The CEO of Coinbase, Brian Armstrong, came out and said that he is ready for war with the SEC over multiple years. And I got to tell you, this cannot come at a better time as the SEC, and more specifically, Gary Gensler has been weakened by Congress. So there was a nice little piece that was put out this morning. And it took a look at Brian Armstrong as he was interviewed over here on CNBC. And a couple of things were said. It was about a 10-minute interview. I'm just going to break it down to the most crucial parts, I think, are important, which is about 45 seconds. And what he's going to talk about is just how much he is looking to engage with the SEC, what has been happening behind the scenes, and also the fact that he's actually branching out. And I can't remember if I stated this, but they've already branched out to the UK and multiple countries.  So just take a listen to this clip. Unfortunately, no. We've met with them over 30 times in the last year. And then, of course, they allowed us to go public as an S1. We filed and had many in-depth conversations with them about our business. But even in the last month, or sorry, the last year, we had 30 meetings. Never got a single piece of feedback from them about what we could be doing better or differently. And then this well has noticed arrived. And so it's really unfortunate. I think we're going to have to actually end up going to court to get the clarity we need and create that case law. It's a really, it's an application of responsibility. I mean, the regulator's job is to publish a clear rule book and allow that market to be safe, but also to flourish in that country. And I think they've completely advocated responsibility. Investors are worried that this could turn out to be a years-long battle. We've seen with Ripple, for example, in the SEC, this is going on and going on for some time. Are you prepared for a battle with the SEC of this kind of length? Absolutely. I mean, absolutely. And you see how Kami is? He's like, this is just a natural progression of business. And this is how I think we should all be. We know that there's going to be an uphill battle, but there's only so many things that we can change. So when Brian here talks about, like, yes, we're ready for a multi-year battle and we need this for clarity to move forward, I have to agree with him. I've been talking about this quite a bit on Twitter and said, look, the SEC essentially are bullies. And the only way that you can deal with bullies is hit them in the mouth.  Now, nobody wants to take the fight to them, but this is how it is. This is the reality of the situation. And I have to commend Brian Armstrong for, one, recognizing what has to be done and two, being so calm about it. So this is just the first part. And when I talk about this is like the perfect timing, it's because, and you've been seeing this quite a bit throughout the Twitterverse and YouTube videos, Gary Gensler is getting pounded by the Congress. He is getting questioned. He is flubbing up. He is making mistakes. And it's beautiful. I don't want to pile on to Gary Gensler. I do believe on some of the things that he says he's actually right. There should not be co-mingling of funds. There shouldn't be a separation. It worked out pretty well with FTX and how they were able to run away with all our money. However, there are a lot of things that left to be desired. And the person that is questioning him, this is about two minutes or so. This is Warren Davidson. I love this guy. First of all, he's a former vet like me, Army Ranger serving Ohio's eighth district in Congress. And I can break this down in two pieces. And they're very important in details matter. The first thing he's going to talk about is what are securities? Why haven't given guidance, which is what Brian Armstrong talked about. And then also, we're going to see just how weakened Gary is going to become because of the things that Warren states. So just take a listen. Chairman Gensler, part of the SEC's mission is to protect investors. Does the SEC review pre-IPO documents? I think you said pre-IPO documents. You're supposed to, if you're going to take a company public, the staff of the SEC does review those to see that they're incorrect. Correct. Is Coinbase a publicly traded company? I'm sorry? Coinbase. Is Coinbase publicly traded? Yes. All right. So the SEC allowed pension funds and retail investors to invest in a company, Coinbase, that you apparently from prior remarks, believe was engaging in illegal activity. All of their activities were laid out in their public filings in the S1 prior to the IPO. You did say that you believe Coinbase is selling unregistered securities, correct? Again, I'm not going to speak to any one... No, but you said that they're selling unregistered securities. This is your public comments. I think with all respect, I look forward to you finding that because I'm trying to be very careful. I'm not speaking about any one in the Kim Kardashian settlement. The SEC stated that Ethereum Max is a security. She reached a settlement for promoting an unregistered security. The unregistered security is Ethereum Max. Before we get to the second part, which we take a look at weakness as far as what's going to happen with Gary, what I want to bring to the attention is what Warren was talking about when he talks about securities and you let this kind of fly through because you allowed Coinbase to get registered as a public-traded company. Coinbase went public on April 14, 2021. When he talks about jogging the memory, it really comes down to there was a case not too long ago where there was an insider trading. I think most of you remember this, but there was nine assets that the SEC listed as securities that were being sold by Coinbase. Amp, Rally, Deriva Dex, DX, XYO, Rary Governance, LCX, Power Ledger, DFX, Binance, and Chromatic. I don't know most of these, except for Amp. When I took a look at it, if you really peel back and just ask yourself, okay, when were these actually listed? Because Coinbase was was public-traded on April 14, 2021. All the documentation came in. The SEC looked at it and go, okay, you're good to go. I always wonder why was it just these specific cryptos. You know why? It's because these cryptos were listed after all of them, April 14, 2021. It would have looked really bad if Warren had come out and said, look, all these cryptos that you said are actual securities, they were listed before when you were supposed to do diligence and