#80 – Navigating 2025 Market Shifts, Rates, Housing, and Income Planning

Wes Moss [00:00:53]:
Jeff Lloyd, how are you this Sunday morning?

Jeff Lloyd [00:00:56]:
I am doing well. It’s good to be back in studio. It has been hot lately and it looks like it’s only going to get hotter through this week.

Wes Moss [00:01:07]:
It’s going to get worse. I feel bad. We me, I guess this is just football in the south, but spending some time in Michigan this past summer, well, it’s not passed, I mean, I guess it’s still the summer. Those kids don’t go to school until after Labor Day, so they have all of August for the most part. And here we started football camp last week. So if you’re a high school football player, well, you may have been actually practicing all throughout the year, but they don’t really make it mandatory, at least in some schools until this past week. But yeah, it just, there’s nothing that prepares you to be tougher, I guess, besides maybe of course the military. But then football camp in the south in the summer, in July, that to me, and I’m telling my kids like, this is what you want to do, buddy.

Wes Moss [00:01:57]:
Just this is it. And, but that’s football.

Jeff Lloyd [00:02:01]:
Now these days are they doing two a days or do they just have practice in the morning or did they do it like later afternoon? I know where our kids go. They try to do the workouts and practices in the morning when it’s cooler. And they only do it one time a day. They’re not doing two days.

Wes Moss [00:02:21]:
They do really early lifting, but that’s still inside obviously. And then they do practice from 5 to 8pm at least they did last week. And then now this week it’s just all day every day. It’s, it’s, they’re in the camp version of it. I think they like sleep on mattresses in the, in the gym and I think they just play football every day, all day, particularly when it’s 95. So hopefully they’re hydrating, which I’m sure they are. I, I will just tell you, having Lynn, my children’s mom, my wife Lynn, as a nurse, she is so intent and we do so many summer sports. She is so intent on hydration.

Wes Moss [00:02:57]:
I mean, we can’t get off the phone now. My kids are like, I know, I’m plenty of Hydra. I’m drinking, mom, I’m drinking. So at least my kids are reminded of that. JEFF Lloyd we got a lot going on this week, my friend.

Jeff Lloyd [00:03:10]:
There’s a lot to talk about and a lot to digest with what’s going on now. And then honestly, what’s going on next week too, with the Fed meeting coming up.

Wes Moss [00:03:18]:
Yeah, that’s been a conversation this week. If I think about last week we talked about we wanted to revisit multi asset class income investing. We’re going to keep using that phrase again because I used it for years and then we simplified it to just income investing. And I think that gives a little bit of short shrift to the concept of, hey, I want to get income from a lot of different places. I want we all know diversification. I think most investors know asset allocation. I want not just stocks, but not just bonds. I want areas from all, all different places, alternative income areas, real estate, et cetera.

Wes Moss [00:03:54]:
But what gets missed in that is that you can position yourself to get income from lots of different places. And I, I just really like that concept, that philosophy. And I think we, for years we’ve been saying just income and we’ve gotten away from describing really what it is. And there’s no great acronym for it unless you want to use Mackie. Jeff Lloyd which I think you came up with, not terrible, but multi asset class income investing is really what we’re talking about when we’re saying diversification, getting income from lots of different places. Now we can talk today. I don’t know if we’ll get to this. There’s an article that we wrote a couple of years ago and we continue to update it because the numbers just keep getting better when it comes to dividends because the dividends have tended to grow at about twice the pace of inflation.

Wes Moss [00:04:43]:
So inflation’s been about 3 just the level of cash that has gotten paid out in a given year from The S&P 500 has gone up at about twice that rate. So dividends for just the S&P 500, we’re not even looking at specific dividend stocks, has risen at this compounded rate of around 6%. So we’re not only beating inflation, we’re doubling the rate of Inflation, at least the market in general. And companies have the ability to continue to raise their cash payouts. And that’s a concept that we, we talk about an awful lot. So the article was, I think I wrote it on Valentine’s Day a couple years ago, Jeff, and it was. I’m, I’m.

Jeff Lloyd [00:05:20]:
You’re falling in love with dividends. That’s what it was. Falling in love.

