My Worst Investment Ever Podcast

I once sat down with a furious business owner. “My team’s useless,” he said. “They never deliver.” I asked him two simple questions: “Who hired them? Who sets their goals?”He went quiet. He admitted he hadn’t run a proper meeting in months, and his priorities changed weekly. His team wasn’t failing; they were confused.Once he got clear and consistent, everything shifted. Execution improved, morale spiked, and profit followed. The problem wasn’t his team; it was his leadership.Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit.It starts with youWhen the same issues keep popping up: missed deadlines, low margins, and sloppy execution, it’s easy to blame your team or the market. But nine times out of ten, those problems point to your systems, not your people. If your business feels stuck in a loop, you haven’t built the structure to break free. Leadership isn’t about charisma or barking orders. It’s about clarity and follow-through.Start by auditing yourself. Are your priorities clear to your team? Do you track progress, or just hope things get done?I’ve seen owners delegate tasks and then forget about them, leaving their teams guessing. That’s not leadership. That’s abdication. One client delegated a pricing review but never checked in. Six months later, nothing had changed, and they’d lost $50,000 in potential profit. Set clear goals, assign owners, and follow up. It’s not sexy, but it works.Fix your meetings, fix your profitHere’s a game-changer: fix your meetings. Most business meetings are a mess, with endless venting or no focus. Better meetings lead to better profit. Try this: run one weekly meeting with a tight agenda. Pick one metric, like cash flow, gross margin, or overdue invoices, and identify three actions to move them.One client’s meetings were just complaint sessions. We set a new rule: every meeting ends with three clear next steps. Four weeks later, the execution was sharper, and he told me, “We didn’t need more staff, just a real plan.” Focused action works.Build momentum with better habitsYou don’t need a new team, just better habits. Your people are probably capable, but they need direction. A weekly rhythm, like Monday priorities, Wednesday short check-ins, and Friday results, builds momentum fast. It’s not about working harder; it’s about working smarter. And start writing down what works. That’s your playbook for scaling.One owner I know documented his best sales process. It took an hour, but it cut training time for new hires and boosted close rates by 10%. That’s leadership in action.You’re leading with clarity now, but what if cash is still tight? In our final episode, we’ll tackle how to turn things around when money’s low and pressure’s high. Don’t miss it.Actions from prior episodesCut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example.Find one drain: Review finances weekly, searching for one hidden loss. Act now.Align the family: Hold a monthly, one-hour family meeting. Ask: “What will drive next month’s profit?” Prioritize profit over family tension.The next actionLead the team: Run focused weekly meetings with a clear agenda and one action item. Drive results.Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 32: The Twenty-Dollar Bill.LEARNING: Trade as if the markets are efficient, even though they are not. “If the markets were perfectly efficient, then no one would discover anything about a mispriced stock. There would be no abnormal behaviors or biases, such as investors preferring to buy lottery stocks; therefore, there would be no incentive for investors to conduct any research. This would make the market inefficient.”Larry Swedroe In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. The book is a collection of stories that Larry has developed over 30 years as the head of financial and economic research at Buckingham Wealth Partners to help investors. You can learn more about Larry’s Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks.Larry deeply understands the world of academic research and investing, especially risk. Today, Andrew and Larry discuss Chapter 32: The Twenty-Dollar Bill.Chapter 32: The Uncertainty of InvestingIn this chapter, Larry explains the efficient markets hypothesis (EMH) and why successful trading strategies often self-destruct due to their inherent limitations.According to Larry, one of the fundamental tenets of the EMH is that in a competitive financial environment, successful trading strategies self-destruct because they are self-limiting—when they are discovered, they are eliminated by exploiting the strategy.He shares the example of Andrew Lo’s adaptive markets hypothesis, which acknowledges that while the EMH may not necessarily hold in the short term, it does predict that inefficiencies will self-correct over time as arbitrageurs exploit them after publication. This understanding leads us to the inevitable conclusion that financial markets trend toward efficiency in the long run.Efficient markets rapidly eliminate opportunities for abnormal profitsTo demonstrate how the efficiency of markets rapidly eliminates opportunities for abnormal profits, Larry shares the following example:Imagine that an investor discovers that small-cap stocks have historically outperformed the market in January. To take advantage of this anomaly, that investor would have to buy small-cap stocks at the end of December, before the period of outperformance. After achieving some success with this strategy, other investors would take note—with the large dollars at stake, Wall Street is quick to copy successful strategies. An academic paper might even be published. Since the effect is now known to more than just the original discoverer of the anomaly, one would have to buy before others do to generate abnormal profits. Now, prices start to rise in November. But the next group of investors, recognizing this was going to happen, would have to buy even earlier.As you can see, the very act of exploiting an anomaly has the effect of making it disappear, making the market more efficient. This underscores the significant role investors play in shaping market efficiency.Behave as if equity markets are perfectly efficientLarry surmises that while equity markets