The Seven Keys to Investing Success

By P.J. DiNuzzo

No matter your profession, one day, a reconciliation of the lifelong investment decisions you have made will take precedence over everything else. This reflection will trigger the mandate for a full assessment of where you stand, while also illuminating the importance of developing a plan for your future. For many people, this thought evokes a fear and anxiety that they're not properly prepared, unleashing the two forces that are the worst enemy of personal finance success. Your challenge is no longer simply picking investments hoping solely for growth—but rather building a total-return, risk-adjusted withdrawal investment strategy founded on "playing defense first."

What you need is guidance and a "LifePlan" to get you to and through investing for retirement with peace of mind, and in The Seven Keys to Investing Success, P.J. DiNuzzo delivers on both counts. He brings the collective wisdom of world-class institutional investment strategies down to a personal level. With these seven keys in hand, you'll be empowered to make smart money choices to live your best life.

• Language: English
• Publisher: BookBaby
• Release date: Aug 26, 2020
• ISBN: 9781544508030

Book preview

advance praise for

the Seven Keys to Investing Success

"Markets give you a serious education, and The Seven Keys to Investing Success shows why trying to outguess the market can be a very expensive education."

—David Booth, founder and executive chairman, Dimensional Fund Advisors

"If someone were to hand you the key to a treasure chest, would you hesitate to take it? P.J. DiNuzzo’s The Seven Keys to Investing Success unlocks the most critical tenets that every investor should understand and assimilate before jumping into the shark-filled waters of developing an appropriate portfolio for your situation. A scan of the table of contents will allow you to quickly find answers to your biggest worries or most pressing questions. It is tough to place a dollar amount on the peace of mind that comes with a long-term investment plan that will see you through the rest of your life, but I assure you it will be well worth your time to read at least some of the sections of this book. Either on your own, with another advisor, or with P.J. himself, develop your personal plan and execute it."

—James Lange, cpa, attorney, and author of Retire Secure! Pay Taxes Later

"P.J. DiNuzzo cuts through the ‘today’s financial noise’ with his empirically based and four-decade market tested investment process to help you build an amazing life of significance. The Seven Keys to Investing Success is a straightforward and detailed, step-by-step roadmap for accelerating your success even more."

—John Bowen, founder and ceo, ceg Worldwide, llc and author of Becoming Seriously Wealthy: How To Harness The Strategies Of The Super Rich And Ultra-Wealthy Business Owners

"Deep, intimate knowledge of the client and the ability to truly act in the client’s best interest are necessary ingredients in delivering a great client experience. In The Seven Keys to Investing Success, P.J. DiNuzzo lays out what that experience means to today’s investor."

—Dave Butler, co-chief executive officer, Dimensional Fund Advisors

"The Seven Keys to Investing Success is a thorough but lucid and enjoyable prescription to a comprehensive financial and lifestyle plan. It is written in the spirit of the late John C. ‘Jack’ Bogle but tempered in light of modern finance, empirical research, and investment technology, as well as decades of P.J.’s experience, including leadership of the successful and highly respected wealth management firm he founded 30+ years ago. I know from personal experience that P.J. ‘eats his own cooking’ when it comes to investing, practices what he preaches, and holds his advice to high standards, always with the client’s fiduciary process first and foremost. Especially impressive is chapter 7, ‘Managing Emotions with a Plan and Discipline,’ which is a gem I have not experienced in other investment books."

—Dr. Robert F. Sekerka, University Professor Emeritus, physics and mathematics, Carnegie Mellon University department of physics, and author of Thermal Physics: Thermodynamics and Statistical Mechanics for Scientists and Engineers

"P.J. DiNuzzo’s The Seven Keys to Investing Success is a valuable resource based on highly acclaimed research and extensive professional experience that provides investors effective strategies to use at every stage of their investment journey to increase the likelihood they will meet their personal financial goals."

—Dr. Jon A. Shank, professor of education, emeritus, Robert Morris University, and author of Century 21 Computer Skills and Applications, 11th Edition

"P.J. DiNuzzo’s hands-on experience of over 30 years, guiding every type of client and investment goal, whether sophisticated or not, has been combined with extraordinary access to the most successful investment gurus to produce a highly engaging and action-oriented work. The Seven Keys to Investing Success should serve as a saving and investing North Star."

