1 00:00:00,500 --> 00:00:01,416 So Jay, This 2 00:00:01,500 --> 00:00:03,166 is the way a good host works. 3 00:00:03,250 --> 00:00:04,916 They write an intro for things 4 00:00:04,916 --> 00:00:05,333 and then they 5 00:00:05,333 --> 00:00:06,958 actually practice it. 6 00:00:07,041 --> 00:00:07,916 What they're going to say 7 00:00:07,916 --> 00:00:09,125 and go through it a few times. 8 00:00:09,125 --> 00:00:11,250 So if someone goes in and deletes 9 00:00:11,333 --> 00:00:12,416 full segments 10 00:00:12,416 --> 00:00:13,583 of what they were practicing, 11 00:00:13,583 --> 00:00:14,916 it's going to make it worse 12 00:00:15,000 --> 00:00:15,750 because they're going to 13 00:00:15,750 --> 00:00:17,333 remember what they practiced. 14 00:00:17,416 --> 00:00:19,416 And then I'm going to be like, 15 00:00:19,500 --> 00:00:20,583 I had something written here 16 00:00:20,583 --> 00:00:22,083 and someone just deleted it. 17 00:00:22,166 --> 00:00:23,875 I'm trying to avoid what you did 18 00:00:23,875 --> 00:00:24,458 last week 19 00:00:24,458 --> 00:00:25,250 where basically 20 00:00:25,250 --> 00:00:25,958 you just did 21 00:00:25,958 --> 00:00:27,541 my entire segment for me 22 00:00:27,625 --> 00:00:28,791 before I could say anything. 23 00:00:28,791 --> 00:00:29,166 Wait, 24 00:00:29,166 --> 00:00:31,125 so you're saying in 20 seconds, 25 00:00:31,125 --> 00:00:32,041 I'm able to do what 26 00:00:32,041 --> 00:00:33,625 you take 12 minutes to do? 27 00:00:33,625 --> 00:00:34,291 Maybe you should take 28 00:00:34,291 --> 00:00:35,666 some cues from me then. 29 00:00:35,750 --> 00:00:36,333 And cut 30 00:00:36,416 --> 00:00:37,291 what you say down 31 00:00:37,291 --> 00:00:38,208 a little bit and be a little bit 32 00:00:38,250 --> 00:00:38,958 more succinct. 33 00:00:46,958 --> 00:00:48,000 Welcome to Drunk Real Estate. 34 00:00:48,083 --> 00:00:50,375 Grab a drink. 35 00:00:50,458 --> 00:00:52,708 I enjoy the show. 36 00:00:52,791 --> 00:00:53,250 Hey there. 37 00:00:53,250 --> 00:00:54,166 Welcome to episode 38 00:00:54,166 --> 00:00:55,541 89 of Drunk Real Estate. 39 00:00:55,541 --> 00:00:56,541 I am Kyle Wilson, 40 00:00:56,541 --> 00:00:57,625 Ashley Wilson's husband. 41 00:00:57,708 --> 00:00:58,250 And tonight 42 00:00:58,250 --> 00:01:00,125 we have a very special show 43 00:01:00,208 --> 00:01:01,833 with a very special guest. 44 00:01:01,916 --> 00:01:03,625 AJ is off wheeling and dealing. 45 00:01:03,625 --> 00:01:04,541 I forget what he was doing, 46 00:01:04,541 --> 00:01:05,416 but we 47 00:01:05,458 --> 00:01:06,833 we were able to get a guest host 48 00:01:06,833 --> 00:01:07,500 for this episode 49 00:01:07,500 --> 00:01:08,958 that I am particularly 50 00:01:08,958 --> 00:01:10,125 very excited about. 51 00:01:10,125 --> 00:01:10,916 Fun little fact 52 00:01:10,916 --> 00:01:13,583 about 16 or 17 years ago, 53 00:01:13,958 --> 00:01:15,208 I was playing pro hockey 54 00:01:15,208 --> 00:01:16,166 and I decided that 55 00:01:16,166 --> 00:01:17,041 I want to take my money, 56 00:01:17,041 --> 00:01:18,416 invest it in real estate. 57 00:01:18,500 --> 00:01:20,416 And back then, podcasts weren't 58 00:01:20,458 --> 00:01:21,791 nearly as exciting 59 00:01:21,791 --> 00:01:23,333 or popular as they are now. 60 00:01:23,416 --> 00:01:24,125 Now, 61 00:01:24,208 --> 00:01:25,958 I know this might be unbelievable 62 00:01:25,958 --> 00:01:27,500 to some of our younger listeners, 63 00:01:27,500 --> 00:01:29,041 but actually, radio 64 00:01:29,125 --> 00:01:31,625 was more popular than podcasts at 65 00:01:31,625 --> 00:01:32,166 one point. 66 00:01:33,291 --> 00:01:34,291 So I stumbled 67 00:01:34,291 --> 00:01:35,500 across this show 68 00:01:35,583 --> 00:01:37,875 called The Real Estate Guys. 69 00:01:37,958 --> 00:01:38,500 And I loved it. 70 00:01:38,541 --> 00:01:39,666 Listen to it every week. 71 00:01:39,750 --> 00:01:41,000 And I think interesting topics 72 00:01:41,000 --> 00:01:41,750 that weren't just like, 73 00:01:41,750 --> 00:01:42,416 you know, your cookie 74 00:01:42,416 --> 00:01:43,166 cutter topics 75 00:01:43,166 --> 00:01:44,416 with typical interviews. 76 00:01:44,416 --> 00:01:45,625 They had this monthly segment 77 00:01:45,625 --> 00:01:46,625 Ask the Guys. 78 00:01:46,625 --> 00:01:47,625 It was always the best. 79 00:01:47,708 --> 00:01:48,541 It was awesome. 80 00:01:48,625 --> 00:01:50,000 And, since then, 81 00:01:50,083 --> 00:01:51,083 real estate guys, 82 00:01:51,083 --> 00:01:52,458 they're more than a radio show. 83 00:01:52,458 --> 00:01:53,666 They're kind of this whole 84 00:01:53,750 --> 00:01:55,583 full blown education company 85 00:01:55,666 --> 00:01:57,416 helping investors in all aspects. 86 00:01:57,416 --> 00:01:58,791 And we're so lucky 87 00:01:58,875 --> 00:02:00,375 to have one of the guys with us. 88 00:02:00,416 --> 00:02:01,666 Robert Helms, how's it going? 89 00:02:01,666 --> 00:02:02,166 Robert? 90 00:02:02,250 --> 00:02:03,708 Hey, great to have you, 91 00:02:03,791 --> 00:02:04,500 be on the show 92 00:02:04,500 --> 00:02:05,333 and have a chance 93 00:02:05,333 --> 00:02:06,375 to talk to you guys. 94 00:02:06,458 --> 00:02:07,250 I love what you do, 95 00:02:07,250 --> 00:02:09,416 and I'm thrilled to be invited. 96 00:02:09,500 --> 00:02:11,458 I love the radio voice, too. 97 00:02:11,500 --> 00:02:11,833 Like we're 98 00:02:11,833 --> 00:02:12,583 just shooting this shit 99 00:02:12,583 --> 00:02:13,458 before this. 100 00:02:13,541 --> 00:02:15,333 And you, just a little monotone, 101 00:02:15,333 --> 00:02:15,666 you get. 102 00:02:15,708 --> 00:02:16,500 You get in your element 103 00:02:16,500 --> 00:02:16,833 and you're like, 104 00:02:16,916 --> 00:02:18,541 yeah, that's it as well. 105 00:02:18,541 --> 00:02:19,291 And it's, 106 00:02:19,375 --> 00:02:21,041 well, it's awesome to have you. 107 00:02:21,125 --> 00:02:21,791 I'm sure you heard 108 00:02:21,791 --> 00:02:22,958 it was called Drunk Real Estate. 109 00:02:22,958 --> 00:02:24,125 Did you bring a drink to drink? 110 00:02:24,208 --> 00:02:24,875 Drink with us? 111 00:02:24,916 --> 00:02:26,250 I would be remiss 112 00:02:26,250 --> 00:02:28,250 if I had not brought an IPA. 113 00:02:28,250 --> 00:02:29,125 I'm a beer guy. 114 00:02:29,125 --> 00:02:30,208 This is a hard one to find. 115 00:02:30,208 --> 00:02:30,750 It's called Head 116 00:02:30,750 --> 00:02:32,250 Full of Dynamite from Fremont 117 00:02:32,250 --> 00:02:34,041 Brewing in Seattle, Washington. 118 00:02:34,125 --> 00:02:35,416 And my good buddy Randy Hobbs 119 00:02:35,416 --> 00:02:36,833 just brought it to me. 120 00:02:36,916 --> 00:02:38,000 As we were getting ready 121 00:02:38,000 --> 00:02:38,750 to see the Eagles 122 00:02:38,750 --> 00:02:39,416 play the other night. 123 00:02:39,416 --> 00:02:42,125 So I'm going to enjoy a hazy IPA. 124 00:02:42,333 --> 00:02:43,125 And it's a big one 125 00:02:43,125 --> 00:02:43,708 because I hear this 126 00:02:43,708 --> 00:02:44,416 is a long show. 127 00:02:45,416 --> 00:02:46,916 I've heard Robert's one of 128 00:02:46,916 --> 00:02:48,625 the the cheapest guys 129 00:02:48,625 --> 00:02:50,500 to get, information out of, 130 00:02:50,500 --> 00:02:51,375 because you just got to find him 131 00:02:51,375 --> 00:02:53,083 at a bar and buy him a beer and 132 00:02:53,166 --> 00:02:54,291 and that's all it really takes. 133 00:02:54,375 --> 00:02:54,666 Pretty much. 134 00:02:54,708 --> 00:02:56,875 So, so welcome all. 135 00:02:56,958 --> 00:02:58,041 Do the same with you, Kyle. 136 00:02:58,041 --> 00:02:58,791 We just don't get good 137 00:02:58,791 --> 00:03:00,291 information. That's that's true. 138 00:03:00,291 --> 00:03:01,416 You need to buy me 2 or 3, 139 00:03:01,416 --> 00:03:02,041 because in that. 140 00:03:02,125 --> 00:03:04,083 Otherwise, I'm a little grumpy. 141 00:03:04,166 --> 00:03:06,083 Mauricio. What's up buddy? 142 00:03:06,166 --> 00:03:07,041 Dude, I'm excited. I'm. 143 00:03:07,041 --> 00:03:08,416 I'm pumped to have, 144 00:03:08,500 --> 00:03:08,750 You know, 145 00:03:08,750 --> 00:03:10,500 Robert is one of my early, 146 00:03:10,500 --> 00:03:11,458 early mentors. 147 00:03:11,458 --> 00:03:12,041 I've known Robert 148 00:03:12,041 --> 00:03:13,916 for 20 years now. 149 00:03:13,916 --> 00:03:15,125 And, you know, 150 00:03:15,125 --> 00:03:16,250 when when you hear my story 151 00:03:16,250 --> 00:03:17,041 of leaving the firm 152 00:03:17,041 --> 00:03:18,291 and going to work in house, 153 00:03:18,375 --> 00:03:19,333 Robert was the first guy 154 00:03:19,333 --> 00:03:20,625 to give me a job out of, 155 00:03:20,708 --> 00:03:21,541 out of the law firm. 156 00:03:21,541 --> 00:03:23,041 So, a lot of great memories 157 00:03:23,041 --> 00:03:24,333 with Robert. 158 00:03:24,416 --> 00:03:25,291 Maybe. 159 00:03:25,375 --> 00:03:26,583 Most importantly, 160 00:03:26,583 --> 00:03:28,208 Robert is responsible 161 00:03:28,208 --> 00:03:29,333 for making introductions 162 00:03:29,333 --> 00:03:30,583 that led me to meeting 163 00:03:30,583 --> 00:03:31,875 my wife, Heidi. 164 00:03:31,958 --> 00:03:34,000 Oh, I think it has really changed 165 00:03:34,000 --> 00:03:35,583 the trajectory of my life 166 00:03:35,583 --> 00:03:37,291 and the very few people of 167 00:03:37,375 --> 00:03:37,875 that directory. 168 00:03:37,875 --> 00:03:38,875 So, Robert, super pumped 169 00:03:38,875 --> 00:03:39,666 that you're here. 170 00:03:39,750 --> 00:03:41,333 Looking forward to it. I, 171 00:03:42,416 --> 00:03:43,250 I'm switching it up a little 172 00:03:43,250 --> 00:03:44,208 bit because as you guys know, 173 00:03:44,208 --> 00:03:45,000 we're in a little bit 174 00:03:45,000 --> 00:03:45,958 of a fitness challenge. 175 00:03:45,958 --> 00:03:46,916 And so I've kind of 176 00:03:46,916 --> 00:03:48,250 stepped away from wine, 177 00:03:48,250 --> 00:03:49,750 especially Costco wine. 178 00:03:49,833 --> 00:03:51,166 And I'm splurging a little 179 00:03:51,166 --> 00:03:52,375 with the McCallum's today. 180 00:03:52,375 --> 00:03:54,541 I'm doing a little McCallum's, 181 00:03:54,625 --> 00:03:55,583 you know, 182 00:03:55,666 --> 00:03:57,000 let's just see how high 183 00:03:57,041 --> 00:03:58,416 the number goes over 184 00:03:58,416 --> 00:03:59,166 the next few months. 185 00:03:59,166 --> 00:04:00,416 It will probably start at 12, 186 00:04:00,458 --> 00:04:01,875 go to 18, 187 00:04:01,958 --> 00:04:02,500 and then maybe 188 00:04:02,500 --> 00:04:03,541 when I win the bet, 189 00:04:03,625 --> 00:04:05,125 I'll we'll bust out some McCallum 190 00:04:05,208 --> 00:04:06,708 25 or something. 191 00:04:06,791 --> 00:04:07,916 In Vegas. 192 00:04:08,000 --> 00:04:08,416 I mean, I say 193 00:04:08,458 --> 00:04:10,291 I'll have that drink with you. 194 00:04:10,375 --> 00:04:11,666 Awesome. How's it going, Jack? 195 00:04:11,750 --> 00:04:12,500 I'm doing well. 196 00:04:12,500 --> 00:04:13,500 I'm really excited 197 00:04:13,500 --> 00:04:15,041 about this show, so 198 00:04:15,125 --> 00:04:16,916 I didn't know Robert. 199 00:04:16,916 --> 00:04:18,375 I knew of Robert forever, 200 00:04:18,375 --> 00:04:19,166 but I didn't 201 00:04:19,166 --> 00:04:20,125 get to meet him until. 202 00:04:20,125 --> 00:04:20,875 I think it was about a year 203 00:04:20,875 --> 00:04:22,500 and a half ago, and I took his. 204 00:04:22,583 --> 00:04:24,333 He has a sales training class. 205 00:04:24,416 --> 00:04:24,833 The real estate 206 00:04:24,833 --> 00:04:25,791 guys have a sales training 207 00:04:25,791 --> 00:04:26,541 class, and I took it. 208 00:04:26,541 --> 00:04:28,583 And if they can help 209 00:04:28,583 --> 00:04:30,000 me become a better sales guy, 210 00:04:30,000 --> 00:04:31,250 you know, it's a good class. 211 00:04:31,250 --> 00:04:33,208 So, I have to thank you. 212 00:04:33,208 --> 00:04:34,083 I don't think I thanked you 213 00:04:34,083 --> 00:04:35,125 after that class, Robert, 214 00:04:35,125 --> 00:04:36,875 but thank you for that. 215 00:04:36,958 --> 00:04:37,916 And then we got to hang 216 00:04:37,916 --> 00:04:40,500 out last year at, at, 217 00:04:42,500 --> 00:04:42,958 limitless. 218 00:04:42,958 --> 00:04:43,625 Thank you. 219 00:04:43,708 --> 00:04:44,708 That's where we covered. 220 00:04:44,708 --> 00:04:46,416 We went to the same college. 221 00:04:46,500 --> 00:04:47,625 Yeah. That's great. 