Off The Wall

In this Ask Monument Anything episode, we're answering real questions from listeners of the show.

From a question about Michael Burry's bold predictions and why they continue to draw attention, to a discussion of Bitcoin's unusual performance in 2025 and the renewed curiosity around gold as a potential safe-haven asset, the conversation then shifts to private credit's emerging role inside 401(k) target-date funds.

Key takeaways:

• The patterns that show up again and again when attention-grabbing forecasts circulate

• Forces that pushed Bitcoin into an unexpected direction this year

• A renewed focus on gold as investors look for steadier ground

• Some new considerations for retirement savers as private credit enters target-date funds

• Shifts in interest rates that reshape valuations and private-market activity

• Context that helps separate meaningful insight from fast-moving headlines

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 – Your Questions Answered in This Episode

2:58 – The Michael Burry Obsession and Timing Challenges

10:20 – Consistency Over Hero Trades

12:40 – Bitcoin's 2025 Divergence and Crypto Volatility

20:10 – Supply, Demand, and the Case for "Own It or Don't"

23:15 – Private Credit in 401(k)s: Fees, Liquidity, and Hidden Risks

34:05 – Bonus Question: Rate Cuts and Private Equity

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

About "Off the Wall":

Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA and Nate Tonsager, CIPM bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feels chaotic.

Learn more about our hosts on our website at https://monumentwealthmanagement.com

The holidays come fast and somehow the shopping and gifting part always seems to catch us by surprise.

In this episode of Off The Wall, host David B. Armstrong, CFA is joined by Cathleen Phelps and Cecelia Gilliam from our Client Experience team as they sit down in full holiday mode to share ideas that make gifting feel fun again. From opening Roth IRAs for teens, funding 529 plans for nieces and nephews, and introducing kids to charitable giving, to practical strategies like shared family experiences, subscriptions, organizing spreadsheets, and even planning for parents who "don't need anything," the conversation covers it all.

They also get into the memorable, messy, and hilarious stories that make holiday traditions special, plus creative ways to stay thoughtful without overspending. If you want ideas that actually help—without adding to December chaos—this one will brighten your season.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 – Disclaimers & Holiday Setup

2:45 – Making Gifting Joyful Again

6:55 – Smart Money Gifts for Kids & Family

10:14 – Experiences & Traditions

14:12 – Gifting for Adults & Practical Ideas

23:10 – Pets, Extended Family, Tight Years & Closing

Connect with Monument Wealth Management:

David B. Armstrong, CFA on LinkedIn: https://www.linkedin.com/in/davidbarmstrong/

Cecelia Gilliam on LinkedIn: https://www.linkedin.com/in/cecelia-gilliam-86339a252/

Cathleen Phelps on LinkedIn: https://www.linkedin.com/in/catheendphelps/

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our host Dave Armstrong on our website at https://monumentwealthmanagement.com

Markets feel noisy right now, and investors are asking sharper questions than usual. In this episode of Off The Wall, Nate W. Tonsager, CIPM® and David B. Armstrong, CFA open with the surge in tech valuations and the unusual weight a handful of companies now hold inside the S&P 500. We'll hear about what that concentration means for volatility, why some portfolios feel out of sync with the index, and how listeners can think about risk when the market feels lopsided.

Next, they talk about the current labor environment, which is a mix of hiring freezes and productivity changes, and what those signals might suggest for the next stretch of the economic cycle.

They reflect on the themes from Warren Buffett's final shareholder letter and the kind of mindset that helps people stay steady through big market swings.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 - Welcome And AMA Setup

3:23 - Why Tech Valuations Drive Volatility

6:56 - Index Concentration And Investor Tradeoffs

13:30 - PE Ratios, Magnificent Seven, And Earnings Power

19:45 - Risk Management Over Chasing Returns

26:06 - Grading The Labor Market:

31:05 - Layoff Data, AI Productivity, And Hiring

34:00 - Fire Drills For Portfolio Risk

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our host Dave Armstrong on our website at https://monumentwealthmanagement.com

2025 has been a rough year for charities. Economic uncertainty, decreased federal funding, political polarization – in many ways, nonprofits are facing a lot of the same challenges they did during Covid, as well as a few new ones. Charitable organizations need your donations now more than ever.

In this episode, we're joined by former OFF THE WALL co-host and Partner at Monument, Jessica Gibbs, CFP® as she highlights three current trends in charitable giving and how you can adjust your giving strategy to help make a bigger impact. If you're currently looking at end-of-year giving or planning ahead for next year, be sure to tune in for the full episode.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 Disclosure 0:24 The Future of Giving 3:13 The State of Nonprofits Today 8:26 Funding Pressures and the Power of Flexibility 14:17 Burnout, Morale, and Donor ROI 21:01 Sustaining Impact Through Multi-Year Giving 26:09 How to Give with Intention 30:42 Closing Thoughts and Resources

Resources Mentioned:

Check out our sister podcast, Between Sips: https://monumentwealthmanagement.com/between-sips-podcast/

Watch 75th Episode of OFF THE WALL on YouTube: https://youtu.be/pc_3Z7f7CY8

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

About "OFF THE WALL":

Markets move fast. OFF THE WALL helps you stay one step ahead.

