Long Story Short

Halloween decorations are acceptable, but $7 trillion in "cash on the sidelines"? Andy explains why this bullish talking point might be overblown when you examine the actual numbers relative to market size.

Plus, Andy & Adam discuss the complex world of 351 conversions - a 100+ year old tax code provision that's suddenly relevant for modern ETF launches. From charitable remainder trust optimization to why your Halloween costume might be more strategic than your investment allocation.

We cover:

• Why $7 trillion in cash sounds scary until you do the math per person
• The real story behind "cash on the sidelines" market predictions
• Fed rate cuts already dropping money market yields in real time
• 351 conversions: turning individual stock portfolios into tax-efficient ETFs
• How ETF structures avoid capital gains through creative rebalancing
• Charitable remainder trust investing: why asset location matters more than allocation
• The distribution hierarchy that determines your tax bill
• Golden Girls Halloween costume coordination (non-financial advice)

⏱️ Timestamps:

• (00:34) Halloween decoration timing and market forecast season
• (03:05) $7 trillion cash myth: sounds big until you see the context
• (04:44) Why cash builds during downturns and what it really signals
• (05:49) Price makers vs. price takers in market dynamics
• (06:54) Cash as percentage of market cap tells the real story
• (10:00) Fed cuts already dropping money market rates
• (12:20) Why staying invested beat chasing 5% cash in 2022
• (15:55) 351 conversions: 100-year-old tax law meets modern ETFs
• (19:20) ETF tax efficiency: swapping Apple for Exxon without capital gains
• (28:40) CRT listener feedback: why two trusts performed so differently
• (29:25) Asset location vs. asset allocation in tax planning
• (37:50) Halloween Golden Girls costume reveal
• (39:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#cash #etfs #charitabletrust #taxplanning #assetallocation #moneymarketrates

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Adam and Andy record live from Jackson Lake Lodge in Wyoming. It’s the same scenic backdrop where the Federal Reserve holds its annual retreat. Fitting timing, as they're discussing the Fed rate cut happening that very day and what it really means for your money.

They tackle a listener question about cutting through financial media noise to find the truth beneath the headlines. From Paul Volcker's fly fishing habits to practical retirement paycheck automation, this episode discusses how to navigate information overload in today's algorithmic news cycle.

We cover:

• Why the Fed holds meetings at Jackson Lake Lodge (spoiler: Paul Volcker liked to fish)
• What Fed rate cuts actually mean and why they don't always work as expected
• How to separate fear-mongering headlines from market reality
• Why advisors have evolved from information gatekeepers to reality interpreters
• The stock market as the ultimate “put your money where your mouth is” truth test
• Practical retirement tip: automating your paycheck in retirement
• Bulls vs. bears in the wild (literally)

⏱️ Timestamps:

• (00:32) Live from Jackson Lake Lodge where the Fed meets
• (01:15) Paul Volcker's fly fishing legacy and Fed rate cut expectations
• (02:50) Why rate cuts don't always lower mortgage rates
• (04:32) The Fed's dual mandate: inflation vs. employment
• (06:05) Reader question: How to see past the headlines
• (07:00) Fear sells: algorithmic news and click-driven content
• (08:00) Stock market as the ultimate truth arbiter
• (08:40) How advisors evolved from gatekeepers to interpreters
• (10:10) COVID market bottom as reality check example
• (12:00) Practical retirement tip: automate your distributions
• (14:15) Wildlife report: Bulls vs. bears (market metaphor intended)
• (15:23) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#FedRateCuts #MediaLiteracy #RetirementPlanning #MarketReality #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Andy's elaborate NFL betting model, designed to win a family football pool, always loses to his aunt who watches three games a year. This perfectly illustrates the over-optimization trap that plagues everything from fantasy football to financial planning.

Adam and Andy explore why the pursuit of perfection in long-term planning often backfires, from clients demanding 12.3% returns to the fatigue that comes with trying to control every variable. Plus, they break down the Warren Buffett often-repeated market indicator that has investors spooked at its current number - 215%, and explain why four major changes since 2001 might make this “best measure” obsolete.

