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Joseph Slife

Joseph Slife

Writer/researcher

Joseph Slife has been a news writer for the Associated Press, a college instructor, and a radio host.

From 1990 to 2003, he was a writer/researcher for Larry Burkett at Christian Financial Concepts and Crown Financial Ministries, and he served as the executive producer for CFC/Crown Radio from 2000-2005.

He first joined SMI's writing team in 2008, before going on to serve nearly six years as senior producer/co-host for WORLD Radio. He returned to Sound Mind Investing in 2017.

Joseph and his wife Joye have three grown sons.

Most Recent Articles

SMI on the Radio: Winds of Change in the Stock Market (audio & transcript)

The stock market started the new year by hitting record highs, but since then it's been rough sailing.

On yesterday's MoneyWise Live, SMI's executive editor Mark Biller discussed the recent pullback, plus the ongoing concerns outlined in our January cover article, Winds of Change Are Blowing: Casting a Wary Eye on 2022.

He also talked about why investors will be listening closely to today's news conference (scheduled for 2:30 p.m. ET) by Federal Reserve Chairman Jerome Powell. 

Audio from yesterday's program is posted below. Scroll down for a transcript.

MoneyWise Live with host Rob West airs weekday afternoons on Moody Radio. 

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Money Roundup: Selling Out, Financial Success in the Kingdom of God, and More

It's Roundup time! Here's our latest collection of recent articles on investing, personal finance, and stewardship.

Comments? "Join the Discussion" below. Thx!

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Money, Investing, and Christian Discipleship

Being a disciple of Jesus Christ has implications for how we use and manage money. "If you have not been trustworthy in handling worldly wealth," Jesus asks in Luke 16:11, "who will trust you with true riches?"

He goes on to say, "No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money."

The message is clear: We must be trustworthy with money while resisting the temptation to elevate money (and the things it can buy) to a god-like level. Put another way, we should regard money as a helpful and necessary tool but not as a master.

Because learning to be wise and faithful with money is crucial for Christian discipleship, local churches should regularly teach about money management, including investing. (SMI's Multiply small-group study can help!)

Leo Sabo, the founder of the Christian Stewardship Network, spoke recently with SMI's managing editor Matt Bell about investing-related education in the local church. An edited transcript of part of their discussion is below.

(A video of the entire conversation is on Vimeo. An audio version is here.)


Transcript

Leo Sabo:
Is the church responsible, and is there an opportunity here, for the church to help people gain wisdom in the [particular financial] area of investing?

Matt Bell:
I think the answer is yes to both. The church, I believe, does have a responsibility here, and I believe it has a huge opportunity — because so many people, and especially younger people, have been drawn into investing [during the pandemic].... One of the things I want to really camp on is, "What can we control?" [because we can't control what the market and the economy do].

We can control how much we set aside for investing, and we can take this step-by-step approach that — y'know, I love the simple framework that we give as our first priority, we save as our second priority, we then invest a portion. If somebody did that — it's so simple and yet so rare — if they gave the first portion, if they saved the next portion, if they invested the next portion, and then built their lifestyle with what remains.

That's a simple, biblical goal framework for investing that the church would do wonders by teaching and fostering and encouraging in people.

And then, I think the hardest work of an investor is the emotional side of it. You know, it's both ends of the spectrum. It's the greed on the one side and it's the fear on the other side. And social media — and the things in the culture that we've seen during the pandemic — are all about fostering greed. So obviously the Bible speaks a lot about [greed]. And then the fear piece is equally, if not more important. When the market goes down, that's when people tend to get scared and they tend to sell their investments. And so here too, just some really practical education about the history of investing [is helpful].

People say, "The market has had an average annual return of 10%." Well, that's true. But what often doesn't get explained is that that journey was not a straight, smooth journey! And so you've gotta be emotionally and spiritually prepared for those ups and downs, which comes back to [the need for a trustworthy] process.

So, if you do something as simple as [choose an appropriate] stock-bond allocation when you're young, you can afford to take more risks because you've got time to ride out the ups and downs. When you get older, you've less time to ride out those ups and downs, so that portfolio should tilt toward safer things like bonds. If you get that piece of it right, which is something you can absolutely control, you've done a lot.