may not be perfectly efficient, the winning investment strategy is to behave as if they were. This reaffirms the importance of the EMH in guiding investment strategy, providing investors with a sound approach to market participation.In conclusion, Larry advises investors to consider carefully these words from Richard Roll, financial economist and principal of the portfolio management firm Roll and Ross Asset Management: “I have personally tried to invest money, my clients’ and my own, in every single anomaly and predictive result that academics have dreamed up. And I have yet to make a nickel on any of these supposed market inefficiencies. An inefficiency ought to be an exploitable opportunity. If there is nothing investors can systematically exploit, time and time again, then it’s tough to say that information is not being properly incorporated into stock prices. Real money investment strategies don’t produce the results that academic papers say they should.” Further readingAndrew Lo, “The Adoptive Markets Hypothesis,” The Journal of Portfolio Management (30th Anniversary Edition, 2004).Dwight Lee and James Verbrugge, “The Efficient Market Theory Thrives on Criticism,” Journal of Applied Corporate Finance (Spring 1996).Burton G. Malkiel, “Are Markets Efficient? Yes, Even If They Make Errors,” Wall Street Journal, December 28, 2000.Did you miss out on the previous chapters? Check them out:Part I: How Markets Work: How Security Prices are Determined and Why It’s So Difficult to OutperformEnrich Your Future 01: The Determinants of the Risk and Return of Stocks and BondsEnrich Your Future 02: How Markets Set PricesEnrich Your Future 03: Persistence of Performance: Athletes Versus Investment ManagersEnrich Your Future 04: Why Is Persistent Outperformance So Hard to Find?Enrich Your Future 05: Great Companies Do Not Make High-Return InvestmentsEnrich Your Future 06: Market Efficiency and the Case of Pete RoseEnrich Your Future 07: The Value of Security AnalysisEnrich Your Future 08: High Economic Growth Doesn’t Always Mean High Stock Market ReturnEnrich Your Future 09: The Fed Model and the Money IllusionPart II: Strategic Portfolio DecisionsEnrich Your Future 10: You Won’t Beat the Market Even the Best Funds Don’tEnrich Your Future 11: Long-Term Outperformance Is Not Always Evidence of SkillEnrich Your Future 12: When Confronted With a Loser’s Game Do Not PlayEnrich Your Future 13: Past Performance Is Not a Predictor of Future PerformanceEnrich Your Future 14: Stocks Are Risky No Matter How Long the HorizonEnrich Your Future 15: Individual Stocks Are Riskier Than You BelieveEnrich Your Future 16: The Estimated Return Is Not InevitableEnrich Your Future 17: Take a Portfolio Approach to Your InvestmentsEnrich Your Future 18: Build a Portfolio That Can Withstand the Black SwansEnrich Your Future 19: The Gold Illusion: Why Investing in Gold May Not Be SafeEnrich Your Future 20: Passive Investing Is the Key to Prudent Wealth ManagementPart III: Behavioral Finance: We Have Met the Enemy and He Is UsEnrich Your Future 21: Think You Can Beat the Market? Think AgainEnrich Your Future 22: Some Risks Are Not Worth TakingEnrich Your Future 23: Seeing Through the Frame: Making Better Investment DecisionsEnrich Your Future 24: Why Smart People Do Dumb ThingsEnrich Your Future 25: Stock Crashes Happen—Be PreparedEnrich Your Future 26: Should You Invest Now or Spread It Out?Enrich Your Future 27: Pascal’s Wager: Betting on Consequences Over ProbabilitiesEnrich Your Future 28 & 29: How to Outsmart Your Investing BiasesEnrich Your Future 30: The Hidden Cost of Chasing Dividend StocksEnrich Your Future 31: Risk vs. Uncertainty: The Investor’s Blind SpotAbout Larry SwedroeLarry Swedroe was head of financial and economic research at Buckingham Wealth Partners. Since joining the firm in 1996, Larry has spent his time, talent, and energy educating investors on the benefits of evidence-based investing with an enthusiasm few can match.Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, “The Only Guide to a Winning Investment Strategy You’ll Ever Need.” He has authored or co-authored 18 books.Larry’s dedication to helping others has made him a sought-after national speaker. He has made appearances on national television on various outlets.Larry is a prolific writer, regularly contributing to multiple outlets, including AlphaArchitect, Advisor Perspectives, and Wealth Management. [spp-transcript] Connect with Larry SwedroeLinkedInXWebsiteBooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

I once worked with a family business run by two brothers and a sister. The sister was a dreamer, pushing niche markets and creative ideas. Her CEO brother was all about landing big accounts to keep cash flowing. Every strategy meeting turned into a shouting match. Nothing got decided, and the business was stuck.I pulled the creative sister aside and asked, “Do you want to be CEO?” She laughed, “No way.” That honesty was a game-changer. They finally aligned behind one leader, and the chaos started to fade. Is your family business stuck because no one’s steering the ship?Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit.Survival mode kills profitFamily businesses are special, but they come with unique traps. The daily grind, orders, payroll, and customer complaints can bury any chance of big-picture thinking. You’re so busy keeping the lights on that you forget to ask: where’s this business going? That’s survival mode, and it’s a profit killer. Strategy takes a backseat when you’re just trying to get through the week.Clear roles fix family chaosThen there’s the family dynamic. Loyalty and emotions can cloud tough calls. Maybe your cousin’s great at sales but terrible at managing people, yet no one says anything because he’s family. Or your parents are still on the payroll, even though they retired years ago. These are human issues, but they hurt your bottom line.The fix? Write down everyone’s roles, even if it’s awkward. Be clear: who’s in charge of what? I’ve seen families transform their businesses just by putting this on paper. It’s not about cutting people out but giving everyone a lane so the company can move forward. Always return to the core principle that increasing profit