We cover:

• Why over-optimization leads to fatigue and self-destructive decisions
• The analogy of advisors as referees, not perfectionists
• When 12.3% return requirements lead to dangerous portfolio moves
• The Warren Buffett market indicator hitting 215% and why clients are worried
• Four reasons why this “best measure” might be outdated in 2025
• Globalization: 40% of S&P 500 sales occur outside the US
• Intangible assets and intellectual property not captured by GDP
• Why momentum beats valuations in the short term

⏱️ Timestamps:

• (00:34) Andy's NFL betting models vs. his aunt's three-game strategy
• (02:56) The over-optimization trap in financial planning
• (04:49) When precise return requirements drive bad decisions
• (08:57) The playground analogy: staying within the guardrails
• (11:29) Conservative planning assumptions vs. perfectionist forecasting
• (16:15) AI tools making over-optimization worse
• (19:00) Market indicators and the Eagles Super Bowl curse
• (24:41) The Warren Buffett indicator at 215%: should we panic?
• (27:44) Four reasons why the indicator might be wrong today
• (31:09) Magnificent Seven concentration and international alternatives
• (37:12) Why momentum matters more than valuations
• (39:32) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#OverOptimization #BuffettIndicator #MarketValuations #FinancialPlanning #InvestmentStrategy #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Bill Belichick coaching UNC proves retirement needs purpose, but the real surprise this year has been international markets. Andy and Adam break down why overseas stocks are quietly crushing US returns, plus advanced strategies for charitable giving and health savings accounts.

From Germany leading global markets to donor-advised funds and charitable remainder trusts, this episode covers the sophisticated planning tools that make the biggest impact during income transitions.

We cover:

• Why international stocks are up 20%+ while US markets lag
• Bill Belichick as a cautionary tale about retirement purpose
• Advanced charitable giving: donor-advised funds vs. charitable trusts
• The HSA strategy most people get wrong (hint: stop using it as a piggy bank)
• Why you can reimburse yourself from your HSA decades later
• How to front-load charitable tax deductions in high-income years

⏱️ Timestamps:

• (00:00) Bill Belichick's retirement cautionary tale
• (02:42) International markets crushing US returns in 2025
• (08:19) Why diversification finally paid off
• (15:49) Advanced charitable giving strategies
• (17:12) Donor-advised funds for tax planning transitions
• (21:09) Charitable remainder trusts for concentrated positions
• (28:44) The HSA strategy everyone gets wrong
• (33:12) Why you should treat your HSA like a Roth IRA
• (36:47) T-ball coaching advice and walkup music
• (41:11) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#InternationalInvesting #CharitablePlanning #HSAStrategy #RetirementPlanning #TaxPlanning #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

College football season is starting, but Adam and Andy are more excited to tackle annuities (sort of). They explain why these "guaranteed income" products usually don't make sense, from hidden costs to lost flexibility to expensive fees.

Plus, they address recession fears while markets sit at all-time highs, discuss whether the AI trade is really dead, and debate the government's controversial stake in Intel.

We cover:

• Why annuities are complex, confusing, and expensive
• The hidden opportunity cost of "guaranteed" income
• When annuities might actually make sense (spoiler: rarely)
• Why recession predictions keep missing the mark
• The stock market as collective wisdom of millions of investors
• Whether the AI trade is really losing steam
• US government taking a 10% stake in Intel - socialism or smart policy?