So, organize your budget and your lifestyle so that you can afford to invest on a regular basis. Then be patient. You know, "Steady plodding brings prosperity, hasty speculation brings poverty." (Proverbs 21:5 TLB)

And so we need to be mindful of the principles of Scripture. The Bible doesn't talk about Roth IRAs versus traditional IRAs and ETFs versus mutual funds. But it certainly presents many principles about patience and about managing the emotional side, the fear and greed that often comes into conversations about investing.

Leo Sabo:
So where do you think that the conversation of investing fits into the larger stewardship conversations? This is a thing we're passionate about [at CSN]. It's our passion that churches would equip and that they would teach people how to be good stewards, how to be generous and build God's kingdom. So how does investing fit into that?

Matt Bell:
I think it's an integral part of the stewardship conversation. And I've been involved in stewardship long enough to be, honestly, a little bit frustrated at the idea that it seems like stewardship ministries, even today — I feel like it's probably fair, unfortunately, to say that most people availing themselves of the offerings of a typical stewardship ministry are either in trouble financially, because they've got lots of debt, or [they are involved in] the conversation in the church around generosity. And those are two really important topics. Generosity is, obviously, hugely important. Helping people live free from the bondage of debt is hugely important. But that's not the whole story.

Investing is one of the integral parts of the whole — the framework of: we give generously off the first portion, we save a portion, we invest a portion.

And yes, some of it is for our later years. So for some younger people that might seem kind of boring that, "Oh, I'm waiting for my later years." But it's not great stewardship to hit retirement age now dependent on Social Security or others because we haven't been wise. And so when you're young — time is one of the most valuable assets a young person has — and to put time to work in that compounding process means that you can invest a lot less now than if you wake up when you're 40 or 50 and realize you haven't been investing and now I've got a lot of catching up to do. So it's really important to take advantage of an asset that you've got when you're young, which is time.

Leo Sabo:
I'm with you. I wish we could move beyond the "training wheels" — because not only does that create this wrong notion that the stewardship ministry is either for people who are broke or in debt, who need financial assistance or need the education to get out of their bad situation, or it's all about giving. And it sells short everything else that God is trying to teach and do through our lives in the area of stewardship. Stewardship is more than money is more than giving. Stewardship is how we live our lives.

So what are some of the key principles that Christians should be mindful of as they invest? Can we touch on that?

Matt Bell:
Sure. And before we do, I just wanna camp on one other point, and that is the church's opportunity here. I think there's a huge opportunity within this topic of investing to draw many people into the stewardship conversation, into the offerings of the stewardship ministry, because there is so much interest in it. To find out that the Bible has principles that are relevant and helpful [in a practical area like investing], may be surprising to some people. And so I think it's an opportunity to really expand the reach and impact of a ministry.

In terms of principles, the Bible talks about diversification from Ecclesiastes. So, people talk about individual stocks — "I'm gonna go all-in on GameStop" or on AMC theaters — and that's not diversified. So that's why we at SMI really value the [inherent] diversification of mutual funds and exchange-traded funds.

[Scripture also supports the idea of taking a long-term view], that slow and steady process where we're thinking long-term, where we realize that the market moves in cycles [and] that it shouldn't be a shock when the market goes through a downturn, when there's a correction, when there's a bear market. These things happen. The overall broad trajectory of the market has been upward — but again, it's been marked by lots of ups and downs along the way. And so that "steady plodding" sort of mindset and approach to investing is really essential to invest successfully.

As I mentioned, managing our emotions, fear and greed. One of the things that was so encouraging to me is that we surveyed our members at SMI after the big downturn of early 2020 to ask them, "Did you make any changes? How did you navigate that scary time?" Even most experienced investors can be nervous when the market is falling so fast, so quickly, so far, and there's so much fear and uncertainty around the pandemic.

And yet so many people wrote to us — we asked them about certain scriptures that were helpful to them. We have a resource on our website that we make available to people with all these verses that people sent us. It was so encouraging to see God's people leaning on the truth of God's Word, that God is "our rock and our salvation," that God is "our provider," that God has promised to provide for our needs — He knows our needs.

And that I think is one of the most perhaps understated principles as Christians, that it's our faith — that's our foundation. It's not the size of our 401(k) account. It's not the size of our IRA. It's our faith in Christ that is the foundation of our lives. And so when those scary times as an investor [come], to have that foundation of faith is so very essential.

