S1E14: Fourth Quarter Letter 2022 - All-Weather Edition

This podcast is brought to you by Gensler Wealth. The information discussed today is meant to be general in nature and not tailored to your specific investing circumstances. This means that you should talk to your regular Ginsler wealth advisor or your own advisor before acting on any information we discuss today. Nothing in this podcast is intended to be a solicitation or and past performance does not guarantee future returns. I'm recording this on Boxing Day so I want to wish everyone happy holidays. But such wish is not a solicitation and past happy holidays may not be indicative of future happy holidays. Or is that investment returns Today on the Genser wealth podcast, I share with you my 2022 fourth quarter client update for the end of December 2022. We talk about my annual canoe trip in Algonquin park and relate that to how positioning portfolios and how you should be thinking about your portfolios going into 2023. Let's go. Foreign. So welcome everyone. This is the holiday reading of my 2022 fourth quarter client update. And here we go. Two Gensler Wells clients Earlier this past quarter I went on my annual fall canoe trip in Algonquin Park. There was a core crew of us that have been doing this together for 25 plus years. Over the years we have moved the trip from June too many mosquitoes and rain to July, August too busy, too many people to late September early October when the park is much quieter, the bugs are gone, the air is crisp and the leaves are changing colors on the trees. It is a beautiful time for a canoe trip unless the weather doesn't cooperate. While you may recall this past October being an unseasonably warm month leading up to our trip, the Algonquin weather was looking very uncertain. But we are quite experienced, we have all the gear and we know our roles and routines. When we arrived at the portage store on Canoe Lake for departure, we were already layered up in our clothes. It's always easy to remove layers while on the lake. Not so easy to add. It's critical to be able to adapt and adjust quickly. The second we started paddling away from the dock, the rain started. When we arrived on our final lake of the day, we explored a number of potential campsites before choosing. The one we thought was laid out best had a shielded campfire area and a good position on the lake. Once the winning campsite was chosen, we began our setup process immediately. The tent was put up, including a protective extra tarp angled just so. Another tarp was hung to create a covered area for sitting and to protect wood and supplies should the inclement weather continue. Then the hunt began. We spent a few hours in the woods searching for chomping and sawing firewood into three sizes, smallish kindling, medium twigs and branches for building the fire up, and larger logs for sustaining. You can never have too much wood on a canoe trip. It goes much faster than you think, especially in bad weather when you might not have a chance for a second search. My friend Jeff is responsible for the fires throughout the trip. He completely rebuilt the fire pit, creating a protective wall of rocks. I am the head chef and Todd is the overall organizer and equipment supplier. All our experience, preparation and setup proved critical this trip. We experienced rain, torrential wind, hail and snow. Yes, snow, and luckily a few nice moments of sunshine. Being experienced and prepared enable us to enjoy a trip that for most novice or amateur canoe trippers would likely have been a dis. The good news is that the weather next year has to be better than what we experienced this past year. Preparing for 2023 why am I telling you the story of my canoe trip in my year end letter? Well, we've just experienced a very difficult year from an economic and investment standpoint. The war in Ukraine continues. Equity and bond markets, typically the only asset classes in most non Gensler wealth portfolios, experience significant losses. Central banks, especially in the US and Canada, have raised interest rates at a higher and faster pace than perhaps any time in history in an effort to curb inflation, and it doesn't appear that they are done yet. The effect of this will likely be a recession in 2023 if there isn't one already hiding in plain sight. As we check the weather for 2023, it is looking like it will be inclement. To navigate 2023, we believe you need experience, the right investment toolkit, and an ability to assess your investment options and make sound decisions. None of us know exactly what investment and economic weather we are going to experience, so in our view, most investors should be entering 2023 with an all weather portfolio, a portfolio that can provide a reasonable level of downside protection, some income along the way. Like firewood, you can never have too much income and the opportunity for growth and gains if and when the sun comes out. Note that there's a footnote to that sentence that basically says all investors and Gensler wealth clients have different investment goals, objectives, time horizons and risk tolerances. As such, any investment recommendations or statements made herein may not be appropriate for all investors and or clients. Let's continue my last quarterly letter with a link in here where you can also find on Our website at ginslerwealth.com, focused on opportunities we see in this environment. Those views haven't changed and we are implementing such in your Gensler wealth portfolios. Ginsler wealth client portfolios are typically allocated across a variety of asset classes, not just stocks and bonds and we believe have the all weather characteristics highlighted above. We are layered up and have raised the TARP over your portfolios for whatever weather 2023 brings, whether it rains or shines. Genzer wealth has you covered. There's also a footnote there, by the way, that says investing involves material risk and uncertainties and nothing herein should be considered a promise or guarantee of investment results. Wishing you unlimited health, happiness and prosperity in 2023. Thank you for your trust, support and confidence. We are available 247 should you need us. Sincerely, me, Brian Gensler, President and CEO wishing everyone happy holidays, a wonderful 2023. We'll see what weather 2023 brings, but all the best and look forward to a new season of the Ginserweld Unlimited podcast in 2023.

This has been the Gensler Wolf Audio production. The unlimited podcast is hosted and produced by Brian Ginsler and is edited and mixed by myself, David McMillan. Don't forget to rate the podcast and follow us on social media. Ginsleywolf thanks for listening. See you next time.

Sam.