The Jon Sanchez Show

10/18-How to have the right frame of mind

Are you your best friend or your worst enemy when it comes to managing your own money? For most, you are probably your worst enemy. You wait too long to cut your losses and you sell out of your winners too soon. This is human nature and both professional and retail investors are guilty of it. This afternoon on the Jon Sanchez Show at 3pm, we’ll discuss how important it is to have the right frame of mind to be a successful investor.

Duration:: 36m
Broadcast on:: 18 Oct 2024
Audio Format:: other

It's time for today's Lucky Land horoscope with Victoria Cash. Life's gotten mundane, so shake up the daily routine and be adventurous, with a trip to Lucky Land. You know what they say. Your chance to win starts with a spin, so go to luckylandslots.com to play over a hundred social casino style games for free for your chance to redeem some serious prizes. Get Lucky today at luckylandslots.com. No purchase necessary. VGW Group void were prohibited by law 18 plus terms of condition supply. Good Friday afternoon, Tia. Welcome to the John Sanchez Show. One who's talked 780k awaits. Pleasure to be with you, TGIF. We'll leave it up. The exclamation mark number two, Mr. Gaunt. Jason Gaunt Sanchez, both management. Give you a three or four. Yeah. You know, I was going to go that. I was going to go maybe two at the very moment. Not a bad week, not a real stressful week, you know, from from a market volatility standpoint. Yeah, not bad. It's still happy. It's Friday. Yeah, I'm doing okay. How are you? You're doing great. Thank you. Yeah. Me too. Me too. Nice. Yeah. It's nice to be a Friday. Say the least. I feel like the flip side, though, isn't funny. I had a conversation earlier with a client and the older you get it always seems like it's Friday, right? I mean, it's Monday and then staying the week goes by. It's true. You're younger. It's always Monday and now I just feel like it's always Friday. Time's going by and then eventually you're retired and it's always Saturday, right? What's it? Six Saturdays and a Sunday, you know? I thought we agreed to each other. We're not going to have a retire. No, no, no, but other people. Others. Okay. Okay. Perfect. Yes. No, I agree. I agree. That's what we want them to do. We want them to make make every day do like a like a vacation day because they're not worried about money because we get the gray hairs to do that for them. And yeah, this is good. Hey, I thought you'd like today's topic. I create this topic with this. Okay, good. I think a chance to talk to you about it. And I thought you would like it. It's kind of a good way. Normally, Jason and I spend, you know, the entire show on Friday is recapping the week. But, you know, frankly, we probably can, you know, knock it out here in the first segment. There was not a tremendous amount of news this week. Good earnings numbers and so on and so forth. Jason, of course, to give you his great stock recap for today. But we want to kind of expand on to something that is near and dear to both of our hearts, right? And that is the issue of the mental aspect of investing. I'm not going to use the word trading. It may slip out of my mouth a couple of times, but I really want to focus on the mental aspect of investing. You know, I always say, and Jason tells our clients the same thing, you know, when times get tough and we're so blessed right now the way this market is performing. Another record setting day from the Dow and the S&P today. We're so blessed right now the way things are performing. But, you know, our job, of course, is to always be peering in the crystal balls we like to say and preparing our portfolios, preparing our clients from when times are not always like this, right? And so that when times do get tough, what we find, and it's not just us, it's any good financial advisor, we become psychiatrists. We really do because many times you have to stop people from being their own worst enemy. And so we want to kind of get a jump on this, not that we think we've got troubled waters ahead of us, but we just want to kind of get a jump on it. We thought it would be a kind of a fun, lighthearted topic to discuss as we wrap up the week. So here's the thing I want you to think about. I want you to think about this. Are you your best friend or are you your worst enemy when it comes to managing your own money? Now, for most of you, you're probably your own worst enemy. You wait too long to cut your losses or you sell out of your winners way too soon. Now, folks don't think you're alone because this is absolutely human nature. Both us as professionals and you as a retail investor, we're all guilty of it. We're human beings. We are not machines. We're not AI-driven. We have emotions. We have memories of, "Hey, if the market did this or if my money did this, I'm going to do this," and so on and so forth. So this afternoon, what we're going to do is we're going to discuss how important it is to have the right frame of mind to be a successful investor. So we're going to cover a lot of areas of this. Again, this could be a multi-hour show on this topic because there are so many things to it. But Jason, I've always said this and I don't think I've ever asked you your personal opinion, but I always say this. I think putting everything else aside like, "Hey, I've got a great job or I've got a big