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Latticework Wealth Management, LLC

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The Results are in for my January CNBC Experiment: It Proves Nothing and Everything. What?

07 Friday Feb 2014

Posted by wmosconi in asset allocation, beta, bonds, business, Consumer Finance, currency, Education, EM, emerging markets, Fed, Fed Taper, Fed Tapering, Federal Reserve, finance, financial planning, foreign currency, forex, fx, Individual Investing, interest rates, investing, investments, math, NailedIt, personal finance, portfolio, rising interest rate environment, rising interest rates, risk, statistics, stock prices, stocks, Suitability, volatility, Yellen

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bonds, business, cnbc, currency, education, EM, emerging markets, finance, financial planning, forex, fx, individual investing, interest rate risk, interest rates, investing, personal finance, rising interest rates, stocks, thought experiment, volatility

Sometimes the most important lessons in the individual investing sphere are complicated and simple at the same time.  At the very beginning of January, I recommended a little experiment that related to the financial market coverage on CNBC.  The specific details of this “thought experiment” can be found in the original blog post from January 1st:

https://latticeworkwealth.com/2014/01/14/happy-new-year-beginning-thoughts-and-information-for-international-viewers-2/

The brief version of the exercise related to watching Monday and Friday coverage of the current events in the global financial markets during the month.  The simple exercise was to watch CNBC’s Squwak Box every Monday during the course of the month.  The second part was to watch the last hour of the Closing Bell segment.  What was the logic?  The Monday show is a three-hour program, and there are many current issues considered and opinions from various market participants (e.g. traders, money managers, economists, investment strategists, research analysts, etc.).  Monday is critical due to the fact that the market participants cannot trade on Saturday and Sunday.  You might think of it as “forced” time to think and/or reflect about how current events are affecting investment opportunities and risks.  Friday’s reflections from the same market participants is focused more on trying to explain the “vagaries and vicissitudes” (i.e. volatility of the stock market and changing opinions) of the markets ups and downs over the course of the week.  Furthermore, many commentators and guests try to explain why the predictions on Monday did not or did match up with the ideas expressed at the beginning of the week.

The overall point of this experiment was to “drive home” the fact that trying to time the market or predict its direction over the short term is extremely challenging and can seem hopeless.  Toward the end of December, the general investment thesis for the majority of money managers was that the stock market was poised to have a very positive January due to the fact that the financial markets did not really dive after the Federal Reserve announced the reduction of the tapering program, commonly referred to as QE (quantitative easing).  Additionally, the main belief was that bonds were one of the least attractive investments to own.  Most people assumed that the 10-year US Treasury Note was headed up to the 3.0% level.  Things seemed pretty simple and not too many headwinds in the near future.  So what happened during January?

The main event that most people remember was the currency difficulties of a number of emerging market countries.  The financial media focused a lot on the Turkish lira (TRY) and the Argentine peso (ARS).  Turkey had political problems, and Argentina has a huge problem as it relates to political leadership (or the absence thereof) and dwindling currency reserves.  There were other currencies that experienced trouble as well like the South African rand (ZAR).  The other important development was that the Japanese yen (JPY) reversed its direction and strengthen versus the US dollar (USD).  Oddly enough, the Argentine Merval stock index was one of the best performers over the course of the month.  No one saw this coming to such an extent.  You might term this an exogenous event as anything that occurs outside of your current model to build a portfolio or invest in individual stocks/bonds.  It is largely unknown and hard to predict.  (As an aside, this is NOT the same thing as a “black swan”.  That term is overused and conflated with many other things.  Refer to Dr. Nassim Taleb for a further definition of the termed that he famously coined years ago).  These events tend to be unknowns and have a greater impact because the general level of the perception of risk changes almost instantly and affect market sentiment and momentum.  Market participants need to alter their models rather quickly in order to account for the occurrence of these events.

The other big event was the movement of the yield on the 10-year US Treasury note.  Instead of following a general path of rising, the interest rate actually fell.  The yield on this instrument drifted down roughly 40 basis points (0.4%) from the 3.0% level.  What most people fail to realize is that interest rates go down if economic data turns out to be worse than expected normally (e.g. December jobs of 70,000 and the lowest labor force participation rate since the 1980s), but, more importantly, there is a “flight to quality” phenomenon that occurs over and over again.  There tends to be a bit of a “mini panic” when unexpected and impactful events occur.  If all else fails, institutional investors like hedge fund managers tend to buy US Treasury bills, notes, and bonds for safety.  The additional demand causes bond prices to go up and, by definition, yields will go down.