222 00:04:47,708 --> 00:04:48,208 That's right. 223 00:04:48,208 --> 00:04:50,750 So we always went to college. 224 00:04:50,833 --> 00:04:52,875 I went. 225 00:04:52,958 --> 00:04:53,791 I. 226 00:04:53,875 --> 00:04:56,041 Went. 227 00:04:56,125 --> 00:04:57,416 I sure hope you did. 228 00:04:57,500 --> 00:04:59,125 Oh, you guys visited a college 229 00:04:59,125 --> 00:04:59,666 back in the day? 230 00:04:59,666 --> 00:05:00,583 I got. 231 00:05:00,666 --> 00:05:01,708 Well, it was a pub 232 00:05:01,708 --> 00:05:02,958 near a college. 233 00:05:03,041 --> 00:05:04,791 Exactly, exactly. 234 00:05:04,875 --> 00:05:06,041 We went to college between. 235 00:05:06,083 --> 00:05:07,708 Between the bars. 236 00:05:07,791 --> 00:05:09,000 What do you drink? And Jack? 237 00:05:09,083 --> 00:05:10,625 I'm double fisting tonight, 238 00:05:10,625 --> 00:05:11,416 so because of the weight 239 00:05:11,416 --> 00:05:12,750 loss challenge, I'm 240 00:05:12,791 --> 00:05:13,583 trying to get in 241 00:05:13,583 --> 00:05:16,291 at least 3 or 4 cups of of green 242 00:05:16,375 --> 00:05:17,125 tea a day. 243 00:05:17,125 --> 00:05:18,000 Good for the, 244 00:05:18,083 --> 00:05:18,958 the calorie burning. 245 00:05:18,958 --> 00:05:20,375 Keep them tabagisme up. 246 00:05:20,458 --> 00:05:21,708 And then, of course, 247 00:05:21,791 --> 00:05:22,541 go kind of go 248 00:05:22,541 --> 00:05:23,333 with a little bit of wine. 249 00:05:23,333 --> 00:05:25,416 So I picked, a French, 250 00:05:25,500 --> 00:05:28,500 la petite lait Papeete by H.J. 251 00:05:28,583 --> 00:05:30,291 Fabbri, a malbec. Sure. 252 00:05:30,291 --> 00:05:31,583 I've no idea what it is. 253 00:05:31,625 --> 00:05:32,958 It was in my wine fridge, 254 00:05:32,958 --> 00:05:34,541 so I figured, 255 00:05:34,541 --> 00:05:35,916 let's go French tonight. 256 00:05:36,000 --> 00:05:36,541 You got that? 257 00:05:36,625 --> 00:05:37,125 Well, you 258 00:05:37,208 --> 00:05:38,208 you got that from Costco, 259 00:05:38,208 --> 00:05:39,666 I assume I did not, 260 00:05:39,750 --> 00:05:41,375 or you got it from somebody 261 00:05:41,375 --> 00:05:42,000 that you have no idea 262 00:05:42,000 --> 00:05:44,875 who gave it to you or or not or. 263 00:05:44,958 --> 00:05:46,041 And you better 264 00:05:46,041 --> 00:05:47,250 you better stock up on those, 265 00:05:47,250 --> 00:05:48,208 because the price of wine 266 00:05:48,208 --> 00:05:48,625 is going to like, 267 00:05:48,625 --> 00:05:49,916 double or triple or quadruple 268 00:05:49,916 --> 00:05:50,875 over the next year. 269 00:05:50,958 --> 00:05:52,625 I was literally about to say 270 00:05:52,625 --> 00:05:54,083 I picked the French one 271 00:05:54,083 --> 00:05:55,333 because I know, 272 00:05:55,416 --> 00:05:56,000 we're threatening them 273 00:05:56,000 --> 00:05:56,541 with tariffs. 274 00:05:56,541 --> 00:05:57,541 These could go up in price 275 00:05:57,541 --> 00:05:58,166 pretty soon. 276 00:05:58,166 --> 00:05:59,000 So, yeah, 277 00:05:59,041 --> 00:05:59,916 California wine 278 00:05:59,916 --> 00:06:00,875 should be fine, right? 279 00:06:00,958 --> 00:06:01,958 Yeah, yeah, yeah. 280 00:06:02,041 --> 00:06:02,625 So I'm 281 00:06:02,666 --> 00:06:03,750 going to enjoy the French wine 282 00:06:03,750 --> 00:06:06,083 while I can. Actually. Fun fact, 283 00:06:07,083 --> 00:06:09,375 a guy I think, 284 00:06:09,458 --> 00:06:09,666 I don't know 285 00:06:09,666 --> 00:06:11,500 if you know Marie from Josh. 286 00:06:11,583 --> 00:06:13,166 He, he owns a winery 287 00:06:13,166 --> 00:06:15,458 and a vineyard in new Jersey, 288 00:06:15,541 --> 00:06:16,875 and they actually have 289 00:06:16,875 --> 00:06:21,041 a license to, to do champagne. 290 00:06:21,708 --> 00:06:23,708 That's Josh Allen from Renault. 291 00:06:23,791 --> 00:06:24,916 Josh Macallan? Yep. 292 00:06:25,000 --> 00:06:25,291 Right. 293 00:06:25,291 --> 00:06:27,250 He's the only one in the U.S 294 00:06:27,250 --> 00:06:28,666 who can who can do champagne. 295 00:06:28,666 --> 00:06:29,458 So if all of a sudden 296 00:06:29,458 --> 00:06:32,250 they're putting 200% tariffs on, 297 00:06:32,458 --> 00:06:33,375 French champagne, 298 00:06:33,375 --> 00:06:34,291 Josh is just going to be 299 00:06:34,291 --> 00:06:35,333 laughing all the way to the bank. 300 00:06:35,375 --> 00:06:36,083 That's going to be check. 301 00:06:36,083 --> 00:06:36,791 Out check out 302 00:06:36,791 --> 00:06:38,458 Renault Rhino Winery, 303 00:06:38,541 --> 00:06:39,958 just outside of Atlantic City, 304 00:06:39,958 --> 00:06:40,500 new Jersey. 305 00:06:40,500 --> 00:06:41,041 The last place 306 00:06:41,041 --> 00:06:42,208 you would expect them 307 00:06:42,208 --> 00:06:43,416 to be making champagne 308 00:06:43,500 --> 00:06:45,250 just outside of Atlantic City. 309 00:06:45,250 --> 00:06:46,208 And why is Josh 310 00:06:46,208 --> 00:06:47,625 not sponsoring the show? 311 00:06:47,625 --> 00:06:48,333 I'm not quite. 312 00:06:48,416 --> 00:06:48,791 We'll get. Him. 313 00:06:48,791 --> 00:06:49,458 We'll get him on this. 314 00:06:49,458 --> 00:06:49,916 But actually, 315 00:06:50,000 --> 00:06:50,791 because they'll be good 316 00:06:50,791 --> 00:06:51,416 timing to get him 317 00:06:51,416 --> 00:06:52,500 on this podcast, say, like, 318 00:06:52,500 --> 00:06:53,250 how much are you going to make 319 00:06:53,250 --> 00:06:54,250 in the champagne deal? 320 00:06:54,250 --> 00:06:55,458 I, I should have invested 321 00:06:55,458 --> 00:06:55,916 more in his. 322 00:06:55,916 --> 00:06:56,125 Yeah. 323 00:06:56,125 --> 00:06:57,291 Do you need any investors, 324 00:06:57,375 --> 00:06:58,333 any more investors? 325 00:07:00,458 --> 00:07:00,791 All right. 326 00:07:00,791 --> 00:07:01,375 Cool. 327 00:07:01,458 --> 00:07:02,458 We're ready to get into this. 328 00:07:02,458 --> 00:07:04,041 Gentlemen, what are you drinking? 329 00:07:04,125 --> 00:07:05,541 Oh, that's I forgot. Yeah. 330 00:07:05,625 --> 00:07:06,541 Thanks, Jay. 331 00:07:06,625 --> 00:07:07,791 You always remember. 332 00:07:07,791 --> 00:07:08,416 You're not drinking, 333 00:07:08,500 --> 00:07:09,541 that you're not drinking 334 00:07:09,541 --> 00:07:10,916 that tasteless, colorless. 335 00:07:10,916 --> 00:07:12,583 Oh, I knew 336 00:07:12,625 --> 00:07:12,958 you were going 337 00:07:12,958 --> 00:07:14,250 to give me shit on that. So. 338 00:07:14,250 --> 00:07:14,875 And I thought it was 339 00:07:14,875 --> 00:07:15,833 a special episode, 340 00:07:15,833 --> 00:07:16,416 so I bought out 341 00:07:16,416 --> 00:07:17,791 a decent bottle of. 342 00:07:17,791 --> 00:07:19,291 I'm going with the Angel's Envy. 343 00:07:19,375 --> 00:07:20,250 Oh, nice. 344 00:07:20,333 --> 00:07:21,708 The bourbon. 345 00:07:21,791 --> 00:07:22,875 It's a special one, too. 346 00:07:22,875 --> 00:07:23,916 It's it's I got it. 347 00:07:24,000 --> 00:07:24,916 I got as a gift. 348 00:07:24,916 --> 00:07:27,000 It's all engraved and everything. 349 00:07:27,083 --> 00:07:28,250 Barrel select one. 350 00:07:28,250 --> 00:07:29,333 So it's a special one. 351 00:07:29,333 --> 00:07:30,541 So there we go. 352 00:07:30,583 --> 00:07:30,958 We're all. 353 00:07:30,958 --> 00:07:33,500 We're all doing our duty tonight. 354 00:07:33,583 --> 00:07:34,000 Ashley. 355 00:07:34,000 --> 00:07:34,583 Ashley, 356 00:07:34,666 --> 00:07:35,583 actually let you splurge 357 00:07:35,583 --> 00:07:37,041 on that one? Well. 358 00:07:37,125 --> 00:07:38,416 She's actually nice. 359 00:07:38,500 --> 00:07:39,208 That was a gift. 360 00:07:39,291 --> 00:07:40,083 That's, 361 00:07:40,166 --> 00:07:42,000 You know, I'm still holding out. 362 00:07:42,000 --> 00:07:43,666 I'm trying to get the Blanton's, 363 00:07:43,666 --> 00:07:44,583 but I can't find it 364 00:07:44,583 --> 00:07:45,708 for for cheap here. 365 00:07:45,750 --> 00:07:47,541 And I refuse to spend $150 366 00:07:47,541 --> 00:07:48,666 on a bottle of Blanton's. So, 367 00:07:49,833 --> 00:07:50,541 one of these days, 368 00:07:50,541 --> 00:07:51,041 I'm going to come 369 00:07:51,041 --> 00:07:52,250 and I'm going to be all excited. 370 00:07:52,250 --> 00:07:52,541 I got 371 00:07:52,541 --> 00:07:53,333 got my Blanton's 372 00:07:53,333 --> 00:07:54,541 for under 100 bucks. 373 00:07:54,625 --> 00:07:56,250 Anyway, 374 00:07:56,333 --> 00:07:57,333 let's get into this. 375 00:07:57,416 --> 00:07:59,208 It's that time of month again. 376 00:07:59,291 --> 00:08:00,375 So you guessed it. 377 00:08:00,375 --> 00:08:00,750 We're due 378 00:08:00,750 --> 00:08:03,166 for another economic update. 379 00:08:03,250 --> 00:08:04,708 Stock market's in freefall. 380 00:08:04,708 --> 00:08:05,916 You'd think with that, 381 00:08:05,916 --> 00:08:06,916 all the data would be calling 382 00:08:06,916 --> 00:08:07,583 for a recession. 383 00:08:07,583 --> 00:08:08,500 But February 384 00:08:08,500 --> 00:08:09,666 actually saw a bit of a 385 00:08:09,750 --> 00:08:10,333 bounce back 386 00:08:10,333 --> 00:08:11,208 from the scary numbers 387 00:08:11,208 --> 00:08:12,000 in January. 388 00:08:12,000 --> 00:08:13,166 Remember our last episode 389 00:08:13,166 --> 00:08:13,708 in January 390 00:08:13,708 --> 00:08:15,625 talking about recession calls? 391 00:08:15,625 --> 00:08:17,666 We had all these doom and gloom. 392 00:08:17,750 --> 00:08:18,541 With that being said, 393 00:08:18,541 --> 00:08:19,375 consumer sentiment 394 00:08:19,375 --> 00:08:20,833 is hitting new lows 395 00:08:20,833 --> 00:08:22,291 and job numbers are concerning. 396 00:08:22,291 --> 00:08:23,291 So, Jay, 397 00:08:23,375 --> 00:08:24,291 are we still on track 398 00:08:24,291 --> 00:08:25,625 for this April recession 399 00:08:25,625 --> 00:08:25,916 that you've 400 00:08:25,916 --> 00:08:27,791 basically locked in for us, 401 00:08:27,791 --> 00:08:28,583 or can we kick 402 00:08:28,583 --> 00:08:29,708 that can down the road 403 00:08:29,708 --> 00:08:30,541 a little bit? 404 00:08:30,625 --> 00:08:31,500 Well, let's be clear. 405 00:08:31,500 --> 00:08:33,833 I called an April recession 406 00:08:33,833 --> 00:08:34,583 two days 407 00:08:34,583 --> 00:08:35,375 before the stock 408 00:08:35,375 --> 00:08:37,125 market started to drop. 409 00:08:37,208 --> 00:08:39,291 So I'm not going to. Get a J. 410 00:08:39,375 --> 00:08:40,500 This is the third episode 411 00:08:40,500 --> 00:08:41,500 that you've said that. 412 00:08:41,583 --> 00:08:42,583 Hey, you brought it up. 413 00:08:42,583 --> 00:08:43,916 I'm just reminding. 414 00:08:44,000 --> 00:08:45,416 You are you backtracking 415 00:08:45,416 --> 00:08:46,833 from this prediction that, 416 00:08:46,916 --> 00:08:48,708 the Friday, the last Friday, it. 417 00:08:48,708 --> 00:08:49,791 Was right. 418 00:08:49,875 --> 00:08:50,583 April 4th. 419 00:08:50,625 --> 00:08:50,958 Oh. Right before. 420 00:08:51,000 --> 00:08:51,250 That's right. 421 00:08:51,250 --> 00:08:51,458 Yeah. 422 00:08:51,458 --> 00:08:51,666 Is that 423 00:08:51,708 --> 00:08:52,458 are you backtracking 424 00:08:52,458 --> 00:08:54,041 from that or now? Nope. 425 00:08:54,041 --> 00:08:55,708 I think that'll be 426 00:08:55,708 --> 00:08:57,208 a pretty bad day in the market. 427 00:08:57,208 --> 00:08:58,791 And I think April could be 428 00:08:58,791 --> 00:08:59,875 a pretty bad month. 429 00:08:59,875 --> 00:09:00,833 But let's talk about it. 430 00:09:00,833 --> 00:09:02,166 And, Kyle, 431 00:09:02,166 --> 00:09:03,333 I was hoping to bury the lead 432 00:09:03,333 --> 00:09:04,708 a little bit, but you, 433 00:09:04,791 --> 00:09:05,333 you kind of. 434 00:09:05,333 --> 00:09:06,750 You kind of cut it off. 435 00:09:06,833 --> 00:09:07,583 So let me start 436 00:09:07,583 --> 00:09:08,208 with the day before. 437 00:09:08,250 --> 00:09:09,083 Before you start, though. 438 00:09:09,083 --> 00:09:09,541 I mean, Kyle, 439 00:09:09,541 --> 00:09:10,375 do you have a timer? 440 00:09:10,375 --> 00:09:11,166 Because, you know, I'm 441 00:09:11,208 --> 00:09:11,916 a little concerned 442 00:09:11,916 --> 00:09:12,750 on this episode. 443 00:09:12,791 --> 00:09:14,250 We do have a lot to cover here. 444 00:09:14,250 --> 00:09:16,250 I'm not I'm. Not. 445 00:09:16,333 --> 00:09:17,541 A. Ted talk commentator. 446 00:09:17,541 --> 00:09:18,916 So let me start with the fact 447 00:09:18,916 --> 00:09:19,708 that I don't want 448 00:09:19,708 --> 00:09:21,083 to conflate the stock market 449 00:09:21,083 --> 00:09:22,041 with the economy. 