Good evening. Thank you for being here. My name is Jason Kaplan, and I'm joined this evening with my colleagues, Michael Whistle and Nate Whitaker. We are from Howard Capital Management. We are a partner of Anna's and a number of its members for the past 15 years. We are a registered investment advisor and we provide investment advice and portfolio management support, as I said, for a number of Anna members, as well as the organization itself. This evening, we're going to be talking to you about the basic tenets of sound long term investing. As you can see from our agenda, we're going to be discussing a number of different topics, including saving for retirement, establishing goals and understanding risk, different asset classes, ongoing management, staying invested and some giving you some market context. But by way of introduction, I just wanted to sort of explain to the audience that I don't know, we don't know that there's ever been a more important time to be thinking about long term investing than there is now. The burden of investing is falling more and more on individuals as the traditional avenues available, including Social Security, different types of pension plans may not be available going forward. And so it's really important that the individuals start now in terms of trying to save for their retirement. And the reason this is so important is, as you can see, life expectancy, hopefully for all of us, continues to rise. And as a result of this life expectancy continuing to rise, the length of retirement and the number of years you're going to spend in retirement also continues to rise. And as you can see, you know, as far back as 2020, which is four years ago, the average for men and women is somewhere between 18 and 21 years of retirement of time in retirement. So with that, I'm going to turn it over to Michael Whistle, who's going to get into a little bit more of the details about what this means for you. Thank you, Jason. Appreciate that. And as Jason said, it's becoming even more important because we're living longer and retiring longer to save for that retirement. And we've often heard you may have heard of the three legged stools of retirement. But basically, it's time, health and money go into any retirement. You need all three. You need a balance of the three. What we're obviously going to talk about tonight is is the money aspects of that. And it's really got three components to saving for retirement. What we'll go through tonight is sort of the plan as to how to get there. The framework for putting investments together, why it's so important to stay invested and kind of wrapping that that all up. So the different aspects of the retirement stool are and specifically the money portion. Number one, Social Security. We all know Social Security, the Social Security system is in trouble. It was never meant to be a source of ultimate income for people as much as it was a safety net. But nonetheless, quite a few older adults still need the income that comes from Social Security. But there's certainly questions about the viability of the system and the demographics we have going on at this moment. It means it's just going to probably play a smaller role in in retirement security going forward. The second is pension. And when I say pension, I'm really talking about the defined benefit plans or a a retirement plan that your employer provides for you. So at their peak, and this isn't they're sort of a thing of the past. They're they're becoming extinct. About half the companies offered them, and now it's down to about 15 percent. So that part of the stool is also lessening, which leads us to investment in savings. And this is where our own personal, where we can make the most impact. And it's also going to be the part that needs the most impact. So experts have said that we're going to need to replace about 85 percent, 90 percent of our pre-retirement income to have the same standard of living. And about half of that is going to going to have to come from our own personal savings. So that's contributing to a 401k. That's contributing to outside accounts, contributing to IRAs. So very, very important to understand that we are going to have to shoulder, as Jason said, most of the burden of our own retirement. So how do we get there? What's the plan? Where do we start? The first part of this and the first order of business is to establish goals, understand your own risk profile. And that's really got three different aspects to it. And this is really an art and a science. And we might say that a couple of times tonight. But there's some things that we can quantify. And there's some other things that are a little more wishy-washy that we have to sort of get through and understand as individuals. So the first part of this is time horizon. Obviously, how old you are can make a difference in what type of risk you take on. It's a very important piece of the puzzle, but it's not the be all end all. So there is a rule of thumb that we can use. It's called the rule of 100. Basically, you take 100 and you subtract your age. And the resulting number gives you an idea of maybe where you should be in terms of how much you should allocate to risk assets. So, for example, a 60-year-old, you take 100 minus 60 gives you 40. And that gives you sort of a starting point for maybe you should be invested 40 percent or so in risk assets. Again, just a starting point. But you also have to take into account your investment goals. So are you at this stage of life where you're still trying to accumulate and you want to grow your capital? Are you at the time of life where you're looking to potentially begin to think about retirement? And so, therefore, you are in more of a capital preservation mode. What is your retirement age? Are there savings milestones that you have? You know, I have the pleasure of looking forward to paying for three colleges, college educations and a couple of weddings. Are there other things that happen along along the way? So these are important to sort of map out up front and understand because those it's not just