The combination of bad economic data and dealing with the currency woes in the emerging markets causes many short-term traders and speculators to buy these risk-free assets and figure out how to trade later.  It is sort of an example of reflexivity.  The bottom line for individual investors is that many sold bonds and purchased dividend stocks instead.  The exact opposite happened:  bond yields went down and dividend stocks sold off.  The worst short-term investing strategy was to search for yield in the stock market rather than the bond market due to rising interest rates.  For more information you can refer to one of my former posts on how to look at the various risk factors associated with bonds.  Trust me, there is a lot more to bonds than simply interest rate risk.  Here is the link to a former blog post that addresses this very issue:

https://latticeworkwealth.com/2014/01/02/a-bond-is-a-bond-is-a-bond-right-should-you-sell-bonds-to-buy-stocks/

There were many other smaller events that happened over the course of the month that affected the general volatility experience in the financial markets.  At the end of the day, even the “experts” had a monumental task trying to explain all the macroeconomic events, currency movements, and interest rate implications throughout January.  If the task was so difficult for them, it is normally advisable for individual investors to not follow the market daily and get caught up in temporary “greed and fear” of traders and speculators.  Investment ideas and predications can change from day to day and even minute to minute in the short term.  It is much more important for individual investors to develop a long-term financial plan that will allow them to reach future financial goals.  You then blend that with your risk tolerance.  For example, how likely would you have been to sell the positions in your portfolio given the volatility experienced during the course of January?  An outlook of five years is normally a great start for that plan.  If you look out into the future with a longer timeframe like an annual basis in terms of adjusting the components of your asset allocation, you are less likely to constantly trade the securities in your personal portfolio.  The frenetic pace of traders/speculators and the volatility of the stock and bonds markets makes it seem that you MUST do something, anything!

If you would like to learn a bit more about behavioral finance, you can refer to this blog post from last year (note context of examples referred to is from August 2013 when the piece was published):

https://latticeworkwealth.com/2013/08/04/todays-news-should-prompt-you-to-adjust-your-entire-investment-portfolio/

One of the most important things to learn in investing is how to control your emotions.  It is easy to map out your investment strategy and risk tolerance on paper.  Many asset managers who have experienced a multitude of secular bull and bear markets refer to this phenomenon as your EQ versus your IQ.  Thus, when actual “money” is involved, volatility and uncertainty in the financial markets brings forth challenges that even the best money managers have a hard time keeping up their nerve.  The other takeaway is that people’s investment recommendations can change on a dime.  Market participants can be very hopeful on one day and think the sky is falling the next day.  Trying to time the market is so difficult that you end up developing a portfolio allocation for your investments that assumes that general events with transpire.  All the planning in the world cannot account for all possibilities of geopolitical and global events that might really cause the market to go down more than normal in a short time period.

The whole point of this “thought experiment” was to encourage you to take a long-term view of investing in the financial markets.  It is a lot less stressful, less complicated, and tends to lead to better overall investment returns (i.e. you do not “sell low and buy high” as much because everyone tells you to).  For more information on stepping back and thinking about the long term, I have included a final blog post.  You always need to remember that your financial professional (or yourself if you manage your own investments) who advises you about investment decisions is forever impacted by the start of their investment career.  They tend to be biased and make investment recommendations based upon how things used to be when they started in the business.  It is very hard to separate your “biases” from the present day.  Here is the link:

https://latticeworkwealth.com/2013/08/18/before-you-take-any-investment-advice-consider-the-source/

Well, I hope you learned a few things by participating in my experiment and maybe even had a little bit of fun.  Please feel free to leave a comment or send me an email directly at latticeworkwealth@gmail.com with more specific feedback and/or questions.  Sometimes you can learn a great deal just by being an observer of financial market volatility.  What is the nothing part of this learning journey?  The moral of the story is that everyday guests appearing on CNBC or other commentators will let you know that the stock market with either go up, go down, or stay unchanged.  Obviously everyone knows that simple concept to begin with.  Thus, it is hard to choose who to listen too because of so many divergent opinions.  Lastly, you should realize that this same experiment would have worked with the other business networks and large financial news publications like the Wall Street Journal, Financial Times, Barron’s.