450 00:09:22,125 --> 00:09:23,208 I know a lot of people think 451 00:09:23,208 --> 00:09:23,958 the stock market's 452 00:09:23,958 --> 00:09:24,750 dropping, therefore 453 00:09:24,750 --> 00:09:25,375 we must be heading 454 00:09:25,375 --> 00:09:27,500 into a recession or vice versa. 455 00:09:27,583 --> 00:09:28,750 The two are I'm 456 00:09:28,750 --> 00:09:29,125 not going to say 457 00:09:29,125 --> 00:09:30,625 they're unrelated. 458 00:09:30,708 --> 00:09:31,791 But just because 459 00:09:31,791 --> 00:09:32,666 we have a couple of weeks 460 00:09:32,666 --> 00:09:33,541 of a market correction 461 00:09:33,541 --> 00:09:34,375 doesn't necessarily 462 00:09:34,375 --> 00:09:36,166 mean we're in a recession 463 00:09:36,166 --> 00:09:36,916 or even we're heading 464 00:09:36,958 --> 00:09:37,958 towards a recession. 465 00:09:38,041 --> 00:09:38,666 You can have a couple of 466 00:09:38,666 --> 00:09:39,833 bad weeks in the stock market 467 00:09:39,833 --> 00:09:40,583 without it, meaning 468 00:09:40,583 --> 00:09:41,791 that there are major issues 469 00:09:41,791 --> 00:09:42,541 in the economy. 470 00:09:42,625 --> 00:09:43,833 That said, 471 00:09:43,916 --> 00:09:45,083 I think we may be 472 00:09:45,083 --> 00:09:46,541 heading into a recession, 473 00:09:46,625 --> 00:09:47,458 but for reasons 474 00:09:47,458 --> 00:09:48,583 completely separate 475 00:09:48,583 --> 00:09:49,125 from the fact 476 00:09:49,125 --> 00:09:50,375 that the stock market happens 477 00:09:50,375 --> 00:09:51,375 to be dropping right now. 478 00:09:51,375 --> 00:09:53,250 And so we have 479 00:09:53,333 --> 00:09:53,958 it's March, 480 00:09:53,958 --> 00:09:55,333 we got a bunch of the February 481 00:09:55,333 --> 00:09:56,000 market data, 482 00:09:56,000 --> 00:09:57,333 economic data that came in. 483 00:09:57,333 --> 00:09:58,291 Inflation was down 484 00:09:58,291 --> 00:09:59,458 after a spike in January. 485 00:09:59,458 --> 00:10:01,083 So that was good. 486 00:10:01,166 --> 00:10:02,750 Jobs numbers are about the same. 487 00:10:02,750 --> 00:10:03,250 A lot of people 488 00:10:03,250 --> 00:10:04,041 are concerned that 489 00:10:04,041 --> 00:10:05,000 with all the layoffs 490 00:10:05,000 --> 00:10:05,875 in the federal government, 491 00:10:05,875 --> 00:10:06,791 that we're going to see 492 00:10:06,875 --> 00:10:07,500 a spike 493 00:10:07,500 --> 00:10:08,875 in jobless claims 494 00:10:08,875 --> 00:10:10,291 and a spike in unemployment. 495 00:10:10,375 --> 00:10:11,208 Haven't seen it yet, 496 00:10:11,208 --> 00:10:12,375 not say it's not going to happen. 497 00:10:12,375 --> 00:10:13,041 It probably will, 498 00:10:13,041 --> 00:10:14,125 but we haven't seen it yet. 499 00:10:14,125 --> 00:10:14,416 We gotta 500 00:10:14,416 --> 00:10:15,500 we got to wait a couple months 501 00:10:15,500 --> 00:10:16,541 for the job revisions. 502 00:10:16,541 --> 00:10:17,583 Then we'll freak out. 503 00:10:17,666 --> 00:10:19,166 Yeah, and we'll see them, 504 00:10:20,375 --> 00:10:22,125 retail sales numbers. 505 00:10:22,208 --> 00:10:23,208 They rallied back. 506 00:10:23,291 --> 00:10:24,666 We had a really bad January 507 00:10:24,666 --> 00:10:25,625 where we dropped 508 00:10:25,625 --> 00:10:26,708 almost a percentage 509 00:10:26,708 --> 00:10:28,875 point in January on retail sales. 510 00:10:28,958 --> 00:10:30,041 So we were up a little bit 511 00:10:30,041 --> 00:10:31,458 on retail sales in February, 512 00:10:31,458 --> 00:10:32,250 so that was good. 513 00:10:32,250 --> 00:10:33,875 So a lot of mixed data, 514 00:10:33,875 --> 00:10:34,750 not great data, 515 00:10:34,750 --> 00:10:35,833 but not horrible data. 516 00:10:35,833 --> 00:10:37,083 So there's a lot of reason 517 00:10:37,083 --> 00:10:37,583 to believe 518 00:10:37,583 --> 00:10:38,541 that that things 519 00:10:38,541 --> 00:10:40,416 are actually not so bad. 520 00:10:40,500 --> 00:10:42,208 But there are some reasons 521 00:10:42,208 --> 00:10:43,791 to think that the March numbers 522 00:10:43,791 --> 00:10:45,958 and which come out in April 523 00:10:45,958 --> 00:10:48,208 and then the following months 524 00:10:48,291 --> 00:10:49,500 may not be as rosy 525 00:10:49,500 --> 00:10:50,541 as we saw in February, 526 00:10:50,541 --> 00:10:51,416 which again, February 527 00:10:51,416 --> 00:10:52,541 is pretty average. 528 00:10:52,625 --> 00:10:53,958 So there are a couple of reasons. 529 00:10:54,000 --> 00:10:54,541 Number one, 530 00:10:54,541 --> 00:10:54,958 let's start 531 00:10:54,958 --> 00:10:56,083 with with consumer 532 00:10:56,083 --> 00:10:56,875 and business 533 00:10:56,875 --> 00:10:59,000 and investor sentiment. 534 00:10:59,083 --> 00:11:00,458 There are a lot of organizations 535 00:11:00,458 --> 00:11:01,000 out there 536 00:11:01,000 --> 00:11:02,750 that measure confidence. 537 00:11:02,750 --> 00:11:03,666 They measure the confidence 538 00:11:03,666 --> 00:11:04,250 of you and me. 539 00:11:04,250 --> 00:11:05,125 They measure confidence 540 00:11:05,125 --> 00:11:06,125 of small business 541 00:11:06,125 --> 00:11:07,500 owners, of investors, 542 00:11:07,583 --> 00:11:08,250 big business 543 00:11:08,250 --> 00:11:10,916 owners, analysts, all of all 544 00:11:11,208 --> 00:11:12,375 sentiment and confidence 545 00:11:12,375 --> 00:11:14,041 across the board. 546 00:11:14,125 --> 00:11:15,333 And what we've seen 547 00:11:15,333 --> 00:11:17,458 is that these confidence numbers 548 00:11:17,458 --> 00:11:18,083 seem to be heading 549 00:11:18,083 --> 00:11:18,708 down the toilet. 550 00:11:19,708 --> 00:11:21,500 And so why does this matter? 551 00:11:21,500 --> 00:11:21,958 Well, we've 552 00:11:21,958 --> 00:11:23,708 talked about this before. 553 00:11:23,791 --> 00:11:24,958 Confidence and sentiment 554 00:11:24,958 --> 00:11:26,708 is a leading indicator. 555 00:11:26,791 --> 00:11:27,958 So when business owners 556 00:11:27,958 --> 00:11:28,583 or investors 557 00:11:28,583 --> 00:11:29,916 or regular people start to lose 558 00:11:29,916 --> 00:11:30,916 faith in the economy, 559 00:11:30,916 --> 00:11:32,125 they start to spend differently. 560 00:11:32,125 --> 00:11:33,750 They start to invest differently. 561 00:11:33,833 --> 00:11:34,708 And those spending 562 00:11:34,708 --> 00:11:36,208 and investing changes 563 00:11:36,291 --> 00:11:37,166 actually lead 564 00:11:37,166 --> 00:11:38,583 to the economy changing. 565 00:11:38,666 --> 00:11:40,208 And so we get the snowball effect 566 00:11:40,208 --> 00:11:41,250 of we act differently, 567 00:11:41,250 --> 00:11:42,833 so the economy acts differently, 568 00:11:42,833 --> 00:11:43,708 which causes us to act 569 00:11:43,708 --> 00:11:44,791 differently even more, 570 00:11:44,875 --> 00:11:46,291 which causes the economy 571 00:11:46,291 --> 00:11:47,125 to act differently even more. 572 00:11:47,125 --> 00:11:47,583 So here's 573 00:11:47,666 --> 00:11:47,958 a little bit 574 00:11:47,958 --> 00:11:48,666 of the sentiment data 575 00:11:48,666 --> 00:11:50,250 that we're seeing out there. 576 00:11:50,333 --> 00:11:51,208 Consumer sentiment. 577 00:11:51,208 --> 00:11:53,083 So regular people, you and me, 578 00:11:53,083 --> 00:11:53,791 how are we feeling about 579 00:11:53,791 --> 00:11:54,458 the economy? 580 00:11:54,541 --> 00:11:55,750 University of Michigan does 581 00:11:55,750 --> 00:11:56,583 a monthly consumer 582 00:11:56,583 --> 00:11:57,708 sentiment survey 583 00:11:57,791 --> 00:12:00,208 down 11% in February, 584 00:12:00,208 --> 00:12:02,916 down 22% since December. 585 00:12:03,000 --> 00:12:04,166 This isn't isolated. 586 00:12:04,166 --> 00:12:05,333 It's not just Democrats 587 00:12:05,333 --> 00:12:05,875 who are mad 588 00:12:05,875 --> 00:12:06,916 that Trump was elected. 589 00:12:06,916 --> 00:12:07,750 It's not just 590 00:12:08,958 --> 00:12:10,166 poor people or rich people. 591 00:12:10,166 --> 00:12:11,375 It's actually across 592 00:12:11,458 --> 00:12:12,291 all age groups, 593 00:12:12,291 --> 00:12:13,791 all political affiliations, 594 00:12:13,791 --> 00:12:16,500 all wealth spectrum, 595 00:12:16,833 --> 00:12:19,541 education, geographic location. 596 00:12:19,625 --> 00:12:19,833 Yeah. 597 00:12:19,833 --> 00:12:20,458 So here's 598 00:12:20,458 --> 00:12:20,958 the here's 599 00:12:20,958 --> 00:12:21,625 the consumer 600 00:12:21,625 --> 00:12:23,666 sentiment numbers for March. 601 00:12:23,750 --> 00:12:25,083 So so pretty bad. 602 00:12:25,166 --> 00:12:25,791 J j do 603 00:12:25,791 --> 00:12:26,541 they isolate 604 00:12:26,541 --> 00:12:27,750 the specific reason 605 00:12:27,750 --> 00:12:28,708 is there like the top 606 00:12:28,708 --> 00:12:29,458 three reasons. 607 00:12:29,458 --> 00:12:31,041 Why is it is it the economy? 608 00:12:31,041 --> 00:12:32,000 Is it the terrorists. 609 00:12:32,000 --> 00:12:33,458 Is it the Trump's in office. 610 00:12:33,458 --> 00:12:34,708 Like is there a reason for this? 611 00:12:34,708 --> 00:12:35,250 There is. 612 00:12:35,250 --> 00:12:37,666 And for this for this 613 00:12:37,666 --> 00:12:39,750 if I recall, it's inflation. 614 00:12:39,833 --> 00:12:40,500 And in fact that's 615 00:12:40,500 --> 00:12:41,916 going to be a common theme 616 00:12:42,000 --> 00:12:42,666 throughout a lot 617 00:12:42,666 --> 00:12:43,250 of these sentiment 618 00:12:43,250 --> 00:12:44,166 and confidence numbers. 619 00:12:44,166 --> 00:12:44,541 And I'm 620 00:12:44,541 --> 00:12:44,875 getting ready 621 00:12:44,875 --> 00:12:46,541 to throw out a lot of concern 622 00:12:46,541 --> 00:12:47,458 about inflation. 623 00:12:47,458 --> 00:12:47,875 Concern 624 00:12:47,875 --> 00:12:48,583 about inflation 625 00:12:48,583 --> 00:12:50,250 is being generated 1st 626 00:12:50,250 --> 00:12:51,541 January numbers were pretty high. 627 00:12:51,541 --> 00:12:52,250 December numbers 628 00:12:52,250 --> 00:12:53,208 were a little bit high. 629 00:12:53,291 --> 00:12:54,875 So we saw this kind of this 630 00:12:54,875 --> 00:12:56,416 this ramp 631 00:12:56,500 --> 00:12:58,166 that people were concerned about. 632 00:12:58,166 --> 00:12:58,875 Now keep in mind 633 00:12:58,875 --> 00:12:59,541 February numbers 634 00:12:59,541 --> 00:13:00,416 were pretty good. 635 00:13:00,500 --> 00:13:01,791 But a lot of the survey data 636 00:13:01,791 --> 00:13:02,750 was collected before 637 00:13:02,750 --> 00:13:03,916 February numbers came out. 638 00:13:03,916 --> 00:13:05,166 So hopefully, 639 00:13:05,250 --> 00:13:05,875 some of this will be 640 00:13:05,875 --> 00:13:07,083 mitigated in March 641 00:13:07,083 --> 00:13:08,333 when when people see 642 00:13:08,333 --> 00:13:09,291 the February numbers weren't 643 00:13:09,291 --> 00:13:10,666 so bad with inflation, 644 00:13:10,750 --> 00:13:11,458 maybe people will be 645 00:13:11,458 --> 00:13:12,416 a little bit less concerned. 646 00:13:12,416 --> 00:13:12,833 But that was 647 00:13:12,833 --> 00:13:13,916 that was the big thing for 648 00:13:13,916 --> 00:13:14,750 for the consumer 649 00:13:14,750 --> 00:13:15,958 sentiment number, 650 00:13:16,041 --> 00:13:18,000 from University of Michigan. 651 00:13:18,083 --> 00:13:19,458 On the business side of things, 652 00:13:19,458 --> 00:13:20,333 we have population. 653 00:13:20,375 --> 00:13:22,000 And as the eggs as the eggs 654 00:13:22,000 --> 00:13:23,333 discussion need to be included 655 00:13:23,333 --> 00:13:24,750 here, the price of eggs going up. 656 00:13:24,750 --> 00:13:26,166 So price of eggs are dropping, 657 00:13:26,166 --> 00:13:28,041 the price of eggs are dropping. 658 00:13:28,083 --> 00:13:28,541 Yeah. 659 00:13:28,541 --> 00:13:29,541 Down about everyone's 660 00:13:29,541 --> 00:13:30,458 everyone's putting chicken 661 00:13:30,458 --> 00:13:31,416 coops in their backyard. 662 00:13:31,416 --> 00:13:32,500 So we're all set now. 663 00:13:32,583 --> 00:13:34,208 So the funny thing is price 664 00:13:34,208 --> 00:13:35,000 of eggs are dropping. 665 00:13:35,000 --> 00:13:35,875 A lot of it is on 666 00:13:35,875 --> 00:13:36,708 the demand side. 667 00:13:36,708 --> 00:13:37,875 So people are eating a lot 668 00:13:37,875 --> 00:13:38,500 fewer eggs. 669 00:13:38,500 --> 00:13:41,666 But there's also, supply, supply 670 00:13:42,166 --> 00:13:42,750 is starting 671 00:13:42,750 --> 00:13:43,708 to open up a little bit. 672 00:13:43,708 --> 00:13:44,500 So hey Jay, 673 00:13:44,500 --> 00:13:46,250 those things are not dis related. 