inheritance," whatever it is, that 95% of investing success really starts in between our two years. It starts with the right attitude. It starts with the different things that we're going to go through like resiliency to setbacks and having a long-term perspective and being able to put our emotions under control. Do you agree with that 95% or are you a little higher or a little lower? Probably a little higher, yeah. It's amazing how much of it is that. We've talked about the P word process, and I beat on it all the time. If you don't have a process, all of these things that we'll talk about later will oftentimes be stumbling blocks to success. I would argue this can be relative to investing, this can be relative to relationships, this can be probably pretty much relative to anything that you do. If you have the wrong time horizon or you've used emotion too much in your decisions or you tend to use your gut as your barometer versus your heart or vice versa, you'll probably look back and wish you hadn't done a lot of things that maybe, again, have it a long-term perspective, like I said, on a relationship. That it's not one thing happened as long as I didn't steal your car and go on a bender, but that many times. You know, these will really, I think, echo towards many parts of your life, but as a focus on investing, I just always go back to process process process, and it helps you avoid the bulk of these things that tend to happen between your ears and oftentimes are regretful decisions. And I want to say publicly, you know, I've been doing this a long time, folks, as I've shared with you, 35 years or so. When Jason came into my life, it'll be five years this December. One of the many incredible attributes that he brought to me personally as an entrepreneur, as a portfolio manager, that he brought to our clients, that he was bringing to you on the radio audience is obviously his incredible love and desire to want to take care of everybody and help and just do everything correctly for our clients. Above and beyond that, it is this word that he just said, the process. I am, as many of you know that have followed me for, guys, I've been on this show for what, since 2001, so 24 years. I am more of an emotional guy. It's just who I am at 60 years old. I ain't going to change as I tell my life. You can't change me. Jason is more cool, calm and collected. And my advice, the reason I'm bringing this up is to tell all of you that are entrepreneurs out there. If you ever get a chance, you know, there's an old saying, we've all heard it. A, hire somebody that is smarter than you, which I have done. And B, hire somebody that is not you. You don't want somebody that's a yes man or a yes woman. You want somebody to counterbalance you. And Jason, that is what you have done to me. You have counterbalanced me. I am so much better of a trader now, thanks to you, a better portfolio manager. Because, again, you manage billions of dollars in your former life and you bring that balance. And I think that's one thing that I've taken away from, you know, my many years with you of the knowledge and the experience that I've garnered from you, which, you know, the list is a mile long, is is valid. Having that process number one and number two, not being quite so emotional about things. And this is what I love about our partnership is because I could be more emotional. Jason's the cool comment and we just meet in the middle. It's never your side is never my side. It says, let's meet right in the middle. And, you know, it is, it has worked out. Can I make a formal announcement about what you and I finalize this week? Okay. Well, we're on this subject. I'm kind of an emotional move. My love for this man, yeah, words don't describe. And I won't go through a mile long of details, but you know what he has done for my firm when he's done for this show. And now it is our firm as of, well, what maybe, well, I guess we can formally say what about 72 hours ago. Yeah, exactly. It was all finalized. The blood still drying on my finger. Yeah. That's right. Jason now is officially an owner of Sanchez wealth management. He is my partner now in all legal senses and financial senses and so on and so forth. So all I want to say is, you know, without getting the lump of my throat is it's been an honor to work with you for the last five years is going to be an honor to work with you for who knows how many more years. God forbid if something ever happens to me, I know my clients and my audience, which is now ours, could not be in better hands and it's it's a tremendous. I appreciate it. It's awesome. It's it's it's a tremendous relief to me because, you know, you know what I've done to build this firm. I started with a phone book and and through your due diligence and mine and hard work and our staff and incredible clients. You know, we now manage north of 300 million dollars and it literally started with a phone book cool calling, you know, 35 years ago and I'm just, I'm so grateful to you. And what you did for me when I was out with my medical issues in 2022. And, like I said, I I'm just, I wake up every day just excited. I literally wake up at two or three o'clock in the morning wanting that alarm to go off and forth because I'm so anxious to get to work and, and, you know, be be with you each and every day. So, brother, I love you and I it's an honor to be with you officially and formally