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Now, Monday, my Monday greetings and salutations, everybody, hope everybody is.

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Rocking and rolling so far on twenty twenty one, it's been a hell of a year when we went crazy in the crazy already as a fat. It is a fact. That's a fact. Good evening, good people. Always a pleasure, Mark.

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Monday's staple in the world staple, a staple in the community, that's a big that's a big, fat, big, as big as big is investing show in the world, not just the United States of America. That's about.

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It seems the pro here. 750 on the checking. One minute it's going to be crazy. Are they ready? They will always let it slip as let me get Iraqi.

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Yes, yes, yes, a lot a lot going on today. And we don't stop, we just keep going. Keep going. Another. Another one to keep the ball on the. Oh, no, you know what, we can't hear you. You have to let me check, let me check and we make sure we go.

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Now, we got you know, if you guys can hear me, I know it's us. It's OK. Yeah, we could say so. No, you're looking good, man. Both You are looking good. How are you feeling?

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Yes, I got the Ana's Italian today. I see some people saying like they like that special shout out.

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That's a one to one.

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You're looking at looking very presidential brother and everything. Got everything worked out over there.

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I wouldn't send anybody to the Capitol building, so hopefully I'll do the right thing on that. But I appreciate it. I appreciate I want to, you know, step it up. It's a momentous occasion. So released the food school. We going to get to it and to it. I let's let's get to it without further ado.

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Well, first and foremost, let's make a couple of announcements earlier. Lesia, this is a monumental week for us. Not only do we have a pristine gas for market Monday, be about to announce in a little bit. But of course, we have none other than the legendary Mark Cuban.

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The biggest bulls that you've seen thus far.

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The biggest, the biggest in the game. Man, we got Mark Cuban or IWA out tomorrow at five o'clock Eastern Standard Time.

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One young man, I am so happy.

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You know what makes me happy, man? The response from everybody who was just encouraging, like, you know, I've been with you from day one. I'm so happy for this moment. Trust me, it's going to be well worth the wait. Is is one of them episodes men shout out to the child, to him for one hundred broke.

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Almost every child needs your child to the point that he did break every single record. Hip hop, Hollywood crazy.

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Shout out to him for saying shout out to him. Five hundred, maybe so. So, yeah, that is tomorrow at five o'clock Eastern Standard Time. And then on Wednesday we have seven. Yeah. None other than the purpose of turning our purpose into giving a state planning class for while university. That's going to be about Matt just finished up his class last week. So I know we've been talking about it a lot and we kind of postpone because we had to get the technical stuff right.

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But tomorrow, tomorrow's a big day. Yale University is officially ending today and then graduate school is beginning to as we know it, as we know it, as we know, Mike, it's good. It's not it's not an undergrad. Undergrad is ending graduate school. If you were already a member of Yale University, don't worry. You're already grandfathered in, in effect.

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But yeah, premium the premium will raise. So, yeah, this is the last opportunity before graduate school. But we got a lot of exciting stuff about graduate school.

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So if you're interested in me, we'll put them up, put it in here. This is the last day for this cold cold eio. You get forty percent off and you'll see how we coming.

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We've been in twenty, twenty one for eleven days. You already see what we, we're not playing this year. We have a lot of guys never playing. I have a lot of good relationships.

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You don't know who I, you never know who might pop up. Shout out to Mark Cuban man.

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Billion dollars worth of games out the Al Harrington shot. First and foremost, a shout out here to a legend in two games.

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That's, in fact, a legend in two games. In fact, shout out here tonight. So. All right. I got to say, we got a lot. This is a jam packed episode. Troy, can you say the disclaimer?

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Yeah, yeah, yeah. First and foremost, this message is brought to you by the good folks at Angelis and Dunlap. Do your own research. Your content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with or independently research and verify any information that you find on our show and which you rely upon, whether for the purpose of making an investment decision or otherwise.

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This is a message brought to you by the good folks at Annualise and our good brother Dunlap, master investor, a.k.a. being Winfree, a.k.a. going in.

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I got about four pages deep. I promise I won't talk over you and I won't say one more time. Fifty times I'm a go for and fifty eight. I'm a keep a garden.

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We've got to do the chart thing too that we talked about. Travis Dunlap is in the house. Yeah we could do some. The floor is yours, brother. Let me show you that we get rock. I appreciate you guys for being here. Tonight will be fine. All right, let me know if you guys can see my screen and then I will get going. You know, we got you over here. Perfect. All right. All right, so I want to share with you the top ten things I wish that I knew at 21.

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And these are the things that would have made me a little bit more excited about investing and not being afraid of the market. So some of these topics I would have been with later on, talk to Josh and Josh about. But these are a few. So get your opinion or screenshot and let's go.

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So the thing that I want to cover first. But number one, investment is relatively easy. We as humans make it hard there, I think in business there has been more books written about investing how to invest than almost any other subject on Earth.

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And even from a standpoint of people messing up and mismanaging client accounts, the same mistakes get made decade after decade. But we make it so complicated it does not have to be. After you read two or three hundred books, you're going to come to the same assessment of you're either going to ultra focus on a few or you're going to index at bonds to your mix and have a concentrated portfolio that's spread out across the market. I want you to put in which one are you going to do?

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Are you going to be hyper focused on a few or.

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Are you going to spread it out and get exposure to everything in the market but type in chat? Anderson is not heart. Especially when you're holding for the long term. I want you to go to Barens after tonight and look up this article, How to turn 3000 into forty one million lessons from Investing in a Century. Kudos to Al for that amazing article.

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Number two, the best companies in the world focus on global domination across multiple industries. Hallmark item number two. I want you to go look at the number of companies that Apple and Amazon have acquired since two thousand and three. They look like Lucian Granges budget for acquisition of Artist at Universal. If you look at everything that they've acquired, it's 20 to 40 companies inside of those businesses that comprises one brand, that being Apple and Amazon and Microsoft as well.

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Second tier companies focus on incremental growth and their competitors. So back in the day, back in the bomber days, there was an overemphasis on trying to beat Apple. That was not a high emphasis on being best for your customer. So for those who were businesses that own brands obsess over your customers or clients lives getting better, kudos unicycle up. I don't always answer one of you guys call, but I try to do my best to give you some of the highest terms in the market.

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And then if you look Amazon at one point five billion packages over the holidays, that's going to put a lot of pressure on Postal Service, DHL and any other carrier as well. So they've acquired 11 more planes to ship faster. And at some point we may even have same day shipping be a norm in five or six year period. Number three, please write this down, Mary, the brand that you love the most, if there's a religious movement behind it.

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Say it again, Mary, the brand that you love the most, and if there's a religious movement behind it, the Apple store is a church. Steve Jobs is the messianic figure. Apple was, of course, their version of the cross. The iPad was their Bible. Tesla is going through a similar run. Now, you can argue in the 1980s and 1990s that IBM had a similar structure. Amazon is going through it now, Starbucks and Nike with about 15 brands we can name.

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But if you absolutely love a brand and everyone tells you that you're crazy and even for those either love Bitcoin, right? If there is a brand that you love, you need to tie your money to that. Potentially. I'm not an advisor so I can tell you what to do, but tie your money to that for the lifetime of you invest into the market. It's the 14th anniversary of Apple's iPhone. Ten thousand and would have been four hundred and forty seven thousand.

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Now I remember having the first iPhone. I did not invest 10 grand. I kick myself and ask for it every single day. So I'm telling you from personal experience.

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And then as you get older, for those you that are in the 20s, you're going to feel like authorities are never going to come in. You go look up. I have kids and responsibilities and bills and I'm like, damn, I should have invested. I was into this hot thing when I was first getting popular. A 10 year holding period is almost perfect for every asset class, please write this down. So the average return for index is seven to 12 percent.

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If you look at tech, the average return on a yearly basis is going to be between 15 and 32 percent, depending on which company you pick. The average return for real estate is ten point five percent and the average return for art over the same period is 10 percent a year over the last four decades. So a five year horizon is actually short. And tonight I'm going to give you the time frame that works the best to hold your investment, to almost guarantee that you will receive a return on your investment.

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Now, these this is key, please write this down if you don't take anything else from our segment, from the show. Write this down. The three most important indicators and investing. One quantitative easing. If the Fed stops printing money, especially during the recession, we will go to hell in a handbasket very fast, no to the inverted yield curve. We talked about it many times. It's the only indicator that predicts recessions. One hundred percent of the time and every single one of you that are watching should have an alert set for when we cross number three, the 20 year hold in the market.

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So 10 years in the S&P 500, you will be positive ninety four point one percent at a time, which is amazing. That takes almost all the risk away. But if you hold the S&P 500 over a 20 year period, you can look over any 20 year period, you're damn near guaranteed. Now, of course, investing has considerable risks that will change if the Fed stops printing money. If we lose our stronghold and venture capital, Silicon Valley, and then transitioning from incubation to going public, that could change.

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Fiat currency, of course, could be an issue. There's a bunch of threats that are there. And also we'll talk one day about where we are in the cycle of empires. So maybe I'll have Josh tonight as well. But over a 20 year period. You won't lose in a market, and I know the tough part is if you're getting started, you're like, I don't want to wait 20 damn years to see a return. I'm not saying that you have to wait 20 to see a return, but over a 20 year period, especially if you have kids or grandchildren, it's the best time frame for you to hold through.

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Look at this. I love this, the grandchildren that you love will have freedom based on a decision that you make today. And kudos to all the amazing grandparents out there. Lord knows I love my. And for those who do still have your grandparents, call them today because I would do anything to be able to talk to mine. But look at this. Since inception, Microsoft born out Microsoft and even through that bad decade. Ballmer, kudos to you.