take a look as far as this IPO, but it was everything afterwards. So on that one, this is just that part. And when he talks about Ethereum Max, Ethereum Max was a project that was promoted by one of the Kardashians. And they actually shut them down or they actually, when he talks about this, they went through Kim Kardashian, gave her a big fine, made it public. And as far as like Ethereum Max, you can't find that here in America. That I know of as far as what I've done my research on. Now, you're welcome to correct in the comments. I don't think you can get Ethereum Max on any United States regulated exchanges. However, what Warren did start to talk to him about, I'm not going to play it, but he did ask him a really good question, which is, well, is XRP a security? And of course, Gary would come and come back and say, well, we're going through the proper litigation right now and we're suing Ripple. The thing about XRP is that that was listed on Coinbase on February 25, 2019. This is a chat, she had to had to cheat and use this information. So if this is on 2019 and Coinbase when public on 2021, that means that the SEC should let them do diligence, and they did not do their due diligence, and they allowed a security to be listed. And that is on Gary Gensler. So on all those things that are going through, that's one knock and there's a many more to come. But I think it really does come down to what he says right here. And this is the crux of it, of why this is a perfect timing for Coinbase to belly up the bar and go, you want to fight? Let's fight. Yeah, but Chairman Gensler, your record of failures to protect investors and abuses of power make it clear that we need to restructure the Securities and Exchange Commission. The failures are many, but let me cite some of the abuses. You average more than two rules proposals a month. You inappropriately provide inappropriately short comment periods. You have unworkable and unlawful ESG disclosure mandates on the market. You have essentially a Hotel California rule for crypto where you can check in anytime you like, but you can never leave. You have endless discovery with no resolution and no clarity for the captives in the market. You have unworkable proposals for overhauling equity market structure, a de facto ban on crypto through proposed custody rule. You have high staff turnover, unhappy people leaving your office in unhappy companies and capital leaving our country. To correct a long series of abuses, I'm introducing legislation that removes the chairman of the Securities and Exchange Commission and replaces the role with an executive director that reports to the board where all authority would reside. Former chairs of the SEC will be ineligible under my proposed bill. And this isn't just my take. It resonates across the political spectrum. The American people want democratic access to capital, retail investor participation. You can't just exclude retail investors from markets and claim it's for their own good. Our markets need to function and flourish and I yield back. Excellent response. I got to tell you, Warren Davidson really did take it to Gary and was it deserving? I think so. And really, if you want to sum up all the misgivings and the problems that Gary has had as far as how much he's protected, just look at this meme. It pretty much sums it all up. This is all the things that Gary, Uncle Gensler has protected you from and this is the stuff that he hasn't. So just keep that in mind. And then to finish this up, I will just say a couple of things. First of all, I know people will say, well, Gary, he has an ulterior motive.  I got to tell you, when I think about it, I think to myself, well, who is this? The banks?  Now all of a sudden he went from it's going to be a scam and virtual currency will be stopped and it's a fraud to JP Morgan says investors can make Bitcoin, 1% of the portfolios in there. They're going to do an actively managed Bitcoin fund. So that's just one. And then of course, we had Citibank come out, which is the 11th largest bank in the world. They're the largest bank in the United States. And they are a gaga for everything that has to do with crypto digital assets and gaming as far as Web3. So as far as banks go, I don't really think it's that part. And then as far as like the investment funds, I mean, look, BlackRock came out 10 trillion assets under management. Larry Fink says, look, the future is tokenization. And this is the next generation for the market. So they pretty much take them, put the marching orders for a lot of the financial industries out there and they're pretty much on board. So I just think to myself, well, it's not the banks and it's not these investment institutions. And it's obviously not taking a look at the politicians because they are railing on Gary, not everybody. So who is it? Who's really pulling the strings? And I don't think I can come up with is just the current administration. And they've been very negative Joe Biden administration about digital assets. And this is a pretty scandalous document that they put out, we've covered this extensively, I'm not going to go over it, but it wasn't good, we will say. But here's the good news. The good news is this, is that there's a presidential election coming up here in the United States, specifically November 5th, 2024. When the election comes about in the United States, a couple of months goes by, and the new president comes in January 20, 2025. So that will be when the next president comes in, if Joe Biden loses. And I got to tell you, as far as approval ratings, Joe's hit some of the worst. And to take a look at the bottom dwellers of the bottom six, Harry Truman pulled a 22% in 1952. 74, Richard Nixon had a 23% rating. Jimmy Carter pulled a 28%. 