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One, hello, everybody, and 
welcome to another smart money 

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circle update. 
I'm Adam Sorhan. 

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With me today is Christopher 
Mansky, who's founder and 

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president of Mansky Wealth 
Management with over half a 

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billion dollars in assets under 
management. 

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Chris, thank you so much and 
welcome to the Smart Money 

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Circle. 
It's a pleasure to be on the 

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show that I've listened to. 
So thank you so much. 

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Oh, thank you, Chris. 
So always like to begin. 

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Can you tell us your story and a
little how you got to where you 

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are today, please? 
Sure. 

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I have a military background 
that began at the United States 

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Military Academy at West Point, 
and after graduating from there,

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I was in the Army for almost 6 
years. 

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I left the service as a captain 
to be a Merrill Lynch financial 

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advisor and I was repeatedly 
recognized for growth at the 

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highest levels of the firm. 
I was selected to be a trainer 

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for other financial advisors and
I traveled the country helping 

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advisors to grow their own world
class investment practice. 

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After about 10 years at Merrill 
Lynch, I left to open my own RIA

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in 2012, and we've been 
consistently recognized on the 

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list of the largest RI A's in 
the country. 

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Along the way, I became a 
traditionally published author 

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and my latest book is published 
by McGraw Hill. 

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Congratulations. 
Thank you so much for your 

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service. 
Number one, congratulations on 

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the success. 
It's fantastic. 

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And just curious what is the 
your book? 

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I see it behind you. 
Can you tell us a little about 

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it, please? 
Oh, sure. 

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So that's my first book, The 
Prepared Investor. 

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It was compared to Malcolm 
Gladwell's book Outliers. 

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So if you like that liars, you 
probably like the Prepared 

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Investor since they both 
describe how there's more to the

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story than you than you think. 
For example, Outliers says that,

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hey, readers, there's more to 
success and check this out. 

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And the Prepared Investor shows 
readers that there's more to 

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investing through crisis. 
We've all heard, you know, just 

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stay the course, don't change 
anything, wait for the down 

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market to get back. 
But there's definitely more to 

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that story. 
And and actually my second book,

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Outsmart the Money Magicians 
that describes how all of us, 

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advisors, clients, everyone 
listening to this podcast is 

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getting tricked by a financial 
system that is truly rigged to 

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the detriment of both clients 
and the brokerage advisors. 

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These illusions happen every 
day. 

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And, you know, I think that's a 
book that is going to help to, 

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you know, maybe raise the bar 
for all of Wall Street. 

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Wow, I absolutely love that. 
So I've got an investment book, 

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too. 
But I'm really interested in 

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psychology, specifically making 
smarter decisions. 

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And your magician thing just 
rung, you know, just a really 

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loud bell. 
Are you familiar with the 

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Archetypes, with King Moore, 
your magician love or any of 

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that kind of fun stuff? 
And Carl Young. 

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I think I need to learn more 
about that. 

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Oh, OK. 
So I wasn't sure if that's where

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you got it from or not, but that
I love that magician concept 

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where it's that that person idea
that there's somebody a magic, 

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you know, kind of like Wizard of
Oz. 

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There's a magic person behind 
the curtain who knows it all and

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and doesn't really, you know, 
OK, I'm reading your book. 

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Is it available yet or is it not
published yet? 

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It is available, but it won't 
deliver till November 6th. 

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That's when it launches. 
But you can go on to, you know, 

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wherever you buy books. 
Amazon's the most commonplace 

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and you can get outsmart the 
money magicians. 

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Okay, beautiful. 
Thank you so much, Chris. 

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That's a that's a delay. 
I'll get both booked. 

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Actually, I'm a big fan of 
reading. 

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So let's talk about your second,
my second question for you, your

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investment strategy. 
Can you please pull back the 

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curtain and let us know what you
what you do, please? 

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Well, sure. 
So I think education and being a

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resource for improvement is a 
big part of how we're handling 

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risk. 
You know, when we're looking at 

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investing, we want to make sure 
that. 