retirement, it's some things along the way as well. And then finally, more of the art of this is is risk tolerance itself. And and that is it's more of your emotional wherewithal. How do you feel about investing? Are you looking at every tick of the market and not being able to sleep at night? That might mean you need to be you have too much risk on the table. Risk is a two dimensional process. So there is risk tolerance. It's how you feel about investing. It's your emotional wherewithal. But then there's also risk capacity. How much risk can you literally afford to take? And this is another part of that scientific part of it. But we can do an exercise that we call capital at risk, which basically takes the amount of money that one has to be able to invest and kind of stress test it and says, if you were to lose this much, can you recover from that? Do you have enough time to recover? Or is it sort of you get to the point of no return and therefore that take that option off the table and you get to a place where you can say, OK, I can feel comfortable with a loss such as this, knowing that I have the time to get past that and move, move forward. So, number one, risk is something that you you need to understand up front before you ever begin to invest, understand where you want to be along the continuum. And then it's also an ongoing process. So risks, your risk levels can adjust over time. The most the simplest example of that is just as you approach retirement, you may want to become more conservative or it can work the other way. So you come into an inheritance that you didn't know you were going to to get. Perhaps that makes you less risk averse. But the point is, is that it's a dynamic process and it needs to be looked at constantly over time. In addition to managing the investments themselves and managing the risk within the investments themselves, that's a whole kind of separate discussion we're going to talk a little bit of. But it's also very important to have that discipline, you know, going forward. So we sort of understand what the right risk is, and that can start to frame out how you want to invest. And so I'm going to turn it over to Nate to talk a bit about the kind of the puzzle pieces we use to put portfolios together or that someone can use to put portfolios together. Nate? OK, so so I guess this is sort of where the rubber meets the road in terms of building that portfolio. Once you understand your risk tolerance, what a portfolio is appropriate for you. This chart right here just lays out four big categories of assets. These are the major asset classes. And really, you can think about it in two buckets. So the top three cash fixed income, which just means bonds, equities, which just means stocks. Those are what people consider your traditional asset classes. And for for decades, people have sort of constructed their portfolios primarily off of these these categories. The fourth bucket down there at the bottom called alternatives. You can maybe think of that as a catch all for all the non-traditional asset classes out there, like hedge funds and private equity and venture capital. The point of this slide is sort of just to show you that there are the big categories, and as you drill down to them, there's lots of subcategories within each to choose from. So, for example, in a fixed income, you could be looking at investment grade bonds or non-investment grade bonds. You could look at lending to all different types of borrowers. Next slide, please. So I'm going to get into these these asset classes in a little bit more detail. So so up top, we have cash and equivalents. And think of this as the least risky and the lowest return on the spectrum. Why do we have it up there? Because just like running a business, people need to keep cash on hand as well, either whether for surprise expenses or maybe a big anticipated purchase, or sometimes you have cash in your account between different moving between different investments. And ultimately, as far as characteristics, it's the lowest return. Think about it like almost like putting your money in a savings account. You're going to get a little bit of yield on it, but it's really long term, not really where you want to keep your money. Next down is fixed income. And what does fixed income mean? Like I said, bonds. Some of you may be familiar with what bonds are. Bonds, think of bonds as making a loan to someone and collecting interest on that loan. That could be a loan to a government, maybe a federal government or a foreign government or even a municipal government. It could be a loan to a company. It could be a company like Apple. It could be a loan to a consumer. So like someone who wants to buy a house and wants to have a mortgage or a someone wants to buy a car, needs an auto loan or credit card receivables get packaged up in the bonds. So all of these different types of categories constitute fixed income. And there's there's different types of fixing as far as duration as well. So you can make a loan for as short as a month or it could be 30 years to all different types of credit worthiness. So these all sort of play into the risk and reward. But ultimately, big picture fixed income is going to be one of the safer asset classes, especially when compared to the next two equities and alternatives. So equities, like I said before, think of equities as stocks, which are company ownership. So this could be ownership and a company that is here in the U.S. or overseas in a developed market or maybe in an emerging market. Could be big companies, small companies, startups. And really the sort of defining characteristics is equity. Since you want to own the company, you're making a longer term play on the growth and the success of that company. So your total return will typically constitute sometimes it'll be dividends, but usually you'll expect the stock to grow as the company and its management team grows their earnings per share and the company gets valued at higher valuation over time. That's the goal. So equities can be more volatile, more risky, but ultimately