A Recovering Stock Picker.

The siren of individual stocks has drawn me in for decades ever since I entered the brokerage business some thirty years ago.  I had visions of becoming the next Warren Buffett, Peter Lynch or Jesse Livermore.

I’ve read numerous books on investing, charting and trading.  The information has been priceless. I also garnered a tremendous amount of investment knowledge by talking to clients about their stock positions.

In the early ‘90s, I answered incoming calls for clients of my firm’s office who wanted stock quotes.  I shared a Bunker-Ramo terminal with another broker and I was limited to 12 stock symbols on my side of the monitor.  Giving quotes was a tedious affair especially if a client had a large portfolio.  If he wanted more information, he’d have to wait until the following day to read the newspaper or review his month end brokerage statement.

Pre-internet, information available on common stocks was dominated by a handful of big brokerage firms such as Merrill Lynch, Smith Barney, Paine Weber and Dean Witter.  Their voluminous research reports were coveted by individual investors.  These firms controlled the information and, therefore, held most of the power to move a stock.

Today almost anybody can move a stock’s price as we recently witnessed by Kylie Jenner’s tweet about Snap Chat.  Its market capitalization dropped by $1.3 billion because of her tweet.[1]

The internet is the ultimate equalizer.  Investors can receive real time quotes delivered via several devices.  It’s impossible to act on company news because of how fast information travels.  In addition, Regulation Fair Disclosure (Reg FD) was initiated by The Securities and Exchange Commission.  They ruled that all publicly traded companies must release material information to all investors at the same time.[2]  The playing field for all investors has been leveled.

The buy and hold strategy for stock owners appears to be fading as investors look to capitalize on news delivered through CNBC, Twitter and other media outlets.  Investors trade by stock symbol not knowing, or caring, what a company does.  For example, Herzfeld Caribbean Basin Fund Inc, ticker symbol CUBA stock price rose sharply after the death of Fidel Castro despite having no connection to Castro or the country.  It appears the only reason investors bid up the price of this fund was because of the ticker symbol.[3]

The past few years I’ve been converting individual stocks to low-cost index funds and exchange traded funds.  The reduction in costs and reach of these funds is too compelling to ignore.  Furthermore, a portfolio of five or six funds will give me instant access to thousands of companies from around the world.

The data also supports a move to index funds away from stock picking and actively traded mutual funds.  In a recent S&P SPIVA® study they found that over a 15-year period 93% of large-cap money managers failed to beat their benchmark.  These results are similar for small, mid and international money managers.[4]  This underperformance also occurs on a 1, 3, 5 and 10-year basis.

The Vanguard S&P 500 Index fund has generated a ten-year average annual return of 9.64%. However, investors in the fund only made 5.38% per year because they traded in and out of the fund.[5]  If they had held on they would’ve more than doubled their money.  A buy and hold strategy is difficult to beat.

Warren Buffett, the definitive stock picker, recently won a bet against hedge fund manager Protégé Partners.  He bet them that the passive S&P 500 Index would outperform a basket of five actively managed hedge funds over a ten-year period. How did it turn out?  The S&P 500 trounced the hedge funds by 89%!  The S&P 500 returned 125%; the hedge funds, 36%.[6]

It’s been hard to wean myself off stocks and move the money to a diversified portfolio of index funds, but it’s been for the better.  I’ve been able to spend more time helping clients crystallize their goals through financial planning since I’m no longer tethered to a monitor watching stocks rise and fall.  A similar move may benefit you, especially if you’re looking for financial peace and freedom.

An intelligent heart acquires knowledge, and the ear of the wise seeks knowledge. ~ Proverbs 18:15.

