1 00:00:00,280 --> 00:00:02,980 Robert: Hi there, it's Robert, the producer. Make sure you listen 2 00:00:03,119 --> 00:00:05,460 Robert: all the way to the end of this brand new 3 00:00:05,800 --> 00:00:08,158 Robert: episode of the Women and Money podcast because we have 4 00:00:08,159 --> 00:00:09,380 Robert: a special treat for you. 5 00:00:17,120 --> 00:00:22,069 Suze: November 16, 2025. Welcome everybody to the Women and Money podcast, 6 00:00:22,329 --> 00:00:25,889 Suze: as well as everybody smart enough to listen. And yes, 7 00:00:26,329 --> 00:00:31,010 Suze: today is Suze School. Now listen to me closely. There 8 00:00:31,010 --> 00:00:33,849 Suze: are so many things that we need to learn because 9 00:00:33,848 --> 00:00:36,360 Suze: how was your week last week? What did the market 10 00:00:36,360 --> 00:00:36,949 Suze: do to you? 11 00:00:37,569 --> 00:00:40,250 Suze: Did your positions make you go absolutely nuts and were 12 00:00:40,250 --> 00:00:43,009 Suze: you scared because they went down a week or so 13 00:00:43,009 --> 00:00:45,770 Suze: ago and then they went up and then went what's 14 00:00:45,770 --> 00:00:50,610 Suze: going on here? So once again, because last week, Suze 15 00:00:50,610 --> 00:00:55,650 Suze: School was absolutely such a tremendous success in explaining to 16 00:00:55,650 --> 00:00:58,970 Suze: you what's really going on because it's so much different 17 00:00:58,970 --> 00:00:59,119 Suze: than 18 00:00:59,340 --> 00:01:04,379 Suze: all of you think, guess who's back today? Yes, the 19 00:01:04,379 --> 00:01:08,500 Suze: one and only, as I call him, Fitzy. Fritzy, I 20 00:01:08,500 --> 00:01:12,300 Suze: have many names for him, but Mister Keith Fitz-Gerald and 21 00:01:12,300 --> 00:01:14,580 Suze: all of you now know who he is. And if 22 00:01:14,580 --> 00:01:17,169 Suze: you don't, do me a favor, just look him up, 23 00:01:17,349 --> 00:01:21,220 Suze: and you'll understand why he is really the only one 24 00:01:21,529 --> 00:01:24,930 Suze: that I go to when I want you to know 25 00:01:24,930 --> 00:01:28,250 Suze: and I want to know for sure what the heck 26 00:01:28,250 --> 00:01:34,250 Suze: is going on. So Keith, seriously, everything got hit. So 27 00:01:34,250 --> 00:01:39,190 Suze: now explain to everybody what's really going on and why 28 00:01:40,139 --> 00:01:43,029 Suze: this is an opportunity of a lifetime if they could 29 00:01:43,029 --> 00:01:44,839 Suze: just understand that. 30 00:01:45,379 --> 00:01:48,779 Keith: I would be delighted because what makes this week different 31 00:01:48,779 --> 00:01:52,260 Keith: from last week, Suze, is last week the nonsense and 32 00:01:52,260 --> 00:01:55,370 Keith: the shenaniganry was largely confined to two or three stocks. 33 00:01:55,379 --> 00:01:57,339 Keith: It was Nvidia and Palantir right at the top of 34 00:01:57,339 --> 00:02:01,779 Keith: the list because that's what Mr. Burry "Predictimus Maximus" decided to, 35 00:02:01,889 --> 00:02:02,639 Keith: you know, file on. 36 00:02:02,949 --> 00:02:05,430 Keith: Uh, in addition to all his other holdings, but what 37 00:02:05,430 --> 00:02:08,350 Keith: makes this week different is that when he did that, 38 00:02:08,389 --> 00:02:10,750 Keith: it was like throwing a rock in the pond. Suddenly 39 00:02:10,750 --> 00:02:14,750 Keith: you have ripples, and all of the pension funds, endowments, 40 00:02:14,869 --> 00:02:18,789 Keith: large funds, index funds, mutual funds, ETFs, they all picked 41 00:02:18,788 --> 00:02:21,610 Keith: up on that. And so this week what happened was 42 00:02:21,830 --> 00:02:22,770 Keith: that selling. 43 00:02:23,479 --> 00:02:26,690 Keith: Got the computers going and once the computers got into it, Suze, 44 00:02:26,770 --> 00:02:29,059 Keith: all the other computers that pick up, it's like it's 45 00:02:29,059 --> 00:02:31,529 Keith: a game of Chinese whispers if you remember that in kindergarten, 46 00:02:31,570 --> 00:02:33,270 Keith: you know, one person says something at the one end 47 00:02:33,270 --> 00:02:34,529 Keith: of the room and you try to whisper it all 48 00:02:34,529 --> 00:02:36,649 Keith: the way to the other and the story never arrives 49 00:02:36,649 --> 00:02:38,210 Keith: in the same way it was sort of originated. 50 00:02:38,360 --> 00:02:41,710 Suze: Keith, I think it's called telephone, you know, telephone. 51 00:02:42,550 --> 00:02:42,559 Keith: That one, yes... 52 00:02:43,690 --> 00:02:45,440 Suze: I was like, what the heck is he talking about? Oh, OK, 53 00:02:45,529 --> 00:02:45,949 Suze: go on. 54 00:02:47,449 --> 00:02:50,369 Keith: Well, anyway, you know, the, the thing about this is 55 00:02:50,369 --> 00:02:54,869 Keith: that now suddenly all of the computers have the incentive 56 00:02:55,130 --> 00:02:59,089 Keith: to begin selling and unwinding because they determine that there's 57 00:02:59,089 --> 00:03:03,288 Keith: the probability of a disturbance. The big institutions often invest 58 00:03:03,288 --> 00:03:05,889 Keith: because of flow, and what I mean by that is 59 00:03:05,889 --> 00:03:08,489 Keith: that if money is coming in, they buy. If money 60 00:03:08,490 --> 00:03:11,690 Keith: is going out, they sell. And so when Mr. Burry 61 00:03:11,690 --> 00:03:12,580 Keith: threw