increases value for all family members.If every week feels like a scramble, you’re missing structure. Without a precise rhythm, you’re starting from zero every Monday. That’s exhausting, and it keeps you stuck. Try this: start one monthly owner profit check-in, 60 minutes max.Focus on one question: what’s driving profit next month? It could be following up on late invoices, cutting a small cost, or pushing a high-margin product. Get your team thinking about profit, not just staying busy. Structure turns chaos into progress.Family businesses also risk getting too comfortable. You might have a warm and loyal culture, but is it driving growth? Or is it just keeping the peace? Ask yourself: does our setup push us toward profit, or are we coasting on familiarity?One family business I know kept a low-margin product line because it was “part of our history.” Dropping it felt like betraying the past, but it freed up cash for marketing that doubled their revenue. Logic has to win.Structure over stressHere’s a quick story. I had a client who groaned, “Mondays are a mess.” Projects stalled, and he was micromanaging everything. We set a simple rhythm: Monday to set goals, Wednesday for updates, Friday to review wins. In just a few weeks, his team started owning their tasks. He wasn’t carrying the whole business anymore; he had breathing room. Structure doesn’t sound sexy, but it’s a game-changer.Now you see the real traps keeping your family business stuck. But what if the real problem isn’t your family, it’s you? In our next episode, we’ll face the hard truth about leadership and profit. Don’t miss it.Actions from prior episodesCut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example.Find one drain: Review finances weekly, searching for one hidden loss. Act now.The next actionAlign the family: Hold a monthly, one-hour family meeting. Ask: “What will drive next month’s profit?” Prioritize profit over family tension.Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

BIO: Jeff Holman, founder of Intellectual Strategies, is revolutionizing legal support for startups and scaling businesses. His Fractional Legal Team model provides expert legal guidance without the cost of a full-time team.STORY: Jeff started a cold plunge and sauna business during the pandemic. The company looked great, but he had employee issues, which affected its success. Soon, tens of other studios, brands, and franchises were all popping up within a mile of Jeff’s studio.LEARNING: Create strategic alignment incrementally and iteratively. “Create strategic alignment incrementally and iteratively because the business that you’re operating today might not be the business that you pivot to tomorrow.”Jeff Holman Guest profileJeff Holman, founder of Intellectual Strategies, is revolutionizing legal support for startups and scaling businesses. His Fractional Legal Team model provides expert legal guidance without the cost of a full-time team. With expertise in engineering, law, and business, Jeff helps companies navigate complex challenges, enabling them to grow with confidence.Worst investment everDuring the COVID-19 pandemic, Jeff decided to find ways to spend his time and invest some of his money. He settled on a cold plunge and sauna business. The spreadsheet looked great, and the numbers were fantastic. The business model followed another business that Jeff had previously done, which had achieved considerable success.Jeff found a local company in Utah that was manufacturing cold plunges at the time and secured a couple of investor friends to invest in the business. He rented an office space and converted one of the suites into a cold plunge and sauna studio.The biggest mistake that cost Jeff this business was hiring employees and trying to get them more involved in marketing. He would help train and incentivize employees, ensure tasks were completed, have people submit reports, follow up for accountability, and more. It felt like he was babysitting his employees. This eventually brought his business down. However, the final nail in the coffin was a proliferation of other studios, brands, and franchises, all popping up within a mile of Jeff’s studio.Lessons learnedIf you’re part of a franchise, consider visiting other franchise businesses that may not be competing with yours or those a little further away from your customer base to observe how they operate.If you’re pivoting your business, create strategic alignment incrementally and iteratively because the business you’re operating today might not be the one you pivot to tomorrow.Andrew’s takeawaysFind a business that does what you want to do in another state and go work with them for a while.Actionable adviceValidate the business idea you want to invest in well beyond the spreadsheet. Research regulations, test your MVP, identify channels that you’ll use to drive revenue, and much more.Jeff’s recommended resourcesJeff’s journey has taught him the value of seeking expert advice. He recommends holding a strategy call with him if you need legal expertise to scale your business confidently. He also suggests reading Rocket Fuel and Traction: Get a Grip on Your Business by Gino Wickman to learn how to align intellectual property, assets, patents, trademarks, and copyrights with your business objectives and strategy. This advice can provide reassurance and confidence as you navigate the complexities of business.No.1 goal for the next 12 monthsJeff’s number one goal for the next 12 months is to expand his law firm and also evangelize the fractional legal team model.Parting words “Innovate with confidence.”Jeff Holman [spp-transcript] Connect with Jeff HolmanLinkedInFacebookInstagramYoutubeWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