So those are some of the key things I would say as general principles of biblical investing.

Leo Sabo:
I love what you said, Matt, that this is an opportunity for the church because people try things that the world puts in front of them. We all have been duped to do certain things that the world says, "This is what you should do." And then when it doesn't turn out [well] — because it won't, it doesn't satisfy, it doesn't fulfill us — then the church can be there to take an opportunity to say, "Let's show you the wisdom of God"....

Matt, I appreciate what you do, not just personally, but also what you do through Sound Mind Investing. I appreciate the guidance and the information and the wisdom you provide. So thank you for that, and thank you for your time.

Matt Bell:
Well, my pleasure, Leo — I really appreciate all that you and CSN are doing as well.

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Strategy Update for January

Each month, Mark Biller provides a half-hour (or so) video update for those who invest with SMI Private Client — the separate but affiliated business of SMI Advisory Services that manages individual portfolios. (SMI Advisory Services also provides portfolio management to the SMI Funds.)

As you may know, the strategies employed by Private Client are similar to those published by the SMI newsletter and website. And, of course, both Private Client and SMI's do-it-yourself strategies follow the same market trends!

In light of those similarities, you may want to watch Mark's latest Private Client video. He reviews 2021 performance and looks ahead to how the market is shaping up for 2022. We've linked to the video below.

Please bear in mind that despite the commonalities between Private Client strategies and those published by the SMI newsletter and website, the implementation of the strategies is not identical. For example, Private Client employs multiple funds in Sector Rotation. In contrast, the approach used for SMI Premium-level members is to invest in a single SR fund.

There are differences regarding the other strategies as well, so occasionally you may hear things said in these videos that are specific to the Private Client portfolios and don't translate perfectly to the implementation of these strategies here. Some of the differences are because the SMI Advisory management team has access to investment vehicles not available to retail investors. Also, SMI Advisory can trade in certain ways that aren't suitable for most individuals. Still, the bulk of what is covered in these videos is broadly applicable and should be helpful if you're invested in the SMI strategies.

And now, to the video

The link below will take you to the Private Client website, where you can watch Mark's January video update (which was released late last week).

Private Client Strategy Update for January 2022

If you find this video helpful — or not! — leave us some feedback below. Your comments will help us determine whether to continue these "inside looks" for SMI Premium-level Members. Thanks!

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Now Available: Personal Portfolio Tracker & Fund Performance Rankings With Data Through 12-31-21

We've updated SMI's online Personal Portfolio Tracker with performance data through Dec. 31, 2021, and we've posted the January edition of our monthly Fund Performance Rankings (FPR).

If you're new to the Tracker and FPR, here is an overview:

• The Tracker: SMI's fund-performance database tracks the monthly returns of thousands of traditional mutual funds and ETFs. The Tracker can filter that large amount of data and produce a concise report covering only the funds available via your employer-sponsored retirement plan, thus making it easier to apply our Fund Upgrading strategy to a 401(k), 403(b), or similar plan.

Important: There are differences between the fund categories used in the Tracker and those used in the SMI newsletter.

The newsletter's Upgrading formula for domestic funds typically guides users toward either growth or value funds as appropriate, rather than maintaining both growth and value allocations within each category at all times. Accordingly, the newsletter uses only two domestic categories: Large Company and Small Company. 

Tracker portfolios, however, classify holdings according to four domestic stock-fund categories: Large/Growth and Large/Value plus Small/Growth and Small/Value. This helps members who use alternatives to our "official" fund recommendations gauge (using the Tracker's percentile-ranking column) how each fund they own is performing relative to its same-category peers. Because Upgrading calls for selling a fund when it drops below the 25th percentile, having a clear view of a fund's relative performance is important to maintaining that selling discipline.

Also, unlike the newsletter, Tracker portfolios show a separate Foreign category. In the newsletter, Foreign is a subset of the "Situational" category.

The Tracker displays any fund that doesn't fit within the five categories mentioned above (Large/Growth, Large/Value, Small/Growth, Small/Value, and Foreign) in a category labeled "Other Funds."

To view our Tracker tutorial videos, go to the Tracker page and click the Video Tutorials tab.

