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401k Not Enough For You? Add This.

Before I get started, it’s time for my customary beginning-of-the-year nag.

By the time you read this, you will have likely received your first paycheck of 2019. Take a minute to see how much of it you’ve diverted into your 401k plan. Are you on track to contribute the $19,000 for the year? (Or $25,000 if you’re 50 or older?)

If not, take a minute today to log in and increase your contribution levels. The longer you wait, the harder it will be to catch up. So, get it done now, before your next paycheck.

It’s OK if you’re worried about the stock market taking another spill. No one says you have to allocate your 401k to stocks. A money market or stable value fund is a perfectly fine option for now.

It’s simply to get your cash into the account to take advantage of the tax break and any employer matching. The actual investing can happen later.

All right, I got my annual January nag out of my system.

Now, let’s move on to the good stuff.

While the 401k is the backbone of most Americans’ financial plan, if you’re self-employed or a partner in a small business, you have even better options at your disposal. In addition to defined-contribution 401k plan, you can also build yourself a good, old-fashioned defined-benefit pension plan.

I know what your thinking. Words like “defined benefit” or “defined contribution” are enough to make your eyes glaze over. They might even be enough for you to consider the virtues of jabbing an icepick into your temples.

It’s boring. I know.

But hear me out, because if you play your cards right, you can potentially shield hundreds of thousands or dollars from the tax man… every year.

Paying Yourself First

Very few companies offer traditional pension plans today. They’re expensive to administer, they can be a legal minefield, and at the end of the day, no one wants the responsibility of caring for retired workers decades after they’ve quit working.

This is why most companies moved to defined-contribution plans like 401ks. There’s no real risk. Managing the portfolio is the responsibility of the worker, not the company. And if the nest egg doesn’t grow large enough to support the retiree in their golden years… well, that’s their problem.

Hey, I get it. If I were running a large enterprise, I wouldn’t want the open-ended liability of managing a traditional pension for my workers.

But my own retirement? That’s a different story. I don’t mind dealing with the hassle if I’m the one that gets the benefit.

So, with that as an introduction, let me introduce the cash-balance plan.

A cash-balance plan is a traditional defined-benefit pension plan designed for one-man shops or small businesses with a handful of partners. The formula for contribution limits is complex and depends on your age, income and the current value of your plan, among other things. So, it’s probably easiest to explain with examples.

If you’re 40 years old and make $250,000 per year in self-employment income, you can contribute around $106,000 to a cash-balance plan, saving tens of thousands of dollars in taxes. If you’re 50 years old and making $250,000 per year, the amount you can potentially contribute jumps up to over $180,000. And if you’re 55, the number gets close to $220,000.

Sheltering $220,000 per year from the tax man sounds a lot better than sheltering $19,000 to $25,000.

But here’s where it really gets fun. It doesn’t have to be an either/or decision. You can actually do both!

So, playing with examples again, let’s say you’re 50 years old and earn over $250,000. You can dump the first $25,000 into your 401k plan, pay yourself an extra 6% in matching or profit sharing, which would work out to another $15,000, and then top it off with a massive $180,000 contribution to your cash-balance plan.

That’s such a phenomenally good tax break, I can hardly believe it’s legal!

There are a few catches, of course. You need a professional to set up the plan and do the annual actuarial calculations, which will cost you several hundred or even a couple thousand dollars per year. You do not want to get cheap here and try to do it yourself, as making any mistakes can subject you to penalties and a potential tax nightmare.

You also have to invest the cash-balance plan conservatively. Just as is the case with an old-school traditional pension, any portfolio losses have to be made up with higher future contributions. It doesn’t matter if you’re the only participant in the plan and you’re effectively “paying yourself.” You face the same risk that General Motors or Ford do when their pension assets fall short of liabilities.

So, you’d want to make sure your cash-balance plan was invested primarily in bonds, CDs or other low-risk investments.

Once you’ve retired or reached the lifetime maximum contribution of around $2.6 million, you don’t have to worry about dealing with the administration of the cash-balance plan anymore. You can simply roll the balance into an IRA and manage it the same way you would with any other retirement account.

Regardless, if you’re looking to turbocharge your retirement savings, you should definitely look into cash-balance plans. There’s simply nothing else out there that can offer the same tax-deferred growth.

