Is the 401K dead?

Um, I don't know that it's dead. I will say though that the 401K hasn't lived up to the hype.

And I think that's one of the problems, right? And, you know, uh, every now and, every year they come out and they'll say we have this many 401K millionaires, right?

Yeah.

And it sounds like a huge number.

That is cool.

Then you say, well, how many people have a 401K? And it's like, it's like, you know, 0.03% of everyone with one. So, the promise was that if you just put this money in, it was going to end up being worth a lot of money. And

you know, the these blue chip names, particularly back in the day, the AT&Ts of the world, the Exon Mobiles of the world, the uh the IBMs of the world, they they got hammered really bad as much as uh that the media likes to pick on, you know, the so-called dumb investor and the meme stocks. The reason young folks went for those stocks is because their parents got waxed in these blue chip names. And these names that were down for 10 years, 12 years, some of them still haven't gotten back. And these were the names that the Wall Street community, their brokers said, this can't go wrong.

And it's gone wrong before. We had the Nifty 50 in the 70s, you know, these names that went bound, you know, again. And so

I don't know that it's dead, but I think people have to approach it differently. And I think they're starting to, particularly like the 60 40 portfolio.

Yeah.

I think that's a huge mistake on the 40 side, you know, 40% bonds, I think is just a massive mistake at this point.

Is there one stock that you've what's your longest holding stock in your life?

I think Apple, Apple I've had for like

maybe 30 years or something like that. Yeah.

I just didn't have enough of it.

One shot of you next time. I don't have any Apple. That's awesome.

I I just didn't have enough of it, but you know, it's like in hindsight, you know what messed me up in Apple?

So, Steve Jobs hires this dude, uh, I forgot, I forgot the guy's name, but

Oh, the get the yeah, the um, Right. Shit. I actually have it written on me. I know I heard his name. Yeah. The other CEO.

And the guy, the guy. Yeah, to tell Steve Jobs, listen, you're a kid, you're great, but you're a big company now, you need a real, someone real to help you handle it. Guy comes in and what does he do? He fires Steve Jobs.

And so when Steve Jobs sold all of his stock, um, I became very cautious. I said, well, you know what, and I just never added to it or bought more. I just had what I had. Um, when he came back to the company, obviously, I should have should have started buying more, but um, you know, it's it's it's one of those, another one of those tales, you know, these these founder-led companies do so much better than any other kind of stock investment out there over time.