WEBVTT 00:00:00.000 --> 00:00:02.240 Have you ever found yourself just, you know, 00:00:02.580 --> 00:00:05.019 nodding along to an investment truth, something 00:00:05.019 --> 00:00:07.160 that feels like it's always been the way things 00:00:07.160 --> 00:00:09.720 are done, especially when it comes to planning 00:00:09.720 --> 00:00:12.279 for retirement? Uh -huh. Those bedrock ideas. 00:00:12.619 --> 00:00:15.080 Exactly. But what happens when one of those truths 00:00:15.080 --> 00:00:19.160 suddenly, well... isn't so true anymore. Today, 00:00:19.620 --> 00:00:21.440 we're going to tear into one of those big ones, 00:00:21.739 --> 00:00:24.920 the 60 -40 portfolio. I mean, for decades, this 00:00:24.920 --> 00:00:27.100 has been the absolute foundation of retirement 00:00:27.100 --> 00:00:29.679 investing, almost synonymous with stability. 00:00:29.800 --> 00:00:32.439 It really has, the go -to model. Our journey 00:00:32.439 --> 00:00:34.640 today, it's guided by this really insightful 00:00:34.640 --> 00:00:36.679 analysis we've been looking at. It's a deep dive 00:00:36.679 --> 00:00:39.200 into the market turmoil we saw recently and what 00:00:39.200 --> 00:00:41.420 it actually means for how we think about risk 00:00:41.420 --> 00:00:45.859 and growth. Okay. So our mission here is to unpack 00:00:45.859 --> 00:00:48.600 how this strategy, which seemed almost bulletproof, 00:00:48.899 --> 00:00:51.840 faced this just extraordinary challenge. And 00:00:51.840 --> 00:00:53.899 maybe more importantly, what lessons we can all 00:00:53.899 --> 00:00:56.420 draw from it for navigating, well, today's pretty 00:00:56.420 --> 00:00:59.100 complex economic world. And that challenge, like 00:00:59.100 --> 00:01:01.390 you said, it was nothing short of seism - for 00:01:01.390 --> 00:01:04.189 financial planning. I mean, for generations, 00:01:04.390 --> 00:01:07.569 the 60 -40 portfolio really stood as the model. 00:01:07.670 --> 00:01:10.090 People celebrated it for being balanced. You 00:01:10.090 --> 00:01:12.370 know, growth and risk management all sorted. 00:01:13.150 --> 00:01:16.230 But what this analysis really brings home is 00:01:16.230 --> 00:01:19.150 how its, let's say, inherent vulnerabilities 00:01:19.150 --> 00:01:23.609 were just starkly, almost brutally exposed back 00:01:23.609 --> 00:01:27.989 in 2022. And that's prompted this huge reevaluation 00:01:27.989 --> 00:01:31.230 of whether it's still as effective as we all 00:01:31.230 --> 00:01:33.269 thought. OK, right. Let's unpack that for a second. 00:01:33.329 --> 00:01:35.450 Just for anyone who might be newer to this concept, 00:01:35.909 --> 00:01:38.150 the 60 -40 portfolio, it's actually pretty straightforward 00:01:38.150 --> 00:01:40.250 in theory. Yeah, simple concept. You allocate 00:01:40.250 --> 00:01:42.390 60 % of your investments to stocks. That's for 00:01:42.390 --> 00:01:44.370 the long term growth potential, right? And then 00:01:44.370 --> 00:01:46.950 the other 40 % goes into bonds. Now, the idea 00:01:46.950 --> 00:01:49.989 with bonds is, well, twofold. They're meant to 00:01:49.989 --> 00:01:52.090 offer a steady income stream. And crucially, 00:01:52.409 --> 00:01:54.709 they're supposed to dial down the overall ups 00:01:54.709 --> 00:01:57.090 and downs, the volatility of your portfolio. 00:01:57.329 --> 00:02:00.290 Smooth the ride, basically. Exactly. And the 00:02:00.290 --> 00:02:02.650 genius behind it, or at least the assumption 00:02:02.650 --> 00:02:05.569 we've relied on for so long, it's rooted in this 00:02:05.569 --> 00:02:08.729 thing called negative correlation. Ah, the key 00:02:08.729 --> 00:02:12.610 relationship. Yeah, think of it like this. Traditionally, 00:02:13.050 --> 00:02:15.250 when stocks hit a rough patch and start to fall, 00:02:15.889 --> 00:02:18.530 bonds tend to do the opposite. They gain value. 