a 62 00:03:13,024 --> 00:03:16,625 Keith: rock in the water, he ignited a flow battle. A 63 00:03:16,625 --> 00:03:18,505 Keith: lot of funds that I want out. A lot of 64 00:03:18,505 --> 00:03:22,073 Keith: funds that I want in, and volatility shows up and 65 00:03:22,074 --> 00:03:25,304 Keith: more sellers than buyers appeared at the table. And so 66 00:03:25,304 --> 00:03:28,615 Keith: we saw this big massive selloff because nobody wanted to 67 00:03:28,615 --> 00:03:32,104 Keith: be the last person at the party and that's really 68 00:03:32,104 --> 00:03:34,384 Keith: when you break it all the way down as simple 69 00:03:34,383 --> 00:03:34,664 Keith: as it 70 00:03:34,663 --> 00:03:35,024 Keith: gets. 71 00:03:35,345 --> 00:03:39,164 Suze: Let's really now get to the question, which is. 72 00:03:40,440 --> 00:03:47,240 Suze: When somebody sells a stock, somebody has to buy that stock. 73 00:03:48,460 --> 00:03:54,509 Suze: So therefore, who is buying what we are selling right now? 74 00:03:54,589 --> 00:03:58,750 Suze: And when I say we, it's usually everyday people. They've 75 00:03:58,750 --> 00:04:02,289 Suze: gotten scared. They are out. They already have a profit 76 00:04:02,789 --> 00:04:05,669 Suze: because really they have listened to us, Keith, and they 77 00:04:05,669 --> 00:04:09,610 Suze: bought Palantir, they bought Nvidia, they bought all these stocks, 78 00:04:09,750 --> 00:04:13,070 Suze: and they're still up. It's not like they've lost money. 79 00:04:13,110 --> 00:04:15,110 Suze: It's just that they've lost profit. 80 00:04:15,429 --> 00:04:17,549 Suze: And so then what comes is that, oh my God, 81 00:04:17,589 --> 00:04:20,469 Suze: I don't want to lose any more money. I'm getting out. 82 00:04:20,589 --> 00:04:24,510 Suze: That's it. I've had it. Is it what some people 83 00:04:24,510 --> 00:04:27,790 Suze: want them to do at this point? Who is buying 84 00:04:27,790 --> 00:04:29,410 Suze: what they are selling? 85 00:04:29,988 --> 00:04:34,750 Keith: That is literally a trillion dollar question because people tend to 86 00:04:34,750 --> 00:04:37,019 Keith: look at the headlines and all the red on the screen, Suze, 87 00:04:37,070 --> 00:04:38,988 Keith: they think, oh my goodness, I better sell. Oh no, 88 00:04:39,070 --> 00:04:40,790 Keith: I can't be the last one at the party. Oh no, 89 00:04:40,839 --> 00:04:41,829 Keith: I got to turn out the lights. 90 00:04:42,238 --> 00:04:45,529 Keith: But the reality is you can't just sell into a vacuum, right? 91 00:04:45,730 --> 00:04:48,529 Keith: You can't play catch with somebody who isn't there. And 92 00:04:48,529 --> 00:04:52,640 Keith: what's happening is every individual who gets scared and sells, 93 00:04:52,970 --> 00:04:57,409 Keith: there's an institution or another investor buying their shares. So 94 00:04:57,410 --> 00:04:59,970 Keith: really the way to think about you last week and 95 00:04:59,970 --> 00:05:03,380 Keith: why it's such an opportunity is that all of that selling, 96 00:05:03,959 --> 00:05:07,239 Keith: meant that somebody else was buying and they were buying 97 00:05:07,238 --> 00:05:11,959 Keith: a lot. So, bottom line on that one is the 98 00:05:11,959 --> 00:05:16,040 Keith: deeper and steeper the sell off, the more opportunity there 99 00:05:16,040 --> 00:05:19,279 Keith: is on the other side for investors who understand that 100 00:05:19,279 --> 00:05:22,679 Keith: for every seller there is a buyer because that's the 101 00:05:22,678 --> 00:05:24,399 Keith: side of the equation you want to be on is 102 00:05:24,399 --> 00:05:26,459 Keith: the buying, not the selling. 103 00:05:26,880 --> 00:05:30,059 Suze: And so here you are and you have a stock. 104 00:05:31,238 --> 00:05:34,250 Suze: You've made a lot of money on it, meaning, and 105 00:05:34,250 --> 00:05:36,679 Suze: you know what the truth is, you don't make money, people, 106 00:05:36,970 --> 00:05:38,269 Suze: until you do sell. 107 00:05:39,178 --> 00:05:42,589 Suze: You have something known as a free trade. You buy 108 00:05:42,589 --> 00:05:47,029 Suze: a stock and it's doubled. Once it's doubled, once you're 109 00:05:47,029 --> 00:05:52,890 Suze: up 100% on your money, you usually say what, Keith? 110 00:05:53,589 --> 00:05:57,269 Keith: I usually say sell half of it. And the reason 111 00:05:57,269 --> 00:06:00,470 Keith: I say sell half of it is, number one, if 112 00:06:00,470 --> 00:06:03,750 Keith: you do that, you pay for your original investment. 113 00:06:04,260 --> 00:06:07,230 Keith: And number two, now you are free to let at 114 00:06:07,230 --> 00:06:10,529 Keith: least that initial investment ride till the end of time 115 00:06:10,600 --> 00:06:13,428 Keith: for free with no worries about whether it goes to 116 00:06:13,428 --> 00:06:16,589 Keith: zero or whether it goes to a hundred gazillion dollars. The 117 00:06:16,589 --> 00:06:18,750 Keith: point is you now own it for free. It makes 118 00:06:18,750 --> 00:06:21,140 Keith: you the house in Vegas, not the patsy at the 119 00:06:21,140 --> 00:06:21,529 Keith: table. 