THE MILLIONAIRE DENTIST™

Riding the Waves: How Savvy Dentists Navigate Market Volatility

EPISODE TRANSCRIPTION

Announcer:
Hello, everyone. Welcome to the Millionaire Dentist Podcast, brought to you by Four Quadrants Advisory. On this podcast, we break down the world of dentistry finances and business practices to help you become the millionaire dentist you deserve to be. Please be advised, we do speak with an honest tongue and may not be safe for work.

Casey Hiers:
Hello and welcome. This is Casey Hiers back at the Millionaire Dentist Podcast in studio with co-host, Jarrod Bridgeman.

Jarrod Bridgeman:
Casey, it's afternoon. We're recording right now, and I wanted to ask, how was your day? How's your day been?

Casey Hiers:
Thank God we're recording, because I mean so far, we've got some really good stuff.

Jarrod Bridgeman:
Yes, yes. Thank the Lord. But as a bonus to that, we do have a special guest today. His name is Will Chrisman, and he's got, like, several thousand letters after his name.

Will Chrisman:
Oh, just a few thousand. I don't like to make a big deal out of it.

Jarrod Bridgeman:
CFP.

Will Chrisman:
CFP, AWMA, and then my ABFT.

Jarrod Bridgeman:
Uh-uh, and that's for like physical therapy?

Will Chrisman:
Behavioral finance, so pretty close, pretty close.

Casey Hiers:
Okay. Okay. Acupuncture? I could use a little of that.

Will Chrisman:
I can help you relax given the current market volatility.

Jarrod Bridgeman:
Oh.

Will Chrisman:
If that helps you to put you in a-

Jarrod Bridgeman:
We don't need to segue yet. Back off.

Casey Hiers:
Wow.

Will Chrisman:
Okay. Sorry.

Jarrod Bridgeman:
You've been in one podcast [Inaudible 00:01:17]. Wow.

Casey Hiers:
Jarrod, can you see what he just tried to do here?

Jarrod Bridgeman:
He's trying to steal my job.

Casey Hiers:
To knock him down a few notches.

Jarrod Bridgeman:
Whoo. Before we even get into that, Casey, you spent last week up in Michigan-

Casey Hiers:
Yeah.

Jarrod Bridgeman:
... a couple days, and out there celebrating one of our clients, and you guys had a really fun social with them. How was your time up there?

Casey Hiers:
Yeah, so it's a very tall hotel, the Marriott at the-

Jarrod Bridgeman:
Marriott.

Casey Hiers:
... Renaissance Center, 68th floor.

Jarrod Bridgeman:
Whoo.

Casey Hiers:
Overlook. I saw Canada.

Jarrod Bridgeman:
Uh-huh.

Casey Hiers:
There's water, and then there was Canada.

Jarrod Bridgeman:
Was it like rainbows, and stuff, and?

Casey Hiers:
No, there was some boats. It was nice. Right? A lot of our clients are involved in their state dental-

Jarrod Bridgeman:
Right.

Casey Hiers:
... societies or what have you. So yeah, we went up to support that had a really nice time, Michigan, at least the executive board and some of those folks, really nice, really nice people. We had a social event to honor one of our clients, outgoing president, and then had a bourbon tasting for any bourbon lovers out there.

Jarrod Bridgeman:
Did you taste them?

Casey Hiers:
Blanton's Eagle Rare and EH Taylor Small batch were the lineup.

Jarrod Bridgeman:
Ooh.

Casey Hiers:
Those are-

Jarrod Bridgeman:
I have not had that third one.

Casey Hiers:
... heavy hitters. Those are heavy hitters.

Jarrod Bridgeman:
Right.

Casey Hiers:
People loved it. We had a ball, had a great time.

Jarrod Bridgeman:
Well, obviously, you were not invited.

Will Chrisman:
No, no. The company doesn't send me to fun events like that. They have me working behind the scenes and doing great things for clients.

Jarrod Bridgeman:
That's right. Yeah.

