Tax-Smart Investing, Why Bonds Are Back, and the Sentiment Paradox

Estate Planning Essentials with Trent Linville | Ep. 52

Estate planning is one of those topics most people know they should address but keep putting off. In this episode, Adam sits down with Trent Linville, founder and lead attorney at Linville Estate Law in Franklin, Tennessee, to clear up the confusion and lay out exactly what every family needs to have in place. Trent's path to estate law started with a personal experience that most people can relate to, and that story shapes the way he approaches planning for his clients today. They work through four important documents every adult should have, when a will is enough and when a trust makes more sense, and what "funding" a trust looks like in practice. For families managing aging parents, they also get into the basics of Medicaid planning, including why the five-year lookback period catches families off guard. This conversation is a useful starting point for anyone who has questions but hasn't known where to begin. ⏱️ Timestamps:  * (00:52) Welcome and introduction of Trent Linville * (02:03) Trent's path into estate law and the family experience that shaped it * (05:14) The four core estate planning documents everyone should have * (08:34) How often to review and update your documents * (10:27) Do you need a trust? Walking through when it makes sense * (11:50) Avoiding probate and what the court process looks like * (15:40) How quickly can your family access assets with a trust vs. through probate * (16:58) Drafting a trust vs. funding it, and why the difference matters * (20:18) Medicaid planning basics and the five-year lookback rule * (22:32) Medicaid crisis planning and what families can still do late in the game * (23:38) Final thoughts and how to take the first step * (24:44) Podcast disclosures Resources: Long Story Short website | burneywealth.com/podcast [http://www.burneywealth.com/podcast] Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement [http://www.linkedin.com/company/burneywealthmanagement]  Follow Adam Newman on Linkedin | https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-48853916/ [https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-48853916/]  Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ [https://www.linkedin.com/in/andyjpratt/]  Follow Trent Linville on LinkedIn | www.linkedin.com/in/trentlinville/ [https://www.linkedin.com/in/trentlinville/]  Linville Estate Law | www.linvillelegal.com [http://www.linvillelegal.com]  #EstatePlanning #WealthManagement #FinancialPlanning #RetirementPlanning #LongStoryShort The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

What's Your Number? Why Most People Are Asking the Wrong Retirement

The SpaceX IPO landed more or less exactly where history would predict. Adam and Andy open with a quick look at the initial pop, why it's par for the course, and what the oversubscription might mean for the Anthropic and OpenAI filings still on the horizon. From there, the episode shifts to a conversation centered on Adam's latest Nashville Business Journal article on retirement readiness. Most people approach retirement with a number in their head, a round figure they've decided will make them feel financially secure. Adam argues that working backward from that number is the wrong way to start. The right question is what your life actually costs, what your income sources will be, and what the portfolio needs to generate to close the gap. That reframe changes nearly everything downstream, including how much you might be able to spend, what assumptions you're carrying that aren't grounded in data, and the difference between walking away from a planning conversation feeling relieved versus walking away with real clarity. ⏱️ Timestamps:  * (0:43) World Cup check-in and the US Men's National Team * (2:56) SpaceX IPO: the initial pop and how it compares to historical averages * (5:15) What the SpaceX debut might signal for Anthropic and OpenAI * (6:05) Market broadening: small caps at all-time highs, international stocks continuing to climb * (6:39) Adam's Nashville Business Journal article on retirement readiness * (7:47) Why "what's my number?" is the wrong starting question * (9:28) The right framework: income sources, spending goals, and what the portfolio needs to do * (11:44) The underspending risk and why obsessing over running out of money can cost you * (13:43) Clients in their 80s and 90s who wish they'd spent more when they could * (15:50) Retirement spending assumptions worth questioning * (17:36) Monte Carlo analysis: what it gets right and where it misleads * (20:52) Relief versus clarity: why the distinction matters after a planning conversation * (22:54) For anyone on the hamster wheel: what to do differently * (25:55) Podcast disclosures Resources: Long Story Short website | burneywealth.com/podcast [http://www.burneywealth.com/podcast] Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement [http://www.linkedin.com/company/burneywealthmanagement]  Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ [https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/]  Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ [https://www.linkedin.com/in/andyjpratt/]  Nashville Business Journal: What's my number? Why financial freedom might be closer than you think | bizjournals.com/nashville/news/2026/06/01/retirement-number-may-be-missing.html [http://bizjournals.com/nashville/news/2026/06/01/retirement-number-may-be-missing.html]  #RetirementPlanning #FinancialPlanning #WealthManagement #RetirementReadiness #LongStoryShort The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Jeremy Siegel on Meta, Market Valuations & Why Oil Shocks Don't Hit Like They Used To

To mark episode 50, Andy recaps a recent lunch with Professor Jeremy Siegel, the Wharton finance professor and author of Stocks for the Long Run, and walks Adam through the highlights live on air. Siegel's argument that Meta now qualifies as a classic value stock opened the conversation. The metaverse write-off left the market skeptical of Meta's big spending calls, and heavy AI capital expenditure has only deepened that discount, even as ad revenue keeps climbing and the forward price-to-earnings ratio remains well below that of the rest of the Magnificent Seven. From there, the episode moves into why the current rally looks different from past bubble environments, how international equities trade relative to U.S. stocks right now, what AI productivity could mean for the national debt, and a point about energy independence that reframes how much oil prices matter in 2026. The episode closes with context on the sharp sell-off on June 5th. Since 1990, the S&P 500 has averaged 31 days per year with declines of 1% or more. Through mid-2026, there have been 12. ⏱️ Timestamps:  * (1:08) Episode 50 reflections and lessons from a year of podcasting * (2:40) Andy meets Jeremy Siegel: the Wharton professor behind Stocks for the Long Run * (5:54) Why Siegel and WisdomTree call Meta a classic value stock * (7:36) AI capital expenditure, ad revenue growth, and Meta's compressed valuation * (9:49) The broader market rally: earnings-driven, not speculation-driven * (11:50) International equities trading at a 34% discount to U.S. stocks * (12:58) Defense spending, drone innovation, and why geopolitical unrest could be a tailwind for European equities * (15:17) AI, white-collar jobs, and why Siegel isn't predicting an economic apocalypse * (16:53) Half a percent of GDP growth and what it could mean for the national debt * (19:03) Consumer sentiment surveys and the political skew in the University of Michigan data * (22:31) The Iran conflict and why oil shocks don't land the same way they did in the 1990s * (24:32) June 5th sell-off: how it stacks up against 35 years of market history * (25:17) Down days as a healthy part of a functioning market * (28:21) Podcast disclosures Resources: Long Story Short website | burneywealth.com/podcast [http://www.burneywealth.com/podcast] Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement [http://www.linkedin.com/company/burneywealthmanagement]  Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ [https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/]  Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ [https://www.linkedin.com/in/andyjpratt/]  Stocks for the Long Run, by Jeremy Siegel | https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/1264269803 [https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/1264269803]  #WealthManagement #FinancialPlanning #StockMarket #Investing #JeremySiegel The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

IPO Hype, a Historic Market Run, and What to Look for in a Financial Advisor

The headlines around SpaceX's IPO filing are hard to ignore. Andy and Adam open this episode’s discussion with a look at surprisingly consistent data showing that every one of the ten largest IPOs in U.S. history posted a negative return in its first year, with an average decline of around 27%. That track record raises some questions about the timing of buying into that much hype at that valuation. From there, they shift to something that didn't get nearly as much attention as it deserved. April and May 2026 together ranked as the fifth-best two-month stretch for the S&P 500 in 75 years, and unlike most of the moves above it on that list, this one wasn't driven by a snap-back from panic. Earnings growth outpaced price appreciation, meaning the market actually became cheaper on a valuation basis even as prices climbed. The episode closes with a question one client sent in directly: why hire a financial advisor, and how do you find a good one? Adam and Andy walk through the criteria that matter, from fee structure and credentials to how the team around an advisor operates day-to-day. ⏱️ Timestamps:  * (1:23) SpaceX IPO filing and what to expect from the trifecta of big IPOs in 2026 * (3:55) The one-year performance of the ten largest U.S. IPOs since 2000 * (5:15) Why mega-cap IPOs aren't exceptions to the underperformance pattern * (6:46) How hype outpaces reality once public markets get a closer look * (8:00) If you're a long-term believer, why the IPO date probably doesn't matter * (9:29) Morningstar's valuation estimate on SpaceX and the case for waiting * (11:27) April and May 2026: the fifth-best two-month S&P run since 1950 * (12:06) Why this rally is different from the panic-recovery moves above it on the list * (14:36) Earnings are driving the market higher while valuations actually come down * (17:44) Andy pivots to the value of a financial advisor and the Vanguard study * (23:05) The four Cs: competency, coaching, convenience, continuity * (24:16) What 250,000 people calling themselves advisors actually means * (25:11) The three things Adam looks for: fee-only, credentials, team structure * (30:32) Trust as the final filter and what it looks like when an advisor is selling fear * (32:02) Podcast disclosures Resources: Long Story Short website | burneywealth.com/podcast [http://www.burneywealth.com/podcast] Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement [http://www.linkedin.com/company/burneywealthmanagement]  Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ [https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/]  Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ [https://www.linkedin.com/in/andyjpratt/]  Vanguard Advisor’s Alpha: Clients and their advisors thriving together for 25 years | https://advisors.vanguard.com/insights/article/celebrating-25-years-of-working-to-improve-outcomes-for-you-and-your-clients [https://advisors.vanguard.com/insights/article/celebrating-25-years-of-working-to-improve-outcomes-for-you-and-your-clients]  #WealthManagement #FinancialPlanning #IPO #StockMarket #FinancialAdvisor The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.

Tax-Smart Investing, Why Bonds Are Back, and the Sentiment Paradox

Andy is recording from a hotel room in Seattle, attending the Basis Northwest Conference, a two-day deep dive into esoteric tax strategies run by Brent Sullivan of Tax Alpha Insider. The episode opens with a walkthrough of what tax-centric wealth management looks like in practice, including asset location, direct indexing, tax-loss harvesting, and the 351 ETF conversion on the investment side, and Roth conversions, charitable giving strategy, and lifetime tax efficiency on the planning side. The second topic is bonds. Interest rates spiked last week, and Adam walks through a chart plotting ten-year Treasury starting yields against forward returns since the early nineties. With last year's starting yield at 4.6%, forward-looking bond returns are projecting just under 6% annualized. Andy's read is that 4.6% sits right in the middle of the historical range. This is a normalization, not a warning sign. Consumer sentiment is near its lowest level on record, driven in part by the U.S.-Iran war and fuel price concerns, while the stock market sits near all-time highs and earnings keep growing. Adam and Andy discuss the K-shaped economy, the politics angle, and why sentiment this low has historically preceded strong forward returns. Andy closes with Ben Carlson's thought experiment - even an investor who bought only at all-time highs throughout history still averaged around 8% annually over the long run. ⏱️ Timestamps:  * (00:49) Intro: Andy live from Seattle at the Basis Northwest Conference * (01:35) Asset location and matching investments to account types * (04:57) Direct indexing and tax-loss harvesting at scale * (06:44) Adam on the planning side: lifetime tax efficiency vs. the single-year bill * (10:36) Why CPAs push back on Roth conversions and why that's shortsighted * (11:10) The ten-year distribution rule and multi-generational tax planning * (13:05) Bond market update and why rates spiked last week * (14:02) The ten-year yield chart: starting yield vs. forward return * (17:42) Stocks vs. bonds: why equities still win over the long run * (19:20) University of Michigan sentiment survey: 44.8, an all-time low * (22:06) The K-shaped economy and whether politics explains the gap * (26:28) Ben Carlson's all-time highs thought experiment * (27:46) Wrap and listener questions * (27:28) Podcast disclosures Resources: Long Story Short website | burneywealth.com/podcast [http://www.burneywealth.com/podcast] Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement [http://www.linkedin.com/company/burneywealthmanagement]  Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ [https://www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/]  Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ [https://www.linkedin.com/in/andyjpratt/]  Tax Alpha Insider Substack by Brent Sullivan | https://www.taxalphainsider.com/ [https://www.taxalphainsider.com/]  Ben Carlson / A Wealth of Common Sense | https://awealthofcommonsense.com/ [https://awealthofcommonsense.com/] CNBC “Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries” | https://www.cnbc.com/2026/05/22/consumer-sentiment-hits-fresh-record-low-in-may-as-iran-war-fuels-inflation-worries.html [https://www.cnbc.com/2026/05/22/consumer-sentiment-hits-fresh-record-low-in-may-as-iran-war-fuels-inflation-worries.html]   University of Michigan Survey of Consumers | https://www.sca.isr.umich.edu/ [https://www.sca.isr.umich.edu/] #TaxPlanning #WealthManagement #RothConversion #BondMarket #ConsumerSentiment #Investing #PersonalFinance #LongTermInvesting The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.