds rate is. And if short term interest rates go lower, money market rates will follow. Short term interest rates go higher, money market rates will follow. But if we look at cash that can pay a significant income, and we look at fixed income bonds, corporate bonds, treasury bonds, that can also lock in rates for longer periods of time. Money markets float literally by the day. Bonds can lock in an interest rate for much longer periods of time. But the combination of those two asset classes, cash and fixed income, that’s what we call dry powder. In the financial world, dry powder is simply just assets that aren’t subject to a lot of downside risk.

    Wes Moss [00:16:41]:
    Now, bond prices can certainly go down. Money markets should be safe enough to not have to worry about that if we’re in relatively conservative bonds, particularly if they’re not overly long term. Again, bond price movements are like watching pink dry relative to stock price movements. So we assume that this category dry powder is there in large part, if we ever need it or when we need it. Question is, how much dry powder should we have? What’s the percentage or what’s the dollar amount we should have in this dry powder? That, remember, is there, yes for some interest, yes for some liquidity. But most of all, to allow you to be more tolerable with the equity portion, the rattlesnake portion of the overall portfolio. Is rattlesnake the right analogy? Maybe it is. Leave that over there.

    Wes Moss [00:17:36]:
    Let it squirm around. Just don’t touch it right now. It’ll be okay. So how do we find this dry powder amount? Well, we take our annual expenses, the cost of any given year of retirement. So food and home and auto and medical, even charitable giving that you want to do in any given year, travel, core pursuits for happy retirees, taxes. So take that amount and subtract your guaranteed payments or your recurring income that you know is coming in. Social Security, if you have pensions, annuity income, rental properties, any sort of deferred compensation, and that’s your gap that we’re trying to solve for. So here’s a dollar example.

    Wes Moss [00:18:16]:
    Let’s say you need $100,000 per year. That’s your spending. But your guaranteed income from all these different sources, Social Security pensions, is 50,000. That means your portfolio is on the hook for $50,000 a year, 100 minus the 50, that’s your income gap. So that’s the important variable to get right. So in this example, $50,000. Now, what do we do with it? Well, we multiply it by three, as in, hey, if we have three years of this gap sitting in safety assets, doesn’t that seem like it gives you some real peace of mind? Those are your provisions in storage that you know you can use, and they’re going to last you a long time. So you multiply the income gap, $50,000 by three years.

    Wes Moss [00:19:02]:
    Now, we know for retirement, we need at least $150,000 in dry powder for your portfolio. Now, you can run the scenario in reverse, too. Let’s say your portfolio is $1 million, $400,000 is designated to dry powder or safety assets. And your income gap, let’s say, is $40,000 a year. Well, you take your 400,000, that’s in safety assets, dry powder divided by 40,000. And now that shows that. How many years worth of provisions do I have? That’s ten years. My gap’s 40, and I have 400,000 safety assets.

    Wes Moss [00:19:42]:
    Now, think about how much peace of mind you get by saying, gosh, it’s okay. If the stock market’s going up and down, it’ll eventually recover. It’ll eventually be good, because guess what? I have rations and provisions for a decade, and theyre safe and theyre dry. We can use them. Dry powder on the expense side. And this is where Bogle did so much work. Its more of a technical matter, is that there was a time, and this is even when I was early in the investment business, where ETF’s didnt even exist. Exchange traded funds didnt exist.

    Wes Moss [00:20:18]:
    Mutual funds were really the primary way to get lots of diversification. But mutual fund had a manager and a giant research team and a multimillion dollar payroll, and the expenses were 1.5% or 2% per year. So you get this good fund, and the team’s smart, and they maybe did as well or even better than the market, but they were -2% every year. -2% every year -2% every year. So even the really good mutual funds ended up kind of underperforming the very benchmark they were trying to be because it was so costly to run it. And of course, that gets passed on to the investor, not to mention the activity of investors, which is another story. People jumping into hot mutual funds at the wrong time and getting out of mutual funds at the wrong time. But from an expense standpoint, as this philosophy that bogle pioneered in the seventies started to really take hold, more and more investors started paying attention to fees and saying, wait a minute, if my mutual fund’s 2%, if I can pay 1.5%, wouldn’t I be better off? And cost structures started to shift, and then they went to 1%.

