My Worst Investment Ever Podcast

Author Larry Swedroe discusses the challenges faced by active investment managers in outperforming the market due to costs. He draws parallels between athlete performance and investment management, highlighting the difficulties of achieving consistent success in both fields. The episode delves into the concept of persistence in investment performance and the impact of scaling and market competition on managers' ability to generate long-term returns.

Financial author and speaker Larry Swedroe discusses market pricing strategies and the importance of investing in passively managed funds. He emphasizes letting the markets work for investors and highlights the challenges of beating an efficient market. The conversation explores the concept of market efficiency in sports betting and stock trading, overconfidence among individual investors, and the impact of Fama and French's research on active fund managers.

Rizwan Memon, founder of Riz International, shares his $160,000 loss from shorting GameStop due to Elon Musk's tweet. Lessons learned: always have enough liquidity when shorting, control money bets, avoid emotional trading. Emphasizes transparency in trading practices and the importance of due diligence for safer investments.

Larry Swedroe, author of 'Enrich Your Future: The Keys to Successful Investing', discusses key metrics for stock market success. They delve into research revolutionizing investing strategies, including factors like market beta, value companies, smaller companies, and momentum. The conversation highlights the importance of analyzing small companies based on profitability and investor behavior's impact on returns.

BIO: Mark Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning.STORY: Mark and his partner bought two properties to put up on Airbnb. The first property needed just a bit of modification, but the second one required far more. It took them more time and money than expected to get it ready for renting.LEARNING: Take ownership of your mistakes. If a problem occurs, admit it, step up, and try to solve it—don’t run away or stick your head in the sand. The majority of trouble we face in our lives will be caused by ourselves. “When you’re pivoting in the face of a disaster or a bad investment, the first thing to do is give yourself some grace.”Mark Kohler Guest profileMark Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning.With a reputation as a YouTube personality, best-selling author, and national speaker, Mark is dedicated to guiding clients through complex legal and financial landscapes to achieve their American Dream.He also serves as the co-founder and Board Member of the Directed IRA Trust Company and has launched the Main Street Certified Tax Advisor Program to train CPAs and Enrolled Agents nationwide.As the co-host of The Main Street Business Podcast and The Directed IRA Podcast, he simplifies intricate topics like legal and tax strategy, asset protection, retirement, investing, and wealth growth.Mark Kohler’s commitment to helping entrepreneurs and small business owners attain success and financial security has made him a trusted expert in the field. He has helped countless individuals and businesses navigate the financial and business world with confidence.Worst investment everMark and his partner bought two properties in Arizona to turn into Airbnbs. They aimed to modify them over two to three months and set them up on the Airbnb platform. They hoped to start renting them out during the winter, which is a great Airbnb season. The first property was beautiful and simply needed yard furnishings.At the same time, 10 blocks away was the other property, which they thought would need some minor work, just like the first property. A few weeks later, they realized the property would take a ton of work, but the train had left the station, and there was no turning back. And so the damage began. The two partners added a lot of value to this property, but it was far more than they wanted to bite off and chew. Modifying the property took more time and money than expected.Lessons learnedYou can make a good investment, and something outside your control happens.Take ownership of what you’re doing wrong.If a problem occurs, admit it, step up, and try to solve it—don’t run away or stick your head in the sand.Andrew’s takeawaysThe majority of trouble we face in our lives will be caused by ourselves.When you do something wrong, admit it to yourself as a first step.If you cause damage to another person, you must amend and resolve it.You can’t get help on something if you haven’t admitted it.If your process is good and you keep improving, you progress.Actionable adviceWhen you are pivoting in the face of a disaster or a bad investment, recognize that it’s not the end of the world, give yourself some grace, look for the silver lining, and get to work.Mark’s recommendationsIf you’re in the Airbnb market, Mark recommends reading Daniel Rusteen’s books. He also recommends his podcast, The Main Street Business Podcast, which has some great interviews about Main Street business and investing strategies.No.1 goal for the next 12 monthsMark’s number one goal for the next 12 months is to dial in the Main Street business tax pro certification. He wants to have 1,000 members by the end of the year. These are 1,000 business owners, tax professionals, and legal and financial professionals looking for a group of like-minded individuals and tribes.Parting words “Don’t give up no matter what.”Mark Kohler [spp-transcript] Connect with Mark KohlerLinkedInTwitterFacebookInstagramPodcastYouTube WebsiteBooksAndrew’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.