00:00What's the biggest mistake you see in the day-to-day grind at BNY that people are doing
00:05on their retirement? I think the biggest mistake that we see, like we're in the wealth business,
00:12is wanting to trade the allocations or wanting to swap out all the time because of headlines
00:19and essentially trying to pretend that building wealth is the same thing as being a hedge fund
00:24manager. That is the biggest mistake that we see. And that is one of our messages that we always
00:30talk about, which is wealth is built over decades and that trading actually gives you worse returns
00:37than if you did the hypothetical experiment and you missed the five best days of the year,
00:45you underperformed by 5% annualized going forward over the next 20 years.
00:51Do you blame Scarlet Fu and the media? Whoa. No, I don't blame the media because there are plenty
00:56of businesses out there that are hedge funds, that are trading, that are using derivatives,
01:01trying to hedge some near-term risk. But the wealth, building wealth is very, very different.
01:07And building a future where you feel confident is very different than trading. And it's not day
01:13trading and it's not even annual trading. And I think that's the biggest business because
01:16we hear scary stories. We hear tariffs, we hear war, we hear oil at 105. And you feel like you
01:23have
01:23to get out, you have to do this. And in the end, those typically, 100% of the time, tend
01:28to be
01:28mistakes. And look at 2008. That was a mistake as well. When the market started rallying, it was like
01:34a rocket to the upsell.
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