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Alternative Investments, the Why and When

Show Description: 

Jason kicks off the show with giving an overview of when to look towards the topic to today’s discussion, alternatives. Alternative Investments become a viable option for investing when the public markets start to look too high, and questions arise as to how long this market run up can continue. 

Alex joins the discussion with stating the reality for most, alternatives are difficult and can continue to stump even the most astute investors. So, Alex opens the discussion with a question for Jason; Who should look to alternatives as an investment vehicle and who should not? Jason responds with clarifying first, what alternative investments are. It is an investment that is not available in the traditional marketplace with traditional liquidity. Traditional meaning publicly traded stocks, bonds, cash, and CDs. Alex reminds listeners that our core investment philosophy at Intelligence Driven Advisers is based on investing in efficient markets, stocks, and bonds. So, Alex reiterates to Jason when do we dabble in alternatives and how do we do that with conviction? Alex confirms with Jason that alternatives are inefficient markets. Inefficient markets are defined as an investment opportunity where you are potentially able to capitalize on the inefficiencies of an investment. Jason adds, finding value where others do not and reminds listeners that with traditional investing, we at IDA believe that the markets are basically efficient, meaning that the price you pay for stock in a publicly traded company is fairly priced. 

After the break, Jason begins to answer Alex’s question as to why and when to use alternatives in a portfolio by describing non-correlated investments that have desirable return characteristics and how they add diversification to a correlated portfolio.  Shifting the efficient frontier. When to invest in alternatives tends to be hinged on government regulations. Alternative investments have investor qualification requirements based on the nature of the investment. For some alternative investments there is an accredited investor requirement and for “most” alternative investments there is a qualified investor requirement. To be a qualified investor, one must have 5 million dollars of investable assets not including your primary home.  Many alternative investments are illiquid for an extended period where you cannot gain access to your initial investment. The regulations are in place to protect the public. 

Alex circles the call back to crypto currency and asks if this is a poor man’s version of alternative investing. Jason responds as yes basically and reflects on the E*TRADE commercials where the baby is buying everything with the simple click of a button and ends up losing his investments. Point being, you need to do your due diligence on any investment, especially non-publicly traded investments. 

Jason spends some additional minutes on crypto currency and on the due diligence he has personally done. Gives his perspective on where the future may be for an alternative currency. 

Private equity has been a market in the alternatives space that Jason shares insight on. Stating that companies that in the past may have gone public quickly are staying as a private entity for longer than they ever had previously creating demand for private equity investors. Companies are changing ownership two even three times before going public, creating huge private equity capital gains events. 

Jason and Alex close this week’s show with reiterating the illiquidity of most alternatives and how important it is to be smart with your decisions do your due diligence if you plan to invest in alternatives. 


In this show you will learn about:

– Alternatives

– Crypto Currency

– Private Equity


View Transcript of This Weeks Show Here

Speaker 1 (00:01):

This is financial detox, helping you retire with confidence, featuring Jason labrum, certified financial planner and founder of Ida wealth intelligence driven advisors. For over 20 years, Jason has shown people how to steer clear of toxic advice, achieve financial peace of mind and manage their wealth for maximum impact. Join Jason and cohost Alex Klingensmith. As they simplify the complex share industry secrets and provide proven strategies designed to take you from financial insecurity to financial independence. This is financial detox.

Speaker 2 (00:40):

Welcome to financial detox. I’m Jason and with Alex cooling and Smith, and we are in the financial detox studio intelligence driven advisors coming to you today to talk about alternative investments in portfolio construction today is going to be a really important show because I think as we start to look at where the markets are, Alex, and what’s going on in the markets, how high they’ve gotten, how much stimulus has been pumped out there is this show going to go on forever, right? Is this going to continue forever? I think we all know the answer to that is probably not. There is a downturn coming. We just don’t know when we don’t know how severe, but uh, maybe putting alternatives into your pudding alternatives into your portfolio can help you reduce the impact of that potential down comp downturn. That that could be coming soon. Um, and so give us a call at (877) 707-8889.

Speaker 2 (01:31):

If you have any questions or you want to talk about today’s show and how it fits into your personal goals and your personal situation, we’d love to entertain a conversation and see if we can guide you. That’s what financial detox is all about, helping you avoid the great behavioral blunders that most investors make. Thank you, Nick Murray, and have better returns and find your true purpose in investment management and your true purpose with your life’s financial trajectory. And so there you go. It’s financial detox. I’m Jason and we are stoked to be with you today. Alex, what do you think, brother? That was a heck of a long intro. This one, this topic of alternatives. It’s it stumps me. I’m baffled. I have more questions than answers and I’m in the industry. And so this is why I wanted to talk about it because what we should be talking about taxes right now, probably because you know, the deadline’s coming up and taxes are so boring and yes, we will do.

