EP 274: A Refresher... check it out!

Replay Episode — This one's a "blast from the past." David originally recorded this conversation in the last quarter of 2022, right in the middle of heavy recession fear and a rough year in the markets. He's bringing it back now because 2026 has had its own share of ups and downs, and the mindset underneath this conversation hasn't gone stale.Joining David is Mike DiJoseph of Vanguard's Investment Advisory Research Center, whose team studies why investors make the decisions they make — and how a good advisor changes the outcome.In This EpisodeWhy financial news functions more like entertainment than informationVanguard's "Advisor's Alpha" research: the roughly 3% net-return value a good advisor adds over timeA real 2020 case study: bailing out at the bottom turned $1M into $800K, while staying the course turned it into $1.2MWhy the political party in power has a surprisingly weak relationship with market returnsThe behavioral finance reason your brain forgets years of gains the moment there's one bad yearReframing downturns: lock in the loss on the portfolio, or lock in the loss on the goalMeet the GuestMike DiJoseph works within Vanguard's financial advisor services division, on the Investment Advisory Research Center team. He and David connected through the Financial Planning Association.Key MomentsApproximate timestamps — this is a replay, so times are estimated from the conversation flow.00:00 — Why David is replaying this episode now03:30 — Meet Mike DiJoseph and Vanguard's research team06:00 — Is a recession actually bad for the stock market?10:30 — The Tesla thought experiment13:00 — How one word turns a headline from bullish to bearish16:00 — Staying the course doesn't mean standing still19:00 — Does the party in power actually move the markets?24:00 — The recency bias problem27:00 — The 2020 case study: $800K vs. $1.2M33:00 — What a good advisor is actually worth37:00 — Insurance and estate-planning blind spots41:00 — Personal definitions of wealthQuotable"You can either lock in the loss on the portfolio, or you lock in the loss on the goal.""There is never going to be an all-clear signal. And to the extent that there is one, it's probably too late.""When your values are clear, your decisions are easy."Not sure if your portfolio — or your plan — is actually built for moments like this? Book a free 20-minute Vision Call: weeklywealthpodcast.com/visionConnect with David directly: [email protected] this episode helped reframe how you're thinking about the market right now, share it with someone who needs to hear it — and follow the show so you don't miss what's next.