Single Best Idea with Tom Keene: Liz Ann Sonders & Heather Boushey
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Bloomberg Audio Studios. Podcasts. Radio. News. The single best idea on the last day of the first half of 2024. See, look at that. I just said 24. 2025, it seems like it's been a year or two already with the historic news. Well, thank you so much for your support, as always, on however you consume news.

We consume forward into the second half of 2025. Lizanne Saunders was with us, and we talked about buy and hold versus the rage of market timing. We have always said, and I've said for my now almost 40 years doing this, neither get in nor get out is an investing strategy. All that is is gambling on not just one moment in time, but two moments in time. And no one should approach the market that way.

There are, however, people that ultimately do that, either because greed takes over or fear takes over, and they often learn the hard way in both directions. I think this is an exact backdrop of that. I had a client say to me the other day at an event, "I know what you've always told us, and I did the complete opposite, and I panicked the first week in April."

And so sometimes there's that lesson learned, whether there's a narrow or wide gap between your financial risk tolerance, what's on paper, your time horizon, need for income, et cetera, et cetera, et cetera, and your emotional risk tolerance. And think of it as a valuable lesson learned. And then if you've gotten out and you're trying to look, then again, apply those strategies of dollar cost averaging. It's not rocket science, right?

And again, neither get in nor get out is an investing strategy. Lizanne Saunders, always brilliant. And the jewel in there, folks, mathematically, is at the beginning of that wonderful dissertation by Ms. Saunders. It's a two-sided process. Market timing is not getting in or getting out. It's both. And there's a lot of research on this.

And the hardest part, particularly in a down market trend, is when you get out, you have to get back in. Of the four outcomes, that's by far and away the hardest one. There's a lot of good math and research on this. I'll cite Vanderbilt and University of Massachusetts at Amherst for really historic work on this. But there's others as well. It takes two thoughts, if you will.

for the joy of market timing. With us today, with a massive response by our listeners, thank you for the very constructive comments out on YouTube live chat, was an acolyte of the Biden administration. Heather Boucher is out of Hampshire College in the New School in New York City. She defines a more liberal, on a philosophy basis, I'd call it a more Rawlsian approach to

to justice within our political economic system, hugely controversial. Here is Heather Boucher on the moment.

Well, it's unclear to me where those rich people are going to go. Manhattan is amazing. Here's the thing. If you are basically saying that people in a community need to accept no health care, no nutrition assistance for the poor, no good jobs just so they can have some rich people in their community, what are those rich people doing for them? That is the question that we are asking. What are they giving back?

Are they investing in good jobs in their community? Are they making sure that that community has access to the things they need? So that is the question that I think all of us should be asking of America's wealthiest. We live in one of the richest countries the world has ever seen. There are all of these billionaires. But are they actually doing anything that is good for the economy and improving middle class incomes? Heather Boucher there with Economic Times.

project after her tenure with the Biden administration. Again, thank you for your constructive comments. We comment on the success of this podcast through the first six months of the year. I just can't say enough about it on Apple, on Spotify, on YouTube podcasts. It's a single best idea.

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