120 00:06:21,829 --> 00:06:24,899 Suze: And what's the hardest for people to do about that 121 00:06:25,178 --> 00:06:28,589 Suze: is that, and we'll take Palantir for example, it went 122 00:06:28,589 --> 00:06:28,868 Suze: from seven 123 00:06:29,678 --> 00:06:33,959 Suze: went to 14, went to 28, when it kept doubling 124 00:06:33,959 --> 00:06:36,839 Suze: all the way up. And would you have suggested to 125 00:06:36,839 --> 00:06:41,238 Suze: those people to keep doing one free trade after another 126 00:06:41,238 --> 00:06:44,720 Suze: free trade, or would it have been better for them 127 00:06:44,720 --> 00:06:48,299 Suze: to just keep it and have all of those shares 128 00:06:48,399 --> 00:06:50,600 Suze: and now they would have really made a whole lot 129 00:06:50,600 --> 00:06:53,200 Suze: of money because I think what's hard for people to 130 00:06:53,200 --> 00:06:53,779 Suze: get is. 131 00:06:54,269 --> 00:06:57,109 Suze: Oh my God, I sold half. All right, now I'm 132 00:06:57,109 --> 00:07:00,269 Suze: playing with the house money. But if I had just 133 00:07:00,269 --> 00:07:03,630 Suze: kept it all in there, this is how much money 134 00:07:03,630 --> 00:07:05,988 Suze: I would have. What would you say to them? 135 00:07:06,988 --> 00:07:09,070 Keith: I would say the same thing I say every time. 136 00:07:09,190 --> 00:07:12,929 Keith: That's your greed gland working overtime and you need to 137 00:07:12,929 --> 00:07:15,549 Keith: get that out of the equation. Keep your emotions off 138 00:07:15,549 --> 00:07:17,359 Keith: the table. And the reason is 139 00:07:17,640 --> 00:07:20,359 Keith: that studies, my research and others show that when you 140 00:07:20,359 --> 00:07:24,149 Keith: use a tactic like this and you are periodically selling 141 00:07:24,149 --> 00:07:26,679 Keith: into strength and then when it drops buying more and 142 00:07:26,679 --> 00:07:30,200 Keith: selling into strength and buying more, you're actually more tax 143 00:07:30,200 --> 00:07:33,480 Keith: efficient in many cases, but more importantly, you wind up 144 00:07:33,480 --> 00:07:36,279 Keith: with more shares than you would have otherwise if you 145 00:07:36,279 --> 00:07:38,920 Keith: just stayed true to it from the very beginning. Now 146 00:07:38,920 --> 00:07:41,200 Keith: dividends can change that a little bit over time, but 147 00:07:41,200 --> 00:07:43,440 Keith: with a company like Palantir that doesn't pay any, 148 00:07:43,859 --> 00:07:47,660 Keith: what it shows is that volatility you fear is actually 149 00:07:47,660 --> 00:07:50,660 Keith: an advantage. Somebody's opening the door every time there's a 150 00:07:50,660 --> 00:07:52,959 Keith: pullback for you to accumulate more shares. 151 00:07:53,320 --> 00:07:55,250 Keith: And the other thing that people always say about the 152 00:07:55,250 --> 00:07:57,049 Keith: free trade to me is like, well, I could have 153 00:07:57,049 --> 00:07:59,329 Keith: done this and I could have done that. Yes, you 154 00:07:59,329 --> 00:08:02,929 Keith: could have, but I would probably rather have the profits 155 00:08:02,929 --> 00:08:05,609 Keith: in my pocket and the freedom to pursue more shares 156 00:08:05,609 --> 00:08:07,970 Keith: if I wanted to have a lunch, take my wife 157 00:08:07,970 --> 00:08:09,570 Keith: to a nice date, do whatever it is I want 158 00:08:09,570 --> 00:08:12,959 Keith: with the winnings, preferably in my case, reinvest because I, 159 00:08:13,130 --> 00:08:14,329 Keith: you know, that's what I like to do. 160 00:08:14,489 --> 00:08:18,890 Suze: But reinvest not necessarily in Palanter but possibly in something 161 00:08:18,890 --> 00:08:19,869 Suze: else as well. 162 00:08:20,209 --> 00:08:21,970 Keith: That's the other beauty of the free trade is you 163 00:08:21,970 --> 00:08:24,290 Keith: don't have to go right back in the same stock 164 00:08:24,290 --> 00:08:27,130 Keith: you just took the free trade on. In fact, many 165 00:08:27,130 --> 00:08:29,570 Keith: times what I will suggest to investors around the world 166 00:08:29,570 --> 00:08:32,280 Keith: is if you have a really hot runner like Palantir, 167 00:08:32,679 --> 00:08:34,950 Keith: take your free trade and then put it into something 168 00:08:34,950 --> 00:08:36,890 Keith: that hasn't run so much that produces great 169 00:08:37,013 --> 00:08:39,504 Keith: income or something you've wanted to buy but you haven't 170 00:08:39,504 --> 00:08:41,624 Keith: yet seen a pullback on or you know there's all 171 00:08:41,624 --> 00:08:43,984 Keith: kinds of things you can do with that money, but 172 00:08:43,984 --> 00:08:46,023 Keith: now you have the freedom to do it and that's 173 00:08:46,023 --> 00:08:46,994 Keith: the part people miss. 174 00:08:47,184 --> 00:08:48,943 Suze: So what I'm trying to say to all of you 175 00:08:48,943 --> 00:08:52,483 Suze: that are listening right now is that when it comes 176 00:08:52,484 --> 00:08:56,624 Suze: to investing, I want all of you to stop looking 177 00:08:56,624 --> 00:08:57,023 Suze: at 178 00:08:57,590 --> 00:09:00,390 Suze: look what my portfolio is up today. Oh my God, 179 00:09:00,469 --> 00:09:03,468 Suze: I'm up x percent on this. Look at this. Oh my God. 180 00:09:03,549 --> 00:09:07,309 Suze: Oh my God. And you get so involved in how 181 00:09:07,309 --> 00:09:10,380 Suze: much money you've made. But again, you don't make it 182 00:09:10,380 --> 00:09:13,229 Suze: till you sell, that you forget to look at your 183 