Is The Market Setting A Bull Trap? | Lance Roberts

**Lance Roberts** (0:00)
As an investor, this is where you should be looking at your portfolio and going, you know, just a couple of weeks ago, I was about to light my hair on fire because of that sell off in the market. I was losing all this money. I was panicking. I was sitting up at night. And now this market is rallying. You're like, woo, yay. You know, Mark's going back to New York.
Don't do that. This is the opportunity right now to go back and go, okay, I remember how I felt during that decline. That means I had too much risk in my portfolio. This is the time to start rebalancing some risk, raising some cash, you know, taking some positions off the table that aren't working, maybe add some positions. It's okay to add some positions, but add things that have been less impacted by what's been going on in the markets.

**Adam Taggart** (0:53)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you back here at the end of another week. Joined as usual by my good friend, the Malifluous portfolio manager, Lance Roberts. Lance, how are you doing?

**Lance Roberts** (1:05)
I'm doing fine today, how are you?

**Adam Taggart** (1:07)
I'm doing well. Look, I picked Malifluous because Lance, this audience just tells me its favorite thing in the world is to listen to you talk. But also, because I think the markets, stock seems to like what they're hearing Trump say lately. So we're going to talk about that in just a moment. Real quick, you weren't here last week and your partner in crime there Michael Liebowitz pinched hit, and he was great as usual. But you were in New York and I think you were there to do a segment with Charles Payne. How'd that go?

**Lance Roberts** (1:39)
It was good. It was a very long day, left at 3 a.m. in the morning. Unfortunately, I picked the one day with bad weather. So I got delayed an hour going.
You know, got there an hour late, had to rush over to the studio, do the hit and rush back to the airport, get on the plane. An hour delay there, waiting on the weather, got home, and because of the weather back in Houston, we sat on the tarmac for an hour waiting for a gate to open up. So I didn't get home to like 11 o'clock at night. And that is a very long day, you know, just with all the traveling back and forth.

**SPEAKER_4** (2:13)
I'm sorry.

**Adam Taggart** (2:14)
You know, part of it's probably getting older, too, but like, I used to love to travel when I was younger and I wanted the business opportunities that would let me travel. Now, I do everything I can to avoid getting on a plane. And not just for the hassles that you talked about, but like I was listening to the, I don't know if he was the head of transportation or whatever, but they unveiled a whole new system that they are planning to build for air traffic controllers going forward. And to listen to them talk about how just incredibly antiquated our current system is, is so frightening. And then they put up, and they put up, the visuals are like, hey, these kids today are, that we're trying to attract new talent, and they're playing like state of the art, video games with the best graphic cards in the world. And then we come and ask them to work on this, right? And it looks like it's straight out of like war games, or what was the Atari, the Asteroids, that Atari game.

**Lance Roberts** (3:08)
No, it really is pretty interesting. But it's funny because my kids, when they hear that my wife travels a lot too. And so when she's traveling, the kids are like, oh, it's so exciting to get to travel, going to see these places. And she's like, no. And I try to tell my kids, it's like when I was younger, I spent about almost 12 years living, 12, 13 years living overseas. So I literally lived out of a suitcase. And it's fun, it's exciting for about the first three months, four months, and that gets really old after a while. And now I'm just like you today, I do everything I can not to travel. And even when my wife says, like, she's, she's, so my 60th birthday is this coming Monday. And so she's going to take me to London for my birthday. And I'm like, honey, I love you dearly and I appreciate that, but I don't really want to travel.
I don't want to go anywhere. And she's like, oh, you have to, you know, we're older now, we need to go travel and see the world. I'm like, A, I've already seen it all. B, you know, just the whole idea of traveling just terrifies me.