00:02:18.810 --> 00:02:21.509 Right. They zig when stocks zag. Precisely. So 00:02:21.509 --> 00:02:24.229 they act as this sort of cushion, softening the 00:02:24.229 --> 00:02:26.110 blow to your overall wealth. It's always been 00:02:26.110 --> 00:02:29.909 seen as the cornerstone of balancing ambition 00:02:29.909 --> 00:02:34.370 with prudence. And that design, it wasn't an 00:02:34.370 --> 00:02:37.069 accident. It was very carefully engineered to 00:02:37.069 --> 00:02:40.419 provide, well, moderate risk exposure, and really 00:02:40.419 --> 00:02:42.639 importantly, to smooth out returns over long 00:02:42.639 --> 00:02:45.199 periods. And that characteristic made it super 00:02:45.199 --> 00:02:46.740 appealing, especially for people getting close 00:02:46.740 --> 00:02:49.159 to retirement or already in it. They often prioritize 00:02:49.159 --> 00:02:50.939 that steady income and keeping their capital 00:02:50.939 --> 00:02:53.379 safe over chasing really aggressive high -risk 00:02:53.379 --> 00:02:55.379 growth. Makes sense. It wasn't just a strategy. 00:02:55.479 --> 00:02:58.060 For many, it was the strategy, seen as this reliable 00:02:58.060 --> 00:03:01.060 path to a secure financial future. But then, 00:03:01.379 --> 00:03:04.479 2022 happened? Yeah. Then came 2022. The analysis 00:03:04.479 --> 00:03:06.439 we're digging into, it describes that year as 00:03:06.439 --> 00:03:09.080 just an extraordinary test for this conventional 00:03:09.080 --> 00:03:11.539 wisdom. And frankly, it was a test. It failed 00:03:11.539 --> 00:03:15.020 quite spectacularly. The details are pretty sobering 00:03:15.020 --> 00:03:17.659 when you look at them. The S &P 500, you know, 00:03:17.719 --> 00:03:20.419 the broad market benchmark, it plunged by about 00:03:20.419 --> 00:03:23.740 19%. Which is rough. but not unheard of for stocks. 00:03:23.819 --> 00:03:25.979 Right. Tough. But we've seen down years. But 00:03:25.979 --> 00:03:28.120 what really sent shockwaves through the financial 00:03:28.120 --> 00:03:30.840 world was what happened with bonds. Ah, yes. 00:03:31.039 --> 00:03:34.759 The safe part. The supposed safe haven. Core 00:03:34.759 --> 00:03:38.120 bond investments, they fell by around 13%. That's 00:03:38.120 --> 00:03:40.080 their worst downturn in decades. I mean, that's 00:03:40.080 --> 00:03:42.400 an eye -watering figure for something usually 00:03:42.400 --> 00:03:45.219 considered, well, stable. Absolutely. And this 00:03:45.219 --> 00:03:47.240 is where that conventional wisdom truly got, 00:03:47.419 --> 00:03:50.680 well, upended. We've always, always relied on 00:03:50.680 --> 00:03:52.740 bonds to be that counterweight, right? To gain 00:03:52.740 --> 00:03:54.599 value when stocks are falling. The cushion. The 00:03:54.599 --> 00:03:57.759 cushion. But in 2022, both of them, stocks and 00:03:57.759 --> 00:04:00.900 bonds, they tumbled together. Wow. And this really 00:04:00.900 --> 00:04:03.840 unusual, this dual downturn, meant that the perfectly 00:04:03.840 --> 00:04:06.740 balanced 60 -40 portfolio took an approximate 00:04:06.740 --> 00:04:11.039 25 % hit. 25%. Yeah, it's worst yearly performance 00:04:11.039 --> 00:04:13.800 in over 40 years. It was just a complete reversal 00:04:13.800 --> 00:04:16.600 of what everyone expected. It really pulled the 00:04:16.600 --> 00:04:18.939 rug out from under a lot of long term plans. 