When the market is down, the natural reaction is to wait and see what happens. My next guest has been working in finance over the last 3 decades and he said that’s exactly the opposite of what you should be doing. Now is the time to scrape every penny off the ground and invest in the market. In this episode, we talk about his strategy, his returns, and how long he thinks this bear market will last. Please welcome Jim Tucker.
[00:00:03.430] – Intro
Payback Time is a podcast about building businesses, wealth and financial freedom. We try to uncover the challenges our guests faced, the mistakes they made, and the steps they took to achieve their goals. The overall objective is to provide you with a roadmap that leads to your own success. Sean Tepper is your host. Are you ready? It’s Payback Time.
[00:00:33.030] – Sean
When the market is down, the natural reaction is to wait and see what happens. My next guest has been working in finance for over three decades, and he said that’s exactly the opposite of what you should be doing. Now is the time to scrape every Penny off the ground and invest in the market. In this episode, we talk about his strategy and returns and how long he thinks this bear market will last. Please welcome Jim Tucker. Jim, welcome to the show.
[00:01:00.810] – Jim
Thanks so much for having me, Sean.
[00:01:02.580] – Sean
Well, good to have you here. Why don’t you kick us off and tell us a little bit about your background?
[00:01:07.060] – Jim
Okay. Well, I like to say I’m a lifetime admissions mistake. I have an undergraduate degree from Duke and MBA from Harvard. But through that I’ve gone through and had 15 years of business experience operating business experience before I jumped into the wealth management world where I’ve been since 2003. So I like to say I have an ability to take some of the real world experiences and what companies are going through and then sort of figure out what does this really mean or what are they saying publicly that may or may not be what actually is going on in the company.
[00:01:41.130] – Sean
I love that that actually is very similar to my background. Like, I don’t have a professional advisory background, but I’ve been working for a lot of large companies, public companies, for close to 15 years. And it’s that you get a good understanding of how businesses are run, how do they market, how do they sell, how do they operate? So I’m sure that experience is very similar. I’m curious, what kind of roles did you serve in?
[00:02:06.370] – Jim
Sure. So I started very traditionally, I was a commercial banker with a regional bank and was an investment banker and got to see a lot of what was going on with some companies, then jumped over the entrepreneurial world, where I was part of a management team that grew a nature and science gift retailer mall based back when enclosed regional malls were actually a thing, and then worked again for a large UK company that owned the French. It was a franchise or for Duncan, Donuts, Baskin, Robinson Togo, and then went back to a real estate technology company that I was one of the first employees. They now have over 500 employees in a bunch of different cities. It’s exciting again, starting in the finance world, transitioning into the business operations and more the entrepreneurial world, and then deciding that it was much easier instead of writing a business plan and asking people for money just to ask them for money. And so I’ve done that with my wealth management firm. And now we manage over $300 million, mainly individuals.
[00:03:18.590] – Sean
Sure. And how long have you had this firm?
[00:03:21.690] – Jim
The firm has been in existence, Tucker Brewer Wealth Strategies in Durham since 2013. I got into business with the big Wall Street firms. I started UBS, then went to Smith Barney, and then Morgan Stanley acquired me along with the rest of Smith Barney in 2008 in the meltdown.
[00:03:39.230] – Sean
Got it. Well, thank you for providing your background here, because gives us really good context on what kind of businesses you might know and be aware of, and not just the businesses, but the market, which we’ll get to in a little bit. But first, a lot of our listeners like to learn about how you got started in the stock market. So can you tell us when did you start investing?
[00:03:58.670] – Jim
Oh, it’s a very sad story. Thank you for reminding me. I was 13 or 14, and I had bar mitzvah. And my father said, you should take some of that money and put it into the stock market. So I said, well, what do I do? And so he got me 100 shares of Ducane Light, which is a nice, exciting utility company that went from fourteen dollars to nineteen dollars a share and paid dividends, paid great dividends. And then I said, this is really boring. And so he put me into a different stock through at the time a stock broker. And that stock went from 19 to 31 in the 1970s. And I was thrilled. So it was maybe like five or six months having had this boring utility. And so I called the stockbroker and I said, I’m going to sell. And he said, why are you going to do that? I said, Because it went from 19 to 31. That’s great. Well, here’s the sad part of that. That stock was called Viacom. And if I had just held on to that from the Seventies until basically today, that would have been a home run many times over.