now and for many, many years to come. Yeah, that's awesome. No, thank you very, very much. And, you know, like you'd mentioned, oftentimes the best teams are people who have a different views on lots of things. And, you know, again, not to go down too much of a tangent, but, you know, you also bring a lot of strengths that I don't have, right. The, the rigorous entrepreneurial spirit that I can't even begin to explain how much I, you know, value and how much it impresses me every single time. You know, I end up being bogged down in process too much to be like, wow, I wouldn't have thought of that. Like, hey, what if we did this? And I'm like, okay, how do I do it? Let me go figure out how to do it. And that's the part that, you know, I, I, every day, try to learn more and more from you. But it is. It's a great team and our team here is dynamite. So yeah, you know, it's, it's really, really exciting and lots of good things to come from the partnership. And I'm, we're going to be doing this for a long time. So it's, it's pretty exciting for sure. All right. Well, Jason, I didn't have that planned. It just happened. I'm glad we did it. And, yeah, so excited. Hey, let's do something else that you and I thoroughly love. Let's, let's educate our audience on what happened today and get into this psychology session here in a moment. Let's turn it over to Kristin Snow. She's in the right now traffic center. Hey, Kristin. Happy Friday. Welcome back to the John Sanchez Show on News Talk. 780K OHH with Jason Gunt. We finished up 37 on the Dow today to a record close of 43,275 up 116 on the NASDAQ. 0.63% closing at 18, 489. And a record finished on the S&P 500 up 23 points, 0.40% to 5,864 broke $70 oil. Jason Gunt, 2.1% lost 69, 16, that one feels good, huh? It does. This market is very much pricing in a Trump win. Right. This is exactly. I was going to bring up all of the stuff that's going on oil weaker. You know, if you want to be a contrarian, start to bet against a lot of these moves, not to say that that's the right trade, but, you know, there is a bit of a bifurcation. I don't know if you wanted to touch on some other things. Gold, for example, running as much as it has recently. Silver was up like six and a half percent this today. Historically, sort of based on how the dollar reacted last time, Trump signals a strong dollar, okay? Yes. That would go in line with higher interest rates. That would not go in line with gold and silver and these things acting the way they're acting. So something is going to hurt you, right? Whether it's this or, you know, because it's negative for yen, negative for euro, a lot of those counter currencies. So if the dollar strengthens, you know, despite the narrative of China buying and everybody gone, the gold fear trade, right, which I don't think is the reason for this move. One of the two will be right. Whether it's stronger dollar, you can't, you can, but you won't long term have strong dollar, strong gold, so pick one. And I think that's the part that I'm keeping a very close eye on. At some point, if Trump does win, one of these two is going to hurt a lot of people. And it's just a matter of will it be the gold bugs, the silver folks, those are betting on weaker dollar, right? Because you own those assets if you think the dollar will be weaker versus what would be a nationalistic, strong dollar policy that I know Trump had talked about historically. So it's one to keep an eye on as we get closer. I think it's a phenomenal point you're bringing up and let's expand that just a little bit because Trump wants a strong dollar. Remember when when he was in office, folks, he pushed for a strong dollar. He wanted that really bad. So I don't see why this time would if he wins would be any different. And you've seen you've seen industrials be strong. You've seen financials be strong. Like all of the market move over the last couple weeks, I'd say two, three weeks. Very much is the Trump trade being put on. So tread lightly in those directions. If things start to change, something happens, you know, her poll numbers changed, but the market is really pricing that in right now, even strong crypto assets, et cetera, given some of the things that have been said. So I think that is what you're seeing right now. That's why oil acts is oil acts, you know, and I've told folks before, and it tends to shock a lot. Guess what? We're pumping more oil right now than we did when Trump left office. So the whole, you know, Biden isn't doing oil and Keystone is not true. And what Trump had said, which I completely agree with, we would be even more of a producer, right, because of things slowed down and then now picked back up. Had he been in office, but don't think that oil, you know, massively changes like we're constricting and nobody's pumping anything. So, what about Keystone Pipeline though? Keystone Pipeline was bad oil from Canada, right? Go read on what, and I'm not saying to you, but like, I keep hearing Keystone Pipeline, go read about what the Keystone Pipeline was. These are Canadian oils coming through the U.S. Right? It doesn't like, it wasn't like all of a sudden some pipe coming through our country is now creating more oil production in the U.S. Like it got attached to that. Like people thought that was, you know, really hurting U.S. oil production. It's not at all. Like the oil sands, the oils coming from