    Wes Moss [00:21:32]:
    And then if a mutual fund was above 1%, they were starting to be an expensive mutual fund. So his philosophy of keeping expenses lower helped reduce fees kind of across the board. Then ETF’s arrived, which are a much more efficient version of a fund, for the most part, not managed, but by a team, but just an entire index. All 300 stocks here in this sector, all 200 stocks, or all 500 stocks or all thousand stocks. And if you can get the price to access that through an exchange traded fund or an ETF or a yemenite low cost index mutual fund, two separate vehicles doing something very similar, then instead of paying that 2% a year, like the traditional mutual fund would charge, and you’re paying 0.2% a year, huge cost advantage multiplied over time. So as someone who does investments for a living, one of the things that’s very important for the families that we work with is to make sure the underlying investment assets are as inexpensive as humanly possible. Bogle quote number three. The greatest enemy of a good plan is the dream of a perfect plan.

    Wes Moss [00:22:57]:
    And stick to the good plan. What this essentially says is any plan, even as if it’s not perfect or even great, is still better than not having any sort of blueprint whatsoever. And it’s not that uncommon for a future retiree or anyone or even someone who’s in retirement, to be worried that if I do this plan and it doesn’t, and the variables don’t work, out. There’s so much to forecast for the future, and I’ll never be right about it. We don’t know inflation rates. We don’t know rates of return in the future. I don’t know exactly how much I’m going to spend. So we end up not doing a plan.

    Wes Moss [00:23:36]:
    But if we were reminded here from, from Bogle, is that no plan is perfect. But even a non perfect plan is still pretty good. And of course, adjustments to anything, any plan, because a financial plan is a living, breathing plan. It’s not like a blueprint for a house. It’s a plan that will constantly evolve and change over time, can always be updated, always be changed, always be modified. So we want to just get started. That’s the point. There’s this common adage that it’s better to be lucky than to be good.

    Wes Moss [00:24:14]:
    Unfortunately, luck doesn’t last as long as your retirement savings needs to. We don’t want to search for some ancient alchemy or some brand new wizardry, artificial intelligence that will become the secret potion to our retirement. There are a lot of paths to accumulate wealth. I’ve seen so many families do it in so many different ways. But the one thing they have in common is that there’s no shortcut to it. It doesn’t happen quickly. It happens over really long periods of time, happens over decades. So time and patience and planning, all those together.

    Wes Moss [00:24:52]:
    I know that doesn’t sound sexy. A financially secure, happy retirement sure does. Now, when it comes to plans, there are online tools to do this. You can go to your financial advisor or your advisor and get a complicated plan run and done. And I’ve done hundreds of them over the years, and they’re very good. They’re not perfect. They’re good, and that’s the purpose they serve. So if you don’t already have one, then I think finding a good online tool to do a plan still has a whole lot of value, even if it’s not a 50 page financial plan.

    Wes Moss [00:25:35]:
    And we’ve talked about it here at least a little bit on the retire standard podcast. But we developed one of those plans called the Happy Retiree planner, and it’s an interactive financial planning tool you can just do online. Now, this financial plan, though, embodies our philosophy here on the retire Sooner podcast, which is we’re trying to help families find happiness in retirement, and we’re trying to get people there a little bit sooner than they might have thought. Remember our mission? 1 million retirees one year sooner, a million years worth of extra economic freedom. It’s a pretty big goal. I don’t know if we’re there yet. We got a long way to go, but we’re working on it. So we built a dual planner where you’re going to answer some of the core pillars on the lifestyle side of having a happy retirement, and then you move to, okay, how do we pay for this? How do we pay for it? And really, the only variables you really need to know are what you think you might spend in retirement per month.

    Wes Moss [00:26:37]:
    Call it five grand a month, eight grand a month, 10, 12, 15 grand a month. You probably can guess fairly closely to what that is. You’re going to enter in what you think your guaranteed income sources. We talked about that earlier with dry powder. Maybe it’s 30, 00, 40, 00, 50 00 a month from Social Security. Maybe that’s it. No pensions, nothing else. Then it calculates a gap and then it says, okay, well, we’re going to increase this for inflation for your entire retirement.