[00:05:04.640] – Jim
So that’s how I got introduced to the stock market and then basically became an investor and got to see the effects of not watching your portfolio, as I had a tech heavy portfolio in the 2000 dot.com bust. So I took at that point a nice bit of money and made it a less nice bit of money. I really sort of dabbled and had an interest in it in various ways in investing. But it’s not a good start. And that probably helps because I think we learn much more from our mistakes and from our successes.
[00:05:49.060] – Sean
Absolutely. We’ll dive into some of the pullbacks in the market because it relates to what’s going on today. Knowing that you started in the had some good experiences. Just to backtrack a little bit, this is a good question for our beginners, what kind of dollar amount did you start with?
[00:06:04.830] – Jim
This was $1,500, so you don’t need a lot of money. I am now a financial advisor, so I am wired to be very conservative. So I now don’t necessarily recommend that individuals starting out find the one stock, but rather find a group of stocks. And that can be done either through an exchange traded fund or a mutual fund that gives you some diversification. And so, again, that’s the boring financial adviser answer that I’m sharing with you. Sure.
[00:06:39.700] – Sean
And that aligns with a lot of the advisors and wealth managers we’ve had on this podcast. But some of those same individuals, they can take a more aggressive approach. I’m curious to know, what is your strategy or investment strategy today?
[00:06:55.590] – Jim
Well, let me unpack that, because I hear a lot of different questions. And what you just said in terms of the strategy. The strategy for me as I sit down with a client and this should resonate with everyone on the call today is that it’s not about growing money for the sake of growing money. There should be a goal, there should be an objective, and retirement is too broad. But if you start envisioning what the use of that money looks like, that becomes very helpful in terms of your time frame, how long do you have to get to that point where you’re going to start using the money? And so then that should take you a little bit more into how aggressive you want to be, what your risk profile and what your risk comfort is going to be? I try and steer my clients less to the fact of what their stomach says as we’re going through things like this. But how much time do you have? Because your time is a friend as an investing and for that and from that, I think that the strategy is really to have a vision of what you are investing for, and then with that, make some decisions on how you invest.
[00:08:20.850] – Jim
And I’m sure I’m not the first person to say this for your listeners to hear it, that it’s less about the specific investment and more about the allocation. And that ultimately is how you make money in the market and lose less when the market goes down. I think in terms of the strategy, it’s to really focus on downside, capture how much are you going to lose as we’ve gone through this and hopefully you’re losing less. But at that same time, back to my technology horror story of the 2000s. Technology is going to be very volatile. So the portion of your investments that are in technology, do not be surprised that they’re on this wild ride right now. And plus or minus down 20%, that’s just what happens in this segment in this sector of your overall investment strategy and portfolio.
[00:09:19.710] – Sean
Sure. You mentioned the 2000s. Let’s drill into that. What happened in 2000?
[00:09:25.770] – Jim
Well, irrational exuberance that profits didn’t matter for companies that it was all about building the hockey stick, which was the terminology that you have a very quick way to have the valuation of your company go through the roof, and that works until it doesn’t. And then the music stops or someone realizes that the Emperor doesn’t have any clothes, and then it goes the other way. And what happened in 2000 was, appropriately, there was a flushing out of all these companies. That prosperity was just around the corner, but it was a very long term. And so these are the companies that couldn’t be sustained. And that was when growth and momentum investing and all these terminal terms that are appropriate at various points in market cycles. But it got way ahead of itself. There was a flushing out of a number of companies that didn’t need to be public. Companies are actually, quite frankly, didn’t need to be in business. When lawyers start taking equity instead of dollars for their services, that’s when you know something’s a little bit better. And that’s what happened in the 2000s. Everyone wanted equity. They didn’t want to be paid in dollars.
[00:10:46.660] – Sean
Any specific stocks or funds that you invested in at that time that you maybe shouldn’t have invested in?
[00:10:53.060] – Jim
Well, okay, so I was even boring back then. So I remember JNS 20, which was a very concentrated stock portfolio of basically 20 technology stocks. And I remember I had $200,000 plus or minus, and then I had $110,000. So that’s, again, a good lesson. And I learned most of these lessons with my money, which, again, my clients are very happy that I’m not learning on their dime.