00:04:19.240 --> 00:04:21.399 That is quite a reversal. I mean, it really makes 00:04:21.399 --> 00:04:25.139 you stop and think. So what was the absolute 00:04:25.139 --> 00:04:28.819 the root cause of this traditional model just 00:04:28.819 --> 00:04:31.980 faltering so dramatically? Well, the core issue. 00:04:32.220 --> 00:04:35.279 and the analysis really hammers this home, was 00:04:35.279 --> 00:04:38.000 the fundamental breakdown of that negative correlation 00:04:38.000 --> 00:04:39.920 between stocks and bonds that you were just talking 00:04:39.920 --> 00:04:43.019 about. Historically, when the stock market faced 00:04:43.019 --> 00:04:46.149 headwinds, rising bond prices... would pretty 00:04:46.149 --> 00:04:48.509 consistently temper the overall portfolio losses. 00:04:48.949 --> 00:04:50.810 They were like a reliable shock absorber. Right. 00:04:50.850 --> 00:04:52.670 That was the deal. That was the deal. But the 00:04:52.670 --> 00:04:55.310 landscape shifted dramatically in 2022. We saw 00:04:55.310 --> 00:04:58.769 this persistent, really high inflation, which 00:04:58.769 --> 00:05:01.470 forced central banks, like the Fed, to start 00:05:01.470 --> 00:05:04.529 hiking interest rates aggressively, very aggressively. 00:05:04.550 --> 00:05:07.410 OK. And this monetary tightening, it caused bond 00:05:07.410 --> 00:05:10.529 yields to shoot up sharply. which in turn drove 00:05:10.529 --> 00:05:13.050 bond prices down. Ah, the inverse relationship. 00:05:13.290 --> 00:05:15.470 Exactly. And this wasn't happening in a vacuum. 00:05:15.569 --> 00:05:17.629 It was happening at the same time as the stock 00:05:17.629 --> 00:05:19.269 market was declining. So they both went down 00:05:19.269 --> 00:05:24.009 together. In tandem. It was this really unprecedented 00:05:24.009 --> 00:05:27.389 alignment of negative forces that just stripped 00:05:27.389 --> 00:05:31.069 the 60 -40 portfolio of its main protective feature. 00:05:31.129 --> 00:05:33.829 So it wasn't just one single thing then but like 00:05:33.829 --> 00:05:36.800 a convergence of factors. Precisely. Our study 00:05:36.800 --> 00:05:39.899 really emphasizes how this whole situation exposed 00:05:39.899 --> 00:05:42.939 the portfolios while deep reliance on a particular 00:05:42.939 --> 00:05:45.860 kind of economic era, an era characterized by 00:05:45.860 --> 00:05:49.439 falling interest rates and disinflation. Right. 00:05:49.579 --> 00:05:51.800 Low inflation, falling rates. Conditions that, 00:05:51.879 --> 00:05:54.120 let's be honest, had basically prevailed for 00:05:54.120 --> 00:05:57.220 almost four decades. A very long time. But as 00:05:57.220 --> 00:05:59.560 the analysis points out, these fundamental conditions 00:05:59.560 --> 00:06:03.329 just reversed sharply. in 2022. It's almost like 00:06:03.329 --> 00:06:06.029 the rules of the economic game completely changed 00:06:06.029 --> 00:06:08.850 overnight. Absolutely. And, you know, we probably 00:06:08.850 --> 00:06:11.529 can't overlook the role that other factors played, 00:06:11.689 --> 00:06:14.269 like growing U .S. national debt and expanded 00:06:14.269 --> 00:06:16.870 fiscal policies. They likely amplified those 00:06:16.870 --> 00:06:19.209 inflationary pressures. Adding fuel to the fire. 00:06:19.449 --> 00:06:22.750 Kind of. These factors put extra strain on traditional 00:06:22.750 --> 00:06:25.129 assets right when they needed to perform their 00:06:25.129 --> 00:06:27.870 usual roles. Now look, it's true. The 60 -40 00:06:27.870 --> 00:06:30.430 portfolio showed amazing resilience through countless 00:06:30.430 --> 00:06:33.110 market corrections over, what, 150 years. It's 00:06:33.110 --> 00:06:35.209 a long track record. A very long track record. 