Disclaimer: This material is provided for informational purposes only, as of the date hereof, and is subject to change without notice. This material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities nor is it intended to be investment advice. You should speak to a financial advisor before attempting to implement any of the strategies discussed in this material. There is risk in any investment in traded securities, and all investment strategies discussed in this material have the possibility of loss. Past performance is no guarantee of future results. The author of the material or a related party will often have an interest in the securities discussed. Please see Full Disclaimer for a full disclaimer.

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Don’t Expect Mean Reversion to Boost Your Returns

My poor groin…

As I wrote a few months ago, I managed to pull my right groin muscle playing soccer with some of the hypercompetitive South American fathers from my son’s team.

Well, with a little rest, it healed. Or so I thought.

But while skiing with the family in Breckinridge, I took a turn too fast, wiped out… and felt my poor groin pop.

I’m able to walk… with a limp. But I won’t be doing anything remotely athletic for at least a few weeks.

Maybe it’s my physical discomfort… or maybe it’s the fact that I’m sitting alone at the lodge while my wife and kids enjoy a nice day on the slopes… but something I read in this week’s Barron’s really put me in a foul mood.

Vito Racanelli writes,

There’s one number that explains a lot of things: 5.52%. Over the 20 years ended 2018, that’s been the nominal compound annual growth rate (CAGR) of the S&P 500.

It might not feel like it after a decade-long bull market, “but we are coming off 20 of the worst years for compounded returns since the Great Depression,” says Nicholas Colas, co-founder of DataTrek Research. The average trailing 20-year market CAGR since 1928 is 10.7%. Blame the two negative-35%-plus bear markets since 2000.

Ouch.

Over the past 20 years, the market has returned barely half its long-term average annual gains. And I’m willing to bet that most investors saw returns even lower than that. (Most investors tend to sell near bottoms and miss out on the most explosive early years of a bull market.)

But this is where I start to get grouchy. Colas goes on to suggest that, since we’re coming off a lousy 20-year stretch in the market, the next 20 years should be a lot better due to mean reversion.

In other words, in order for the market’s long-term returns of 10.7% to hold, we have to see annual returns well above 10.7% in order to make up for the past 20 years of just 5.52% returns.

This may be the stupidest argument I’ve ever heard. And trust me, I’ve heard some ludicrous arguments over the years.

Let’s start with valuations.

A big reason for the market’s lackluster performance over the past 20 years is that we started the period in 1998… smack dab in the middle of the largest stock bubble in U.S. history.  At the beginning of 1998, the S&P 500 traded at a P/E ratio of 24, well above the long-term average.

The returns you earn are a product of the price you pay. If you overpay, your returns are going to be lousy. Anyone buying in 1998 paid too much for their stocks and then had to accept lower returns over the next 20 years. It’s really that simple.

Now, let’s compare this to the preceding 20-year period, 1978 to 1998. Over that period, the S&P 500 returned about 14% per year, well above the long-term market average.

Why?

Again, it’s simple. In 1978, after a decade of stagflation, the market was cheap.  The S&P 500 traded at a P/E ratio of just 8. Anyone buying in 1978 was buying at a bargain-basement price and thus enjoyed a fantastic 20 years of returns.

So, where are we today?

Unfortunately, it’s looking a lot more like 1998 than 1978. The S&P 500 trades for about 20 times earnings.

Now, we can split hairs as to whether the P/E ratio is the best metric to use here. But other metrics, such as the cyclically-adjusted price/earnings ratio (“CAPE”) or the price/sales ratio tell a very similar story. Stocks are not cheap today. And thus it’s not realistic to expect returns over the next 20 years to be much better than over the last 20.

I could end my rant here, but I’m just warming up.

This is bordering on market heresy, but I also take issue with the notion that stocks “have” to return around 10.7% per year.

In 1928, the stock market was still the wild, wild west. It wasn’t really regulated, and it was essentially a casino for rich people. There were no 401ks, and the average American had no access or exposure to stocks. The market didn’t really become accessible to the average American until the 1950s, when mutual funds became popular. And even then, few Americans were investors. I’d argue that investing didn’t really go mainstream until the late 1980s.

Furthermore, up until arguably the 1940s, the United States was still an “emerging market.”

Compare that to today. Virtually every middle-class American has at least indirect exposure to the stock market via their company 401k plan or pension, and the capital markets are tightly regulated by an alphabet soup of government agencies.