00:09:13,229 --> 00:09:17,489 Suze: portfolio and go, do I have too much in one area? 184 00:09:17,830 --> 00:09:22,210 Suze: Am I too much just in AI because I obviously, Keith, 185 00:09:22,809 --> 00:09:26,570 Suze: as you know, have an extensive portfolio of far more 186 00:09:26,570 --> 00:09:31,718 Suze: than just artificial intelligence, and while those stocks were going down, 187 00:09:31,969 --> 00:09:34,969 Suze: my other stocks were going up, and the truth of 188 00:09:34,969 --> 00:09:39,969 Suze: the matter is my portfolio didn't lose money overall. What 189 00:09:39,969 --> 00:09:44,369 Suze: would you tell people to do as a perfect portfolio 190 00:09:44,369 --> 00:09:46,690 Suze: right now if you were going to instruct them? 191 00:09:47,590 --> 00:09:50,989 Keith: Well, to borrow a term from your own experience and 192 00:09:50,989 --> 00:09:56,400 Keith: your legacy, you need to construct the must-have portfolio, right? Now, 193 00:09:56,429 --> 00:10:01,270 Keith: the must-have portfolio is not about the hot stocks, contrary 194 00:10:01,270 --> 00:10:03,109 Keith: to what people think, and I get asked this all 195 00:10:03,109 --> 00:10:05,989 Keith: over the world by folks who are investing. Hey, Keith, 196 00:10:06,080 --> 00:10:09,229 Keith: what's the next hot stock? Wrong question. 197 00:10:09,770 --> 00:10:13,270 Keith: The number one piece of advice to investors listening today 198 00:10:13,450 --> 00:10:15,659 Keith: is you need to forget about the hot stocks. What 199 00:10:15,659 --> 00:10:17,709 Keith: you need to focus on is the stocks that are 200 00:10:17,710 --> 00:10:20,468 Keith: going to be there in 10, 20, 30 years when 201 00:10:20,469 --> 00:10:22,909 Keith: you need them, when your family needs them, when your grandchildren, 202 00:10:22,979 --> 00:10:27,250 Keith: your unborn great, great grandchildren need them, because the longevity 203 00:10:27,390 --> 00:10:30,909 Keith: is what really creates the value. Now again, you're gonna 204 00:10:30,909 --> 00:10:33,349 Keith: be buying and selling, it's going to be volatile going 205 00:10:33,349 --> 00:10:35,549 Keith: back and forth all the way between here and then. 206 00:10:36,039 --> 00:10:38,429 Keith: But when you get right down to it, the list 207 00:10:38,429 --> 00:10:42,520 Keith: of companies that is really changing our world is actually very, 208 00:10:42,679 --> 00:10:45,840 Keith: very short, and you don't want to be playing with 209 00:10:45,840 --> 00:10:48,640 Keith: stocks that are just a better mousetrap. You want to 210 00:10:48,640 --> 00:10:50,960 Keith: be investing in stocks and they can be 211 00:10:51,244 --> 00:10:55,395 Keith: utilities, they can be stores they can be athletic manufacturers, 212 00:10:55,515 --> 00:10:58,284 Keith: whatever the company is it doesn't have to be AI 213 00:10:58,835 --> 00:11:01,474 Keith: because it can be another company that is changing the 214 00:11:01,474 --> 00:11:03,794 Keith: world in a way that is not yet picked up 215 00:11:03,794 --> 00:11:07,155 Keith: on the media or recognized by the headlines. So you've 216 00:11:07,155 --> 00:11:10,385 Keith: got to concentrate and you've got to play to win 217 00:11:10,794 --> 00:11:13,974 Keith: because the other mistake that people make just since time began, 218 00:11:14,494 --> 00:11:17,554 Keith: is they fear losses more than they like winning. 219 00:11:17,940 --> 00:11:20,320 Keith: And what I mean by that is they would rather say, 220 00:11:20,380 --> 00:11:23,260 Keith: oh I avoided that loss, but the problem is they 221 00:11:23,260 --> 00:11:26,219 Keith: worry about things that they can't control. If you flip 222 00:11:26,219 --> 00:11:28,780 Keith: that around, which is what I've encouraged investors to do 223 00:11:28,780 --> 00:11:32,579 Keith: for 45 years now, you play to win. Which companies 224 00:11:32,580 --> 00:11:34,979 Keith: are gonna be there? Which companies are gonna help me 225 00:11:34,979 --> 00:11:38,010 Keith: achieve my objectives and be there when I need them? 226 00:11:38,219 --> 00:11:40,659 Keith: And my objectives can be growth, they can be income, 227 00:11:40,739 --> 00:11:43,520 Keith: they can be exposure, they can be any number of things. 228 00:11:43,739 --> 00:11:47,219 Keith: But the important thing is I'm constantly maneuvering to win. 229 00:11:47,619 --> 00:11:50,380 Keith: I'm not worried about not losing because I don't like 230 00:11:50,380 --> 00:11:53,380 Keith: to worry about things I can't control. I do like 231 00:11:53,380 --> 00:11:55,729 Keith: to worry about buying great stocks, at what price I 232 00:11:55,729 --> 00:11:58,659 Keith: can do it, what tactics do I use that can increase 233 00:11:58,659 --> 00:12:00,940 Keith: my future, and that's really the message. 234 00:12:01,299 --> 00:12:01,459 Suze: And 235 00:12:01,460 --> 00:12:03,440 Suze: when you say your future. 