Tom Gardner

We can't have that.

We can't set you up and make you think everything's going to be fine.

Just keep picking those coins up in front of the steamroller and everything will be hunky-dory.

It's not going to happen for 20% of people that are going to have an emotional negative feeling and are going to react to it.

And that means they're likely going to sell at the bottom.

And that is exactly what we don't want.

So if you're holding Deere and IBM and a bunch of ETFs and you have a cash position of 20%, well, then when the market goes down 15%, you're fine.

Your portfolio is more in line with the market and you have some cash and you can do some buying.

But again, to get back to the core point, no matter where you are, cautious, moderate, or aggressive, I think you should move one step to the left and be more risk managing.

And last thing I'll say is risk management sounds boring.

There aren't a lot of people who are celebrated throughout history.

Like you prevented this calamity.

You fought it through and gave us a plan that saved us.

But if you think about it in life, there are times when you really want a pessimist.

Like you want somebody who's like, everything's fine.

I inspected your plane before you get it on.

And I'm an optimist.

Or do you want the person running cybersecurity at your company to be an optimist?

You need certain people in life that are just rigorously looking at the downside, looking at everything that could go wrong.

There are people who have largely avoided the equity markets because they keep thinking it's going to collapse.