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If you listen, maybe he'll come on the show. Microsoft is up three hundred and fifty nine thousand percent since inception. Apple is up one hundred and twenty four thousand percent. And you guys can go to macro trends dot net. If you think that I fell off a chair, it hit my head and make these numbers up. Bitcoin is up ninety six thousand percent since 2011, and I'm not the biggest Bitcoin fanboy there is, but you can't argue with the growth, especially since 2011.

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And in Monster Beverage is a company that people still continue to sleep on year after year. They're up three hundred and sixty six thousand percent. Now, let me ask you this. How much better what your life have been if your grandparents had invested in one of these companies for you? And there are some for those you that love Tesla, and if you think that Tesla will have a run and neural link will dominate and SpaceX will dominate, are you willing to hold Tesla 20, 30, 40 years for your grandchildren so they can have a better life?

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I want you to make the decision because it will greatly affect and if they act up, you can always take the money and use it for yourself. And for those you that have passed on money to your children, you know, using two or three generations, they blow the money anyway. So it's a good hedge for yourself. We talked about this before, but time in the market, so the length of time that you hold, plus capability to time the market.

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Plus, invest in assets with low drawdown is a gift from God. So if you look at Apple, you can do this, go to micro trends and you can see how often does a company or index draw down, draw down means to lose money.

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So Apple is up over a 40 year period. Sixty seven point five percent of the time. The crazy part is over the last decade, they haven't closed. Negative 10 percent for 10 years. Twenty eight, they had a rough patch, of course, and before this next transition and shift of power from Steve, run the company to Tim it they had a quite a few more draw downs. But to look at the last decade and for company with that market cap to not have drawn down and stayed on 10 percent is absolutely amazing.

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And this is one when I saw it, I was like, I cannot believe this is true because of it. Twenty three percent of all money that's ever been printed in the history of the Fed was done in twenty twenty. You need the market to be able to hedge. Now, I don't think we'll I'm not an economist, but I don't think we'll print this much money again in twenty twenty one. But given everything that happened in the capital, the second and third strains being prevalent and we are still in a little bit of economic upheaval, we're going to have to print again an order.

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And people are fighting now one or more than six hundred. We're going to have to print again. I think the Fed misstepped and didn't print early enough, but the market is the hedge because otherwise inflation is going to eat a lot of the gains and savings that you guys have put away. And this is one of the biggest ones I need you to eliminate all personal debt at all costs, especially credit cards, especially if your rate is like 24 percent, 25 percent.

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It's unbelievable because you're technically, if you have a credit card that is giving you. That's 24 percent interest on it, any gains that you get in the market if you invest long term as a cancer to your portfolio and your freedom? So this year, we're going to talk a lot more about the personal finance, but it's hard to get to wealth if you have all these looming debts over you. So I know student loan is tough, but personal credit card, car, mortgage, let's try and keep those two as minimal as possible.

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And this is a key lesson I wish I knew and I missed out on the last Great Recession, and that's why we're all in post two nine to learn this. But you never want to waste a recession that has lifted through quantitative easing. I want to be very clear if we're going to recession in twenty, twenty seven and if I am not going to print money to offset these losses, I won't invest a damn dime in the market. I don't think that I'm suggesting is that I was the reason that the market went up because I called a few spots and, you know, bought a crystal ball off eBay, the great lever was quantitative easing that helped us a ton.

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So be mindful of that. And this is key when doing your analysis of a company. From one of the greatest investors that there is in a market today. Can this company help one billion people over 30 years? I want you to divide that number hypothetically so you get an average and that will tell you how many people that company would then expect to help, and then you can play with some price targets and see how much money that company can make.

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But in your evaluation of a company, Tesla, one of them. Yes. Apple, yes. Invidia AMD, especially the gaming market growth. Yes. Can this company that I'm about to invest in help one billion people over 30 years? That has to be a fundamental analysis question that you ask when doing your assessment of any company. And on a training site. This is really key, especially for my traders. You have to assume that you're wrong and every damn trait that you trade, that you take until profit is secure.

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So what do you do that with the trading stop or let's say after you are up 10 percent, you manually lock in three percent until you are in profit, because even with slippage, things can happen. You can have a flash crash until you are in profit. You are not safe. Death is knocking on your doorstep because any time we say, I know this one is going to win, those are the ones that are going to fall apart.

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Everyone went crazy about Kodak last year and thought it was going to do great hearts the same. And then people end up getting crushed on the backside of those trades. And hyper reduction of positions is key. I'll talk to some of you, assuming you have fifty five positions, I'm like you Metromedia far, you might as well compete against Kathy at that point. You need to reduce some of the positions that you have and laser focus on a few want companies.

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These are the things that I wished that I knew at the age of twenty one to help me become a better investor, because until you have a formula that works for you, there's going to be a sense of intimidation and you need a process to help offset that. And even with the process, emotions kick in and we may deviate. And this is why this one is key. Homework for the week. I hope that we've earned a spot into your top five, but this year I only want you to focus on listening to our podcast on investing.

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Five books and five newsletters and trash, everything goes. Trash everything else, because the more information that you take in is actually going to hurt you and you're actually going to take less action because you're going to get too many conflicting statements. So I hope we earned our way into the spot. And for those of you that didn't get the BOOKLESS last week, I'll be sure to send it out. But you can go to the site and I'll enter this in for you.

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And I'll tell you, my podcasts are my favorites, which, of course are commodities. And they're my favorite books and their five newsletters that you should follow, but you have all the information that you need. We've been here every week for almost a year. You have CNBC, some of you guys listen to Josh and BOTTOMLY We have everything that you need and more reduction of media sources is going to help you perform a hell of a lot better.

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So thank you guys so much. Let's keep it short so we can get our amazing guests on and then also get some insight from Troy Arashi. Thank you.

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Appreciate you, bro. Appreciate it. Appreciate it. Definitely. Great. Great presentation, as always. Thank you for that. Thank you, brother.

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Thank you, Carol. Yes, for sure. For sure. So without further ado, I think is it less. He is definitely.

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And he was here early, so. Let's get a more. Let's give Iraqian. There we go.

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So you guys guys got to understand that I'm a fan of the show, so I knew it was going to set the table and I had to be here on time and let me apologize in advance.

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I would have called you at playing, but the way YouTube says I'm in the news because you got the moves.

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Can I tell you that that's that's the interpolated version because I'm not trying to get sued. D.J., friend of mine does all the music for our shit, and I love it. There you go. One good choice. Good choice. Know one other thing on Ian. And he was just dropping jewelry all over the place. But even if my shit was on mute just for the tie, shirt and suit combo, I would have been like that would have been like worth the early check for you.

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Appreciate it. I appreciate it. And I you guys that. But damn right don't. No cop killer. That's hilarious.

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We saw digging in the background, so, you know, we had to do it as well. And I know that of this shit. Look at this. And you got the 36 chambers. Yeah. What's the what's the YouTube thing? Is that a plot for a number of subs? Yeah, 100, 100 thousand.

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So I'm not there yet. I'm on that sum at 60.

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So this I'm trying to learn from you guys though.

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Celebrities, but not Josh Brown. Thank you for joining us. Anybody is not familiar with Josh. Josh is an investor. He's a star of NBC's Halftime Report. It's crazy because everybody I speak to like that's my favorite person, like a wall to Wall Street traffic to Wall Street shop.

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I'm like, we got Josh Brown. He's from CNBC.

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That's my favorite. I said I said, I'm like my favorite guy. I watch them every time guys are blah, blah. Thank you. You're the people's champ of that.

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And also, I want to make sure I say the name correctly. You are the head CEO of Rits Hultz.

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Well, it's not an easy one. Ringholz We're told that a lot of a lot of people say Ritholtz because it's age, but it's it's it's little. It's my partner is of German descent, I guess. I don't know. Just call him just call him Pretzel Ringholz, Wealth Management Barriers. A lot of people don't know this. The history. Barry is the first financial blogger like him and Jim Cramer start at the same time. Barry was writing on a website called Cities, which is probably older than most of the people watching this right now.

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But that's when you would write a post for thirty minutes and encode it for thirty minutes like there was no editor. And then he started writing for the street dot com with Cramer and then he started his own blog. There was no such thing as blogs when he started the blog. They it that was just like a page that he was waiting on. So he's so he's like a pioneer of just doing investing content on the web back to like late nineties.

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So he's one of the first financial bloggers that inspired me to start my blog in 2008. So my my things already like twelve years old, but I want it to be Barry. So we got to partner in business, which was just an amazing thing, because when I met him, I had nothing going on and he's like listed. I need you, I'm like, you need me, I don't I don't have a pot to piss in. He's like, Listen, I got all these people asking me to help them with their money, but I don't do that.

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I'm not a financial adviser. You are a financial adviser. And you get what I'm doing because you have a blog. Come work with me. That changed my life. I swear to you, I was I was broke at that moment, and that was in 2010. So it's really a decade since Barry changed my life by asking me to partner up with them. So amazing things like that happen all the time we can get. We can go deep on that stuff if you want, like, inspirational shit.

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But like, I just I wanted to start with that story because I didn't walk out of Harvard with an MBA and start managing money right out of the gate, like I had to really scratch and claw to get to where I am. And I think a lot of people appreciate that now and I appreciate it now. I didn't appreciate it at the time, but that's that's my that's my background. Just to give people a little bit of an idea before we get into this, I appreciate that.

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And I got to give a shout out to MGM Mortgage Guy and his better half. Tony. Tony. Yes, Tony. Tony, is that happy belated?

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Yes. Happy belated for sure. She's a personal shopper. And I guess her and your wife, I guess, of cool and yeah, my wife loves her.

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I mean, my wife and my wife's mother have been working with Tony for like ten years. And my wife is a one person stimulus machine for department stores all over the tristate area.