Wes Moss [00:05:24]:
Falling in love with dividends. And then when you guys helped me update the numbers, you and Connor Miller, I updated the article too. Still in love with dividends. Why income investors keep winning. But also I’ve had conversations this week with families about what is the Fed going to do this coming week? Are they going to lower rates? Well, what does that mean for my bonds? Well, bonds, because we got to a point and this was difficult for the stock side of the market. We went from zero rates and the Fed went on this inflation fighting campaign. And their only tool to really fight inflation, or really, I’d say their primary tool is to raise the Fed funds rate. And we went from zero and we were at zero for a very long time to get us through the post pandemic years or during the pandemic and post pandemic.

Wes Moss [00:06:14]:
And then they raised rates dramatically, every single meeting, up and up and up and up. And then of course, mortgage rates went from 2 and a half or 3% to close to 7% today. And they’re stuck there. By the way, we got a housing number this week which just shows that housing prices have gotten even a little worse, meaning they’re even higher and sales are still terrible and get, and getting worse. I think we’re stuck somewhere with 3.9 million total. We should be at 6 million as far as existing home sales. And we’re not even, we’re nowhere close to that. So the housing market is really stuck in this cyclical low.

Wes Moss [00:06:50]:
And, and it’s because rates are still really high. So the question is, well, when’s the Fed going to lower rates? Now, if it was up to the White House and President Trump, it would be yesterday. There’s still this jostling between the Fed and the White House. And I, I still think there’s. That’s more noise. I think Jerome Powell still ends up staying as the Fed chair. His term only goes until next May. So I, I don’t know.

Wes Moss [00:07:13]:
It’s just headline noise. I think he stays. But the reality is inflation is not quite where the Fed wants it to be to lower rates a whole bunch. That’s just the reality. The latest Print. We talked about this last Sunday here on the show. Came in at around 2.9, that’s fine. And it’s not hyperinflation anymore.

Wes Moss [00:07:32]:
It’s not the 9% we saw a couple years ago. But it’s not down to 2 and it’s not that close to 2 for the Fed to say, oh, I think we’re good on inflation, we don’t need to keep rates as high, we can go ahead and lower them. I just don’t think that’s coming just yet. But if and when it does, let’s say they do start lowering rates. If you’re already the holder of bonds and this is going back to another one of the asset classes in multi asset class income investing, as rates go down, it should be a positive for the bonds you already own. Because if you own a bond that’s a five year bond and it’s locked in at 4.5% and rates go down to 3, well then that bond just becomes more attractive because you get your 4.5% until it matures. It’s the seesaw effect. Interest rates go down, bond prices go up.

Wes Moss [00:08:17]:
So you could see a little bit of a tailwind. Just looking at how most bonds have performed this over the past year, call it last 12 months. Looking at it this week, really most categories have done pretty well. High quality corporate bonds, treasury inflation protected treasury bonds, all up around 4 and a half to 5 and a half percent over the past year. So that part of the portfolio has actually really helped diversified investors. And of course a big chunk of where that return’s coming from. That’s the interest we’ve been getting from bonds and that’s because the rates have gone up because the Fed continued to raise and raise and raise. Jeff I, I’m, I’ve got a stack of papers here.

Wes Moss [00:08:58]:
I don’t know even where it is, but I know you brought up in some of your notes for today the outlook for rates over the next year to two years and what at least the marketplace is thinking the Fed might do when it comes to rates. Where are interest rates headed?

Jeff Lloyd [00:09:15]:
Jeff LLOYD yeah, it’s also funny and I want to add about what the Fed’s been doing and Jerome Powell’s decision. He’s always talked about being data dependent and he actually said a couple weeks ago or a couple months ago that the Fed would have already cut rates if it were not for tariffs. And the Fed is kind of in this way.

Wes Moss [00:09:35]:
No wonder these guys are in a fight.

Jeff Lloyd [00:09:36]:
Yeah, no, I would have done it, but you impose all these tariffs. But from that standpoint, from an inflationary standpoint, Powell’s like, there’s no data to track on the impact these tariffs could be having on inflation. And so the Fed’s kind of in this wait and see mode of okay, let’s see what the tariffs impacts are on prices and inflation.

Wes Moss [00:10:00]:
So then the marketplace, as far as fed funds rate, fed funds futures, what’s the market saying as far as where rates are going to are headed again today? We’re in the four and a quarter to four and a half range. Yes.