Casey Hiers:
Will, what was one of your favorite or least favorite nicknames as a kid?

Will Chrisman:
That is a curveball. You said you were going to throw me one.

Casey Hiers:
You played college football. Do you have a nickname? I mean, what do we got?

Will Chrisman:
In high school, I did get name-dropped as Will the thrill. People in college use that more as a joke because-

Casey Hiers:
Right. Right.

Will Chrisman:
... I had a much better high school career than college.

Jarrod Bridgeman:
Is that-

Casey Hiers:
In sports or what are we talking?

Will Chrisman:
In sports. I wish, in anything else.

Jarrod Bridgeman:
Well, around the office you're known as Lurch, so that all works out too. What's that from? Addams family?

Will Chrisman:
You rang.

Casey Hiers:
Well, you're 6'5", 6'6". So just because you're tall, you're going to-

Will Chrisman:
I'm 6'6". Same height as Michael Jordan. We have about the same basketball abilities on the floor too.

Jarrod Bridgeman:
Yeah. Unlike him though, you only have a face for radio.

Will Chrisman:
Exactly. Exactly.

Jarrod Bridgeman:
Yeah, yeah.

Casey Hiers:
Will has a sarcastic, self-deprecating confidence to him. It's a fascinating combination.

Jarrod Bridgeman:
It's hard to make fun of him when someone rolls with it. I don't care for it.

Casey Hiers:
It's like he goes huge for the compliment that doesn't make fun of himself. It keeps me on my toes.

Will Chrisman:
Yeah, I try to keep people on their toes as much as possible. I've spent 27 years really developing this style, and it's not for the weak, not for the weak.

Jarrod Bridgeman:
Not for the weak-willed, huh?

Will Chrisman:
Hey.

Jarrod Bridgeman:
So, Will, you came out today, and you already tried to give away the entire topic here. You were like, "Dude, I have got the hundred percent best topic on the planet, especially given what's going on right now." What's your topic? And please tell me what the hell it means.

Will Chrisman:
Yeah, absolutely. So our topic today that I really wanted to bring up that I think is on the top of everybody's mind is recent market volatility that's taken place, that probably wouldn't have taken place without some outside pressures onto the market.

Casey Hiers:
This is a great topic. When Jarrod told me you were coming in, I figured we would be talking about something just terribly boring.

Jarrod Bridgeman:
Yeah.

Will Chrisman:
I didn't want to bore the listeners with social security again, so I went into up my game a little bit.

Casey Hiers:
Yeah. So market volatility, people's money.

Will Chrisman:
Mm-hmm.

Jarrod Bridgeman:
Oh.

Will Chrisman:
Yep, people's retirement dollars

Jarrod Bridgeman:
And it's been a little crazy as of late.

Will Chrisman:
Yes it has been.

Casey Hiers:
When hasn't it been crazy?

Will Chrisman:
Never. Never. I don't think we're ever going to have a year where some point-

Casey Hiers:
The '90s were kind of chill.

Will Chrisman:
They were until the late '90s, and that's actually something we'll touch on a little bit as-

Casey Hiers:
Right.

Will Chrisman:
... we kind of delve through the topic. So I'm glad you brought that up.

Casey Hiers:
Where do you want to start?

Jarrod Bridgeman:
Interesting. He was president in the late '90s.

Casey Hiers:
What's that?

Jarrod Bridgeman:
I said he was president in the late nineties.

Casey Hiers:
Clinton?

Jarrod Bridgeman:
It's like '98, wasn't he?

Casey Hiers:
What do you define the late '90s?

Will Chrisman:
'97 to '99?

Casey Hiers:
All right, so market volatility. So let's dumb this down. Stock market, absolutely, and that's a broad topic. You save money to invest money to grow money.

Will Chrisman:
Yup.

Casey Hiers:
And the markets are as erratic as they've been. You want to get into that a little bit?

Will Chrisman:
Yeah.

Casey Hiers:
Are we going to dip our toe in politics?