2021 Trump had a 29% approval rating. George H. W. Bush, father of George W. Bush, pulled the same as Trump in 92. And Biden makes a list with his 33% rating. What all these presidents have in common? They're one-termers. They're all one-termers. Well, except Harry S. Truman, FDR passed away, and he was the VP, and he took over. So he gets a little bit of a pass for his, when he continued all his presidency. But all of them have been one-termers as far as abysmal ratings. So there's this part. Also, I know this doesn't sound good, but it is potentially good. And this was from the FOMC meetings they talked about. There might be a mild recession coming up this year. Q3, Q4, 2023, who knows? So why is that good? Well, if we take a look at recessions going all the way back to 1948, recessions last around 10 to 11 months. This one lasted around 11 or 12. This was about 10, not eight, 10, 10 again, 14, even shorter, I think eight, and then so on. Very thin, right? So if all these recessions last roughly 10 months, and we're going on Q3, what happens in, I don't know, Q3 2024? Well, we would just go out of a Bitcoin halving, would we not? And then if we get a new president in, and it'll probably be a Republican, let's be honest, they're a heck of a lot more engaging with the crypto community and wanting to push things forward. So what does that mean? Well, that would bring us to 2025. Would it not? Next president comes in 2025. The recession gets over on 2025, 2024, 2025. And then what else happens? Well, there's a halving in June 2012. And every time that after a halving, there's an all-time high. That happened in 2013. Dip and a reset, 2014 to 15. Happened again, 2016. Every four years is a Bitcoin halving. Then we get an all-time high, then a dip and a reset. And we're just going through it again. We had a halving in 2020. We had an all-time high. We went through a brutal 2022. And then we're having a reset in 2023. What happens in 2024? Same thing. Halving is going to happen around March or April of 2024. What happens in 2025? Usually an all-time high. Does this mean it absolutely will absolutely happen? And I have a crystal ball? Absolutely not. But I gotta tell you, it is scary how things are just lining up. And that's it for today. So look, if you like today's video, give it a thumbs up. Consider subscribing. Everything we talk about is time-sensitive. And also, I want to give a shout out to my son Albert for sending me this fantastic t-shirt, which says, if it flies, it spies. And you know why? Because birds aren't real. Birds aren't real. All right, everybody. Have a great day. Look forward to the next one. Adios.


Six types of unhealthy father-son relationships. In romantic comedy drama film Garden State, main character Andrew returns to his hometown to attend his mother's funeral. Andrew's father, a psychiatrist, blamed Andrew for his mother's death and put him on medications to try and control his emotions. Believing it was Andrew's anger that triggered his mother's accident. People often say sons grow up to be as great as their fathers. But what about those of us who grew up without a dad or had a tough upbringing from them? We want to inform the public just how important it is to understand how toxic family dynamics can affect the individual state of being. Here are six types of unhealthy father-son relationships. 1. The Absent Father A special shout out goes to Coffee Drop, who mentioned the absent father in our recent video, six types of unhealthy father-daughter relationships. If you haven't already, please check it out after this. The absent father was never around when you needed him. CEO and co-founder of Psych2Go, Tai Kwong, can strongly relate to this. His father left Tai in his family when he was little. Tai's father is a businessman who is constantly sucked into his work. There's nothing wrong with being passionate about your career, but his father has an unhealthy obsession with making money. As a result, he lost sight on finding a purpose from his work, causing him to spiral down a dark, empty hole. Tai was never emotionally and physically nurtured by his father. This abandonment can be detrimental to the son's emotional and physical development over time. Tai learned what not to become from his absent father and is passionate about growing Psych2Go into a bigger platform, hoping to raise mental health awareness and help others who've been through similar struggles as him. 2. The Attic Father The Attic Father is someone who struggles with some sort of addiction, whether it's alcoholism, gambling, drug abuse, or pornography. Unfortunately, Tai also relates to this one. Due to his father's unhappiness and competitive nature in being money-hungry, he struggles with alcoholism. If you haven't already, please check out our video later, 7 Ways Alcoholic Parents Affect Their Children. Sons with an Attic Father have a fear of being vulnerable because of their emotional instability their father's instilled within their lives. They are often scared to open up to others, afraid of being let down, hurt, and rejected. This can strongly affect their ability to form close, intimate friendships and relationships with romantic partners. 3. The Harsh Father This type of father is overly strict and tough on his son with frequent angry outbursts. The family often does not feel safe making mistakes and showing their flaws around him. The harsh father could be highly religious and expects everyone in his household to follow his rules and regulations. Sons who grew up with this type of father usually feel like their upbringing was more constricting than life-giving. Often the harsh father guilt-trips his son, blaming him for not being good enough rather than teaching him how to get better at something. This type of father is usually moody, unpredictable, and feared by his son. 4. The Performing Father The performing father is someone who often immerses himself in his work or hobbies. He doesn't enjoy sitting down with his kids and spending quality time with them. Instead, he always feels like he has to keep busy and has a hard time relaxing. The performing father is obsessed with performing well and always pushes himself to get better. Goal-oriented, he focus on results, success, and achievements. In the workplace, he usually has a great reputation and many of his coworkers find him responsible, reliable, and level-headed. At home, however, sons of the performing father feel neglected and rarely ever get their own needs met. As a result, they miss out learning important life skills and may struggle with low-self-esteem issues, feeling like they can't meet the high standards of their own father. 5. The Passive Father Similar to the performing father, the passive father also has a great work ethic in the workplace. But instead of being busy at home too, the passive father leads a very uneventful life after he clocks out from work. Emotionally unavailable, he leaves all the work and chores up to the mom, including picking up the kids from school and spending quality time with them. This father, although he's still physically present in the family, he's often emotionally distant and doesn't interact much with his son. I grew up with a passive father and even to this day, it's hard for me to bond with him. 6. The Abuse of Father The abusive father forms intense emotional and physical wounds in the household.  This can take a massive toll on the son's emotional and physical development and can deeply hurt his self-esteem. Often, sons of abusive fathers can grow up either being abusive themselves or victims of abusive romantic relationships. Which type of unhealthy father-son relationship do you resonate with? We know how hard it is to talk about toxic family dynamics and want to be a safe, non-judgmental place for you. Please share your story with us down below. We also want to remind you that you are worth so much more than the mistreatment you experienced in your childhood. Toxic patterns are hard to break out of, but with enough heart, self-awareness, and courage, they can be conquered. Please don't forget to also subscribe for more content from Psych2Go and check out our Patreon. Thanks for watching.