I met a family business owner in the Philippines who was proud of his “stable” company. Two percent net profit, year after year. Sounds okay, right? Until I showed him the math: because his margin was deeply below average, he’d missed out on $1.2 million in potential profit over three years.That “stability” was a slow bleed, draining his business while he didn’t even notice. Are you losing money you can’t see? That’s what this episode is all about: how profit problems silently grow while you’re looking the other way.Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit.Small leaks, big lossesProfit problems don’t usually hit you like a freight train. They creep in quietly; a slight inefficiency here, a missed opportunity there. Maybe it’s a subscription you forgot to cancel or pricing that hasn’t budged in years. These leaks add up, and the longer you wait, the harder they are to fix. Think of it like a leaky pipe: today’s drip becomes a flood tomorrow.The longer you delay, the more risk and complexity you’re piling on. Your margins shrink, your stress grows, and suddenly, you’re vulnerable to a bad month or a competitor’s move. I experienced this in my own business leading up to the government COVID lockdowns.The good news? You don’t need a massive overhaul to start. Just find one recurring cost that’s dragging you down. It could be an overpriced vendor, software you barely use, or a process that wastes your team’s time.One client I worked with found $1,500 monthly in unused cloud storage. Cutting it took 10 minutes and saved him $18,000 a year. That’s the kind of win you can grab right now. Small tweaks today prevent painful losses tomorrow.Don’t overthink, just reviewHere’s a simple way to start: schedule a 30-minute profit review this month. Pull your profit and loss statement and look for one leak. Don’t overcomplicate it. Just ask: where’s money slipping away?If you don’t know your P&L, ask your accountant to walk you through it. You may need a new accountant if your accountant can’t do that. This isn’t about being a finance wizard but knowing your business. One owner I know avoided his financials for years, trusting his bookkeeper. When we finally looked, we found $40,000 lost to outdated pricing. A 30-minute review fixed it. That’s the power of paying attention.Don’t wait until you’re desperate. I’ve seen too many owners hold off until they’re scraping by, thinking they’ll fix profit when things “calm down.” Spoiler: things don’t calm down. The time to act is now when you still have options. If you wait until you’re broke, your choices shrink fast. You might have to cut staff, take a loan, or close up shop. Acting early keeps you in control.Here’s a question to spark clarity: if a third party bought your business today, what’s the first thing they would fix?Maybe it’s a product line barely breaking even or a client who pays late but demands your time. Write down one fix and tackle it this week. That mindset, seeing your business with fresh eyes, uncovers profit you didn’t know you had. Don’t wait for the third party to arrive. Fix your business now.See your business with fresh eyesLet’s pause for a story. I worked with a client who never tracked profit by product. His team was convinced their manufactured products were the cash cow, way better than their imported products. We dug into the numbers, and guess what?The imported products they sold were nearly twice as profitable. He immediately shifted strategy, focused on imports, raised prices on the manufactured stuff, and boosted gross profit by 17% in three months. That money was sitting there, waiting to be found. What’s hiding in your business?You now see how delay kills profit, but why is breaking free from survival mode so hard? In our next episode, we’ll dig into why family businesses stay stuck and how to finally escape. Don’t miss it.Action from the prior episodeCut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example.The next actionFind one drain: Review finances weekly, searching for one hidden loss. Act now.Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 31: The Uncertainty of Investing.LEARNING: Equity investing is always about uncertainty. “Most investors think of investing as much more like risk and forget there’s a lot of uncertainty. That’s a problem because investing is always about uncertainty. You have to recognize that we cannot rely on historical data to tell us that much about the future.”Larry Swedroe In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. The book is a collection of stories that Larry has developed over 30 years as the head of financial and economic research at Buckingham Wealth Partners to help investors. You can learn more about Larry’s Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks.Larry deeply understands the world of academic research and investing, especially risk. Today, Andrew and Larry discuss Chapter 31: The Uncertainty of Investing.Chapter 31: The Uncertainty of InvestingIn this chapter, Larry explains the difference between risk and uncertainty. He highlights that one of the most important concepts to grasp is that investing is about dealing with both risk and uncertainty.University of Chicago professor Frank Knight defined risk and uncertainty as follows: Risk is present when future events occur with measurable probability. Uncertainty is present when the likelihood of future events is indefinite or incalculable. Larry further explains that risk involves known probabilities, like casino odds or life insurance estimates, while uncertainty involves unknown outcomes, such as major events like the Great Depression or COVID-19.Larry explains that we sometimes know the odds of an event occurring with certainty. For example, because of demographic data, we can reasonably estimate the odds that a 65-year-old couple will have at least one spouse live beyond 90. However, we cannot know the exact odds because future advances in medical science may extend life expectancy. Conversely, new diseases may arise that shorten life expectancy.Why must you understand the difference between risk and uncertainty?Larry insists that it is crucial to understand the difference between risk and uncertainty. This understanding is key, as many investors mistakenly view equities as closer to risk, where the odds can be precisely calculated. This misconception often arises when economic conditions are favorable. The ability to estimate the odds gives investors a false sense of confidence, leading them to make decisions that exceed their ability, willingness, and need to take risks.However, Larry adds that the perception of equity investing shifts from risk to uncertainty during crises. Since investors prefer risky bets (where they can