Speaker 2 (02:22):

We will do tax planning and work with your CPA. We have an in-house CPA team tax return preparation team. Yes, we should be talking about taxes. I just didn’t want to have to. Yeah, me neither. I didn’t want to be our last week show was so boring. Sorry I cut you off. That’s okay. I just wanted to talk about this because you know what people are talking about right now among my circles and clients more than taxes. Yeah. They’re talking about Bitcoin and cryptocurrency and they’re talking about, you know, market all-time market highs, like you said. So I wanted to kind of just explore this one and start with, you know, who should use alternatives and who should not, is any size portfolio, good alternatives or is it a certain size? This is where the detoxifying thing comes in. I think really strong because does people get all excited and they start buying gold or cryptocurrency, and like you only have 10 grand, like, what are you doing?

Speaker 2 (03:10):

Or are you have 10 million? And you’re, you’re doing it. I dunno, like where do we start? Right. And even what the heck does the word alternative investments mean? Right? No, we’re not talking about alternative lifestyles, like, and, and, and goofy, weird stuff. We’re talking about alternative investments. And I think the broadest best definition of alternative investments would be an investment that is not available in the traditional marketplace with traditional liquidity and by traditional marketplace. I mean, stocks and bonds and treasuries and CDs, and just basic traditional investments, alternative investments or investments that go outside of the traditional stocks, bonds, cash, CDs, and so on and so forth. And here’s where I challenged myself. Even. This is why the question started happening really fast in my mind is, you know, here at intelligence driven advisors, it’s our RIA, right? That backs and powers, financial detox, everything else we do.

Speaker 2 (04:04):

Our core investment philosophy is around efficient markets, stocks, and bonds. So then we start to dabble into this alternatives. It’s like, when do we do that? When do we, how do we do that? What process, what evidence to support these kinds of conversations? Do we follow hope and hope that will help listeners and other people, right? Yep. So, you know, I think that there’s some things to really be nervous about and suspicious, or what’s the word I’m looking for when somebody is, um, they’re so good to be true. Yeah. They’re suspicious 10% a year return on your investment in right. X fill in blank, that kind of stuff. And basically there’s for example, a new trend, a client asked me about this new thing called SPACs, right? What have you? No, no, I’m not saying Spanx was a great company that grows, crushed it with Spanx.

Speaker 2 (04:53):

That was a good business, but specs. Um, have you heard us backs? How is it the small business bond thing? No, it’s it’s special purpose acquisition company. They’re basically known as blank check company. So specks are our ways now, and they’re trying to make it all trendy and hot and there’s tons of newsletters and tons of life. And it’s where you can invest in pre IPO companies. You can invest in companies that don’t even exist. This is venture capital stuff. It’s like basically venture coming in and companies that don’t even exist. Literally. You heard me say that there are companies that are raising money to go create a company out of a shell of another company. They don’t even exist. It’s just a big idea. It’s almost like crowdfunding of a go fund me for my new next idea kind of stuff. Now there’s some that are more legit than that too, but they are.

Speaker 2 (05:43):

I just, I couldn’t believe it. So client was talking about the other day. Smart guy asked me a really good question. Um, in some, some companies DraftKings went through a SPAC. Um, so there’s, uh, Virgin galactic went through Nicola, Nicola, Nicola, and, and KLA went through us back. Those are some of the successful ones, but, um, so it’s interesting, but there’s a whole new thing there that would certainly be an alternative investment. Um, so inefficient markets are alternatives, right? Inefficient are the ones where there’s an opportunity to exploit X. That’s not a nice word, but to basically capitalize on an efficiency, inefficiency, find value where others maybe don’t because you do the extra due diligence and legwork, right? We talk about that a lot. And I think it’s a worthwhile thing to bring back up again. Alex is just in the public markets. It’s oftentimes not worth paying a lot of extra money for somebody to tell you there’s some expert on managing in and out of the market and trying to get in and trying to get out and try to pick the right stock over this stock because what’s proven to be true is that the markets are relatively efficient, meaning that the current stock price of most companies is a pretty good reflection of that.