To stay young and hot our so today is my brain made me do it and well I'm your host Maria Mena and I'm also a financial advisor with Edward Jones so today I'm taking a little bit of advantage of that and the reason why we are having the so today my brain made me do it is because we like to explore how to stay healthy how to stay emotionally healthy financially healthy physically mentally healthy so we are exploring today how to check half our brains in check and I invited my guest Christopher Bertorelli Christopher works as a vice president regional vice president of one of the best mutual funds in the US at John Hancock so Christopher thank you very much for joining us today thank you for Maria it's a pleasure to be here of course thank you for for allowing us to hear this I know John Hancock has done a lot of research into this matter so tell us a little bit more on what are you exploring and what are you trying to to find out yeah you know it's it's interesting I've been in the business since 1993 and I've been through three really bad bear markets and a number of corrections and you know people continually make the same mistakes over and over again so we've done some research to try to identify people why people do or make decisions that in retrospect they regret I mean we're we all know we're supposed to buy low and sell high right yeah that's it's simple but it's not easy right because yeah it goes down when we're all supposed to be programmed to buy there's not a lot of great news out there and especially now right that we've had a really tough year the virus there the elections the everybody's I think a little bit anxious and a little bit emotional about your decisions with everything and especially your investments so that's that's what I want to explore with you if you can help us identify that those how to how to keep that brain in check oh yeah we be happy to yeah yeah and and and I forgot to tell that you've been working for John Hancock for 15 years but also right before you were working for another one of the I understand is the the old days mutual fund right MFS yes it is yeah so you're you're the right person to help us here well I'll do my best today I'll do my best thank you very much okay so tell us how do we make decisions how I heard something the other day that I'd say they were saying 95% of the times humans do take decisions with emotions but then they justify them with logic it does that resonate with you or yes for sure for sure it's like when people buy automobiles right you know they buy on emotion and then they justify with facts afterwards to justify that emotional purchase the way you know the way we make decisions there's two ways we do it there's either intuitive or reflective and so intuitive decisions are just snap judgments and that's okay if I'm just trying to pick a shirt that I'm going to wear today I mean it's not a big deal because the consequences aren't great it's just a shirt I mean the people with might decide they like it or not like it but at the end of the day it's not a it's not a critical decision that is that going to have a major impact on my future when we make important decisions we should make those reflectively when we make a reflective decision we take our time we do some analysis we we weigh the different options and so when we make important decisions we really should make those decisions reflectively but sadly when we're under pressure and stress when we're nervous so think about you know the markets going down and maybe you get your statement and you look at you know what your account was worth the previous quarter and what it's worth now and you're seeing all this bad news on the on the TV and you're reading bad stuff in the newspaper and on the internet and that type of thing you start to get anxious and we we are influenced by biases emotional and cognitive biases and so how how do we identify those biases tell us one bias that you that you can identify so yeah so I would say like probably my my favorite bias is because and it's probably because everybody can relate to it is loss aversion I mean people don't like to lose right but the psychological impact of a loss can be twice as powerful as the impact of a game and they actually test this so they have test subjects and they give them a series of options so one option might be you know if I have this coin in my hand and I flip it and it comes up had you win $200 but if it comes up tails you lose a hundred now that's a pretty good bet because you have a 50% chance of winning and if you win you'll win twice as much as you lose but studies show most people won't take that bet so now you might be thinking well why is that such a big deal right well the reason is it's because loss aversion leads to poor investment choices specifically investing too conservatively given our time horizon so yeah see keep going please I was going to ask so you're saying would that be also like gambling or is are we making a difference between investing and or is a general thing no it's just a general thing it's just that example I gave you with the coin is just an example of a test that they use to gauge people's ability to take the chance at a loss that's all that is but it does give you a sense that you know a 50-50 bet and where you could potentially win twice as much as you lose and most people will not take that bet gives you a sense for the fact that you know most of us are loss averse you know we we strongly prefer avoiding losses over acquiring gains and and like I