{"id":164,"date":"2024-07-31T18:04:21","date_gmt":"2024-07-31T18:04:21","guid":{"rendered":"https:\/\/europaskolos.lt\/index.php\/2024\/07\/31\/at-the-money-the-right-and-wrong-way-to-approach-investing\/"},"modified":"2024-07-31T18:04:21","modified_gmt":"2024-07-31T18:04:21","slug":"at-the-money-the-right-and-wrong-way-to-approach-investing","status":"publish","type":"post","link":"https:\/\/europaskolos.lt\/index.php\/2024\/07\/31\/at-the-money-the-right-and-wrong-way-to-approach-investing\/","title":{"rendered":"At the Money: The Right and Wrong Way to Approach Investing"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><iframe style=\"border-radius: 12px;\" data-lazy-type=\"iframe\" data-src=\"https:\/\/open.spotify.com\/embed\/episode\/1D1NFYP4XUaKznUHtYOcpX?utm_source=generator\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"lazy lazy-hidden mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><noscript><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/1D1NFYP4XUaKznUHtYOcpX?utm_source=generator\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/noscript><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/at-the-money-the-right-and-wrong-way-to-invest\/id730188152?i=1000663942311\" target=\"_blank\" rel=\"noopener\"><em>At the Money: The Right And Wrong Way to Invest<\/em><\/a>, with Dave Nadig, Vetta Fi (Oct 25, 2023)<\/p>\n<p><em>Investing can be complicated. But what if there was a simple solution? On this episode of \u2018At the Money,\u2019 I speak with Dave Nadig about investing as a problem that has been solved.<\/em><\/p>\n<p>Full <a href=\"https:\/\/ritholtz.com\/2024\/07\/atm-right-and-wrong-way-to-invest\/#more-332934\">transcript below<\/a>.<\/p>\n<p style=\"text-align: center;\">~~~<\/p>\n<p>About this week\u2019s guest:<\/p>\n<p>Dave Nadig is an industry pioneer with over 30 years of ETF experience. Most recently, he was Financial Futurist for Vetta Fi, and Chief Investment Officer and Director of Research of <a href=\"https:\/\/www.etftrends.com\/\" target=\"_blank\" rel=\"noopener\">ETF Trends<\/a> and <a href=\"https:\/\/etfdb.com\/\" target=\"_blank\" rel=\"noopener\">ETF Database<\/a>. Dave previously served as the CEO and CIO of ETF.com. As a Managing Director at Barclays Global Investors, Dave helped design and market some of the first exchange-traded funds. He is the author of \u00a0\u201c<a class=\"gtrackexternal\" href=\"https:\/\/www.amazon.com\/exec\/obidos\/ASIN\/1934667854\/thebigpictu09-20\" target=\"_blank\" rel=\"noopener\">A Comprehensive Guide to Exchange-Traded Funds<\/a>\u201d for the CFA Institute.<\/p>\n<p>For more info, see:<\/p>\n<blockquote>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/dave-nadig-9461\/\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a><\/p>\n<p><a href=\"https:\/\/twitter.com\/DaveNadig\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/p>\n<\/blockquote>\n<p style=\"text-align: center;\">~~~<\/p>\n<p>\u00a0<\/p>\n<p>Find all of the previous At the Money episodes in the MiB feed on <a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/at-the-money-the-right-and-wrong-way-to-invest\/id730188152?i=1000663942311\" target=\"_blank\" rel=\"noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/www.youtube.com\/playlist?list=PLe4PRejZgr0PzN7r8NikAnOqP70DHhoJ0\" target=\"_blank\" rel=\"noopener\">YouTube<\/a>, <a href=\"https:\/\/open.spotify.com\/episode\/1D1NFYP4XUaKznUHtYOcpX?si=pjA5mf9OQAW0EbnUaXrtpA\" target=\"_blank\" rel=\"noopener\">Spotify<\/a>, and <a href=\"https:\/\/www.bloomberg.com\/news\/audio\/2024-07-31\/at-the-money-the-right-and-wrong-way-to-invest-podcast\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p>\u00a0<\/p>\n<p><iframe class=\"lazy lazy-hidden\" style=\"width: 100%; max-width: 660px; overflow: hidden; border-radius: 10px;\" data-lazy-type=\"iframe\" data-src=\"https:\/\/embed.podcasts.apple.com\/us\/podcast\/at-the-money-the-right-and-wrong-way-to-invest\/id730188152?i=1000663942311\" height=\"175\" frameborder=\"0\" sandbox=\"allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation\"><\/iframe><\/p>\n<p><noscript><iframe style=\"width: 100%; max-width: 660px; overflow: hidden; border-radius: 10px;\" src=\"https:\/\/embed.podcasts.apple.com\/us\/podcast\/at-the-money-the-right-and-wrong-way-to-invest\/id730188152?i=1000663942311\" height=\"175\" frameborder=\"0\" sandbox=\"allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation\"><\/iframe><\/noscript><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><strong>Transcript:<\/strong><\/p>\n<p>Investing is a complicated problem. What if I told you a beautiful solution has been found?