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So, yeah, Tony's very possibly so Tony Tony Bedroll. So definitely all shout out to Tony, the best personal shopper out there right now, is there? Yeah. If you're looking to get to your personal shopping trip together, I got to close it. They did a shopping spree in Miami. So so shout out to M.G. and shout out to Tony for sure. We appreciate it.

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Appreciate you leaving the cake as I'm trying to change my life. Thanks so much.

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Let's get into it, Josh, that we all got a lot of questions for you, so. All right. My first question is another one of your fan shouts. I got some more. He likes you a lot and more always. So any time the market goes down because I'm having a to he always told me, like, the rotation is happening. It's rotating, is rotating, like the one whose rotation is rotating out of financials that are so short.

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All the bam. He made a lot of money in Excel on that.

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So the financials, are we seeing a rotate? First of all, how do you feel about financials and are we seeing a rotation into financials in twenty twenty one? How do you feel about that and things of that nature?

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So this is maybe this is maybe I'm wrong. Some financials like I own I own J.P. Morgan Chase shares. I own. I own it forever. I'm never selling. That's my that's my mentality as an investor, by the way, which we could talk more about. So a lot of that rotation stuff gets lost on me because I'm not going to try to jump from one to the other. I'm diversified, but I try to own it all. And and so I'm in some financials.

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The problem with the financial sector is that the largest companies, all are dinosaurs. And, you know, a lot of people, they don't even think twice like, oh, where is the S&P come from? How do companies get categorized into these sectors? Right. They just they think it's like a naturally occurring phenomenon. It's not it's a committee and will tell you that there's a Standard and Poor's is on business with the company. They have an index committee and they say you're a financial you're a consumer staple, your utility.

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And it used to be easy. It was obvious what's a bank? It has it has a marble lobby and they don't change the bank.

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They did something really stupid, not on purpose. They screwed up. When all these next generation financial companies, fintech companies came with all the stuff that you guys talk about every day, they categorize them as tech stocks. Did you know that PayPal, which arguably is the most important financial company in the world right now, is considered by the Standard and Poor's index committee to be a technology company, a software company, if that were in the Excel at the Excel left, would be five times higher.

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They don't even have square in their little square is literally merchant financial services like you couldn't get more financial services than Square. It's in the test pocket. It's not in the financial services. But they did this over and over and over again. And what they ended up with was a sector that nobody would want to own. It's dominated by massive banks that are getting their asses disrupted and massive insurance companies. And that's why it's it's I don't think it's made a new high since 07.

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I think it's still below the 07 price. Which is on imagine holding a sector and being break even after 14 years. So, all right. So what do I think? Financials? I think we have to look outside of the sector if we want to make money in this space. So I also own MasterCard, by the way. MasterCard, you would ask somebody, is that a financial stock? Yes. No. Software, it's it's it's intact and makes no sense because American Express is in financials, so why would you have American Express in the financial index, Visa and MasterCard in the tech index?

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OK, you're stupid, but that's OK.

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So you've got to sort this out.

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So for the rent, so you got to like got to think for yourself. You can't rely on the index. By the way, Wal-Mart and Target, once a consumer staple, once a consumer discretionary. You tell me why. I don't know what all this random shit like that. So you got you've got to think for yourself and don't just accept this in company.

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I got a question about another sector. And obviously everybody's high on Tesla being on Tesla. We saw with Neil just did a shout out to Neil and anybody that that that was in that early. But as we see more EV companies in rise, I wonder what that does to the energy sector, specifically oils and companies like Exxon and Chevron going forward? Yeah, Tesla is now bigger than the entire energy sector put together that sick. It's sick because as recently as 2013, Exxon was one of the top five companies in the world by market cap.

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And for brief periods of that year, it was number one. That's crazy. It's seven years later. And Tesla, which had only been public for three years in twenty thirteen, is now the fourth largest market cap of the S&P CEO, one of the richest, the richest person on earth, or first and second tied with Bezos. So it's not just the magnitude of the change. It's the the speed, the speed of the speed at which things are changing.

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It's unbelievable. And so then the question is like, did we see the highest demand will ever see for barrels of oil? I think it is an argument that we have. So that's going to be a sector that shrinks. Now, if you were an equity investor, you own the stocks of those companies. That's not necessarily a death sentence. But I do think that you want to prioritize balance sheet versus any other consideration if you're buying oil companies, because, you know, the game now is going to be consolidation in any industry that's shrinking.

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The next phase is not there's no more growth. Companies are now we already know the pie. This is the pie. It's never going to be this ever again. Right? Oil consumption, it's it's never going to be. So it can only be this and then this and then this and then this. So which company can gobble up the biggest slice of that pie? So that's the first thing. The second thing, Exxon may be getting religion now, but they were mad, slow to this idea of like if we want to be an energy company for the next 30 years, it can't be on oil.

[00:33:38]

BP and Royal Dutch Shell told their shareholders to prepare for huge capital expenditures. Because we're going to go wind, we're going to go geothermal, we're going to make big investments and stuff that is not going to be profitable for a long time because we want to be around an Exxon Onda, what's his name, the guy that went to work for Trump. Rex Exxon was like, no, we're going to stick to we're going to stick to dinosaur bones.

[00:34:10]

And now they've got to reverse course. That was a bad decision. So some of the gigantic oil companies today will be gigantic green energy companies in the future. That that transformation, though, could be very painful for their shareholders today. And remember, a lot of their shareholders are there for dividends. Those dividends are not promised. That's not like interest rate on a bond where you could take it to the bank dividends. When we saw we saw hundreds of companies cut their dividends this year for good reason.

[00:34:45]

So I would just be careful with that space. You can make money. You can certainly trade oil, oil and gas stocks. But from a long term investment perspective, you want to pick the companies that seem to be committed to the next to the next episode, which is not going to be crushed up dinosaurs.

[00:35:06]

You got you got a bunch, but I got a few guys.

[00:35:13]

You know, it's interesting you say that because they call it fossil fuel. You know, that's why I call it fossil fuel. Why? Because of the dinosaurs. And that's just really bizarre, because it doesn't come from dinosaurs. I learned it on the first time.

[00:35:23]

So it just doesn't come from dinosaurs. It comes from organic matter, like plants and vegetation and dead dinosaurs. And just it's right. I'm a I'm an amateur geologist. They're with me. Well, but you just look, a lot of. We're not going to. The whole Trump thing tonight, but a lot of the frustration in this country is coming from places that historically people earned good livings pulling oil out of the ground, pulling coal out of the ground, and their daddy did it, the papi and the grandpappy, the whole thing.

[00:35:58]

And that has been taken from them. But that wasn't taken from them by Joe Biden or Hillary Clinton or Barack Obama. That was taken from them by economics, because fracking, the technology of fracking, made it so that these things are just not viable the way they used to be to power power plants, because we discovered through fracking that we are the Saudi Arabia of natural gas between the United States and Canada. We have a two hundred year supply of natural gas.

[00:36:32]

So, of course, coal is dead. It's not political. It's economics. It's not viable anymore. Forget about what it does to the environment. So natural gas is the bridge fuel. And then you look at some of these companies like Albermarle mining lithium, and you cannot make hybrid or electric vehicles without lithium ion batteries. Maybe someday you can. You can't right now. So Albi is a stock that I think it's one eighty. This is a stock that it's in a chemical sector.

[00:37:04]

It's an industrial. But this is very much a company that's part of the future because they've got the whole lithium game on Smash. There's like there's like five companies. And other than Albi, the rest of them are all from Chile. So people would rather buy the American one. So like, that's if I'm an energy investor, that's where I'm looking. I'm not looking at real oil, you know, like the shit that I was the twenty first century.

[00:37:29]

I'm satisfied. I don't have I don't have to reply. Yeah, let me buy. What used to work my mind said is always like if I'm going to be an investor and buying something for decades, yes, I might get disrupted. But I don't want to get disrupted on purpose. I want to at least give myself a chance to own something that's going to be sustainable.

[00:37:49]

I want to thank you for being here. You should have brought back Nick and Ben to, but I appreciate you for being here. And also, I want to tell you, thank you for also being like the Martine's of our generation.

[00:37:59]

Allow that here. So long.

[00:38:03]

So thank you. As far as the classifications, what tech do you think that this tech, Ron, is real or is it because we got his ass kicked in twenty two thousand nine and now it's kind of like being the new S&P? And my second question will be, can you walk us through what your mentality as an investor is?

[00:38:22]

OK, so the tech thing, I think we better hope it's real because technology stocks are now twenty five percent of the S&P 500. So a quarter of the stock market is based on technology. And by the way, that's understated. We were talking about sector classifications before. Facebook's not in the tech sector to the communications sector. Amazon is a consumer discretionary. Don't ask me why they used to sell books. I don't know. It's the biggest cloud company on Earth and it's not in the tech sector, but whatever.

[00:38:53]

So that number that twenty five percent is probably understated.

[00:38:57]

I would say like half the market know I think forty two percent or something like that.

[00:39:01]

Yeah. And then think about like biotech is a whole other thing that we don't even get into, but that's, you know, those technology companies. So it better be for real. I think the big difference between now and two thousand and two thousand one, which I was around for when they beat up all these technology companies, the difference then is that. Not only do they not have earnings in these companies, they are earning a fortune. Some of them had no revenue and some of them didn't even have a business plan.

[00:39:32]

Some of them were like, we got to we got a are let's go public. And the bankers were like, yeah, let's go public. Because there's a saying on Wall Street, when the ducks are quacking, feed them. The dogs were quacking, the dogs wanted more product, so Wall Street investment bankers from coast to coast, right. Just winning new stocks into the market every day. And eventually we were choking on it. We're choking on supply.

[00:39:58]

And that's what put the top into the market. We're going to get there again. We're not there yet. When Airbnb opens above a hundred billion dollar valuation on its first day, that tells you there's still more fuel in the tank. We're not quite at the point where we're choking on new supply of IPOs and sparks. And we did like three hundred IPOs this year. Nasdaq and NYSE icepacks were maybe half half the deals, not half the size.