calculate the odds, like investing in a stable company with a proven track record) to uncertain bets (where the odds cannot be calculated, like investing in a startup with an unpredictable future) when the markets begin to appear to investors to become uncertain, the risk premium demanded rises, and that is what causes severe bear markets.Further, dramatic falls in prices lead to panicked selling. Larry says that investors tend to sell well after market declines have already occurred and buy well after rallies have long begun. The result is that they dramatically underperform the mutual funds they invest in.How to stay safe despite risk and uncertaintyLarry emphasizes that one key to success is understanding that equity investing is always about uncertainty. Another crucial aspect is understanding the importance of choosing an equity allocation that doesn’t exceed your risk tolerance.To further mitigate these uncertainties, Larry strongly recommends diversifying your portfolios. This strategy can provide a sense of security and preparedness in the face of market volatility. Additionally, he suggests using Monte Carlo simulations to account for various potential outcomes.Did you miss out on the previous chapters? Check them out:Part I: How Markets Work: How Security Prices are Determined and Why It’s So Difficult to OutperformEnrich Your Future 01: The Determinants of the Risk and Return of Stocks and BondsEnrich Your Future 02: How Markets Set PricesEnrich Your Future 03: Persistence of Performance: Athletes Versus Investment ManagersEnrich Your Future 04: Why Is Persistent Outperformance So Hard to Find?Enrich Your Future 05: Great Companies Do Not Make High-Return InvestmentsEnrich Your Future 06: Market Efficiency and the Case of Pete RoseEnrich Your Future 07: The Value of Security AnalysisEnrich Your Future 08: High Economic Growth Doesn’t Always Mean High Stock Market ReturnEnrich Your Future 09: The Fed Model and the Money IllusionPart II: Strategic Portfolio DecisionsEnrich Your Future 10: You Won’t Beat the Market Even the Best Funds Don’tEnrich Your Future 11: Long-Term Outperformance Is Not Always Evidence of SkillEnrich Your Future 12: When Confronted With a Loser’s Game Do Not PlayEnrich Your Future 13: Past Performance Is Not a Predictor of Future PerformanceEnrich Your Future 14: Stocks Are Risky No Matter How Long the HorizonEnrich Your Future 15: Individual Stocks Are Riskier Than You BelieveEnrich Your Future 16: The Estimated Return Is Not InevitableEnrich Your Future 17: Take a Portfolio Approach to Your InvestmentsEnrich Your Future 18: Build a Portfolio That Can Withstand the Black SwansEnrich Your Future 19: The Gold Illusion: Why Investing in Gold May Not Be SafeEnrich Your Future 20: Passive Investing Is the Key to Prudent Wealth ManagementPart III: Behavioral Finance: We Have Met the Enemy and He Is UsEnrich Your Future 21: Think You Can Beat the Market? Think AgainEnrich Your Future 22: Some Risks Are Not Worth TakingEnrich Your Future 23: Seeing Through the Frame: Making Better Investment DecisionsEnrich Your Future 24: Why Smart People Do Dumb ThingsEnrich Your Future 25: Stock Crashes Happen—Be PreparedEnrich Your Future 26: Should You Invest Now or Spread It Out?Enrich Your Future 27: Pascal’s Wager: Betting on Consequences Over ProbabilitiesEnrich Your Future 28 & 29: How to Outsmart Your Investing BiasesEnrich Your Future 30: The Hidden Cost of Chasing Dividend StocksAbout Larry SwedroeLarry Swedroe was head of financial and economic research at Buckingham Wealth Partners. Since joining the firm in 1996, Larry has spent his time, talent, and energy educating investors on the benefits of evidence-based investing with an enthusiasm few can match.Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, “The Only Guide to a Winning Investment Strategy You’ll Ever Need.” He has authored or co-authored 18 books.Larry’s dedication to helping others has made him a sought-after national speaker. He has made appearances on national television on various outlets.Larry is a prolific writer, regularly contributing to multiple outlets, including AlphaArchitect, Advisor Perspectives, and Wealth Management. [spp-transcript] Connect with Larry SwedroeLinkedInXWebsiteBooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

I want to tell you about a midsize business owner drowning in consultants. He kept hiring them, one after another, each promising to turn things around. They’d show up, drop off a fancy report, and disappear. Meanwhile, his profit stayed flat, his team was overwhelmed, and he barely slept.One night, he was alone in his office, staring at a payroll he wasn’t sure he could cover. That’s when it hit him. He told me, “I realized it’s on me. No one’s coming to save my business.” That moment was his turning point. So, what’s yours?Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit.The turning point every owner needsLet’s be real: hoping someone else will fix your problems is tempting. A consultant, a new hire, maybe even some magic software. But here’s the truth: no one will care about your business as much as you do. Consultants can advise, pinpoint blind spots, and maybe even hand you a plan. But if you don’t act, nothing changes.I’ve seen owners spend thousands on experts only to shelve their advice because it felt too hard or the timing wasn’t “perfect.” Waiting for the right moment is a trap. Your business doesn’t have time for that. The problems are piling up: low margins, stressed teams, endless emergencies, they’re not going away on their own. You have to step up.Your calendar tells the truthI know what you’re thinking: “I’m already doing everything I can!” But are you? Pull up your calendar right now. What does it say? If it’s packed with meetings, emails, and putting out fires, you’re probably not leading; you’re reacting.Your calendar tells the truth about your priorities. If there’s no time blocked for profit-focused work, like reviewing your P&L or cutting a bloated expense, you’re not owning the future of your business.One client I worked with swore he had no time for strategy. His calendar showed 12 hours a week chasing emergencies, zero on profit. We carved out just 90 minutes a week to review his