Jeff Lloyd [00:10:13]:
The market is pricing in two 25 basis point cuts by the end of the year to get the fed funds rate back below 4%, 2/4.

Wes Moss [00:10:24]:
So let’s call it a half a percent. That’s what at least the market’s saying is going to happen.

Jeff Lloyd [00:10:28]:
And then the market is pricing in at least three more cuts in 2026 to get the fed funds rate close to the 3% range.

Wes Moss [00:10:39]:
Which if you think about what that’ll do to mortgage rates. Well, we don’t know because mortgage rates don’t necessarily tie off of the fed funds rate. They really follow the 10 year treasury here. Do we get a whole 1% or 1.5% lower on mortgage rates? Do we go from nearly 7 down to 5 or 5 and a half? I’m just not so sure. I think if we get closer to five, you’re going to get some real unlocking of housing activity. What’s so ironic about this, Jeff, is that the cycle of economics is that you get lower rates. Now all of a sudden housing activity starts to pick back up. Then you could see housing prices go back up and then inflation goes back up.

Wes Moss [00:11:21]:
So it’s this cycle of economics is when you pull on one lever because things are okay when it comes to one problem, that is inflation, then the very lever itself could then stoke inflation. And then they have to go back and raise rates. And that’s why it’s such a complicated, pretty complicated job Jerome Powell has up there.

Jeff Lloyd [00:11:38]:
But we have talked about that magic mortgage rate being in between five and five and a half percent. That’ll really start unlocking the housing market. And it’s, it’s the rate that people will take on a new mortgage to purchase a new home.

Wes Moss [00:11:55]:
So we could get there in 2026. It’s not out of the room possibility at all to see some relief if you’re a first time home buyer. I spoke with somebody in their 30s up in New York City and they were talking about, they were almost laughing about buying a condo or an apartment there a two call it two and a half bedroom. Can you have, I guess you can have a half bedroom in New York for I want to say is 1000 square feet, 1100 square feet, still a million and a half dollars. So imagine being a young person trying to be able to have some sort of mortgage for a number that big for an apartment that small. It’s just so far from possible for most people in these really expensive cities. And that’s why people have come more affordable cities like the city of Atlanta. Now Wall Street Journal, by the way, did have an article that we had our first year of not growing as a city.

Wes Moss [00:12:49]:
Atlanta’s growth slows for the first time in decades, according to the Wall Street Journal. Jeff Lloyd, how did we not even plan on talking about this until right now?

Jeff Lloyd [00:13:01]:
This should have been the lead in story, front and center should have been the lead story. First thing that we talk about, it’s that Wall Street Journal article that came out a couple of days ago, maybe, maybe a week ago. And I saw the title and it said Atlanta’s growth streak has come to an end. Now when I first read, I was like, well, maybe they’re talking about the Atlanta Braves or, you know, something baseball, baseball related. But no, they’re talking about our city.

Wes Moss [00:13:27]:
Well, not only they talk about our city, they’re talking about our radio station, too. Welcome the the sub is welcome South Brother is turning into Goodbye as many residents look to smaller, more affordable metro communities. So there’s a WSB shout out. So they talk about how our call letters here for the radio station for over 100 years have men in some moniker of welcome South Brother. And that’s synonymous with us here at WSB Radio, which has been so cool. I’ve always been so proud of that. I think it’s awesome. And it makes it it’s actually a really good article.

Wes Moss [00:14:01]:
And it hits home. The pictures hit home because I see, I feel like I see these exact pictures when I’m on 75 and 85. And it is interesting. And I there’s a, it’s a, I think it’s a little overstated that it’s come to an end because now technically, if you do, if you look at the census and last year now this was the 12 months ending 2024. So it was for last year was the first decline that we have seen in domestic migration to the city or the metro Atlanta metro since the early 1990s, since they started tracking this. And however I thought the numbers would be much bigger than this. The loss is 1300 people. Supposedly 1,330 people are residents as of last year.

Wes Moss [00:14:50]:
So we had a we we shrank ever, ever so slightly, which normally, according to the article, we see 30 to 35,000 new call it domestic newcomers here into the city. The reasons are, you know what they are. JEFF lloyd, News, weather, traffic. That’s supposedly why. Traffic, housing costs traffic, lifestyles are driving residents out because the $390,000 median home value, that’s still a little lower than the latest housing report we got nationally, but it makes sense. Like we all live this. If you live in metro Atlanta, you know, the traffic’s tough, you know, it’s hot in the summer and we know it’s not an inexpensive city anymore. But I don’t know if I’m signing up the city of Atlanta for a long protracted decline of population.