Are Your Investment Fees Higher Than Your Taxes? Probably.

22 Tuesday Oct 2013

Posted by wmosconi in business, Charity, Consumer Finance, Education, Fed Taper, Federal Income Taxes, finance, financial planning, Income Taxes, Individual Investing, interest rates, investing, investing, investments, stocks, bonds, asset allocation, portfolio, investments, math, NailedIt, personal finance, portfolio, risk, State Income Taxes, statistics, stocks, Uncategorized

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Adjusted Gross Income, AGI, asset allocation, bonds, charity, disclosures, federal income taxes, fee-only, fee-only financial planning, Financial Advisors, financial planning, hidden fees, hidden financial fees, income taxes, investing, investment fees, investments, portfolio, reasonable investment fees, RIA, state income taxes, stocks, tax planner

There are two important ratios that most individuals do not pay enough attention to.  In fact, the financial services industry rarely, if ever, makes mention of them.  They are as follows:

–          The first ratio measures the amount of your investment fees paid versus the total federal, state, and local income taxes you pay.

–          The second ratio measures the amount of investment fees paid versus your total income.

Why are these two ratios so important?  First, they bring to your attention the absolute dollar amount of investment fees paid to your Financial Advisor, your brokerage firm, and other third parties.  Second, you will note that, although you cannot choose to ignore paying your income taxes, you can lower the total amount you spend on financial and investment advice.  Lastly, you can think about what other uses you might have for the money you spend currently on investment fees either in whole or in part.  Let’s talk briefly about how to calculate these ratios and then delve into their usage in more detail.

The ratios are fairly easy to calculate.  The first ratio is investment fees paid versus total federal, state, and local income taxes you pay.  Luckily, most people do not pay local income taxes, and several states have no income tax.  If you do have one or both of these taxes, you simply add the total taxes due together from all three sources.  Note there is a big difference between taxes paid and taxes due.  If you received a federal and/or state tax refund, you still paid taxes into the system.  A refund is simply an adjustment to ensure that you only pay your fair share according to the tax code.  You would add up the taxes due to federal, state, and local agencies on your income tax returns.  Your investment fees come directly from your brokerage statement(s).  The two most common expenses are asset under management (AUM) fees and commissions.  You would add up all the AUM fees and commissions charged to your over the course of the year.  The only other number you need is to take your Adjusted Gross Income (AGI) from your federal tax return.

As I have stated in previous posts, the most common AUM fee is 1%.  So let’s take a common scenario for retirees today.  For illustrative purposes, assume there is a retiree with a $1 million portfolio in a 401(k) account that withdraws $50,000 and is charged a 1% AUM fee.  The total AUM fee would be $10,000 for the year.  If the retiree also has Social Security income of $20,000, the second ratio would be 14.3% ($10,000 / ($50,000 + $20,000)).  What does that percentage mean?  The percentage shows you that your investment fees are equivalent to 14.3% of your annual income.  Now the total taxes paid by each individual will vary greatly.  However, the average taxpayer tends to pay around 10%-15% in federal and state income taxes.  In our assumed scenario above, the total income taxes due would be $7,000-$10,500.  The first ratio is either 142.9% ($10,000 / $7,000) or 95.2% ($10,000 / $10,500).  What does that percentage mean?  The percentage shows that in the higher tax situation you are paying essentially the same amount in income taxes as you are in investment fees.  The lower tax situation shows that your investment fees are 42.9% higher than your income taxes.  No matter which way you slice it, you are in a high “investment fee” bracket.  The investment fees you are paying are yet another drag on the net income you end up having for living expenses and for leisure activities.  To a great extent, your income taxes are fixed in any given year unless you have an unusual income stream occur.  Your investment fees are variable every single year.