Hosts David B. Armstrong, CFA, and Nate Tonsager, CIPM, are talking about the things that Wall Street isn't: breaking down what's really happening in the markets and economy, how it impacts your wealth, and the smart moves to consider right now.

Learn more on our website at https://monumentwealthmanagement.com/off-the-wall-podcast/

It's the start of a new quarter, which means it's time for a market recap and our special "Ask Monument Anything" segment. David Armstrong, CFA, gets back together with Erin Hay, CFA, CMT, and Nate Tonsager, CIPM, to walk through the latest market moves, where momentum is showing up, and what investors should be paying attention to.

This quarter, they dig into alternatives, gold's surprising surge, and whether today's bull market has more room to run. They also share candid thoughts on cash, dividends, and why being intentional with your portfolio matters more than chasing the latest trend.

It's a thoughtful look at what's shaping the markets today and how those themes might matter for investors moving forward. Tune in!!

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 – Disclosure

0:53 – Market recap

7:01 – Alternatives explained

10:30 – Private equity pitfalls

14:39 – Gold's big rally

22:20 – Bull market signals

25:46 – Cash and dividends

37:02 – Final thoughts

41:30 – Disclosure

Connect with Monument Wealth Management:

Visit our website: https://monumentwealthmanagement.com/

Follow us on Instagram: https://www.instagram.com/monumentwealth/#

Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/

Connect on Facebook: https://www.facebook.com/MonumentWealthManagement

Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

David Armstrong on LinkedIn: https://www.linkedin.com/in/davidbarmstrong/

Nate Tonsager on LinkedIn: https://www.linkedin.com/in/nate-tonsager/

Erin Hay on LinkedIn: https://www.linkedin.com/in/erinhay/

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our host Dave Armstrong on our website at https://monumentwealthmanagement.com

When you hit 60, there's a mental shift that begins to occur. After spending 30+ years earning and saving, you are suddenly just a few years away from beginning to spend your retirement income. It's a challenge every retiree faces: How do you step away from regular paychecks to drawing down your savings every month?

In this episode, we discuss how to create an option-rich life in retirement, where your money will come from, how to handle taxes, how to stay flexible, and much more! Tune in to hear the whole conversation.

0:00 – Disclosure

0:48 – Kicking off the 75th episode milestone

7:22 – The shift from saving to spending in retirement

12:05 – Translating a balance sheet into a retirement lifestyle

17:55 – Mapping out income timelines and the "go-go years" of retirement

26:24 – Flexibility vs. fixed income: common pitfalls with annuities

32:23 – Illustrated projections in retirement products

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Connect with Monument Wealth Management:

Visit our website

Subscribe to our Private Wealth Newsletter

Subscribe on YouTube

Follow us on: LinkedIn, Instagram, and Facebook

Emily Harper on LinkedIn

David B. Armstrong on LinkedIn

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our host, David B. Armstrong, on our website at https://monumentwealthmanagement.com

For many investors, the Dow Jones or S&P 500 or NASDAQ might as well be the same thing, but that's not true at all. In today's episode, Dave, Nate, and Erin dive into the differences between the big three indices and whether you should look to them as indicators of how your own portfolio is doing (spoiler alert: no, you shouldn't).

So what should you be tracking to get the best picture of your performance? And how can you avoid the most common mistakes people make when trying to track their portfolio on their own? Tune in to find out!

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

00:00 - Disclosure and Intro

0:23 - Understanding Market Indexes

6:42 - The Big Three: Dow, S&P, NASDAQ

13:40 - Points vs. Percentages: What Matters

20:12 - Comparing Portfolio Performance Properly

26:52 - Personal Benchmarks and Financial Planning

31:05 - Performance Calculation Pitfalls

Connect with Monument Wealth Management:

Visit our website

Follow us on Instagram

Connect on LinkedIn

Connect on Facebook

Connect on YouTube

Subscribe to our Private Wealth Newsletter

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our host Dave Armstrong on our website at https://monumentwealthmanagement.com

In this special Q2 Market Review episode of Off the Wall, we're introducing a new segment: Ask Monument Anything (AMA). Dave, Nate, and Erin answer questions from clients and listeners, and also cover what went down in the markets during the second quarter of 2025. They cover everything from interest rates and inflation to timing your investment strategy and understanding international diversification.

If you are wondering how to approach market timing, if cash is still king, or if international stocks should fit into your portfolio, this episode is for you!