said that the challenge is it leads to poor investment choices specifically investing too conservatively given your your time horizon and and when we are feeling this this sense of loss aversion office oftentimes instead of making our next choice being reflective it's it's it's intuitive it's like a snap judgment which which is not you know not a good way to invest for sure so how do how do I do I identify if I'm under the influence of that loss aversion how do how can I identify that yeah that's a that's a great question so basically if you find yourself saying or thinking something like this right I'll give you a couple of examples so if you find yourself saying or thinking something like I can't sell now it's down too far it'll come back eventually this speaks to investors tendency to hold on to bad investments too long I mean the reality is we have a diversified portfolio for a reason we understand that not all those investments are good and it's important to recognize when okay this one didn't work out don't beat yourself up but you know it might be time to sell that and move on to something that might be better and people you know they they just don't want to admit they made a mistake and they don't want to lock in the loss conversely it's funny investors tend to sell good investments too quickly so they invested something that's actually a high quality and it starts to go up and then their reaction is to sell it because they don't want it to go down and they don't want to lose the gain that they've been able to acquire something else if you find yourself thinking or saying I don't mind staying in cash the markets have been crazy lately I'd rather be safe you know clearly if you're thinking or saying something like that you're you know you're under the influence of loss aversion and sadly a lot of people do that after the markets already gone down we'll talk a little bit about that later on so what what do I do about it if I if I recognize that I am under the influence of loss aversion and how do I go about it yeah you know you know that's a great question I love that question because it's really critically important I think it's easy to identify whether or not you're under the influence of the bias but the critical thing is okay now what do we do about it I see the first thing to do is just don't be prepared for market volatility just expect it embrace it it comes with the territory if you can invest in stocks the mark you know the markets going to go down I've been in the business for 27 years and I've seen three really bad bear markets and a number of different corrections and you know that's not going to stop I mean that's going to continue to happen I don't know when and not all much but it'll continue to happen now I think it's easier for people to embrace volatility and the fact the market will go down if we if we dive into the subject a little bit more so I've got some statistics I want to share with you today so bear markets when the market goes down 20% or more so when I say the market I'm talking about you know the S&P 500 which is an index of the 500 largest companies United States when the market goes down 20% or more that's a bear market so if we go back to World War two there's been 12 bear markets they last on average about 14 months and the market goes down about 28% and so you might be thinking wow why would I ever subject a portion of my capital to being down potentially as much as 28% and I'm actually sitting here telling you to just expect that that's going to happen and I don't know when and I don't know much right well it's sort of like I at least to my clients I usually tell them is it's more like a four-year cycle right like three with years one bad year you never know when that year is gonna happen but sooner or later I'm gonna be right and we're gonna have a bad year so that's right when that bad years happens I mean it's just you know it's it's it's it's gonna happen but like you you know it's interesting you said we know one bad year you know three four good years one bad year well let's talk about those good years I mean if we go back to the World War two there's been 13 bull markets the market goes up on average for 55 months so that's over four years and the market goes up 132% on average so that's more than enough to make up for the fact that a portion of your capital went down about 30 30% so tell us we have to lose a version tell us another bias give us another example sure yeah we can cover how about anchoring I like anchoring a lot because you know anchoring is really important for us it allows us to concentrate and focus right and so when we have a task that's really complex and we need to really concentrate to come up with a solution it was really important the problem with anchoring though is if we anchor too much on one thing so if we if we take one factor and believe it's going to have an outsized influence on how what what an outcome is like and that's you know then that's a problem so you know you look at you know like in the 70s we had a really bad bear market the market went down like 47% and the 70s was a pretty tough time I was born in 67 I remember that and you know we had the end of the Vietnam War that didn't go well we had a president that was forced to resign we had an oil embargo you can only buy fuel every other day based on the last digit on your license plate so it wasn't a great environment for our economy and we had a condition that economists call stagflation so stag and growth and very high inflation unemployment was really high if you wanted to get a mortgage for your house it was like the rate was like 14 15 16% and the market like I said it went down 47% if you just focused on that drop you might never invest in equities again but over that period since 1974 you know the market has done phenomenally well and so you know so is that is that kind of what you think we will look at when we look at March of 2020 that will be like wow that was a drop but at the end of the at the end of the day looking at a 30-year picture it will be just another bump yeah without question I mean a lot of people look at the decade of the 2000s right so that people call that the last decade you know we have the tech wreck the market went down 48% peak to trough and then the financial crisis the market went down 56% peak to trough but that was actually a great opportunity to buy right by a low sell high when the market goes down yeah we don't try to time the market you just