Canada are like very low quality stuff. But yeah, go read about it. And if anybody disagrees, fire me an email, be happy to talk about it. And I like the lot of the policies, but that gets thrown out there a lot. But that Keystone Pipeline was literally just the ability to run oil through the U.S. from up north. But don't you agree though, that if we know Trump will... Oh, I do. Yeah, oil would suffer. Oil would go down. We would prove more, which is great. I'm fine with energy independence. Nothing would make me happier than having zero concern about Middle East madness. And, you know, and I think, again, it makes a ton of sense, but that is part of why I think oil acts as it is as well. Despite, and we've talked about it, right, that OPEC, I know they do a lot of, you know, the people think they're doing canoodle in, but more often than not, I've said this over and over again. They tend to be pretty darn good at guessing what demand is going to look like into the future, and they've been talking about cutting supplies. You brought that up a couple weeks ago to get a chance to rebut you a little bit, and I'm going to do it right now. But don't you think that they are... You're giving them credit, but at the same time, don't you think that they are controlling oil prices, so therefore they know what oil prices are? Yeah, they do. No, for sure. It's more of... They don't tend to... And there have been some one-offs, but not a lot. They tend to cut production ahead of declining demand. They don't cut production because they're trying to ramp oil up to 120. But don't you think they create demand or lack thereof? Yeah, they probably... Yeah, they want to keep it. No, no, for sure. They want to keep it in a range, but we're down at 70 bucks, right? Which, again, historically, nobody likes 70 bucks, but, you know, we're not at 100, right? We're not at 120. We're in... I would argue what feels like the norm over the last five years, right? Kind of that high 50s, low 70s range. It would be great if it was just free, but it isn't as much of them trying to jam things to ramp oil to 110 bucks. We're going to cut supply and screw the West. Yeah, it is. They tend to be pretty good at guessing word. You know, the analogy I always think of when we discuss this, and that is... I'm going to pick on Warren Buffett because very few companies that can lose a stock like he can when they say, "Yeah, we're going to buy this, or we're going to sell this," right? So it's like, "Okay, we're going to..." Like when he started making years ago now, investments into Apple, right? We saw the stock just rip on that news. Well, you know, he knows that whatever he buys because he usually buys a pretty good chunk of it, and everybody follows what Berkshire Hathaway does, he knows it's going to go up. I don't know really of any stock that he has bought that has not gone up, you know, at least initially when he comes out. So that's my point is they're so powerful when they say, "Yeah, we think demand's going to be strong, or demand's going to be weak, they can control the flow, and they create that demand." I mean, sure, corporations, et cetera, make that demand, but they also create their own demand, you know what I'm saying? And you have a U.S. floor now with the Biden administration buying back oil into the reserves, right? That's $70 level. We're a buyer, right? Because of them, right, exactly. So you've almost got a floor there, too, of U.S. demand to refill reserves. But it is, it's interesting, in general, but yeah, the Trump trade is very much in the market right now, if you want to know. So same thing, too. Remember, the market's a discounting mechanism. So if Trump wins, you know, don't go out chasing all these things, you may be late to the party. And that, "Wait, why is oil going up, or why is financials going?" You know, because the trade's already been done. You're getting in after the streamers are already on the floor, right? It may be a quick knee jerk, but again, they're just trying to help educate investors about how the market discounts things well before they happen. Along the oil theme, let's stay on this for just a second. One, again, big takeaway of this week was the killing yesterday by Israel of the Hamas leader, right? And I want to go into that for just a second. But if you read the comments from Biden, Biden was literally on Air Force One going into Germany when he was notified by, I guess, by Israel, or most likely our intelligence sources, that that war was killed. He immediately made the comment, you know, basically great. This is happening. And then he made a comment today, or the Biden administration in regards to, they know, he insinuated at least that they know what Iran or, excuse me, Israel's next move is going to be as far as retaliation. Because remember, folks, there still has not been retaliation for the rocket attacks a few weeks ago. That is still looming. What we did learn this week was, according to the Biden administration, and this was, I think, Wednesday, and it kind of rocked the markets. They're not going after oil facilities or not going after nuclear facilities. Okay, so that all that leaves then our military facilities. But regardless, you know, this was, this was, things really changed yesterday, at least according to everything. I spent a lot of time reading about this today, Jason, and last night, when, when