[00:40:27]

But whatever. We're going to get to a point where they give us too much and it's too heavy and that that puts too much pressure on our shoulders. And you see the market start to fall on good news and you see like IPOs come out and closed down for the day. That'll be your signal. That risk appetites have been satiated, the ducks have been fed and we're heading into a new bear market, but we're going to have to do that yet.

[00:40:58]

Is there a time horizon historically that that presents itself, or is it 40 companies with a trillion dollar market cap or half a billion? Like what? Is there a ratio that you're looking for now?

[00:41:10]

I think it's I think it's you know, it's not science. I wish it were like there is there's no formula because if there were a formula we like, we would all know it and it would be rendered useless. So I think it's it's like pornography. I can't define it. I know when I see it, I don't know where the line is exactly. But I when I see it, I know you brought the FBI to see that you guys see the best friend's video, best friends who own videos.

[00:41:43]

That's why on video with dogcatchers and Meggan. Oh yeah. Yeah. So I don't know if that's through the line or not. I just know I won't let my daughter watch that.

[00:41:52]

Children are not you right on the line. I don't know which side of the line, but it's teetering.

[00:42:00]

My daughters, my daughter's fourteen like this in front of the YouTube and I look at the screen, I'm like, no, no, it's only love.

[00:42:10]

That's funny. That's how it shocked everybody.

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Are you two sixty five hundred people only check it. We had a I don't don't forget the like button.

[00:42:21]

The big big big show. Just you brought up IP and obviously talked about Airbnb and that was a crazy day and you're you're losing your whole audience. Everybody's everybody's searching for dogecoin right now.

[00:42:35]

I bet this Business Insider said that we had over four hundred and twenty two IPO open next year. Is there like a rule of thumb when investing in that in that sector, do you look to six months or what is your thoughts when investing in a new IPO? So I've been in a bunch of IPOs. I don't do that in size because I don't think that I'm knowledgeable enough to really be able to tell what's going to work, what's not. It's just not my expertise.

[00:43:02]

But every once in a while with like a little bit of money on the side, I'll do something like that. So I was in unity, for example. Take a view. I owned the pre-IPO part of a fund then on the IPO and I'm still in that one. I was in some others that we flipped out, but it's not a really big part of my business, to be honest with you. I wish that there were a rule of thumb where you could say, like, this is the right length of time to stay with an IPO, et cetera.

[00:43:28]

But a lot of that depends on the overall market environment. And in some environments it's different than others. What I what I found really interesting about the IPOs this year, a lot of people think that all these stocks that came a lot and I know you guys have talked about this before. A lot of people looked at that and said, oh, it's speculative. It's so risky. They had it twisted. It's the opposite. Here's what's going on with this spark boom.

[00:43:54]

Can you talk about this back? Like, what is what is what is that? So it's a special purpose acquisition corporation. It differs from and it goes public like an IPO, but it differs from an IPO in that it's not an operating business. It's basically a famous investor and a bunch of his friends and contacts or her friends and contacts. They pool their money. They go public to get other people to bring money into the pool. And they say we have the next 12 to 18 months to use this pile of cash to go buy and operating business.

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And then we're going to change the name of our stock, our special purpose acquisition corporation, into the name of that business. So that's how Deskins went public a year ago. Kings was a private company, operated. They sold to one of these publicly traded pools of capital, and that's how they ended up becoming a public company. And the stock has done really, really well. This is crushing it right now. So that's an example of where it goes.

[00:44:51]

Right. OK. The thing with the specs, though, is that a lot of people don't understand is that hedge funds love sparks and why do they love them? Because hedge funds get paid to invest. When they sit in cash, they don't collect their fee on that portion of their portfolio. So, like, picture this, your 10 billion dollar hedge fund, you feel like you really don't want to have a lot at stake right now because the market's high, whatever.

[00:45:21]

So you could put that money into stocks and it's the equivalent of sitting in cash. And then when that spaak announces a deal and there's a pop you could flip out. If you don't, you could just sell it. If you don't like the deal. In the meantime, you were able to build on those assets. Hedge funds bill, two percent management fee just sitting there. So it was a way for them to not sit in cash and earn billing on assets that were effectively cash.

[00:45:48]

So people like, oh, yo, it's a speculative mania. Everybody's buying stocks now. Don't get it fucked up there in these things because they are not taking risk. They're getting paid to not take risk if you have it backwards. And that edge now. Now, when does it get speculative? When the stock announces the deal like one of trammelled specced announced their deal the other day on the air with us. So I write Anthony Noto as a private company called Sophi.

[00:46:20]

So Checkmates group is buying it had a big pop, I think it was up 16, 17 percent on that news. If you stay in it, now is when the risk portion begins, because now it's got an operating company, you're paying a valuation on that, et cetera. That doesn't mean it's good or bad. I'm just saying now it's not cash, now it's a deal. So I think we need I think that nuance gets lost in all of the breathless coverage of IPOs, facts.

[00:46:50]

People don't even understand what's going on. There's always a game behind the game. That's the game behind the game. That's for for the advances and the wealth managers, you talked a lot about client Alpha being more important than asset allocation looks like a perfect mix for you as an adviser. And then, like when someone like Kathy comes on board and just takes the world by storm as an adviser, do you adjust your strategy? And do you and Barry talk about how to offset the perception of everyone run into ARC, or did you just stay true to the course?

[00:47:20]

We all and all those stocks, but we don't own them in concentrated positions like we own the Qs. I got Tesla, I got I got all that shit right. I we're not making concentrated bets. And here is where we get by the way, shout to Kathy Would Active Manager of the year. A lot of people don't know she's sixty five years old. So this is not an overnight sensation like she worked her whole career and built from contacts and her research ability.

[00:47:49]

She she deserves this moment in the spotlight and all her success. I hung out with her on stage at a Bloomberg event. She was like in a leather jacket. I'm just like, you're you're killing it. She's like, oh, no, no, I'm not killing it. Yes, you are. I want to be in the same stock she's in the differences, we are working with clients who are, for the most part already rich, and we have a different responsibility to these families.

[00:48:20]

The responsibility for these families is to keep them rich so we can have portions of their portfolio in speculative areas of the market, high valuation stocks, cutting edge technology, innovation. I love all that shit. I love it. I just can't have most of their money because we saw today. I don't you guys what you guys watch the tech world. Bitcoin had a 20 percent drop down today.

[00:48:46]

I called that last week. Last week.

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We've been in that space before. We're seeing these large pullbacks.

[00:48:53]

So we know that this is part of the game now. Now, it's a lot of fun on the way up, but there's two things. The first is stocks. And I consider Bitcoin a stock right now. I know it's not, but it is. Stocks take the stairs up in the elevator down. We're truly seeing a version of that. And I'm not saying forty thousand is the top, but what if it was and you had twenty percent of your assets in that?

[00:49:19]

You know, I'm saying, like you you forget about percent when you were dealing with wealthy families. So you have a family that's got five million dollars and they're counting on that money to fund their lifestyle, fund their children's lifestyle, et cetera. And then that five million turn into four million in one day. How do you how do you even pick up the phone had that conversation. So we're trying to take the appropriate level of risk for each family that we deal with.

[00:49:47]

And it's always different. And so that's why people like what's a good rule of thumb? I wish there were a great answer. The reality is the answer is going to be different for every person and every person situation, which is why generalized financial advice is so difficult.

[00:50:02]

So let me let me actually I got a couple of questions. But first question is we we live in New York. I know you live in New York, so you can, you know, appreciate it.

[00:50:10]

Just the island south of Long Island.

[00:50:16]

What do you go for your firm? I know you said you work with wealthy people already, do you? What do you consider to be wealthy? So I should amend that. We have an automated asset management platform for people with less than a million dollars in liquid assets. It's called Lift Off the wall is left off. Invest, Michael. Bartnick created all the portfolios on there, and that's a 50 basis point annual fee. It's a phenomenal service.

[00:50:47]

I have accounts set up in there for my kids. So we're not only investing for the wealthy people. So liftoffs got families that we care about. They just haven't gotten to a million dollars yet. So that's a very easy online platform. It's built using Baramidze technology and our portfolio. So it's sick and we love the guys that are good friends with those guys. So left off investors is for younger investors, new investors, people who have gone to a billion.

[00:51:15]

But our wealth management platform is a million dollars liquid and which means net of the house, net of any other non-liquid assets. Like we want to be able to invest at least a million dollars of people. And it's not because we think that only they are worthy of that high touch financial plight. It's just that to run a business, you can't say yes to everybody and you have to draw the line somewhere for different advisors. That line is drawn in different places.

[00:51:46]

I know guys, you know, managing NBA guys, guys money and they're not talking to anyone of less than twenty million.

[00:51:53]

That's why I was asking. I wasn't asking because I know how it is as far as like, you know, you got to. Yeah. You can't make a profit if somebody is invest in five thousand dollars. An IRA is just is what it is. But the reason why I ask is when we interview Mark Cuban, one of the things he said, he was like, you know, a million dollars is not it's not going to do it.

[00:52:09]

He was like, you know, when you get a child is not going to be enough because you feel good about yourself. But you got you got to be very careful. You have a lot of respect for that million dollars because million dollars is not that's not going to last.

[00:52:21]

I mean, everybody a million dollars is not a million dollars anymore, but it hasn't been for a long time. Member in Austin Powers, when when Dr. Evil holds the whole world ransom for like one million dollars like it hasn't. And that was a funny joke in nineteen ninety eight or whatever it was, Austin Powers came out. So a million dollars is not in New York right now.