Will Chrisman:
We'll dip a toe into politics. I like to be-

Jarrod Bridgeman:
Safely.

Will Chrisman:
Safely.

Jarrod Bridgeman:
Let's wear our water wings.

Casey Hiers:
Well, ironically, Jarrod and I are probably opposite ends of that spectrum, yet we are able to get along coexist and have somewhat civilized conversations about it. So maybe you'll bring the worst out of us, to which, then, that would be completely Will's fault.

Jarrod Bridgeman:
Yeah.

Casey Hiers:
All right, so I guess what recent market volatility, what are we talking? I mean, the last six months?

Will Chrisman:
Really, the last three-

Casey Hiers:
Okay.

Will Chrisman:
... months have been a little hectic and have put people in a tight spot financially, and it varies from person to person, obviously.

Casey Hiers:
Real quick, last year, people were up anywhere from, I mean, 15 to 30%.

Will Chrisman:
Mm-hmm.

Casey Hiers:
Again, that's a broad, broad range,

Will Chrisman:
Yep.

Casey Hiers:
But we have some people that in a great market, they weren't up very much. Others, you're up. If the market growth is 25% and you're up 40%, that's great. You're probably going to get crushed being risky on the way down, but 15 to 30% last year, and so now, it's been up, and down, and all around, currently.

Will Chrisman:
Yep. Absolutely. Yeah. We've seen a downside of about 12%, and that was pretty recent right after the Trump tariffs, which we'll touch on a little bit more through this podcast, but really high-level stuff, market dropped 12%. Tariffs were put on hold and we saw an upside-

Jarrod Bridgeman:
Right.

Will Chrisman:
... to the market, and we've seen it steadily decline, and then raise back up. So it's really figuring out what's doing that to the overall market than anything.

Jarrod Bridgeman:
Well, and the stock market tends to react pretty heavily depending on the news that day, that week, obviously, globally as well. So there are a lot of factors that play into that, but I feel like a lot of it is kind of an emotional movement.

Will Chrisman:
Absolutely. The market, typically, is very emotional in the short term. Then it gets more practical in the long term. Day to day, you might see big movements coming from anything. If Apple came out today and said that the sales of their new iPhone drops substantially, that pricing is probably going to go down on the stock.

Jarrod Bridgeman:
Right. Right.

Will Chrisman:
That's not inherently emotional, but it could be if you say the iPad doubled in sales.

Jarrod Bridgeman:
Yup, yup.

Will Chrisman:
But there's a lot of behavior that goes on in the markets as well as some logical things going longterm for the market.

Jarrod Bridgeman:
I mean, because you always imagine those older movies where people are all in the stock market, and they, "Sell. Sell. Buy. Buy," and people are just kind of freaking out. My experience with that is playing the card game pit. I don't know if you remember that game, but you always see that kind of environment, especially in movies in the '80s and prior.

Will Chrisman:
Yeah, yeah, absolutely. Absolutely. Absolutely.

Jarrod Bridgeman:
Some people are afraid of a full market drop happening. What are some good, let's say, hypothetical ways to avoid that?

Will Chrisman:
That's a great question, Jarrod.

Jarrod Bridgeman:
Thank you.

Will Chrisman:
So what are the best ways to avoid volatility is to ensure that your assets are diversified. You can do that within sectoring. You can do that within different asset classes, say, bonds to stocks. There's alternative investments that you can utilize to ensure that your portfolio doesn't see a full 20% drop if the market would drop 20%.

Jarrod Bridgeman:
This is kind of the whole don't put all your eggs in one basket.

Will Chrisman:
Exactly. That's why you'd never find a financial advisor that would recommend you purchase one individual stock for retirement.

Jarrod Bridgeman:
You told me to put all my money in crypto. Wow.

Will Chrisman:
That and NFTs.

Jarrod Bridgeman:
Well, I never realize that was April fool's day. I get it now. Oh, thanks. Yes, yes, yes. So again, you want to kind of spread your money around a bit to help leverage in case one of the stocks you have drops. Right?