Senoir was killed. I remember folks, he just came into play in August, right? He was the leader of Hamas, and crazy guy. I mean, read about, you know, his upbringing. He was born in a prison camp and spent 22 years in, in Israel, a jail, and he studied what Israel is all about and learned Hebrew. I mean, all kinds of crazy things. But he was the mastermind behind the October 7th, meaning October 7th of 2023, bombing attacks on Israel. That's how powerful this guy was. So many are saying, okay, either someone, you know, someone's going to come up, obviously up the ranks and take over. We don't know who that is or what they're about. But this is still looming out there as far as oil prices and who knows what's going to happen now. The bottom line is most political pundits are thinking, this was a good thing that happened that he is gone now. But now the next question is, and this, this creates this more global tension going on. You know, who the next one is going to be, what are going to be their policies, etc. Did you watch the drone video of this guy getting killed? Unreal. Unreal. I, you know, I never, when I watch it, folks, I recommend go, go online tonight or tomorrow. It's everywhere. It's on YouTube is where I saw it. But if you can visualize this, for those of you that haven't seen it, this one just fascinates me. So this in war, so he's sitting in this, you know, like you see on TV, these, these blown out, you know, two, three story buildings that are just basically, you know, rubble. They're still standing, but they're basically rubble. And he's back in this room, right? There's no windows or no doors. But he's sitting in the back of this room on a chair and they got the camera on the drone and the drone flies up. It comes in, it looked like, what, Jason, the front door window? I couldn't really tell. It comes in. Let's just say it's the front door. It comes in the front door and the drone is just sitting there hovering in the living room. And it's pointing right at him. And he turns around and he sees the drone and he ducks down behind his chair. It's pretty rough video. So this is the best that I could see of it. And then he starts throwing things at the drone. Yeah. And next, yeah. Like, no, no, no, please don't. And next thing you know, you know, they show his corpse and, you know, what the man looks like dead. But it was, it was amazing. It was amazing. And again, many are saying this, this could be the complete turnaround. But, you know, who knows in that craziness that goes on over there. But we'll see what happens as far as oil prices, you know, depending upon who's going to be next and what the retaliation because that retaliation. And it also biting a henna today. It sounds like it's getting close. It sounds like, you know, Israel is getting real close to doing something. So. Anyways, Greg, I'm sorry, did you say a break? No. Let's do it. It's 3.26. Oh, my computer froze. I'm so sorry. I was having a hard time getting to a website and then my clock is still 3.26. I apologize, Greg. I'll turn it over to you now. Thank you. Welcome back to the John Sanchez Showing Newstocks 780K, which with Jason Gottem, we finished up 37 on the Dow to close at a record 43, 275. Now as I cup 116, S&P rose 22, excuse me, 23 also to a record finish up 58, 64. Hey, my good friends over at S&W Attractor, one meter reminds you, they are willing and dealing right now to get down to the end of the year inventories. They have all types of coyote chocters, big ones, small ones, everything in between all the implements. Stop by and see their great inventory and let them make a deal for you. 0% financing and select models located at 4880 East Nylane and Carson City online at S&W Attractor.com and phone number 8821225. Figured out the problem, Jason. What is that? Microsoft is trying to do a restart update. Oh, I said, I said they're yapping and it froze everything. Never had that happen in the middle of the day. Isn't that something happened tonight? Yeah, especially in a long time. Let's go. Yeah, no, I even texted you. I'm like, break. Did you really? Yeah, I'm just sitting on the zone, you know, zone talking. Normally, normally you're like, alright, Jason, shut up, shut up. I don't know, maybe they, maybe Greg, they're like, we're having technical difficulties. Just go ahead. Greg, I heard you yell at him by ear. He's trying to take a break. I thought, oh, you're talking to somebody else in the studio? There's my clock shown to the 3.26. I'm going to take a break till 3.30. And technology is wonderful. Yeah. Yeah, isn't it, though? Sorry, Greg. I appreciate it. Alright, Mr. Gaunt, let's get to our topic this afternoon. Having the right mental attitude when investing is so critical because it helps you make rational decisions and helps you manage risk effectively and it helps you stay focused on your long-term goals. So we're going to delve into this topic and help you become a better investor with some pretty important advice here. Let's start off with emotional control. Now, what's emotional control? Well, we all know, of course, the markets are volatile. Prices are volatile. Prices change dramatically, especially, you know, it seems like year after year, they get more volatile because we have so much computer trading going on. But when you see this volatility and if you don't have the right mindset, your emotions begin to take