financials. Within months, his managers solved problems without him, and the whole business felt calmer and more focused. That’s the power of taking charge.Here’s the thing: you can’t pay someone to care as much as you do. You can hire the best accountant and the sharpest operations manager, but responsibility for your business’s success rests with you.It’s not about working harder; it’s about working smarter. Start small. Pick one profit-related task this week. Maybe it’s canceling an unused subscription, renegotiating a vendor contract, or reviewing your pricing. Do it by Friday. One task, done well, can shift your momentum.A client thought he needed a complete overhaul to boost profit. Instead, we started with one thing: he cut a $900 monthly software he barely used. That small win gave him the confidence to tackle bigger issues.Start small, lead strongYour team is watching you, too. They feed off your clarity and energy. If you’re scattered, putting out fires, they’ll be scattered too. But they’ll follow if you show up focused with a clear plan. That client I mentioned. Whose calendar was filled with firefighting?Once he started those weekly financial reviews, his team noticed. They started coming to meetings prepared, pitching ideas to save money. Your leadership sets the tone. When you own your business’s future, you also allow your team to step up.Owning your business isn’t just about responsibility; it’s your biggest advantage. No one knows your customers, team, or vision like you do. That’s your edge. But you have to use it. Stop waiting for a savior. Stop hoping the market will turn or a new hire will fix everything. The power to change your business is in your hands right now.So, here’s your action step for this week: open your calendar and block 30 minutes to tackle one profit task. Review your P&L and look for one cost to cut. Maybe it’s calling a vendor to negotiate a better rate. Just do it. That’s how you start owning your business again.You’re ready to step up, but here’s the catch: what if your business is already leaking cash? In our next episode, we’ll uncover the hidden ways your company is losing money and why waiting even one more month could cost you everything. Don’t miss it.ActionCut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example.Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 30: The Economically Irrational Investor Preference for Dividend-Paying Stocks.LEARNING: The dividend policy is irrelevant to stock returns. “Stock prices tend to rise in the month before they pay the dividend, because dumb retail investors overvalue dividends, and then they tend to revert back after the dividend gets paid.”Larry Swedroe In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. The book is a collection of stories that Larry has developed over 30 years as the head of financial and economic research at Buckingham Wealth Partners to help investors. You can learn more about Larry’s Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks.Larry deeply understands the world of academic research and investing, especially risk. Today, Andrew and Larry discuss Chapter 30: The Economically Irrational Investor Preference for Dividend-Paying Stocks.Chapter 30: The Economically Irrational Investor Preference for Dividend-Paying StocksIn this chapter, Larry discusses why many investors prefer cash dividends, especially those using a cash flow approach to spending.Larry explains that experts have established that dividend policy should be irrelevant to stock returns, which is supported by historical evidence. Stocks with the same exposure to common factors (such as size, value, momentum, and profitability/quality) have had the same returns, whether they pay dividends or not. Despite theory and evidence, many investors express a preference for dividend-paying stocks.The fallacy of the free dividendAs Larry explains, investors tend to assume that dividends offer a safe hedge against the large price fluctuations that stocks experience. However, this assumption ignores that the dividend is offset by the fall in the stock price—the fallacy of the free dividend is a common misconception in the investment world.Larry adds that stocks with the same “loading,” or exposure, to the four factors (size, value, momentum, and profitability/quality) have the same expected return regardless of their dividend policy. This has important implications because about 60% of US and 40% of international stocks do not pay dividends.Thus, any screen that includes dividends results in far less diversified portfolios than they could be if they had not included dividends in the portfolio design. Less diversified portfolios are less efficient because they have a higher potential dispersion of returns without any compensation in the form of higher expected returns.Taxes matterLarry notes that what is particularly puzzling about the preference for dividends is that taxable investors should favor the self-dividend (by selling shares) if cash flow is required. Taxes play a crucial role in investment decisions, and understanding their implications is essential for making informed choices.Even in tax-advantaged accounts, investors who diversify globally (the prudent strategy) should prefer capital gains because the foreign tax credits associated with dividends have no value in tax-advantaged accounts.Why do investors still prefer dividends?Hersh Shefrin and Meir Statman, two leaders in behavioral finance, attempted to explain the behavioral anomaly of a preference for cash dividends. The first explanation is that, in terms of their ability to control spending, investors may recognize that they have problems with the inability to delay gratification.To address this problem, they adopt a cash flow approach to spending—they limit their spending to only the interest and dividends from their investment portfolio. In other words, the investor desires to defer spending but knows he doesn’t have the will, so he creates a situation that limits his opportunities and, thus, reduces the temptations.The prospect theoryThe second explanation of why investors prefer dividends is based on “prospect theory.” Prospect theory states that people value gains and losses differently. As such, they