Dave Chilton

And I love the way you said that risking money, you don't have to.

I've seen a lot of that in the last two years where people, let's say anywhere between 60 and 70, are really ahead of where they thought they would be because markets have been stronger than the assumptions they used in their plan.

And they're now looking at it and saying, I'm where I need to be.

I'm past where I need to be.

I'm going to lighten up on equities dramatically.

Not because I don't believe in equities and not because I think I'm a good market timer, but because I don't need to take that risk.

And so they've like, and not only that, to a point that you made in one of the articles, the markets are very high.

And so it's not like they're getting out at the bottom.

They're getting out when markets by almost any valuation are quite high.

Now, again, I'm not suggesting to listeners, you try to time the market moving out.

But in that particular circumstance, it makes perfect sense to me they did that.

I didn't quell it at all.

I said, yeah, I think you're on the right track there.

Yeah.

You know, what's interesting is that I think that's very true of the group we're talking about now for the ultra wealthy who have way more than they need.

They may go, no, I can let it ride on equities because even if the market softens, I can leave the equities to people.

They can patiently hold them over the long term, etc.,

the people inheriting them.

So, I mean, every situation is a little bit different, but I completely agree with you.

When you look at the cyclically adjusted price earnings ratio right now and where it is, typically the next 10 years of market performance on the Standard & Poor's 500 have not been particularly strong.