SPEAKER_01 0:06

Well, did you? Did you miss the boat? Did you make the biggest mistake of your investing career and not buy the IPO for SpaceX? Are you gonna miss the boat on the next IPO and the next IPO? Because there's a couple uh more to come this year. I'm not gonna bury the lead here. Look, I the truth is no, you're you're not missing the boat. If you've got FOMO, if you're worried about, you know, missing out on the next generational company that becomes Apple or Microsoft or whatever, the reality is we just don't know what these companies are gonna become. But what I really want to talk about today is, you know, I gave it a week. I I watched this IPO, really a uh historic IPO, I watched it unfold. And what I really watched, I wasn't watching the stock price so much, I was watching not even um investors' reaction to it, I was watching advisors' reaction to it. And here's what I want to tell you. And I and I gotta tell you, like I'm very, I'm very pleased. I I don't know if pleased is the right word, but I am very pleased. I didn't really get any clients calling me, a couple. Um and and it wasn't about, you know, what do I think this is gonna do? I really feel like if you've been a client of mine for any period of time, and it doesn't mean that this isn't gonna change, you know, with the next big crash that happens out there, which we know can happen in markets, but I really feel like a lot of my clients understand what we're trying to accomplish in their investment portfolio. But the reality is, advisors don't. They just don't. I man, I am seeing this. I'm I'm watching uh X, I'm watching different social media, I'm listening to some other advisors um out there that put podcasts out there. And, you know, just generally in the media, I'll I'll watch different uh, you know, CNBC or Fox business and they'll have advisors on and and experts on. And you know, here's the thing all of them are saying the same thing. It's like they're ripping the same page out of the same playbook. And it's not so much the advice they're giving that I have a problem with, it's how they're giving it. What the average advisor out there, and what I mean by average is they're average. What they're saying is you should not buy this IPO or any IPO because dot, dot, dot, IPOs work this way. And what they do is they immediately go into the numbers. Now, look, numbers are important. Um, statistics and numbers are how we build your portfolios, it's how we explain things to you, it's how we build and balance and rebalance, and it's it's math is critical. But when something like SpaceX comes out, a completely different company run by, you know, a polarizing figure, whether you love them or hate them, Elon Musk, uh, and it's historic in its valuations. To me, it's a huge mistake when an advisor comes out and just starts talking about the numbers, you know, and here's how IPOs work, and therefore you shouldn't this and you shouldn't that, and we really don't know. And we don't look, here's the truth. The reason why you shouldn't worry about missing the neck the boat on whether it's SpaceX or anthropic or whatever's coming out has nothing to do with how IPOs generally operate. You know, whether they go up and down, whether they go down and up, it's not that. The reality is you need to take a step back as an advisor. And this is really the critical part of my job and to re-center you. And by the way, if you're a client of mine, this would be one to share, I think, with your friends and your family members because most of them are not dealing with advisors. I was at a family event and we were talking about, you know, advisors that that uh some of my family members use. And none of these advisors are centering these people around the real point of the portfolio, which we've talked many times on this podcast about. The point of the money, the purpose of the money, the point of the portfolio isn't to beat the market. It's not to win. It's not to be better, have a better return than your brother-in-law. It's not. The point of the portfolio, and if you're a client of mine, you already are saying it, it's to fully fund your financial plan. And it's the financial plan that is holding all your hopes, dreams, desires, and legacies. It's basically your family. That's your financial plan. It encompasses everything that you and your spouse want to do for your kids and your grandkids generationally, maybe charitably. It's the most critical decision you're gonna make. One of the most critical decisions you're gonna make as a family is how to operate within your investments. And it would be foolish to take the hopes, dreams, and desires and legacies of your family and speculate and gamble on any individual position, let alone an IPO. It's got nothing to do with how IPOs react. It's got nothing to do with the valuation of this company. It's got nothing to do with Elon Musk or Sam Altman, you know, the next guy, or it's got nothing to do with any of that. It's not the numbers that should drive this decision. It's the reality that your the point of your money, the point of the portfolio is to fully fund this financial plan, which holds holds all these hopes, dreams, and desires, and legacies. And I want to drive that point home because look, we're gonna have a couple, we probably are gonna have a couple more IPOs this summer or maybe later into the fall. And so this is gonna happen again and again. And it it doesn't matter to me what is going to happen with these stocks. It doesn't matter if they go up and write back down and then come back up. It doesn't matter if they just fall flat. That's not the point. The point isn't an IPO and how it acts. The point isn't any individual stock, whether it be Apple, Tesla, Microsoft, Caterpillar, uh, any of it, NVIDIA, it doesn't matter. What we're looking to do is to, and this is not exciting, right? So, like when I I had my daughter on here uh a