⏱️ Timestamps:

• (00:34) College football season and annuities vs. madness
• (02:21) What annuities actually are and the guaranteed income pitch
• (06:28) The flexibility problem with handing over your money
• (08:08) Hidden opportunity costs that annuity salespeople won't mention
• (12:52) Variable annuities and the "no free lunch" principle
• (14:40) When annuities might actually make sense
• (15:50) Recession fears and why betting against the US keeps failing
• (18:06) What the stock market really represents
• (24:00) Is the AI trade dead after one week of declines?
• (29:03) US government takes 10% stake in Intel - good or bad?
• (36:20) College football stadium bucket lists
• (38:30) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

AI Episode

#Annuities #RetirementPlanning #RecessionFears #AIInvesting #MarketOutlook #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

A major alternative investment platform just made headlines for all the wrong reasons. Andy and Adam discuss what went wrong with YieldStreet and why “investing like the 1%” isn't as simple as it sounds.

Plus, they tackle a listener question about withdrawal strategies during market downturns. When you need money from your portfolio during bear markets, how do you avoid selling stocks at fire-sale prices?

We cover:

• Why YieldStreet's “invest like the 1%” marketing was problematic
• The difference between investing in asset classes vs. specific managers
• How sophisticated investors lost hundreds of thousands on just two deals
• The bucket strategy for retirement withdrawals
• Why sequence of return risk matters most in early retirement
• How to balance inflation protection with downside protection
• Why stocks are actually great long-term inflation hedges

⏱️ Timestamps:

• (00:34) Adam Newman vs. Adam Neumann name confusion
• (01:38) YieldStreet alternative investment platform failures
• (08:36) Asset class first, manager second principle
• (12:50) Listener question on withdrawal strategies during downturns
• (17:30) Sequence of return risk and the retirement red zone
• (20:30) Bucket strategy for managing portfolio distributions
• (28:15) Inflation factors in retirement portfolio allocation
• (31:50) Why stocks perform well during inflationary periods
• (36:40) Maintaining optimism about US market outlook
• (39:50) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#AlternativeInvestments #RetirementPlanning #WithdrawalStrategies #YieldStreet #WealthManagement #SequenceOfReturnRisk

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

The AI trade is back in full swing, but should you chase it? Andy and Adam discuss why investment themes can be exciting but dangerous, and how to think about hot trends like AI, data centers, and nuclear energy.

Plus, Adam walks through the basics of family gifting strategies. From annual exclusions to gifting appreciated stock, they cover practical ways to help family members while potentially saving on taxes.

We cover:

• Why vacation home ownership often disappoints (return on hassle)
• The AI investment theme and its downstream effects
• Why thematic investing usually ends in disappointment
• How most people already have AI exposure through diversified portfolios
• Annual gift exclusions and lifetime exemptions
• Cash vs. stock gifting strategies
• Direct payments to medical and educational institutions
• How to gift without spoiling younger recipients

⏱️ Timestamps:

• (00:00) Beach vacation and vacation home ownership reality
• (06:45) The AI trade resurrection and investment themes
• (10:30) Why 3D printing and innovation stocks crashed
• (16:00) The risk of overallocating to themes
• (19:15) Federal gift tax basics and annual exclusions
• (22:30) Cash vs. appreciated stock gifting strategies
• (28:10) Direct payments to medical and educational institutions
• (32:30) Addressing concerns about gifting to younger people
• (36:30) Balancing gifting with your own retirement planning
• (39:30) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#AIInvesting #GiftTax #EstatePlanning #WealthManagement #FamilyGifting

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Alternative investments are coming to 401(k) plans for the first time. Is this great news for regular investors or a recipe for disaster?

Andy and Adam debate whether Main Street should get excited about accessing private equity and private credit, or whether these investments will just be expensive versions of what people already have.

Plus, Adam walks through why retirement completely changes your tax situation. When paychecks stop, the entire tax burden shifts back to you. But that actually creates some incredible planning opportunities.