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.


http://www.foxnews.com/opinion/2018/02/24/kylie-jenner-breaks-up-with-snapchat-and-1-3-billion-loss-in-stock-value-is-lesson-for-other-companies.html, by Karol Markowicz, 2/24/2018

[2] https://www.sec.gov/fast-answers/answers-regfdhtm.html

[3] https://www.marketwatch.com/story/mutual-fund-with-cuba-ticker-soars-after-fidel-castros-death-2016-11-28, Tomi Kilgore, 11/28/2016

[4] https://us.spindices.com/documents/spiva/spiva-us-mid-year-2017.pdf, Aye M. Soe, CFA Managing Director Global Research & Design and Ryan Poirier, FRM Senior Analyst Global Research & Design, report accessed 2/26/2018.

[5] Morningstar Office Hypothetical Tool, Fund symbol VFINX, 1/01/2008 to 01/31/2018.

[6] http://money.cnn.com/2018/02/24/investing/warren-buffett-annual-letter-hedge-fund-bet/index.html, by Jackie Wattles, 2/24/2018.

Why Don’t We Own Amazon?

The performance of Amazon’s stock has been remarkable. This year alone its stock price is already up 24% and it has generated an average annual return of more than 37.5% since it went public 21 years ago.  A $10,000 investment in 1997 is now worth $7.4 million![1]

Jeff Bezos, the CEO of Amazon, once said, “Your margin is my opportunity.”  From its humble beginnings as a book seller it has grown to dominate more than a few categories.  It has decimated the retail sector and it’s looking to conquer the healthcare and freight delivery industries.  When these initiatives were announced it sent several stocks tumbling, stocks such as Walgreens, United Healthcare, and FedEx.

It’s hard to beat Amazon as a stock and a company.  Amazon Prime is a phenomenal service.  I recently went to my local Home Depot to buy a cabinet hinge but couldn’t find what I was looking for, so I logged into my Amazon account, ordered the hinge, and had it delivered to my home the following day.

At a recent account review meeting I was asked by a client why he didn’t own any shares of Amazon.  I told him he owned it indirectly through his mutual funds.  I showed him where four of his funds owned a sizable position in Amazon and this meant his allocation amounted to about 1% of his stock holdings.

Furthermore, I pointed out to him how he also owned Alphabet, Apple, Facebook, Netflix and the other highfliers he repeatedly hears about on CNBC.

We continued our meeting and I asked him if he had ever heard of Douzone Bizon.  He had not.  I said it’s a South Korean company and this year the stock is up 64%.  I told him he owns it through his emerging markets fund.   I then asked him if he knew anything about Ablynx.  He hadn’t heard of this company either.  I mentioned to him that it’s a Belgium company he owned in his international small-cap fund and the stock is up 112% year-to-date.   I mentioned one last company he hadn’t heard of, KapStone Paper and Packaging.  This is a company he owns in his US small cap fund and it’s up 52% so far.

As the meeting progressed, we discussed how he owns several thousand companies from around the world giving him exposure to companies he might not buy on his own.  Individual investors who trade stocks tend to focus on buying shares of companies they know and trust. This isn’t a bad strategy, but it often ignores companies from around the world.  The United States stock market accounts for about 52% of the global stock market capitalization meaning the remaining 48% is outside of our borders.  If an investor only focuses on our market, he may miss out on opportunities found in other countries.

After our meeting my client felt better because he owned shares in Amazon through his funds.  He no longer felt as if he was missing out on one of the great stock market success stories of our time.

If you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunity on the table.” ~ Jeff Bezos.


Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.  Photo Credit: Tom Cross.







[1] Morningstar Office Hypothetical Tool.  AMZN stock price from 5/15/1997 to 1/31/2018.

Falcon Heavy

The launch of Falcon Heavy was a wonderful sight as it roared towards the heavens.  A massive rocket with 5 million pounds of thrust and a payload capable of carrying 64 metric tons, the equivalent of a fully loaded 737.[1]  The recent payload carried Elon Musk’s Tesla Roadster complete with a driver – “Starman.”

The successful launch by Space X from the Kennedy Space Center put them in the lead for the race to Mars ahead of Boeing and Blue Origin.  They succeeded because of the passion, persistence and vision of their founder, Elon Musk.  Without his dreams and plans this rocket would’ve never left earth.