• Fund Performance Rankings (FPR): The FPR report is a 38-page downloadable PDF file featuring performance data and SMI's momentum rankings for more than 1,600 no-load traditional funds and ETFs.

We choose which funds to list in the FPR based on asset size, brand familiarity, and brokerage availability.

The Fund Performance Rankings report displays domestic stock funds (both traditional funds and ETFs) across four common categories: Large/Growth, Large/Value, Small/Growth, Small/Value. Like the Tracker, the FPR also uses the Foreign category. Other FPR categories include Bond funds, Target-Date funds, and Sector funds. 

Check page 2 to learn how to use the FPR report. Page 3 includes a listing of 70+ risk categories that will help you compare "apples to apples." (Each category shown on page 3 is hyperlinked, enabling you to jump to specific sections within the rankings quickly.) Page 4 of the FPR has explanations of the various data-column headings.

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Roundup: The Bull Keeps Charging, Retirees and Sequence-of-Inflation Risk, and More

Our first Roundup of the new year features articles that look back at the year gone by, plus a few that may help you prepare for the year ahead. Enjoy!

Comments? "Join the Discussion" below!

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SMI’s Posting & Publishing Calendar for 2022

As a new year gets underway, we thought you might like an overview of SMI's publication days/dates for the months ahead. So here goes!

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SMI on the Radio: Making 2022 a Year of Financial Progress (audio & transcript)

Putting together a financial to-do list for 2022? SMI can help.

A few days ago, I joined host Rob West on Moody Radio's MoneyWise Live to suggest lots of ways to make financial progress in the new year.

To listen, click the play button below. Scroll down for the transcript.

MoneyWise Live airs daily at 4:00 p.m. ET/3:00 CT. 

For more radio appearances by members of the SMI team, visit our Resources page.


Transcript

Rob West:
If you're still working on your financial new year's resolutions for 2022, wouldn't a long list of options be helpful? Hi, I'm Rob West and you've come to the right place to get your list of Top 10 Financial Moves for 2022. This is MoneyWise Live — biblical wisdom for your journey. (theme music ends)

"Your 10 Most Important Financial Moves for 2022" is the title of the cover article in the current issue of Sound Mind Investing. And today, our guest is the author of that article, Joseph Slife — and Joseph, welcome back to the program.

Joseph Slife:
Well, Rob, it has been a while. Merry Christmas to you!

Rob West:
And to you as well. Well, Joseph, this article — which is available at soundmindinvesting.org — offers a list of about 75 possibilities. And I know you urge folks to pick a personal Top 10 for the year ahead. So I'd say you've definitely covered the bases.

Joseph Slife:
<laugh> well, we certainly hope so. What we've done is to survey all of our SMI articles from over the past year and we've categorized them by subject — things that relate to spiritual matters, or getting financially stable, building an investment portfolio, things related to preparing for retirement, and so on. And then in the online version of the article, Rob, we have linked — hyperlinked — to information about each of those things, to an additional article that gives people more details.

Now, obviously, all 75 ideas are not going to apply to each person. It depends on one's season of life and family situation, so on. But our annual top 10 approach is designed to help someone look at all the possibilities that fit who they are and where they are in their finances and say, "You know what? I really need to do that particular thing and that one and that one." And ultimately to pick 10, that can be their action items for 2022, sort of a to-do list — a list of resolutions, as you say — that'll help folks make financial progress in the year ahead.

Rob West:
Well, I love this approach because a lot of folks just need help getting started. You've done that hard work for them and picking their Top 10 will be a great exercise. So let's dive in and get to as many as we can. Joseph, what's first?

Joseph Slife:
Well, we always start our annual list, Rob, with a section titled something like "First Things First," or "What's Most Important." And this is where we recommend the things that are spiritually foundational. You know, at SMI, just like you do at Moneywise, Rob, we look at financial matters from a stewardship perspective. God owns everything. You and I are stewards — managers — of what he entrusts to us.

Rob West:
That's right.

Joseph Slife:
One of our suggestions this year in this area is to "practice living in conscious dependence on God." You know, the Lord is not just out there somewhere and he's not to be acknowledged only on Sunday. So we're urging people to take time each day to recognize their literal dependence on the Lord "for life and, and for breath and for everything" — to quote the apostle Paul from Acts 17. And we think it's a good idea for people to develop a habit, a daily habit, even hourly or more often, a habit of saying short prayers throughout the day to acknowledge their powerlessness and God's power.