—William Haney, chair of the board of Alva, and a director of Big Win Philanthropy, former cro and director of Credit Benchmark and bisam, and a senior executive at Thomson Reuters

"If you are reading P.J. DiNuzzo’s The Seven Keys To Investing Success hoping that it will confirm that your existing long-term financial plan is sound, or are hoping your advisor has your back, you will likely be disappointed. There are too many gems and valuable processes, and the odds are you derive enormous benefit from reading and implementing some or all of the recommended steps to financial security."

—James Lange, cpa, attorney and author of Retire Secure! Pay Taxes Later

The Seven Keys to

Investing

Success

P.J. DiNuzzo

President, Founder, Chief Investment Officer

cpa, pfs, aif, mba, mstx

DiNuzzo Private Wealth, Inc.

DiNuzzo Wealth Management

Copyright © 2020 P.J. DiNuzzo

All rights reserved.

The Seven Keys to Investing Success

ISBN 978-1-5445-0802-3 Hardcover

ISBN 978-1-5445-0804-7 Paperback

ISBN 978-1-5445-0803-0 Ebook

This Book Is Dedicated to

Pasquale (Patsy) and Rose

Joe and Anna

Natale (Ned) and Phyllis

Nick and Renee

Mike, Jessica, and Stella

Patsy, Michaela, and Lucca

Renee and Avery

Thank you for your authenticity, genuineness, gratitude, appreciation, heritage, tradition, legacy, guidance, wisdom, time, patience, passion, understanding, support, and listening. If you weren’t you, I could never be me.

I love all of you and am forever IN Gratitude for the immeasurable gifts you have provided me during my life.

Important Disclosure Information

P.J. DiNuzzo is the founder of DiNuzzo Private Wealth, Inc. (dpw) and DiNuzzo Wealth Management (dwm), an sec registered investment adviser principally located in Beaver, Pennsylvania. Please remember that different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment, investment product, or investment strategy (including the investments and/or investment strategies referenced in this book), or any of the book’s non-investment related content, will be profitable, prove successful, or be applicable to any individual’s specific situation.

Please Note: No reader should assume that this book serves as the receipt of, or a substitute for, personalized advice from Mr. DiNuzzo and/or DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm), or from any other investment professional. Should a reader have any questions regarding the applicability of any portion of the book content to his/her individual situation, the reader is encouraged to consult with the professional advisors of his/her choosing.

Please Further Note: Certain portions of the book content reflect data as of a specific date, and such data (and the corresponding reflected results) are subject to change with the passage of time.

Contents

Important Disclosure Information

About the Author

Important Disclosure Information

Acknowledgments

Foreword by James Lange, cpa/Attorney

introduction

There Is a Better Way to Invest

the first key

Are You a Do-It-Yourselfer or a Delegator?

the second (and most important) key

Have a Plan

the third key

Strategic (Buy and Hold) vs. Tactical (Market Timing) Asset Allocation: Placing the Odds in Your Favor

the fourth key

Diversification to Maximize Reward vs. Risk

the fifth key

Indexing vs. Active Investment Management: Making Efficient Market Theory Work for You

the sixth key

Rebalancing: Rules for Buying and Selling Your Investments

the seventh (and equally most important) key

Managing Your Emotions: With a Plan and Discipline

Conclusion

appendix

The Evolution of Dimensional by David Booth, Co-Chief Executive of Dimensional Fund Advisors

Bibliography and Recommended Reading

DiNuzzo Private Wealth, Inc./DiNuzzo Wealth Management Prudent Investor Rule

DiNuzzo Private Wealth, Inc./DiNuzzo Wealth Management Commitment to Uphold the Fiduciary Standard of Care

About the Author

P.J. DiNuzzo is the Founder, President, Chief Investment Officer (cio), Chief Compliance Officer (cco), and Director of Business Development for DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm), which has operated as an sec Registered Investment Advisory Firm since 1989 and currently manages $760 million as of November 30, 2019. P.J. has devoted his entire professional career to helping and empowering others to make smart money and life choices through financial life planning, indexing/efficient market theory, retirement planning, and educating the public regarding their benefits. He has been on the leading edge of Fiduciary advice, financial life planning, and indexing research for decades and approved as one of the first 100 Advisors in the United States with Index Research/Development Leader and Institutional Mutual Fund Manager, Dimensional Fund Advisors (dfa) in the early 1990s. Additionally, he was a pioneer in providing Fiduciary-based objective financial advice and removing prevalent industry-wide conflicts of interests by founding his firm, DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm), in 1989 as one of the first few hundred fee-only practices in us history.

DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm) has been consistently ranked as one of the top 500 Wealth Management firms in the country on numerous occasions by national publication Financial Advisor (fa) magazine. Under P.J.’s leadership, DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm) has regularly been recognized as one of the Best Places to Work and was awarded the honor of #1 Best Place to Work in Pittsburgh and Western Pennsylvania in 2008, 2013, and 2016 by the Pittsburgh Business Times.

P.J. DiNuzzo has earned the distinguished Personal Financial Specialist (pfs®) designation. The American Institute of Certified Public Accountants (aicpa), a national professional organization of cpas has only awarded the pfs® accreditation to less than 5% of cpas nationwide. Candidates must meet six necessary requirements including an arduous technical exam and a peer review of their ability to demonstrate significant experience in a wide range of comprehensive personal financial planning disciplines.

Mr. DiNuzzo has appeared and been interviewed on numerous occasions regarding Financial Wellness LifePlanning, Strategic Asset Allocation, Portfolio Diversification, Indexing, Rebalancing, and Retirement Income Planning on various television and radio programs including: oprah & Friends with Jean Chatzky on xm Radio; cnbc-tv Power Lunch; kdka-tv2 Sunday Business Page with Jon Delano; The Lange Money Hour radio show with Jim Lange; and The Street.com tv.

P.J. has also been interviewed and quoted on numerous occasions regarding Financial Wellness LifePlanning, Strategic Asset Allocation, Portfolio Diversification, Indexing, Rebalancing, and Retirement Income Planning in various national, regional, and local magazines including: Kiplinger’s Personal Finance Retirement Planning; MarketWatch from Dow Jones; Morningstar; SmartMoney; BusinessWeek; Investment Advisor; Financial Planning; napfa Advisor; The Wall Street Transcript; Wealth Management Exchange; Wealth Manager; Bottom Line Personal; and iarfc.

He has also been interviewed and quoted on numerous occasions regarding Financial Wellness LifePlanning, Strategic Asset Allocation, Portfolio Diversification, Indexing, Rebalancing, and Retirement Income Planning in various national, regional, and local newspapers including: The Wall Street Journal; Barron’s; Reuters; Bankrate.com; cbs News; yahoo! Finance; Pittsburgh Post-Gazette; Chicago Sun-Times; FT.com Financial Times; Smart Money Select.com; The Atlanta Journal Constitution; St. Louis Dispatch; Chicago Board Options Exchange; Investment News; Pittsburgh Business Times; The Sharon Herald; The Christian Monitor; The Beaver County Times; Pittsburgh Tribune Review; The Mutual Fund Wire.com; Gulf News – the United Arab Emirates (uae); tmc.net; Comcast.net Finance; Rydex Investments; Free Real Time.com; Individual.com; Lockheed Federal Credit Union; Invest n Retire; abc-tv9 wcpo.com; Fort Worth Star Telegram; kyPost.com; Wealth Advisor; Jim Prevor’s Perishable Pundit; Reading Eagle; The Toledo Blade; Horsesmouth; DemocraticUnderground.com; The Community Investment Network; Daily Herald; Scripps News; The Modesto Bee; Hitched; Prime; El Paso times.com; Paladin Advisor; Advisor Max; Denverpost.com; Oswego Daily News; The Dollar Stretcher; Financial Advisor; The Ledger; Post-Gazette.now; The Columbus Dispatch; Savannah Morning News; and Hampton Roads News Channel.

Mr. DiNuzzo is a member of the Financial Planning Association (fpa), American Institute of Certified Public Accountants (aicpa), the Pennsylvania Institute of Certified Public Accountants (picpa), the aicpa’s National cpa Financial Planning Insights Panel, The National Association of Tax Professionals (natp), the Pittsburgh Stock and Bond Club, and the regional dfa Study Group.