Wes Moss [00:15:39]:
I just don’t I’ve been to a lot of cities over the past year. And as for all the faults we have here in the city of Atlanta, still one of the best places, I think, to raise a family and retire in the United States. So I’m not counting Atlanta out. Great article, but let me see what happens in 2025. Certainly doesn’t seem like the city’s getting less crowded. I think we’re back to growth. JEFF lloyd, but only time will tell. More money matters Straight ahead.

Wes Moss [00:16:10]:
The average baby boomers for 1k just under $250,000, Gen X closer to 200,000. How do your retirement savings stack up? No matter your age, the right moves today can completely change your financial future. That’s why we created Retirement Planning at Every Age, a free guide with smart strategies, key milestones and steps to stay on track. Download your copy today@yourwealth.com resources. Let’s get your future on the right track starting today. There’s a long list of what’s happened this year and again, I think about conversations I’ve been having this past week, which are, hey, how, how are things going? Well, they there’s still an awful lot of headlines. There’s so much uncertainty, but the market has done pretty well. So the equity markets have done pretty well.

Wes Moss [00:16:58]:
The bond market has done pretty well for for bond investors as well. So it’s been a on the surface, it doesn’t seem like it’s been a very good year. But then we’ve hit some new interesting data points for the market this year. We’re going to go into in just a second. But Jeff Lloyd, you’ve got A list of kind of the top things that have hit us as investors in 2025, just so far.

Jeff Lloyd [00:17:22]:
Yeah, we’ve seen a lot in 2025 and just want to highlight some things that we have seen in the last six and a half, seven months. We had a new president, President Trump inaugurated as the 47th president. Then he announced the initial tariffs on Mexico, Canada and China. Then shortly thereafter we had Liberation Day, sweeping tariffs imposed on all US trading partners ranging from 10 to 30% tariffs. That’s really when we saw a spike up in market volatility, peak to trough. We saw S&P 500 down close to 20%. Nasdaq down 30%.

Wes Moss [00:18:00]:
We went from scary to scarier.

Jeff Lloyd [00:18:02]:
And then one week later, 90 day pause on all tariffs above 10%. Then a couple weeks later, President Trump begins his beef with Jerome Powell. Some name calling back and forth. That’s too late, pal.

Wes Moss [00:18:15]:
That too late, pal.

Jeff Lloyd [00:18:16]:
Too late, Jerome. Too late Powell. And you know, that was kind of fueling some concerns about the Fed’s independent or the central bank Independence. Then we saw a headline, US GDP turns negative in Q1. Then we saw a headline, Moody’s downgrades US debt from top tier AAA credit rating. Then we had some geopolitical conflict. We saw the Israel, Iran conflict. And then the Iranian nuclear facilities were bombed.

Wes Moss [00:18:47]:
And then none of these seem like they would be good for the market.

Jeff Lloyd [00:18:50]:
And then we had a, what we talked about a couple of weeks ago, we had the one big beautiful tax bill that was passed and signed into law on, I believe it was July 4th.

Wes Moss [00:19:01]:
It was on Independence.

Jeff Lloyd [00:19:02]:
Yes, that’s a lot to digest. And that’s a lot that happened in just six and a half or seven months. Yet where, where do we stand now with regard to the stock market?

Wes Moss [00:19:15]:
What does Jeff Lloyd call it?

Jeff Lloyd [00:19:16]:
We call it all time highs. The stock market at another all time high. And we’ve seen, we’ve seen about a dozen so far this year.

Wes Moss [00:19:26]:
Well, this is, and you made a great. And I think you found this last year because in 2023 there were no new all time highs. We were recovering really. And we only had one in 2022. So we had a, we had a rough patch in 22 and a lot of recovery in 23, but no all time high. So the market was not plowing new ground, it was just recovering. So it spent this, a whole two year period going down and then just getting back to where it was, which is also something I hear from investors. It’s, it feels like the market’s Always going down or just recovering from going down, because it is most of the time.