[00:11:21.390] – Sean
Of course, now with those because it sounds like the Janus. 20 was a 20 stocks. I’m guessing that’s correct.
[00:11:28.200] – Jim
Yeah. Very concentrated.
[00:11:30.690] – Sean
Any of those survive over the next five or ten years?
[00:11:35.970] – Jim
Yes, I think that, again, pretty much the fund. And I don’t remember what stocks were actually inside of the fund, but they all survived. And basically every trade works, or I would say most trades work. It’s just how long does it take to work? So to sort of fast forward, Sean, into what should you do now if you have the current iteration of a Janus. 20 where you have a large technology exposure, what you do now is absolutely continue withholding those companies. And the reason for that is that while you’re not going to like this 20%, 30% decline if you own individual stocks and mutual funds are probably down mid 20s, if they’re very aggressive, there will be a snap back. And the only way you really lose money by investing is when you either sell and spend the proceeds or you sell and reallocate to something that’s not going to have the same type of snap back that the technologies of the highly volatile sectors of the market are going to have. So this is not a time to get out of technology. It’s actually, from my perspective, a risk on approach where if you have new money, make sure your allocation again, here’s the financial advisor coming back into me.
[00:13:08.090] – Jim
Make sure your allocation isn’t overweight by a factor of 40. I mean, maybe if you’re very aggressive, you might want to have 25% to 30% allocated to technology. But again, this is where it gets to be a very individual, focused perspective that this is not the time to sell your technology holdings at a loss, or at least that’s my experience. Right.
[00:13:28.900] – Sean
And with a lot of stocks I hold mostly tech because that’s my background in what I worked in the last 15 years. I know tech. I know the businesses I invest in, some of them are down like 70%. And it can hurt if you’re staring at it. But in my perspective, it’s like this is amazing. Like I can be buying these at a significant discount. So I’m sure you’re telling your customers, get in, it’s time to take action.
[00:13:57.340] – Jim
Well, yes. So I’ll go back nine months where clients were calling me, saying, hey, I have some extra money. What should I do with it? I would tell them, keep it in the bank. I don’t have an idea. And that was probably one of the very few times when I was professionally investing for other people I’ve ever said that clearly. Now I’m telling my clients to find the pennies on the ground and send them to me. Yes. Nice.
[00:14:22.770] – Sean
Can you share with us what is your specific strategy? Can you share? Like you don’t have to say specific stocks. You can, but you don’t have to. But what do you invest in?
[00:14:32.520] – Jim
Right. So I follow the same approach that I invest my clients in. So it is basically an asset allocation strategy, mainly through mutual funds. There are some mutual funds, exchange traded funds, and some separately managed accounts. When you have over $100,000 and you use a financial advisor, you can get into these institutional types of investing strategies. But there are a couple of themes that I like. And I learned the concept of theme investing from Ron Baron from Baron Asset, and he has now a huge firm. And again, anything I say is not a recommendation to go out. Of course, I have to say that.
[00:15:21.690] – Sean
At the end of every episode.
[00:15:23.690] – Jim
Yeah, I have to say that. But what Ron Baron does is he looks for themes that are going on in the economy. And so from that and taking it into the models that we prepare at Tuckerbria, we have two things. One is technology and one is healthcare. Both have been hammered in the first five months of this year. Having said that, technology and healthcare are not going away. And those are two areas where I would say that there’s an ongoing strategic overweight in our investing. It is with technology and healthcare. Now, those are very broad areas, whether you go into medical devices on the healthcare side, any area. For the most part, over time, my expectation is going to be a very nice pay off, especially at the valuations we have right now, again, in technology and healthcare. And again, I like not picking the next Netflix, Amazon, Google, whatever, and just letting someone else diversify around that it makes for a less exciting cocktail conversation around the holidays. But over time, it will serve you well.
[00:16:41.370] – Sean
Yeah, it sounds like you’re going into, again, more mutual funds and ETFs, so you’re going to minimize your downside. But on the flip side of that, you might limit your upside, which let.