P.J. chose football in lieu of a Major League Baseball offer from the Houston Astros to play with their Class A Minor League Team, as he attended and played football at Indiana University under Head Coach Lee Corso in the Big Ten (Bloomington, Indiana) and also at the University of Pittsburgh under Head Coach Jackie Sherrill. He later received his bs in Business Administration from Geneva College in Beaver Falls, Pennsylvania. His graduate studies culminated in an mba (Masters in Business Administration) from the Katz Graduate School of Business at the University of Pittsburgh and an mstx (Masters of Science in Tax Law) from Robert Morris University at the downtown Pittsburgh Campus. P.J. received his Certified Public Accountant (cpa) designation from the State of Delaware. Additionally, he earned his Accredited Investment Fiduciary® (aif®) from the Center for Fiduciary Studies.

P.J. was a member of the Investment Committee on the Endowment Board for Valley Care Associates, a nonprofit organization providing adult day care, home safety consulting, and physical modifications for the elderly in Allegheny and Beaver Counties. He has served as Finance Council board member for St. Blaise Church. He is a volunteer and supports Habitat for Humanity, Pittsburgh’s Red Door Program for the homeless, and has commitments to his churches in Midland, Beaver Falls, and Pittsburgh’s Southside. He also advises The P.J. DiNuzzo Family Charitable Fund at The Pittsburgh Foundation, dedicated to food, clothing, shelter, healthcare, education, and transportation for less fortunate individuals in Pittsburgh, Beaver County, and Allegheny County. He is a lifelong resident of Pittsburgh and its suburbs. He devoted more than twelve years to helping and assisting numerous young men in the inner city and Pittsburgh area by supporting and coaching more than 1,000 basketball games at the aau, elementary, middle school, junior high, and high school levels attempting to teach and instill in them teamwork, trust, structure, discipline, and hard work. Weather permitting, he typically rides his bicycle to and from work, logging a few thousand miles per year.

Important Disclosure Information

Please Note: Limitations: Neither rankings and/or recognition by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any designation or certification, should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if DiNuzzo is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers. No ranking or recognition should be construed as a current or past endorsement of DiNuzzo by any of its clients.

Acknowledgments

My book, The Seven Keys to Investing Success, could not have been written without the contributions and input over my lifetime of many family members, team members, individuals, organizations, and the Dimensional Fund Advisors (dfa) team and research department.

Special thanks to my advisory team and their areas of expertise: Mark S. DiNuzzo, Executive vp, cfp, aif, mba, Retirement Planning/Risk Management, Wealth Advisor; Carl J. Hartman, Senior vp, Senior Investment Officer, chfc, aif, Retirement Planning/Investment Management, Wealth Advisor; Michael V. DiNuzzo, Sr. vp, cfp, chfc, msfs, aif, Retirement Planning/Risk Management, Wealth Advisor; Robert F. Graham, vp, aif, mba, vp Retirement Planning, Wealth Advisor; Jacob R. Potts, vp, cfp, chfc, aif, Portfolio Management Trade Team Leader, Wealth Advisor; Leslie D. Taylor-Neumann, vp, Wealth Planning Team Leader, Wealth Advisor; Jennifer B. Reddinger, vp, cfp, aif, Wealth Advisor; Andrew C. Pursel, avp, Wealth Advisor; and Ken McDaniel, ea, Tax Advisor.

Additional special thanks to my fellow team members in our operations department: Jackie DiNuzzo, Compliance Officer/hr Manager; Lisa Faulkner, Senior Client Service Specialist; Terri Tepsic, Executive Administrative Assistant/Marketing Manager; Mikey Ronacher, Client Performance Team Leader; Brooke McMaster, Senior Client Service Specialist; Cliff Smith, it Director; Heather Dunbar, Director of Operations, Operations Team Leader; Marjorie Patterson, Client Service Specialist; Ken Aikens, Client Service; Renee Foody, Administrative Assistant; Marjorie Patterson, Client Service Specialist; Denise Lyons, Bookkeeping Manager; Nick DiNuzzo, Video/Internet Manager; Rose Dessler, Compliance Officer/hr Manager; and the Matriarch of our family, Phyllis Nutz (DiNuzzo), Client Service (Emeritus).