Speaker 2 (06:55):

Company’s actual value. There’s not often great mispricings. There’s not often great hidden information that is out there that somebody doesn’t know. So when you go to buy Apple and you think is Apple a good price? Well, yeah, it’s a good price because there’s hundreds of millions of buyers and sellers and they’re coming together and they’re making the price of Apple based upon not only the known information today, but they’re making that price based upon the information that they expect to happen over the next six to 12 months. So it is the best price based upon all known, publicly available information. You know, the best example of that actually as time has gone on is the game stop thing. Wow. Yeah. Because as soon as information was released and it was released in such a fast way through wall street beds and Reddit, the price of the stock did what, just what went straight up and then straight down to the moon.

Speaker 2 (07:40):

Well then it’s come back up against it’s on its way. There must be some, um, um, there, there are more people and more information that believe the stock has worth more money in the future than it’s being priced at today. So the price goes up, that’s the way it works. That’s actually efficient market working, right? It is. It doesn’t make sense when you think about why, because the company itself doesn’t have all the traditional fundamentals where you’re like, yeah, I want to buy that because it’s a solid company. It’s a, it’s a brick and mortar. You know what GameStop is, right. Remember that place when you were a kid, why is that? What I think there may be some online part, two games up to, I think you can now go buy games or, or go through the cloud and actually rent and bride games through the cloud.

Speaker 2 (08:17):

The ones who watch more video games are socially inept or who play more video games. They’re they’re truly socially inept. It’s unbelievable. They can’t, they can’t deal. But that’s a whole area. We don’t even have an X-Box at the house, a friendliness that we have our, we gave it away or we walked it up in a closet because our kids were acting like idiots. If we tried to take them off of it, they would spaz out. And I’m like, who are you? What are you doing? What happened to my, a great kid? We’re going to go, we’re going to come back and we’re going to talk about alternative investments. All right, we’ll be back. It’s financial detox. You can get a hold of us at eight seven, seven, seven zero seven, 88, 89 checks out a financial detox stuff.

Speaker 3 (08:50):

You know what? You’re actually paying your financial advisor or stockbroker you should. Is there a plan? How clearly does your advisor explain that plan? Hi, I’m Jason labrum of intelligence driven advisors. You’ve heard us on our radio program, financial detox at intelligence driven advisors. You never need to worry about hidden fees. Again, we are committed to disclose all sources of compensation because we believe transparency is the cornerstone of a successful relationship. I invite you to take our portfolio challenge. If we can’t measurably improve what you’re doing with your portfolio, given your goals and objectives, we will send you a visa gift card for $100. Once again, if we can’t measurably improve what you’re doing, we’ll send you a visa gift card for $100. Ask for the portfolio challenge. That’s the elegance driven advisors difference. Learn or call (877) 707-8889. Once again, that’s (877) 707-8889.

Speaker 2 (09:50):

It was a great idea. You have welcome back. It’s financial detox, Jason labor. I’m an Alex Klingensmith. We are your host. And we are talking about alternative investments, how they fit into your portfolio. I’d like to start the segment when they, they can catch, you can catch a bit. Our listeners can catch a bit of our break because most of the time we’re laughing about something in the break, right? You had a great idea. That was so great that you already did it. And that this is the best idea ever. Oh, wait, you already did that. I did. I did good. That’s a good idea. It was a good idea twice. It must’ve been a great idea, but it’s still stuck around. That’s funny. All right. We’re talking about alternative investments, Alex. You’re saying I’m confused. I don’t even know there’s so much, you know what, why you say that because you, you know, more than, than the 95 to a hundred percent of the walking public about alternative investments.

Speaker 2 (10:34):

But what I think you realize is if you’re a humble person and you’re, you’re being honest with yourself, kind of the more you know about these spaces, these, these things, um, investments and different category is the more, you know, the more you don’t know, right? The more, you know, the more you realize you don’t know, because there is so much there. And there’s so many different layers in the private space and the alternative investment space, the inefficient market, as we we’ve coined it as well, there are, uh, I think great opportunities to diversify portfolios. So yes, you can. I think there’s statistical and relevant and consequential data that will show that you can shift the efficient frontier. This is nerd talk. But what that means is you can take a portfolio and by adding in non correlating assets that also have a desirable return characteristics, you can shift the efficient frontier and get a portfolio that has the same or less amount of risk with the same or less, or the same or more return, right?