674 00:13:46,250 --> 00:13:47,166 When you say that 675 00:13:47,166 --> 00:13:48,833 when egg prices are up, people's 676 00:13:48,833 --> 00:13:50,125 behavior is the environment 677 00:13:50,125 --> 00:13:51,166 to buy less eggs. 678 00:13:51,250 --> 00:13:52,291 It's the same thing 679 00:13:52,291 --> 00:13:53,250 as sentiment, right? 680 00:13:53,250 --> 00:13:53,875 The opposite of 681 00:13:53,875 --> 00:13:54,750 the wealth effect. 682 00:13:54,833 --> 00:13:55,916 When we're feeding wealthy, 683 00:13:55,916 --> 00:13:57,125 well, we're acting wealthy. 684 00:13:57,125 --> 00:13:58,791 When we're feeling nervous, 685 00:13:58,791 --> 00:14:00,000 we're acting nervous. 686 00:14:00,083 --> 00:14:01,500 Exactly, exactly. 687 00:14:01,500 --> 00:14:02,750 And that's why sentiment is, 688 00:14:02,750 --> 00:14:04,333 is generally a leading indicator 689 00:14:04,416 --> 00:14:04,791 and is 690 00:14:04,791 --> 00:14:06,625 often a good indication 691 00:14:06,625 --> 00:14:08,875 of where the economy's heading. 692 00:14:08,958 --> 00:14:10,041 Let's talk about business owners. 693 00:14:11,125 --> 00:14:12,125 Let me, let me just 694 00:14:12,208 --> 00:14:13,041 like let's not move 695 00:14:13,041 --> 00:14:14,750 on on that yet. Yeah. 696 00:14:14,833 --> 00:14:16,750 Because I, I'm the consumer. 697 00:14:16,791 --> 00:14:18,333 We're just talking about consumer 698 00:14:18,416 --> 00:14:19,000 sentiment. Right. 699 00:14:19,000 --> 00:14:19,875 We're not talking about 700 00:14:19,875 --> 00:14:21,541 like expert sentiment. 701 00:14:21,541 --> 00:14:23,166 Sentiment or like 702 00:14:23,250 --> 00:14:23,875 I guess 703 00:14:23,958 --> 00:14:24,291 I don't know 704 00:14:24,291 --> 00:14:24,666 if you guys 705 00:14:24,666 --> 00:14:26,416 watch the news at all. 706 00:14:26,500 --> 00:14:27,416 I try and watch 707 00:14:27,416 --> 00:14:28,250 less and less now, 708 00:14:28,250 --> 00:14:29,500 but right now 709 00:14:29,500 --> 00:14:30,333 the news is like 710 00:14:30,333 --> 00:14:32,583 the most negative it's ever been, 711 00:14:32,666 --> 00:14:33,125 like, it's 712 00:14:33,125 --> 00:14:34,333 all all they're saying on 713 00:14:34,333 --> 00:14:34,916 the news 714 00:14:34,916 --> 00:14:36,416 is basically talking about 715 00:14:36,500 --> 00:14:38,291 tariffs are having this effect. 716 00:14:38,291 --> 00:14:39,458 And inflation's 717 00:14:39,458 --> 00:14:40,500 doing this effect. 718 00:14:40,500 --> 00:14:41,458 And it basically 719 00:14:41,458 --> 00:14:42,958 all news is negative. 720 00:14:43,041 --> 00:14:44,541 So is 721 00:14:44,625 --> 00:14:45,833 when you say consumer 722 00:14:45,833 --> 00:14:46,541 like you know tail 723 00:14:46,541 --> 00:14:48,166 wagging the dog kind of thing. 724 00:14:48,250 --> 00:14:48,833 Like could 725 00:14:48,833 --> 00:14:50,458 this just be one of those things 726 00:14:50,458 --> 00:14:51,458 where 727 00:14:51,541 --> 00:14:53,416 since so much has happened 728 00:14:53,500 --> 00:14:55,500 in such a little amount of time, 729 00:14:55,583 --> 00:14:56,541 is this just people 730 00:14:56,541 --> 00:14:57,875 just being so uncertain 731 00:14:57,875 --> 00:14:58,416 that they're like, 732 00:14:58,416 --> 00:14:59,833 oh, like, I'm a little nervous. 733 00:14:59,833 --> 00:15:00,208 I don't know 734 00:15:00,208 --> 00:15:00,916 what's going to happen. 735 00:15:00,916 --> 00:15:01,958 And therefore, like, 736 00:15:01,958 --> 00:15:03,208 the sentiment drops. 737 00:15:03,291 --> 00:15:04,166 Yeah, 100%. 738 00:15:04,166 --> 00:15:04,791 And in fact, 739 00:15:04,875 --> 00:15:06,416 we do measure uncertainty 740 00:15:06,416 --> 00:15:07,958 in several of these, 741 00:15:08,041 --> 00:15:09,750 in several of these surveys. 742 00:15:09,833 --> 00:15:10,625 And uncertainty 743 00:15:10,625 --> 00:15:11,541 is one of those things 744 00:15:11,541 --> 00:15:13,000 that we've seen through the roof. 745 00:15:13,000 --> 00:15:13,916 And I'll talk about that. 746 00:15:13,916 --> 00:15:15,875 And one of the surveys coming up, 747 00:15:15,958 --> 00:15:17,208 specifically, I just looked 748 00:15:17,208 --> 00:15:18,166 while Kyle was talking. 749 00:15:18,166 --> 00:15:19,166 I just looked at the, 750 00:15:19,250 --> 00:15:20,250 consumer sentiment 751 00:15:20,250 --> 00:15:21,833 like what was driving it? 752 00:15:21,833 --> 00:15:23,791 Inflation is driving it. 753 00:15:23,875 --> 00:15:24,625 The year ahead. 754 00:15:24,625 --> 00:15:26,083 Inflation expectations 755 00:15:26,083 --> 00:15:27,000 for consumers 756 00:15:27,000 --> 00:15:28,833 from the University of Michigan, 757 00:15:28,916 --> 00:15:31,833 survey was went from 4.3% 758 00:15:31,916 --> 00:15:32,666 last month. 759 00:15:32,666 --> 00:15:33,958 So meaning people thought 760 00:15:33,958 --> 00:15:35,458 the inflation rate over 761 00:15:35,458 --> 00:15:36,375 the next year is going to be 762 00:15:36,375 --> 00:15:38,041 about 4.3% last month 763 00:15:38,125 --> 00:15:39,750 to 4.9% this month, 764 00:15:39,750 --> 00:15:42,000 which is a significant increase. 765 00:15:42,083 --> 00:15:42,875 Nowhere near that 766 00:15:42,875 --> 00:15:43,958 9% that we saw 767 00:15:43,958 --> 00:15:45,500 a couple years ago. 768 00:15:45,583 --> 00:15:47,250 But anytime you're in the fours 769 00:15:47,250 --> 00:15:49,958 near 5% to or not there, 770 00:15:50,041 --> 00:15:51,500 but concerns about us 771 00:15:51,500 --> 00:15:53,583 being in the fours near 5%, 772 00:15:53,666 --> 00:15:55,583 that's a pretty big inflation 773 00:15:55,583 --> 00:15:56,958 rate in the consumers 774 00:15:56,958 --> 00:15:57,625 really think 775 00:15:57,708 --> 00:15:59,250 we're near 5% on inflation 776 00:15:59,250 --> 00:15:59,666 and we're heading 777 00:15:59,666 --> 00:16:00,750 in that direction. 778 00:16:00,833 --> 00:16:02,041 It's going to change the way 779 00:16:02,041 --> 00:16:02,833 they spend money. 780 00:16:02,916 --> 00:16:03,500 And it's already 781 00:16:03,500 --> 00:16:04,000 we've been talking 782 00:16:04,000 --> 00:16:04,708 about this for a while. 783 00:16:04,708 --> 00:16:06,625 But it's just it's just tough on 784 00:16:06,625 --> 00:16:07,583 especially on the middle class 785 00:16:07,583 --> 00:16:08,875 right where they're already 786 00:16:08,916 --> 00:16:10,375 having a hard time keeping up. 787 00:16:10,375 --> 00:16:10,833 And, you know, 788 00:16:10,833 --> 00:16:12,083 any little price change, 789 00:16:12,083 --> 00:16:13,125 I mean, 790 00:16:13,208 --> 00:16:13,708 even I'm 791 00:16:13,708 --> 00:16:14,541 glad the edge is going down, 792 00:16:14,541 --> 00:16:15,708 but anything in the supermarket 793 00:16:15,708 --> 00:16:17,250 goes up 10% or 5% 794 00:16:17,250 --> 00:16:18,458 that makes a huge difference 795 00:16:18,458 --> 00:16:19,458 on the margins for most, 796 00:16:19,500 --> 00:16:20,458 for most Americans. 797 00:16:20,458 --> 00:16:21,291 And I think it's just 798 00:16:21,375 --> 00:16:21,750 I think it's 799 00:16:21,750 --> 00:16:23,041 almost like a cumulative effect 800 00:16:23,041 --> 00:16:23,750 where it's 801 00:16:23,750 --> 00:16:24,833 been going on for so long. 802 00:16:24,833 --> 00:16:26,166 It's like at some point, 803 00:16:26,250 --> 00:16:26,541 you know, 804 00:16:26,541 --> 00:16:27,208 they're just getting more 805 00:16:27,208 --> 00:16:27,958 and more concerned, 806 00:16:27,958 --> 00:16:28,791 or maybe they're dipping 807 00:16:28,791 --> 00:16:29,458 into their savings, 808 00:16:29,458 --> 00:16:30,166 maybe their savings 809 00:16:30,166 --> 00:16:31,291 are evaporating, 810 00:16:31,291 --> 00:16:31,958 or they're just seeing 811 00:16:31,958 --> 00:16:32,708 the writing on the wall. 812 00:16:32,708 --> 00:16:34,208 But this is a concern 813 00:16:34,208 --> 00:16:35,458 that I've been talking about for 814 00:16:35,458 --> 00:16:36,833 for almost years now, 815 00:16:36,833 --> 00:16:38,208 because there just isn't 816 00:16:38,291 --> 00:16:39,625 there isn't that third spouse. 817 00:16:39,625 --> 00:16:39,833 You know, 818 00:16:39,833 --> 00:16:41,041 we talked about it before. 819 00:16:41,041 --> 00:16:41,500 Where in 820 00:16:41,541 --> 00:16:43,083 you know, back in the 50s and 60s 821 00:16:43,083 --> 00:16:44,000 when inflation happened, 822 00:16:44,000 --> 00:16:44,750 the second spouse 823 00:16:44,750 --> 00:16:45,833 had to jump into the workforce 824 00:16:45,833 --> 00:16:47,041 to to make ends meet. 825 00:16:47,125 --> 00:16:47,958 There isn't a third 826 00:16:48,041 --> 00:16:48,958 spouse around. 827 00:16:48,958 --> 00:16:51,083 So now if two spouses are working 828 00:16:51,083 --> 00:16:51,958 and can't cover 829 00:16:51,958 --> 00:16:52,958 the daily expenses, 830 00:16:52,958 --> 00:16:53,500 where is the money 831 00:16:53,500 --> 00:16:54,250 going to come from? 832 00:16:54,333 --> 00:16:55,791 Maybe those lazy millennials 833 00:16:55,791 --> 00:16:56,250 who are living 834 00:16:56,250 --> 00:16:57,583 in the basement of these, 835 00:16:57,666 --> 00:16:58,458 baby boomers. 836 00:16:58,458 --> 00:16:59,458 Maybe they'll start pitching 837 00:16:59,458 --> 00:17:00,666 in a little bit. 838 00:17:00,750 --> 00:17:02,041 So we're talking about 839 00:17:02,041 --> 00:17:03,291 people's concerns 840 00:17:03,291 --> 00:17:04,166 about inflation, 841 00:17:04,166 --> 00:17:04,916 but we actually have 842 00:17:04,916 --> 00:17:05,875 some other data 843 00:17:05,875 --> 00:17:07,375 that indicates 844 00:17:07,458 --> 00:17:08,833 inflation is a real thing. 845 00:17:08,833 --> 00:17:09,583 It's happening. 846 00:17:09,583 --> 00:17:10,333 And there's reason 847 00:17:10,333 --> 00:17:10,875 to be concerned. 848 00:17:10,875 --> 00:17:11,666 So we have this thing 849 00:17:11,666 --> 00:17:13,125 called the NFIB Small 850 00:17:13,125 --> 00:17:15,750 Business Optimism Index where 851 00:17:16,875 --> 00:17:19,583 this organization NFIB does 852 00:17:19,875 --> 00:17:21,541 surveys of small business owners 853 00:17:21,541 --> 00:17:22,458 and basically ask them 854 00:17:22,458 --> 00:17:23,500 what's your sentiment 855 00:17:23,500 --> 00:17:24,291 like these days. 856 00:17:24,291 --> 00:17:26,041 And the common answer 857 00:17:26,125 --> 00:17:27,625 is uncertainty. Literally. 858 00:17:27,625 --> 00:17:29,625 That is one of the selections. 859 00:17:29,625 --> 00:17:30,583 And people 860 00:17:30,625 --> 00:17:31,708 a lot of these small business 861 00:17:31,708 --> 00:17:33,541 owners are feeling uncertainty. 862 00:17:33,625 --> 00:17:34,625 But one of the things 863 00:17:34,625 --> 00:17:36,000 the survey questions 864 00:17:36,000 --> 00:17:37,625 is, are you raising your prices 865 00:17:37,625 --> 00:17:38,791 or have you raised your prices? 866 00:17:38,791 --> 00:17:39,958 In the last month, 867 00:17:40,041 --> 00:17:42,791 32% of respondents to the survey, 868 00:17:43,250 --> 00:17:43,625 and again, 869 00:17:43,625 --> 00:17:44,416 these are small business 870 00:17:44,416 --> 00:17:45,000 owners said they 871 00:17:45,000 --> 00:17:45,833 raised their prices 872 00:17:45,833 --> 00:17:46,625 in the last month. 873 00:17:46,708 --> 00:17:48,000 That's the highest percentage 874 00:17:48,083 --> 00:17:48,625 percentage 875 00:17:48,625 --> 00:17:51,291 we've seen since April of 2021. 876 00:17:51,750 --> 00:17:53,250 So, at least in 877 00:17:53,250 --> 00:17:54,041 the small business 878 00:17:54,041 --> 00:17:55,291 side of things, 879 00:17:55,375 --> 00:17:56,958 a lot of owners are 880 00:17:56,958 --> 00:17:57,958 raising prices. 881 00:17:58,041 --> 00:17:59,208 Is it tariff related? 882 00:17:59,208 --> 00:17:59,791 It very well 883 00:17:59,791 --> 00:18:00,291 may be, 884 00:18:00,291 --> 00:18:02,125 even if you don't see 885 00:18:02,208 --> 00:18:03,500 tariffs in place, 886 00:18:03,583 --> 00:18:04,041 if you have an 887 00:18:04,041 --> 00:18:05,250 expectation of tariffs, 888 00:18:05,250 --> 00:18:06,708 if you're buying inventory 889 00:18:06,791 --> 00:18:08,125 or you're buying inventory, 890 00:18:08,166 --> 00:18:09,166 you're placing orders 891 00:18:09,166 --> 00:18:11,875 for for inventory two months, 892 00:18:11,875 --> 00:18:13,000 six months down the road, 893 00:18:13,000 --> 00:18:14,625 like a lot of business owners do. 894 00:18:14,666 --> 00:18:16,625 Imagine you're a lumber company. 