Attorneys: James Lange, Matt Schwartz, Karen Mathias, C.J. Jacques, Cori Siri, Mary Jane Jacques, Andy Sykes, Tom Giachetti, Jennifer Johnson, and John Montoya.

Certified Public Accountants (cpas): James Lange, Ken Herrmann, Glenn Venturino, Steven T. Kohman, Diane Markel, Shirl Trefelner, Robert Keebler, Sheryl Rowling, Paul Demharter, David Campsey, and Steve Klemash.

Operations and Technical Specialists: Sandy Proto, Daryl Ross, Alice Davis, and Donna Master, Eric Emerson, Carol Palmer, Beth Gardner, Bryan Tann, Erika Hubbard, and Ed Mittleman.

Wealth Advisors/Financial Advisors: Patsy DiNuzzo, Kevin Kroskey, Phil Henry, Sheryl Rowling, Mark Hebner, Michael Kitces, Mario Giganti, Glen Hahlen, Roger Gibson, Ross Levin, Joyce Schnur, Nancy Skeans, Glenn Kautt, Cheryl Holland, Rebecca Pomering, Shaun Kapusinski, Ron Carson, Mark W. Ambrose, and Tony D’Amico.

Consultants: Lee Brower, Dan Sullivan, Bob Veres, Angie Herbers, Gary Klaben, Barb DaCosta, Gene Fama Jr., Phillip Palaveev, David Blanchett, Dr. Joseph Bosiljevac, Sharon Epperson, John Furey, Brenda Winslow, John Bowen, Russ Alan Prince, Jonathan Powell, and Sharla Hamil.

Image Artist: Sue Abrams.

Professors: Gene Fama Sr., Nobel Laureate; Kenneth French; Ed Lazear; Terrence Thomas Odean; Michael Finke; Wade Pfau; Robert Novy-Marx, Myron Scholes, Nobel Laureate, and Merton Miller, Nobel Laureate (deceased), and Harry Markowitz, Nobel Laureate.

Publishing Manager, Kayla Sokol; Editor, Susan Paul; and Executive Editor, Jessica Burdg.

Dimensional Fund Advisors (dfa): David Booth, Rex Sinquefield, James L. Davis, Weston Wellington, Dave Plecha, Dan Wheeler (retired), Dave Butler, Gerard O’Reilly, Joel Hefner, Rob Bessett, Mike McCann, Ron Krisko, John Wilson, John Mac McQuown, and Marlena Lee.

Companies/Organizations: Dimensional Fund Advisors (dfa), Indexed Fund Advisors (ifa), Morningstar, trx, td Ameritrade Institutional, Fidelity Investments Institutional, Charles Schwab and Co. Institutional, aicpa, picpa, natp, Dalbar, Social Security Timing (sst), Vanguard Investments, Envestnet/Tamarac, fi 360.

foreword

by

James Lange, cpa/Attorney

I am a cpa, a retirement and estate planning attorney, and a respected voice in ira (and just about every other kind of retirement plan) and Roth ira conversion planning. In addition to my work for my clients, I travel around the country offering my analysis and recommendations to other lawyers and investment advisors—teaching long workshops on the intricacies of helping clients achieve a secure retirement—as well as workshops for individuals nearing or in retirement who are also seeking a secure retirement. This is an issue near and dear to my heart. P.J. is a kindred spirit. He places an equal emphasis on financial education and in particular he shares my belief that an informed and knowledgeable client sets the foundation for a long and successful client/Wealth Advisor relationship.

His book, The Seven Keys to Investing Success, fulfills both objectives: for the reader who is seeking good advice and a path to thinking critically about investing and preparing for a long life without undue anxiety about finances, you could not find a better analysis of the process; one that clearly articulates his philosophy and his methods. If you are a client or a potential client, here is almost all of the information you will need to carry on constructive and informed discussions with your advisor. At this point, I would like to offer a round of applause for P.J.’s determined efforts to advance the cause of healthy long-term financial life management!

I feel obligated to disclose that I am not independent with regard to P.J. because we do have a fee-sharing agreement with certain clients. That said, I would not risk my reputation as a cpa, attorney, and a registered investment advisor by saying anything that isn’t true.