[00:16:53.390] – Jim
Me just I’m sorry to interrupt, Shannon, but you can have a mutual fund that does not limit your downside. The views that 70% to 80% of mutual fund active managers don’t beat the index is accurate. That’s not because necessarily the indexes and passive investing is better than active management. It’s just that you have a number of very mediocre money managers running mutual funds. So you can have even within a mutual fund, very, very significant downside and capturing every last Penny and then some on the downside. So mutual funds don’t necessarily protect you from capturing everything on the downside. A good mutual fund manager does. And that’s why a year or two years ago, we were shying away from exchange traded funds. Exchange traded funds are great when the market goes up, because as an investor, you’re capturing the last dollar. You’re on a roller coaster without breaks. So when the market goes down and you have an exchange credit fund, you’re pretty much capturing the last dollar on the downside.
[00:17:59.280] – Sean
Sure. How many different funds do you hold at once?
[00:18:03.510] – Jim
Depends on our model. We typically have between eight and 14 funds. That allows us to get a good allocation across certain bond sectors that we want to have in our models, and also gets the generic large cap value, large cap growth, as well as some of these tactical as well as economic thematic strategies with technology and healthcare. But somewhere between eight and 14 and again, always customized to the individual client. We don’t press a button as much as we would love to be able to do that. Sure.
[00:18:41.540] – Sean
So with those eight to 14, are you trying to allocate eight to 14 funds per customer?
[00:18:49.060] – Jim
Yes. We don’t have account minimums necessarily because for a number of reasons. But on the lower end, if you have under $250,000, we’re going to have a model that has a couple of mutual funds that do more than one thing. And so for someone starting out, if you want to go the mutual fund route, which is, again, less exciting, if you’re not doing your own research on companies, it’s less exciting. But then you want to look for like an all cap, a fund or a value fund or a growth fund. So you’re not splitting that value into large cap or big companies, mid sized companies and small companies and then going international, you want to have fewer funds that have a larger percentage of your holding because a larger percentage on $100,000 account starting out. If you have 10%, that’s still only $10,000. If you have a million dollars, again, you can slice your portfolio a lot of different ways and get closer to that 14 fund number.
[00:20:01.360] – Sean
Got you. So I would consider your strategy very diversified. Some of these funds probably have over 100 stocks and bonds within.
[00:20:10.960] – Jim
Yeah. So the funds that we use, some have over 100 stocks. We don’t necessarily love that because then you’re basically just buying the market. And if you’re buying the market, just buy an ETF at the appropriate time and just go for that. I do think in the large cap space it is difficult to beat the index and large cap, big size companies where the flow of information on companies is so disseminated that at that point the exchange rated funds. Getting your internal costs of investing as low as possible makes a lot of sense when you get down into the small companies and even in technology, from our perspective, you want someone who’s going in and picking specific companies, not just buying the market.
[00:21:07.770] – Sean
Right. Can you share with us what were your returns in average returns here in 2000 and 22,021 short?
[00:21:15.640] – Jim
Okay. So let me do a caveat here in that we don’t put together a portfolio of stocks for clients, so we don’t have a return based on a portfolio that we develop and manage. What I’ve seen in working with clients based on their risk comfort. Now you say 21, right. So that was the Gogo years or you were talking the last.
[00:21:43.000] – Sean
Yeah, the last two. And I like to ask a question about 2020, because there’s a special time period in that year around March and April.
[00:21:50.690] – Jim
We’re going to say March.
[00:21:51.650] – Sean
[00:21:54.030] – Jim
Yes. So we became a little tactical, but our returns in that period, again, depending on the client, were virtually all double digits and some in the mid twenty s. I don’t think I saw a client return during that period in the 30s. Again, I’m talking on a portfolio basis. Sure. High teens load amid 20% returns. That was our experience at that period. Again, when I talk about them, with the world moving much faster than it used to, if you went out of the market or made any type of tactical change in March or early April, you would have missed a lot of the recovery that happened. And so what happened in March with Covet was a very unique event. But the takeaway should be that be careful about any type of large jolt or dislocation in the market, because when it comes back, you don’t want to be on the sidelines.