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Jusper Machogu is a farmer in rural Kenya, an agricultural engineer by profession, and an advocate for Fossil Fuels for Africa.STORY: In this episode of My Wost Podcast Ever, Andrew and Jusper discuss the potential of fossil fuels to drive economic growth and development in Africa.LEARNING: Africa needs more fossil fuels not aid. “60-70% of our population depends on agriculture for livelihood. So one of the easiest ways to improve livelihoods is to improve agriculture by having abundant, reliable energy rates.”Jusper Machogu Guest profileJusper Machogu is a farmer in rural Kenya, an agricultural engineer by profession, and an advocate for Fossil Fuels for Africa.Why Africa needs fossil fuelsIn this episode of My Wost Podcast Ever, Andrew and Jusper discuss the potential of fossil fuels to drive economic growth and development in Africa. Jusper argued that reliable and affordable energy is crucial for progress. Jusper is all about economic development in Africa and wants Africans to have what the rest of the world has. He wants Africa to be able to feed itself, to have access to reliable, abundant energy, lots of food, and economic development.Jusper says that Africa needs lots of fossil fuels to achieve this, and Africans have plenty of them, so they don’t need much aid. What they need is investors in Africa. For instance, Africans can use fossil fuels to power their industries, such as manufacturing and agriculture, leading to job creation and economic growth. Africans can also use fossil fuels to generate electricity, which will improve access to energy and enhance productivity. These are just a few examples of how fossil fuels can be harnessed for African self-sufficiency and empowerment.Jusper emphasizes that once Africa utilizes nitrogenous fertilizer, it will not only produce more food but also significantly improve livelihoods and economic development. He points out that Africa has ample fossil fuels to produce the fertilizer it needs, underlining the importance of African self-sufficiency in this crucial development aspect.According to Jusper, another way Africa can attain economic development is by adding value to the food it produces and employing its people.Jusper sheds light on the detrimental influence of international organizations like the IMF and World Bank in African countries. He argues that their policies, instead of fostering development, have led to increased hunger and economic hardship. This stark reality underscores the urgent need for change and a shift in focus towards empowering Africans to drive their own development.Parting words “We don’t need a lot of aid. What we need is investors in Africa. Let’s drill our oil, tap into our natural gas, and mine our coal. Let’s use that to develop ourselves. So that’s what I’m saying: fossil fuels for Africa.”Jusper Machogu [spp-transcript] Connect with Jusper MachoguTwitterSubstackAndrew’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.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

BIO: August Biniaz is the Co-founder and Chief Investment Officer of CPI Capital. CPI Capital is a real estate private equity firm with the mandate to acquire multifamily assets while partnering with passive investors as limited partners.STORY: Upon looking back and reflecting on the worst investment decision August has ever made, he says it’s his time, shiny object syndrome, getting excited about new investment ideas, and then putting a lot of time into learning about those ideas and losing that time.LEARNING: Don’t be a jack of all trades and a master of none. Focus on your primary business. Stay in your lane. “Being focused is probably the greatest asset anyone could have when it comes to success in business or otherwise.”August Biniaz Guest profileAugust Biniaz is the Co-founder and Chief Investment Officer of CPI Capital. CPI Capital is a real estate private equity firm with the mandate to acquire multifamily assets while partnering with passive investors as limited partners. August was instrumental in the closing of over $208 million of multifamily assets since inception.August educates real estate investors through webinars, YouTube shows, weekly newsletters, and one-on-one coaching. He is the host of Real Estate Investing Demystified PodCast.Worst investment everUpon looking back and reflecting on the worst investment