#16 Kara Murphy - What Investors Get Wrong About Markets

In this episode of Wealth is a Choice, host James Studinger sits down with Kara Murphy, CFA, Chief Investment Officer of Kestra Investment Management, where she leads a team focused on market research, portfolio construction, and investment solutions for financial professionals. She’s known for making complex market and economic topics accessible, engaging, and practical for investors and advisors alike. James and Kara dive into the connection between the economy, the markets, and the real-world choices investors must make. They unpack why understanding the Federal Reserve, interest rates, labor markets, and manufacturing trends matters, but also why self-awareness, humility, and discipline may matter even more. Along the way, Kara explains why diversification is about building the whole puzzle, not obsessing over one piece, and why some of the hardest investing principles are actually the simplest ones: stay disciplined, keep buying, and don’t confuse recent trends with permanent truth. In this conversation, you’ll hear about: • Why “don’t fight the Fed” still matters for investors • How interest rates work their way through the economy and impact daily life • Why the AI boom and the Mag 7 created an unusual market environment • How recency bias can lead investors into poor decisions • Why diversification is essential—but too much can dilute conviction • The difference between understanding the economy and understanding yourself • Why time is one of the most powerful wealth-building tools • The case for trades, manufacturing, and practical skills in a changing economy • How disciplined investing through downturns can create long-term opportunity The conversation closes with Kara’s thoughtful answer to whether wealth is a choice. Her view: for most people, the roadmap is not a mystery. The challenge is not knowing what to do, it’s having the consistency and discipline to actually do it over time. Listen now and discover why “wealth is a choice”—and how to make it yours. Follow us and never miss an episode. Share your thoughts and questions in the comments—what does “wealth” mean to you? #WealthIsAChoice #Investing #EconomicOutlook #Diversification #FinancialDiscipline #FederalReserve #MarketInsights #LongTermInvesting #FinancialWellness #PortfolioStrategy