Wes Moss [00:20:03]:
Then you get these periods once in a while and they come in big clusters, which is positive. Once the market tends to start to plow new ground, it takes a lot of momentum. A lot of things have to go right. Earnings have to be continuing to climb. The economy’s got to be in a pretty good place overall. Tensions geopolitically have to be at least somewhat in check. They don’t have to be perfect. But the stew, the economic aquarium has to be at least somewhat in balance.

Wes Moss [00:20:34]:
And then you can climb the wall of worry and then you plow new ground. And remember, an all time high doesn’t need to be dramatic at all. It can literally just be a tenth of a percent higher than we were yesterday. And that’s not overly exciting for investors when that happens, but that is what happens. When we get these all time highs, we just creep a little bit higher. Maybe it’s 2, 10 of a percent, maybe it’s a quarter of a percent. Some days we’ll get a big move. But we saw 70 of these in the year 2021, and we saw 45 of these in the year 2013, and we saw 30 new all time highs in 1983 and 47 in 1987, et cetera, et cetera.

Wes Moss [00:21:13]:
They come in big clumps and we had 57 of them last year. In 2024, we’re already at about a dozen here in 2025. And to me, that in one way it gives me pause because, you know, the market’s at a high. Wait a minute. Jeff Lloyd said all time high. He loves to say all time high. But at the same time, a lot has to be going right to get to an all time high. That means the economic conditions are in a pretty good spot.

Wes Moss [00:21:44]:
Market conditions in a good spot, rates, interest rates in a pretty good spot, inflation in a decent spot. So the preponderance of economic data and market sentiment have to be in a place that allows the market to push higher in sentiment to be able to do that. And that’s where we are right now. So we went from your long doomsday list and not all of these. The one big beautiful bill I wouldn’t say was a negative. I think not getting that sign would have been a negative for the market. It did go through. But pretty much most of the rest of this list, these were nerve wracking headlines.

Wes Moss [00:22:18]:
Chinese AI Model Deepseek Threatens mega Caps. And then we had the new tariffs on Mexico, Canada China. Then we had a little bit of an inflation bump, then we had Liberation Day and the market really got nervous and we saw volatility spike into the 50s on the Vix. So we’ve been through a lot and then we have recovered a lot and we’ve recovered enough to now start plowing new ground. Now it doesn’t mean we’re going to have another 20 or 30 or 40 of these. That’s the way it has worked. Typically, historically we don’t know, but it’s not necessarily a bad thing because the market is hitting all time highs because investors say wait a minute, oh, the market’s high, I don’t want to invest. The other thing that I think is important to note is that we also have to look at earnings and we’re in the middle of earnings season.

Wes Moss [00:23:08]:
We have, we could talk about Alphabet and Tesla and Coca Cola, Chipotle, IBM. Some of these were good, some of these weren’t great. But in general the market is doing a pretty good companies are doing a good job at growing earnings. What’s interesting, and this is something our team looked at this week. If you take away the Mag 7, those are the giant mega cap companies that trade at pretty high valuations. They’re quote expensive relative to their earnings. They’re trading as a group almost at 30x earnings. That’s a lot.

Wes Moss [00:23:41]:
Historically we’re looking at, we want to be at 16 to 17, but if you look at the S&P 500 equally weighted, so you’re looking at the average stock, not just the weighting towards the mega cap companies. If you go back to 2019, the equal weighted S&P 500 traded, this is the equal weight, not the market cap weighted, the average. We’re looking at it in the context of the average stock traded at about 17 and a half times today. Through all the headlines that you just talked about, Jeff Lloyd and if you go back, so we’re going back five years, so what happened since then? Global pandemic, supply chain, total whiplash. Then we had the huge inflation, then we had the Fed hiking cycle, then we had this tariff meltdown, et cetera. Geopolitics. Put that all together, those are all events that could have hit company earnings, not just the stock market, but company earnings. And here we are today.

Wes Moss [00:24:43]:
And if we’re Looking out at 2026 estimates for the calendar year, 2026 for the equal weighted S&P 500 are right around 16 for the multiple, which is not in a historical con. If we’re looking at contextually Historically, putting that into context, that’s not super quote expensive. So it’s again, little skewed because we have a couple mega cap names. They weight the market cap S&P 500 and they’re pretty expensive on a historical basis, but the average company is not. So that I think that’s some insight that our team looked at this week. That’s important to note and I think.