00:06:35.470 --> 00:06:38.410 But this unique economic regime shift we've witnessed 00:06:38.410 --> 00:06:41.829 recently, it just rendered that classic strategy 00:06:41.829 --> 00:06:44.709 far less effective. It's not that the strategy 00:06:44.709 --> 00:06:46.569 was flawed forever, but maybe the environment 00:06:46.569 --> 00:06:49.399 was built for just, well, It really sounds like 00:06:49.399 --> 00:06:51.480 the old rule book needs a serious update then. 00:06:51.860 --> 00:06:54.620 So, okay, if those traditional pillars aren't 00:06:54.620 --> 00:06:57.399 holding up quite the same way, what new approaches 00:06:57.399 --> 00:07:00.379 are starting to gain traction? Especially for 00:07:00.379 --> 00:07:02.300 safeguarding things like retirement savings. 00:07:02.620 --> 00:07:05.019 That's the critical question now, isn't it? And 00:07:05.019 --> 00:07:08.720 in light of these shifts, assets like gold and 00:07:08.720 --> 00:07:11.120 other commodities have definitely garnered renewed 00:07:11.120 --> 00:07:15.600 and pretty significant attention. Gold for instance 00:07:15.600 --> 00:07:17.620 is widely recognized and has been for centuries 00:07:17.620 --> 00:07:21.540 as a pretty robust hedge against inflation and 00:07:21.540 --> 00:07:24.699 currency risk. Its value tends to hold up. or 00:07:24.699 --> 00:07:27.220 even increase when there's economic uncertainty. 00:07:27.699 --> 00:07:30.060 It often moves independently of traditional stocks 00:07:30.060 --> 00:07:32.480 and bonds. And what's truly fascinating here, 00:07:32.480 --> 00:07:34.579 and this was a powerful point in the analysis, 00:07:34.720 --> 00:07:37.759 is that by 2025, some of the world's largest 00:07:37.759 --> 00:07:41.000 central banks actually increase their gold holdings. 00:07:41.220 --> 00:07:43.639 Oh, interesting. Yeah, to levels that exceeded 00:07:43.639 --> 00:07:46.040 their U .S. Treasury reserves for the first time 00:07:46.040 --> 00:07:49.500 since 1996. Wow. That is a profound statement. 00:07:49.720 --> 00:07:52.120 Isn't it? Coming from the very institutions that 00:07:52.120 --> 00:07:54.579 often set the tone for global financial stability. 00:07:54.980 --> 00:07:57.620 It really underscores Goal's enduring appeal 00:07:57.620 --> 00:08:00.600 as a safe haven, doesn't it? especially when 00:08:00.600 --> 00:08:03.019 maybe faith in traditional currencies or government 00:08:03.019 --> 00:08:06.399 bonds starts to wobble a bit. Historically, if 00:08:06.399 --> 00:08:09.279 you look back, during periods of persistent inflation 00:08:09.279 --> 00:08:11.379 and sort of broader financial market stress, 00:08:12.040 --> 00:08:14.439 gold and silver have quite consistently tended 00:08:14.439 --> 00:08:17.279 to outperform both stocks and bonds. They offer 00:08:17.279 --> 00:08:20.180 this valuable form of portfolio diversification 00:08:20.180 --> 00:08:22.720 that really holds up when those traditional assets 00:08:22.720 --> 00:08:25.889 are struggling. And that's partly because their 00:08:25.889 --> 00:08:28.250 value isn't directly tied to corporate earnings 00:08:28.250 --> 00:08:30.750 or interest rate policies in quite the same way. 00:08:31.110 --> 00:08:34.450 I see. So this brings us to maybe a broader insight 00:08:34.450 --> 00:08:38.429 from the analysis. Including a thoughtfully considered 00:08:38.429 --> 00:08:40.690 allocation to commodities within a portfolio 00:08:40.690 --> 00:08:43.899 can provide a really crucial buffer. a buffer 00:08:43.899 --> 00:08:46.759 against inflation and geopolitical risks. Risks 00:08:46.759 --> 00:08:49.159 that maybe stocks and bonds don't fully cover. 