However, it hasn’t always been straight up for the company or Falcon Heavy.  The company has endured failure and setbacks.  The plan for Falcon Heavy originated in 2004.  It was scheduled to be introduced in 2011 with a 2013 launch date.  In 2016 one of their rockets exploded on the launch pad and destroyed everything including a Facebook satellite.  Despite these setbacks and delays the company forged on with an eye on their recent launch.

Investors can learn many things from this launch.  To be successful as an investor you need a vision and a dream.  William Ward said, “If you can dream it, you can achieve it.”  Without a vision your idea will never get launched.   Once your dream is committed to paper you now have a plan.  Your plan is the cornerstone that will turn your dream into actionable ideas.  The details of your plan will help you navigate your investments towards your goals.

Of course, you’re not guaranteed victory just because you commit your dream to paper.  Your investments, and plan, will suffer many setbacks.  It took Space X fourteen years to go from thought to launch and their team needed many years of patience before they were able to see their dream reach the stars.  You’ll need patience as well.  A long-term investor will experience many strong years of growth but will occasionally be interrupted by a few outbursts of panic like we experienced in 1987, 2000 and 2008.

The limitless dreamers like the Wright Brothers, Amelia Earhart, Thomas Edison and Einstein must have been optimists because it’s hard to imagine a pessimist committing to enormous projects like these pioneers did.  It will take faith and optimism to invest your money in the stock market for decades especially if you experience a bear market or two.  You’re more likely to succeed as an investor if you own great companies and believe in their future regardless of their price movement in the short term.

Musk, like the innovators before him, returned to the drawing board often.  Thomas Edison was famous for “failing” 10,000 times before the light went on.  After their rocket exploded, the Space X team had to review what went wrong so they could fix the problem before their next launch.  When your investments lose money, or your plan isn’t working, it will pay to spend some time reviewing your accounts, strategies and goals to find out what happened.  Reviewing your investments will make you a better investor.

JFK aimed for the moon; Musk is pointing for Mars. These are huge targets.  Astronauts walked on the moon and I’m confident that one day someone will walk on Mars.  Without targets your goals are useless.  You’ll need them to measure your progress and, ultimately, your success.  If you’re going to set goals, aim high.

Invest for the long-term, set big goals, create a plan and your investments should blast off!

Aim for the moon…even if you miss you’ll land amongst the stars. – Unknown.

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.  Photo Credit: Tom Cross.  The picture is not Falcon Heavy.




[1] www.spacex.com/falcon-heavy, website accessed 2/21/18

My Friend Timms.

Timms is one of the hardest working men I’ve ever met.  I met him about ten years ago while visiting his company to offer financial planning and investment management services to the executives.  He’s the security guard.

He knew I was meeting with the executives in the C-Suite but asked if I could meet with him in between my appointments.  I told him I could, so we scheduled a quick meeting.  When we met he informed me he had less than $1,000 to invest and he had to work two jobs to make ends meet.  However, he just became eligible to enroll in the 401(k) plan and wanted some guidance.  We discussed his options and selected five mutual funds based on his goals.  We set up his plan to have an equal weighting to each fund.

In addition to selecting his investments we talked about the benefits of staying invested, investing monthly and rebalancing annually.  Over the past ten years he’s followed the script.  He’s also increased his annual contribution each time his company gave him a raise.  The increases have been small but consistent.

I met with him recently and was surprised with his account balance.  It’s twice the average balance in the plan and it’s rivaling those who make more money than he does.  I was happy for Timms and his family.

Timms has become a good investor by adhering to time tested investment rules like allocating his investments correctly and saving his money.  He’s a buy and hold investor who doesn’t get emotional when his account fluctuates because he can’t touch his money for another ten to fifteen years.