236 00:12:03,739 --> 00:12:08,250 Suze: The truth of the matter is it's everybody's future because 237 00:12:08,260 --> 00:12:12,409 Suze: our job, the two of us, is to bring this 238 00:12:12,409 --> 00:12:19,500 Suze: information to everyday investors, moms, pops, kids, whatever, so that they, number one, 239 00:12:19,580 --> 00:12:24,409 Suze: get educated, they understand it, but they know what to do. 240 00:12:24,659 --> 00:12:26,059 Suze: When do people sell? 241 00:12:26,760 --> 00:12:30,079 Suze: When would you just say, I'm out, get out. Like, 242 00:12:30,119 --> 00:12:34,559 Suze: is there advice to keep people from freaking out and 243 00:12:34,559 --> 00:12:37,599 Suze: selling a good stock, and yet they keep their bad 244 00:12:37,599 --> 00:12:41,080 Suze: stock because their bad stock probably isn't doing anything? What 245 00:12:41,080 --> 00:12:43,699 Suze: advice would you give them at this point in time? 246 00:12:44,679 --> 00:12:47,960 Keith: We have one golden rule, and it's something I learned 247 00:12:47,960 --> 00:12:51,200 Keith: from my mentors decades ago. There is only one rule 248 00:12:51,200 --> 00:12:54,959 Keith: that applies. If you buy a great company because it's 249 00:12:54,960 --> 00:12:57,429 Keith: great and you can identify all the reasons that it's great, 250 00:12:57,719 --> 00:13:00,239 Keith: the question you wanna ask yourself on a big down 251 00:13:00,239 --> 00:13:03,460 Keith: day is, OK, do all the reasons for which I 252 00:13:03,460 --> 00:13:06,059 Keith: bought this particular company still exist? 253 00:13:06,669 --> 00:13:09,579 Keith: If the answer is yes, you grit your teeth, hold 254 00:13:09,580 --> 00:13:11,989 Keith: your breath, go for a walk, whatever it is, but 255 00:13:11,989 --> 00:13:14,469 Keith: you hold on because you know that the reasons you 256 00:13:14,469 --> 00:13:17,989 Keith: bought the company are still there. If a company does 257 00:13:17,989 --> 00:13:21,709 Keith: not any longer embody what it is you bought it 258 00:13:21,710 --> 00:13:24,909 Keith: for or the reasons for which you bought it, then boom, gone. 259 00:13:24,989 --> 00:13:26,270 Keith: Don't let the door hit you in the rear end 260 00:13:26,270 --> 00:13:30,000 Keith: on the way out. Don't ever look back. So for example, 261 00:13:30,590 --> 00:13:33,679 Keith: Apple has had its share of trials and tribulations in 262 00:13:33,679 --> 00:13:36,119 Keith: recent years. People have said, Oh, innovation is dead. Tim 263 00:13:36,119 --> 00:13:37,909 Keith: Cook doesn't know what he's doing. They're not in AI. 264 00:13:38,000 --> 00:13:40,599 Keith: They're falling behind. None of those things is true, but 265 00:13:40,599 --> 00:13:44,150 Keith: that's what people think. So my argument with Apple is 266 00:13:44,150 --> 00:13:47,830 Keith: if Apple suddenly turned around and decided it was shifting 100% 267 00:13:47,830 --> 00:13:50,419 Keith: of its production capacity to making swimming pools. 268 00:13:51,609 --> 00:13:54,130 Keith: I'd be gone like a shot because that's outside their 269 00:13:54,130 --> 00:13:57,450 Keith: primary expertise. It's outside their primary vision. It does not 270 00:13:57,450 --> 00:13:59,809 Keith: align with the reasons for which I bought Apple originally 271 00:13:59,809 --> 00:14:03,229 Keith: and encourage investors to continue to buy Apple today. So, 272 00:14:03,250 --> 00:14:05,650 Keith: you know, if we look at Peloton, for example, people 273 00:14:05,650 --> 00:14:07,669 Keith: flip that around and say, oh, this is this great 274 00:14:07,669 --> 00:14:10,520 Keith: innovative company, and I said, no, an iPad on a 275 00:14:10,520 --> 00:14:12,968 Keith: bike is not a functional business, you know, just ask 276 00:14:12,969 --> 00:14:15,349 Keith: the folks at GoPro who lost 98% of their money, 277 00:14:15,650 --> 00:14:18,710 Keith: and today Peloton continues to struggle. So this is a 278 00:14:18,719 --> 00:14:19,489 Keith: question of I wouldn't even 279 00:14:19,594 --> 00:14:21,804 Keith: buy it in the first place because it doesn't fit 280 00:14:21,804 --> 00:14:24,835 Keith: the fundamental reasons for which I thought it might be 281 00:14:24,835 --> 00:14:26,804 Keith: a great company. So that's really what you want to 282 00:14:26,804 --> 00:14:27,544 Keith: hone in on. 283 00:14:27,684 --> 00:14:31,765 Suze: What would you tell people who are just starting now 284 00:14:31,765 --> 00:14:35,135 Suze: or want to invest? They want to be part of this. 285 00:14:35,364 --> 00:14:36,445 Suze: What would you tell them? 286 00:14:37,140 --> 00:14:42,130 Keith: Number one, excellent, great, because the mindset, the decision to 287 00:14:42,130 --> 00:14:45,590 Keith: invest is one of the hardest decisions you will ever 288 00:14:45,590 --> 00:14:50,469 Keith: make in your life. So number one, absolute golf clap, applause, fabulous, 289 00:14:50,590 --> 00:14:55,229 Keith: well done. Second, invest consistently because what people get so 290 00:14:55,229 --> 00:14:58,109 Keith: drawn up about it, particularly in today's markets with smartphones 291 00:14:58,109 --> 00:15:02,270 Keith: and the internet and relentless, relentless news cycle that really 292 00:15:02,270 --> 00:15:04,890 Keith: is filled with most of nothing every 24 hours. 