[00:23:02.020] – Sean
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[00:24:25.910] – Jim
Okay, so 21 pretty much continued that. And to my point earlier that I didn’t have an idea. I thought the market was going to turn down, but we weren’t doing much of anything other than the energy opportunity we did see at the right time to put our clients in energy, which was probably a 2020 event. And that trade worked very well. So we do some tactical things. We saw very much the identical types of returns, maybe not in the upper end, not in the high twenty s, the low 30s, but probably without question, even for our more conservative investors, they were in double digit positive territory in 2021.
[00:25:19.330] – Sean
Sure, that’s good to hear. Sounds like pretty consistent strategy with your investments. I want to just take a little turn here. This goes back to a comment made about Viacom, which was a missed opportunity. Can you share with us what was one of your best investments through your entire career?
[00:25:38.580] – Jim
Okay, so let me answer this slightly differently. And then I can think of is there a specific stock? But in 2009, I remember the client I was sitting with. It was February of 2009. I said, I don’t know when this market is going to turn, but the great companies that are out there, I can put together a portfolio of individual stocks that are going to get a dividend in the six to 7% return. And I did that. So I used to say I’m never buying individual stocks. Well, I went ahead and hit multiple home runs for that group of stocks that I put together for my clients in early 2009. So I started with that one client in February. The bottom was March again. I always take luck over skill any day of the week. So I did that. And by May, all the clients that were able to have this dividend paying stock portfolio that most of those stocks are still in there today. So you asked me for the home run. Clearly recently or going back a couple of years. I saw again sort of on the dividend paying side, Abby, which is healthcare stock.
[00:26:59.030] – Jim
Warren Buffett somehow heard that I had purchased ABV for my clients and two weeks later he bought it. So then I think there was the Warren Buffett effect a little bit. But I bought out in that low 80s for my clients. And that’s a really nice pickup, both from the dividend, which is why I purchased it. It was a five plus percent dividend at the time. And now it’s given back a little bit. But we have $130 share price of the stock. So that’s nice. And that’s recent. And that’s something that your listeners, you can think about. Okay. As I’m looking at opportunities now, what are the ones that have a reason that you’re buying it? So the reason can be capital appreciation, obviously. But I bought ABV for the dividend opportunity and we had very low interest rates. And I was getting basically free money at 5%. And that was basically a bond surrogate, if you will, buying ABV. Sure. It’s a large cab value officially, but a lot of the pieces of reasons why I purchased ABV, it was less for the capital appreciation, which did happen, but much more for the dividend that was paying.
[00:28:14.870] – Sean
I’m looking here on our platform, AVV is currently a watch, as it’s classified as, but it’s only down 13% compared to a lot of stocks. Like I said earlier, some of mine are down close to 70%. Interesting.
[00:28:29.700] – Jim
[00:28:30.030] – Sean
It’s not a tech stock. It’s healthcare. Right.
[00:28:33.070] – Jim
Exactly. So fit the theme again, the healthcare theme as well as the dividend. And it was a great buy at the time.
[00:28:40.800] – Sean
Sure. All right. So that’s good to know. Here’s one. Let’s dive into the market right now and just to take a step back, since you’ve been investing in the market, you felt some of the pain in the 80s right away. I think of 1987 Black Monday, which is really quick. And then we had the.com bust. Right. And you touched on that. I’m going to be harsh here. A lot of garbage businesses were simply adding.com to their name and getting that in going public, which is ridiculous. And then, of course, wait, so what do you see about this market right now? Can you speculate how long this is going to last? I know a lot of customers are asking me that question.
[00:29:25.790] – Jim
Yeah. Well, let me first start by saying what we’re going through right now is a typical part of the market cycle. So unlike Covet in March of 2020, which you’ve already talked about, that was an unknown event, an unknowable event of what was going to happen. Rising interest rates, potential for recession. These are all normal parts of the market cycle. So that is my sort of bias in my background. So now I come and I say, okay, if in fact looking at 2020 specifically and how quickly it turned. I do think that once the shock of rising interest rates cools down, I really can’t see sitting here today at the end of May 2022, I cannot see this downturn lasting much more than a few months. Quite frankly. What I’m telling my clients is we have this volatility. But after the midterm elections, at this point, I really think there’s going to be a year end rally. I think there’s going to be a year end rally because midterms the expectation is that our federal government is going to be split between Democrat and Republican. The market loves gridlock in Washington, DC, and so that will help.