895 00:18:16,708 --> 00:18:18,416 And you have to place orders 896 00:18:18,500 --> 00:18:19,208 two, four, 897 00:18:19,208 --> 00:18:20,833 six months down the road. 898 00:18:20,916 --> 00:18:21,458 Well, 899 00:18:21,541 --> 00:18:22,666 the threat of tariffs 900 00:18:22,666 --> 00:18:23,333 is going to impact 901 00:18:23,333 --> 00:18:24,083 lumber futures, 902 00:18:24,083 --> 00:18:25,166 and you're going to end up 903 00:18:25,250 --> 00:18:27,166 paying more today for lumber, 904 00:18:27,166 --> 00:18:27,916 even if tariffs 905 00:18:27,916 --> 00:18:29,083 haven't been implemented. 906 00:18:29,166 --> 00:18:30,875 And so a lot of small business 907 00:18:30,875 --> 00:18:31,958 owners are in the same boat. 908 00:18:31,958 --> 00:18:33,208 Even before tariffs 909 00:18:33,291 --> 00:18:34,083 were implemented 910 00:18:34,083 --> 00:18:35,916 a couple weeks ago. 911 00:18:36,000 --> 00:18:37,416 They may have been raising prices 912 00:18:37,500 --> 00:18:38,875 in anticipation. 913 00:18:38,958 --> 00:18:40,250 And actually in that same survey, 914 00:18:40,250 --> 00:18:41,375 I noticed to the 915 00:18:41,375 --> 00:18:42,625 the they ask, 916 00:18:42,708 --> 00:18:43,875 what's the expectations 917 00:18:43,875 --> 00:18:46,458 for the economy to improve. 918 00:18:46,541 --> 00:18:47,375 And that dropped. 919 00:18:47,375 --> 00:18:48,083 And it's down to like 920 00:18:48,083 --> 00:18:50,125 37% of respondents 921 00:18:50,125 --> 00:18:51,291 are thinking that the economy. 922 00:18:51,291 --> 00:18:52,250 Is actually folks. 923 00:18:52,250 --> 00:18:52,958 I mean, if anybody's 924 00:18:52,958 --> 00:18:53,500 paying attention, 925 00:18:53,500 --> 00:18:53,666 I mean, 926 00:18:53,666 --> 00:18:54,208 we talked about it, 927 00:18:54,208 --> 00:18:55,625 I think last week, the, 928 00:18:55,708 --> 00:18:56,916 the Atlanta Fed, 929 00:18:57,000 --> 00:18:57,416 you know, 930 00:18:57,500 --> 00:18:58,708 who are notorious 931 00:18:58,708 --> 00:19:00,791 for being overly confident 932 00:19:00,875 --> 00:19:01,583 on the front end. 933 00:19:01,583 --> 00:19:02,541 But I just pulled up the graph 934 00:19:02,541 --> 00:19:03,333 before we came on. 935 00:19:03,333 --> 00:19:04,166 And, you know, 936 00:19:04,166 --> 00:19:05,000 they started at about 937 00:19:05,000 --> 00:19:07,833 a 4% GDP growth for the quarter. 938 00:19:08,041 --> 00:19:09,000 And then it plummeted 939 00:19:09,000 --> 00:19:10,541 all the way down to just below 940 00:19:10,541 --> 00:19:12,083 2% or two point something. 941 00:19:12,166 --> 00:19:13,375 And it has bounced back 942 00:19:13,375 --> 00:19:13,666 a little bit. 943 00:19:13,666 --> 00:19:15,750 So it's I think now at 1.9%. 944 00:19:15,833 --> 00:19:17,125 But the Atlanta Fed has. 945 00:19:17,208 --> 00:19:18,458 A negative one point. Eight. 946 00:19:18,500 --> 00:19:18,750 Yeah. 947 00:19:18,750 --> 00:19:19,750 Now because it went from negative 948 00:19:19,750 --> 00:19:21,500 two and a half or whatever 2.9. 949 00:19:21,500 --> 00:19:22,583 Now it's only 1.9. 950 00:19:22,583 --> 00:19:23,458 But still 951 00:19:23,541 --> 00:19:24,625 the Atlanta, the fed 952 00:19:24,625 --> 00:19:25,666 and the Atlanta Fed 953 00:19:25,708 --> 00:19:27,375 themselves are expecting 954 00:19:27,375 --> 00:19:29,458 a contraction in the economy, 955 00:19:29,458 --> 00:19:30,458 which is, you know, 956 00:19:30,458 --> 00:19:31,750 half of a recession. 957 00:19:31,833 --> 00:19:32,583 And keep in mind, 958 00:19:32,583 --> 00:19:34,458 this isn't what the Atlanta Fed 959 00:19:34,458 --> 00:19:35,416 is expecting. 960 00:19:35,416 --> 00:19:38,916 The way the GDP now meter works 961 00:19:39,000 --> 00:19:40,541 is they actually take data 962 00:19:40,541 --> 00:19:41,833 as it's released 963 00:19:41,916 --> 00:19:43,583 and they plug it into the model. 964 00:19:43,583 --> 00:19:44,625 So every time there's new 965 00:19:44,625 --> 00:19:45,125 data released. 966 00:19:45,125 --> 00:19:46,416 So today, 967 00:19:46,500 --> 00:19:47,166 or yesterday 968 00:19:47,166 --> 00:19:47,958 we got some import 969 00:19:47,958 --> 00:19:48,458 and export 970 00:19:48,458 --> 00:19:50,666 pricing from last month, 971 00:19:50,750 --> 00:19:52,125 that indicated that import 972 00:19:52,125 --> 00:19:53,208 and export prices went up. 973 00:19:53,208 --> 00:19:53,916 There were some inflation 974 00:19:53,916 --> 00:19:55,416 and import and export prices. 975 00:19:55,500 --> 00:19:57,000 That's actually on the 976 00:19:57,000 --> 00:19:58,125 on the export side. 977 00:19:58,125 --> 00:19:59,875 That's good for GDP. 978 00:19:59,875 --> 00:20:00,625 On the import side, 979 00:20:00,625 --> 00:20:02,250 it's bad for GDP. 980 00:20:02,333 --> 00:20:03,291 But the exports 981 00:20:03,291 --> 00:20:04,375 outweighed the imports. 982 00:20:04,375 --> 00:20:05,583 So that's good for GDP. 983 00:20:05,583 --> 00:20:07,041 You plug that into their model 984 00:20:07,125 --> 00:20:07,916 and you see that 985 00:20:07,916 --> 00:20:10,083 the GDP expectation 986 00:20:10,166 --> 00:20:11,750 for Q1 actually goes up. 987 00:20:11,833 --> 00:20:13,583 And so you can watch that model 988 00:20:13,583 --> 00:20:14,708 not on a daily basis. 989 00:20:14,708 --> 00:20:15,500 But but they 990 00:20:15,583 --> 00:20:16,208 they list 991 00:20:16,208 --> 00:20:17,583 the days that they update it. 992 00:20:17,666 --> 00:20:18,500 But it's a couple times 993 00:20:18,500 --> 00:20:19,791 a week that they take data. 994 00:20:19,791 --> 00:20:20,666 That's being released. 995 00:20:20,666 --> 00:20:21,833 And this is all public data 996 00:20:21,833 --> 00:20:23,500 that you and I can see as well. 997 00:20:23,583 --> 00:20:24,791 They stick it into their model 998 00:20:24,791 --> 00:20:26,208 and you can see in real time 999 00:20:26,208 --> 00:20:28,583 as that GDP meter 1000 00:20:28,666 --> 00:20:29,666 goes up and down 1001 00:20:29,666 --> 00:20:31,583 and so will it end the quarter 1002 00:20:32,666 --> 00:20:33,625 over zero. 1003 00:20:33,666 --> 00:20:33,791 Yeah. 1004 00:20:33,791 --> 00:20:34,708 That's what I was going to say. 1005 00:20:34,708 --> 00:20:35,041 You could 1006 00:20:35,125 --> 00:20:36,500 you can watch it go up and down. 1007 00:20:36,500 --> 00:20:37,750 And it's always up and down. 1008 00:20:37,750 --> 00:20:39,000 So much like a. Yeah. 1009 00:20:39,041 --> 00:20:40,291 But it's an exercise usually. 1010 00:20:40,291 --> 00:20:41,750 Down a trend of 1011 00:20:41,750 --> 00:20:42,958 that thing is always 1012 00:20:43,041 --> 00:20:44,041 in the wrong direction. 1013 00:20:44,125 --> 00:20:44,750 You never see 1014 00:20:44,750 --> 00:20:45,833 the line of fed start 1015 00:20:45,833 --> 00:20:46,541 at some number 1016 00:20:46,541 --> 00:20:47,541 and then end up double 1017 00:20:47,541 --> 00:20:48,291 by the end of the quarter. 1018 00:20:48,291 --> 00:20:48,958 It's always 1019 00:20:49,041 --> 00:20:49,791 for some reason, 1020 00:20:49,791 --> 00:20:50,333 I don't know why, 1021 00:20:50,333 --> 00:20:52,416 but always seems to overstate 1022 00:20:52,500 --> 00:20:54,666 the the actual final numbers. 1023 00:20:54,750 --> 00:20:55,166 So well. 1024 00:20:55,166 --> 00:20:56,291 Keep in mind again, it's 1025 00:20:56,291 --> 00:20:57,750 using real public data 1026 00:20:57,750 --> 00:20:58,916 that gets released. 1027 00:20:59,000 --> 00:21:01,000 The quarter ended March 30th. 1028 00:21:01,083 --> 00:21:02,416 The last piece of data 1029 00:21:02,416 --> 00:21:03,041 that we get for 1030 00:21:03,041 --> 00:21:05,375 March comes on April 30th. 1031 00:21:05,458 --> 00:21:06,333 So on April 1032 00:21:06,333 --> 00:21:07,583 30th, we'll have the last piece 1033 00:21:07,583 --> 00:21:09,333 of data for March, 1034 00:21:09,333 --> 00:21:09,666 which will be 1035 00:21:09,666 --> 00:21:10,625 the last piece of data 1036 00:21:10,625 --> 00:21:11,208 for the quarter 1037 00:21:11,208 --> 00:21:12,041 that'll get stuck it, 1038 00:21:12,041 --> 00:21:13,708 but plugged into the model. 1039 00:21:13,791 --> 00:21:14,875 And the model will say, 1040 00:21:14,875 --> 00:21:16,375 this is what GDP is. 1041 00:21:16,375 --> 00:21:17,000 And every day 1042 00:21:17,000 --> 00:21:18,000 between January 1043 00:21:18,000 --> 00:21:19,000 1st and April 1044 00:21:19,000 --> 00:21:19,750 30th, 1045 00:21:19,833 --> 00:21:20,583 they're getting more 1046 00:21:20,583 --> 00:21:21,291 and more data 1047 00:21:21,291 --> 00:21:22,166 and they're building up 1048 00:21:22,166 --> 00:21:22,708 that model. 1049 00:21:22,708 --> 00:21:24,125 So in theory, 1050 00:21:24,208 --> 00:21:25,375 whether the model is going up 1051 00:21:25,375 --> 00:21:27,666 or down, it's more accurate 1052 00:21:27,750 --> 00:21:28,541 the further you get 1053 00:21:28,541 --> 00:21:29,166 into the quarter 1054 00:21:29,166 --> 00:21:30,000 and up to a month 1055 00:21:30,000 --> 00:21:30,875 after the quarter end, 1056 00:21:30,875 --> 00:21:31,291 because that's 1057 00:21:31,291 --> 00:21:32,250 when the last piece of data 1058 00:21:32,250 --> 00:21:32,916 comes in. 1059 00:21:33,000 --> 00:21:34,416 So the fact that we are 1060 00:21:34,416 --> 00:21:37,083 now six weeks from the last piece 1061 00:21:37,166 --> 00:21:38,083 of data coming in, 1062 00:21:38,083 --> 00:21:39,083 and we're two and a half months 1063 00:21:39,083 --> 00:21:40,208 into the quarter, 1064 00:21:40,291 --> 00:21:41,250 that means the model's 1065 00:21:41,250 --> 00:21:42,416 probably a little bit 1066 00:21:42,416 --> 00:21:43,208 more accurate 1067 00:21:43,208 --> 00:21:43,958 than it would have been 1068 00:21:43,958 --> 00:21:45,291 a month ago, or two months ago. 1069 00:21:45,291 --> 00:21:46,166 So I'm not saying 1070 00:21:46,166 --> 00:21:47,416 we're going to end up in 1071 00:21:47,416 --> 00:21:48,875 a contraction this quarter, 1072 00:21:48,958 --> 00:21:49,875 but I'd say 1073 00:21:49,875 --> 00:21:50,875 there's a very real chance 1074 00:21:50,875 --> 00:21:51,291 based on what 1075 00:21:51,291 --> 00:21:52,625 we're seeing right now. 1076 00:21:52,708 --> 00:21:53,333 Yeah, I think if I 1077 00:21:53,333 --> 00:21:55,333 was a betting man and I'm not 1078 00:21:56,333 --> 00:21:57,083 maybe in Vegas and 1079 00:21:57,083 --> 00:21:57,958 we're there in a few months, 1080 00:21:57,958 --> 00:21:59,666 but I would say that you're going 1081 00:21:59,666 --> 00:22:00,458 to see a contraction 1082 00:22:00,458 --> 00:22:01,750 in this in this quarter. 1083 00:22:01,833 --> 00:22:02,125 Actually. 1084 00:22:02,125 --> 00:22:03,083 You can well, 1085 00:22:03,083 --> 00:22:04,583 I guess we can as Americans. 1086 00:22:04,583 --> 00:22:05,250 But if, 1087 00:22:05,333 --> 00:22:05,541 I don't know 1088 00:22:05,541 --> 00:22:06,291 if how much time 1089 00:22:06,291 --> 00:22:08,500 you guys spend on Poly Market. 1090 00:22:08,583 --> 00:22:10,125 But one of the Polly market 1091 00:22:10,125 --> 00:22:10,958 things you could bet on 1092 00:22:10,958 --> 00:22:12,833 is the likelihood of a recession 1093 00:22:12,833 --> 00:22:14,375 in 2025. 1094 00:22:14,458 --> 00:22:16,625 And, it's fun to actually know 1095 00:22:16,708 --> 00:22:18,541 that we went from a month ago, 1096 00:22:18,541 --> 00:22:20,166 it was about 20%, 1097 00:22:20,250 --> 00:22:21,708 and now it's about 40. 1098 00:22:21,791 --> 00:22:23,000 So it's doubled 1099 00:22:23,083 --> 00:22:24,291 just in the last month, 1100 00:22:24,291 --> 00:22:25,666 starting actually 1101 00:22:25,750 --> 00:22:26,875 February 20th, 1102 00:22:26,875 --> 00:22:29,458 February 28th, it was 22%. 1103 00:22:29,541 --> 00:22:31,541 And currently in March 17th it's. 1104 00:22:31,625 --> 00:22:32,083 But can I 1105 00:22:32,125 --> 00:22:32,875 can I bet on 1106 00:22:32,875 --> 00:22:34,916 whether Q1 will be negative 1107 00:22:34,916 --> 00:22:35,750 on a GDP. 1108 00:22:35,750 --> 00:22:36,875 And that's what I want to bet on. 1109 00:22:36,958 --> 00:22:38,500 Oh, you might actually I. 1110 00:22:38,541 --> 00:22:39,000 You're not going to 1111 00:22:39,000 --> 00:22:39,750 get good odds. 1112 00:22:41,000 --> 00:22:41,958 So so here's I 1113 00:22:41,958 --> 00:22:42,750 want to bring up a chart. 