\u00a0 Investing is not easy. How do you pick the correct asset class? Which sectors do you buy? How do you know which are the right stocks or bonds to own? Do you use leverage? Do you hedge? Do you time? What about private equity, hedge funds, venture capital?<\/p>\n<p>It\u2019s really complicated. Or is it? I\u2019m Barry Ritholtz. And on today\u2019s edition of at the money, we\u2019re going to discuss investing as a problem that\u2019s been solved to help us unpack all of this and what it means for your portfolio. Let\u2019s bring in Dave Nadig. He is financial futurist at Vetta Fi and a well known ETF industry pioneer.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: So I love this quote of yours. Investing is a problem that\u2019s been solved.<\/p>\n<p><strong>Dave Nadig<\/strong>: Well, what I mean by that quote, Barry, is that I think a lot of people spend a lot of time and energy and frankly, emotion caught up in the idea that they have to figure out investing, right? They have 10,000. They have 100,000. They want to grow that from scratch for some purpose, 5, 10, 100 years out, whatever it is. And they feel like their job is to solve this puzzle and get all those pieces just right. And if they get it right, they win. And if they get it wrong, they\u2019re destitute. And I think that\u2019s the wrong approach. The core of investing is in fact, a solved problem.<\/p>\n<p>Mathematically, if you\u2019ve got a, a set of assets you can invest in for almost 60, 80 years, we\u2019ve understood the fundamental math of how you put that portfolio together. to get a certain pattern of returns for a certain level of risk. There\u2019s nothing really all that interesting or complicated about that.<\/p>\n<p>You can do all the math on your phone. There\u2019s a hundred different apps you could download that will make a model portfolio for you. That\u2019s not the part people should be focusing on. I. I contrast that to advice, the knowing what to do, when to do it, how to do it. That\u2019s the really hard problem. That\u2019s where people should be putting their energy.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: So let\u2019s, let\u2019s break this up into a couple of different pieces. If I say to the average lay person, investing is a problem that\u2019s been solved, they\u2019re going to say, great. What\u2019s the solution?<\/p>\n<p><strong>Dave Nadig<\/strong>:\u00a0 Well, the problem with your question is that an advisor then would turn around and say, great, how much money do you have to invest? When do you need it back? What\u2019s your tolerance for risk? There\u2019s another 50 questions you have to ask before you get to the investment part. Once you\u2019ve gotten to the end of that chain of questions, you know, Oh, this, I have a hundred thousand dollars. I need this in 15 years because that\u2019s when my kids are going to go to college.<\/p>\n<p>I understand my tax situation and, oh, I can put some of that in a 529 or I can\u2019t. Once you answer all of those questions, then constructing that portfolio, what do I own to get a pattern of returns that delivers me the maximum chance of being able to put my kids through college in 15 years? Honestly, you can do that in a target date fund and that\u2019s most of the math baked in for you.<\/p>\n<p>Anything you do other than that is trying to get a different pattern of returns that is inherently going to have more risk associated with it. So a target date fund, for listeners who may not be familiar with this, these typically are the default settings for 401ks. They\u2019re managed by big fund managers, Fidelity, Vanguard, et cetera, and they start out with a certain percentage of equities and a certain percentage of bonds, um, depending on how far out, 80 whatever, and as time goes by, they gradually lower the risk by raising the percentage of bonds and lowering the percentage of equity.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: Fair enough statement, absolutely. And it\u2019s very easy to criticize those things. They\u2019re very naive, right? I buy a 2030 fund. Okay. Well, how much is precisely in cash? How much is precisely in international equities? There is a decent amount of variation between the vanguard and black rock. And everybody\u2019s got a version of these things.<\/p>\n<p><strong>Dave Nadig<\/strong>: Um, so there are differences between them, but the point is they\u2019re all trying to do the same thing and they\u2019re all basing it on the same. Fundamental understanding of how asset classes interact with each other. So that part of the problem is not actually the difficult one. Making the decision to do that and then sticking with it is the difficult part.