decision August has ever made, he says it’s his time, shiny object syndrome, getting excited about new investment ideas, and then putting a lot of time into learning about those ideas and losing that time.In one incident, when crypto came around, August got involved in the crypto world, trying to connect with investors, creating businesses within the crypto world, and putting his brainpower and time into learning about this new asset class. However, August went down a rabbit hole that took him away from his main focus.In another incident, an asset class came across his desk. This was the build-to-rent single-family rentals or BTRSFR. After the great financial crisis in 2008, single-family homes in the US were selling for pennies on the dollar. Wall Street got involved, knowing that the market would eventually turn around, and started buying portfolios of single-family homes. However, as they managed these properties, they realized they were handled similarly to multifamily ones. So, they created this new asset class: build to rent single-family rentals.August brought this idea to investors in his database and invested in a development project. It was a former purchase contract in which August partnered with a developer. This deal created some difficulties for his investors, partners, and himself. He never closed on that deal. This deal diverted August’s focus from his main business, and he lost opportunities there.Lessons learnedBeing a specialist is very important if you’re dealing with investors and have partners. Don’t be a jack of all trades and a master of none.Focus on your primary business.Stay in your lane.Have tunnel vision in the business that you’re part ofUnderstand what’s happening in macro, economic, and political situations.Andrew’s takeawaysWhen things aren’t working well, it’s apparent that you may need to find something else or double down on your efforts to fix them.Actionable adviceIf you’re in the process of building a business or you already own a great business, don’t put your attention and focus into something that’s totally outside of your sandbox. Instead, try to focus on that business you’re already building.August’s recommendationsAugust recommends listening to the My Worst Investment Podcast, learning how entrepreneurship, startups, investing, and other asset classes work, watching YouTube shows, and reading books. He is happy to provide 30 minutes of his time if you quote the My Worst Investment Podcast.No.1 goal for the next 12 monthsAugust’s number one goal for the next 12 months is to hit his target of two deals in 2024. On the personal side, he’s moving to the US and setting up a base in Florida.Parting words “If you’re looking for risk-averse advice, talk to your parents. They’re always risk averse. And anytime you’re looking for risky advice, talk to your drunk friend.”August Biniaz [spp-transcript] Connect with August BiniazLinkedInFacebookTwitterInstagramPodcastYouTubeWebsiteAndrew’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.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

BIO: William Browder is the CEO of Hermitage Capital Management, Head of the Global Magnitsky Justice Campaign, and author of Red Notice and Freezing Order.STORY: Bill moved to Moscow at the age of 31 and was the only Westerner there with any Wall Street skills. That led him to become the largest foreign investor in the country. His decision to go to Russia was the worst investment of his life. Although Bill made a fortune for his clients and a smaller portion for himself, he wishes he never moved to Russia because a lot of people have died, and a lot of lives have been ruined.LEARNING: Don’t go to Russia. “My friend Vladimir is the second most important political prisoner in Russia, and I’m desperately trying to get them out. Hopefully, I’ll succeed.”William Browder Guest profileWilliam Browder is the CEO of Hermitage Capital Management, Head of the Global Magnitsky Justice Campaign, and author of Red Notice and Freezing Order.  Bill was once Russia’s largest foreign portfolio investor until being declared “a threat to national security” in 2005 for exposing corruption in Russian state-owned companies.In 2008, Mr. Browder’s lawyer, Sergei Magnitsky, uncovered a massive fraud committed by Russian government officials stealing US$230 million of state taxes and was subsequently arrested, imprisoned without trial, and systematically tortured.Sergei Magnitsky died in prison on November 16, 2009. Ever since, Bill Browder has led the Global Magnitsky Campaign for governments around the world to impose targeted visa bans and asset freezes on human rights abusers and highly corrupt officials, introducing the passage of the Sergei Magnitsky Accountability Act in 2012, & the Global Magnitsky Human Rights Accountability Act 2016. Which has since been adopted by 11 countries, including the USA, UK, Canada, and New Zealand.Worst investment everDuring his teenage rebellion, Bill faced a unique challenge, how to rebel from a family of communists. Undeterred, he hatched