And what this does is reinforce the idea, the truth, that God is our source and supply, and we serve him as stewards.

Rob West:
Yes.

Joseph Slife:
Another one in this section is to "build your financial house on the bedrock of biblical principles." You know, Rob, we can never tell ahead of time what financial storms may come our way — or when they'll come. No one could have predicted the things that have happened over the past year-and-a-half or so. And we couldn't have more storms in 2022. We're not predicting that, but it could happen. And we believe that people will base their financial decisions and their actions on the protective principles, the stewardship principles, that are taught in Scripture, they'll be able to weather those storms.

Rob West:
Yes.

Joseph Slife:
Another one in this sort of spiritual section, Rob, is that "if you have the spiritual gift of giving, then cultivate it." Every follower of Jesus is called to be generous. We all know that. But from the New Testament, we also know that God has given some people this special gift of giving — just as he's given some people gifts of administration or teaching or whatever. So if you have that gift of giving, or think you might, study what the scriptures say about it, and please make the most of that gift.

Rob West:
Now, we move on to "Strengthening Your Financial Foundation." So tell us what you suggest there.

Joseph Slife:
Yeah, Rob, one of the best things that anybody can do in this area of strengthening a financial foundation is to "cultivate good habits." We all know how easy it is to pick up bad habits, but good habits have to be cultivated. They have to be worked on. And that means taking specific actions that reinforce good habits. For example, making a spending plan that puts you in a position to pay down your debt steadily, so you're making paying off your credit cards and car loans and those sorts of things a priority.

And here's one in this category that I know you'll like, Rob, we encourage people to start using a money management app to track their finances. And there's one I happen to know of. It's the MoneyWise App — perhaps you've heard of it. We think that's a great tool for making financial progress. And it'd be a great thing for somebody to start with in 2022. 

And here's an idea on the spending side of things that can really help. And it's one that many people never think of. And it's simply this: "Speak up to save money." We have a guy in our office — Matt Bell, he's been on your program before — and Matt does this frequently. He just asks, very politely, "Is there any better deal you can offer me?" And he's found that when he asks, just forthrightly and politely, he's been able to get fees waived, he's been able to get subscription prices lowered — just by making a polite request to somebody and smiling and being firm. And I actually tried this at Matt's suggestion one year with my internet company. I called and they lowered my bill by $20 a month. So you just never know unless you ask.

Rob West:
All right, Joseph, these are really helpful. Let's move into another category in this is "Developing Your Investing Plan." What do you have for us?

Joseph Slife:
You know, Rob, in this area, it's kind of a balancing act. Scripture encourages us, on the one hand, to prepare for the needs of tomorrow. That's very important. But it also warns us very forthrightly about becoming hoarders. That's something we are definitely not to do — you know, people who just amass stuff to be amassing it for ourselves and building bigger and better barns. So as you invest, it's always good to keep in mind that this isn't just about building as big a nest egg as you can. It's about saving wisely and proportionately for future needs, without being too self-focused and building too much stuff.

And saving for the future like this — investing — really starts with looking realistically at where you are and then developing a prudent plan that moves you toward your long-term goals.

Rob West:
Yes.

Joseph Slife:
And we, of course, urge people to make this a spiritual matter, not just a financial one. We think people are well-served to pray over these sorts of things and to seek out wise and godly counsel.

That said, we also want people to recognize that wise investing choices often reflect common sense. You know, sometimes people have this idea that you've gotta be a Wall Street wizard to be an investor and that is simply not so. In fact, many basic investing lessons are closely connected with what people already know and do.

For example, a few weeks ago, my wife and I took a trip to see some relatives for Thanksgiving. We went down to Florida, we mapped out a travel plan and we stuck to our plan. We knew where we were going to be and when we were going to be there, traffic permitting. And the same holds true for investing: plan your way. Don't just head off in any direction. You have a destination that you're going to.

Rob West:
Yes.

Joseph Slife:
Now, Rob, here's a suggestion in this area of investing that won't apply to everyone, but it does apply to many people and it's this: "Don't be overly rigid in your investment plan."

Rob West:
Okay.