1114 00:22:42,750 --> 00:22:44,250 So this one's interesting Kyle, 1115 00:22:44,250 --> 00:22:46,083 you mentioned earlier like, 1116 00:22:46,166 --> 00:22:47,333 experts weighing 1117 00:22:47,333 --> 00:22:49,416 in on on sentiment. 1118 00:22:49,500 --> 00:22:50,333 Bank of America 1119 00:22:50,333 --> 00:22:53,041 does this, fund manager survey, 1120 00:22:53,291 --> 00:22:54,083 every few weeks, 1121 00:22:54,083 --> 00:22:55,250 which is basically they 1122 00:22:55,250 --> 00:22:56,958 they talk to analysts, 1123 00:22:56,958 --> 00:22:58,958 fund managers, 1124 00:22:59,041 --> 00:22:59,875 investors 1125 00:22:59,875 --> 00:23:01,291 like institutional investors, 1126 00:23:01,291 --> 00:23:04,291 the smart people, and ask them 1127 00:23:04,375 --> 00:23:05,125 what's going on, 1128 00:23:05,125 --> 00:23:05,750 not just ask them 1129 00:23:05,750 --> 00:23:06,291 what's going on, 1130 00:23:06,291 --> 00:23:08,041 but seeing what they're doing. 1131 00:23:08,125 --> 00:23:09,958 And this was actually 1132 00:23:09,958 --> 00:23:10,625 pretty crazy. 1133 00:23:10,625 --> 00:23:11,166 I saw this 1134 00:23:11,166 --> 00:23:13,875 this was just released today. 1135 00:23:14,041 --> 00:23:15,000 But apparently over 1136 00:23:15,000 --> 00:23:16,041 the last couple weeks, 1137 00:23:16,041 --> 00:23:18,750 what we've seen is that, 1138 00:23:19,750 --> 00:23:20,666 fund managers in 1139 00:23:20,666 --> 00:23:24,750 the US have pulled out 40% of, 1140 00:23:25,916 --> 00:23:28,625 their positions on long equities 1141 00:23:28,750 --> 00:23:29,708 in the US market. 1142 00:23:29,708 --> 00:23:30,750 Basically, they 1143 00:23:30,833 --> 00:23:31,875 they've taken out 1144 00:23:31,875 --> 00:23:33,500 about 40% of, of the money 1145 00:23:33,500 --> 00:23:34,708 they have in the stock market 1146 00:23:34,791 --> 00:23:36,666 betting on companies going up. 1147 00:23:36,750 --> 00:23:38,125 We've never seen a number 1148 00:23:38,125 --> 00:23:39,833 anywhere near that 1149 00:23:39,916 --> 00:23:41,333 in a month in this country. 1150 00:23:41,333 --> 00:23:43,916 So basically half the money 1151 00:23:44,000 --> 00:23:45,291 that fund managers 1152 00:23:45,291 --> 00:23:46,500 have in the market right now 1153 00:23:46,500 --> 00:23:47,208 have come out 1154 00:23:47,208 --> 00:23:48,666 over the last couple of weeks. 1155 00:23:48,750 --> 00:23:49,708 Just an absolutely 1156 00:23:49,708 --> 00:23:51,250 astounding number. 1157 00:23:51,333 --> 00:23:52,041 So so 1158 00:23:52,125 --> 00:23:52,458 go back 1159 00:23:52,458 --> 00:23:53,333 to the first thing you said 1160 00:23:53,333 --> 00:23:55,583 and then then explain to people. 1161 00:23:55,666 --> 00:23:57,375 And when I say people, me 1162 00:23:57,458 --> 00:23:58,166 explain to me 1163 00:23:58,166 --> 00:23:59,833 why you're disconnecting 1164 00:23:59,833 --> 00:24:00,708 the stock market, 1165 00:24:00,708 --> 00:24:01,166 going down 1166 00:24:01,166 --> 00:24:02,125 with all this other stuff 1167 00:24:02,125 --> 00:24:02,375 that you've 1168 00:24:02,375 --> 00:24:03,041 just been talking about, 1169 00:24:03,041 --> 00:24:03,958 because to me, it sounds like 1170 00:24:04,000 --> 00:24:05,041 if somebody is concerned, 1171 00:24:05,041 --> 00:24:05,833 if somebody is fearful 1172 00:24:05,833 --> 00:24:06,583 and somebody wants to put 1173 00:24:06,583 --> 00:24:07,250 money away, 1174 00:24:07,333 --> 00:24:08,500 put somewhere else, wouldn't 1175 00:24:08,500 --> 00:24:09,458 you just buy? 1176 00:24:09,541 --> 00:24:10,125 You would just think 1177 00:24:10,125 --> 00:24:10,791 they'd be pulling money 1178 00:24:10,791 --> 00:24:11,458 from the stock market, 1179 00:24:11,500 --> 00:24:12,750 putting it into something safer, 1180 00:24:12,750 --> 00:24:13,916 putting it into gold 1181 00:24:13,916 --> 00:24:15,791 or foreign equities or non-U.S. 1182 00:24:15,791 --> 00:24:18,000 dollar denominated assets? 1183 00:24:18,083 --> 00:24:19,083 I'm just being careful 1184 00:24:19,083 --> 00:24:19,916 not to say that 1185 00:24:19,916 --> 00:24:20,750 just because there's 1186 00:24:20,750 --> 00:24:21,625 a correlation, 1187 00:24:21,625 --> 00:24:22,916 that there's causation. 1188 00:24:23,000 --> 00:24:24,416 Just because the market's 1189 00:24:24,416 --> 00:24:25,416 going down doesn't 1190 00:24:25,416 --> 00:24:26,250 mean that's going down 1191 00:24:26,250 --> 00:24:27,541 because a recession is coming. 1192 00:24:27,541 --> 00:24:29,291 We've seen market drop. 1193 00:24:29,291 --> 00:24:30,458 But which one leads the other. 1194 00:24:30,458 --> 00:24:30,750 Right. 1195 00:24:30,750 --> 00:24:32,333 Because it's happened both ways. 1196 00:24:32,333 --> 00:24:33,750 They kind of generally 1197 00:24:33,750 --> 00:24:34,458 go the same way. 1198 00:24:34,458 --> 00:24:34,958 But you don't know 1199 00:24:34,958 --> 00:24:36,500 which one's going to be the the 1200 00:24:36,541 --> 00:24:38,208 the one that goes first. Yeah. 1201 00:24:38,208 --> 00:24:40,208 And the point that the economy 1202 00:24:40,208 --> 00:24:41,375 is different from the stock 1203 00:24:41,375 --> 00:24:42,833 market, it's a really good point. 1204 00:24:42,833 --> 00:24:43,916 And too many people 1205 00:24:44,000 --> 00:24:45,416 just lump it all in together. 1206 00:24:45,416 --> 00:24:47,291 Even when it comes to sentiment. 1207 00:24:47,375 --> 00:24:48,458 What's the sentiment about. 1208 00:24:48,458 --> 00:24:49,958 Well in general 1209 00:24:49,958 --> 00:24:51,416 how the market's doing. 1210 00:24:51,416 --> 00:24:52,500 Well what's the market. 1211 00:24:52,583 --> 00:24:54,083 Is that the stock market 1212 00:24:54,083 --> 00:24:55,791 or is that the public markets? 1213 00:24:55,833 --> 00:24:56,791 Is there more to it? 1214 00:24:56,875 --> 00:24:57,833 And certainly 1215 00:24:57,875 --> 00:24:59,000 sentiment has to do 1216 00:24:59,000 --> 00:25:00,083 with how people feel 1217 00:25:00,083 --> 00:25:00,958 in their lives 1218 00:25:01,041 --> 00:25:02,666 and not just in investing. 1219 00:25:02,750 --> 00:25:03,208 You know, the 1220 00:25:03,208 --> 00:25:04,041 the fact 1221 00:25:04,041 --> 00:25:05,541 that you'd never have 1222 00:25:05,541 --> 00:25:06,958 to invest in the stock market. 1223 00:25:07,041 --> 00:25:09,000 It is completely optional. 1224 00:25:09,041 --> 00:25:09,625 No one ever 1225 00:25:09,625 --> 00:25:10,791 has to buy a share of stock 1226 00:25:10,791 --> 00:25:11,875 or a barrel of oil 1227 00:25:11,875 --> 00:25:13,416 or an ounce of gold, 1228 00:25:13,500 --> 00:25:15,250 but you can't sit out 1229 00:25:15,250 --> 00:25:15,833 the real estate 1230 00:25:15,833 --> 00:25:17,291 market financially. 1231 00:25:17,375 --> 00:25:18,625 You don't have to own property, 1232 00:25:18,625 --> 00:25:19,250 but you're going to have 1233 00:25:19,250 --> 00:25:20,541 to interact financially. 1234 00:25:20,541 --> 00:25:22,333 So it separates real estate, 1235 00:25:22,333 --> 00:25:23,166 which I hope we get to 1236 00:25:23,166 --> 00:25:23,791 at some point. 1237 00:25:23,875 --> 00:25:24,958 But, this is great stuff. 1238 00:25:24,958 --> 00:25:25,208 I think 1239 00:25:25,291 --> 00:25:26,625 it's a really excellent point. 1240 00:25:26,708 --> 00:25:27,666 You cannot say 1241 00:25:27,666 --> 00:25:28,583 that the stock market 1242 00:25:28,583 --> 00:25:29,416 is the economy, 1243 00:25:29,500 --> 00:25:31,291 although there is certainly 1244 00:25:31,375 --> 00:25:34,041 in step, it's not correlated. 1245 00:25:34,708 --> 00:25:36,208 Or and if it is correlated, 1246 00:25:36,208 --> 00:25:38,000 it's it's not necessarily 1247 00:25:38,000 --> 00:25:39,541 in real time. 1248 00:25:39,625 --> 00:25:42,250 1st May lead or lag the other. 1249 00:25:42,333 --> 00:25:42,750 And so 1250 00:25:42,791 --> 00:25:44,291 and I don't know 1251 00:25:44,291 --> 00:25:45,416 if you're going to go there, but, 1252 00:25:45,458 --> 00:25:46,083 you know, pulling it 1253 00:25:46,083 --> 00:25:47,000 sort of to that real estate 1254 00:25:47,000 --> 00:25:48,000 angle is like 1255 00:25:48,083 --> 00:25:49,791 one of the biggest KPIs 1256 00:25:49,791 --> 00:25:51,500 on or metrics for real estate 1257 00:25:51,500 --> 00:25:52,625 is, is the mortgage rate 1258 00:25:52,625 --> 00:25:53,583 interest rates. 1259 00:25:53,666 --> 00:25:54,791 How is this all affecting 1260 00:25:54,791 --> 00:25:55,375 that number? 1261 00:25:55,375 --> 00:25:56,208 Like, you know, 1262 00:25:56,291 --> 00:25:57,666 if you're a real estate investor, 1263 00:25:57,750 --> 00:25:59,041 mortgage rates are critical. 1264 00:26:00,000 --> 00:26:00,708 Does this affect 1265 00:26:00,708 --> 00:26:02,166 that number at all? 1266 00:26:02,250 --> 00:26:03,125 I mean, that ten year 1267 00:26:03,208 --> 00:26:04,416 Treasury has been stubborn. 1268 00:26:04,500 --> 00:26:05,375 Like we we 1269 00:26:05,375 --> 00:26:06,500 we obviously want to see that 1270 00:26:06,500 --> 00:26:07,333 come down 1271 00:26:07,416 --> 00:26:08,666 because that's the number one. 1272 00:26:08,750 --> 00:26:10,208 It's coming down. 1273 00:26:10,291 --> 00:26:12,166 And it has been you're right. 1274 00:26:12,166 --> 00:26:13,166 It has been coming down. 1275 00:26:13,166 --> 00:26:14,541 But then like you're 1276 00:26:14,541 --> 00:26:15,458 you're getting excited 1277 00:26:15,458 --> 00:26:15,666 that it's 1278 00:26:15,666 --> 00:26:16,583 going to keep coming down. 1279 00:26:16,583 --> 00:26:17,666 And then you know 1280 00:26:17,666 --> 00:26:19,166 one day the stock market's down. 1281 00:26:19,208 --> 00:26:20,166 You go to look at the ten year. 1282 00:26:20,166 --> 00:26:21,250 And it's back up 1283 00:26:21,250 --> 00:26:21,833 and you're like 1284 00:26:21,833 --> 00:26:22,708 oh what's going on. 1285 00:26:22,791 --> 00:26:23,041 That's 1286 00:26:23,125 --> 00:26:24,541 that's the good example like I do 1287 00:26:24,625 --> 00:26:25,541 I do think that 1288 00:26:25,541 --> 00:26:26,750 a lot of the stuff is related. 1289 00:26:26,750 --> 00:26:27,125 I mean though 1290 00:26:27,208 --> 00:26:27,875 I would argue 1291 00:26:27,875 --> 00:26:28,541 that the reason 1292 00:26:28,541 --> 00:26:30,041 that I mean, for a fact, 1293 00:26:30,041 --> 00:26:31,416 the reason the interest rate's 1294 00:26:31,416 --> 00:26:31,791 going down 1295 00:26:31,791 --> 00:26:33,166 is because there's more demand 1296 00:26:33,166 --> 00:26:33,958 for those treasuries, 1297 00:26:33,958 --> 00:26:34,750 which generally means 1298 00:26:34,750 --> 00:26:35,500 people are fearful, 1299 00:26:35,500 --> 00:26:37,291 people are leaving the stock 1300 00:26:37,291 --> 00:26:37,791 market, they're 1301 00:26:37,791 --> 00:26:38,875 leaving other assets 1302 00:26:38,875 --> 00:26:39,916 and going into safety, 1303 00:26:39,916 --> 00:26:41,333 which for them is treasuries, 1304 00:26:41,333 --> 00:26:42,125 which is driving up 1305 00:26:42,125 --> 00:26:43,041 the price of treasuries, 1306 00:26:43,041 --> 00:26:43,250 which is 1307 00:26:43,291 --> 00:26:44,000 which is reducing 1308 00:26:44,000 --> 00:26:44,791 the interest rate. 1309 00:26:44,875 --> 00:26:47,458 So, you know that the more fear 1310 00:26:47,458 --> 00:26:47,791 there is 1311 00:26:47,791 --> 00:26:48,833 and the more that goes on, 1312 00:26:48,833 --> 00:26:50,000 the ten year is going to drop. 1313 00:26:50,000 --> 00:26:50,666 And that's pretty 1314 00:26:50,666 --> 00:26:51,625 tightly correlated 1315 00:26:51,625 --> 00:26:53,208 with the mortgage rate. Right. 1316 00:26:53,291 --> 00:26:54,458 But daily we're not seeing 1317 00:26:54,458 --> 00:26:55,000 I guess that's 1318 00:26:55,041 --> 00:26:55,291 that's 1319 00:26:55,291 --> 00:26:55,791 the thing is 1320 00:26:55,791 --> 00:26:57,125 like I get disappointed 1321 00:26:57,125 --> 00:26:58,791 because I watch it every day 1322 00:26:58,875 --> 00:26:59,791 and I watch the stock 1323 00:26:59,791 --> 00:27:01,083 market and I see the stock market 1324 00:27:01,083 --> 00:27:02,125 do one thing and I go to 1325 00:27:02,208 --> 00:27:03,375 I rush over to the ten, 1326 00:27:03,416 --> 00:27:04,666 ten year and be like, oh, is it? 1327 00:27:04,666 --> 00:27:05,541 And then it didn't. 1328 00:27:05,541 --> 00:27:07,500 So it's, it's been a. 1329 00:27:08,541 --> 00:27:09,208 Strange, though. 