00:08:49.480 --> 00:08:53.200 Exactly. Risks that, as 2022 showed us so vividly, 00:08:53.440 --> 00:08:55.360 stocks and bonds just don't fully capture on 00:08:55.360 --> 00:08:58.450 their own anymore. So gold is clearly one powerful 00:08:58.450 --> 00:09:00.929 avenue people are looking at. But does the analysis 00:09:00.929 --> 00:09:03.590 point to other strategies or maybe a broader 00:09:03.590 --> 00:09:05.889 shift in just how investors should think about 00:09:05.889 --> 00:09:08.509 constructing a portfolio in this new environment? 00:09:08.850 --> 00:09:10.470 Yeah, that's a great follow up because while 00:09:10.470 --> 00:09:12.690 gold and commodities are definitely a significant 00:09:12.690 --> 00:09:15.629 focus in the analysis, particularly as that hedge, 00:09:16.049 --> 00:09:20.149 the underlying principle is really about a deeper, 00:09:20.490 --> 00:09:22.950 maybe more sophisticated approach to diversification 00:09:22.950 --> 00:09:26.950 itself. It's about looking beyond assets that 00:09:26.950 --> 00:09:29.269 have traditionally moved together, or are now 00:09:29.269 --> 00:09:31.730 moving together. OK, so not just adding gold. 00:09:31.850 --> 00:09:34.049 Not just adding gold, though that's part of it. 00:09:34.610 --> 00:09:36.830 The report suggests investors should consider 00:09:36.830 --> 00:09:40.009 a broader spectrum of what are called real assets. 00:09:40.309 --> 00:09:44.590 Real assets. Like what? Well, this could mean 00:09:44.590 --> 00:09:47.230 carefully evaluating allocations to things like 00:09:47.230 --> 00:09:50.190 inflation protected securities, to CHAS, treasury 00:09:50.190 --> 00:09:52.799 inflation protected securities. They're designed 00:09:52.799 --> 00:09:56.600 to adjust with inflation or exploring other alternative 00:09:56.600 --> 00:09:59.340 asset classes, maybe specific private equity 00:09:59.340 --> 00:10:01.399 opportunities if that's suitable for the portfolio 00:10:01.399 --> 00:10:03.720 or even certain strategies within real estate 00:10:03.720 --> 00:10:05.870 that might offer some inflation protection. So 00:10:05.870 --> 00:10:08.389 thinking outside the traditional stock bond box. 00:10:08.590 --> 00:10:11.110 Exactly. The core message seems to be that modern 00:10:11.110 --> 00:10:13.509 diversification needs a more forward looking 00:10:13.509 --> 00:10:16.450 perspective. We can't just rely on historical 00:10:16.450 --> 00:10:18.590 correlations that, well, might not hold true 00:10:18.590 --> 00:10:21.070 anymore in this environment of higher inflation 00:10:21.070 --> 00:10:23.970 and interest rate volatility. It's really about 00:10:23.970 --> 00:10:27.500 building a portfolio. that can potentially perform 00:10:27.500 --> 00:10:29.919 across different kinds of economic conditions, 00:10:30.399 --> 00:10:32.059 not just the one we got used to for the last 00:10:32.059 --> 00:10:34.139 few decades. That makes a lot of sense. And it's 00:10:34.139 --> 00:10:36.139 interesting because it's not just independent 00:10:36.139 --> 00:10:38.639 analysts selling this. Even the biggest players, 00:10:38.879 --> 00:10:41.399 the major financial institutions, they seem to 00:10:41.399 --> 00:10:44.039 be weighing in on this shift, too. Oh, absolutely. 