have higher returns in general, all things being equal than fixed income cash. Lastly, here are alternative investments. Alternatives can be all sorts of categories. It can range from art or physical funds, physical commodities, like oil funds or copper, all the way to funds that a whole host of different types of hedge funds, private equity funds, venture capital. And it's hard to broad brush these as far as characteristics, but really there's a few big themes. So alternatives tend to, all things being equal, have higher potential for higher returns, but that comes with higher downside risk of failure and higher fees, significantly higher fees. And also oftentimes alternatives will have lower correlation to the other traditional asset classes like equities and fixed income, which kind of offers some diversification in the portfolio as well. Next slide, please. Okay, so this slide here is just a 30-year chart just to depict the returns difference in a couple different asset classes. So in orange there at the top, you've got large cap stocks. In the middle, you've got small cap stocks. Below that are corporate bonds. And then right at the very bottom there, you can see T-bills, which are basically a short-term cash equivalent and inflation. And the point of this chart is sort of to depict that if you put your money in the safest asset classes, you're barely breaking even with purchasing power over time. You would have just broken even over the last 30 years. So it takes taking on some risk to get some return. Next slide, please. This slide right here is sort of what it's all about. So once we kind of know what those asset classes are, an investor should choose from those asset classes and construct a portfolio that blends together a mix of asset classes to match what their or their family's risk profile is. So for example, in this kind of plot shows expected return higher. The higher you get, it moves the y-axis. And the expected risk is out on the x-axis. And so this could actually be depicting a person. So like a person who's 22 years old, just starting their career, they have a little bit of money, but they've got a long runway ahead, can afford to be more aggressive and they have a higher risk tolerance. They are better suited for a portfolio that has a higher percentage of risk assets and potentially higher returns. And then over time, as that person kind of ages and works their way towards retirement and eventually moves into retirement, they could change the blend of their asset classes to be something more conservative to fit their risk profile. Mike, are you going to take over the next slide there? You're on mute. Sorry. Yes, I was. Yeah, so once we have the framework, once one has a framework for where they want to be along the risk spectrum, they can construct a portfolio made of various asset classes. And we do that for diversification purposes. And the slide that we're seeing here graphically illustrates the different returns in each year of the past, call it 15 years. You can see that the returns for the different asset classes are all over the place. It's probably why at the end of financial services commercials at about 10 times the speed of normal text, you hear past performance is not indicative of future results. They're all over the place. So what we want to do is build a portfolio, and one wants to build a portfolio that has consistent returns and lowers the volatility of those returns over time. And that's what you see with the white boxes that are the asset allocation portfolios. You're never going to get the highest returns. You're never going to get the lowest returns. And over time, you can consistently, though, return and lower your volatility. And this is a very important concept in investing over time. And it's important because volatility is normal in markets. And this is one of our favorite charts. And basically, it depicts each annual return of the stocks market in the blue bars. So these are annual returns. And then in the gold circles are the intra-year drawdowns. And what I mean by an intra-year drawdown is in any given year, markets can be at a peak and they fall to a low for that year. Whatever that difference is, whatever that drawdown is, is the intra-year decline. And so you can pick up a couple of different things from this chart. And the first being that, as you can see, in most years, the stock market goes higher. And about 70%, at least 70% of the past 30 years, excuse me, 40 years here, the markets ended higher. Even though, which is the second part of this, even though during the year, you saw declines somewhere in the neighborhood of 8, 10, 12, even 15 or higher percent during the year. So volatility in the stock market is normal. We have someone that we work with that says, the market is entitled to a 10% decline at any point in time for any reason. But that basically just means that volatility is normal. And understanding this and kind of accepting this is half the battle in keeping a disciplined sort of long-term approach and understanding that it's normal and not to react to it. This is said the same thing just another way. So markets go through bull cycles and they go through bear markets. So a bull market is a market that's going higher. A bear market is a market that's typically defined as one that's fallen 20% or more. And what this graphic illustrates pretty clearly is the degree and the duration of bull markets in blue compared to bear markets, which is in red. And you can see pretty clearly that bull markets last for a very long time and appreciate to a large degree compared with bear markets. We often say that bear markets are the price that one pays to be invested for the longer term returns of bull markets. On average, a bear market lasts just a little bit over a year. On average, a bull market lasts more than five years and a heck of a lot more return. So again, this is just sort of seeing the bigger picture, seeing the longer term picture another way. And it's all very important because markets do move in cycles and our emotions move in cycles along with the