1330 00:27:09,250 --> 00:27:10,500 I mean, I mean, you're ten years 1331 00:27:10,500 --> 00:27:12,666 gone from from 4.8, 1332 00:27:12,666 --> 00:27:13,125 you know, 1333 00:27:13,125 --> 00:27:15,208 in the middle of January to 4.2. 1334 00:27:15,208 --> 00:27:16,750 That's like a huge move. 1335 00:27:16,833 --> 00:27:17,541 Oh for sure. 1336 00:27:17,625 --> 00:27:18,458 But you know, 1337 00:27:18,458 --> 00:27:19,791 we want to see some. 1338 00:27:19,875 --> 00:27:20,833 We talked about it before. 1339 00:27:20,833 --> 00:27:22,416 I think even the, 1340 00:27:22,500 --> 00:27:25,083 the the fed it like 1341 00:27:25,166 --> 00:27:26,375 if when they're coming to 1342 00:27:26,458 --> 00:27:27,666 when they have to refinance 1343 00:27:27,666 --> 00:27:28,833 all of this debt, 1344 00:27:28,916 --> 00:27:29,666 they would like to see 1345 00:27:29,666 --> 00:27:30,291 a little bit, 1346 00:27:30,375 --> 00:27:31,833 a little bit smaller, 1347 00:27:31,916 --> 00:27:33,291 smaller yield on that as well. 1348 00:27:33,291 --> 00:27:35,125 So I mean, a sub four, 1349 00:27:35,125 --> 00:27:36,375 I feel like that for like it's 1350 00:27:36,375 --> 00:27:37,583 such a mental game. Right. 1351 00:27:37,583 --> 00:27:38,583 And I feel like a sub 1352 00:27:38,583 --> 00:27:40,125 for ten year 1353 00:27:40,208 --> 00:27:41,333 would just be everybody 1354 00:27:41,333 --> 00:27:42,125 that would be like, 1355 00:27:42,208 --> 00:27:44,000 you know, green light. Let's go. 1356 00:27:44,083 --> 00:27:46,208 And the faucets turn on, 1357 00:27:46,291 --> 00:27:47,750 and it just, it always seems like 1358 00:27:47,750 --> 00:27:48,291 we're heading back 1359 00:27:48,291 --> 00:27:49,166 down towards that. 1360 00:27:49,166 --> 00:27:50,333 And then something happens 1361 00:27:50,333 --> 00:27:51,250 and we head back to four 1362 00:27:51,250 --> 00:27:52,333 and a quarter and and I. 1363 00:27:52,375 --> 00:27:53,625 And I feel like there's this like 1364 00:27:53,666 --> 00:27:54,250 which is true. 1365 00:27:54,250 --> 00:27:55,166 Like our good buddy, 1366 00:27:55,166 --> 00:27:56,000 you know, George Gavin 1367 00:27:56,000 --> 00:27:57,000 always talks about there's like, 1368 00:27:57,041 --> 00:27:58,208 you know, there's no one. 1369 00:27:58,208 --> 00:27:59,541 Everybody looks at as like 1370 00:27:59,583 --> 00:28:00,833 as I buy a 1371 00:28:00,916 --> 00:28:02,208 bipolar or two thing, 1372 00:28:02,208 --> 00:28:02,583 but there's like 1373 00:28:02,583 --> 00:28:03,208 a thousand things 1374 00:28:03,208 --> 00:28:03,958 going one direction, 1375 00:28:03,958 --> 00:28:04,708 a thousand things going 1376 00:28:04,708 --> 00:28:05,458 the other direction. 1377 00:28:05,458 --> 00:28:06,375 And this is one of them. 1378 00:28:06,375 --> 00:28:06,708 It's like on 1379 00:28:06,708 --> 00:28:07,416 the one hand 1380 00:28:07,500 --> 00:28:08,916 we're talking about fear 1381 00:28:08,916 --> 00:28:10,333 and potential recession, 1382 00:28:10,416 --> 00:28:11,333 which you would think, 1383 00:28:11,333 --> 00:28:12,041 you know, everybody's 1384 00:28:12,041 --> 00:28:12,833 going to be, you know, 1385 00:28:12,875 --> 00:28:14,125 crashing towards, 1386 00:28:14,125 --> 00:28:15,583 you know, safe assets, gold, 1387 00:28:15,583 --> 00:28:16,166 which you're going to talk about 1388 00:28:16,166 --> 00:28:16,958 in a second. 1389 00:28:17,041 --> 00:28:17,333 Yeah. 1390 00:28:17,375 --> 00:28:18,166 You know, the Treasury, 1391 00:28:18,250 --> 00:28:18,625 which is going to 1392 00:28:18,625 --> 00:28:19,708 drive down the rates. 1393 00:28:19,791 --> 00:28:21,000 But on the other hand, you have, 1394 00:28:21,041 --> 00:28:22,583 you know, inflationary concerns. 1395 00:28:22,583 --> 00:28:23,000 So right. 1396 00:28:23,000 --> 00:28:24,083 So when you have inflation 1397 00:28:24,083 --> 00:28:24,833 people are like, well, 1398 00:28:24,875 --> 00:28:26,041 why should I be in treasuries 1399 00:28:26,041 --> 00:28:26,583 when I if, 1400 00:28:26,666 --> 00:28:27,416 if I believe 1401 00:28:27,416 --> 00:28:28,208 inflation is coming down, 1402 00:28:28,208 --> 00:28:28,791 I should be in more 1403 00:28:28,791 --> 00:28:29,708 aggressive assets. 1404 00:28:29,708 --> 00:28:30,833 And so there seems to be 1405 00:28:30,833 --> 00:28:33,125 this like pull and tug on. 1406 00:28:33,208 --> 00:28:35,166 Are we expecting the, you know, 1407 00:28:35,250 --> 00:28:36,541 the interest rates go up or down. 1408 00:28:36,541 --> 00:28:37,625 Well it depends on 1409 00:28:37,708 --> 00:28:38,500 you know on the one hand 1410 00:28:38,583 --> 00:28:40,083 you know, if inflation is coming 1411 00:28:40,083 --> 00:28:40,791 then you would expect, 1412 00:28:40,791 --> 00:28:42,208 you know, the people 1413 00:28:42,291 --> 00:28:43,708 that the interest rate to go up. 1414 00:28:43,791 --> 00:28:44,250 And if you're 1415 00:28:44,250 --> 00:28:45,291 expecting a recession 1416 00:28:45,291 --> 00:28:46,500 you would expect it to go down. 1417 00:28:46,500 --> 00:28:47,166 So it's like it's it's 1418 00:28:47,166 --> 00:28:48,500 a really interesting, 1419 00:28:48,583 --> 00:28:49,583 you know, pull and tug 1420 00:28:49,583 --> 00:28:50,625 that's going on right now. 1421 00:28:50,708 --> 00:28:51,041 Yeah. 1422 00:28:51,041 --> 00:28:51,458 The other thing 1423 00:28:51,458 --> 00:28:52,583 to keep in mind is, 1424 00:28:52,625 --> 00:28:52,958 I mean, 1425 00:28:52,958 --> 00:28:54,750 if you look at stocks 1426 00:28:54,750 --> 00:28:56,166 and bonds in a vacuum, yeah, 1427 00:28:56,166 --> 00:28:57,375 there's there's definitely 1428 00:28:57,375 --> 00:28:58,166 some correlations. 1429 00:28:58,166 --> 00:28:58,916 People move money 1430 00:28:58,916 --> 00:28:59,625 out of equities. 1431 00:28:59,625 --> 00:29:00,666 They moved into bonds 1432 00:29:00,750 --> 00:29:01,708 where they moved out of bonds 1433 00:29:01,708 --> 00:29:02,666 into equities. 1434 00:29:02,750 --> 00:29:05,875 And that creates some some pretty 1435 00:29:05,958 --> 00:29:06,958 consistent 1436 00:29:06,958 --> 00:29:08,875 and predictable price movements. 1437 00:29:08,875 --> 00:29:09,916 On one side or the other. 1438 00:29:09,916 --> 00:29:11,250 When you see one side 1439 00:29:11,250 --> 00:29:12,333 or the other start to move. 1440 00:29:12,416 --> 00:29:14,000 So if stocks start to go down, 1441 00:29:14,000 --> 00:29:14,750 you can expect that 1442 00:29:14,750 --> 00:29:15,791 people are moving into bonds, 1443 00:29:15,791 --> 00:29:16,875 which is going to push bond 1444 00:29:16,875 --> 00:29:17,375 yields down. 1445 00:29:17,458 --> 00:29:18,000 The problem 1446 00:29:18,000 --> 00:29:19,500 is that those two things 1447 00:29:19,500 --> 00:29:20,458 don't live in a vacuum. 1448 00:29:20,458 --> 00:29:21,208 And we have some things 1449 00:29:21,208 --> 00:29:22,833 going on in the world right now 1450 00:29:22,916 --> 00:29:24,250 that are impacting 1451 00:29:24,250 --> 00:29:25,166 both equities 1452 00:29:25,166 --> 00:29:26,250 and bonds 1453 00:29:26,333 --> 00:29:29,375 in ways that are breaking this. 1454 00:29:29,458 --> 00:29:30,833 This simple model. 1455 00:29:30,916 --> 00:29:32,166 We have currency issues. 1456 00:29:32,166 --> 00:29:33,583 We have the US dollar 1457 00:29:33,583 --> 00:29:35,291 we talked about this last week. 1458 00:29:35,375 --> 00:29:36,375 But but dollar 1459 00:29:36,375 --> 00:29:37,750 strength is dropping. 1460 00:29:37,750 --> 00:29:39,583 And we're seeing a lot of, 1461 00:29:39,666 --> 00:29:40,833 currency pairs 1462 00:29:40,916 --> 00:29:42,083 that are out of whack. 1463 00:29:42,083 --> 00:29:44,041 So we see certain currencies 1464 00:29:44,041 --> 00:29:44,708 that are strengthening 1465 00:29:44,708 --> 00:29:45,416 against the dollar 1466 00:29:45,416 --> 00:29:46,250 more than we should expect. 1467 00:29:46,250 --> 00:29:46,708 We have a lot of 1468 00:29:46,708 --> 00:29:48,458 geopolitical issues. 1469 00:29:48,541 --> 00:29:49,625 We have things with oil. 1470 00:29:49,625 --> 00:29:50,583 I mean, oil isn't 1471 00:29:50,583 --> 00:29:52,250 flowing nicely around the world. 1472 00:29:52,250 --> 00:29:53,750 And when oil doesn't flow, 1473 00:29:54,750 --> 00:29:55,958 easily around the world, we 1474 00:29:55,958 --> 00:29:56,875 don't see dollars 1475 00:29:56,875 --> 00:29:57,500 in the petrodollar. 1476 00:29:57,500 --> 00:29:58,291 We don't see dollars 1477 00:29:58,291 --> 00:29:59,833 flow easily around the world. 1478 00:29:59,916 --> 00:30:01,708 And so there are other things 1479 00:30:01,708 --> 00:30:02,625 that are impacting 1480 00:30:02,625 --> 00:30:03,416 the bond market. 1481 00:30:03,416 --> 00:30:06,083 So you can no longer just say 1482 00:30:06,541 --> 00:30:07,375 people are moving money 1483 00:30:07,375 --> 00:30:08,416 out of stocks into bonds 1484 00:30:08,416 --> 00:30:10,083 or vice versa. 1485 00:30:10,166 --> 00:30:11,541 It's a lot more complicated 1486 00:30:11,541 --> 00:30:12,166 of a model. 1487 00:30:12,166 --> 00:30:13,583 And it feels like 1488 00:30:13,583 --> 00:30:13,875 the two 1489 00:30:13,916 --> 00:30:16,583 are fairly decoupled these days. 1490 00:30:17,083 --> 00:30:17,833 Well, one thing 1491 00:30:17,833 --> 00:30:19,250 people seem to be moving into 1492 00:30:19,250 --> 00:30:20,250 is gold, 1493 00:30:20,333 --> 00:30:22,041 which just hit an all time 1494 00:30:22,041 --> 00:30:25,125 high over 3000, and it's kind of 1495 00:30:25,166 --> 00:30:26,125 touched that a few times, 1496 00:30:26,125 --> 00:30:26,541 but then it's 1497 00:30:26,541 --> 00:30:28,166 now it just blew past it. 1498 00:30:28,166 --> 00:30:30,083 Now it's holding above 3000. 1499 00:30:30,166 --> 00:30:31,500 And so for all those people 1500 00:30:31,500 --> 00:30:32,458 who said that crypto 1501 00:30:32,458 --> 00:30:33,291 would take this, 1502 00:30:33,291 --> 00:30:34,250 this place of gold 1503 00:30:34,250 --> 00:30:36,583 as the economic and currency 1504 00:30:36,583 --> 00:30:37,500 hedge, and, 1505 00:30:37,583 --> 00:30:37,875 you know, 1506 00:30:37,958 --> 00:30:39,000 gold is no longer 1507 00:30:39,000 --> 00:30:39,916 the gold standard 1508 00:30:39,916 --> 00:30:40,833 that it used to be. 1509 00:30:40,833 --> 00:30:41,666 It sure seems like 1510 00:30:41,666 --> 00:30:43,708 gold is reasserting itself 1511 00:30:43,708 --> 00:30:44,416 as a major player 1512 00:30:44,416 --> 00:30:46,000 in portfolio woes right now. 1513 00:30:46,083 --> 00:30:46,375 Well, I'm 1514 00:30:46,375 --> 00:30:46,833 glad you brought 1515 00:30:46,833 --> 00:30:47,583 that up this week 1516 00:30:47,583 --> 00:30:49,458 because the 3000 numbers 1517 00:30:49,458 --> 00:30:50,791 are really critical number. 1518 00:30:50,875 --> 00:30:52,375 And it is an all time high, 1519 00:30:52,375 --> 00:30:54,125 at least in U.S. dollars. 1520 00:30:54,208 --> 00:30:55,833 And so the thing to think about 1521 00:30:55,833 --> 00:30:57,208 when it comes to gold 1522 00:30:57,208 --> 00:30:58,958 and silver is twofold. 1523 00:30:58,958 --> 00:30:59,875 One is 1524 00:30:59,875 --> 00:31:01,583 what does it predict or show us. 1525 00:31:01,583 --> 00:31:03,083 Often gold and silver 1526 00:31:03,083 --> 00:31:04,791 are that predictive mechanism 1527 00:31:04,791 --> 00:31:07,166 because of the flee to safety 1528 00:31:07,250 --> 00:31:08,541 and has been for a long, 1529 00:31:08,541 --> 00:31:09,083 long time. 1530 00:31:09,125 --> 00:31:09,916 But I think it's really 1531 00:31:09,916 --> 00:31:10,583 interesting point 1532 00:31:10,583 --> 00:31:11,791 that there were a lot of folks 1533 00:31:11,875 --> 00:31:12,708 who thought, well, 1534 00:31:12,750 --> 00:31:14,541 you know, gold is unnecessary 1535 00:31:14,541 --> 00:31:16,041 now that we have cryptocurrency 1536 00:31:16,125 --> 00:31:17,333 and, you know, I'm a fan of both, 1537 00:31:17,333 --> 00:31:18,083 that's for sure. 1538 00:31:18,083 --> 00:31:18,958 But they kind of play 1539 00:31:18,958 --> 00:31:19,833 different roles. 1540 00:31:19,916 --> 00:31:21,208 Look at how volatile 1541 00:31:21,208 --> 00:31:22,166 Bitcoin has been 1542 00:31:22,166 --> 00:31:23,708 in the last six weeks. Right. 1543 00:31:23,708 --> 00:31:24,458 The swing's been more 1544 00:31:24,458 --> 00:31:26,125 than $25,000. 