[00:52:45]

What are you looking at. Ten million. Fifteen million. Twenty million. Look what's the number to say. OK, ok, you're good. You live, you live in Manhattan. You need a car in the garage. Right. So a thousand dollar on the lease. Six hundred a month on the on the garage. Then you want to get the hell out of there every summer. So you need the house to have kids. Then you kids have to go to private.

[00:53:07]

All right, because all your friends, kids go to private school just like hit, and now you're paying every tax known to mankind in New York City like the absolute one of the worst places for taxation. And these days, not even getting your money's worth, like you're paying all that tax for what? You got a Broadway show? Not this year. You've got a restaurant, not this year. So it's a very tough situation like Manhattan living.

[00:53:32]

And in a lot of areas of Brooklyn, that kind of lifestyle is very, very difficult. You have to really want that because the amount that your lifestyle costs you like, obviously your money goes so much further almost everywhere else in America. So I think a lot of the people that are committed to that and willing to work the hours and do what it takes to earn those incomes, I think what they have in common, from what I've seen, either there's family money already that's like trust funds and stuff that's funding part of that lifestyle costs because it's way easier to spend money.

[00:54:10]

You didn't earn the money you did earn. Right. So I think that's a big part of it. And then I think another big part of it is dual income. I don't know of a lot of families, people that I know who are doing it on one person's income since a husband working on a wife working, and that's part of why they want to be in the city to be nearer to their job. Now, one thing that coronaviruses just probably changed forever, blew up forever, even when the economy reopens, even when we get back to work.

[00:54:38]

Employers are no longer going to be as concerned with how many hours you sit in their facility for or even how many days, if anything, it do me a favor. Come in Monday, Wednesday, Friday, do me a favor. Work the first three days of the week. Don't come in Thursday, Friday, because now employers won't have the flexibility because now they figured it out. I've been doing this since we built a remote company, started in twenty thirteen.

[00:55:06]

OK, so I had employees on the other side of the country, more employees outside of New York than in New York from from Jump Street. Now every company like Google, Facebook, Twitter, they have now figured out all of this money being spent to keep their employees living in big cities and paying astronomical rents and having these insane costs of living for what? Who is this? Who is this going for? How is this helping anybody? So there's going to be more flexibility than ever to work for your dream, work at your dream company and work with the people you want to work with and you don't.

[00:55:44]

We now are at a point where employers are going to feel that, hey, I don't have to see this person every day to know they're doing their shit. So that's what this pandemic is change. So you want to live in New York and be in a position where you have to have ten million dollars or you want to live in St. Louis and have three million dollars and live like the people in New York City who have had like that's I'm not saying one's good.

[00:56:10]

One's bad. You now have the choice where you didn't have the choice between pandemic.

[00:56:16]

So pandemic has obviously changed your business. And one of the things I was listening to your podcast is the importance of cybersecurity. Yeah. So can you get into that and how it was kind of one of those things that you didn't think about, but it was like, wait, we need this, especially since you were ahead of the curve. I didn't even know how much risk we were in until I hired somebody to, like, look at all our shit.

[00:56:38]

And they're like, yo, you have thirty something people running around the country. Each one of them has a phone, laptop, or these are what are called endpoints. And if you can get into one of these endpoints, you can tunnel your way deeper into the core of any organization. Right. Like, it doesn't really take that much for a very skilled. So this is going to be, in my opinion, one of the biggest bull market opportunities of our lifetime over the next ten years.

[00:57:08]

The amount of money being spent on cybersecurity is going to outpace spending on any other type of software. My in my opinion, based on everything I've read, it's going to it's going to keep pace with things like 5G and the cloud and it's going to outpace virtually everything else. Because if you can't secure your employees devices, your corporate network is that shit is exposed, then all the other stuff you're spending money on is a waste because you will be out of business.

[00:57:37]

It only takes one hack, it only takes one. So I'm very, very bullish on cyber stocks. I know a lot of people watch your show. I've been involved with this scalar and crowd sourced from the Wall Street tracker.

[00:57:53]

He's real big on crowds and that's come in that stock. I'm super close, but yeah, like that to me. Like you try to think of, like, what's an obvious bull market? What is anyone ever going to spend less on cyber security? No.

[00:58:09]

So who's going to win, right, right. So like that that's that's how I'm trying to think about that disvalue dispersion factor into how you pick your stocks for yourself or for your clients. And then I love Tesla with that P or one. Twenty nine is sick. Normally a p e ratio goes as high. What do you think the fake protests will be over the next two years?

[00:58:30]

I think on things like price earnings ratio. I think what the last decade has done is it's a very harsh lesson to people who are overly focused on one valuation metric. Price to book is another example. And even as as you've seen one after another, there's a lot of capitulation right now on the part of famous investors. Today, Howard Marks put out a memo. Everyone should read this. By the way, Howard Marks is the guy who Buffett reads, OK, it's free.

[00:59:00]

Just Google Howard Marks memo. He did a whole thing about how PE ratios are not going to get the job done any more. To least he's saying it's basically lazy analysis to say this stock is 10 times earnings. That stock is 40 times earnings, 10 is cheaper than 40 by the 10. That doesn't that doesn't work. If that's that simple, people could people could become trillionaire is just by doing first grade math.

[00:59:26]

Of course, it doesn't work. The people like Kathy who are winning big now in math or people who have this ability to qualitatively understand network effects, competitive mode, disruption qualitatively, not quantitatively, like, oh, 40 is bigger than tablets by the tenth one. Come on, there's a horses at carnivals that could do that with their help.

[00:59:54]

The Hot Wheels, you you have to be able you have to be able to understand technology to compete right now. Not and not just tech investors. Like if you why is Chipotle like one of the Domino's Pizza? Yeah. What is Chipotle is like the world champion company for ice cold food. It's great if you love cold food. All right. And Domino's is cardboard with garlic salt. Why are those the two hottest stocks in the food category? Like, seriously, why it has nothing to do with the valuation on price.

[01:00:34]

In fact, they're the most expensive when this whole thing started, number one and two, why are they up 500 percent each or whatever it is? If you qualitatively understood the way in which they were building their apps and using technology and figuring out what their customers want and anticipating that if you qualitatively understand that story, you had an advantage over the person that's like Burger King's cheap, Domino's expensive. So that's how I started to think about Ratio's like five, six years ago.

[01:01:04]

So far that's been right. It may not always be right, but I think, like, that's been a big difference maker between people trying to outperform the people who have really succeeded in this era, like like Kathy. They have really understood where these companies fit in terms of the disruption happening.

[01:01:27]

So we are fast approaching a record for Market Mundy's. We are one hundred people away from biggest hold up.

[01:01:40]

So now I need this. So we need we need everybody to hit the like button, share it, send it out, tell a friend and tell a friend we bought to get we bought to get like another 20 minutes. It's just pure fire. We got it. We got to get this record. It's very, very important that we get this record really quick.

[01:01:58]

It's going to do the earnings better. We don't know. And I know just give me like 30 seconds, because Thursday TSM, that is that is one that obviously I love the semiconductors. You know, that we all have the unknowns. And Josh, I know you love to semiconductor as well. And that's something to write when people think if they think all these vehicles, they need chips inside of them. So semiconductors, if you love EV, you should love the semiconductors and get yourself familiar with it.

[01:02:21]

And then we got financials on Friday, Wells report and sales report and PNC is reporting. That was earnings report. Do you have Ian, let me just get one question. Josh, you had mentioned about China dumping U.S. Treasuries. I saw it on your Instagram. That was something that was very intriguing to me because we always talk about how China owns America and they have so much of American debt. But I guess there's more to the story than that in these times.

[01:02:45]

So what's the deal with that?

[01:02:47]

Yeah, I think I think it was like a big, like, late night comic joke. Like any time something like would come up in the car, well, we're in debt to China or China or we broke it.

[01:03:01]

We broke the record. That is both difficult to get good people. You're invited back whenever you got the all access pass the budget.

[01:03:09]

But it's all about national dialogue by the by the way, like just just a shout out to your community. Like, I just love what you guys are doing with the show, how you built it, like a community. And I feel like so I consume your content and I know you're not supposed to, but I read the comments, obviously, because I don't read my own comic.

[01:03:33]

But your fans, they don't feel like it's your show and they're like, watch. They feel like it's their show. Yeah, it's really it's definitely a community. I'm glad you said that. It's a community and we're all learning together and it's like even us, like we come on and we learn so much from and from you, from each other, from Troy, from myself.

[01:03:56]

You know what? You know what I think? I think it's got to be like that. And one of the things I've always done with the blog is I've always said, like, I'm learning, like I'm I'm like some something happens and I'm like, yo, here's a link to what I'm reading on this topic. I don't know everything. How could somebody be an expert in everything? Right. So I love that approach. And just to be like, you know, we're learning to let's have this conversation.

[01:04:21]

Let's see what comes out of it. What are we talking about?

[01:04:23]

China, China, China, owning us, dumping US Treasuries. Yeah.

[01:04:28]

So China had no choice but to hold Treasuries because China had an issue. They had excess reserves. I know that sounds like people watching the show like, wait, what do you mean they're too much cash? Yes, too much cash. And it's a risk to have that much cash if you don't have anything to do with it. There was no other market for them to put that cash into other than US Treasuries. So this idea that we would like this enslaved like debt beholden, and we we own all this money to China and they owned us, that that was never what it was.

[01:05:01]

It was always an ethics issue. It was China being a massive exporter, bringing in tons of foreign currency and having to do something with all that foreign currency. And there's not a lot you can do with it in this world that's risk free. The US Treasury is seen as the, quote, risk free asset. So that's what that was all about. There was a shift like ten, fifteen years ago where China stopped being a net buyer of Treasury bonds and then they became a net seller each year.