over. Now, remember, emotions, we are human beings. This market still, you know, in a good part is run by human beings. It's becoming smaller as time goes on. We're starting to dominate. But human beings, we are still involved in this. Now, what do we have as far as emotions, right? If we have the wrong mindset, we let fear and greed drive our decisions, right? That is the absolute worst thing to do, but it's human nature, right? I'm in a position, a stock, it's going up, up, up. It can only go up. It's never going to go down. And then all of a sudden, it drops. Then it starts to go lower, lower, lower. No, I own it. I own it. I own it. I love it. I love it. I love it. And before you know it, you're out. And this is right back what Jason said a moment ago, the process. This is where when you go into a trade, I don't care what it is, stock mutual fund. It doesn't matter. What's my goal on the upside? What's my loss limit on the downside? And stick to your process because you don't want to panic and sell at the wrong possible time. Nor you don't want to get greedy and over invest because you're overly optimistic. So maintain that emotional control, stick to your strategies, prevent these feelings from dominating your investing theories, right? So many people just get into something. They have no idea why they're in it, where it's going to go. They're upside. They're downside. And, you know, sometimes you get lucky and the thing just runs and runs and runs or other times. And this is most of the case, especially when we get into choppy markets, that downside just smacks you across the face. Anything you want to add to that one? The only thing I would add that's perfectly stated. You know, the election is a perfect example of emotional control. Like, if you're like, "If he wins or she wins, I'm selling." Like, you're going to be wrong. And that's the thing that, you know, try to separate political bias from a decision to, you know, unless it's something like, "Oh, this company now does something I'm vehemently against." Like, that makes a ton of sense. But to typically, more often than not, having seen hundreds of PMs who make decisions out of frustration or anger. Yeah, portfolio managers, they're wrong. And so try to almost check yourself, right? Why am I doing this? Am I doing this because I'm finally frustrated? I've held this thing for so long and now I'm getting rid of it. Am I capitulating, right? I've, this thing's gone up. I can't believe I made so much money in it. I'm going to sell it now because I don't want it to fall. Well, can it go up more, right? Is the thesis complete, right? So check yourself on both sides. But yeah, I think you're spot on the emotion control part. You laid it out exactly how we would want it to. There you go. Now, this one is even more difficult. And this is our second point, the long-term perspective. To be successful, right, very few, even professionals are great market timers, right? So we all know that over time, historically, Lord knows things may change, but over time historically, the market has made people a lot of money if you have a long-term commitment. We get this great, what we call the eighth wonder of the world, according to Einstein, and that is compounding interest, right? It just grows and grows and grows. Compounding returns gains over time. Your money's working for your money, your earning money on your money. But to have that long-term perspective, you have to have conviction. You have to have a positive mental attitude. That helps you be an overly concerned when these short-term losses, when this market noise that Jason was just talking about, it enables you to stay the course, right? We talk about conviction. We talk about, all right, we own something. Why did you buy it? If you had a reason to buy it, stick to your thesis unless that thesis changes, right? And that's having a long-term perspective on it. It also allows you to kind of brush aside short-term volatility. Every stock, every investment is going to have some period of short-term volatility. If you don't have conviction and confidence in what you put your money into, then you're going to freak out, right? And especially, I keep coming back to it, the volatility of this market, right? There are so many, I mean, we could just go on forever. There are so many popular names, you know, the apples, the meadows, the Microsofts of the world. I mean, Jason, I see it every day. You can have always pick one. You can have Microsoft down, you know, $8 in the morning, and it could be up $8 by the time the stock market closes, right? But if you fall to it and let your emotions take control, and you go, "Oh, my God, I'm a short-term investor," and all of a sudden that, you know, you get out at $8 loss for the day, did anything really change with Microsoft? Did anything change with the earnings? No, nothing, right? It's just the world that we live in now with this market volatility. So have that long-term perspective, be confident, and do away with the noise that affects everybody. Right, and just paying attention to your investment horizon, right? Are you really trading Microsoft around a day? Do you really think you have edge, right? The term edge is something that I think I learned when I was at Susquehanna, and once explained helped me so much. Do you really think you know something different than the market does? Exactly. Right? Like, that