Dedicated email address for the Ask Monument Anything (AMA) section: [email protected]

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures

Episode Timeline/Key Highlights:

0:00 Disclosure

1:10 Launch of "Ask Monument Anything" (AMA) Segment

2:22 Second Quarter Review

4:47 Should/Will the Fed Start Cutting Rates?

11:00 Tariffs and Inflation

15:01 Are private equity and private credit outperforming the S&P500?

24:21 Mid-Year Predictions Recap: Dave

29:25 Mid-Year Predictions Recap: Nate

33:28 Mid-Year Predictions Recap: Erin

37:52 Final Thoughts + Newsletter and Bonus Content Reminder

39:10 Disclosure

Connect with Monument Wealth Management:

Visit our website

Follow us on Instagram

Connect on LinkedIn

Connect on Facebook

Connect on YouTube

Subscribe to our Private Wealth Newsletter:

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our hosts, Dave and Jessica, on our website at https://monumentwealthmanagement.com

If stock-based compensation is a major part of your wealth portfolio, down markets can be stressful. In this episode, Jessica Gibbs, CFP® and Emily M. Harper, CFP®, break down how to approach equity compensation, even when the markets are rocky.

From tax planning to direct indexing and long-term diversification, they explore some ideas that can potentially reduce risk and create opportunities. Strategies like mapping out your vesting schedule and cash needs can keep you focused and on track during market swings.

If you're an executive with stock compensation, this conversation will help you understand how to make informed decisions and respond with intention, instead of emotion.

Resources Mentioned in the Episode:

What is Direct Indexing and How Does it Work? with Pat McStay

Top Executive Compensation Strategies You Should Know with Laura Balser

Please see important podcast disclosure information at https://monumentwealthmanagement.com/

Episode Timeline/Key Highlights:

0:00 Important Disclosure

1:00 Introduction to Stock-Based Compensation

1:40 Common Mistakes for Building Wealth Through Stock Compensation

2:40 Common Risk Mentalities of Executives

5:26 Assessing Concentration Risk

9:00 Building a Sell Strategy

15:40 Market Volatility and Stock Comp

22:00 Episode Wrap-Up and Resources

23:20 Important Disclosure

Connect with Monument Wealth Management:

Visit our website: https://bit.ly/monumentwealthwebsite

Follow us on Instagram: https://bit.ly/MonumentWealthIG

Connect on LinkedIn: https://bit.ly/MonumentWealthLI

Connect on Facebook: https://bit.ly/MonumentWealthFB

Connect on YouTube: https://bit.ly/YouTubeMWMFit

Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our hosts, Dave and Jessica on our website at https://monumentwealthmanagement.com.

AI is evolving fast, but what does it mean for how we think, work, invest, and lead?

In this episode of Off the Wall, David B. Armstrong, CFA, and Nate W. Tonsager, CIPM, sit down with AI & Exec Advisor and Fractional CMO Liza Adams to unpack AI's real impact and how the most successful leaders are using it. From creating your own GPT to navigating the fear of job loss, they explore how AI is transforming everything from creative thinking to strategic decision-making.

Bonus: Liza shares her GRACE framework for writing better prompts and explains why embracing AI as a thought partner—not just a tool—could be the key to staying relevant in a rapidly shifting landscape.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/

Episode Timeline/Key Highlights:

0:00 Introduction & Important Disclosure

4:51 AI Truths

9:05 Digital Twins and AI as Teammates

14:02 Liza's GRACE Framework

16:31 Evolution of Jobs

26:40 Empathy in AI Adoption

39:20 Making AI Work for Business

44:17 Closing Remarks and Resources

About Liza Adams:

Liza Adams is an AI and executive advisor, fractional CMO, and founding partner at GrowthPath Partners. With over 20 years of experience leading businesses and go-to-market teams through industry inflection points, she helps organizations accelerate responsible AI adoption through strategic marketing transformation and applied AI initiatives. Her work has driven measurable impact—achieving 35% better campaign performance, 98% lead qualification accuracy, and 75% faster content creation in just six months.

Recognized as a top AI thought leader by SaaStr and Pavilion, she's also been named one of the "50 CMOs to Watch." Her insights have been featured in Forbes, MarketingProfs, and more. In this conversation, she shares what it takes to scale teams with both human and AI talent, and why responsible innovation is the key to long-term growth.

Connect with Liza on LinkedIn: https://www.linkedin.com/in/lizaadams/

Connect with Monument Wealth Management:

Visit our website: https://bit.ly/monumentwealthwebsite

Follow us on Instagram: https://bit.ly/MonumentWealthIG

Connect on LinkedIn: https://bit.ly/MonumentWealthLI

Connect on Facebook: https://bit.ly/MonumentWealthFB

Connect on YouTube: https://bit.ly/YouTubeMWMFit

Subscribe to our Private Wealth Newsletter:

About "Off the Wall":

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.

Learn more about our hosts, Dave and Jessica on our website at https://monumentwealthmanagement.com.