00:10:44.539 --> 00:10:46.600 You're seeing leading financial institutions 00:10:46.600 --> 00:10:50.320 publicly reconsidering that traditional 60 -40 00:10:50.320 --> 00:10:53.580 model. Oh. The analysis we looked at specifically 00:10:53.580 --> 00:10:56.360 highlights strategists from giants like BlackRock 00:10:56.360 --> 00:10:59.480 and Bank of America. And they're openly acknowledging 00:10:59.480 --> 00:11:01.940 that, yes, returns from the classic portfolio 00:11:01.940 --> 00:11:04.919 have decreased, while at the same time, volatility 00:11:04.919 --> 00:11:07.559 has increased in recent years. This isn't just 00:11:07.559 --> 00:11:09.620 theory for them. It's what they're seeing in 00:11:09.620 --> 00:11:11.639 the actual market data. So they're seeing the 00:11:11.639 --> 00:11:14.500 same problem. They are. And furthermore, you 00:11:14.500 --> 00:11:17.279 have major hedge funds like Bridgewater Associates. 00:11:17.419 --> 00:11:19.700 They're known for their big -picture macro perspectives. 00:11:19.940 --> 00:11:22.059 They're actively recommending that investors 00:11:22.059 --> 00:11:24.980 strategically diversify into commodities, including 00:11:24.980 --> 00:11:27.980 precious metals, specifically to enhance portfolio 00:11:27.980 --> 00:11:30.919 resilience. They're not just offering vague advice 00:11:30.919 --> 00:11:33.399 here. They're putting their substantial reputation 00:11:33.399 --> 00:11:36.320 behind these kinds of shifts. So what's driving 00:11:36.320 --> 00:11:39.340 these giants, these huge institutions, to make 00:11:39.340 --> 00:11:42.379 such significant recommendations? It feels like 00:11:42.379 --> 00:11:44.899 a huge shift from what we've heard for so, so 00:11:44.899 --> 00:11:46.879 long. Well, this raises an important question, 00:11:47.019 --> 00:11:49.120 doesn't it? And the answer seems to be data. 00:11:49.980 --> 00:11:52.039 They're relying on sophisticated data models. 00:11:52.620 --> 00:11:54.980 And these models are clearly showing that a rising 00:11:54.980 --> 00:11:57.960 share of portfolio risk is now stemming from 00:11:57.960 --> 00:12:00.700 those correlated declines, stocks and bonds falling 00:12:00.700 --> 00:12:03.600 together. Ah, the correlation risk again. Exactly. 00:12:03.840 --> 00:12:06.740 They recognize that just relying solely on those 00:12:06.740 --> 00:12:09.500 two traditional pillars leaves investors pretty 00:12:09.500 --> 00:12:12.039 exposed, especially to inflation shocks and interest 00:12:12.039 --> 00:12:15.179 rate shocks. Therefore, they're advocating for 00:12:15.179 --> 00:12:17.899 these alternative assets and strategies that 00:12:17.899 --> 00:12:20.340 inherently reduce that specific vulnerability. 00:12:21.179 --> 00:12:23.220 These institutions are essentially reacting to 00:12:23.220 --> 00:12:26.039 the data and adapting their playbooks to this 00:12:26.039 --> 00:12:29.419 new economic reality. And for you, listening 00:12:29.419 --> 00:12:31.899 to this as someone navigating your own financial 00:12:31.899 --> 00:12:35.539 future, hearing these insights from major institutions 00:12:35.539 --> 00:12:39.039 really underscores this growing awareness across 00:12:39.039 --> 00:12:41.950 the whole industry. Effective retirement investing 00:12:41.950 --> 00:12:44.809 now truly demands adaptation. You have to adapt 00:12:44.809 --> 00:12:47.549 to this new economic reality. It's not about 00:12:47.549 --> 00:12:49.929 throwing out everything we knew, but definitely 00:12:49.929 --> 00:12:52.269 understanding which principles need a serious 00:12:52.269 --> 00:12:54.669 adjustment. So for you, whether you're maybe 00:12:54.669 --> 00:12:56.529 nearing retirement or just starting out building 00:12:56.529 --> 00:12:59.110 your long -term wealth, the lessons from these 00:12:59.110 --> 00:13:02.000 recent market events. They're genuinely significant. 