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These two tools, education and 
Examination, are available to 

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me. 
The old adage measure, twice, 

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cut once, applies here a lot. 
A lot of risk exists solely 

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because of systemic norms. 
That's how it's always done. 

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And and if you just ask the hard
questions, you know knowledge 

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itself can be a major game 
changer and a destroyer of risk.

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You know I've seen you know some
of the the guests on your show 

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as they talk about you know 
value investing versus growth 

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investing or you know you know 
the the the level of risk in the

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bond market versus the stock 
market and certainly all of that

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plays a role. 
But I think in the in the big 

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picture, our first step is where
is there a a basic education 

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required? 
And how much risk can we destroy

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by, you know, making sure that 
they're aware of not just the 

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basics, but maybe a little bit 
more than the basics, or if 

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they're already passed, a little
bit more than maybe we can go, 

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you know, a bit further, you 
know, and get into more of the 

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complex concepts. 
Education is a big part of our 

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approach. 
Interesting you educate the 

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client 1st and then from an 
investment standpoint, do you 

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find yourself more fundamental 
in nature, technical little bit 

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of both. 
How do you actually go about the

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investment side of it please? 
Sure. 

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We're very much fundamental. 
We're bottom up. 

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We look at the individual 
company and we look at you know 

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we look at the leadership, we 
look at you know what is it that

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they're selling and how does it 
fit into the marketplace. 

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A lot of times you know we're 
we're making a buy decision 

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because we think it's very 
inexpensive and the amount of 

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income that we'll receive is 
worth the purchase. 

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You know the the typical title 
is the value investor. 

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You know, we're we're very value
based. 

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I love that. 
And then you mentioned risks. 

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Let's go there. 
What are some lessons you've 

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learned about risk management, 
mistakes you've seen people make

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or you've made, and how do you 
adjust or learn from them, 

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please? 
Well, sure. 

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I think, you know, when I'm 
thinking about the the different

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lessons that we've learned as it
comes to risk, I feel like that 

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education plays a big role in 
that. 

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So to give you an idea of what I
mean, there, there's a lot of 

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little tricks that it's easy to 
get fooled by. 

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And you know, if we just shine a
light and ask those hard 

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questions, we can, I mean, we 
can really avoid a bad mistake. 

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And I'll give you, I think CPI 
is the perfect example. 

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Here's just a quick example of 
what I mean. 

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You know, today the vast 
majority of people believe that 

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the consumer price index is an 
accurate representation of 

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inflation. 
You know, the government says 

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that the change in CPI 
represents the change in 

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inflation, but there is a small 
number of people who recognize 

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that. 
Well, really this is like, you 

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know, the magician has planted 
the person in the audience. 

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You know, the the CPI volunteer 
is actually part of the act. 

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And and we know this because the
government has changed the 

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method for calculating CPI more 
than 20 times since I've been 

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alive. 
And you know, and just like a a 

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fake volunteer is part of the 
act, you know, CPICPI is part of

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the government's act because. 
As they're changing CPI, they 

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get to use that index to pay 
interest on debt, you know, 

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benefits like Social Security to
millions of people. 

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Can you think of any other 
situation where the same person 

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who has a debt gets to control 
the measurement of how much that

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debt costs? 
You know, if you ask any 

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economist today, they'll tell 
you that CPI is not an accurate 

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representation of inflation. 
And you know, I'm reminded of 

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Peter Schiff. 
The famous economist that 

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predicted the 2008 crisis, he 
did a fantastic experiment that 

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all of us can replicate. 
So what he did is he looked at 

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the government CPI stats for 
inflation, specifically in media

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and periodical. 
So that's like magazines and 

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newspapers. 
And he saw that it was reported 

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as 30% for the last decade. 
So the government says that, you

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know, the the cost went up 30%. 
But then he went and he googled 

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all the big name magazines and 
newspapers, since they have the 

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price right on the cover. 
And using basic Internet 

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searches that really anyone can 
do, he gathered the data for a 

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lot of the most popular 
magazines going back ten years. 