All else equal, a highly-regulated and developed market should produce returns that are lower than those of a loosely regulated emerging market. The returns have to be higher in a wild emerging market in order to justify the risk.

I’d argue that the 5.52% returns of the past 20 years are the better example of what we should expect going forward than the 10% of decades past. This is the “new normal” for a developed market with broad participation trading at premium prices. And in order to get that 5.52% annual return, you’re going to have to stomach a lot of volatility.

I don’t know about you, but that sounds like a lousy deal to me.

I don’t want to buy, hold, and pray for 5.52% annual returns. The good news is that I don’t have to. In my Peak Income newsletter, I look for attractive income opportunities that are off the beaten path. It’s not at all uncommon for me to find stocks or closed-end funds paying 8% or more in dividends alone, not including any capital gains.


Disclaimer: This material is provided for informational purposes only, as of the date hereof, and is subject to change without notice. This material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities nor is it intended to be investment advice. You should speak to a financial advisor before attempting to implement any of the strategies discussed in this material. There is risk in any investment in traded securities, and all investment strategies discussed in this material have the possibility of loss. Past performance is no guarantee of future results. The author of the material or a related party will often have an interest in the securities discussed. Please see Full Disclaimer for a full disclaimer.

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Ten 401k Moves to Make by New Year’s Day

I love this time of year.

It’s good that I’m not diabetic because my consumption of candy canes, gingerbread cookies, hot chocolate and virtually anything else you can think of that’s loaded with processed sugar goes through the roof.

But between shopping and Christmas parties, we still have to squeeze in a little time for end-of-year portfolio housekeeping. Because, let’s face it, life isn’t exactly going to slow down once we hit the first of the year.

It’s particularly important to take a good look at your 401(k) plan this time of year.

For the vast majority of Americans, the humble 401(k) remains the single most important piece of their retirement plan. And because they’re for long-term investments, moves you make today will have compounding effects for potentially the next 30 to 40 years.

So, with no further ado, let’s go through a quick to-do list of moves you need to make in your 401(k) plan before the end of the year.

1. Try to hit $18,500 if at all possible

This is it. You likely have only one paycheck left before the end of the year, or maybe two if you’re lucky. So, if you’re wanting to get the maximum tax break for this year, you have to act now. You can contribute to an IRA or to an Individual 401(k) up until the April 15 tax filing deadline, but regular corporate 401(k) contributions have to be made by December 31.

So, if you haven’t contributed the full $18,500 this year (or $24,500 if you’re 50 or older), this is your last chance to do it. Talk to your company HR department now and ask them to put 100% of your next paycheck into your 401(k) plan, if that is feasible for you. Every nickel you get into the plan is a nickel that is safe from the tax man, potentially for decades.

2. Revise your allocation

Market technicians may quibble on the details, but the bull market that started in 2009 is considered by many to be the longest in history. If you don’t look at your allocation all that often, you should give it a look.

After nearly a decade of stock market gains, it’s possible that you have a lot more exposure to stocks than you want or need. Take this time to rebalance your portfolio to an allocation that is appropriate for you at this age and stage of life.

In my Peak Income newsletter, I’m currently recommending that most readers keep no more than 50% of their account in stocks. To find out more about my income-generating service and get more 401(k) tips,

3. Take a good, hard look at your target date funds

Along the same lines, if your 401(k) plan is invested in a target-date fund, take a moment to look under the hood and see what it actually owns. You might think you’re invested in something appropriate for your age, but that’s not necessarily the case. Your target date fund might have much higher (or lower) exposure to stocks than you want. One fund company’s definition of an appropriate portfolio for a person retiring in 2020 might be very different than another fund company’s definition… or yours!

Checking the allocation might involve a little homework, but it’s generally something that you can do with about 10 minutes of digging around on Google. Look up the fund on the internet, and the management company’s website should give you a good idea of what it owns. There’s not necessarily a right or wrong answer. It’s just an issue of making sure the allocation you have the one you actually want.

4. Bump your contributions higher for 2019

With a new year comes a new opportunity to stick it to the tax man. In 2019, the maximum you can contribute (not including employer matching) increases from $18,500 to $19,000. And if you’re 50 or older, it gets bumped from $24,500 to $25,000.

$19,000 is a lot of money, of course. It amounts to almost $1,600 per month. But I’m betting that if you make it a priority, you can make it happen. And when you see the reduction in your tax bill, you’ll be glad you did.