00:13:02.519 --> 00:13:04.840 Our deep dive here, let's be clear, isn't about 00:13:04.840 --> 00:13:07.120 giving specific financial advice. No, absolutely 00:13:07.120 --> 00:13:09.399 not. But it is about sharpening your understanding 00:13:09.399 --> 00:13:11.879 of what seems to be a crucial paradigm shift 00:13:11.879 --> 00:13:14.639 in investment thinking. Precisely. I think the 00:13:14.639 --> 00:13:16.740 core takeaway is that just relying solely on 00:13:16.740 --> 00:13:19.840 traditional stock bond diversification. Well, 00:13:20.220 --> 00:13:23.000 it may no longer provide the level of risk mitigation 00:13:23.000 --> 00:13:25.419 it once did, particularly in this kind of environment, 00:13:25.580 --> 00:13:30.289 one marked by persistent inflation and tightening 00:13:30.289 --> 00:13:32.830 monetary policy. So it becomes really imperative 00:13:32.830 --> 00:13:36.870 for investors for you to not only grasp the structural 00:13:36.870 --> 00:13:38.629 risks that might be inherent in your current 00:13:38.629 --> 00:13:41.590 portfolios, but also to actively stay informed. 00:13:41.740 --> 00:13:45.399 be agile regarding these evolving market dynamics. 00:13:45.480 --> 00:13:47.759 The world changed. The world has changed. And 00:13:47.759 --> 00:13:49.860 so our approach to building portfolios probably 00:13:49.860 --> 00:13:52.259 needs to change too. Absolutely. And this deep 00:13:52.259 --> 00:13:54.860 dive, it's really designed to encourage that 00:13:54.860 --> 00:13:57.279 critical awareness, to help you think through 00:13:57.279 --> 00:14:00.220 diversification principles and understand the 00:14:00.220 --> 00:14:02.299 bigger economic picture, the conditions that 00:14:02.299 --> 00:14:04.639 can profoundly affect your portfolio stability. 00:14:05.159 --> 00:14:07.879 It's really about empowering you with knowledge. 00:14:08.299 --> 00:14:10.340 Knowledge to ask better questions, maybe of your 00:14:10.340 --> 00:14:12.960 advisor, maybe... of yourself, and make more 00:14:12.960 --> 00:14:15.299 informed decisions for your own unique financial 00:14:15.299 --> 00:14:18.039 journey. Well said. You know, the collapse of 00:14:18.039 --> 00:14:20.759 the 60 -40 portfolio's protective mechanisms 00:14:20.759 --> 00:14:24.460 during that 2022 downturn, it doesn't seem like 00:14:24.460 --> 00:14:27.059 just an anomaly anymore. It really marks a critical 00:14:27.059 --> 00:14:29.620 moment in thinking about retirement investment 00:14:29.620 --> 00:14:32.039 strategy. Yeah, a turning point, perhaps. It 00:14:32.039 --> 00:14:35.139 feels like a wake -up call, a call to reassess 00:14:35.139 --> 00:14:37.460 what we truly consider diversified and resilient 00:14:37.460 --> 00:14:39.679 when we build a portfolio. And understanding 00:14:39.679 --> 00:14:42.360 these pro - shifts is just absolutely essential 00:14:42.360 --> 00:14:45.700 for navigating retirement planning in today's 00:14:45.700 --> 00:14:49.000 really complex global economy. It truly is. As 00:14:49.000 --> 00:14:51.320 these traditional asset classes face new and 00:14:51.320 --> 00:14:54.200 potentially sustained challenges, adopting a 00:14:54.200 --> 00:14:56.340 fresh perspective on balancing risk and reward 00:14:56.340 --> 00:14:59.120 isn't just, you know, advisable. It's necessary. 00:14:59.340 --> 00:15:01.840 It feels necessary now for securing your financial 00:15:01.840 --> 00:15:04.100 future. So as you consider your own financial 00:15:04.100 --> 00:15:06.500 journey, maybe think about this. What other long 00:15:06.500 --> 00:15:08.679 -held assumptions, assumptions about stability, 00:15:08.980 --> 00:15:11.200 about diversification, might be worth a closer 00:15:11.200 --> 00:15:13.779 look in this evolving economic paradigm? Something 00:15:13.779 --> 00:15:14.299 to ponder.