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And it turns out the increase 
was not 30%, you know, like the 

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government had said. 
Instead, it wasn't even 40%, It 

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wasn't 50%. 
It was over 130%. 

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And so, you know, This is why 
McGraw Hill is publishing my 

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book, Outsmart the Money 
Magicians. 

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And I'm writing about something 
very serious. 

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But to me, the lesson here, you 
know that that lesson that is 

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timeless. 
It's not don't trust CPI. 

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Instead, I think it's the 
importance of asking the hard 

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questions. 
And really, you're shining the 

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light into the corners and 
making sure that we've got all 

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the information. 
Wow, that is so powerful. 

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So I absolutely love that. 
And I couldn't agree with you 

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more. 
Even all the quote, UN quote 

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numbers, the magician stuff to 
me is just bam, bam, bam, spot 

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on. 
So next question, What are some 

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timeless lessons you've learned 
along the way that you'd like to

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share with the audience? 
Well, I think the biggest one I 

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can think of is that there's a 
difference between value and 

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income. 
And as I mentioned before, we 

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have a value bend you know 
that's where that's the our 

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leaning. 
But I think what you can sell 

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something for is really 
different from what it pays you.

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And and I think the old adage 
don't kill the goose laying the 

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golden eggs. 
That applies here because it's a

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huge mistake to kill the goose. 
And we all do that every time we

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treat income producing assets 
the same as a nonincome 

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producing asset. 
In fact, everyone tuning into 

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this show knows a friend or a 
neighbor or somebody. 

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Who has absolutely done this? 
In fact, I think it happens most

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often in divorce. 
I do describe this in my book 

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Outsmart the Money Magicians, 
because it's such a powerful 

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illusion. 
So let's just take a quick 

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example. 
A husband and a wife, he works, 

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she stays at home with the kids 
and they decide to divorce. 

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All they have is a house, two 
cars and an investment 

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portfolio, and they agree to 
split everything 5050. 

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So there's no animosity. 
Let's just split it down the 

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middle and be done. 
Unfortunately, the couple, their

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financial advisors, their 
attorneys, the judge at the 

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divorce court, they are all 
happy to be completely tricked 

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and split these assets in a way 
that the wife is at a major 

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disadvantage. 
It happens all the time and and 

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the treason is because we say 
5050 is determined by what the 

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stuff is worth. 
You know, if we look at the 

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house, let's pretend the house 
is worth 500,000, the stock 

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account is worth 500,000. 
If she wants to stay in the 

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house with the kids, she gets 
the house, he gets the stock 

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and, you know, and goes on to 
live in an apartment. 

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The whole system supports this, 
but it's a timeless mistake. 

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And the house costs money. 
We all know that. 

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She has to come up with 
maintenance, insurance, taxes. 

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Where is she going to get that 
money? 

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She hasn't even had a a job for 
years. 

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The stock, on the other hand, it
pays money, you know, and and 

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you and I, we could agree maybe 
2% is reasonable and dividends, 

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so off of 500 grand, you know, 
that's like 10,000 a year that 

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he's getting and she's got an 
asset that costs at least 10,000

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a year. 
It's a timeless mistake and and 

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it's a lesson that I think 
people need to learn, you know, 

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make your split. 
With a real focus on the income.

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Otherwise you kill the goose 
that lays the golden egg. 

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You know Chris, that is such a 
powerful point. 

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I know rich Dad, poor dad in the
book talked about that too, 

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where he just redefines the idea
of assets and liability. 

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So people say yeah, my house is 
an asset and it's like no it's 

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not cuz it costs cash flow in is
an asset which is income. 

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Cash flow out is a liability. 
So your house costs you money, 

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therefore it's a liability until
you sell it. 

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If you sell for a profit then 
sure it can become an asset. 

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But the entire time anything 
that costs you money where cash 

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is flowing out is a liability 
and then cash flowing in becomes

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an asset. 
I love, I love that definition 

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of it. 
The light bulb in my head went 

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off and I when I saw that and it
speaks to your point which is 

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just spot on timeless mistakes. 
Well, I think one of the. 

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You know, mistakes that I I've 
run into and that I hope you 

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know others that are listening 
to this can can learn from it is

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giving balance a little bit too 
much focus. 

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So I know that right now it's 
really popular to say that 

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balance is the goal. 
We're supposed to have all of 

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the different parts of our life 
being touched in an appropriate 

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way at all times. 
But what I've seen in looking 

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back is that when I have 
attempted to do that. 

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That my big really aspirational 
individual hopes and dreams that

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they slow down and that they 
sometimes even go to the wayside

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because they're too big to fit 
into balance. 

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And and I think about people 
that I work with who for 

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example, there's a client of our
firm that is an immigrant and he

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came with nothing to America. 
And when I've talked with him 

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about balance. 
He says balance is just a short 

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path to mediocrity and that it's
a selfish path. 

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Because you know that there are 
your children and your 

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grandchildren, and you're 
supposed to make the world 

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better for them. 
And you can't do that if you're,

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you know, putting time into 
every part of the wheel of life.

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You know, we've seen all the 
different parts of life. 

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And so I know that this isn't a 
popular statement, but I do 

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think that there's times when it
makes sense to really go deep. 

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And go narrow and, you know, let
the world around, you know, hey,

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I'm trying to do something 
that's hard and you can't do 

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hard things and have a balanced 
life. 

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You know, CEO's of Fortune 500 
companies, they're not typically

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living balanced lives. 
You know, military generals and,

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you know, at the height of a 
conflict are not living balanced

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lives. 
Olympic athletes are not living 

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balanced lives. 
But that also is because we 

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think of balance on a day or we 
think of balance on a week. 

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But if you expand that like my 
client who comes from Vietnam, 

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he says. 
I think of balance over 100 

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years. 
I'm just a part of this and it's

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a. 
Different mindset. 

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It's not a wrong mindset, it's a
different one and I think that 

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that is a a mistake that I have 
made is making the mindset of 

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one day or one week. 
It's much better to lengthen 

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that and see what you can do 
with your time on this blue 

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marble that that's so powerful, 
Chris. 

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So in my book I talk about that 
it called time arbitrage where 

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you most people looking at the 
leaves in the trees which is the

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daily charts they charge, they 
miss the trees and then the 

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forest is like the annual charts
or the, you know, the over 

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longer term decades and so on 
and so forth. 

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But everyone's too busy about 
what just happened today or the 

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last five minutes in the market.
Oh, the Dow's down to 100, up 

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500, it's all nonsense. 
Whereas you step back, you get 

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that bigger perspective genius. 
I absolutely love that. 

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So next question for you, what's
the best piece of advice you'd 

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like to share with the audience 
and or give your 30 year old 

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self? 
You know, I think, you know, I'm

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in my 50s now and I can look 
back and I, because of my 

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military background, I think I 
had a very narrow view of what 

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leadership was. 
And and if I could go back, I 

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00:15:19,980 --> 00:15:22,540
think I would tell my younger 
self that there really are 

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different kinds of leadership 
that are needed in different 

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00:15:27,060 --> 00:15:30,060
situations. 
You know, a military leader, you

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00:15:30,060 --> 00:15:34,020
know, has different requirements
and different needs than a 

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business leader. 
And a a leader in in politics in

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00:15:38,660 --> 00:15:42,300
Venezuela is probably going to 
have to have a different 

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00:15:42,500 --> 00:15:46,100
approach and skill set than a 
leader in politics in, you know,

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00:15:46,100 --> 00:15:47,660
local government in South 
Florida. 

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You know, it's just, you know, 
leadership really is a function 

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of the culture. 
And I and I think when I was 

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00:15:54,580 --> 00:15:57,060
younger, I had the idea that 
there's really only one right 

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00:15:57,060 --> 00:15:59,360
way to do it. 
And this time has gone on. 

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00:15:59,360 --> 00:16:02,960
I think I've seen the, you know,
the truth of that. 

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00:16:03,080 --> 00:16:06,000
And you know, I'm glad to share,
share with you. 

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00:16:06,000 --> 00:16:08,080
Thank you for asking. 
No, no, my pleasure. 

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00:16:08,080 --> 00:16:10,280
Absolutely. 
So this has been really 

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00:16:10,280 --> 00:16:11,560
fantastic. 
Thank you so much, Chris. 

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00:16:11,560 --> 00:16:14,640
Before we go from a investment 
standpoint, questions might come

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00:16:14,640 --> 00:16:17,200
up with respect to building a 
portfolio. 

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00:16:17,440 --> 00:16:20,480
I know you mentioned income 
several times and value up. 

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00:16:20,480 --> 00:16:22,800
Can you speak a little bit more,
give some clarity with respect 

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00:16:22,800 --> 00:16:25,800
to how you build portfolios, 
when do you buy, when do you 

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00:16:25,800 --> 00:16:29,330
sell, etcetera? 
Yes. 

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00:16:29,330 --> 00:16:32,770
So what we're doing is we're 
looking at publicly traded 

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00:16:32,770 --> 00:16:37,610
companies and you know income 
instruments that are analyzed by

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00:16:37,610 --> 00:16:40,730
a third party. 
So anything that is not going to

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00:16:40,730 --> 00:16:42,930
fall into that, it's not even 
part of our process. 

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00:16:42,930 --> 00:16:46,730
And so right off the bat that 
removes a whole world of pretty 

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00:16:46,730 --> 00:16:49,730
complicated, sometimes very 
risky, certainly illiquid 

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00:16:50,010 --> 00:16:54,300
investments and and so. 
The next step is, as I'd said, 

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00:16:54,300 --> 00:16:56,900
you know, education for the 
person that we're working with 

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00:16:57,220 --> 00:17:00,100
and a real good understanding 
of, you know, what they're 

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00:17:00,100 --> 00:17:02,420
trying to accomplish. 
And then as we're making the 

321
00:17:02,420 --> 00:17:07,700
purchases, our main focus is are
we buying something that is 

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00:17:07,700 --> 00:17:12,980
paying us and we're getting it 
at a price that it's very clear 

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00:17:12,980 --> 00:17:17,420
to anybody it's on sale. 
And so that that's going to be 

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00:17:17,420 --> 00:17:20,500
different for different sectors,
for different places in the 

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00:17:20,500 --> 00:17:22,579
world. 
You know, it's not like it's a a

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00:17:22,579 --> 00:17:26,300
cookie cutter. 
Oh well if it's you know, A10P 

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00:17:26,300 --> 00:17:28,940
E, well then it's always a buy. 
You know, it's not like that. 

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00:17:28,940 --> 00:17:32,060
But you know, for example, you 
know right now I'm certainly not

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00:17:32,060 --> 00:17:34,180
making any recommendations, 
we're just talking about the 

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00:17:34,180 --> 00:17:35,860
market. 
But right now we feel like 

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00:17:35,860 --> 00:17:38,380
telecom is very cheap and you 
know, we love the idea of 

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00:17:38,380 --> 00:17:40,540
something like an AT&T or a 
Verizon. 

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00:17:40,940 --> 00:17:43,180
And and so that that kind of 
gives you an idea of what we're 

334
00:17:43,180 --> 00:17:44,870
looking at today. 
I look great. 

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00:17:44,870 --> 00:17:46,990
Well, Chris, thank you so much. 
What's the best way for people 

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00:17:46,990 --> 00:17:50,070
to get in touch with you? 
They could just look up 

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00:17:50,070 --> 00:17:54,710
chrismanskychrismansky.com or 
manskywealth.com or look up the 

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00:17:54,710 --> 00:17:57,310
book Outsmart the Money 
Magicians coming from McGraw 

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00:17:57,310 --> 00:17:58,830
Hill. 
I look forward to it. 

340
00:17:58,830 --> 00:18:00,630
Well, Chris, thank you so much 
and hopefully we'll have you on 

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00:18:00,630 --> 00:18:02,510
again soon. 
I look forward to it.