Speaker 2 (11:35):

So you can actually get that thing that we talk about. That’s so elusive and the traditional public liquid transparent, um, efficient markets where risk and return are related by adding in alternative investments in the right way to your portfolio. I think you can decouple that risk and return are totally related a hypothesis. And you can shift up to a different efficient frontier and make your portfolio just straight up better. At what point do you start doing that at what size of an account is that? Is that the way to think about it? I think it is for us. I mean, for us, we think about it, you know, in our certainly million dollar plus type investible assets. Um, however, if you’re an individual investor trying to do this on your own, you know, you can do it with less money. If you’re looking at interval funds are lower barrier to entry funds, but what precludes you most of the time from having access to alternative investments and non correlated inefficient market, um, investments is the government because they have regulations and they do not allow, uh, yeah, they’re going to protect you from making money with the quote unquote big boys, because you have to be an accredited investor, at least.

Speaker 2 (12:48):

And in most of them in several and most of well, I would say are the better ones. You have to be a qualified investor. And a qualified investor is a significant hurdle. You have to have $5 million of investible assets, not including your primary home. So you have to be a very wealthy person to have qualified status. A accredited investor is a lower status. Um, but you know, it changes the scope. I think it’s one of the things where if this is what they’re trying to do is we’re trying to say, look, you need to be sophisticated and have wealth to understand these investments, because oftentimes there are, um, illiquidity factors where this is not, it’s just straight up, not liquid. You cannot get your money back and no matter what you do see, you know, they’re trying to protect you the way you were defining alternatives earlier in terms of being non-correlated to traditional stocks and bonds.

Speaker 2 (13:39):

Just not as good. So is then cryptocurrency and commodities like gold and silver, 30 Ts and things. Is that like a poor man’s alternative then? I think they are. I and I don’t. Yeah, I think they are. It’s hard to get, um, it’s a little trickier to get access to crypto. I mean, you can go to Coinbase in that and that works pretty well. I bought it on PayPal. I bought my first Bitcoin. Did I tell you this dude? I didn’t even tell you, huh? No. So I thought I heard you saying something about that. It’s the honest to God truth. What’d you commission, did you pay? I paid, I paid 50 cents to buy $20 of Bitcoin. Um, and so what I did was I went on PayPal. I was going to pay a buddy for a camping trip and it says your crypto on PayPal.

Speaker 2 (14:18):

I don’t work for PayPal. I don’t own stock in PayPal. We can get the canvas closure. My crypto today is worth 34. I put 20 bucks in. This is how much gambling I do. I bought $20 a year. I’m big investor. Alice. We have a huge stake in crypto, $34 and 18 cents. My basis was $20. Now you’re making money that I wanted to see what would happen because this is what happens. See if it even works, it totally works. You just hit the button. And so PayPal now has a crypto wallet, basically. I wonder where they, um, where does PayPal execute that transaction? Probably through Coinbase 50 cents on January 31st. I’m a $14 a month and a half. You crushed it because the 70% or something. So why don’t I buy more? That’s the thing, that’s the danger that you get into with this emotional investing thing is like, everyone’s talking about Bitcoin and I just did it with one click on my mind, my PayPal app.

Speaker 2 (15:06):

Right then that crazy. Yeah. Um, I remember the E-Trade commercial. Uh, love this commercial where the E-Trade baby. What’s his name? Do you remember his name? Niles. Niles. Niles. I think Niles. I don’t know. No, maybe that was his goal. Somebody, but anyway, the E-Trade baby has that commercial where he’s like, um, I don’t know if this actually went public. I don’t think it did. You just got to Google, like Google E-Trade baby loses money, throws up, spit up and they’re going, man, look at this. And it’s so easy on E-Trade. I can just buy anything. Click just bought credit. Default swaps click, just brought mortgage backed securities click. He’s. Oh, this is awesome, man. It just goes up. It’s so easy. You can do it. Wait, wait a minute. What, why, why is that line going down? Oh no. Oh crap. It starts cussing up a storm.

Speaker 2 (15:54):

It’s like, I lost everything and then he has a girlfriend too, and he’s like, she’s going to kill me. Wait, is that going to be my Bitcoin experience? My $20 is going to go to zero. Like it’s up a thousand percent in one in the past 12 months. Yeah. It’ll thousand percent. So do you want to buy an investment when it’s up a thousand percent or do you want to sell it? I don’t know. You know what I mean? Could it go up 10000%? Yeah, it’s crazy. It is crazy. I mean, a few months ago at the beginning of this year, whenever we did that show, that was called, you know, we did predictions. Are we winning? I am losing, I am totally losing Bitcoin. Why? Because I think it was at 28,000. What did I say? And I said it was going to go down to like 10,000.