rebound your account just to make sure it's still consistent with your risk tolerance and time horizon and that actually represented a phenomenal opportunity for long-term investors to experience gains in the stock market. I think it's kind of what happened this year too so that's a great example so again tell me how how do I know how do I recognize I'm I'm being influenced my my brain is taking me to that anchoring yeah so I think if you find yourself thinking or saying something like you know I'm still down 10% I just want to get back to where I started so there you're just you're basically anchored on a dollar amount and you're not thinking about what's really important what's really important is you know what what is your financial goal and are you getting closer to that goal so we we recognize you know when you do a financial plan which is really important something like the financial foundation the five-step process that they have at Edward Jones which is phenomenal you basically identify what your goals are and you and you set a rate of return you identify a rate of return that's going to be necessary in order for you to reach your financial goal but you're not going to get that number every year sometimes you get more than that sometimes you're gonna get less right so we had just a snapshot in time if you looked at at a part of your portfolio look hey I'm still down 10% I just want to get back to where I started you're really not really focusing on what's really important that's are you are you still on track to reach your goals or six months ago I had X and now I have half that amount again you're not focusing on your goal which is the most important thing you're really focused on a percentage or a dollar amount so how what do we do about it just try to is there any any any advice for us if we oh yeah for sure yeah I would say there's there's really you know the big things you want to do is you want to keep an open mind and seek out some information to give you perspective and change your anchors and I and I can give you one example that covers all three of those so and this is really should be fresh in everyone's mind right so earlier in the year you know COVID was something new and we're all trying to kind of wrap our brains around what the impact was going to be not you know on our health and our family's health and our friends and and then the economy right and so we saw the market I mean it peaked on March February 19th and then it dropped it dropped 32% from February 19th to March 23rd and that's a really big drop in a very short period of time and so a lot of people were anchoring on you know COVID 19 the coronavirus and the impact it was going to have on the economy so people panic and they sold their investments and so they were really anchored on that one factor but they weren't considering that there were outside factors that could also influence the outcome and that you know the big factors that influence the outcome and a big reason why the market is but it's sitting like new highs it seems like every day the market's up you know over 50% since the trough and that's the government's response so there was a fiscal and monetary response by the government which is really massive massive and unprecedented scale so you have monetary policy that is the Federal Reserve that's Jay Powell and they could he controls monetary policy which is basically he tries to influence interest rates so if they think the interest the economy is going to slow down they try to influence interest rates so they're a lower so it makes it cheaper for us to borrow so it's easier for us to buy cars and houses and borrow money to read model our homes and that type of thing and so they did that and then they also created some liquidity facilities and significantly lowered anxiety in the bond market so though and that was really big and then you have the fiscal response that's Congress and the president that's that's spending and they passed the Cares Act which is like 3.3 trillion dollar fiscal stimulus and if you add it all up it's equivalent to about 44% of our nation's GEP which is a huge shot in the arm and so yeah I mean covid's a big thing no question about it from from certainly from a health perspective but from yeah we're more talking about the economy and portfolios and things like that but certainly from a economic perspective but then you've got this other you know the government's response was so massive that's a big reason why the market rebounded so quick and sadly a lot of people you know were caught off guard because they didn't they didn't change the rank or they didn't try to broaden their perspective and and understand that there could be more factors that that are going to influence the outcome that's a big reason why so it's so hard to time the market a lot of people are tempted I'm the market they think they can and I've been doing this for a long time and you know I think it's I think it's very very difficult I think yeah most people are better off just you know have a diversified portfolio that matches your risk tolerance and time horizon when the market goes down you just rebalance and try to add to it it's it's you know it's simple but it's not easy it's it's kind of I know yeah it's definitely very long-term focus on on good quality right like anything focus on good quality long-term and definitely diversification just to just to emphasize what you're what you're saying but I know there is so much but I would like to maybe can you give us one more example of another bias and just just for those who are probably relating and saying yes to everything that you're saying oh yeah sure so I would say another one of my favorites is status quo bias and that's people's tendency not to change an established behavior unless the incentive to change is compelling right it's easier to do nothing we we we don't like change and we're creatures of routine right and so that can be a definitely can be a problem right so so so again I'm just gonna keep asking you the same questions but so how do I how do I identify that I that I am the influence of hand side bias okay so okay so if you find yourself thinking or saying something like I don't care what happens next I'm moving to cash until things calm down or the market's done great this year I knew I should have invested more if you find yourself thinking or saying something like that clearly you know you're you're kind of kicking yourself because you're not really happy with