will base decisions on perceived gains rather than losses.Thus, if a person was given two equal choices, one expressed in terms of possible gains and the other in potential losses, they would choose the former. Because taking dividends doesn’t involve selling stock, it’s preferred to a total return approach, which may require self-created dividends through sales. The reason is that sales might affect the realization of losses, which are too painful for people to accept (they exhibit loss aversion).Further readingMerton Miller and Franco Modigliani, “Dividend Policy, Growth, and the Valuation of Shares,” Journal of Business (October 1961).Hersh Shefrin and Meir Statman, “Explaining Investor Preference for Cash Dividends,” Journal of Financial Economics (June 1984).Did you miss out on the previous chapters? Check them out:Part I: How Markets Work: How Security Prices are Determined and Why It’s So Difficult to OutperformEnrich Your Future 01: The Determinants of the Risk and Return of Stocks and BondsEnrich Your Future 02: How Markets Set PricesEnrich Your Future 03: Persistence of Performance: Athletes Versus Investment ManagersEnrich Your Future 04: Why Is Persistent Outperformance So Hard to Find?Enrich Your Future 05: Great Companies Do Not Make High-Return InvestmentsEnrich Your Future 06: Market Efficiency and the Case of Pete RoseEnrich Your Future 07: The Value of Security AnalysisEnrich Your Future 08: High Economic Growth Doesn’t Always Mean High Stock Market ReturnEnrich Your Future 09: The Fed Model and the Money IllusionPart II: Strategic Portfolio DecisionsEnrich Your Future 10: You Won’t Beat the Market Even the Best Funds Don’tEnrich Your Future 11: Long-Term Outperformance Is Not Always Evidence of SkillEnrich Your Future 12: When Confronted With a Loser’s Game Do Not PlayEnrich Your Future 13: Past Performance Is Not a Predictor of Future PerformanceEnrich Your Future 14: Stocks Are Risky No Matter How Long the HorizonEnrich Your Future 15: Individual Stocks Are Riskier Than You BelieveEnrich Your Future 16: The Estimated Return Is Not InevitableEnrich Your Future 17: Take a Portfolio Approach to Your InvestmentsEnrich Your Future 18: Build a Portfolio That Can Withstand the Black SwansEnrich Your Future 19: The Gold Illusion: Why Investing in Gold May Not Be SafeEnrich Your Future 20: Passive Investing Is the Key to Prudent Wealth ManagementPart III: Behavioral Finance: We Have Met the Enemy and He Is UsEnrich Your Future 21: Think You Can Beat the Market? Think AgainEnrich Your Future 22: Some Risks Are Not Worth TakingEnrich Your Future 23: Seeing Through the Frame: Making Better Investment DecisionsEnrich Your Future 24: Why Smart People Do Dumb ThingsEnrich Your Future 25: Stock Crashes Happen—Be PreparedEnrich Your Future 26: Should You Invest Now or Spread It Out?Enrich Your Future 27: Pascal’s Wager: Betting on Consequences Over ProbabilitiesEnrich Your Future 28 & 29: How to Outsmart Your Investing BiasesAbout Larry SwedroeLarry Swedroe was head of financial and economic research at Buckingham Wealth Partners. Since joining the firm in 1996, Larry has spent his time, talent, and energy educating investors on the benefits of evidence-based investing with an enthusiasm few can match.Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, “The Only Guide to a Winning Investment Strategy You’ll Ever Need.” He has authored or co-authored 18 books.Larry’s dedication to helping others has made him a sought-after national speaker. He has made appearances on national television on various outlets.Larry is a prolific writer, regularly contributing to multiple outlets, including AlphaArchitect, Advisor Perspectives, and Wealth Management. [spp-transcript] Connect with Larry SwedroeLinkedInXWebsiteBooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

I, Coffee: The Capitalist Miracle Behind Your Morning CupI am the cup of coffee warming your hands right now. A simple drink with a story no government could brew. My journey from a cherry on a tree to your morning ritual is a testament to freedom, ambition, and human ingenuity.I exist not because of a single plan by a government or business but because of countless decisions, risks, and exchanges made by individuals and companies.I am the child of voluntary trade, fierce competition, and the pursuit of profit, all working without a master plan. These forces grow me, move me, roast me, and deliver me to you.No single person could make me from start to finish, yet billions of cups like me are made every day.Private ownership gives rise to ambitionI began as a cherry on a small farm in Costa Rica, grown by Manuel. Because he owns the land, he has reason to think long-term, studying prices, testing new methods, and planting varieties that take years to bear fruit. He’s not just farming for today; he’s betting on tomorrow. That’s what capitalism rewards: patience, planning, and the courage to take risks.Manuel’s commitment to tomorrow propels his green coffee bean across borders, where profit and competition transform local harvests into global goods.Profit connects personal effort to progressOnce picked, my journey begins from fruit to finished drink. I pass through the hands of workers and businesses, each driven by their own needs. No one is in it for love. They’re in it for a paycheck. And that’s precisely the point. The drive to earn a living keeps the whole system in motion.Profit isn’t greed; it’s survival. Prices tell people what is scarce and wanted; markets change direction overnight. To survive, you adapt. To win, you innovate. That’s how competition works; it’s the quiet engine pushing new ideas forward. In capitalism, you don’t get to stand still. Evolve, and you’ll thrive. Stay stuck, and you’ll disappear.Trade works without central controlAs I leave the processing facility, my journey goes global. I cross oceans and borders. The people along the way live in different countries, speak different languages, follow different beliefs, and may even hate each other, yet they still cooperate. Peace is the quiet miracle of capitalism. The market’s invisible hand turns individual pursuits into shared progress.Each region plays to its strengths. Manuel grows coffee in Costa Rica. Luigi