Speaker 2 (16:30):

I’ve said it’s going to 50. It’s already 50, 50, 8,000. Right. So did I say 50? Or did I say a hundred? I ignored you. I don’t know. It was, we’re going to play that show I made. That was low. You got to wait until the end of the year though. And you don’t know cheating. It could go down and still, we’re trying to talk about alternative investments today, but we keep getting off on tangents. So that’s the beauty of this topic though, because it is so many different things out there. Yeah. So let’s talk about crypto seriously though, because you bought 20 bucks. You’re a big time investor now in crypto up to $30, I believe in it. Um, I, it is interesting, right. But I would say I’ve done a moderate amount of due diligence on blockchain technology and crypto, a low end of the moderate spectrum.

Speaker 2 (17:15):

Um, what, I’ve the research that I’ve done seems really interesting, right? Um, there’s an article out there. You can Google it called the end of money. It talks about cryptocurrency and just currency manipulation by foreign governments and even our own government. And, and just how much opportunity a blockchain technology in a currency could provide for particularly third world countries and people who don’t have access to safe and reliable and secure banking and investment opportunities because their currencies are manipulated by their government. Venezuela would be a good example. Argentina is a great example. We’re literally entire populations of human beings lose all their wealth because the government just devalues the currency to nothing. How has that, could you imagine, like, I mean, are we on that trend? You got to at least ask the question, right? We just created a country. I mean, yeah. Yeah. We’ve created more stimulus two times the stimulus for COVID than we did for the credit crisis, the credit crisis, some of the most major financial institutions in the universe were completely failing and falling apart.

Speaker 2 (18:21):

And we’ve done twice the stimulus for COVID that we’ve done for that. I mean, there’s some weird stuff going on. All right, we’re printing money. Like there’s no tomorrow we’re at $30 trillion in debt. $30 trillion in debt is going to take us over a million years to, uh, what was it now is 900 and something thousand years. If we balanced our budget and paid off a dollar every second, it’s this is not good. So I think it is a good time to think about alternative investments and how different things can work in your portfolio to hedge out the traditional investments. I think you gotta to be very careful, try not to, you know, chase, uh, performance, try not to fall victim of the herding mentality and the hot new thing mentality and go lightly tread lightly because traditional companies are going to be around and they’re going to make products and services, and they’re going to sell them for a profit.

Speaker 2 (19:09):

And there will be returns available in the traditional markets talking about market for as long as we all probably live. That’s my guess. That’s my hypothesis. Because we, as investors are going to demand a certain rate of return. If we put our money into equities and stocks, we’re going to demand a certain rate of return if we lend our money through buying bonds. And so those returns are going to be the stable safer way to go. Yes, they have volatility, but unlike the gold commercials will try and tell you don’t lose all your money in the stock market. Again like 2008, nobody lost any money in the stock market in 2008. And unless they sold at the bottom, if you stayed, put you not only lose money, those companies adduction did disappear. If they were concentrated into a single or very few positions and they disappeared, yes, you could lose money.

Speaker 2 (19:52):

Don’t be concentrated when you’re trying to preserve your wealth or grow your wealth conservatively over time, don’t be concentrated into single investment. Um, we talked, we did talk about, but some of the other, uh, alternative things that are, I think very worthy of thinking about particularly as a larger investor, more than a couple million in investment assets, private equity, um, there’s some really good data right now showing how companies are just staying private longer than they ever have. Companies used to go public really quick in order to get that capital, they needed to continue to grow and become these big publicly traded companies. Um, nowadays with the private equity markets being so robust companies are staying private longer. They’re changing hands two or three times in private equity transactions. And thus much more of those early stage, large gains are happening in the private marketplace as opposed to the public marketplace.

Speaker 2 (20:48):

And then finally, once a lot of the growth has already been absorbed in the, in the private marketplace. Then they go public for a big IPO. So private equity makes a lot of sense there’s problems with it though, right? Oftentimes high barriers to entry either have to have large dollar amounts to go get it, or all you have to be a qualified or accredited investor to extremely illiquid difficult, eight to 12, sometimes 15 years of ill liquidity. So like imagine buying Apple and just absolutely not being able to sell it at all, period. Any of it, can’t get your money back. You want it, sorry, you can’t get it. So true lockup. You gotta be prepared and willing to have that money invested for that long of a period of time. And you gotta make sure you have other sources of liquidity. So you gotta be really smart with this to have what person let’s say you are one of those bigger investors and we’re running out of time here and what should we always do on these kinds of topics, but what percentage of your overall investible liquid portfolio would you entertain diversifying across alternative investments?