I look forward to my visits with Timms because of his enthusiasm for investing.  He asks great questions and his knowledge of the market is increasing.   We should follow his lead

Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. ~ 2 Corinthians 9:6

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.   The name and job title have been changed for privacy reasons.



Can Stocks Go to Zero?

The recent rout in stocks has been unnerving.  The rate of decline has been swift and violent.  In less than two weeks it has fallen more than 9%. Market corrections aren’t fun but they’re normal.  Up markets follow down markets and vice versa just as spring follows winter.   Stocks can’t go to zero and snow eventually melts.

Since 2008 the stock market has climbed more than 106%.  However, this rise hasn’t been without disruption.  Over the past ten years there have been five double digit percentage declines, or about one every two years.  In 2008 it plunged 50%.  In 2011 it dropped 18%.  In 2015 it fell 16%.  In 2016 it declined 13%.  This year it has fallen 9%.  Despite these drops a buy and hold investor still managed to generate an average annual return of 7.5%.  A $100,000 investment ten years ago is now worth $206,100.

Dating back to 1928 the stock market has finished a year in negative territory 24 times, or one in every four years.  Throughout the past 90 years it has averaged an average annual return of 9.6%.

Paradoxically, when stocks fall they become safer.  Valuations become cheaper and dividend yields increase giving you an opportunity to buy at attractive prices.

An investor who purchased the Dimensional Funds Core Equity 1 mutual fund (DFEOX) on October 1, 2007 enjoyed a gain of 135%.  A $100,000 investment grew to $235,000.  If she waited until March of 2009, after the market had fallen 50%, her initial investment would be worth $484,000, a gain of 384%.[1]

What can you do to protect your assets?  Here are a few suggestions.

  1. Follow your financial plan. Your plan should give you peace during a market decline because your investments will be synchronized to your goals. It’s your financial GPS.
  2. Diversify your assets. Diversification is the only free lunch on Wall Street. A diversified portfolio allows you to own securities from around the world.   In addition, you can reduce your risk by adding cash, bonds and alternative investments to your portfolio.
  3. Invest in cash. If your time horizon is three years or less, move some money to a cash account, CD or T-Bill.  Do you have to pay tuition?  Buy a home? Payoff your mortgage? Take a trip? Buy a car?  If so, invest this money in a secure instrument that won’t lose value.
  4. Buy the dips. If your time horizon is greater than five years, buy the dips.  The market in the short-term is unpredictable but over time it has risen.
  5. Buy funds. A portfolio of mutual funds will give you more diversification than one that only invests in common stocks.  A mutual fund will allow you to own thousands of securities.
  6. Dollar cost average. Set up an automatic investment plan that allows you to buy stocks monthly.  Automating this process will remove your emotions from your investment decisions.
  7. Focus on the percentage not the point. A 500 point drop in 1987 was 22%, today it’s 2%.
  8. Think long-term. There are about 72,000 individuals who are older than 100 living in the United States.  This number could rise to 1 million by 2050.[2]   A person who retires at 65 could spend 35 years or more in retirement!
  9. Turn off your media outlets. Pundits, reporters, and commentators do a great job to stir the pot during a market retreat.  They dramatize the information for millions, but they know nothing about your specific situation.

The stock market has been fluctuating for centuries and it will probably continue to do so long after we’re gone.  Focus on your goals, diversify your assets, think long-term and good things should happen.

“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria” – Sir John Templeton

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.







[1] Morningstar Hypothetical Tool, returns through January 2018.

[2] http://www.thecentenarian.co.uk/how-many-people-live-to-hundred-across-the-globe.html, Steven Goodman, January 17, 2018.

How to Generate (more) Income in Retirement.

Do you want or need more income for your golden years?  With low interest rates and reduced pensions retirees have been on a journey to find alternative sources of income.  Retirees have historically relied on Social Security benefits, pension payments, or investment income to meet their needs during their retirement years.  These traditional income streams have been the source of survival for many in retirement.