a daring plan to don a suit and tie and embrace capitalism. His graduation from Stanford Business School in 1989 coincided with the fall of the Berlin Wall, a moment that sparked a profound realization. With his grandfather’s communist legacy and the Berlin Wall’s collapse, Bill set his sights on an audacious goal to become the leading capitalist in Eastern Europe.Bill aimed to become the largest investor in that part of the world. He eventually achieved that goal at the very young age of 25. Bill discovered the Russian privatization program, which basically gave everything away for free.Bill moved to Moscow at the age of 31 in 1986, and he was the only Westerner there with any Wall Street skills. That led him to become the largest foreign investor in the country.While initially lucrative, Bill’s decision to move to Russia proved to be a double-edged sword. He made a fortune for his clients and a smaller portion for himself, but the cost was high. Lives were lost, and many were left in ruins. Bill reflects on this, considering it the worst investment of his life.Lessons learnedThere are two choices for people who want to rebuild Russia: You can either go back and become part of the criminal enterprise or don’t go back. If you go back and try to fix it, you’ll become an enemy of the regime and go to jail. So, you can either become imprisoned or become a criminal. Better avoid the whole thing.Andrew’s takeawaysMost people go along with whatever’s happening without even questioning it, and the ones who question it leave it and keep going.No.1 goal for the next 12 monthsBill’s number one goal for the next 12 months is to get his friend Vladimir Kara Mirza out of prison before he dies.Parting words “Don’t go to Russia.”William Browder [spp-transcript] Connect with William BrowderLinkedInTwitter 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.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

In this episode of Investment Strategy Made Simple (ISMS), Andrew gets into part two of his discussion with Larry Swedroe: Ignorance is Bliss. Today, they discuss three chapters of Larry’s book Investment Mistakes Even Smart Investors Make and How to Avoid Them. In this series, they discuss mistake number 32: Are You Subject to the Money Illusion? Mistake 33: Do You Believe Demographics Are Destiny? And mistake 34: Do You Follow a Prudent Process When Choosing a Financial Advisory Firm?LEARNING: Understand how the money illusion works to avoid making financial mistakes. Focus on managing risk and not trying to manage returns. Past performance is meaningless for active managers. “What amazes me is that I can’t think of anybody who has ever asked the advisor to show them how they invest personally. That’s an absolute necessity because if they’re not putting their money where their mouth is and eating their own cooking, why should you?”Larry Swedroe In this episode of Investment Strategy Made Simple (ISMS), Andrew gets into part two of his discussion with Larry Swedroe: Ignorance is Bliss. Larry is the head of financial and economic research at Buckingham Wealth Partners. 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 three chapters of Larry’s book Investment Mistakes Even Smart Investors Make and How to Avoid Them. In this series, they discuss mistake number 32: Are You Subject to the Money Illusion? Mistake 33: Do You Believe Demographics Are Destiny? And mistake 34: Do You Follow a Prudent Process When Choosing a Financial Advisory Firm?Mistake number 32: Are You Subject to the Money Illusion?According to Larry, one of the illusions with great potential for creating investment mistakes is the money illusion. Money illusion occurs when people confuse inflation returns, nominal or real returns, and how the economy is impacted differently. It has great potential for creating mistakes because it relates to one of the most popular indicators used by investors to determine if the market is undervalued or overvalued, known as the Fed Model.The problem with the Fed Model, leading to a false conclusion, is that it fails to consider that inflation has a different impact on corporate earnings than it does on the return on fixed-income instruments. Over the long term, the nominal growth rate of corporate earnings has been in line with the economy’s nominal growth rate, and the real growth rate of corporate earnings has been in line with the economy’s real growth. Thus, the real growth rate of earnings is not impacted by inflation in the long term. On the other hand, the yield to maturity on a 10-year bond is a nominal return, and, therefore, the real return on the bond will be negatively impacted by inflation. The error of comparing a number that is not impacted by inflation to one that is leads to the “money illusion.”Larry says the empirical evidence and logic are pretty simple: Corporate earnings grow in line with the GDP. If they grew much faster, they would dominate the whole economy, and there’d be nothing left for wages.While gaining knowledge of how a magical illusion works has