1. The author's retirement portfolio achieved a record amount of realized gains in 2024, generating over $110k in tax-free income and bringing the 4-year average annual income to $95.5k. 2. The author explains how high-yield funds and stock swing trading are used to grow the cost basis of the Roth retirement portfolio. 3. Despite the popular sentiment, the author expects a down market for 2025 and justifies this outlook, while also anticipating continued gains regardless of market direction.

1. U.S. stocks are on track for a second year of strong positive returns; 2. The S&P 500 Index had its best month of the year in November; 3. 2025 could be a pivotal period for active managers with the right expertise.

1. The author emphasizes a nuanced approach to valuations, suggesting different Owner's Yields based on expected revenue growth rates, rather than a flat 4% threshold. 2. The Five Factor Model includes requirements for importance, founder management, revenue growth, gross margins, and valuation. 3. FastGraphs is a tool for comparing current valuations to historical norms, aiding in informed investment decisions.

1. The Federal Reserve has signaled a potential rate cut in September, creating a new environment for companies. 2. Interest rate-sensitive sectors and high-growth innovators are likely to benefit the most. 3. Savvy investors can capitalize on market algorithmic oversimplification to find undervalued assets.

1. Dividends matter in practice, despite academic theories suggesting otherwise; 2. Dividends align incentives between management and shareholders, optimizing free cash flow growth and reducing agency costs; 3. Dividend investing eliminates sequence risk and provides a reliable source of income without selling principal assets.