markets. So the problem, however, as human beings, is we tend to react to that, and we try to time the market. So, when things are feeling the best, we want, as a human, human nature wants to buy more. When things seem hopeless, and, you know, things are not good, we tend to want to sell, and get out, and wait for the coast is clear. You know, the coast is sort of clear. The problem is, at each of those points, the exact opposite reaction is better from an investing standpoint. So, your point of maximum risk is actually when things seem the best, and are the clearest, and there is euphoria. Things, when things seem hopeless, that's usually the time to buy. And Warren Buffett, as a famous investor said, I will tell you how to become rich. Be fearful when others are greedy, and be greedy when others are fearful. And that's basically what this means. And we can quantify this. We can quantify this in market timing by looking at a proxy for human emotion, and that's the University of Michigan Consumer Sentiment Index. Going back since the early 70s, if you look at sort of where that peaked, and you look at where it troughed, if one were to buy when it peaked, their subsequent 12-month returns were only about 3.5%. If one were to have bought when things looked the worst in these times, the subsequent 12-month returns would be about seven times that, 24%. So, number one, it's very difficult to time the market because the market is forward-looking. Number two, it's very, so it's difficult to be right, but it's also the wrong thing to do. One other point about trying to time the markets is you have to be right not once, but twice. And I say that because very often you can be right in saying I want to get out of the market because things are bad and it's going to get worse. And very oftentimes it does get worse, and so you might be right for a short while. But you have to also get in when things seem the worst, and you have to, so you have to make a second correct decision. This is a very difficult thing to do. And why is it difficult? It's simply put, this is a longer-term chart of the market. The market goes up over time. These are geopolitical crises overlapped here. We don't have financial ones, but there are obviously financial ones like the Great Depression, Great Financial Crisis in 2008-9. But this is just the most simplest visual view to see why staying invested makes a whole lot of sense. In addition, there's a very powerful tool, and that is the power of time and the power of compounding. Compounding is basically your money making money and then all that money making even more money. And the quote, we don't have the quote up here, but there is another quote that would really go, I think is apt here to compounding, and that is that Albert Einstein actually said that compounding of interest is the eighth wonder of the world. It is a phenomenon. The illustration that we have up here shows kind of three different investors, and each investor invests the same amount of money, about $125,000. However, Ryan does it at age 30. Nate, sorry, Nate, but you did it, started at age 40, and Howie doesn't start until age 50. Now, again, they all invest the same amount of money, but Ryan has the most time in the market. And you can see the results once they each turn at age 70. Ryan has more than two times the amount that Howie has. He's got 50% more than what Nate has. So, the power of compounding is powerful. The Chinese proverb says, you know, the best time to plant a tree was 20 years ago. The second best time is now. So, I would tell you that, A, do it as soon as you can, and B, do it to the max degree you can now, because there's no better time than now. In addition to just starting early and getting time in the market, it's also important to take advantage of tax-free opportunities. So, putting money into your 401k, maxing out to the extent possible, putting money into IRAs, and it's very simply because they grow on a tax-free basis. So, every time you sell a stock that you've made money in, you're not going to get capital gains taxes as you would in something that's not in a tax-exempt account or retirement plan. In addition, you get, the money coming in is typically on a tax-free basis, so you get a tax deduction. And then when you take out your money, in theory, the tax rate in retirement is lower than what you had in your prime earnings years. So, it's a very good deal, and you very much need to take advantage of time and then the tax-exempt compounding. One last point is reinvesting dividends. So, instead of every time a stock pays a dividend or your account pays interest, taking that money out and using it, if you reinvest that money, that's also a very powerful tool. And over a 30-year period, even if you're just to look at 1.5% to 2% dividend rates, that can mean double the amount of money over a 30-year period. So, very important also to reinvest dividends. A current example of a reason to stay in the markets, we had an election last week. A lot of spilled ink over the past year or so on what that means for the markets. We would tell you that, in the end, it actually doesn't mean much. Markets continue to go up. No matter what political sort of combination you have, over time, markets typically react the same, whether you have any number of different combinations here. It's more about the underlying fundamentals in the market than it is about what political party is in power at the time. So again, a lot of spilled ink over this because it sells newspapers and sells ads, but at the end of the day, it is fundamentals and it is the underlying economy and the bigger picture that moves markets. Obviously, some of that can be policy-driven, but that takes a good while to actually flow through. One last point about combating volatility, and this is a strategy in order to do so, and that's dollar-cost averaging. Dollar-cost averaging involves making regular contributions into the market, regardless of price level. So what this really does, and the beauty of this, is it takes the emotion out of investing, as we talked about before