Now I am not saying that you should no longer use a Financial Advisor or go to your investment firm.  Please do not mistake that as my message.  However, I am recommending that you calculate those two ratios to bring the investment fees to your attention.  You can then make the choice regarding whether or not you might want to seek out a fee-only or hourly Investment Advisor or Financial Planner.  Or you might want to investigate if you have the knowledge or can acquire the knowledge how to manage your own investments.  What would be the incentive of those two alternatives?  Obviously I am biased, but nothing like these stories inspire me more.  My parents are in the grouping that would be charged roughly $10,000 per year in investment fees.  They are lucky enough to not require a Financial Advisor to whom they would pay a 1% AUM fee or similar level.  I recently found out that they will be taking a two-week cruise in Europe next month for essentially that same amount.  My father is fine with the vacation because he knows my mother deserves a relaxing time after her recent (and successful) battle with breast cancer, and he has listened to my logic in terms of the “savings” that they have each year.  You might debate the term “savings”.  I simply use the term due to the fact that they are taking a cruise rather than paying a Financial Advisor and his/her firm.  It is the same choice that you have when it comes to how you would use your money, if you did not have to pay an AUM fee.

For many other people, the monies can be used to help family and charities while you are still alive.  For example, you could decide to pay $10,000 toward your grandchild’s college education or add money to your grandchildren’s’ 529 college savings plans.  Or, if you have 15 grandchildren, you might choose to buy all of them an iPad for the holidays.  Conversely, the charitable uses for the money are almost as endless as your imagination.  One particularly interesting idea with Thanksgiving coming around the corner is paying for dinners for disadvantaged families.  The average family spends roughly $50 for a Thanksgiving dinner each year.  That figure sounds quite low to me.  What if you gave 130 families $75 toward their Thanks giving dinner next year?  If you wanted to split the monies between your family and charity, you could buy 65 dinners instead.  Imagine being able to allow an entire square block of families be able to enjoy a great meal or how many more free Thanksgiving meals a homeless shelter could serve with $5,000.    The great thing about this new-found freedom is that you will avoid the $10,000 AUM fee the following year again.  You can choose to do the same thing the following year in whole or in part.  Why not choose to get to know two local families, sponsor them, and pay for their groceries for the entire year?

Note that there is nothing that says you cannot see a fee-only or hourly Investment Advisor or Financial Planner.  You might pay $250 per hour for four hours or a flat fee of $1,000 on an annual basis.  In that scenario, you would be saving $9,000 ($10,000 – $1,000).  Plus, there is another thing that retirees fail to realize most of the time.  There is no rule that says you have to keep all your money at one full service brokerage firm.  There are many individuals that maintain an account at a full service brokerage firm and have another account with most of their funds at a discount brokerage firm.  The full service brokerage firm will want you to transfer the funds over to them, but I worked for years preparing performance reports for high net worth clients.  Many of them had money at other firms, and we simply included that information as data points in a customized report that showed all their assets and returns of their portfolio.  If your firm balks at you moving monies from them and tells you they might drop your account, I would seriously consider why you are at that firm anyway.  You can ask your Financial Advisor what value he/she provides that necessitates your keeping all your assets there.  I would encourage you to show him/her your two ratios and use that to start the discussion.

There may be certain cases where it is difficult to find your investment fees.  If you are not paying any commissions or an AUM fee, I certainly assure you that your Financial Advisor is not managing your money for free and he/she a nice person.  You should ask what fees you are paying.  Did you pay a load to purchase a mutual fund?  What is the expense ratio of your mutual funds or variable annuities?  There is a multitude of ways to charge fees, and it is in the best interest of a financial services firm to not disclose each of them.  Now I will clarify here.  You will most certainly get a financial note that says you are charged x percent, but it is quite rare for that percent to be changed into an actual dollar amount for you to view.  For the aforementioned scenario above, the firm should say that your AUM fee is 1% which is equal to $10,000.  The latter figure is much more impactful.

What are good benchmarks for the ratios discussed above?  The first ratio measures your investment fees versus your total income taxes.  A ratio of 10%-15% is a great target.  The second ratio measures your investment fees versus your total income.  A target of 1%-3% is a great target.  If you are accustomed to dealing with a Financial Advisor, it is quite unlikely that your ratios will approach those levels.  However, as previously mentioned your investment fees are variable and can change.  Your Financial Advisor may make the argument that he/she is needed to ensure your income taxes are strategically planned.  Well, he/she should have been doing that all along, right?  Isn’t that one of the reasons why you are currently working with a Financial Advisor?  If you have a tax plan in place and are not expecting an unusual sum or source of income, the additional cost of having a Financial Advisor as a “tax expert” is usually not a good cost/benefit option.  Why?  Does it make sense to pay a Financial Advisor an extra $9,000 per year over a fee-only Investment Advisor to ensure you do not pay an extra $1,000 in income taxes?  The net cash flow for you is a decline of $8,000; remember you can always consult your tax accountant or financial planner for an hourly consultation whenever a tax situation comes up.  Furthermore, you can arrange to meet with either party for at least one hour per year to speak only about taxes.