[00:30:51.960] – Jim
The only caveat that I put to that. And I look to 2014, when the Federal Reserve raised interest rates right before the end of the year. Now, it was a very different strategy, but it basically tanked the market and if not the economy at that point. So my view is on the short side of it, we’re basically June. So we basically have within five months. And certainly it would not surprise me if it happened within five months or right after the midterms in November. And it could go on another four to six months after that. But I don’t really see this being a long sustained downturn in Malaise and all the other words around going back over the years again, that in $0.10 will get you $0.10. But that’s my view. I’ve already said we’re on a risk on approach. The likelihood of additional downturn from this point is so minimal from my perspective. It’s not necessarily when we go forward, because for some people, going forward means going back to where we already were and then going on ahead. Beyond that, that’s not really how I look at it. I look at it as, okay, from this point on, is there a greater chance that we’re going to have additional downturn or are we going to go up from here?
[00:32:14.080] – Jim
And I really think my expectation is we’re going to go up from here. We might be volatile until November, but I really do see that as early as five months, we will be on a path of everyone saying, oh, the market’s back. I’ll let other people talk about that.
[00:32:29.820] – Sean
Yes, I totally agree. I’ve been looking at a few sources of other financial professionals in the market, and they totally agree with you. They say this could be October, November, we could start to see this take off. It’s not going to sustain longer than we really think it will. There’s a lot of fear right now. But as I tell people, no matter if it’s lasting another week or another year, don’t sit on the sideline. You want to take action.
[00:32:56.530] – Jim
Without question, this is not a time to be cautious.
[00:32:59.880] – Sean
Right? Exactly. Thank you for that positive feedback there on your thoughts on the market, because you’ve been there before. And I try to remind people of 2008 when the pain hits, it feels like, oh, my gosh, this is going to sustain forever. And the reality is it doesn’t. It corrects. And it’s just a matter of time.
[00:33:22.850] – Jim
The question I learned to ask after 2008 is what if I’m wrong? So as we come here, listeners who are very concerned, they don’t think that it’s going to come back in the same way that you and I have been just talking about. Just think about what if I’m wrong? You don’t want to miss all of it. So, okay, you can be within that range of being cautious still. But always ask yourself, not just with this time, but it’s appropriate now, but anytime you’re thinking about making a move in the market, what if I’m wrong? What happens? And what if I’m wrong? If you decide you’re going to lose all your money and that’s fine. Well, that’s fine. But if you’re out of the market when the market does snap back, that’s a big wrong.
[00:34:06.540] – Sean
Yes, I totally agree. Before we jump into the rapid Fire round, is there any question or any questions I should say that I didn’t ask and should have asked?
[00:34:18.710] – Jim
Well, no. I think that I’m a believer that corporate profits are a driver of market growth. And so as we go through these hiccups and if you’re buying individual companies, look at corporate profits without question, they are a key bellwether as to what’s going on. So you go back to 2000, dot.com boss, there were no profits, not even an expectation that held true. And I think that the supply chain issue, which is a real one, and holding back some profitability. But I do think the companies are trying their best to figure it out.
[00:34:56.610] – Sean
I like that. That’s very much the Tykr philosophy. The warm Buffett is buy businesses with strong financials that strong income statement, capital statement, and especially that strong balance sheet. All right. Let’s dive into the rapid fire round here. This is where we get to find out who Jim really is. If you can try to answer each question in 15 seconds or less. You ready?
[00:35:19.170] – Jim
[00:35:19.900] – Sean
All right. What is your favorite podcast that you listen to?
[00:35:23.870] – Jim
Sean Tapper, Payback Time. All right.
[00:35:27.050] – Sean
And I know you listened to it because he told me before the show, are there any others that you listen to?
[00:35:33.100] – Jim
I’m still a newbie as it relates to the podcast world, so I’m going to pass. Okay. All right.
[00:35:38.890] – Sean
What is the recent book you read and would recommend?
[00:35:41.750] – Jim
The recent book that I read. I grew up in Pittsburgh, Pennsylvania, so I read about the Squirrel Hill shooting, which is not an uplifting happy book. And you caught me right before I’m going on vacation. So ask me in a couple of weeks. But The Squirrel Hill in Pittsburgh, Pennsylvania, the book about the individuals and the people that were impacted by it was.