the decision that you made right so it's just regrets exactly kind of okay so one more time how do I how what do I do if I if I identify that I have you know I think I think the the most important thing to do is you know don't beat yourself up regrets about the past and fear the future of the thief of today right Eleanor Rosa said that in the 50s and I really believe that's really relevant when we talk about investing you know we're human where we're gonna be influenced by biases it's gonna cause us to make the decisions that maybe in retrospect we regret but it's important not to waste the day right except the fact that was not a great decision let's try not to make those decisions again and let's put together a plan today that's gonna increase the likelihood that we reach our financial goals so I you're very last night I had ice cream just start your diet start your diet the following day that's right that's right okay so I mean Chris you have covered so much and and every I hope people understand that every one of your sentence is so rich with information and and things that we can reflect and what are there for our viewers and our audience just give us some key takeaways that we can take off all your your of all our conversation today all right great yeah I've got a few things here that I would just want I really think you should try to take with you if you want to get something out of this presentation and benefit from it I mean I think the first thing is and I think if you want to increase the likelihood that you reach your financial goals and you're protected from any type of financial emergency you'll do a financial plan Edward Jones has a great one the financial foundation the five-step process it you know it's it's really it's really critical that's gonna increase the likelihood that you reach your financial goals and if you don't have a financial plan you really should you really should get one and you and you should try not to procrastinate you should get it as soon as you can as soon as you can if you know you're the type of person that gets nervous when markets are volatile you can establish some steps to take when you're in a crisis when you're not in a crisis right so if I know that I'm the type that gets nervous when the market goes down maybe ahead of time I decide well you know what market goes down 10% I'm gonna reevaluate what my risk tolerance and time horizon is or maybe it goes down 20% I'm gonna rebalance my account and make sure that my allocation is still appropriate given my risk tolerance and time horizon just something to give you the feeling of a little bit more control when when there are a wide variety of factors that are making you nervous that you can't control we didn't talk a lot about this but dollar cost averaging programs are really great so a dollar cost averaging program is when you invest the same amount on the same day every month you can do it monthly you can do it quarterly you can do it annually whatever it is but the benefit of a dollar cost averaging program is when the market goes down you just buy more shares at a low price right by low so if you have a retirement plan at work that's what you're doing your employer is deducting capital from your paycheck every pay period and typically that capital is invested in mutual funds and when the when the price goes down you're just buying more shares at a lower price and that keys on to bias as we didn't really talk too much about but status quo bias and procrastination bias so we we don't like change and even if we decide that we should change we typically will procrastinate and so it's great about these dollar cost averaging programs if you have it established before the market goes down because you prefer the status quo you probably not going to shut it off and then even after the market goes down so much that you're really frustrated and you're really starting to get nervous you decide hey I'm going to shut this thing off you'll probably procrastinate and not do it and by the time you get you get down to it the market will rebound and you'll forget all about it so that would say that expect that your portfolio will go down at times that's the other thing we talked about that early in the presentation just kind of you know embracing volatility is really important there's going to be multiple bear markets and corrections in our lifetime we don't know when and we don't know how much but you know it's going to happen as long as we don't panic as long as we just try to add money to our account and rebalance it we should be fine and the great thing about having a financial plan is that it's kind of baked into the plan that there's going to be multiple bear markets and corrections I mentioned earlier when you do a plan you establish what your goals are and your financial planner they know how much capital you have and how much you can save and they can calculate what type of rate of return is required in order for you to reach your financial goal and so maybe it's six percent and so your investments are not going to earn six percent every year some years are going to earn 12 percent and some years are going to earn zero as long as you average six percent you should be fine and so even if the market goes down your portfolio goes down more often than not if you revisit your financial plan you'll find that you're still on track if it's a good financial plan you should still be on track to reach your goals even though your account may be worth less than it was the previous quarter when you looked at it. Okay please we're gonna okay we have like one minute to just one more that you want to say or I think we're giving so much information that I think our viewers are getting the picture but if you want to say one more thing or yes I think we're running out of time. I guess my problem is I like the sound of my own voice I think that's the problem so I do apologize I tend to run on there but I think I've shared a lot of stuff and if anybody has any questions they can just follow them through you and I'm happy to answer any questions that folks have. Thank you very much for your time your hand sides you're saying your knowledge I really appreciated Chris and I know how valuable it is so I really thank you very much and to all our viewers thank you very much for joining us today keep watching us thank you and we will bring guests as knowledgeable as Chris. Thank you very much everyone. Merry Christmas Chris thank you for joining us. Aloha.