The asset level of a retiree determines how much income she could receive.  For example, if an individual retired with $1 million, she could expect to receive about $40,000 in annual income. She’d collect this investment income, along with Social Security, to meet her living needs.  In year’s past these two items may have been her only choices.

However, through the Sharing Economy she can now generate multiple streams of income on her terms from items she already owns or possess.  She can now free herself from low yielding bank CD’s and expensive insurance products.

Another benefit to the Sharing Economy is owning fewer assets.  A car is a major expense.  In addition to monthly payments, there’s insurance, storage and maintenance.  These expenses will take a big chunk out of her monthly income, but thanks to Uber she doesn’t need to own a car.

Here’s a list of companies you can tap into today to start generating more income for your retirement.

  • Uber and Lyft. If you own a car and have some free time, you can drive for Uber or Lyft to generate income.  You can set your own schedule and drive as often as you wish. Of course, the more you drive the more money you’ll make.
  • Boat Bound. Do you own a boat sitting in dry dock?  Does your boat only see water on Memorial and Labor Day?  If so, you can use Boat Bound to rent it out rather than have it resting on a trailer in your driveway.
  • RV Share. Did you buy an RV on the day you retired with visions of driving across the country?  You may have made one or two trips but now your RV is stored on the side of your house and it’s being used as an extra storage room.  Through RV Share you can rent it out to generate income.  RV Share has an earnings calculator to give you an estimate of how much money you can make from renting your Class A RV, Fifth Wheel or Pop Up Trailer.
  • Turo. Through Turo you can turn your car into a rental.  Your car probably sits idle for most of the day so now you can let others drive it when you’re not using it, and this will put a few extra dollars in your pocket.
  • Just Park. A parking spot is a coveted asset if you live in San Francisco, New York or Boston.  If you own a parking spot, you can now rent it out through Just Park.  In addition to traditional parking spots, you can also rent your driveway.  You get paid by others to park in your spot!
  • Airbnb and HomeAway. Do you have a room to rent?  Do you own a second home?  If so, you can utilize Airbnb and HomeAway to rent out your room or the entire home.
  • Silvernest. Are you an empty nester?  Do you want a companion?  Silvernest lets you screen for roommates who are looking for a place to live and share expenses.  In addition to earning income you’ll make a friend.  This service is best suited for individuals in retirement and whose children are no longer living with them.
  • Rent the Runway. Do you have a closet full of clothes you haven’t worn in years?  You can rent them out and make some money.  You can also rent clothes reducing the need to buy clothes you may only wear once or twice.  Fewer clothes means a small closet.
  • Etsy. Are you creative? If so, you can sell your items on Etsy.
  • TaskRabbit. Are you handy?  Can you assemble Ikea Furniture?  TaskRabbit let’s you put your hands to work through assembly, installation, or yardwork.
  • UpWork. Can you design websites?  Create spreadsheets?  Write papers?  Do taxes? UpWork is a freelancer’s dream in the new economy because you can work from home and help others across the country.
  • DogVacay. Are you a dog lover?  DogVacay let’s you walk or board dogs for others. You can generate income while walking a few dogs around your block!

These companies, and many more like them, may help you produce more income during your retirement.  To generate this income, it might be time to examine your resources and talents to see if you can put them to good use.  Happy Sharing!

We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths. ~ Walt Disney 

Behold, the former things have come to pass, and new things I now declare; before they spring forth I tell you of them. ~ Isaiah 42:9 

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.


More, More, More!

Retirement is a joyous occasion and a time for celebration.  After years of toil you’ve earned the right to enjoy the fruits of your labor.  You can travel the world, run on an uninhabited beach, read lengthy novels, watch movies, or volunteer your time.  Regardless of your goals it will take money to finance your dreams.

A person retiring today at age 65 may spend 35 years in retirement. How much money will she need to fund this stage of her life?  The answer is more, as in more than you think.  With a few key inputs like expenses or income it’s possible to calculate how much money she’ll need to fund her current lifestyle.  For example, if her annual expenses are $100,000 per year, then she’ll need at least $2.5 million.