293 00:15:05,390 --> 00:15:09,510 Keith: You know, consider it your job to do it consistently 294 00:15:09,510 --> 00:15:13,030 Keith: because the volatility that you fear is an opening for 295 00:15:13,030 --> 00:15:16,630 Keith: the reasons that we discussed. So if you're doing this consistently, 296 00:15:16,989 --> 00:15:20,789 Keith: your returns will be more consistent than they would if 297 00:15:20,789 --> 00:15:21,109 Keith: you just... 298 00:15:21,340 --> 00:15:24,750 Suze: But that's what dollar cost averaging that people know they 299 00:15:24,750 --> 00:15:27,349 Suze: have to do that. Well, I'm putting you right on 300 00:15:27,349 --> 00:15:31,789 Suze: the spot, boyfriend. Would you do individual stocks or if 301 00:15:31,789 --> 00:15:33,609 Suze: you could only do one at a time. 302 00:15:34,010 --> 00:15:37,979 Suze: And only maybe do one every four months, or would 303 00:15:37,979 --> 00:15:41,729 Suze: you do, just start with, just to see what it 304 00:15:41,729 --> 00:15:46,020 Suze: was like, dollar cost averaging into an ETF and if 305 00:15:46,020 --> 00:15:48,140 Suze: you did, what ETF would it be? 306 00:15:49,299 --> 00:15:52,460 Keith: What I would do is I would put money into 307 00:15:52,460 --> 00:15:54,780 Keith: an ETF. If you've got a couple thousand dollars you need 308 00:15:54,780 --> 00:15:57,179 Keith: to get exposure to the markets. You need to start 309 00:15:57,179 --> 00:15:59,700 Keith: to be in to win. And you know a broad 310 00:15:59,700 --> 00:16:01,900 Keith: market ETF is probably as good as any, you know, 311 00:16:01,979 --> 00:16:04,580 Keith: a VOO or an S&P 500, something that taps you 312 00:16:04,580 --> 00:16:08,679 Keith: into technology in the future and the future profitability, but 313 00:16:09,390 --> 00:16:12,710 Keith: I would also argue that you want to begin accumulating 314 00:16:12,710 --> 00:16:16,630 Keith: shares of the great names of our day: the Apples, 315 00:16:16,750 --> 00:16:21,390 Keith: the Microsoft, the Palantir, because getting those shares, even one 316 00:16:21,390 --> 00:16:24,150 Keith: at a time is gonna force you to pay attention. 317 00:16:24,489 --> 00:16:27,250 Keith: But it's also going to help you build your future. 318 00:16:27,289 --> 00:16:30,890 Keith: If you hold even a single share of a company 319 00:16:30,890 --> 00:16:34,880 Keith: like Nvidia in 2011, you know, that could materially change 320 00:16:34,880 --> 00:16:39,090 Keith: your life today, your grandchildren's lives today. So you need 321 00:16:39,090 --> 00:16:42,049 Keith: to begin thinking about that. So my advice is you start, 322 00:16:42,090 --> 00:16:43,969 Keith: if you've got a couple thousand bucks, you start with 323 00:16:43,969 --> 00:16:48,190 Keith: a simple ETF. You begin adding shares of single companies 324 00:16:48,369 --> 00:16:49,530 Keith: if and when you can. 325 00:16:49,575 --> 00:16:52,094 Keith: But let me clear something up about this idea of 326 00:16:52,094 --> 00:16:55,695 Keith: small companies. That's a myth. It used to be great. 327 00:16:55,775 --> 00:16:57,895 Keith: You go for the small stocks and oh boy, this 328 00:16:57,895 --> 00:16:59,655 Keith: is great because you're gonna hit a home run, but 329 00:16:59,655 --> 00:17:02,724 Keith: the reality of today's markets is very different than it 330 00:17:02,724 --> 00:17:06,535 Keith: was 10, 20, 30, 40 years ago. Small cap stocks 331 00:17:06,535 --> 00:17:09,734 Keith: very rarely make it. Palantir is an exception. It was 332 00:17:09,734 --> 00:17:12,285 Keith: 7 bucks once when I started talking to you about it. 333 00:17:12,574 --> 00:17:14,694 Keith: Now we're pushing back towards 200. 334 00:17:15,040 --> 00:17:18,260 Keith: But that is rarer than hen's teeth. What you normally 335 00:17:18,260 --> 00:17:20,540 Keith: want to do is stick with the great big companies 336 00:17:20,540 --> 00:17:23,530 Keith: and you can buy fractional shares. You have many brokerages, 337 00:17:23,599 --> 00:17:26,000 Keith: you can buy a piece of something and still get 338 00:17:26,000 --> 00:17:29,670 Keith: dividends and still get appreciation, so the math still works. Now, 339 00:17:29,680 --> 00:17:32,709 Keith: that did not exist 30 years ago when I was 340 00:17:32,709 --> 00:17:34,540 Keith: starting to do the same thing or 40 years ago. 341 00:17:34,930 --> 00:17:35,589 Keith: But it does... 342 00:17:35,719 --> 00:17:36,969 Suze: I was right there with you, sweetheart. 343 00:17:37,810 --> 00:17:41,790 Keith: It does today, right? And imagine how different, how much flexibility. 344 00:17:41,810 --> 00:17:45,099 Keith: It's really where I would want to wind up because 345 00:17:45,500 --> 00:17:50,819 Keith: The opportunity in today's markets is vastly more significant than 346 00:17:50,819 --> 00:17:53,589 Keith: it was in our time because you can do all 347 00:17:53,589 --> 00:17:56,109 Keith: of these things with fractional shares. We've got the greatest 348 00:17:56,109 --> 00:17:59,989 Keith: concentration of computing power in human history. We have more 349 00:17:59,989 --> 00:18:02,989 Keith: medical capacity than we've ever seen. We're going to solve 350 00:18:02,989 --> 00:18:06,289 Keith: things like money and cancer and hunger in the next 10, 351 00:18:06,289 --> 00:18:10,030 Keith: 20 years, and all of those investments are happening now. 352 00:18:12,359 --> 00:18:13,929 Suze: So one last, one more question for you. 353 00:18:14,430 --> 00:18:17,969 Suze: So you buy like one share of a Costco, OK, 354 00:18:18,260 --> 00:18:23,540 Suze: 900 some odd dollars, or let's say you have $2,000 355 00:18:23,540 --> 00:18:28,170 Suze: to invest and you can do fractional shares. Are you 356 00:18:28,170 --> 00:18:31,439 Suze: better off than buying like two shares of a 357 00:18:31,525 --> 00:18:37,175 Suze: Costco or taking that $2,000 and buying a fractional share 358 00:18:37,175 --> 00:18:43,444 Suze: of Nvidia, Costco, Apple, whatever, and divide that amount of 359 00:18:43,444 --> 00:18:48,385 Suze: money among maybe five shares than owning one full share. 