Lastly, I strongly encourage each of you to open a checking account at a bank or credit union that you only use to pay investment fees and income taxes.  It is very easy to find a checking account that charges no monthly fee whatsoever, especially at a credit union in your area.  There may be cases where it is inadvisable to pay investment fee via a checking account.  Why?  Well, you would have to withdraw the money, pay federal and state income taxes, and then send the money to your financial services firm.  In that case, I would encourage you to pay your investment fee with a check from your home equity line of credit.  Most of the time, you will be paying 3-5% in interest on a home equity loan.  The tax-equivalent interest rate at today’s levels is approximately 1.95-3.75%.  In order to highlight the level of investment fees paid, it is well worth paying an additional $200 or so in interest on your home equity loan.

A New Paradigm for Investing Available on Amazon.com

11 Friday Oct 2013

Posted by wmosconi in asset allocation, Bernanke, bonds, business, Charlie Munger, Consumer Finance, Education, Fed, Fed Taper, Fed Tapering, Federal Reserve, finance, financial planning, GIPS, GIPS2013, Individual Investing, interest rates, investing, investing, investments, stocks, bonds, asset allocation, portfolio, investments, math, Modern Portfolio Theory, MPT, NailedIt, NASDAQ, personal finance, portfolio, risk, statistics, stock prices, stocks, volatility, Warren Buffett, Yellen

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academia, academics, asset allocation, Ben Graham, Bernanke, bloomberg, bonds, BRK, BRK.A, BRK.B, BRK/A, BRK/B, Buffett, cnbc, cnbcfastmoney, cnbcworld, consumer finance, David Dodd, economics, economy, Fed, Fed taper, Federal Reserve, finance, financial advice, Govtshutdown, individual investing, investing, investments, Jim Cramer, madmoney, math, mathematics, MBT, Modern Portfolio Theory, personal finance, portfolio, retirement, Shutdown, statistics, stocks, value investing, Warren Buffett, Yellen

I am happy to announce that I have published another book on Amazon.com.  The book is another installment in my A New Paradigm for Investing series.  In this particular book, I focus on the use of Modern Portfolio Theory (MPT) as the primary tool by Financial Advisors to recommend portfolio allocations.  The theory is over 50 years old, and most of its assumptions have been shown to be less and less useful.  I explore the reasons why in my text.  I have tried to write in such a manner that you do not need a degree in mathematics or statistics to understand its contents.  Futhermore, you do not need to know about the intricacies of MPT in order to follow my logic.  You would find the same information in a college textbook but in a condensed format.

Note that this book is available for download onto a Kindle.  Additionally, there is a Kindle app for iPhones and Android devices which is free to download.  Amazon.com prime members can borrow the book for FREE. I have provided a link below to make it easier.   My email address is latticeworkwealth@gmail.com should you have any questions/comments/feedback.

The book is:

1)      A New Paradigm for Investing:  Is Your Financial Advisor Creating Your Portfolio with a 50 Year-Old Theory?:

http://www.amazon.com/New-Paradigm-Investing-Financial-ebook/dp/B00FQQ0CKG/ref=sr_1_1?s=books&ie=UTF8&qid=1381520643&sr=1-1&keywords=a+New+paradigm+for+investing+by+William+Nelson

I would like to thank my international viewers as well.  I also wanted to especially thank some selected followers of my @NelsonThought and @LatticeworkWlth Twitter accounts (each of whom I would recommend following for the content and insight):

Followers on @NelsonThought:

The Wealth Report @wsjexperts – #wsjexperts

The Royce Funds @RoyceFunds

Research Magazine @Research_Mag

Barron’s Online @BarronsOnline

Vanguard FA @Vanguard_FA

Cleveland Fed Research @ClevFedResearch

Pedro da Costa @pdacosta

Muriel Siebert & Co. @SiebertCo

Roger Wohlner, CFP® @rwohlner

Ed Moldaver @emoldaver

Sylvia Maxfield @sylviamaxfield

The Shut Up Show @theshutupshow

Berni Xiong (shUNG) @BerniXiong

Followers on @LatticeworkWlth:

Euro-banks @EuroBanks

Direxion Alts @DirexionAlts

Charlie Wells @charliewwells

AbsoluteVerification @GIPStips

Investment Advisor @InvestAdvMag

Gary Oneil @GaryONeil2

MJ Gottlieb @MJGottlieb

Bob Burg @BobBurg

Melody Campbell @SmBizGuru

TheMichaelBrown @TheMichaelBrown

Phil Gerbyshak @PhilGerbyshak

MuniCredit @MuniCredit

D.J. Rob-Ski @DJRobSki

A New Paradigm for Investing Available on Amazon.com

06 Sunday Oct 2013

Posted by wmosconi in asset allocation, Bernanke, bonds, business, Charlie Munger, Consumer Finance, Education, Fed, Fed Taper, Fed Tapering, Federal Reserve, finance, financial planning, GIPS, GIPS2013, Individual Investing, interest rates, investing, investing, investments, stocks, bonds, asset allocation, portfolio, investments, math, NailedIt, NASDAQ, personal finance, portfolio, risk, statistics, stock prices, stocks, volatility, Warren Buffett, Yellen

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asset allocation, bbc, bbcworld, bloomberg, bonds, budgeting, Buffett, Charlie Munger, cnbc, cnbcworld, consumer finance, economics, economist, Fed, Federal Reserve, Govtshutdown, investing, investments, Mungerisms, NailedIT, Naileditoftheday, NBCNightlyNews, personal finance, portfolio, retirement, Shutdown, stocks, theeconomist, Wall Street, Warren Buffett

I am happy to announce that I have published two books on Amazon.com that are available for download onto a Kindle.  Additionally, there is a Kindle app for iPhones and Android devices which is free to download.  Please feel free to check out the titles below.  I have provided links to make it easier.   The books explain how to select a Financial Advisor, and I provide a list of five books which can help you learn more about investing, respectively. I explain issues about investing as an individual in plain language and without the jargon normally associated with the financial markets. Please feel free to contact me should you have any questions/comments/feedback. My email address is latticeworkwealth@gmail.com.

The books are as follows:

1)      A New Paradigm for Investing:  Can Your Financial Advisor Answer These Questions?:

http://www.amazon.com/New-Paradigm-Investing-Financial-ebook/dp/B00F3BDTHW/ref=sr_1_1?s=books&ie=UTF8&qid=1381107823&sr=1-1&keywords=A+New+Paradigm+for+Investing+by+William+Nelson

2)       Spend 20 Hours Learning About Investing to Prepare for 20+ Years in Retirement

http://www.amazon.com/Learning-Investments-Prepare-Retirement-ebook/dp/B00F3KW9T2/ref=sr_1_1?s=books&ie=UTF8&qid=1379183661&sr=1-1&keywords=William+Nelson+Spend+20+Hours

The first book listed is normally $9.99 but available for a limited time at $7.99.  The other book is normally $2.99, but I dropped it down to $0.99 for the rest of October 2013.

I would like to thank my international viewers as well.  I also wanted to especially thank some selected followers of my @NelsonThought and @LatticeworkWlth Twitter accounts (each of whom I would recommend following for the content and insight):

Followers on @NelsonThought:

The Wealth Report @wsjexperts

The Royce Funds @RoyceFunds

Research Magazine @Research_Mag

Barron’s Online @BarronsOnline

Vanguard FA @Vanguard_FA

Cleveland Fed Research @ClevFedResearch

Pedro da Costa @pdacosta

Muriel Siebert & Co. @SiebertCo

Roger Wohlner, CFP® @rwohlner

Ed Moldaver @emoldaver

Sylvia Maxfield @sylviamaxfield

The Shut Up Show @theshutupshow

Berni Xiong (shUNG) @BerniXiong

Followers on @LatticeworkWlth:

Euro-banks @EuroBanks

Direxion Alts @DirexionAlts

Charlie Wells @charliewwells

AbsoluteVerification @GIPStips

Investment Advisor @InvestAdvMag

Gary Oneil @GaryONeil2

MJ Gottlieb @MJGottlieb

Bob Burg @BobBurg

Melody Campbell @SmBizGuru

TheMichaelBrown @TheMichaelBrown

Phil Gerbyshak @PhilGerbyshak

MuniCredit @MuniCredit

D.J. Rob-Ski @DJRobSki

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