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: Let\u2019s stick with the portfolio part because when I hear you say investing is a problem that\u2019s solved and knowing your background working in the ETF industry and what you\u2019ve done for so many decades. I think of a low cost, diversified portfolio of ETFs consisting of broad indices, rebalanced once a year \u2013 You\u2019re done. Am I making it too simple?<\/p>\n<p><strong>Dave Nadig<\/strong>: No, I think it\u2019s actually that simple. I think that the value of going further than that is fine tuning it to your individual needs. Is rebalancing that once a year the best answer is rebalancing it once a quarter the right answer. There\u2019s a different answer for different people is the honest answer there, but the math about how you do it very straightforward for most people.<\/p>\n<p>As you said, a diversified portfolio of low cost index ETFs is going to get you 90 percent of the way there. That last 10% you know, do you get an active manager to run your bond fund? Do you put a little bit of money in? Commodities or crypto or real estate or something that\u2019s a little spicy. Those things are really all about getting that last 10%, those last three miles of the marathon and having some energy there.<\/p>\n<p>That\u2019s what that\u2019s all about. But the base of it, the 80 90 percent of your returns is just about getting your money in the market and not making any dumb mistakes. Big, low cost ETFs are really good at keeping you from making dumb mistakes.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: So I\u2019m glad you brought it up that way because Charlie Ellis wrote a wonderful book years ago, \u201cWinning the Loser\u2019s Game,\u201d where he makes the analogy to tennis. And when you look at professional tennis players, they win by <em>scoring points<\/em>. Sounds obvious, right? Now you compare the professionals to the amateurs. And they don\u2019t win by scoring points, <em>they lose by all these unforced errors<\/em>.<\/p>\n<p>And what you\u2019re describing is, don\u2019t worry about the points, just avoid the big mistakes, you\u2019re ahead of most people.<\/p>\n<p><strong>Dave Nadig<\/strong>: Absolutely, and it has nothing to do with how smart you are. I think this is the other thing people sometimes get upset about is when you say something like this, they\u2019re like, well, but I\u2019m smarter than that. I can figure out something better than just buying a target date fund. It has nothing to do with being smart.<\/p>\n<p>It has to do with whether or not you\u2019re actually going to be doing this every single day. So it\u2019s those unforced errors. It\u2019s the panicking because the market went down, so you sell out of everything. It\u2019s the, uh, thinking the markets are a little bit too pricey, so you stay out for six months and you miss a rally.<\/p>\n<p>Those unforced errors really suck most of the returns out of individual investor portfolios. And even at the institutional level, even the folks that get paid to play the game, their hit rates on these things are like measured in the 51 to 49 percent rate. Nobody hits home runs over and over again, really good institutional active managers hit singles more reliably than they should, and that\u2019s considered magic.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: So the idea that an individual investor is going to somehow do better than that is ridiculous. And I\u2019m always fascinated by the concept of intelligence, because my experience, almost 30 years in the markets, Intelligence is table stakes, just to sit down at the table.<\/p>\n<p>Hey, everybody doing this is really smart, and some people are really, really smart. But if it was just intellectual horsepower that mattered and nothing else did, well, then long term capital management wouldn\u2019t have blown up as spectacularly as it did, nor any of the past dozen funds that blew up. These are filled with MIT and Harvard whiz kids who are brilliant.<\/p>\n<p><strong>Dave Nadig<\/strong>: Right. But it\u2019s not just about intelligence. Well, it\u2019s not because there\u2019s so much luck involved, right? And I think people in the business are very reluctant to point out how uncertain finance is. I\u2019m not saying that it\u2019s luck, whether Tesla stock goes up or down. There\u2019s always a reason. Right. And gosh, the financial media is really good at telling you the reason whatever happened in the market happened.