is what edge is. Like, I know something, like, I promise you, I promise you. If you read it, oh, CNBC, you are so late to that decision, like months. Yeah. Don't react because of a headline, if we can stress anything. On this whole conversation, the market is already way ahead of you, you know, and so try not to make decisions on, you know, a quick move in a stock, because it could be very much to John's point, 50 different inputs that made that move. That's right. Speaking of inputs, let's get the input on the highways and byways of Northern Nevada with Kristin Snow. Kristin, the John Sanchez Show in his stock 780KOH is another reminder. Another reminder, our friends over at SNW Attractor is 0% financing, 84 months. That's what they want me to tell you. That's right. So luck models. Where else are you going to find that in this still relatively high interest rate environment? Most importantly, where are you going to find a dealer that backs you after the sale? Well, Stan and the crew will do that at SNW Attractor. They do it all. They'll help you design an incredible tractor package. All you got to do is stop by and say, "This is my neat 4880 East eye lane. Carson City is where they're located online at SNW Attractor.com." And their phone number, 882-125, don't forget, they're open six days a week. All right, Mr. Gaunt, let's jump to, again, our topic tonight, having the right frame of mind when it comes to investing. Let's jump to, let's go to point number six since we're almost out of time. Let's talk about the continuous learning side of things, how important it is, and hence why we're behind this microphone every day. Yeah. I think, you know, it probably helps you, too, if you find that you make most of your decisions based on a small little eco chamber. It's a good place to echo chamber, rather. It's good to, you know, learn other views, right? I eat chat rooms. Yeah, chat rooms, right, Twitter, right, where it just sits there and just continues to feed you what you already are eating. You know, continuous learning is huge, right? To go, if there's anything that we talk about right now, either give us a ring, email us, ask us, I have a host of different places I can send folks, but even if you're doing it on your side, what's an ETF, right? What's this? What's that? Go out and learn about it. Even if it takes you, you know, five minutes to read a good Investopedia article or anything along those lines, it'll help you maybe spawn some, you know, desire to learn about something new, right? We talk about oil. Well, what about how do I get exposure to this? Or, you know, gold, or any other way? By always learning, you don't get stagnant. I use that escalator analogy where you can, you got to run up a down escalator to get ahead. You got to walk real fast to stay in the same place, but if you start to relax and rest, you go backwards. And I think that really resonates with investing more any parts of your life. 100%. Just run up that thing. I had a client yesterday, we were doing an account review and we got in the discussion and she said, "Can you tell me what are some easy websites that I can go to to learn more about the market?" I get goosebumps when people say, "I want to learn more about it." And I'll tell everybody what I told her. And that is three that I like. I know Jason has his preferences, too. But three that I like, go to, you have to have CNBC because it's probably one of the most up-to-date as far as the market side. CNBC.com, it's free. There's a subscription that we have, but you're fine with the free ones. CNBC. Bloomberg.com. That kind of gives you the left's perspective a little bit, but they really do a great job on stories. And then WSJ or Wall Street Journal.com. Again, I think Bloomberg, we pay for the 35 bucks a month there and 30 years something for Wall Street Journal. But those three are great. I know you like market watch, too, Jason. Yeah, market watch. Yes, that's a good one. I think invest-opedia, as I mentioned, that's a good place. I think they do a good job of explaining things and it's trustworthy. It's not biased by any stretch, so it's a good place to go, for sure. It is indeed. But yeah, so it was always say, spend 15 minutes a day. That's all you got to do and listen to this show. But remember, we're always here for you. If you have any questions, that's why we do this and that's why we're in the office to help you. God bless. Jason, have a great weekend. We'll see you on Monday, everybody. Take care. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John@sancheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker, dealer, and investment advisor. Remember, FINRA SIPC. Securities offered only in states John Sanchez is registered in. Sanchez Wealth Management LLC and independent financial group LLC are unaffiliated entities. It is Ryan Seacrest here. There was a recent social media trend, which consisted of flying on a plane with no music, no movies, no entertainment. But a better trend would be going to Chumbakocino.com. It's like having a mini social casino in your pocket. Chumbakocino has over 100 online casino-style games, all absolutely free. It's the most fun you can have online and on a plane. So grab your free welcome bonus now at Chumbakocino.com. Sponsored by Chumbakocino. No purchase necessary. VGW Group, void where prohibited by law, 18-plus terms and conditions apply.