We're in a Wall Street turkey hangover but that won't stop us from diving into investing strategies. We share how, by playing to their strengths and finding external support for areas of weakness, investors can reduce risk and enhance returns. We also talk niche investment opportunities in private companies and specific sectors, such as SpaceX and Stripe appearing in mutual funds, which is why you need to stay informed about evolving markets. Today we discuss...
- Kirk Chisholm reflects on a relaxing Thanksgiving filled with family time, turkey football, and setting up a backyard hockey rink.
- Doug Heagren shares his Thanksgiving highlights, including a successful deer hunting trip and attending a Minnesota Vikings game.
- Doug criticizes Ohio State's strategy after the loss against Michigan, emphasizing the failure to adapt and utilize their strengths against Michigan.
- How investors should align their strategies with their personal psychology and avoid imitating others, like Warren Buffett or hedge fund managers.
- Understanding personal strengths and weaknesses is critical for reducing risk and enhancing financial success.
- Using funds or managers for areas outside one's expertise can optimize returns and minimize risks.
- Private companies are being included in mutual funds, offering potential new investment opportunities for retail investors.
- Private equity investments often face challenges like high costs, illiquidity, and limited transparency.
- Liquidity is crucial in uncertain markets to avoid being trapped in illiquid investments during downturns.
- End-of-year tax-loss selling provides opportunities to buy undervalued stocks as investors offload losses.
- Macroeconomic factors like government cost-cutting and debt management significantly influence market trends and investment strategies.
- Growth stocks currently outperform due to optimism and favorable interest rate environments, but risks persist.
- Gold is noted for being less volatile than Bitcoin, but Bitcoin's upside has been stronger.
- The importance of moving on from losses, whether in elections, investing, or other domains, is underscored as a path to better decision-making.
"Cash is not trash... Cash is King" - Kirk Chisholm
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Today's Guest: Kirk Chisholm
Kirk Chisholm is a Wealth Manager and Principal at Innovative Advisory Group, an independent Registered Investment Advisor located in Lexington, MA. He has been providing wealth management services to individuals, executives, entrepreneurs, and their families since 1999. He is an outside the box thinker, risk manager, inflation expert, blogger, podcaster, and all-around interesting guy. Kirk is dedicated to developing lasting relationships with all of his clients and their families. One of the benefits of working with Kirk is his patience, empathy, and his ability to provide clear and easy-to-understand explanations to complex financial topics.
Kirk developed a unique philosophy for the wealth management industry called Risk Management First. The medical field has a similar way of thinking of “first do no harm”. This philosophy focuses on risk management for clients in all aspects of their lives in ways the industry does not address. Risk management does not stop with investments. It also requires working closely with other professionals to address areas of their financial lives not currently being met.
In 2008, Kirk co-founded Innovative Advisory Group to address the needs not being addressed by the wealth management industry. It started with specializing in alternative assets held in retirement accounts (i.e. self directed IRAs/401ks). Then the company expanded into the specialization of college funding (i.e. planning, strategy, and paying the least possible for a high quality education), Risk Management First, exit planning for business owners, advanced planning (estate, tax, etc), and providing practice management and leadership training to other financial advisors, accountants and attorneys.
Kirk's Online Presence:
Today's Panelists
- Kirk Chisholm | Innovative Wealth
- Douglas Heagren | Mergent College Advisors