5. Roll over any older employer plans

If you’re like most Americans, your retirement plans are probably a disorganized mess. In addition to your current employer’s plan, you might a half dozen older plans from previous jobs.

The more plans you have, the harder it is to keep track of them all. Do yourself a favor and consolidate them. I will likely take no more than 10 minutes on the phone with your old employer’s 401(k) administrator to make it happen. This isn’t something you necessarily have to do by year end, but if you’re already doing a little portfolio housekeeping, why not do it?

The fewer plans you have to keep track of, the less likely you are to get overwhelmed and neglect them altogether. So make this a priority.

6. Revise your beneficiary designations

I’ve been married for 10 years and have two children. Yet I discovered in horror two years ago that I still had my sister listed as my primary beneficiary on one of my larger retirement accounts. Had I gotten hit by a bus, that would have been a very awkward mess for my poor wife and sister to sort out.

So, be smart and check your 401(k) beneficiary designations, particularly if you’ve had any major changes such as a marriage, birth of a child or a divorce. You really don’t want your ex-wife to inherit your life savings rather than your children or current spouse.

7. Don’t forget contingent beneficiaries

Along the same lines, don’t forget to specify a contingent beneficiary. If you were to go down in a fiery plane crash along with your primary beneficiary (likely your spouse), you’d want to make sure the funds transferred to the next in line, which would generally be your children.

If you have no living beneficiary on record, your 401(k) plan will get dumped into your estate, where it will have to go through probate. Having a proper beneficiary on file bypasses probate and gets the funds to your heirs faster. So, do them a favor and make your contingent beneficiary designations are in order.

8. Consider a reverse rollover… maybe

As a general rule, I prefer Rollover IRAs to 401(k) plans because you have more investment options and, often, lower costs. But there is one major exception where it absolutely makes more sense to keep your assets in an employer plan rather than an IRA.

Active 401(k) plans (a plan you are actively contributing to) are not subject to required minimum distributions (RMDs).

So, if you are 70 or older and still working and contributing to your company’s 401(k) plan, you can eliminate your RMDs on any outside IRAs by doing a “reverse rollover” and moving the funds to your 401(k) account.

This can be a little tricky, however, so if this sounds like something you’d like to do, I recommend you first have a chat with a good CPA.

9. Ask your employer about deferred comp plans

Let’s say that you’re a diligent saver and that you’re able to max out your 401(k) every year and still have ample savings left over.

You might be able to stuff some of those excess savings into a tax-deferred, non-qualified retirement plan called a deferred compensation or “deferred comp” plan.

This is exactly what it sounds like. In these plans, your employer sets aside part of your pay into a tax-deferred account that is similar in look and feel to a traditional 401(k) plan. These are particularly good options if you tend to get large bonuses. You may be able to dump all or part of that bonus into the deferred comp plan and supersize your retirement savings.

Not all companies offer deferred comp plans, and you should be aware that these plans do not have the same legal protections as 401(k) plans. If your employer were to go bankrupt, your deferred comp savings could go up in smoke.

But, if you’re looking for additional tax-free savings, a deferred comp plan might be a fantastic idea.

10. Keep perspective

Finally, don’t forget why you contribute to your 401(k) in the first place. We save money today so that our families have security when we’re too old to work.

So, take a moment to give thanks for your loved ones, and try to do something special for them not specifically related to money. Spend some time with them without the distraction of your smartphone, and really listen when they talk rather than just waiting for your turn to speak.

Ultimately, that’s going to make all of you a lot happier than a couple extra bucks in the retirement account.

A very merry Christmas to you all, and a happy new year!

This article first appeared on The Rich Investor.

Disclaimer: This material is provided for informational purposes only, as of the date hereof, and is subject to change without notice. This material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities nor is it intended to be investment advice. You should speak to a financial advisor before attempting to implement any of the strategies discussed in this material. There is risk in any investment in traded securities, and all investment strategies discussed in this material have the possibility of loss. Past performance is no guarantee of future results. The author of the material or a related party will often have an interest in the securities discussed. Please see Full Disclaimer for a full disclaimer.

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THIS Is Why We Hedge

The Dow dropped more than 500 points on Monday… only to finish the day in positive territory.

Now, even a few months ago, a massive swing like that would have been news. It would have had investors swapping stories and likely high-fiving each other.

These days, it’s just par for the course.