few podcasts ago, and when I speak to the children of my clients, the younger generation, they have a hard time with this because listen, it takes time to build a portfolio. If you're my age, you know that. You know, if you're in your 50s, you know that. It takes some wisdom. You know, when you're in your 30s, you're still looking for quick hits. It's just, look, it's how we're built. I I was the same way. It's why I think a lot of times that maybe an older advisor is is is important because wisdom is really just it's just knowledge with experience kind of meshed together. Knowledge alone doesn't really get you through difficult parts, which is why I'm saying that just giving you the numbers on how IPOs work, it's just not, it's just not compelling. Just giving an experience alone isn't compelling. It's the two of them combined. That's wisdom. And what wisdom tells me, and what wisdom affords me the ability to to do in my own as well as my clients' balance sheets, is to say, look, this is going to take time. It's more like watching paint dry than it is watching a NASCAR race or an MMA event. It's not supposed to be exciting and enthralling. It's not, it's supposed to be very slow. Wealth is built usually slowly. Now, there are exceptions to this rule. You could you could invest in a company and speculate and gamble and win. People do that. But even when they do that, my advice to them is great, you won the lottery ticket. Now let's do it the right way. You know, good for you. You got lucky, let's do it the right way. What's interesting though is like a lot of the small business owners that I have that are clients of mine who are very wealthy people, they did not do this overnight. You know, they didn't speculate and gamble on their business and just grow it overnight. I mean, these things took 20 years, 30 years, 40 years, generations in some in some situations. So it's not just investing in the stock market that takes time. It's building the right saving strategy, saving the right percentage of your income, building the right insurance around, you know, the moat around the castle. All of these things take time. Figuring out what business you want to be in if you're a small business owner and building it slowly, hiring the right employees, adding to those employees, coming up with tax uh strategies, none of this happens overnight. It's a very slow process, which again, to a 20 or 30 year old is just not exciting. I get it. But when I now can look back over almost 30 years of doing this, whether it's my own balance sheet, my family's financial plan, or my clients, I can tell you definitively, it's the ones that stayed the course. It's not the ones that hopped from one thing to the next, one job to the next, one idea to the next. Those people don't tend to really do well long term. It's the it's the boring ones. It's the, hey, I've worked at this company for a long time and I've maxed out my retirement plans and I've maxed out my savings outside and I've done the right things consistently day in and day out, 10, 20, 30, 40 years. That's wealth. That's how you build wealth. And then the then the question becomes how do we pass that wealth on? So going back to the first part, you know, did you miss the boat on SpaceX? Who knows? And who cares? And it doesn't matter how IPOs work. If you're investing in markets, you're gonna own SpaceX. If you're investing in markets around the globe, you're gonna own the SpaceXs we don't even know about yet. We nobody knew what NVIDIA was until recently. Yet that company's been around for what, 30 years? So there's things happening inside the markets that you'll never even understand or know or or even get your hands around because it's not front page news. This IPO was. Let's not get stuck around how IPOs work or or how individual stocks move or how that industry, which is a brand new industry, space exploration, how that works. It's irrelevant for you, my client, and maybe if you're just tuning in for the first time and you're you're watching us on whether it's the Apple video, the new Apple video, which by the way, I want to really thank Producer Jamie for getting us. We're one of the, believe it or not, first podcasts that's on the Apple video platform. It's kind of a new deal. Um, as small as we are, um, you know, we we we're on the Apple video. So if you're watching or hearing us, listening to us on Apple, which most of you do when we look at the numbers, uh, you can actually see the video now, which is pretty cool. But again, if you're tuning in, no matter how you're tuning in, I want you to get the message is that you didn't miss the boat on anything unless you're still trying to chase some mythical victory, which doesn't really exist. And my and the odds are you're not. If you're my client and you're 50 years old and mid-40s and 60s and 70s, you're not chasing anything. You've lived long enough, you've seen this happen repeatedly, and you know how you actually build wealth slowly over time. So we are not gonna get into the numbers on this. We are not gonna do what every other advisor out there does, which is talk about the ups and downs of how IPOs work. We're not gonna do that. We're gonna stick to the game plan, which is the knowing the point of the portfolio is to fully fund your financial plan, and we're gonna spend all of our time building and protecting that. We'll talk to you in a couple weeks.

SPEAKER_00 10:44

Joseph Lisi is the director of representative of financial advisor parking securities, LLC of SJ5 to Willow Kerro Kane Road 300, California, 92121, six one nine, six four eight six six four zero zero. Security parts and visitors services of the PS, S IPC, a next representative of the Guardian Lynch Company of America, Guardian, New York New York. PS is a superior guardian. What's back of part of the LSC and superior PS or Guardian? Therefore, what information recording of the advice.