Casey Hiers:
Jarrod, let me break this down.

Jarrod Bridgeman:
Thank you because I have no idea what I'm talking about.

Casey Hiers:
Back when you were in college, if you went out to a tavern-

Jarrod Bridgeman:
Right.

Casey Hiers:
... or a watering hole,-

Jarrod Bridgeman:
Which I did not do all the time.

Casey Hiers:
... and there were eight girls that you wanted to-

Jarrod Bridgeman:
Ooh.

Casey Hiers:
... try to get a date with,-

Jarrod Bridgeman:
Yes.

Casey Hiers:
... but you just focused on one, and she rejected you, at the end of the night, you were left with zero. You had zero dates.

Jarrod Bridgeman:
That sounds terrible.

Casey Hiers:
But if you went and talked to-

Jarrod Bridgeman:
Right.

Casey Hiers:
... eight of those and narrowed that down to maybe six, you might leave with three dates.

Jarrod Bridgeman:
So that was kind of my whole thing. I go talk to a hundred girls, and I might get 99 nos, but maybe that one last one really likes nerdy, chub guys.

Casey Hiers:
But the idea of not all your eggs in one basket, there is savvy investing to make sure you are doing that, also without being too risky.

Will Chrisman:
Yes, and something that I'd advise on is not making sure that you're on too conservative of the spectrum if your goals are aligned to the long-term 10 years plus because then you're losing out on money every year if, say, you keep all of your funds in a cash fund, and you get 2% interest or something along the lines, so that's not quite what it is today.
Inflation is most likely going to outpace your cash. So it's important to have an investment style that has some risk to provide for that inflation-adjusted return.

Jarrod Bridgeman:
So technically, your cash account might have more "more money in it" but it's worth less because of inflation.

Will Chrisman:
Exactly.

Casey Hiers:
Well, It's going to grow at 2 or 4%.

Jarrod Bridgeman:
Right. Right.

Casey Hiers:
Versus those years where it's up 15, 18, 20, 25%.

Will Chrisman:
Yep, absolutely. One of the big things, too, with the given market trends is working with your team of advisors, financial professionals, to find the right asset allocation towards global investments. Now, I'm not saying buy individual EU stocks, but we've seen this year that European stocks have actually performed pretty well.
They're up about 5% right now, and that allocation is good when the US market is down. It definitely tilts you a little bit more towards the conservative end some years-

Casey Hiers:
Right.

Will Chrisman:
... because those markets aren't always matching up, but it also provides you a different market to be invested in.

Casey Hiers:
The electric companies in Europe today probably wouldn't be a real good thing to invest in?

Will Chrisman:
No, no, probably not.

Casey Hiers:
I think their power grid went down.

Jarrod Bridgeman:
What about The Electric Company? Remember that show? So you're talking about diversifying here. How much would you diversify in a volatile market like this, especially while still expecting a decent kind of return to keep up with inflation?

Casey Hiers:
Yeah, absolutely.

Will Chrisman:
That's the minimum expectation, right?

Jarrod Bridgeman:
Yep.

Will Chrisman:
You grow your money to keep up with inflation. The name of the game is keeping pace with inflation.

Jarrod Bridgeman:
At the very least.

Will Chrisman:
At the very bare minimum. That's what you want to be doing. The return side's a little tricky because it's going to depend on the individual investing because there's different time horizons for everyone. Some people want to purchase a house in the next three years. I think everybody wants to retire, so that's always pretty-

Jarrod Bridgeman:
Right, right.

Will Chrisman:
... good goal to invest for. But if you're 30, investing for retirement, your retirement portfolio should look a little bit different than somebody who's, say, 55 where-

Jarrod Bridgeman:
Right.

Will Chrisman:
...retirement's around the corner. You should typically have a little bit more risk capacity as a younger person, but that's not always the case as somebody might not be willing to risk funds for retirement.