In fact, Monday’s swing was comparatively minor. Last Thursday saw a 710-point intraday rally that left investors believing that maybe – just maybe – the worst was behind us. Of course, this was followed by a nasty 559-point drop on Friday.

Wild swings are the order of the day.

Whenever we see moves like these, investors are hardwired to look for an explanation. They want to know why the market cratered or why it blasted higher.

Was the arrest of a Chinese executive that signaled a worsening of the trade war that pulled the floor out from under the market? Or was it softer language from a Fed speech that lit the fuse for a rally?

Whenever I hear explanations like these on CNBC, I want to reach into the TV and condescendingly pat the anchor on the head like a child.

That’s simply not how markets work.

Stock prices work just like any other competitive auction. When there are more buyers than sellers, prices rise. When there are more sellers than buyers, prices fall.

For the past two months, there have been more sellers than buyers, which is why the general direction has been down. But beyond that, corrections and bear markets also tend to be a lot more volatile than healthy bull markets. Everything gets more extreme. Stocks fall harder on down days and shoot higher on up days, and intraday swings gets larger as well.

Some investors choose to simply buy and hold and ride out rough patches like these. Most corrections tend to be short and relative painless, after all, so why bother selling to try to avoid downside if you’re just as likely to instead miss the upside when the bull market resumes?

That sounds great, of course. But some of those relatively painless corrections end up sliding into full-blown bear markets like 2008 or 2000 to 2002.

Rather than ride it out and hope for the best, some investors prefer to dump everything and sit in cash until the coast is clear.

That sounds great too. The problem is knowing when to get back in. Excess conservatism can cause you to miss major rallies when corrections turn out to be a lot shallower than feared.

In my trading service Peak Profits, I split the difference. When my model flashes warning signs, I neither close my eyes and hope for the best nor pull the ripcord and eject.

Instead, I hedge. I reduce my usual position sizes in the value and momentum stocks I recommend by half. I then use the 50% of the portfolio that is free to take a short position in the S&P 500.

So, instead of running an aggressive long-only stock portfolio, I run a hedged, market-neutral portfolio. At this point, the market can go up down or sideways, and I’m prepared for it.

Let’s say the market tanks on me. No problem. My portfolio’s value and momentum stocks might take a hit, but any damage is offset by the returns I earn from the short position in the S&P 500.

Likewise, it’s perfectly fine if the market rallies. Sure, I’ll lose money on the short position in the S&P 500. But my value and momentum stocks should enjoy a nice bump.

The important thing is that I don’t have to guess the direction of the market.

I simply have to choose a portfolio of attractive value and momentum stocks that are poised to either gain more or lose less than the S&P 500. And once my model signals that the worst of the correction is over, it’s back to business as usual. I close out the short position and increase the position sizes in my value and momentum stocks to their regular levels.

Disclaimer: This material is provided for informational purposes only, as of the date hereof, and is subject to change without notice. This material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities nor is it intended to be investment advice. You should speak to a financial advisor before attempting to implement any of the strategies discussed in this material. There is risk in any investment in traded securities, and all investment strategies discussed in this material have the possibility of loss. Past performance is no guarantee of future results. The author of the material or a related party will often have an interest in the securities discussed. Please see Full Disclaimer for a full disclaimer.

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Happy Guy Fawkes Day

Remember, remember the Fifth of November,
The Gunpowder Treason and Plot,
I know of no reason
Why the Gunpowder Treason
Should ever be forgot.
Guy Fawkes, Guy Fawkes, ’twas his intent

To blow up the King and Parli’ment.
Three-score barrels of powder below
To prove old England’s overthrow;

By God’s mercy he was catch’d
With a dark lantern and burning match.
Hulloa boys, Hulloa boys, let the bells ring.
Hulloa boys, hulloa boys, God save the King!
–Traditional English nursery rhyme

It doesn’t get a lot of press on this side of the Atlantic, but today, November 5, is Guy Fawkes Day.

This is the day the English remember one of their most notorious villains or one of their most celebrated heroes, depending on their mood, religion, ideological leaning, or perhaps how early they started drinking that day.

In the early hours of November 5, 1605, Fawkes was found hiding under the House of Lords with a cache of explosives large enough to level the entire building. It was his plan to take out the entire government — king, ministers, parliament and all — during the State Opening of Parliament. Now that’s one way to cut government waste!