with market timing. In place of emotion, it puts discipline. And we all do this through our 401k accounts. Every two weeks, our paycheck comes in and a certain amount can go out and go into the market instead of into our pockets, regardless of what the market has done. Over time, that averages your cost basis, and it's a strategy that not only individuals can use, but some of the highest net worth and most sophisticated investors in the world use. Again, in order to take that emotion out of the market. So even if it's something that you're doing outside of a retirement plan, that's a good way to stay disciplined and put in a regular amount on a regular basis. So now that we've got sort of a framework for finding out what kind of a risk level you should take, we know that the pieces of the puzzle that go into constructing a portfolio, why it's important to be diversified. We then have to decide how to manage those assets going forward. And I'm not gonna go into every strategy and I'm not gonna go into a whole bunch of detail on every bit of strategy, because there's certainly a lot, but I'll just take it in terms of passive versus active. In terms of passive versus active investing. And this is sort of an age old debate. And there really isn't any right or wrong answer here. Passive investing is basically a buy and hold type strategy. So you are, many passive investors think the market is efficient and you are just accepting market returns. And the best thing to do is to lower your fees and just accept those market returns over time. Now, I don't wanna confuse this with as an individual, you still need to treat your own risk profile differently over time as conditions and as your life changes. But from an investment standpoint, this is sort of sitting back and letting, just taking a passive approach to what the market is doing. On the other hand, there's active investing. And by active investing, I don't necessarily mean frequent trading or day trading, although that is certainly an active strategy, but active can also mean just moving pieces of the puzzle around a little bit. Many active investors think that there are inefficiencies in the market and that they can take advantage of those opportunities. So it does require a more hands-on approach, but it does allow flexibility and it oftentimes can lead to more tax efficiency and being able to manage your affairs in a more tax efficient manner. Again, we quote, it's an art and a science and in our own business, there is a lot of both that go on. There's science in looking at some of the underlying investments, but there's also experience in looking at the art and taking sort of a top-down view of what the markets are doing at any point in time and what that might mean for a portfolio of investments. And just two examples, we talked before about cycles that the markets go through and they do go through cycles, not only in terms of emotion like we talked about before, but an actual business cycle. And during a business cycle, there are certain areas of the economy and the market that tend to do better at certain times of that cycle versus other times of that cycle. And an active investor can start to look at that from a top-down view and put the pieces in place to form that portfolio based on where we are in the business cycle. They can do that not only from an industry standpoint, but they can do that from what we call a factor standpoint. And a factor is basically just a characteristic of an investment. It can be something like it pays a dividend or it has a certain level of earnings per share growth. But the point is, is that these are sort of a way for active investors to create a portfolio that gives them a headstart on where to invest in the market and then how to move it over time. So just a little bit of a glimpse, sort of behind the scenes of what active management can mean outside of just trading, because again, it just doesn't necessarily mean just trading. So I'm gonna turn it over to back to Jason now to sort of wrap things up and take any Q&A. Jason. Thanks, Mike. So appreciate everyone's time this evening. And just to sort of wrap it up with a little bit of a bow, the point really of our discussion this evening is that saving for retirement is really now more important than ever. Investors can often be their own worst enemies. And when it comes to sort of thinking about, oh, is this a good time or a bad time to get into the market? We really think the mantra is time in the market rather than time in the market, which really goes a long way. Avoiding pitfalls is really important. And then maximizing compounding and tax-free opportunities really pays massive dividends when you look at investing over a long period of time. So as we sort of are wrapping this up, we wanted to open up the floor, the chat to any questions that any of you might have. And we look forward to answering any of those questions. So please feel free. So we do have a question and I'm just gonna read it out loud so that we can try and respond to that, which is the question is, I feel that our income level finding tax havens is difficult. How can we avoid taxes with what's available? Jason, you wanna take that first? You want me to? Go ahead, Mike, why don't you jump in? So it's always nice to be able to avoid taxes to the extent possible. There's a lot of business planning that can go on in terms of individuals and practices in terms of how to structure a retirement plan. And that's a very sophisticated, can be a very sophisticated conversation that you can get together with an advisor in terms of creating a plan that might work for your business or for you as a sole proprietor, because there are ways to take advantage of tax-free investing and also being able to put away a good amount of money on a tax deferred basis. So it's a very complicated or can be very complicated. I would say that obviously you wanna try and maximize those opportunities as much as possible and do it as soon as possible, like we said earlier in the conversation. And I would just add that I think it's a very individual