Long Story Short

Andy opens with a confession: industrial psychology taught him that job interviews are terrible predictors of success. That same human irrationality shows up everywhere, especially in investing. The hosts walk through seven behavioral biases that trip up even professional investors. From overconfidence after hitting it big on Nvidia to confirmation bias keeping us stuck in echo chambers, these men...

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...

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 Volck...

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 t...

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 sophi...

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...

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...

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 s...

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 yo...

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 p...

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 di...

Andy and Adam tackle two critical topics every investor should understand: the new tax legislation and why chasing dividend income might be costing you money. Fresh off Adam's solo deep dive into the 900-page tax bill, they break down the key changes that matter most to clients. Then Andy explains why he gets fired up about dividend-focused investing strategies and shares a real client example...

The One Big Beautiful Bill Act just became law, and at 900 pages, it's longer than War and Peace. Adam Newman breaks down the key provisions that matter most to high net worth families. We cover: How the new tax law compares to previous major legislation Permanent extension of 2017 tax cuts and current income brackets The expanded SALT deduction limit and income phase-outs New charitable givin...

What's really in the new tax bill making its way through Congress? And should you adjust your portfolio when markets feel "too good to be true"? In episode 3 of Long Story Short, Andy Pratt and Adam Newman break down the tax legislation everyone's talking about and tackle a question they get constantly: When should you actually change your risk level? We cover: Key provisions in...

How should you react when headlines scream about the next market crisis? In episode 2 of Long Story Short, Andy Pratt and Adam Newman tackle the questions they hear most from clients: Should I worry about what's happening in the Middle East? Are tariffs going to tank my portfolio? Is this market rally getting too frothy? Drawing from their daily conversations with investors, Andy and Adam prov...

What does it take to build a nearly $3 billion investment firm over four decades? In our very first episode of Long Story Short, we sit down with Lowell Pratt, President of Burney Company, for an intimate conversation about his 40-year journey from IT support to firm leadership. We cover: How Burney Company became a beta firm for Advent Software in the 1980s The military culture that shaped the fi...