Houston Discovery for... Go ahead for a minute. On the OCA, I did try repowering with the SCSI removed and the MRD SCSI removed and system powers applied. When I insert the SCSI and tried to do that, it just locks the system up. The first time I did it, there was no trouble at all, but all the other times it seems to lock up all the time.  Your family must be very proud of what you've accomplished. Well, they're very proud, but you know how moms are. When you do things that happen every few years, and so she gets very excited, but then she gets... She's ready for me to come back home whenever I can get a chance. Sure. So you're flying this ship. What are your duties? Well, actually, I'm responsible for making sure the mission goes okay. You know, before we fly, we have to train and get organized and prepare. So that's a large part of it. By the time we get up in space here, everyone's very well prepared, and I hardly really don't have to do much. Everyone knows their job and they're very, very professional. So we actually get up here and we each have our duties and we follow the plan that we have each day, and it makes my job really easy. The main mission is to study the depletion of the Earth's ozone layer. And here in Charlotte, we hear a lot about ozone alert and trouble in the Earth's atmosphere. Can you see that from your vantage point? Can you see over North Carolina, for example, what the ozone looks like? Well, actually, Nancy, we can't really see the ozone or any of the chemicals that we're really looking for. What we can see from space and from the shuttle with our naked eyes, that is, is we can see some city smog. Sometimes when you have a big high pressure area over an area, you wind up seeing a lot of haze and it kind of looks like smoke, smog. But the only other things we can really see from space with your naked eyes, we can see some rivers and streams that flow into the ocean, which is not really pollution, but it's the sediments and things that are caused by rain and different erosions. We can see those things, and if you have a volcano that erupts, you can see all the plume and those kind of smoke and debris and things like that in the atmosphere. What effect do you hope your mission, the Mars Pathfinder, the increased interest among Americans in space, is going to have on the future of the space program? Well, I think it's going to have a great effect. The space program, we've been doing things that are fantastic for many years and unfortunately not everyone around the world hears about what we do. So with the MIR program going on, the space station, our international space station, which is coming here in a year or so, and the Mars Pathfinder, all those things are very, very, things that we're kind of doing all the time with NASA and it's nice now that general public can see what we're doing. So we're very, very proud of all those things and we can continue to do those kind of things in the future. You mentioned the international space station, the future international space station. I understand you're going to be testing this Japanese made robotic arm for possible use on this space station later on. What will this arm do? Well, actually, as you know, we have a Canadian arm on board. It's a relatively long arm. It's about the length of our payload, about 60 feet. And it's used primarily for deploying payloads and grabbing payloads. The small, fine arm that we're testing on this flight, and we call it MFD because Manipulator Flight Demonstration, that small, fine arm will be at the end of a long arm similar to the big one we have and it will be able to, say, replace things on orbit without going outside. You just do it by the robotic arm. It can open doors, undo bolts, and we can replace things called ORUs, orbital replacement units, or maybe change out payloads that are sitting out on the back porch of the space station out where we can't reach it without going EVA or extra vehicular activity and we can use a robot arm just to reach out and grab them and put them maybe inside an airlock and that way we can bring them back home. Tell us a little bit more about the status of this mission. In general, your primary mission is to check out the ozone level. What kind of shape is Earth's ozone level in? Well, Miriam, you know, that's kind of hard for me to say. I'm not a scientist for the atmosphere, but back in 94 I flew an STF-66 and we had a similar satellite. It was Krista Spals, number one, and we deployed it and it gathered a lot of data on the upper atmosphere, on the ozone and all the chemicals in the upper atmosphere. And this is the second flight of the Krista Spals and they're looking for even more data to cover more of the polar regions of the world which STF-66 could not cover. So yesterday was a very busy day for us. We deployed Krista Spals and it's well on its way now collecting data of the Earth.  This is a very crowded flight, 24 payloads, a lot of scientific experiments to conduct in all. And in general, is that where you see the future of the shuttle program moving towards? Just as a platform for scientific experiments? Well, Miriam, the shuttle is a very versatile machine. It's amazing what we can do. Obviously we can take things up and deploy things and bring them back which we're going to do on this flight. But also, as you mentioned, we have many, many different payloads and activities. We range from deploying the Krista satellite to study the Earth's atmosphere. We have many experiments that are designed to test equipment and design equipment for the future space station and how it's going to be developed, deployed and operated. We also have astronomy on board. We're going to be looking at the Hellbop comet and also we have a bridge structure in the payload bay called IEH Extreme UV Hitchhiker. And it's going to be gathering data on some of the items that are out in the space and deep space. So we have quite a variety for this mission. And that doesn't really count all the little things in the mid-deck. And other things are in the payload bay that aren't prime. Isn't it perfectly safe out there? I think a little garble there. Do we feel safe up here? I think the answer there is definitely yes. We have a great team of folks on the ground supporting us. They're watching over us, whatever we're doing. They have a lot more data than we do, so they have a better insight of the health of the vehicle. But we go through a lot of training on the ground to prepare us for almost any malfunction that could happen in the orbiter. And that's one of the good things about flying is you don't have to go back to the simulator and do more training. You're up on orbit doing the real thing.