[01:05:28]

So actually, most of the debt that the United States has and keep this in mind forever, because a lot of people sell a lot of horrible products to investors. And the way they do it, the way they kick the door open a little bit, is by scaring them with things like the national debt. Yes, there's a huge national debt acknowledged. We owe most of it to ourselves. Who owns the bonds? It's not actually China. It's not actually foreign governments.

[01:05:56]

They own some. We owe the debt to our own pension funds, to our own investors, to our own insurance companies, to our own ETF companies. That's who's holding the bonds. So it's still debt. It's not optimal. There are times where we should be increasing the debt, like right now, the problem that we haven't figured out yet is that there's also times when we should be increasing the amount of debt and we aren't. And why?

[01:06:25]

Because interest rates are so low, it hasn't cost us anything that'll change at some point. And I saw it when he was talking about stuff like with Bitcoin. He's dead on talking about the money supply. These things will at some point come home to roost. We don't know in what form and how long from now they will become important. But that I think you think about like China, how much debt. A lot of that stuff is just meant to scare people.

[01:06:53]

It's not actually an important issue. There were real scary things in this world and that's not really among them. From all your time being an industry and all the guests you've had, what are like the three biggest investment lessons that you've noticed, tough to pare down because you've had some of the best investors and even maybe something that you learn from Barrick, us being in an industry. Yeah.

[01:07:15]

So my first 10 years in this business were bracketed by two of the worst bear markets in history. They've been they've been, I think, 12 instances going back to nineteen twenty six where stocks fell more than thirty five percent. What you would consider like a real deal bear market, brutal, so there were 12 of those and I saw two of them within seven years. Twenty two thousand two and then twenty two thousand nine and arguably still felt like a bear market into 2011.

[01:07:48]

So those are the first 10 years of my career. That's what I watched. And I think that that taught me a lot of humility because both times the markets question what I saw was people who were on top and you would look at them and you would be like, wow, this is a baller. This this guy can't lose. This is a genius. Those are the people who are humbled fastest and hardest and most irretrievably when the thing turns and it will turn, always turns.

[01:08:17]

So that was a really big lesson for me, was like some don't confuse bull market for brains. Sometimes people are just riding the most aggressive positions they could ride and it makes them look really, really smart. And we'll see what happens when this thing turns right. So that that was a big mistake. One of the things Barry taught me and we try to teach his clients is that your behavior is going to be much more impactful on your returns there.

[01:08:48]

Anything you think you know, you don't know shit. You don't even know what you don't know.

[01:08:52]

Right. OK. I brought a prop, it's OK, I bust out a prop. Yes, the world is yours.

[01:09:03]

Everywhere this goes, one of the greatest books ever, so good, right? OK, here's the thing, though. He did not solve the market. That's true.

[01:09:15]

He temporarily solved the market and then his edge goes away and he recruits new PhDs and mathematicians and literal rocket science scientists to his lair in the woods out east on Long Island. Not the Long Island I live in like these and like Trump Country, Long Island. And they sit in the lab and they come up with a new edge. And he has to do that repeatedly. That's what this book is about. So this book is not about the triumph of trading.

[01:09:47]

It's a management book, because in order to do what he did, he had to. It's almost like when you hear about like you about Dave Chappelle throws his whole routine out, like he takes it on the road. He does it for a few months, throws it out, starts over. And all these guys are the greatest comedians. That's what Jim Simons has to do, that this is the best performing hedge fund of all time. Listen, it's not the first number since nineteen eighty eight when it's on its flagship medallion.

[01:10:15]

Hedge fund has generated average annual returns of sixty six percent average annual returns every year. Sixty six percent profits of one hundred billion. Nobody even comes close. Buffett doesn't come close. Soros none of these to you. About a hundred billion dollars in profits. He pulled a hundred billion dollars out of the market extracted it.

[01:10:38]

OK, you know what he did last year? Nasdaq went to forty five percent. S&P went up 17 percent. Down went up eight percent. You know what he did? Negative. Twenty.

[01:10:50]

Twenty. That's crazy. You don't even know.

[01:10:53]

So if you're one of these people, step step up to the market, you're going to beat the market every year. You don't even know what the fuck you don't know. Yeah. So being humble. Now, here's my shtick. Here's a problem. Everybody loves certainty, right? When you hear somebody in there speaking with, like, persuasive, like this is what you do, buy the stock, sell that this is what you do when you hear that level of certainty, you want to follow that person because that's our DNA, right?

[01:11:24]

Humanity. We've always followed strong, competent leaders. That's what's kept us alive for a million years, a species. So when you see somebody on TV and they're like, this is what do you do, do this right now? Right. This is the top. This is the bottom. They know, even though, you know, they don't know, like subconsciously you want you want to believe everyone wants easy answers from a confident leader. What ends up happening is my shtick is I already know that I don't know.

[01:11:56]

And so I do speak persuasively. I do speak with confidence, but I'm confident in that. I don't know what's going to happen. That's my shtick. OK, so that. So now what does that leave me as an investor to do as a spy? Right. Diversification means never having to say you're sorry and always having to say you're sorry. So when an asset class gets killed, you're like, well, at least we didn't have a lot of it.

[01:12:23]

The class goes up a lot. It's like, why don't we have more of that, right? So you always are apologizing for something, but when you're diversified, you stay in the game, you cannot get knocked out of the game. So I think having confidence in the fact that we can't know what's going to happen is so powerful at any level of your investing, just being aware that you cannot know what's going to happen. He didn't know.

[01:12:51]

And he literally has mathematicians like like one of the greatest of all time. Yeah. So. All right.

[01:12:59]

So so was that I got I got two of the books I wanted to shout out. So please do hijack your show.

[01:13:06]

People people that are in the early stage of investing, ask me what should I tell them? One book, if you just read this one book and you never read another investment book again and maybe you just revisit it every five years, you're done is the book. No fucking book that looked like it because some people listen to audio was a simple, simple, well, inevitable. Well, they're going to blow up by Nick.

[01:13:33]

All of Nick's books are really good. OK, totally agree.

[01:13:38]

So, Nick, is this old school dude in Brooklyn. He's been doing this for decades. He was an adviser and now he's an advisor to advisors and he's written a bunch of books and they are all good if you're going to read one.

[01:13:52]

This is one hundred and two hundred pages.

[01:13:58]

Yeah, you could read it. You could read it in a weekend. It will change your life. And it's weird in English. It's not there's no jargon. It's not meant for it's not meant for Jim Simons. It's not a bad book. It's just straight up. This is the truth about why we take risk in the stock market, what it does for us and why what seems like it's less risky today actually is riskier over the long term.

[01:14:25]

So I've had the pleasure of meeting a couple of times. He's just he just he's this guy that figured it all out. And everything he's been saying for decades has been right. So that's a Bible for me. Any time somebody says, what do I start with? What book? That's the first book that you should read as an investor you can't buy on Amazon. You have to buy it on a site. You cannot not this man.

[01:14:46]

It's also yes, I have seven copies of the books. Good little five points in the dark. Cut the middleman. Yeah, last one. This is called the go getter about our son, and he has with everything I try to keep up that can we can we can we get a couple of questions before we before we wrap up.

[01:15:10]

So this is this is the second book we got.

[01:15:13]

We're going to our Jim Cramer thing, Lightning Round the White House.

[01:15:18]

The Donald Dylann Roof is we coming in and we're blowing past the wreckage.

[01:15:24]

Seventy five hundred on the night of the national championship game is not something to take lightly.

[01:15:29]

OK, looking at what's going on here, you what's going on? They are doing great. Great, great, great, great to.

[01:15:40]

So I just wanted to ask.

[01:15:43]

So I started investing back in March. Long story short, I've been taking all advice. I just took your advice from the get go. You know, I haven't you know, I just got invested in all the companies that just say and I haven't sold anything. I'm a sold not one thing ever. And like since I started investing and I've been up, you know, I've been to quickly on it's like since like the bottom of the pandemic, you know, my portfolio has been going up honestly, like I've been up just I've been doing good for myself, you know, and I don't want to that's like I feel like I'm low, too.

[01:16:18]

I don't know, happy or move to company or you feel nervous.

[01:16:22]

I feel nervous. I really I feel nervous. Like it's kind of like more or less easy, you know, like I just been doing, which I was saying, you know, buying and holding, you know, doing all the smart plays, like literally in my portfolio has said on this show. So, like, I just you know, I've just been taking all of us men. I've also been doing my own research and stuff. So, you know, I just want to make sure I'm doing everything right, you know, and it's just how you walk them through how to hedge through euphoria.

[01:16:54]

And then what what time period as an advisor. Yeah, I would just say I feel like it's been too easy this year and I think a lot of investors feel so. So I think it's Donald. I think it's good that you feel this way because you haven't lost you haven't lost touch with the fact that, like, it's not meant to be so easy. It just happened to have been easy. So I think you've already taken the first step, which is like that of that check on your stuff.

[01:17:21]

You're not walking around saying I'm about to launch a hedge fund because you had good nine months in the market. There are people walking around like, yeah, right now. They've lost their minds like that. I go on to talk to research and it's like 19 year olds giving financial advice to 16 year olds. I'm like, let them walk and charge of money. None of these people are registered like what is going on right now? So you got you got the important thing where, you know, hey, man, I feel like this is this like no volatility.

[01:17:55]

Everything's going up. Everything's working. You're correct. It's not always going to be that way. So what do you do about it? Make sure you have other assets in your portfolio besides US stocks. Make sure you have some Treasury bonds, something that will offset the losses that you will eventually see in stocks, something that will balance that out and service dry powder so that during the next panic you can buy more stocks when they fall. Exactly what you did in March.

[01:18:25]

You want to be in a position to do it again. So if you're fully invested in stocks, you're not going to have that opportunity. It feels great right now, but you got to have some ballast in the portfolio and I think you'll be fine. Appreciate you don't appreciate it.