Jarrod Bridgeman:
Right. Right. But as you get older, it's usually, from what I understand, you want to kind of be a little bit less risk so you can secure the money that you already. All right.

Casey Hiers:
Yeah. You want a custom investment strategy, but if you have 5 million invested, you want to reduce some risk to not piss that away.

Will Chrisman:
Absolutely.

Casey Hiers:
If you have $50,000 invested, maybe you're a little more loose with trying to grow that. That's just my 2 cents.

Will Chrisman:
That's typically the name of the game. That's going to vary quite a bit because I have these conversations with people on a regular basis, and something that typically can get lost is the retiree who wants to spend down their retirement. Maybe they have no kids, maybe they're comfortable not passing anything along to the next generation.
They probably won't have as much risk in their portfolio as somebody who has a-

Jarrod Bridgeman:
A million extra dollars.

Will Chrisman:
People to care of. Yeah, and wants to provide for that next generation. The time horizon has shifted on that million-dollar investment that they're looking at-

Jarrod Bridgeman:
Right.

Will Chrisman:
... to pass on to the next generation because we're looking at another 30 years versus the next 15.

Jarrod Bridgeman:
Right, right, right.

Will Chrisman:
So they can afford a little bit more of that risk.

Casey Hiers:
I will say on my end, I am privy to a lot of information and get to see just general investment strategies of a lot of practice owners, and a lot of them have saved. A lot and they're successful in all of those things. But a lot of times, they don't have much of an idea about what their investment strategy is. They don't realize they have too much international exposure. They don't realize that they're too risky, or they're just a target date.
There's no fluidity or being adaptive to markets. They're just sort of on autopilot. A lot of times, that's the case, and they don't even know that, which is fascinating to me when, ultimately, you're trying to save millions and millions of dollars.

Will Chrisman:
The number one thing that I have seen in a portfolio is that it does not match with the goals of-

Casey Hiers:
Their words say one thing, and the actions of their investment strategy say-

Will Chrisman:
Exactly, yeah.

Casey Hiers:
... another thing because they don't have a custom investment strategy, they're just-

Jarrod Bridgeman:
Hind of winging it.

Will Chrisman:
... dog in the wheel.

Jarrod Bridgeman:
Yeah.

Will Chrisman:
Absolutely, and there's so many different things that you can invest into that it becomes very confusing. There is almost a, not buyer's remorse, but there's a-

Jarrod Bridgeman:
Investor's remorse.

Will Chrisman:
Investor's remorse. Yeah.

Jarrod Bridgeman:
Yeah, I coined that trade market.

Will Chrisman:
There's not knowing what to invest in because there's so many different options, and are you really going to go through, say, a million different companies and find the best one geared towards your strategy or are you going to buy an index? How does one index differ from another?

Jarrod Bridgeman:
Yeah.

Will Chrisman:
There's a lot of confusing things when it comes to investing that if you're not doing it on a regular basis, it becomes very hard, very fast.

Casey Hiers:
Here's an analogy for it.

Jarrod Bridgeman:
Yeah, I have no idea what you just talked about so-

Casey Hiers:
Well, here's an analogy-

Jarrod Bridgeman:
Thank you.

Casey Hiers:
... to break it down. If you're working out, if you work out four or five times a week, you can have nice workouts at a good pace, and you're building your body, and your endurance, and your stamina, and your muscle. If you don't work out very much, you're going to feel pressure to just hammer out the most intense workout ever. Then you can't lift your arms for three days.

Will Chrisman:
Right.

Casey Hiers:
That's not an effective workout. I think, investing, there could be some similarities there, where a lot of times, people are trying to play catch up, or they don't quite know what they're doing, and-

Jarrod Bridgeman:
Versus a consistent.