and unique situation to have to look at. It depends on what type of practice you have, how your practice is structured, and there are opportunities and ways that you would be able to defer taxes, but it really boils down to an individual's situation. There's not sort of a catch-all and a blanket answer in terms of how you can avoid taxes. Well, as I don't see any other questions, I think this is probably a good opportunity for us to wish you all a pleasant evening. We appreciate your time. If there, hold on, we do have another question. Which is better in long-term investments, either an index fund or an active fund? Again, I'll take it if you don't mind. Sure. And feel free to jump in Nate or Jason. So I don't, it's sort of an age-old debate as to what's better, passive versus active. And I didn't say prior, but I probably should say that these also aren't mutually exclusive. So you can, you know, take half your money and say, I'm just going to passively invest this in a low-cost index fund. And then take the other half and say, I wanna allocate this to a thoughtful manager that I think might be able to beat the market over time. You can also invest in passive index funds, but move them around on an active basis. There's a million and one different ways to sort of, to slice this. And what I would also say is these styles go in and out of favor. So the past few years have definitely favored active management, but you know, the four to five years prior to that, all we heard about was passive management. Why are we even trying to, you know, beat the market, so to speak? We don't personally, we set out to beat the market, but it's really not just about beating the market. It's participating in the market commensurately on the way up, and when thick times are good, and almost as importantly, preserving capital on the way down. And so there's, again, it's a very long continuum of different degrees of being active. And there's certainly no shortage of active managers out there to choose from, which also makes it a little difficult. I think that was well said. Thank you, Mike. There's another question that I wanted to throw out there that's been put on the chat, which is, can you comment on the sequence of return risk when discussing asset allocation, either when getting closer to retirement or in the early stages of the same? Nate, do you want to try and take that? Yeah, so we here at Howard Capital apply a pretty quantitative approach to analyze and model out what future lifestyle expenses may be at the time. And we make, and we sort of blend that into our process for understanding how aggressive we want to be with a portfolio and our model over time as well. And so that allows us some flexibility as time goes on. Like say you're in retirement, when you say sequencing returns risk, I'm assuming you're talking about the risk of downside, of bad investment returns at the beginning of retirement, and then also having high expenses at the same time. It's important to think about the size of your, the risk you're going to have in your portfolio relative to your flexibility of your expenses, your lifestyle expenses. So if, for example, you're in a down, I'll use an example of 2008, if the markets have plunged, but you don't have much flexibility in your lifestyle expenses at the time, there's not things you can dial all the way back, then you really should have been in a much more conservative portfolio. Being able to dial that back and not having to force sell to raise cash in down markets or bad years is sort of the way to protect yourself from that. And I would just add, I think, in the idea of sort of sequence of risk in terms of timing the market, we just find that it is, and it's been shown by lots of empirical evidence, it is so difficult to time the market. So to try and say, this is, we think this is a bad time, let's put a lot of our eggs into the market versus we think this is going to be a very difficult time, let's pull a lot of our assets out. As Mike had said earlier, you really have to make that decision, you have to make that correct decision two times versus one. So we just think as you're getting closer to retirement, being wise in terms of reducing your asset allocation is sort of the way to protect, but it's very, very difficult to time the market. And if I could, I'll also piggyback. One thing is your best defense is asset allocate, the proper asset allocation to begin with. And so asset allocation is of primary importance in getting that correct risk level right to begin with. And over time, making sure you mark to that. Number one, is it still the correct risk level? And number two, are my assets at that correct risk level? Because over time, market values move and they get out of whack. Number two, and just very simply stated, I think what a lot of people fail to remember is in an investment, from an investment standpoint, a long term is more than three to five years. And our retirements are way longer than that, hopefully. And so it's not just about reaching the age of retirement and saying, okay, that's it, put my money under a mattress. You're still gonna need that money to work for you for quite a long period of time. So it's a dynamic process. It's one that needs to be revisited on a regular basis in terms of, am I at the right levels and are my investments at the right levels? And that's even in retirement. So that's something that should happen on a repeated and regular basis. Great, thanks, Mike. As I see that there's no more questions, I think we're going to wrap up this presentation. For this evening, we appreciate all your time in checking out this webinar. We hope you found it somewhat useful. And if there are any questions that you think of after the fact, the powers that be at Anno will be happy to put you in touch with any of us and we're happy to answer any questions. So thank you for your time and have a wonderful evening.

long-term investing

investment planning

retirement goals

risk tolerance

asset diversification

market volatility

passive vs active investing

financial planning