[01:18:38]

Lawrence, Lawrence, Lawrence, we are coming to you. Amuse yourself. You've been a minimum. If not, I'm still your question, they go, what's up, Lawrence? Well, maybe not. Laurentiu, appreciate the question. Yes, so he said, I am a new investor that just started purchasing December 20, 20, a purchase of twelve hundred and QQQ. Twelve hundred and it be grow twelve hundred and twelve hundred and I oh a little Amazon, Krautrock, et cetera.

[01:19:15]

I want Tesla but they are crazy high right now. Should I still be investing even though it's going up. My income taxes about ten thousand. I want to invest that. Two thoughts. So that's a portfolio that's being built in the rearview mirror, like, no offense, but, you know, these are stocks that have all gone up four or five hundred percent this year or more. And now we're buying them because they look really good in hindsight.

[01:19:40]

But a lot of times what's just worked over one 12 month period, not on a calendar basis, but just in general, is not always the best performing thing in the next 12 month period. So we want to be careful about constructing portfolios that look really great. If you had a time machine and you can go back and do it again. We have to focus on what's in front of us. The other thing is that there's a lot of concentration on that portfolio.

[01:20:04]

Those stocks move together. They're all part of the same ETF, the same hedge fund owners own all of them so that when that part of the market gets hit, your whole portfolio is going to get hit. That's a no place to hide situation. The third thing. That ETF, Triple Kyuss, owns most of those stocks. You don't even realize it, you're double dipping in Amazon.

[01:20:30]

Forget the other names that you said out in the canopy, grow Teslas. I mean, they're not all in the Nasdaq, but some of the more. So you do have a little bit of double dipping. That's not to say it's not those aren't good holdings. I guess what I would tell you is your next contribution to the market should be a little bit more balanced. Like you got to own some stuff that's not in that high momentum group and try to put some stuff together that where you'll have what they call non correlated returns.

[01:21:02]

You want things that will go up when those things you just described go down. Right. So that might be international stocks. That might be things like wheat. Utilities pay big dividends. People flee to safety to those sectors when there's volatility in all those Nasdaq stocks you mentioned. So you really want to start thinking about diversification? I think those could be good investments. It's not a judgment on that. We're talking about portfolio construction. Right.

[01:21:29]

So is there any companies or sectors that you think have asymmetric risk reward upside for the next five or 10 years or what do you keep your eye on?

[01:21:39]

I think health care is about to make a massive breakout. You know, when we look back at major historic events and we asked what what we're turning point and what we're moments where the whole world changed. When you think about the John F. Kennedy's push to land a rocket on the moon. Forget about the rocket landing on the moon, whether you believe it or not. Forget about that. All of the technology that sprang from that decade long project, all of the air and space technology that fueled all of these other.

[01:22:13]

So all right. So the pandemic period, I think we're going to look back and we're going to say, wait a minute, we just developed a vaccine in 10 months that historically would take 10 years. What does that mean for the health care sector? What does that mean for the future revenues and profits of all these drug companies? They're now like on steroids. They now know that they are equipped with stability to cure something, like prevent something with a vaccine inside of a year.

[01:22:45]

None of these executives thought they could do it until the White House and the CDC said, go do it. We'll prove it. Go do it. They did it. They did it. So what does that mean for health care investors? I'm super bullish on biotech health care. That's the sector I would be paying close attention to because of this revolution that life sciences has undergone as a result of coronavirus. Biotech, biotech, talk about biotech before, and we gave some stocks, so we gave a lot of stocks, ETFs, biotech is unstoppable.

[01:23:20]

So this situation is crazy.

[01:23:22]

What's going on with those stocks? And most of them are not household names like you talk to people on the street. They're already on Tesla, right? They're not they're not on faith therapeutics. They don't know. They don't know what's going on. Right. So I think that's a fertile area to be looking for next next decade. Leaders. All right, let's get right to two more markets we are coming to you on. You yourself, you've been on about what's going on.

[01:23:50]

Know Happy New Year's, you all have to come out. How you doin, brother? Oh, good, good, good, actually. Josh, thanks for coming on the show, by the way. It's to touch on one thing real quick. You guys were talking about how telework is a huge thing right now. A lot of people also need to start. Keep in mind that you don't think that the salaries, just so I can cut it in of these places like Google, Amazon and et cetera, because at this point now, it would just be like, well, we can pay you sixty thousand what we can afford this year.

[01:24:17]

And Cisco, we telework find some place not. So I think that's something that we've got to think about your too in the future, because that kind of scared me. That is so true, that is so true, that is such a great question. These companies aren't stupid. Right now they're paying salaries because these people are living in San Francisco, they're living in three million or one bedrooms, that's over. So now if they're going to have a workforce that's that's sitting on a Wi-Fi network on their ranch in Montana, best believe they're not going to be paying these people like they're living in Chelsea or.

[01:24:54]

Right. Or living in Pacific Heights or whatever. So I think that's a really good point. And I think that you're going to see technology companies do is spread their workforce out all over the country, red states, blue states, not just Austin, like you're going to see you know, you're going to see that out, by the way, that happened already. We know what that looks like. They have with Denver turned the whole state of Colorado purple, by the way.

[01:25:18]

So University of Colorado became a major tech hub in Boulder. And I pointed out to Denver and now the entire state of Colorado became a purple state and now a blue state, a blue governor, I think blue senator. And and that that's a really it is a geopolitical aspect to what you're talking about, where, you know, we saw all these Californians want the Dallas runs of Wyoming. Right. And just by five hundred acres and say, yeah, I'm a tech mogul, but I'm not a schmuck.

[01:25:54]

I don't need to live in these congested cities that are falling apart when I could do on my own lake. You understand? So you're going to see, I think, a workplace dispersion and salaries eventually become rationalized because that cost of living is going to go down. A lot of these companies employees and those are really spot on comment.

[01:26:15]

Marcus Conconi certainly trending well, was kind of. Yeah. Jeffrey, before then, I think going through a divorce right now.

[01:26:26]

Oh, hopefully not going to be tough.

[01:26:29]

The divorce laws in Wyoming and Wyoming, though, no big deal. You just I think in California. Yeah, I. I think whoever's left standing at the corral gets old. He should file, he should file their OK Corral. How many head of cattle is Kym's and how many is this funny.

[01:26:51]

Head of cattle. One chicken parm. Oh all right.

[01:26:55]

I got one. I got a question and I was going to kill me. If I don't ask to be in that state's in a deficit, they got to raise funds. We know that gaming and sports betting is one way and we know the Democratic Congress is in place and we have a Democratic president. Is this now the time to get into the marijuana space? Should we be looking at and if you go in the growers of the world or is there an ETF that we should be looking at in the in the marijuana industry?

[01:27:21]

I got to be honest with you. I know I know this stance was wrong this year, but I don't think long term that these are going to be good investments. I think all 50 states will legalize pot. So what, you need more weed, you just grow more. I don't see what the big deal is. I don't think anyone's going to have a stranglehold on the brand, like the packaged version, like, oh, we have the best edibles that everyone loves.

[01:27:43]

I think people just eat whatever they can get. The guy just I don't again, I accept that this is not popular, but I look at Canada and I look at some of the companies that are building these brands. If you're listening, I'm doing air quotes to me. These brands don't seem like they have that competitive mode that Ian and I were talking about before. So they'll probably be a big winner. That becomes like the Coca-Cola. But right now there's a million entrants.

[01:28:12]

How are you going to know? How are you going to know who that company is? And a really great example of how hard this kind of thing is. An industry in its infancy, taking the long term winner. There were hundreds of companies making cars in the nineteen twenties. In nineteen thirties, we got two American car makers left. Other than Tesla, there's two is Ford and GM last man standing by. Chrysler is owned by the Italians now.

[01:28:39]

So I don't love this game of oh, they're going to legalize weed. Let's, let's pick one stock or two stocks, because that's going to be the one that really figures out how to become the household brand name. I just I don't it's not my area. Good investment. I don't I don't know. My thing is my thing is I'm not about to we've that respectfully.

[01:29:06]

And ask my final question real quick. Yeah. Good God, what are the two biggest mistakes you feel like you've met you made in business? And then what's the one biggest insight that you've gotten from working with Mike and Ben and having them in your firm?

[01:29:21]

Yeah, Michael, let me do the second one first. Thank you for that question. I appreciate it. Mike and Ben are two of the five members of my firm's investment committee, and we're investing for almost fifteen hundred families now. It's about one point eight dollars billion under management. And we could not have gotten to where we are if our with our portfolio stuff wasn't as tight as it is. Like one of the things that investment advisors do and hopefully do well is they explain the portfolio to the person that they're asking to invest in it and not just the first time they got to keep explaining it.

[01:30:00]

You know why? Because every month there's a new fad and investors like, oh, man, why aren't you in the studio? Because you're fucking 70.

[01:30:12]

Syria's because you have eight million dollars.

[01:30:16]

But how do you stop players from chasing when things are taken off and it's literally at the top?

[01:30:20]

Yeah, so that's what I'm saying. And so Ben and Mike have built a portfolio that is defensive for both types of investors. They're really fearful ones that are always like every time there's volatility, get me out. And then the really greedy ones that see these asset bubbles and they're like, why aren't you now? Why aren't you in that Ben and Michael's content, which first of all, their podcast is Animal Spirits. It's like it's like my favorite.

[01:30:47]

I have my own podcast and I like those better. Ben's blog is a wealth of common sense. Michael Batek is the relevant investor. And these guys just they're humble. They're both CFA. They're crazy, smart all day, all day long. They spend calculating returns, calculated risk. We talk about market history. They just they eat, sleep and breathe the stuff. So I have become smarter because I read all this stuff and have conversations with them when I have questions.