Casey Hiers:
Yeah, if you don't know what you're doing in the weight room, you're going to hurt yourself. If you're not consistent, you could potentially hurt yourself. But so many times, the people that are under-saving and under-investing want these huge returns, and so just like in a weight room, they're going in there just maxing out everything, and they're destroying their body, i.e., you're destroying your investment strategy or what you've built because you're just-

Will Chrisman:
Tilting the risk so much to make up on those lost gains.

Casey Hiers:
There you go.

Jarrod Bridgeman:
Yep. So you had mentioned earlier how the current tariffs and that whole world, how that's been playing into things. What are some of the implications of the current tariffs on the overall market?

Will Chrisman:
Yeah, great question, Jarrod. That's a big thing on a lot of people's minds. I'm politically agnostic, so I look at any-

Casey Hiers:
That's so lazy.

Will Chrisman:
I know. I know. I'm a fence-sitter, and it's disgusting. One of the things that I look at with any policy that's really impacting the overall market, I look at the pros, the cons, and some of the unintended consequences of said policy, and with tariffs, one of the major things that I'm coming to a conclusion to is the US market is at a disadvantage internationally.
What the Trump administration is trying to do is fight back on some of that. So long term, we could see some pretty good and even fair trade deals internationally, which will be a great thing. It will help American companies.
One of the cons that can lead to more volatility down the line that we might not see right now is how some of our allies will react to these tariffs being raised-

Jarrod Bridgeman:
Right.

Will Chrisman:
... upon them even though they've been paused. This could lead some of our allies to looking for different partnerships internationally, which could impact us pretty massively down the line if-

Jarrod Bridgeman:
Right.

Will Chrisman:
... these aren't managed properly. But-

Jarrod Bridgeman:
In the short term though,-

Will Chrisman:
And-

Jarrod Bridgeman:
... it's been causing a lot of the volatility we're experiencing.

Will Chrisman:
Yeah, exactly, and there's not a firm date on when a lot of these tariffs are going to end. So we have to kind of price that into the market.

Jarrod Bridgeman:
Right.

Will Chrisman:
We probably didn't see the full downside of the tariffs. But when the tariffs are lifted, and if the US has more favorable trade deals, we probably haven't seen the highs of the market that that will cause either.

Jarrod Bridgeman:
Okay. Okay.

Will Chrisman:
So it's best to have a diversified portfolio. You want to be in different sectors of the economic environment because if you're in, let's say, semiconductors right now, you probably experience quite a bit of downside.

Jarrod Bridgeman:
Right. Right.

Will Chrisman:
But if you're in a bond allocation, those did not see the downside that some of those American equities did, and internationally as well, some of those other countries are doing not too badly this year.

Jarrod Bridgeman:
Right. Right.

Will Chrisman:
If you're broadly diversified within asset classes sectors, you're probably going to see a little bit of downside this year just because the average portfolio is tilted towards large cap US equity.

Jarrod Bridgeman:
Right.

Will Chrisman:
But you're not going to see if the market went down 20%, the full 20% downside.

Casey Hiers:
That example you just gave of if you're in a bond position and you might not have seen the downside as much last year, would they have seen the upside or are they just kind of treading water?

Will Chrisman:
Yup. So that's why stocks and bonds are a two... Was it two-faced sword? What is it called?

Casey Hiers:
A double-edged sword.

Jarrod Bridgeman:
One of those two-faced swords, they say a compliment and then talk about you behind your back man. Yeah, I get it.

Will Chrisman:
That's why risk and reward in a portfolio are so important, Casey, because if you were in 40% bonds last year, you probably didn't see the 15 to 30% upside that a lot of people saw that were investing heavily into, let's say, the S&P 500 or the Nasdaq. Those different asset classes are good because you don't see a full downside, but then you're not taking on enough risk to see the full upside of markets.

Jarrod Bridgeman:
What is one thing that you would not typically recommend during a period of high volatility like this?

Will Chrisman:
That's the million-dollar question, Jarrod. So one of the things that I would never recommend somebody do during high periods of volatility is to sell out of their portfolio because whenever the market sees a... Let's call it 8% market decrease, it's likely going to increase right back up over time.