<\/p>\n<p>They\u2019ll tell you why, even if they\u2019re just making it up. Well, that\u2019s the narrative fallacy writ large. Right. Hey, here, let me explain to you what just happened, that I was unable to warn you about in advance because I had no idea. Right, so, so something as simple as market timing, like, Oh gosh, the market seems expensive.<\/p>\n<p>Maybe I should take some off the table. A very common sort of retail investor reaction to seeing a lot of headlines. Whether you get that right, and the math proves this over and over again, is blind luck. Whether or not you actually time the market correctly is a coin flip, and generally you\u2019re going to get it wrong because you\u2019re going to be on the wrong side of sentiment.<\/p>\n<p>So that uncertainty is the reason why intelligence only gets you so far. Because the way you mitigate uncertainty is not by being smarter, it\u2019s by being unemotional and managing risk really well. And for most investors, the way you do that is you give the money to a giant index fund and don\u2019t think about it for as long as you can.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: That\u2019s really fascinating. And, you know, when you speak to certain. Uh, people like Annie Duke who, who wrote the book Thinking in Bets, one of the things that Uh, poker players, where there\u2019s an unbelievable amount of luck involved. One of the things that Annie Duke talks about all the time is avoiding resulting, meaning looking at the outcome, looking at the results, and trying to extrapolate backwards.<\/p>\n<p>What you need to do is focus on the process, and sometimes a really good hitter is going to strike out, and sometimes wood gets hit on the on the ball, and you get a double triple home run. And that\u2019s good. But a good swing, with a, a well thought out strategy at the plate doesn\u2019t guarantee anything. And people seem to lose track of that.<\/p>\n<p><strong>Dave Nadig<\/strong>: Yeah. And I, one of my favorite books, I think she has a whole thing in there about learning to deal with bad beats, right? How do you deal emotionally with, you know, again and again, doing the right thing, having the right hand and somebody who\u2019s just an idiot just hits it out of the park and you lose and then you lose again.<\/p>\n<p>And that is a very common story in investing. And I think that people, particularly folks who who think about investing, who are attracted to individual investing, they think about stocks and performance and fundamentals. I think those types of folks are the ones that are most in danger of making bad mistakes because you can be wrong on fundamentals for a very long time, even if you were right on the underlying truth, right?<\/p>\n<p>The market cannot reward you for a very long time. Your brilliant stock can go from a PE of 20 to a PE of 8 for reasons you don\u2019t understand.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: There\u2019s an old expression, never confuse a bull market with brains. The flip side of that is a rampaging bull market covers up a lot of errors. I love the way the book Thinking in Bets starts.<\/p>\n<p>I don\u2019t remember which team it was and whether it was a Super Bowl or I think it was a conference game where the coach goes on, goes for it on fourth and one. Stopped at the goal line, the other team gets the ball and scores, and the coach is excoriated wanting to go for it, not go for a field goal, but she defends that decision as, statistically speaking, this is your best process but a bad outcome.<\/p>\n<p>Hey, you\u2019re down by seven. If you\u2019re not going to get the ball in now, what makes you think you can get a field goal and then march all the way down the field and score again? It was the right process, and unfortunately, it\u2019s not guaranteed. You had a bad outcome, you have to work past that and stick with the good process.<\/p>\n<p><strong>Dave Nadig<\/strong>:\u00a0 And you have no alternative as an investor, right? I mean, the insurance industry would try to sell you a lot of products that guarantee you things. But there are no free lunches and you certainly cannot guarantee market returns. If you\u2019re going to be an investor and you\u2019re going to do something other than just clip coupons on your 30 year treasuries for the rest of your life, you have to be willing to accept some level of uncertain.<\/p>\n<p>And that\u2019s just the way it is. And investing is a probabilistic exercise using imperfect information, uh, to make decisions about an unknowable future. That. That sounds to me like the definition of uncertainty. Exactly. And, and when I say it\u2019s a solved problem, I mean, the, the overlaps with quantum physics are endless, right?