Naturally, he was brutally tortured and executed. But he is remembered, in typically dry English humor, as the last man to enter Parliament with honest intentions.

Today, the English celebrate Guy Fawkes Night with fireworks displays and by burning effigies of Fawkes or other contemporary political figures, but it’s always a little ambiguous as to whether they’re celebrating the foiling of the gunpowder plot or the murderous spirit of rebellion behind it.

More than anything, it’s an excuse to get together with friends and light things on fire… something that every red-blooded American should appreciate.

While I was studying at the London School of Economics, I enthusiastically went native and burned a few effigies myself, though to save my life I couldn’t tell you who or what we were symbolically burning.

Coming back to the present, we have a midterm congressional election tomorrow in what is the most polarized political climate of my lifetime.

My normally quiet neighborhood in Dallas is absolutely inundated with campaign signs, which is something I’ve never seen before, even during presidential elections.

Lake Highlands has always been idyllic 1950s America, a place where parents push their kids on front-lawn tree swings and people consider it impolite to talk politics.

Well, that’s changed… and not for the better. Neighbors with opposing campaign signs now flash dirty looks at each other across their perfectly manicured lawns.

I hate that. And I blame both parties for letting it get to this point. We have a Republican president that behaves like an internet troll and Democratic congressional leaders that seem to think it’s acceptable to have angry mobs disrupt the dinners of their Republican counterparts in restaurants.

A pox on both of their houses. There is no civility, and it’s made life materially worse for all of us.

As tempting as it might be, I’m not going to recommend that you follow Guy Fawkes’ lead by blowing up Washington, D.C., and murdering the entire government. Though you’d be doing the world a favor, that’s the sort of thing that gets you locked up in Guantanamo for the rest of your life.

But I do have some suggestions for you.

To start, turn off your TV. If possible, use parental controls to block CNN, Fox News, MSNBC and any other news stations. The way I see it, the caustic political bile is more damaging to impressionable young minds than violent or pornographic movies. Save your children – and yourself!

You don’t actually learn anything from watching the news. It won’t make you smarter, as the format is far too superficial to be truly informative (if you want real information, read a book or watch a long documentary).

The news won’t make you richer either, as it is rarely actionable. The news is really just a respectable-looking form of entertainment. Except unlike actual entertainment, it’s not fun or relaxing. The time you waste watching the news is time you could better spend making money or enjoying proper leisure.

Perhaps even more importantly, step away from social media. Twitter and Facebook are probably more responsible for the breakdown in civility than the politicians and pundits that use them. They bring out the worst in all of us.

At the very least, you should mute anyone who expresses political views in their social media stream… even views you agree with. Reading other people’s political rants will not add a day to your life or a dollar to your wallet. It will just put you in a bad mood and may even damage otherwise decent friendships. You don’t need to that.

In a fit of disgust a few years ago, I deleted most of my social media accounts. You don’t have to be quite as extreme as me, of course, but you can at least delete the apps off of your phone. You can still access the accounts via your computer, but you won’t be impulsively checking your phone every 30 seconds like a heroin addict.

I also advocate what I call the golden rule of the social media age. Don’t tweet or post something that you wouldn’t have the balls to say to a person’s face. It is the height of cowardice to mouth off on social media while sitting on your couch in your underwear. It’s even worse if you do so with an anonymous account.

At the very least, use your real name and post a recent picture of yourself. If you don’t want your name or face associated with it, you probably shouldn’t be saying it.

And finally, drink beer.

I’m not joking. There is nothing more conducive to civilized living than sharing a six-pack with a neighbor. Just make sure you actually listen to them rather than simply waiting for your turn to talk. You may not agree with them on everything (or anything), but you might find you like them anyway.

That’s all for today. A very happy Guy Fawkes Day to all my libertarian, anarchist and other assorted ne’er-do-well friends out there. Have fun tonight. Just try to avoid burning the city down.

 

 

Disclaimer: This material is provided for informational purposes only, as of the date hereof, and is subject to change without notice. This material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities nor is it intended to be investment advice. You should speak to a financial advisor before attempting to implement any of the strategies discussed in this material. There is risk in any investment in traded securities, and all investment strategies discussed in this material have the possibility of loss. Past performance is no guarantee of future results. The author of the material or a related party will often have an interest in the securities discussed. Please see Full Disclaimer for a full disclaimer.

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