As you approach retirement, if not sooner, I recommend calculating your annual expenses, so you can determine the amount of assets you’ll need to support your lifestyle.  A budget worksheet can help you determine your monthly and annual expenses.  Here’s a link to a budget worksheet: https://www.consumer.gov/content/make-budget-worksheet.

If the inputs are known, why should we plan for more income?   Two reasons: inflation and unexpected expenses.  Inflation has averaged 3% since 1926.  The value of a dollar in 1926 is worth 7 cents today.  Inflation will annihilate your cash and bond investments over time by reducing their purchasing power. However, you can offset this decline by owning stocks. Stocks have generated a real-return (net of inflation) of 6.8% since 1802.[1]  Stocks will allow you to maintain your purchasing power in retirement.

The second reason you’ll need more money is because of unexpected expenses like a new roof, air-conditioning unit, or car.  In addition, the odds of incurring medical expenses increase as you age, unfortunately. Unexpected expenses can also come from benevolent decisions like charitable donations or gifts to loved ones.

How can you insulate yourself so you can enjoy a fruitful retirement? Here are a few ideas and suggestions.

  1. Save more. The more money you save today, the more you’ll have tomorrow.  Saving an extra $500 per month will put an additional $260,000 in your pocket over twenty years.
  2. Reduce your expenses. After reviewing your expenses are there items in your budget you can reduce or eliminate? Lowering your expenses will give you some margin in retirement if you’re confronted with unexpected expenses.
  3. Pay off debt. Reduced your debt obligations before you enter retirement.  This will lower your expenses and increase your cash flow at a time when you need it most.  If you have money in the bank, use it to pay off your debt obligations.
  4. Create a new expense category. If you follow a budget, create a line item for unexpected expenses.  I’ve added a “black swan” category on my spread sheet for items out of my control.  Why a black swan? A black swan is a rare, and often unexpected, sight. The amount of this category should be 1% to 2% of your total expenses.  For example, if your expenses are $100,000 per year, then 1% to 2% of this amount is $1,000 to $2,000.  This figure is now part of your budget and will help you deal with unexpected expenses.
  5. Defer Social Security. You’ll be eligible to receive Social Security at age 62, but for every year you defer your benefit, you’ll get an 8% raise.  A monthly benefit of $1,500 at 62 could rise to $2,776 at 70, an increase of 85%.

Retirement is a wonderful time, I’m told, which probably is the reason it’s called the Golden Years.  A proper retirement plan can help keep your golden years free of tarnish!

The question isn’t at what age I want to retire, it’s at what income. ~ George Foreman

In all toil there is profit, but mere talk tends only to poverty. ~ Proverbs 14:23

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  For more information please visit www.parrottwealth.com.


Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.




[1] Stocks for the Long Run, Jeremy Siegel, updated.

Points or Percentages?

The Dow Jones is currently trading north of 26,000. As the market climbs higher the range of point moves become more prominent. For example, it’s not uncommon for the Dow to rise or fall 200, 300 or 400 points in a day. When the market has wide moves it catches the attention of the media and investors. A market falling 400 points sounds alarming, but is it?

On October 19, 1987 the Dow Jones fell 508 points, or 22.6%. It was the worst drop in the market since the since the Great Depression. Today, a 500 point drop is less than a 2% move.

In addition to the stock market being higher it’s possible your account value is too. A $1,000 loss has a larger impact on a $20,000 portfolio than one that is valued at $200,000

It’s now time to focus on the percentage change rather than the point change.

You better cut the pizza into four pieces because I’m not hungry enough to eat six. ~ Yogi Berra.

Bill Parrott is the President and CEO of Parrott Wealth Management, a fee-only, registered investment advisory firm.

February 2, 2018

Note: Your investments may perform better or worse than those listed in this blog. Investments are not guaranteed and they may lose money.