<\/p>\n<p>We are working, living in a probabilistic world. Investors have to get comfortable with that. That\u2019s why it\u2019s a solved problem. We understand the parameters. We understand how historically things have reacted alongside of each other, but that doesn\u2019t mean that\u2019s how they\u2019re going to react tomorrow. So let\u2019s sum this up.<\/p>\n<p><strong>Barry Ritholtz<\/strong>: Okay. Investing is complicated, especially if we make it complicated, but if we want to take a simple solution, it\u2019s not that difficult. Own a globally diversified set. of low cost index ETFs,\u00a0 rebalance those ETFs once a year, have a good night. That\u2019s all that\u2019s necessary. Sure, we can make it more complicated, we can think about lots of other aspects to this, but that solution will work for the vast majority\u00a0 And as Dave suggested, that solution isn\u2019t even the most important aspect of your investing.<\/p>\n<p>It\u2019s why are you investing? What are your goals? What are your risk tolerances? And how does this portfolio fit in to what you hope to accomplish? That\u2019s the variables that are complicated. But investing itself? It\u2019s a problem that\u2019s been solved.<\/p>\n<p>You can listen to at the money every week, find it in our masters and business feed at Apple podcasts. Each week, we\u2019ll be here to discuss the issues that matter most to you as an investor. I\u2019m Barry Ritholtz. You\u2019ve been listening to at the money on Bloomberg radio.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><strong><a class=\"gtrackexternal\" href=\"https:\/\/www.amazon.com\/exec\/obidos\/ASIN\/1934667854\/thebigpictu09-20\" target=\"_blank\" rel=\"noopener\">A Comprehensive Guide to Exchange-Traded Funds (ETFs)<\/a><\/strong>\u00a0by Joanne M. Hill, Dave Nadig, Matt Hougan, Deborah Fuhr<br \/><a class=\"gtrackexternal\" href=\"https:\/\/www.amazon.com\/exec\/obidos\/ASIN\/1934667854\/thebigpictu09-20\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden alignnone wp-image-304008 lazy-loaded\" sizes=\"(max-width: 250px) 100vw, 250px\" srcset=\"\" alt=\"\" width=\"250\" height=\"375\" data-lazy-type=\"image\" src=\"https:\/\/ritholtz.com\/wp-content\/uploads\/2022\/11\/compguide.jpg\"\/><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-304008 lazy-loaded\" sizes=\"(max-width: 250px) 100vw, 250px\" srcset=\"https:\/\/ritholtz.com\/wp-content\/uploads\/2022\/11\/compguide.jpg 333w, https:\/\/ritholtz.com\/wp-content\/uploads\/2022\/11\/compguide-200x300.jpg 200w, https:\/\/ritholtz.com\/wp-content\/uploads\/2022\/11\/compguide-250x375.jpg 250w\" alt=\"\" width=\"250\" height=\"375\" data-lazy-type=\"image\" src=\"https:\/\/ritholtz.com\/wp-content\/uploads\/2022\/11\/compguide.jpg\"\/><\/a><\/p>\n<p>\u00a0<\/p>\n<div class=\"printfriendly pf-button pf-button-content pf-alignleft\"><a href=\"#\" rel=\"nofollow\" onclick=\"window.print(); return false;\" title=\"Printer Friendly, PDF &amp; Email\"><img decoding=\"async\" class=\"lazy lazy-hidden pf-button-img\" data-lazy-type=\"image\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-button.png\" alt=\"Print Friendly, PDF &amp; Email\" style=\"width: 112px;height: 24px;\"\/><img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-button.png\" alt=\"Print Friendly, PDF &amp; Email\" style=\"width: 112px;height: 24px;\"\/><\/a><\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/ritholtz.com\/2024\/07\/atm-right-and-wrong-way-to-invest\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ufeff \ufeff \u00a0 \u00a0 At the Money: The Right And Wrong Way to Invest, with Dave Nadig, Vetta Fi (Oct 25, 2023) Investing can be complicated. But what if there was a simple solution? On this episode of \u2018At the Money,\u2019 I speak with Dave Nadig about investing as a problem that has been solved. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":62,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomika-finansai-bankininkyste"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/posts\/164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/comments?post=164"}],"version-history":[{"count":0,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/posts\/164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/media\/62"}],"wp:attachment":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/media?parent=164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/categories?post=164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/tags?post=164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}