Speaker 2 (21:46):

Broadly speaking. Yeah, broadly speaking, I think you’ve got to look at a number between 10 to 35, 40%. So in the 40 as is, is the percentage of your portfolio that could be, or should be considered to be put in alternative alternative investments. You can look at like the yellow foundation and the Harvard endowment and as a foundation and some of the quote unquote, and I’m truly doing air quotes now, smartest money in the world, right? These were all, did they have very sophisticated due diligence teams and investment committees? And they’re putting together portfolios oftentimes with as much as maybe even up to 50%. And they’re not thinking short term, they’re not thinking about a bear thing trends or whatever investor decisions. And that’s probably the key takeaway for listeners is that if you’re going to use alternatives in your portfolio, know what you’re doing first and the way you know, is by reading and learning or hire professional.

Speaker 2 (22:35):

Yeah. That will that’s, that’s the way I think having a, uh, a repeatable process, right? So meaning like you have these checks and balances and how you’re making these decisions to keep you on track longterm. And if you want to be one of those Bitcoin investors on PayPal, like me, it’s totally just for fun. I’m willing to lose all that money. That’s the other way to do it. I would, I think you make a really good point, Alex. I would be in, in something like crypto, I don’t think crypto is going to go away. I don’t think Bitcoin is going to ever go to zero probably. Um, but I would be prepared to, to, to accept that because there’s a likelihood, I, you remember back when Bitcoin hit 20,000 and everybody’s freaking out and tons of people bought it and it went to three and then just everybody quit talking about Bitcoin was over.

Speaker 2 (23:17):

And then all of a sudden it blows right through 20 and now it’s at 50 and it was talking about it again, right? How many people are going to buy in now? And that thing’s going to go back to 15 or 20,000. Maybe it is, maybe it isn’t. Um, and people are just going to get washed out. They’re going to sell out. So I think you have to decide, am I an investor, or am I a gambler? Am I willing to lose this money? Am I not willing to lose this money? And what percentage of my portfolio do I want? And more reliable, historically evidenced, academically, proven data driven versus this percentage. And I want to be learned by the way, I want to be an investor and a gambler can, and you are. But, you know, I think you got to also consider things like private debt, private, real estate.

Speaker 2 (23:57):

We talked about commodity or cryptocurrency, and I think also different commodities and, um, can also a complaint, you know, transportation, we’re looking at, uh, transportation and infrastructure and, and different types of alternative investments like that too. So there’s lots of options. We’d love to help you guide you through this. So if you’re a, an accredited or qualified investor, you think you want to, uh, look at these investments, give us a call at (877) 707-8889 that’s (877) 707-8889. You can also shoot an email right to, Jason, the financial We’ll get back to you right away and get your questions answered. Thanks for listening to financial detox as always. We appreciate you as our listener and hope you enjoy the show

Speaker 1 (24:41):

To learn more about financial detox and to get access to today’s show notes, transcript and resources, visit financial Call Jason and the team at intelligence driven advisors. If you’re ready for financial detox and a better tomorrow, call (877) 707-8889. Get answers to your questions. That’s (877) 707-8889. That’s financial for podcasts and information. And if you like what you’ve heard, be sure to hit the subscribe button that way you’ll be notified about upcoming podcasts. You’ll take one more step toward financial peace of mind. This content is provided for informational purposes only, and should not be considered investment advice or recommendations to buy or sell any types of securities. Mr. Labrum and intelligence driven advisors are not responsible for the consequences of any decisions or actions taken as a result of information provided in this program and do not warrant or guarantee the accuracy or completeness of the information provided the information discussed today, reflects the views of Mr.

Speaker 1 (25:44):

Labrum and his guests. As of the date of the show and are subject to change without notice past performance is no guarantee of future results. Any forward looking statements or forecasts are based on assumptions and actual results may vary from any such statements or forecasts. No reliance should be placed on any statements or forecasts when making an investment decision. Accordingly listeners should not rely solely on information provided today in making any investment decisions. There’s a risk of loss of investing in securities, including the risk of loss of principle. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for particular investors by natural situation or risk tolerance, asset allocation and portfolio diversification cannot assure or guarantee better performance. It can not eliminate the risk of investment losses.


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