[00:36:03.020] – Sean
Resonated with sure got you. I am also when I go on. There are certain vacations that there’s a lot of travel and exploring, and there are other vacations where you’re sitting by a pool and relaxing. And that’s when I bring a few books with what books are you bringing with you? I’m curious.
[00:36:20.510] – Jim
I’m going to the bookstore after this. Okay. So I am not a prolific reader. Literally, when I go into a bookstore, I have to go into bookstore. Obviously, the Tom Clancy series I’m through because very much escape types of books. So I’ll look for that. But beyond that, I look for things and I gravitate. Even though I said Tom Clancy, I gravitate towards nonfiction.
[00:36:45.230] – Sean
Okay, got you.
[00:36:46.300] – Jim
[00:36:46.930] – Sean
I had to ask because I get excited about the trip, but I’m also on a total nerd here. I’ll have three books, like teed up, and then I kind of shuffle them in and out like the day before. Like, no, I don’t want that one. I’m going to take this one.
[00:36:59.950] – Jim
[00:37:00.610] – Sean
Anyway. All right, next question here. I’ve got two questions related to investing. So first one, what is the best investment advice you ever received?
[00:37:10.970] – Jim
It probably is look for themes and find the economy and then look for the best company in that sector.
[00:37:19.160] – Sean
Got it. Let’s flip that equation. What is the worst investment advice you ever received?
[00:37:25.250] – Jim
I don’t know which one is.
[00:37:27.250] – Sean
Where do you start?
[00:37:28.350] – Jim
Yeah. This goes back to my Wall Street days. Basically, anything that looks too good to be true is so I say that every new issue, every Wall Street investment is basically out to screw the retail investor. And the question is, know how you’re being screwed and then recognize if you’re getting on board with someone who is you can make money doing that. Pretty much all of the new fangled. It’s different this time. Investment options that come out and they come out consistently don’t do it. So that’s not the worst investment. I get pitched all the time to do these new fangled things. And it’s not different this time. Or if it is, I will sit on the sidelines and I’ll make my wealth slowly.
[00:38:20.520] – Sean
Right on. I agree. And last question here is the time machine question. If you could go back in time to give your younger self advice, what age would you visit and what would you say?
[00:38:31.070] – Jim
I would probably go back to my mid twenty s and basically say that it’s important to put your life in five year increments and have a plan around where you want to be, what you want to do. I did a lot of things, but without purpose. And I think I could have gotten to where I am now or gotten through some of the tough times if I had a five year plan. So again, you’re talking to a wealth adviser, someone who does plan from an investment perspective. But really, even there, I started by saying it’s about having an idea and having a vision of where you want to be and what you want to do with your money. And so I would say in mid 20s not having a vision or not having at least a five year plan.
[00:39:26.970] – Sean
Right on. All right. Where can the audience reach you?
[00:39:31.550] – Jim
My firm is Tucker Bria wealth strategies. That’s Tucker T-U-C-K-E-R Bria B as in boy, R as in Robert, I as in India, a as in Apple wealth strategies. We’re in Durham, North Carolina. We have a [email protected]
I also have a YouTube channel which attempts to be very basic and some things that come out that are also topical and that’s creating family wealth. The easiest way to do that is to go onto our website and then you can go to creating family wealth and see a group of YouTube videos I have now.
[00:40:07.340] – Sean
Nice. Well, thanks a lot for your insight, especially I thought the great context there on how long does bear market could last I think is really valuable so thanks for sharing that and thanks for your time. Jim. We’ll talk soon.
[00:40:20.710] – Jim
I appreciate Sean. Thank you for having me.
[00:40:28.350] – Sean
Hey, I just want to say thanks for checking out this podcast. I know your time is valuable and there’s a lot of other podcasts out there you could be listening to so thanks for taking the time to listen to my guest story. If you did enjoy this podcast episode could you head over to itunes and leave a five star review? That would be much appreciated. Thank you. And last but not least on this podcast some episodes we do talk about stock and please keep in mind this podcast is for entertainment purposes only. So if you did hear any buy or sell recommendations please don’t make those decisions based solely on what you hear. Alright. Thanks a lot.
[00:41:04.440] – Jim