One of the problems that consumers face is distinguishing between advisors who provide credible advice, manage money intelligently, and act in the client’s best interest, and advisors who, to put it bluntly, put their financial interests first. I have seen him turn down opportunities because they were not a good fit. And I have seen him morph a big opportunity into a modest opportunity because it was the right thing to do for the client.

Virtually all advisors, including P.J. DiNuzzo and I, come equipped with graphs and charts and reasons why our recommendation and analysis are so valuable. This book goes beyond persuasive charts and graphs. He takes you inside his head and his heart. His family’s influence on his life has been and is immeasurable and formative in a good, if not always easy, way. But this is not his only motivation for writing this inside baseball look on what he does and how he thinks about it.

P.J. has worked long and hard to develop his practice: He founded DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm) in 1989 with the Security and Exchange Commission (sec) with $0 aum, removing prevalent industry-wide conflicts of interest with its founding business model. His was one of the first 300 Fiduciary-based firms in the us, one of the first 300 fee-only firms in the us, one of the first 100 Registered Investment Advisory firms in the us approved by Dimensional Fund Advisors (dfa) in the early 1990s, and one of the pioneer firms in the us to lead with financial planning instead of myopically just managing money. DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm) now manages $760 million as of November 30, 2019. The man has something to say and people should listen. The Seven Keys to Investing Success is an invaluable resource.

I have heard P.J. modestly say something to the effect that he is just a mouthpiece for the Nobel Prize winners at Dimensional Funds Advisors, his favorite low-cost set of index funds. (I might add, one of the things I like about the book is that it is based on sound peer-reviewed and often Nobel Prize-winning research.)

I beg to differ. The Seven Keys to Investing Success articulates P.J.’s original thinking. He doesn’t explain particular investments or funds, but rather his methodology for managing money. This book represents his cumulative knowledge and wisdom gained from 30+ years in the field. Furthermore, as someone who has seen how he manages his clients’ money—and perhaps more importantly, how he and his team manage their clients’ financial lives—his book really reflects how the entire team at DiNuzzo Private Wealth, Inc. (dpw)/DiNuzzo Wealth Management (dwm) practices what they preach.

I have often heard P.J. say, No two people are alike, just as no two snowflakes are alike. Each client is treated as an individual case study. There are no pat answers. No lumping people into predefined categories, and no rote recommendations.

Many advisors feel pressure to write a book. They slap something together and get it out there and claim they are a published author. I have watched P.J. sweat and toil over this book, literally for years, and I can tell you with absolute certainty no one in the world other than P.J. could have written this book. This book reflects his thinking and his philosophy.

P.J. thinks everyone needs a financial plan—a detailed plan—a customized plan the quality of a DiNuzzo Financial Wellness LifePlan™. He asks questions, listens, and then executes and fills in the tables for all the things he writes about: the DiNuzzo Money Bucket Stack Analysis™, the Cash Flow Plan, the Balance Sheet Asset and Liability Plan, the DiNuzzo Tax Bucket Strategy Analysis™, the DiNuzzo Withdrawal Buckets Sequence Analysis™, Social Security Maximization, and identifying your unique High-Net-Worth Personality."

When he asks clients how much they spend per month, he doesn’t take that number at face value. He digs deeper. His team often finds things the clients overlooked. The difference between what the clients thought they were spending and what they really are spending can have a profound impact on P.J.’s recommendations. If he simply accepted the clients’ number at face value and planned an investment strategy accordingly, the client might not, for instance, have a sufficient weighting in fixed income and would be exposed in the event of a downturn. It’s all in the details.

The other thing The Seven Keys to Investing Success brings to the party is protecting older investors with his DiNuzzo Glidepath™. Yes, if the market has a 30-year bull market after you retire, you would not do as well by following P.J.’s Glidepath. But, if the market takes a major downturn and takes many years to recover, there will always be food on the table, a shelter over your head, gas in the car, and a little money for Saturday night. That is what he calls his Risk Capacity. I never worry that a client that I refer to P.J. will end up broke because he didn’t sufficiently plan for a potential downturn. That said, he presents a compelling case against too much money in fixed income because of the danger of taxes and inflation and lost opportunity.

In a world of jokers and boasters, P.J. DiNuzzo and The Seven Keys to Investing Success are the real thing.

—James Lange, cpa and Attorney