Joseph Slife:
Now that may sound like I'm contradicting what I just said a moment ago about planning your way. But the idea here is that, you know, life happens. You have to have some flexibility. And if your plan is too strict, you can miss out on some very important things in life. For example, you might be thinking, "Oh wow, taking a family vacation costs too much. That's going to mess up my investing plan." And I can almost guarantee you, Rob, that on your deathbed you'll regret that decision of giving up the family vacation, because that's where you build bonds of relationship and memories with your family.

Rob West:
Absolutely.

Joseph Slife:
You know, being too strict also, in some cases, could cause you to turn a deaf ear to God. You might be thinking, "Well, maybe I should give generously to this thing or that thing, but that's going to interfere with my investing plan." And so you don't do it. So we want people to plan, but not allow their plans to become like a financial straight-jacket that keeps them from doing really important things.

Rob West:
Great advice. All right. Joseph time for just one more category, let's finish with some ideas related to college in particular.

Joseph Slife:
Yeah, Rob, that's very important for parents who have children of a certain age. You really need to learn how to navigate the college admissions process. There are ways to make that system work to your advantage if you and your child have selective colleges in mind, such as having your child take Advanced Placement classes in high school and get involved in extracurricular activities, especially in leadership roles. But there are also some things you can do if you have less selective colleges in mind, and we talk about that in our article.

Also, one of our Top 10 options in the area of college to study very carefully the various kinds of student loans and what they entail regarding interest and payment options. Unfortunately, many people take out college loans without really understanding what they're getting into and they regret it later. And that includes parents, Rob, who borrow to put their kids through school. It's a shocking fact that people older than age 60 make up the fastest-growing segment of college student-loan debtors.

Rob West:
Mm. That really is staggering and something we need to heed a warning related to, so we don't inadvertently allow our kids to graduate with a lot of debt.

Well, Joseph, we're just about out of time today. Any last words of advice for our listeners?

Joseph Slife:
Yeah. Rob, I'll end the way I ended the article in the SMI newsletter for this month. And that is, as we start a new year, we all have this tendency to think, "Oh, if only I knew what lies ahead." And of course, we can never know that. And <laugh> probably if we did know it, it would be rather disconcerting. But there is something we can know, and it is something of immeasurable value.

The Apostle Paul talks about this in Philippians chapter 3, he says he wants to "know Him" — that is Jesus Christ. Paul says that "everything else is worthless when compared with the infinite value of knowing Christ Jesus my Lord." And, you know, Rob, that really should be our true number one goal for 2022 — and for all the years to come.

Rob West:
That's great advice and a great place to finish. Joseph, thank you for joining us today.

Joseph Slife:
Well, thank you, Rob. And, again, from all of us at SMI, Happy Advent to you and Merry Christmas!

Rob West:
Thank you, sir. And you as well. Joseph Slife has been our guest today. You can get the entire list of 75 important financial moves for 2022 on their website at soundmindinvesting.org. We'll be right back.

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Money Roundup: The Advantage You Have Over Professional Investors, The Stewardship of Christmas, and More

Before heading out the door for the Christmas weekend, we've rounded up our latest collection of interesting articles on investing, personal finance, and stewardship.

Merry Christmas!

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SMI’s 2022 Rebalancing Guide

A housekeeping chore investors deal with from time to time is “rebalancing” their portfolios.

How does a portfolio get unbalanced? Consider a game of Monopoly. Each player starts with the same amount of money, but after a few rounds of play, some are richer and some poorer — that is, some players have “outperformed” others.

A similar thing happens in your investment portfolio. Let’s assume you decided to implement SMI’s Upgrading strategy a year ago. You divided your money according to our recommended target percentages — 30% in this investment, 10% in that investment, and so on. Since then, some holdings have performed better than others, so your portfolio has drifted from its original targets.

(Of course, Upgrading made several fund changes in 2021 too, but even if there had been no fund changes, the percentages you started with would have changed as some funds and categories did better than others.)

If you follow more than one SMI strategy, this “percentage drift” also occurs in another way. As time passes, the percentage allocated to each strategy changes because of performance variations.

Rebalancing is like pressing a reset button that restores your portfolio to its original targets (or at least reasonably close to those targets), and this is a good time of year for that reset to occur. At the same time, you can add any new SMI recommendations and sell any funds being replaced.

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