the negative effect of ruining the illusion, understanding the “magic” of financial illusions is beneficial to investors as it should help them avoid mistakes. In the case of the money illusion, understanding how the money illusion is created will prevent investors from believing that an environment of low (high) interest rates allows for either high (low) valuations or for high (low) future stock returns. Instead, if the current level of prices is high (a high P/E ratio), that should lead one to conclude that future returns to equities are likely to be lower than has historically been the case and vice versa. It is also important to note that this does not mean that investors should either avoid equities because they are “overvalued” or increase their allocations because they are “undervalued.” It simply means that if the P/E is higher than the historical average, investors should not expect future returns to be as great as their historical average.Mistake number 33: Do You Believe Demographics Are Destiny?Unlike economic forecasting, demographic forecasting can be considered a science. It’s for this reason that Larry cautions investors to avoid the mistake of confusing information with value-added information. He says before leaping to invest in individual stocks or mutual funds based on any guru’s insightful analysis, investors need to consider the following:Is this guru the only person who knows the demand for health care—for example—will rise as the population ages?Aren’t all investors aware of this? Doesn’t the market already incorporate this knowledge into current prices?If the market is aware of this information, it has already been incorporated into prices. Therefore, the knowledge cannot be exploited. In other words, if it’s just information—even if you think it’s going to have a positive or negative impact—ask yourself again, am I the only one who knows this?Larry adds that you should never confuse information with knowledge. Possession of an insight is not sufficient. You can only benefit if other traders do not have the insight yet. And if you have such information, it is highly likely to be inside information, which is illegal to trade.The vast majority of individuals and professional investors make investment decisions based on their forecasts, ignoring all the evidence that there are no good forecasters. Larry’s advice is to stop trying to forecast and, instead, think about what risks you’re most concerned about. So if you’re most concerned about, let’s say, inflation because you live on a fixed income, then you need to build a portfolio that’s more resilient to inflation risks. So don’t own long-term bonds in your portfolio; keep short-term bonds, have a bit of commodities, and maybe even a bit of gold. This way, you don’t confuse before-the-fact strategy with after-the-fact outcomes because you’ve designed a portfolio to protect you against the risks you are concerned about, not what somebody else is. People must focus on managing risk and not trying to manage returns.Mistake number 34: Do You Follow a Prudent Process When Choosing a Financial Advisory Firm?Larry observes that one big problem for investors when choosing advisors is that they typically look at somebody’s track record in investing and project that into the future, ignoring all of the evidence that past performance is (for active managers) meaningless.Larry recommends you require potential financial advisory firms to make the following 11 commitments to you. Doing so will allow you to avoid conflicts of interest and achieve your financial goals.Our guiding principle is that our advice will always be in your best interest.We provide you with care following a fiduciary standard — the highest legal duty that one party can have to another.We are a fee-only investment advisor — avoiding the conflicts that commissioned-based compensation can create.We fully disclose potential conflicts.Our advice is based on the latest academic research, not on our opinions.We are client-centric—we don’t sell any products; we only advise.We provide a high level of personal attention — each client works with a team of professionals and will develop strong personal relationships with team members.We invest our personal assets, including our profit-sharing plan, based on the same investment principles and in the same or comparable securities that we recommend to our clients.We will develop an investment plan that is integrated into estate, tax, and risk management (insurance) plans. The overall plan will be tailored to your unique situation.Our advice is always goal-oriented—evaluating each decision not in isolation but in terms of its impact on the likelihood of success of the overall plan.Our comprehensive wealth management services are provided by individuals who have the CFP, PFS, or other comparable designations.If you can’t get all 11 of those points, Larry insists you simply walk out the door.Did you miss out on previous mistakes? Check them out:ISMS 8: Larry Swedroe – Are You Overconfident in Your Skills?ISMS 