Peter Mallouk — Exploring the Worlds of Investing, Assets, and Quality of Life (#356)

“You spend the first 20 years of being rich accumulating all of this stuff. And then you’ll spend the next 20 years trying to get out of one thing after another to simplify your life.” — Peter Mallouk

Peter Mallouk (@PeterMallouk) is the President of Creative Planning, one of the largest independent wealth management firms in America.

Creative Planning provides wealth management services to clients, manages over $36 billion for clients in all 50 states and abroad, and has been featured as the number one independent wealth management firm in America by Barron’s (2017).

Peter is featured in Worth magazine’s Power 100, featuring the most powerful men and women in global finance, the only financial planner on the list (2017 and 2018). Creative Planning was featured in Forbes in 2016 as the number one RIA for growth over the last 10 years.

Peter is the co-author (with Tony Robbins) of Unshakeable: Your Financial Freedom Playbook.

Please enjoy!

Listen to the episode on Apple Podcasts, Spotify, Stitcher, Overcast, or on your favorite podcast platform. 

#356: Peter Mallouk — Exploring the Worlds of Investing, Assets, and Quality of Life


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Would you like to hear my interview with investor Howard Marks?Listen here to learn more about understanding market cycles for making better decisions, the three stages of a bull market, and how Howard cultivates clearer thinking. (Stream below or right-click here to download.):

#338: Howard Marks — How to Invest with Clear Thinking

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QUESTION(S) OF THE DAY: What was your favorite quote or lesson from this episode? Please let me know in the comments.

Scroll below for links and show notes…

SELECTED LINKS FROM THE EPISODE

  • Connect with Peter Mallouk:

Website | Twitter | Facebook | LinkedIn

  • Connect with Creative Planning:

Website | Twitter | Facebook | LinkedIn

SHOW NOTES

  • What are Peter’s thoughts on investing in gold? [06:33]
  • How does he feel about Bitcoin and cryptocurrency in general? [11:42]
  • An overview of how the stock market works for long-term and short-term investors, and why Peter is good at what he does. [14:59]
  • Money managers versus wealth managers and the debate between active and passive management. [23:15]
  • Peter shares his insights into alternative asset classes. [28:51]
  • What is Peter’s perspective on real estate investment, and why do a lot of people see it as a “safer” option than other investments? [34:46]
  • How does Peter feel about investing in art and collectibles? [40:10]
  • When illiquidity is a feature rather than a bug that protects against behavioral mistakes. [42:31]
  • How do you know when the market is worth waiting out, or if the end really is nigh? Perhaps the real question to ask: is your money worrying you more than it’s worth? [48:19]
  • Something even Peter hasn’t seen in 20 years of investing with over 30,000 clients. [58:09]
  • When is the risk of being out of the market greater than the risk of being in? [59:59]
  • The protective benefits of diversification. [1:02:13]
  • Why Peter advises aspiring investors not to expect more from the market than what their day job is giving them. [1:04:07]
  • What does underdiversifying look like, and is it possible to overdiversify? [1:05:41]
  • “Markets can remain irrational a lot longer than you and I can remain solvent.” [1:08:43]
  • How an investor’s style might differ depending on whether they’re using their personal or professional finances, and how much time they or their client can reasonably expect to be alive. [1:11:28]
  • Required and recommended reading for active and aspiring investors. [1:13:58]
  • What Peter considers his most worthwhile investment of time, money, and energy — and the hard but valuable lesson it taught him about supply and demand. [1:16:21]
  • What Peter sees as the biggest — and most common — mistake wealthy people make, and what he does to help them course correct. [1:20:02]
  • Books Peter has most gifted. [1:27:05]
  • Caution: In the United States, financial advisors aren’t always required by law to have your best interests at heart. Peter explains how you can know for sure. [1:29:20]
  • How do Peter and Creative Planning make money? [1:33:40]
  • What advice would Peter, now 48, give to his 30-year-old self? [1:34:43]
  • How does Peter help clients discover what to hone in on? [1:36:05]
  • What would Peter’s billboard say? [1:38:39]
  • The deceptively problematic characteristic of “busyness.” [1:40:09]
  • Closing thoughts. [1:41:29]

PEOPLE MENTIONED