We cover:

• Why alternative investments in 401(k)s could be great or terrible
• The quality problem with mainstream alternative investments
• How retirement shifts your entire tax burden back to you
• The different tax treatments of your retirement account buckets
• Roth conversion strategies when your income drops
• Pairing charitable giving with tax planning moves
• Why the AI trade is back and tariff fatigue has set in

⏱️ Timestamps:

• (00:00) Alternative investments coming to 401(k) plans
• (02:50) The exclusivity problem and quality concerns
• (05:50) Lack of transparency and guardrails in private investments
• (08:30) How retirement changes your entire tax situation
• (10:00) The three buckets of retirement money and tax treatment
• (13:40) Why most people's tax rates drop in retirement
• (15:55) 3 surprises in the tax and retirement planning process
• (17:30) Roth conversion arbitrage in low-income years
• (22:00) Pairing charitable giving with tax moves
• (23:30) What's exciting about the second half of 2025
• (25:30) Why the market didn't react to final tariff announcement
• (28:10) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

#RetirementPlanning #AlternativeInvestments #TaxPlanning #401k #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

The Romans invented retirement in 13 BC for soldiers who served 20 years. Today, you might be retired longer than you actually worked.

Andy and Adam explore why traditional retirement investing advice doesn't work when you're looking at a 40-50 year retirement. They discuss the psychology of switching from accumulation to distribution, the real math behind withdrawal rates, and why the old 60/40 portfolio might leave you short.

We cover:

• How retirement evolved from a 2-3 year benefit to potentially half your adult life
• The sequence of return risk that can derail early retirement years
• Why your portfolio allocation should change gradually, not all at once
• The bucketing strategy for managing short-term volatility
• How alternatives can reduce portfolio risk when stocks and bonds move together
• The go-go, slow-go, no-go phases of retirement spending

⏱️ Timestamps:

• (00:35) NFL retirement age leads to retirement history lesson
• (02:30) From Roman soldiers to modern retirees: how we got here
• (05:40) Why you might be retired longer than you worked
• (08:00) The psychology of investing when paychecks stop
• (12:20) Sequence of return risk and the bucketing approach
• (16:00) The math behind sustainable withdrawal rates
• (17:45) Why stocks beat bonds over 20-year periods
• (22:45) The emotional reality of market volatility in retirement
• (29:20) Go-go, slow-go, no-go: how retirement phases affect spending
• (32:20) Alternative investments and portfolio diversification
• (39:00) Podcast disclosures

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

Andy’s blog: Why do I own this?!?

A Guide to Alternative Investments and Their Place in Your Portfolio

Have a question you want answered in a future episode? Email us at [email protected].

#RetirementPlanning #RetirementReadiness #PortfolioManagement #WealthManagement

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Should you spend more or save more? And what's the best way to fund your grandchildren's education?

In episode 4 of Long Story Short, Andy Pratt and Adam Newman tackle the financial advice that seems to contradict itself. From "stop buying Starbucks" to "die with zero," they explore how to find the right balance for your situation.

Plus, they break down the practical differences between 529 plans and UTMA accounts for education funding, including the pros and cons of each approach.

We cover:

• Why most financial advice swings between extreme frugality and experiential spending
• The psychology behind "die with zero" and when it makes sense
• How to invest cash after missing the market bottom
• Why dollar cost averaging helps with market timing anxiety
• UTMA accounts vs. 529 plans: Which is right for your family
• The five-year gifting strategy for 529 accounts

⏱️ Timestamps:

• (0:30) Adam's Starbucks barista days and coffee philosophy
• (2:30) The tension between saving and spending advice
• (3:30) "Die with Zero" and investing in memories
• (7:55) When spending becomes psychologically difficult
• (12:50) Markets hit new all-time highs: Should you worry?
• (17:00) The psychology of investing at market peaks
• (20:40) Dollar cost averaging for nervous investors
• (29:10) UTMA vs 529 accounts: Education funding strategies
• (39:10) The five-year 529 gifting rule explained
• (41:20) When 529 overfunding becomes a problem

#WealthManagement #EducationPlanning #InvestmentStrategy #RetirementPlanning

Resources:

Follow Burney Wealth Management on LinkedIn

Follow Adam Newman on Linkedin

Follow Andy Pratt on LinkedIn

The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.