17: Larry Swedroe – Do You Project Recent Trends Indefinitely Into the Future?ISMS 20: Larry Swedroe – Do You Extrapolate From Small Samples and Trust Your Intuition?ISMS 23: Larry Swedroe – Do You Allow Yourself to Be Influenced by Your Ego and Herd Mentality?ISMS 24: Larry Swedroe – Confusing Skill and Luck Can Stop You From Investing WiselyISMS 25: Larry Swedroe – Admit Your Mistakes and Don’t Listen to Fake ExpertsISMS 26: Larry Swedroe – Are You Subject to the Endowment Effect or the Hot Streak Fallacy?ISMS 27: Larry Swedroe – Familiar Doesn’t Make It Safe and You’re Not Playing With the House’s MoneyISMS 29: Larry Swedroe – The Shiny Apple is Poisonous and Information is Not KnowledgeISMS 30: Larry Swedroe – Do You Believe Your Fortune Is in the Stars or Rely on Misleading Information?ISMS 34: Larry Swedroe – Consider All Hidden Costs Before You InvestISMS 35: Larry Swedroe – Great Companies Are Not Always High-Return InvestmentsISMS 36: Larry Swedroe – Two Heads Are Not Better Than One When InvestingISMS 37: Larry Swedroe – Pay Attention to a Fund’s Proper Benchmarks and TaxesISMS 38: Larry Swedroe – The Self-healing Mechanism of Risk AssetsISMS 39: Larry Swedroe – Don’t Choose a Fund by Its Descriptive NameISMS 40: Larry Swedroe – Market vs. Hedge Fund Managers’ EfficiencyAbout Larry SwedroeLarry Swedroe is 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 SwedroeLinkedInTwitterWebsiteBooksAndrew’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.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedLarry Swedroe and RC Balaban, Investment Mistakes Even Smart Investors Make and How to Avoid ThemPhilip E. Tetlock, Expert Political Judgment: How Good Is It? How Can We Know?Gary Belsky and Thomas Gilovich, Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the Life-Changing Science of Behavioral EconomicsLarry Swedroe, Think, Act, and Invest Like Warren Buffett: The Winning Strategy to Help You Achieve Your Financial and Life GoalsLarry Swedroe and Kevin Grogan, Reducing the Risk of Black Swans: Using the Science of Investing to Capture Returns with Less Volatility

BIO: Chris Ball started his career in 2004 as a tax adviser with KPMG LLP. He then transitioned and founded Hoxton Capital Management in 2018. The group’s sole emphasis is helping HNW and UHNW clients with borderless global financial advice. Chris’ specialty is assisting individuals with their retirement planning needs.STORY: When Chris started his career young and fresh, he got into spread betting. That didn’t go so well, and he lost 10,000 pounds, which was a lot of money in 2008. In terms of business, he wasted over $750,000 on bad hiring decisions.LEARNING: Don’t enter markets that you don’t understand. If someone is not 100% right, don’t hire them. “Hire and fire fast. If they’re not right, and you spot it, don’t keep giving people chance after chance or trying to fit a round peg into a square hole, which doesn’t work.”Chris Ball Guest profileChris Ball started his career in 2004 as a tax adviser with KPMG LLP. After seven years with KPMG, Chris moved to the Middle East to join the deVere Group, where he continued his work as an IFA. He started in their Abu Dhabi offices and eventually headed up the Qatar operations for the group, which dealt with HNW and UHNW individuals.Chris then transitioned and founded Hoxton Capital Management in 2018. The group’s sole emphasis is helping HNW and UHNW clients with borderless global financial advice. Chris’ specialty is assisting individuals with their retirement planning needs.Chris has three children with his wife.Worst investment everWhen Chris started his career young and fresh, he got into spread betting. That didn’t go so well, and he lost 10,000 pounds, which was a lot of money in 2008. In terms of business, he wasted over $750,000 on bad hiring decisions.Lessons learnedDon’t enter markets that you don’t understand.If someone is not 100% right, don’t hire them.Playing at things never produces good results. You have to be 100% dedicated and focused on your work.Actionable adviceHire and fire quickly. If someone is not suitable and you spot it, fire immediately. Don’t keep giving people a chance after chance.Chris’s recommendationsChris recommends using his recently launched Hoxton Wealth App, available on iTunes, Apple App Store, Google Store, and the company’s website. It’s completely free. The app enables people with accounts in different countries to live link those accounts and view them in a currency of their choice. It also has cash flow modeling, which enables people to see if they have enough money saved for various goals.No.1 goal for the next 12 monthsChris’s number one goal for the next 12 months is to launch a wealth app and attract 100,000 users.Parting words “Thank you very much for having me on. I really enjoyed it, and I wish you all the best.”Chris Ball [spp-transcript] Connect with Chris BallLinkedInFacebookWebsiteAndrew’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.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast