Reality Radio for a really great future.

We're talking real money.

Well, wait, I'm kind of confused.

Tom, there's somebody else in the studio today.

Don't wait, aren't we doing a podcast?

Is this guy, wait, oh, I get it. This guy's a

singing telegram. You got me a singing, but Tom, my birthday's not till June. You stole my

thunder, my best line, but that's okay. Our guest, I know, on talking real money. Is this guy

going to sing to me? Not you. And we don't have a lot of guests, as you know, like never.

But because he's so distinguished, he's been around the industry forever.

And he always has something important to say.

He's a vice president with dimensional funds, a fun family that we have known and worked

with for darn near 30 years now.

And somebody that we've had at retire meet, other places.on, Wellington. Thank you for making time out of your trip to Seattle and venturing to the Talking Real Money Studios. Good to see you again. Great to be here. All right. But I will start with the most difficult question. What is going on? Man, the market's giant. It's up 10% one day, down 5% the next day. And we get here to mid-April when this is, or late April, when this is being recorded. And it kind of looks like we were we started the year. I mean, how do we take all this?

Volatility is just a sign of uncertainty. And so there's a lot of uncertainties what you're saying.

The world's an uncertain place, and I think you could make a strong case that in the recent

weeks or months, it's gotten more uncertain. And so that volatility is just a, it's a

barometer, a reflection of that uncertainty. We don't really know what the effect of tariffs

or lack of tariffs might be. We don't really know what the effect of tariffs or lack of tariffs might be.

We don't know if government policy will change and it might change quickly. So you see prices jump or the prices fall.

And you have millions upon millions of investors all trying to figure out what the right price to pay for ownership in a company.

And when the outlook gets more uncertain, you tend to see more volatility.

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