builds espresso machines in Italy. They’ve never met, but through trade, they both win. By trading rather than trying to do everything alone, both end up better off.Consumers determine what survivesAt the roasting factory, experts dial in flavor. The process begins with precise heat control, powered by machines and fuels from distant places. Roasters adjust their methods to meet customer expectations because you, the consumer, decide who wins.I don’t exist by chance. Every choice, a dark roast or a decaf, oat milk or cream, sends a signal. You’re the boss here. I’m shaped by what you sip. That’s why quality matters. Even minor errors lead to waste, lost sales, and the risk of being replaced by someone who gets it right.Every job contributes to final valueEach role, from warehouse staff to maintenance teams, shapes the outcome. The technician who calibrates the roaster’s heat, the quality inspector who catches defects, and the logistics coordinator who ensures delivery affect how I taste in the end.In this system, no task is too small. A green coffee warehouse worker in Indonesia who rotates inventory properly helps ensure I arrive fresh in Denver. One mistake and a competitor gets the next order.Specialization turns effort into excellenceAt the café, baristas add their expertise, turning a roasted bean into your favorite cup: a bold black coffee, a tangy espresso, or a smooth latte. They steam, clean, pour, and seal. And they know: just one overheated shot or cracked lid, and everything I’ve been through goes to waste.That’s the harsh reality of capitalism. Each choice leads towards profit or loss. Accountability isn’t imposed; it’s automatic.Competition enforces accountabilitySome argue that markets need heavy rules, but I’ve seen competition shape behavior better than any bureaucracy. The people who move me act responsibly not because they’re forced to, but because trust pays off. Break that trust, and the market makes you pay.Even sustainability depends on you. When you choose shade-grown beans or Rainforest Alliance-certified coffee, farms change. Your fair-trade purchases raise wages. Your demand for carbon-neutral shipping pushes the whole system forward. I’m not made greener by policy memos; I’m made greener by you. That’s capitalism.Voluntary exchange creates something greaterSo here I am, your coffee, warming your hands just as I began this story. I started as a simple cherry on a tree, and through countless individual decisions, I’ve become your morning ritual. No one commanded my journey from Costa Rica to your cup, yet I arrived through millions of voluntary exchanges.I’m not just a drink but living proof that capitalism, at its best, transforms strangers into partners and simple beans into something extraordinary.As you sip me slowly, remember: every drop represents a quiet miracle of human cooperation, brewed not by force but by freedom, the same freedom that will bring your cup tomorrow and every morning after.Essay by Andrew Stotz, loosely adapted from Leonard E. Read’s “I, Pencil”Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast

BIO: Collin Plume, a precious metals expert and serial entrepreneur, helps investors maximize returns with minimal risk.STORY: Collin inherited some money from his grandmother at 18. When two of his college friends came to him with the idea of creating a TV show, but on the internet, he cut them a check that was way too much than what he should have. The business didn’t work.LEARNING: If you’re going to make a mistake in something, make it yourself and learn from it. “If I’m going to make a mistake, I will make it myself. I will put my blood, sweat, and tears into it.”Collin Plume Guest profileCollin Plume, a precious metals expert and serial entrepreneur, helps investors maximize returns with minimal risk. Founder of Noble Gold Investments and My Digital Money, he champions alternative assets like metals, real estate, and crypto. He is a dedicated family man who prioritizes integrity and client success in navigating complex financial markets.Worst investment everCollin inherited some money from his grandmother at 18. He did some traveling and a few other things with the money. Two of Collin’s college friends came to him with the idea of creating a TV show but on the internet. In theory, it made a lot of sense. They raised money, and Collin cut them a check that was way too much than what he should have.Unfortunately, Collin didn’t fully engage with the idea beyond writing the check. He didn’t foresee the potential pitfalls. The business, however, didn’t pan out. Collin’s deepest regret in this investment was not actively participating in the business and learning from it. He lost money and the opportunity to grow as an entrepreneur.Lessons learnedIf you’re going to make a mistake in something, make it yourself. Don’t give money to someone else to make a mistake on your behalf—they will learn from it, you won’t.Teach your kids how to make money from an early age.Andrew’s takeawaysFamilies should take it upon themselves to protect the next generation.Actionable adviceIf you get that opportunity, take it and learn from it, but know that if you invest, you’ll probably never see $1 come back to you. Also, you could jump on the bandwagon of a totally new and exciting idea, but there are some successful businesses out there that you can invest in.Collin’s recommendationsCollin advises seeking out new mentors in different areas every year. Continuous learning and growth through mentorship is a powerful tool for personal development, and Collin himself has found it invaluable in his journey as an entrepreneur.No.1 goal for the next 12 monthsCollin’s number one goal for the next 12 months is to train some people to take over more of the day-to-day operations in two of his businesses. On a personal level, he wants to go on one of the big hiking trips he’s never been able to do.Parting words “I love this show—everything about it. You’re a great guy to talk to. I appreciate you having me on; it’s been a pleasure to be with you.”Collin Plume [spp-transcript] Connect with Collin PlumeLinkedInInstagram XYouTubeBook WebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsXYouTubeMy Worst Investment Ever Podcast