[01:31:13]

Those are the guys I call. All right. What was what was the two biggest mistakes?

[01:31:18]

You may say I make mistakes every day. I, I. I'm not like the guy that presents himself, like I have all the answers and maybe the big mistakes I've made career wise were all blessings in hindsight. I wrote my first book I put out in 2012 called Backstage Wall Street. And the whole thing is about what an idiot I am. But it's all but every one of those things I did wrong were screwed up with was a blessing because I never did it again.

[01:31:51]

Yeah, right. So if I have one really good trait, it's not making the same big mistake twice. But I've I've made some pretty big mistakes in my career.

[01:32:00]

But I go back to the beginning. Is there anything you would do differently? Now we all have things we we'll do over one time, I don't know, though, because think about all the other stuff that would change, like the Butterfly A from love. So, yeah, there's some look, I went through some I went through some fucked up stuff, like I started in the business working for, like boiler room brokers. I didn't know any better.

[01:32:23]

That's what it was when I was when I was young. If you were a young man on Long Island and you didn't know what to do with yourself, there was a brokerage firm within two miles of your house that would take you in like Belfort style boiler room. That that era, the Bellport era was a little bit before my time, but all the guys that worked for him launched firms. So when I was like in college, like, what am I going to do this summer?

[01:32:48]

Oh, I go cold, call for these guys. So like. I regretted having started my career that way years ago, but now I see it as a blessing because I learned so much about human nature and market psychology and what not to do and why ethics are so important in our business. So, like, I really don't and I really don't think I would want to take something back or do it differently just because I don't know what else that would affect.

[01:33:16]

So I feel like where we are, what we are, and we've arrived at this point for weeks and I hope who knows. But that I to appreciate the. Josh, you're a gentleman and a scholar, but before before I let you first of all, thank you for coming legen. Very, very enjoyable conversation for sure.

[01:33:38]

Not so much fun. I had so much fun hanging with you guys.

[01:33:41]

Thank you for having me on. Social media following is about to skyrocket and tell them about the show.

[01:33:49]

Oh, I got to ask you a question.

[01:33:54]

I know you're a big, big hip hop fan. You got the notorious B.i.g. behind you. And who other guy? The other guy who's. So that's empty search from third base. Oh, that's that's that's the that's the man that's J.P. Morgan. He built this whole thing.

[01:34:17]

Yeah, that's J.P. Morgan. Yeah. He put this whole thing together. People don't know where he was. He lived for the Fed. Yeah, he literally saved America from bankruptcy.

[01:34:30]

We heard about the panic of 1997. Yeah. I'm telling you, you'll be blown away. So these are my these are my God. They're looking over my shoulder all the time.

[01:34:40]

JP Morgan and Christopher Wallace. That's interesting. All right. So we got we got we got we got life after death and we got and we got 36 chambers, 36 chambers.

[01:34:52]

I heard you a bit take. So I put it up. Which one?

[01:34:55]

Massive. Massive. Oh. What's about a record. Yes. I, I'm going to pretend like my connection just went out.

[01:35:05]

Stop, stop. The only one you have. So like if you wanted to do that right. You're missing a big midnight marauders came out the same year and trying to pick of it is another, like, elemental record from that time. I'm sure there is. I'm not thinking of it, but those would be the three for me. So I don't really think that you can try.

[01:35:28]

You take us over the low end theory. Now, I think I think I think I like them. I think I like them both equally. I don't know. But both are still listenable. Right. But you have to understand where I'm from. So where I'm from, I'm from a town called Merick, which is in a larger town called town of Hempstead. And we had some of the best. We were like the cradle of mid eighties. The late 80s were at the academy, you know.

[01:35:55]

You know, from Hempstead, the greatest rapper from Hammarstedt Rockin Prodigy. I came from my prodigy Russell.

[01:36:02]

So people think he's not from he's not from Kubic. No, no, no, no, no, he's not. He's not. He moved to Queens Bridge when he was like 19. He just raps Queensbridge, but he's actually from Los Alley from himself.

[01:36:14]

Little known that that was around.

[01:36:16]

But that's how he next to mine was like I was like Chuck and played and we were claiming to EPMD. We're claiming like we had like we had a moment on Staten Island, not so much anymore, but then later time, for better or worse, we had a moment.

[01:36:38]

We got to include leaders at a new school, the strong underbosses from Brooklyn.

[01:36:43]

But the rest of the crews from those guys, those guys used to buy cars from my friend's dad on in Inglewood, actually on the turnpike. They used to come into five towns, Toyota or whatever, and they wanted they all wanted bulletproof land cruisers that then they would come in like crazy.

[01:37:04]

They necessary shot a man shot out to Long Island. What would you like to tell the people? How can they watch you on CNBC? I know you just wrote a book, I believe. Yeah, well, some information, you guys and all the social media handle podcast, YouTube channel, all that.

[01:37:21]

Yeah. So so the podcast is called The Compound Show. It comes out every Friday, Friday morning. Definitely don't want to miss this week's. I can't tell you who I have as my guest, but forgot it. My halftime report is is 12:00 to 1:00 Eastern, Monday through Friday. I'm usually on a couple of days a week and check out the blog, check check me out. And the I don't know, all the all the usual places.

[01:37:47]

I'm almost I'm almost in all of them better than others. But let's add gold mines as well, right? The gold mine.

[01:37:54]

Yeah, the gold mine is something in the gold mine, something I'm going to talk to you about. Actually, what we're doing is we're building this this collaborative podcast where people that wrote really great blog posts, they could come on and record it. They could read it in their own voice. And we're publishing and they're like three minutes long each. So we'll put one up every day from the people in my team and we're going to open that up.

[01:38:17]

It's going to be like the comedy cellar of financial talk, like we're going to build the stage for, like, all these new up and coming voices. So I'm going to talk to you about that. But yeah, it's called the gold mine. We just started it like two weeks ago. It's going to be hot because people that don't have time to listen to an hour and a half, they just want a gem. A little nugget from the gold mine.

[01:38:38]

Take you five minutes to listen to you like, oh, that's something I didn't know before I listened to that. So we're going to get that pop. There's a network that we know of that look like Schreuder shot this.

[01:38:51]

Well, I appreciate it. I appreciate it. I really do. And Josh, man, it's been a pleasure.

[01:38:59]

We've got a link up in New York once is called The situation does down a little bit. No doubt. I can't wait. I can't wait. Yeah. For sure. For sure. Choice. Yeah. Oh yeah. We didn't we got to pay homage to the Jordan Sixties. The comments. Oh yeah. Definitely in the top ten salute to the Jordan guys. Got to salute those. But yeah. Men as as we do it at the end of every market, Monday's.

[01:39:23]

We encourage you to reach out to somebody, just tap in simple text one text to change somebody's life that can change somebody's day. So it'll cost you nothing and cause you nothing but a second. So we encourage you to do that and shout to everybody that's executed. I've been seeing a lot of times people just like yell, I took your advice and I did know we got a shout out to shout out to Toronto, hit me today, shout out to Greenberg from Greenberg, hit me.

[01:39:48]

He was like, You have been checking in. Go up here is crazy. They'd love you in Toronto and I'm happy in Toronto. He's like, no, I'm just here. Like This is my life and I'm like my favorite city in the world. So shout the kirtman a lesson is all right, man. One of our young boys, he's tuning in. He said he can't come home because of the cold, but he's definitely locked in with us having a blast.

[01:40:08]

Oh, once again.

[01:40:11]

You don't know who I know. You really don't. It's been a pleasure. Mark Cuban, the legend himself, billionaire edition tomorrow.

[01:40:22]

Cuba's is the man gets very upset. Oh, it's an Indiana University family.

[01:40:28]

Tune in tomorrow. Support Cuban. Oh, yeah. I got a and we got to make that one million views on you to make sure you get there. Make sure you tap in what you are a university. Once again, this is the last day I put the link up called EIO. And thank you guys for rocking on my market. Monday, check out the podcast market Mondays on Spotify or Apple. Wherever you listen to podcast, download that subscribe.

[01:40:55]

And that's not a five star ratings and all of that. And Ian, we'll give you the last word, brother.

[01:41:00]

A Rishard Shroyer, thank you so much. I appreciate it. I kept my word that I was going to keep that he was going to be on in because I didn't want anybody from Flatbush to come to Houston to jump. Josh, thank you for being on. I don't throw around a lot of compliments, but seriously, like you, Bono and Pete Najarian, of course, Kramer, people that I've looked at in his journey have been really inspired by and I marchand's compliment.

[01:41:24]

I really mean because there's not a lot of people who sure that his candor and then also call people and I should like if they were saying a company was good and it wasn't good. I love that you guys do that. And then what you guys have at the compound, also animal spirits and to everybody certainly and I appreciate it. I love you guys dearly. Chuckling A family for those you are. If you're struggling and going through anything and we can help in any way, please let us know.

[01:41:48]

And then for those of you who are deathly afraid to invest, I am begging you, please, at some point, just start. It's not as hard as you think. Well, once you go through your first drop, twenty, twenty five percent, you're going to hate it. But once you get three, four years and you're up 40, 50, 60, 70 percent, you're going to be like, why the hell didn't I start earlier so far?

[01:42:06]

The parents please talk for your kids because your kids don't have bills to pay. Please start early for them. So I appreciate it.

[01:42:14]

I said, Josh, we'll get you some merch, too. Oh, shit. All right. Thank you so much.

[01:42:19]

Erdos goes. Go, go.

[01:42:20]

Follow Josh's Instagram page. If you're not following, screenshot Tagus in it and let's build this thing up. Market Monday is the number one spot for financial advice. Man, you know, that is the biggest.

[01:42:32]

Josh, you allege and I appreciate you. I'll be us. All right. Love is love. All right.

[01:42:42]

Announced Monday, Monday, Monday.