Rick Wurster

And then you've got to be able to get back in at the right time or you miss out.

I was down in Charlotte, North Carolina, visiting with some clients.

And I heard from one client who back in 2016 didn't like the presidential administration and so had sold out of stocks.

And this was back when we were having a pullback, and they said it would now be a good time to get back in the market.

And they'd sat out a huge amount of gains over a short-term point of view.

We try to have clients avoid that.

If clients can stay in the market and tolerate some volatility, we think over the long run that gets rewarded because it is so hard to call the markets both when to get out and when to get back in.

I think one of the most pressing topics from investors today is how to navigate concentrated positions.

The S&P is as concentrated as it's ever been.

Right.

Yes.

And it's created tremendous wealth for lots of retail investors.

And now they're wondering how to diversify their portfolio and to do so in a way to minimize their tax burden.

And there's all kinds of strategies that they can work with their advisor on to create a more diversified portfolio without having to pay a tremendous amount in capital gains.

Well, you're absolutely right.

And it's a really hard conversation to have.

And oftentimes we don't win it, but we want to make sure the client is cognizant of the risk and the choice that they're making.

And to be fair to those investors, they've been right by sticking with their concentrated position for the most part, because the names that have driven the market higher have been the same ones here for a while.

And so many people have stuck with it and they are sitting on more gains than they might have anticipated.

Well, I think retail traders have been the ones leading the market higher and have been the ones buying the dips, and I think they were out actually in many ways out ahead of the institutional buyers.