Jeff Lloyd [00:25:25]:
It was interesting to note that it trades cheaper today than it did back in 2019.

Wes Moss [00:25:34]:
Jeff, when you’re saying you mean the S&P 500 equal weight, not the market cap. That’s right. S&P 500 is cheaper today than it.

Jeff Lloyd [00:25:40]:
Was back in 2019, despite all those things that you just mentioned. I mean, think about 2020. The global economy was at a standstill three years ago we saw inflation at 9 + percent and yet here we are.

Wes Moss [00:25:55]:
Well, it’s just the power of, it’s. What is it? JEFF LLOYD it’s the army of American productivity and it just keeps marching forward. It’s a big army of people doing a little bit every single day, pushing the ball forward, innovation, hard work, perseverance, put it all together and you’ve got people going to work whether they love their job or hate their job. So they hate their job, which a lot of Americans do, and they want to get to retirement. They’re still just hanging on because they don’t want to lose their income. So that, that kind of motive that motivates people, at least by fear, to keep doing better and better to stay at their job. And then you have a portion of people that do really love what they’re doing and they’re doing it for the fun, the joy, the passion and the income. And they’re continuing to push forward in the army of American productivity.

Wes Moss [00:26:42]:
So you put it all together and to me, that’s a really interesting story. That as much as the market’s gone up since the pandemic, earnings for the average company have been right there alongside of the market. So that we haven’t just had multiple expansion. It’s not just that the market’s gone up and everything’s gotten more expensive because the stocks are trading at a higher level relative to their earnings. Earnings have grown too. And that’s something that I think fundamental and that’s that I think the other thing that we, the first half of the year wrap that we did with investment committee talks about the broadening out of the market, a big part of why the market’s been able to broaden out in health, meaning that it’s not just a few companies that are carrying the day is because of earnings in general have continued to climb. So to me, that’s a really good sign. The other thing is that for all the bad headlines we get or the scary ones, wait a minute, are tariffs going to stop global trade? At one point we essentially had an embargo with China.

Wes Moss [00:27:45]:
But then this week you get a deal between the United States and Japan and it continues to paint this picture of, okay, this looks like the path to move forward. It’s a deal between the US and Japan, caps auto tariffs at 15%. There was worry they were going to be 25%. Instead now they’re 15. There’s in exchange for $550 billion investment pledge from Japan into US industries. So why does it matter? Well, the deal smooths. It just smooths things out. There’s been a lot of tension and we still have a long way to go to make deals with different, all these different countries still.

Wes Moss [00:28:24]:
But it really, it smooths out the tensions with one of our top trade partners. And they support manufacturing, they support aerospace, and I think it sets a precedent for other global trade talks. And the market really liked that this past week. And I think it gives us a template for constructive conversations as we move forward. Scary headlines and then we’ve got some that kind of erase the scary headline. And those are the ones I like. Jeff Lloyd with that. Thank you everyone for listening to Money Matters.

Wes Moss [00:28:55]:
You can find Jeff Lloyd, you can find me Easy to do so@yourwealth.com we’re happy to help with your planning as you’re on this journey like so many of us. Easy to find us at your wealth. That’s y o u r your wealth. Have a wonderful rest of your day.

Mallory Boggs (Disclaimer) [00:29:17]:
This is provided as a resource for informational purposes and is not to be viewed as investment advice or recommendations. 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. The mention of any company is provided to you for informational purposes and as an example only and is not to be considered investment advice or recommendation or an endorsement of any particular company. Past performance is not indicative of future results. Investing involves risk, including possible loss of principle. There is no guarantee offered that investment return, yield or performance will be achieved. The information provided is strictly an opinion and for informational purposes only and it is not known whether the strategies will be successful. There are many aspects and criteria that must be examined and considered before investing.

Mallory Boggs (Disclaimer) [00:30:05]:
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 or investment advisor before making any investment, tax, estate or financial planning considerations or decisions. Investment decisions should not be made solely based on information contained herein.

Call in with your financial questions for our team to answer: 800-805-6301

Join other happy retirees on our Retire Sooner Facebook Group: https://www.facebook.com/groups/retiresoonerpodcast

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.