Jarrod Bridgeman:
Right.

Will Chrisman:
But if you sell, you locked in your loss already. Then the question is, "Well, when do I get back into the market?"

Jarrod Bridgeman:
Right, and usually, people think about doing that when it starts going up again.

Will Chrisman:
Yup, and by the time you're thinking it's going up again, the market is already back up.

Jarrod Bridgeman:
And you're buying at a premium. Yeah.

Will Chrisman:
Then you're buying at a premium with dollars that you lost. So that's not something that I typically recommend for someone unless you just have a really bad position, which can happen even in a diversified portfolio. Maybe one of those stocks that you're holding is actually a big loser in terms of the company not going out of business. But you

Casey Hiers:
But you can strategically do that anytime.

Will Chrisman:
Exactly.

Casey Hiers:
The dips necessarily shouldn't be when you do that.

Will Chrisman:
Yeah, and with dips on the overall market, it's normally not intrinsic of the individual company that is failing. It's the overall market panic. That's why people like Warren Buffett have been successful over time, because even when asset classes drop, he's not selling those. He's looking at different opportunities to purchase stocks, and there's different philosophies when it comes to investing, but having a small cash position or times like these can be very advantageous.
I'm not saying the right number is 10% of your portfolio. That could be pretty high given whatever situation you might be in. But having a small cash position ready to invest and take advantage of market downswings can benefit vastly over the life cycle of a portfolio.

Jarrod Bridgeman:
Will, thank you so much for coming in today. That was very informative, and I think I have a better grasp on what you're talking about. But in the long, run I'm really just going to have to have somebody like you help me out.
So listeners, too, if this is all kind of too much for you and you know, need a custom plan because it sounds like everything involving the stock market is custom to what you want to do, what you're trying to go for, you need a team or a team member to do that with you, and obviously, that's stuff that we do.

Casey Hiers:
Well, another thing we see a lot here is, again, dentists and specialists have targets on their backs.

Jarrod Bridgeman:
Yup.

Casey Hiers:
And they get offered a lot of unique investing schemes, not strategies, but schemes.

Jarrod Bridgeman:
Right. Right.

Casey Hiers:
I'd say 75% of the time, and there's a lot of unique opportunities to invest in things, and what's the reason why they've undersaved, and so they're trying to get that quick pop.

Jarrod Bridgeman:
I do have the special rock that keeps tigers away I'm willing to sell for a hundred thousand dollars.

Casey Hiers:
I think that's a good example.

Jarrod Bridgeman:
Yeah.

Casey Hiers:
But again, not knowing what you want your strategy to be, what your strategy is, panicking, panic selling, or just going from one end to the other, you're super risky, or I'm getting out of the market totally. There needs to just be some leveraging, and hedging, and be smart. Don't panic. The thing about trying to figure out when to get in and out of the market, you have to be right twice, and that's really hard.

Jarrod Bridgeman:
Again, Will, thank you so much. Casey, as you know, and our listeners have heard multiple times by now, we've got several events coming up. We're going to be in Columbus, Ohio, Cincinnati, Ohio. By the time this podcast comes out, we'll be in South Carolina. We've got places in Kansas. We've got Virginia. We've got places in Indiana coming up.
Please go to fourquadrantsadvisory.com/events. I've got all the most recent ones up there. Click register. It's a $50 registration fee that is refunded when you show up. Folks, thank you so much for listening. Casey, thanks for showing up today. Appreciate it.

Casey Hiers:
You're welcome. Thanks, Will.

Will Chrisman:
Thank you, guys.

Announcer:
That's all the time we have today. Thank you to our guests for their insight and for sharing some really great information, and thank you to you, the listener, for tuning in. The Millionaire Dentist Podcast is brought to you by four Quadrants Advisory. To see if they might be a good fit for you and your practice, go on over to fourquadrantsadvisory.com and see why, year after year, they retain over 95% of their clients. Thank you again for joining us, and we'll see you next time.