360 00:18:49,810 --> 00:18:52,849 Keith: If you have the ability to do fractional shares, I 361 00:18:52,849 --> 00:18:56,010 Keith: would submit you're better off buying a little bit of 362 00:18:56,010 --> 00:18:57,890 Keith: each of the big names. If you do not have 363 00:18:57,890 --> 00:19:00,079 Keith: the ability to do fractional shares at your brokers, then 364 00:19:00,079 --> 00:19:01,890 Keith: I would say you go one step at a time, 365 00:19:02,050 --> 00:19:04,050 Keith: one share at a time, but you start with a 366 00:19:04,050 --> 00:19:04,930 Keith: buy list and you 367 00:19:05,020 --> 00:19:06,719 Keith: just do it until that buy list is full, 368 00:19:06,939 --> 00:19:09,380 Suze: But the truth of the matter is you probably shouldn't 369 00:19:09,380 --> 00:19:12,409 Suze: be dealing with a broker who doesn't do fractional shares. 370 00:19:12,739 --> 00:19:13,540 Keith: There you go. 371 00:19:13,819 --> 00:19:17,369 Suze: So everybody listen to what we just said to you, 372 00:19:17,660 --> 00:19:20,198 Suze: because I know a lot of you want to start 373 00:19:20,579 --> 00:19:24,569 Suze: and you're afraid to start, and I personally think your 374 00:19:24,569 --> 00:19:27,660 Suze: beginning block is always like for now anyway. 375 00:19:28,510 --> 00:19:33,069 Suze: The ETF in VOO, then you have that covered. And 376 00:19:33,069 --> 00:19:35,810 Suze: then if you want to add a little bit more, 377 00:19:36,030 --> 00:19:38,988 Suze: like the... whatever it may be, whatever area you want 378 00:19:38,989 --> 00:19:41,859 Suze: to go into, and you only have a specific sum, 379 00:19:42,270 --> 00:19:47,270 Suze: do fractional shares of like five stocks of 10 stocks 380 00:19:47,270 --> 00:19:52,339 Suze: rather than just one share, one share of maybe two stocks, 381 00:19:52,349 --> 00:19:53,729 Suze: and that's all you have to invest. 382 00:19:54,790 --> 00:19:56,099 Suze: So that's what I think. Yeah. 383 00:19:56,550 --> 00:19:58,709 Keith: There's an interesting point here, right, that people don't really 384 00:19:58,709 --> 00:20:02,150 Keith: latch onto, you know, if you go to Vegas, the 385 00:20:02,150 --> 00:20:05,349 Keith: number of people who will let it all ride is 386 00:20:05,349 --> 00:20:08,739 Keith: disproportionately high, which is why Vegas is what it is. 387 00:20:09,150 --> 00:20:11,770 Keith: But as an investor, you don't have to play that game, 388 00:20:11,790 --> 00:20:15,349 Keith: and what people who are just starting out often don't understand. 389 00:20:15,699 --> 00:20:19,089 Keith: Is that what Suze and I are talking about today, actually, 390 00:20:19,099 --> 00:20:23,020 Keith: the odds are in your corner this time because the 391 00:20:23,020 --> 00:20:25,780 Keith: big money, the money we're just talking about with Michael 392 00:20:25,780 --> 00:20:29,300 Keith: Burry and all the institutions, they have to keep their 393 00:20:29,300 --> 00:20:34,199 Keith: money moving 24/7, 365. You and I as individual investors 394 00:20:34,339 --> 00:20:35,739 Keith: can very deliberately pick 395 00:20:35,829 --> 00:20:38,670 Keith: the world's best companies and nothing else we can buy 396 00:20:38,670 --> 00:20:42,629 Keith: fractional shares at prices we stipulate. We don't have to 397 00:20:42,630 --> 00:20:45,949 Keith: react to all of this that they do. So when 398 00:20:45,949 --> 00:20:50,390 Keith: you're beginning, the hardest part about beginning is understanding that 399 00:20:50,390 --> 00:20:53,829 Keith: the control you have and your position as an individual 400 00:20:53,829 --> 00:20:55,989 Keith: investor is something Wall Street wishes 401 00:20:56,199 --> 00:20:59,159 Keith: it had, it's the greatest gift in the world to 402 00:20:59,160 --> 00:21:02,040 Keith: be able to play this game little at a time 403 00:21:02,040 --> 00:21:07,040 Keith: as your experience builds because the opportunity will always overwhelm 404 00:21:07,040 --> 00:21:10,359 Keith: and overcome the risks that you think you're facing but 405 00:21:10,359 --> 00:21:11,079 Keith: aren't really. 406 00:21:11,400 --> 00:21:13,680 Suze: You know, though, we have to be careful though, Keith, 407 00:21:13,750 --> 00:21:18,060 Suze: when we use words, seriously, like game because this isn't 408 00:21:18,060 --> 00:21:20,899 Suze: a game, this is most people's life. 409 00:21:21,449 --> 00:21:24,839 Suze: And most people, you know, are afraid of it because 410 00:21:24,839 --> 00:21:27,839 Suze: they think it's, it's like gambling, it's not for them 411 00:21:27,839 --> 00:21:30,839 Suze: or whatever, or they just don't know what to do, 412 00:21:31,199 --> 00:21:33,599 Suze: which is why I love when we can do these 413 00:21:33,599 --> 00:21:38,880 Suze: things because I always want everybody to get another opinion, 414 00:21:39,119 --> 00:21:43,198 Suze: and we have different opinions sometimes, but the main thing 415 00:21:43,199 --> 00:21:44,819 Suze: that we agree on, 416 00:21:45,130 --> 00:21:49,000 Suze: is that you should only be dollar cost averaging. You 417 00:21:49,000 --> 00:21:53,629 Suze: should be diversified, meaning not all over the board, but 418 00:21:53,680 --> 00:21:57,849 Suze: possibly in VOO and even more AI stocks. You should 419 00:21:57,849 --> 00:22:01,800 Suze: be at a brokerage firm that only does fractional shares. 