    Wes Moss [00:27:07]:
    So to fill this need, assuming a conservative withdrawal rate, how much do I need to have in liquid retirement savings that fills that gap for me so that I don’t run out until I’m 90 or 95 or 100 or whatever you want to put in. You can change your assumed rate of return. You can change your assumed rate of inflation. You can adjust all of these variables in the happy retiree planner. But if you want to just do it quickly, you can just use the baseline assumptions, and the next thing you know, you’ve got somewhat of a financial roadmap that shows you how much you should have when you’re knocking on the door of retirement. And if the plan shows that you don’t have enough, well, what do we adjust? We adjust our savings rate a little bit higher. So we put in what we currently have, how much we think we’re going to save per year, and if it doesn’t end up correctly, it’s interactive, so you can adjust and say, well, I’m saving $10,000 a year. What if I save 15? Oh, wait, that gets me there.

    Wes Moss [00:28:04]:
    And voila. We’ve got, not going to call it a perfect plan, but it’s a pretty good plan. And a good plan is better than the dream of a perfect plan. You can find that calculator right on the homepage of yourwealth.com dot. That’s your wealth.com. just scroll down. It’s right there. The happy retiree planner.

    Wes Moss [00:28:34]:
    So what have we learned from bogle here today? The enemy of a good plan is a dream of a perfect plan. So stick to the good plan or stick to a plan. The greatest enemies of equity investors are expenses and emotions. We figured out how to combat that and we started out with ask yourself, am I an investor or a speculator? And we don’t want to be speculators. We want to stay investors. Mogul’s whole philosophy helped limit the stranglehold that Wall street had on investors and the control that they had, to some extent giving the power back to the hardworking american people. He helped make the whole system, which still again has. There are plenty of improvements that still need to be made, and the system is still by far not perfect.

    Wes Moss [00:29:19]:
    But he helped the whole system be just more affordable and I think much more accessible. You can own a low cost vanguard fund or ETF or other ETF’s, again based on his philosophy or maybe born out of what was his original philosophy almost anywhere. Again, you could own vanguard funds and ETF’s outside of Vanguard. You don’t have to be a client at Vanguard. It could be at any custodian for the most part. But put that all together and those who are looking for a retirement or just economic freedom a little bit sooner. I think these three things we talked about today I think go a long way to helping get you there. So thank you.

    Wes Moss [00:30:04]:
    John Bogle, he didn’t completely reinvent the wheel. I think he maybe just made the wheel a little bit better. And his teachings are valuable reminders that you don’t have to reinvent the wheel because he made it better for all of us.

    Mallory Boggs [00:30:23]:
    Hey y’all. This is Mallory with the retire sooner team. Please be sure to rate and subscribe to this podcast and share it with a friend. If you have any questions, you can find us@wesmoss.com dot that’s wesmoss.com dot. You can also follow us on Instagram and YouTube. You’ll find us under the handle retire Sooner podcast. And now for our show’s disclosure. This information is provided to you as a resource for informational purposes only and is not to be viewed as investment advice or recommendations.

    Mallory Boggs [00:30:50]:
    Investing involves risk, including the possible loss of principal. There is no guaranteed offer that investment return, yield or performance will be achieved. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions for stocks paying dividends. Dividends are not guaranteed and can increase, decrease, or be eliminated without notice. Fixed income securities involve interest rate, credit inflation and reinvestment risks and possible loss of principal. As interest rates rise, the value of fixed income securities falls past performance is not indicative of future results. When considering any investment vehicle, this information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Investment decisions should not be based solely on information contained here.

    Mallory Boggs [00:31:38]:
    This information is not intended to and should not form a primary basis for any investment decision that you may make. Always consult your own legal, tax, or investment advisor before making any investment tax, estate, or financial planning considerations or decisions. The information contained here is strictly an opinion and it is not known whether the strategies will be successful. The views and opinions expressed are for educational purposes only as of the date of production and may change without notice at any time based on numerous factors such as market and other conditions.

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This information is provided to you as a resource for educational purposes and as an example only and is not to be considered investment advice or recommendation or an endorsement of any particular security.  Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved.  There will be periods of performance fluctuations, including periods of negative returns and periods where dividends will not be paid.  Past performance is not indicative of future results when considering any investment vehicle. The mention of any specific security should not be inferred as having been successful or responsible for any investor achieving their investment goals.  Additionally, the mention of any specific security is not to infer investment success of the security or of any portfolio.  A reader may request a list of all recommendations made by Capital Investment Advisors within the immediately preceding period of one year upon written request to Capital Investment Advisors.  It is not known whether any investor holding the mentioned securities have achieved their investment goals or experienced appreciation of their portfolio.  This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.

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