420 00:22:02,050 --> 00:22:05,229 Suze: You should have all your other things covered as well 421 00:22:05,439 --> 00:22:08,670 Suze: in terms of your retirement accounts and your estate plans. 422 00:22:08,849 --> 00:22:12,129 Suze: And what I truthfully think that makes the two of 423 00:22:12,130 --> 00:22:13,389 Suze: us so special. 424 00:22:13,739 --> 00:22:19,339 Suze: Is that when you combine personal finance, the things you 425 00:22:19,339 --> 00:22:22,859 Suze: have to do behind the scenes, the mortgages and your 426 00:22:22,859 --> 00:22:26,530 Suze: wills and your trust with what are you investing in 427 00:22:26,530 --> 00:22:30,500 Suze: specifically and why, and you do all of that and 428 00:22:30,500 --> 00:22:34,479 Suze: you have two people like us that have now joined forces. 429 00:22:34,780 --> 00:22:38,050 Suze: I don't know. I think we're the best dynamic duo 430 00:22:38,050 --> 00:22:41,218 Suze: out there today. So I want... anything you want to 431 00:22:41,219 --> 00:22:42,399 Suze: say before we leave? 432 00:22:42,939 --> 00:22:47,669 Keith: No, I'm completely humble that I agree with you absolutely 100%. 433 00:22:47,729 --> 00:22:50,959 Keith: It's one of the most exciting times in human history 434 00:22:51,180 --> 00:22:54,010 Keith: and not to invest is the mistake of your life. 435 00:22:54,300 --> 00:22:57,060 Keith: So I encourage everybody who's listening, give it a try. 436 00:22:57,180 --> 00:22:59,139 Keith: Come on in, the pool's not cold. You're gonna have 437 00:22:59,140 --> 00:22:59,819 Keith: a great 438 00:22:59,819 --> 00:23:00,359 Keith: time. 439 00:23:01,140 --> 00:23:03,300 Suze: And you know, for those of you who are listening 440 00:23:03,300 --> 00:23:06,139 Suze: right now and you're in a 401k plan. 441 00:23:06,589 --> 00:23:09,189 Suze: That's all, and hopefully it better be a Roth 401k. 442 00:23:09,300 --> 00:23:11,989 Suze: Do you hear me? Or a 403B or TSP. If 443 00:23:11,989 --> 00:23:15,829 Suze: you're not investing in Roth, if you're doing traditional retirement accounts, 444 00:23:16,229 --> 00:23:18,500 Suze: what you are making is the biggest mistake you could 445 00:23:18,500 --> 00:23:21,869 Suze: possibly make. However, the point that I'm about to make 446 00:23:21,869 --> 00:23:26,510 Suze: is this if you're investing in a 401k and that's 447 00:23:26,510 --> 00:23:30,770 Suze: what you're doing, you might want to think about opening up, 448 00:23:31,030 --> 00:23:34,688 Suze: if you qualify, a Roth IRA on the side. 449 00:23:35,310 --> 00:23:38,959 Suze: And then employ some of these, you know, techniques that 450 00:23:38,959 --> 00:23:41,159 Suze: we've just talked to you about with the stocks that 451 00:23:41,160 --> 00:23:44,839 Suze: you've heard us mention. So, you should have more than 452 00:23:44,839 --> 00:23:48,790 Suze: just a retirement account at work and be limited to 453 00:23:48,790 --> 00:23:53,020 Suze: the mutual funds that they offer you. All right, boyfriend. 454 00:23:53,760 --> 00:23:57,510 Suze: That's it for Suze School today and thank you so much. 455 00:23:57,630 --> 00:24:02,969 Suze: It was fun again, Fitzy. So everybody, until Thursday when Ms. 456 00:24:03,150 --> 00:24:08,300 Suze: Travis will join me on another Ask KT and Suze Anything. 457 00:24:08,630 --> 00:24:11,030 Suze: There's only one thing that I want you to remember 458 00:24:11,030 --> 00:24:12,449 Suze: when it comes to your money. 459 00:24:13,050 --> 00:24:17,160 Suze: And that's this: people first. You have got to put 460 00:24:17,160 --> 00:24:21,119 Suze: yourself first in terms of you have to learn, you 461 00:24:21,119 --> 00:24:23,929 Suze: have to know what you need to do, you have 462 00:24:23,930 --> 00:24:29,170 Suze: to understand how to do these things. People first, then 463 00:24:29,170 --> 00:24:32,209 Suze: you'll know what to do with your money, and then 464 00:24:32,209 --> 00:24:36,060 Suze: you'll have the money to buy things. Stay safe, stay 465 00:24:36,060 --> 00:24:39,729 Suze: secure until next time, no, we love you. Bye bye. 466 00:24:40,229 --> 00:24:43,150 Robert: Hang on, we're not done yet. It's Robert, the producer here. 467 00:24:43,189 --> 00:24:45,709 Robert: At the beginning of this episode, I promised you a 468 00:24:45,709 --> 00:24:49,170 Robert: special treat, and here it is. If you wanna watch 469 00:24:49,430 --> 00:24:52,670 Robert: Suze and Keith together because you've been asking to see 470 00:24:52,670 --> 00:24:55,380 Robert: them on YouTube together, make sure you go to Suze's 471 00:24:55,380 --> 00:25:00,310 Robert: YouTube channel at youtube.com/Suze Orman and you can watch Suzie 472 00:25:00,310 --> 00:25:02,010 Robert: and Keith in action.