1545 00:31:26,208 --> 00:31:28,416 Gold has steadily gone up. 1546 00:31:28,500 --> 00:31:29,458 Having said that, 1547 00:31:29,541 --> 00:31:30,416 that's not necessarily 1548 00:31:30,416 --> 00:31:31,125 a good thing 1549 00:31:31,208 --> 00:31:32,291 because gold actually 1550 00:31:32,291 --> 00:31:34,375 never changes its value. 1551 00:31:34,458 --> 00:31:36,333 It only changes its price. 1552 00:31:36,416 --> 00:31:37,583 An ounce of gold 1553 00:31:37,666 --> 00:31:39,291 is worth an ounce of gold, 1554 00:31:39,375 --> 00:31:41,125 but it's worth $3,000 1555 00:31:41,125 --> 00:31:42,875 because the dollar is worth 1556 00:31:42,875 --> 00:31:45,416 less than it was. 1557 00:31:45,500 --> 00:31:46,625 And that's 1558 00:31:46,708 --> 00:31:47,250 part of the 1559 00:31:47,250 --> 00:31:48,208 the other side of the equation, 1560 00:31:48,208 --> 00:31:48,541 which is 1561 00:31:48,541 --> 00:31:50,458 what do we do as investors? 1562 00:31:50,541 --> 00:31:51,291 Because personally, 1563 00:31:51,291 --> 00:31:52,125 I don't think gold 1564 00:31:52,125 --> 00:31:53,791 and silver are investments. 1565 00:31:53,875 --> 00:31:55,333 I'm a big lover 1566 00:31:55,333 --> 00:31:56,500 of the precious metals, 1567 00:31:56,500 --> 00:31:58,250 but not because their investments 1568 00:31:58,250 --> 00:31:58,791 were completely 1569 00:31:58,791 --> 00:32:00,375 different purpose. 1570 00:32:00,458 --> 00:32:01,208 But they've been a 1571 00:32:01,208 --> 00:32:02,250 pretty good investment. 1572 00:32:02,333 --> 00:32:02,875 Okay. 1573 00:32:02,958 --> 00:32:04,083 Like, 1574 00:32:04,166 --> 00:32:05,083 as much as I've 1575 00:32:05,083 --> 00:32:05,958 always said the same thing 1576 00:32:05,958 --> 00:32:07,041 and honestly, 1577 00:32:07,125 --> 00:32:07,958 the reason 1578 00:32:07,958 --> 00:32:09,375 I have a bunch of gold right now 1579 00:32:09,375 --> 00:32:11,083 was back in 2020. 1580 00:32:11,083 --> 00:32:12,166 And whenever the 1581 00:32:12,166 --> 00:32:13,291 the Russia-Ukraine 1582 00:32:13,291 --> 00:32:14,000 thing was happening, 1583 00:32:15,125 --> 00:32:16,583 a I believe the price 1584 00:32:16,583 --> 00:32:18,375 of gold was right around 2000. 1585 00:32:18,458 --> 00:32:20,333 And if that was expensive, 1586 00:32:20,333 --> 00:32:22,416 kind of because it does run up. 1587 00:32:22,500 --> 00:32:23,750 And at the same time, 1588 00:32:23,750 --> 00:32:25,000 you know, I'm not going to say 1589 00:32:25,000 --> 00:32:26,250 like I'm a prepper or anything, 1590 00:32:26,250 --> 00:32:27,500 but I thought it would be nice 1591 00:32:27,500 --> 00:32:29,000 to have some physical gold 1592 00:32:29,000 --> 00:32:29,958 and silver 1593 00:32:30,041 --> 00:32:31,250 when there was a, 1594 00:32:31,333 --> 00:32:32,375 you know, the risk of World 1595 00:32:32,375 --> 00:32:33,541 War Three happening 1596 00:32:33,625 --> 00:32:34,458 had, you know, 1597 00:32:34,541 --> 00:32:37,250 gone up five by five x. 1598 00:32:37,333 --> 00:32:38,250 And so I had a bunch 1599 00:32:38,250 --> 00:32:39,500 and I never, I never sold it. 1600 00:32:39,500 --> 00:32:40,208 I never, you know, 1601 00:32:40,291 --> 00:32:42,125 I guess the wars never ended. 1602 00:32:42,208 --> 00:32:44,125 But since then that was 2000. 1603 00:32:44,125 --> 00:32:45,750 Now it's now it's 3000. 1604 00:32:45,750 --> 00:32:47,416 So in the last four years 1605 00:32:47,416 --> 00:32:50,625 or so, it's gone up by 50%. 1606 00:32:51,000 --> 00:32:52,291 And you could say the, 1607 00:32:52,291 --> 00:32:52,583 you know, 1608 00:32:52,583 --> 00:32:53,666 the value doesn't go up. 1609 00:32:53,666 --> 00:32:54,208 And I heard an 1610 00:32:54,208 --> 00:32:55,333 interesting person, 1611 00:32:55,416 --> 00:32:56,750 they comment by a person 1612 00:32:56,833 --> 00:32:58,000 about last year 1613 00:32:58,083 --> 00:32:59,875 about how the stock market 1614 00:32:59,875 --> 00:33:01,458 went up 27%. 1615 00:33:01,541 --> 00:33:02,833 But then the counterpoint 1616 00:33:02,833 --> 00:33:03,250 to that was, 1617 00:33:03,250 --> 00:33:05,125 well, gold went up 24. 1618 00:33:05,208 --> 00:33:06,625 So did the stock 1619 00:33:06,625 --> 00:33:07,666 market actually go up, 1620 00:33:07,666 --> 00:33:08,750 or is this just, 1621 00:33:08,833 --> 00:33:10,833 you know, fueled by all this debt 1622 00:33:10,916 --> 00:33:12,750 and really the stock market 1623 00:33:12,750 --> 00:33:13,791 kind of just stayed the 1624 00:33:13,791 --> 00:33:15,625 same in relation to gold. So, 1625 00:33:16,958 --> 00:33:17,416 as much as. 1626 00:33:17,416 --> 00:33:17,916 We were saying. 1627 00:33:17,916 --> 00:33:18,125 It's 1628 00:33:18,208 --> 00:33:20,000 it was not a good investment, it, 1629 00:33:20,000 --> 00:33:20,958 it has been, you know. 1630 00:33:21,041 --> 00:33:21,208 That's 1631 00:33:21,208 --> 00:33:22,291 such a great point, though, 1632 00:33:22,375 --> 00:33:23,500 because the example 1633 00:33:23,500 --> 00:33:24,750 that I love the 1634 00:33:24,833 --> 00:33:25,291 that I think 1635 00:33:25,291 --> 00:33:25,666 I think 1636 00:33:25,708 --> 00:33:26,416 our buddy George 1637 00:33:26,416 --> 00:33:27,291 always talks about it too. 1638 00:33:27,291 --> 00:33:28,500 But you know, like, 1639 00:33:28,583 --> 00:33:29,166 do you know, like 1640 00:33:29,166 --> 00:33:29,666 if I don't know 1641 00:33:29,750 --> 00:33:30,500 what it's been lately, 1642 00:33:30,500 --> 00:33:31,208 but at some point 1643 00:33:31,208 --> 00:33:32,000 in the last couple of years, 1644 00:33:32,000 --> 00:33:32,583 like the best 1645 00:33:32,583 --> 00:33:34,083 performing stock market, 1646 00:33:34,166 --> 00:33:34,583 like in 1647 00:33:34,583 --> 00:33:36,000 the entire world 1648 00:33:36,083 --> 00:33:38,750 was the Venezuelan stock market, 1649 00:33:38,875 --> 00:33:40,958 because inflation in Venezuela 1650 00:33:40,958 --> 00:33:42,375 was like 1,000% a day. 1651 00:33:42,375 --> 00:33:43,250 It was off the charts. 1652 00:33:43,250 --> 00:33:43,583 So yeah, 1653 00:33:43,666 --> 00:33:45,375 relative to the Venezuelan, 1654 00:33:45,375 --> 00:33:46,541 I think it's the peso. 1655 00:33:46,625 --> 00:33:47,000 Yes. 1656 00:33:47,000 --> 00:33:48,625 The stock market in nominal terms 1657 00:33:48,625 --> 00:33:49,333 is going through the roof. 1658 00:33:49,333 --> 00:33:50,541 But in real terms, nobody, 1659 00:33:50,583 --> 00:33:50,875 you know, 1660 00:33:50,875 --> 00:33:52,041 nobody thought that stock market 1661 00:33:52,041 --> 00:33:52,458 was going up. 1662 00:33:52,458 --> 00:33:52,875 And in fact, 1663 00:33:52,875 --> 00:33:53,458 if you price 1664 00:33:53,458 --> 00:33:55,041 the stock market in dollars 1665 00:33:55,041 --> 00:33:55,583 or if you talked, 1666 00:33:55,625 --> 00:33:56,750 if you did it in gold 1667 00:33:56,750 --> 00:33:57,750 or in bushels of wheat 1668 00:33:57,750 --> 00:33:58,625 or whatever, 1669 00:33:58,708 --> 00:33:59,916 the stock market wasn't going on. 1670 00:33:59,916 --> 00:34:00,833 So that's a great point. 1671 00:34:00,833 --> 00:34:01,916 You got to be super careful 1672 00:34:01,916 --> 00:34:03,416 when you see something going up 1673 00:34:03,500 --> 00:34:04,125 to Robert's 1674 00:34:04,125 --> 00:34:06,500 point is the actual asset 1675 00:34:06,500 --> 00:34:07,041 going up 1676 00:34:07,041 --> 00:34:08,166 or the commodity going up, 1677 00:34:08,166 --> 00:34:09,791 or the dollar thing or going up? 1678 00:34:09,791 --> 00:34:11,041 Or is the 1679 00:34:11,125 --> 00:34:12,083 is it the dollar 1680 00:34:12,083 --> 00:34:13,708 or the other side of the equation 1681 00:34:13,708 --> 00:34:14,375 going down? 1682 00:34:14,375 --> 00:34:15,250 Because again, 1683 00:34:15,333 --> 00:34:15,958 it's always two 1684 00:34:15,958 --> 00:34:16,666 sides, the equation. 1685 00:34:16,666 --> 00:34:17,250 We always think 1686 00:34:17,250 --> 00:34:18,625 the dollar equals something. 1687 00:34:18,625 --> 00:34:19,125 And and so 1688 00:34:19,208 --> 00:34:20,125 if something's going up 1689 00:34:20,125 --> 00:34:21,291 that means the thing's going up. 1690 00:34:21,291 --> 00:34:22,375 But it also can mean 1691 00:34:22,458 --> 00:34:23,041 that the dollar 1692 00:34:23,041 --> 00:34:24,041 itself is going down. 1693 00:34:24,041 --> 00:34:24,791 I think that's exactly 1694 00:34:24,791 --> 00:34:26,083 what's going on. 1695 00:34:26,166 --> 00:34:27,416 And there's like gold and silver 1696 00:34:27,416 --> 00:34:28,458 do go up and down. 1697 00:34:28,458 --> 00:34:30,250 But the long term trend 1698 00:34:30,250 --> 00:34:31,708 is that as we see 1699 00:34:31,708 --> 00:34:32,791 the dollar lose 1700 00:34:32,791 --> 00:34:34,833 purchasing price value, 1701 00:34:34,916 --> 00:34:36,416 then the metals go up 1702 00:34:36,500 --> 00:34:37,375 and gold and silver 1703 00:34:37,375 --> 00:34:38,458 are very different metals. 1704 00:34:38,458 --> 00:34:38,666 Right. 1705 00:34:38,666 --> 00:34:40,125 Silver is a lot more industrial. 1706 00:34:40,125 --> 00:34:41,625 Gold is more money. 1707 00:34:41,708 --> 00:34:42,375 But they both have 1708 00:34:42,375 --> 00:34:43,541 places in a portfolio. 1709 00:34:43,541 --> 00:34:43,750 And I think 1710 00:34:43,750 --> 00:34:44,791 that's a practical point, 1711 00:34:44,791 --> 00:34:45,458 even though I don't 1712 00:34:45,458 --> 00:34:46,916 consider them an investment 1713 00:34:46,916 --> 00:34:48,125 because they don't pay 1714 00:34:48,125 --> 00:34:49,291 any kind of dividends. 1715 00:34:49,375 --> 00:34:50,791 There's no tax deduction 1716 00:34:50,791 --> 00:34:52,250 really for the metals, right? 1717 00:34:52,250 --> 00:34:53,916 Those kinds of traditional things 1718 00:34:54,000 --> 00:34:54,750 that we think of 1719 00:34:54,750 --> 00:34:55,708 as an investment, 1720 00:34:55,791 --> 00:34:58,375 they do maintain value. 1721 00:34:58,375 --> 00:34:59,791 And that's the critical part. 1722 00:34:59,875 --> 00:35:02,708 So this is a 2021 peace dollar. 1723 00:35:02,791 --> 00:35:03,250 So the peace 1724 00:35:03,291 --> 00:35:04,208 dollar was very popular 1725 00:35:04,208 --> 00:35:05,375 in the 20s and 30s. 1726 00:35:05,375 --> 00:35:06,958 And they did this with that 1727 00:35:07,041 --> 00:35:08,583 dove on the back. 1728 00:35:08,666 --> 00:35:10,208 In 2021. 1729 00:35:10,291 --> 00:35:12,958 At the time I bought this, it was 1730 00:35:13,041 --> 00:35:13,833 I think silver 1731 00:35:13,833 --> 00:35:16,708 might have been 20 ish, maybe 18. 1732 00:35:17,125 --> 00:35:18,666 So here's the premise. 1733 00:35:18,750 --> 00:35:19,916 When I bought this, 1734 00:35:19,916 --> 00:35:21,500 I turned those dollars, 1735 00:35:21,500 --> 00:35:22,791 I froze those dollars. 1736 00:35:22,791 --> 00:35:23,833 And they those dollars 1737 00:35:23,833 --> 00:35:24,875 kept their value. 1738 00:35:24,958 --> 00:35:26,625 The paper dollars in my wallet 1739 00:35:26,625 --> 00:35:28,791 continued to erode in value 1740 00:35:28,875 --> 00:35:30,500 because now eggs and Starbucks 1741 00:35:30,500 --> 00:35:32,041 and gasoline cost more. 1742 00:35:32,125 --> 00:35:33,000 But today, 1743 00:35:33,000 --> 00:35:34,500 this is the same value. 1744 00:35:34,500 --> 00:35:35,333 I preserved 1745 00:35:35,333 --> 00:35:36,625 that $16 back 1746 00:35:36,625 --> 00:35:38,250 then, or $18 back then. 1747 00:35:38,250 --> 00:35:40,291 It's $34 today. 1748 00:35:40,375 --> 00:35:42,541 So the metal hasn't changed, 1749 00:35:42,625 --> 00:35:44,166 but the dollar value has. 1750 00:35:44,166 --> 00:35:44,875 And that's the way 1751 00:35:44,875 --> 00:35:45,833 I think about gold. 1752 00:35:45,833 --> 00:35:46,708 Gold is a gift 1753 00:35:46,708 --> 00:35:47,791 I give myself 1754 00:35:47,875 --> 00:35:49,208 in ten years from now. 1755 00:35:49,291 --> 00:35:50,416 If I buy it now 1756 00:35:50,500 --> 00:35:52,625 and I have reasons to buy it, 1757 00:35:52,708 --> 00:35:54,625 the biggest reason is 1758 00:35:54,625 --> 00:35:56,250 it is non correlated, 1759 00:35:56,250 --> 00:35:58,916 but also it doesn't have any 1760 00:35:59,500 --> 00:36:01,375 counterparty risk. 1761 00:36:01,458 --> 00:36:02,458 Counterparty risk 1762 00:36:02,458 --> 00:36:03,208 is in everything. 1763 00:36:03,208 --> 00:36:04,083 It's in real estate. 1764 00:36:04,083 --> 00:36:05,125 It's in mortgages. 1765 00:36:05,125 --> 00:36:06,291 It's in the stock market 1766 00:36:06,291 --> 00:36:06,833 big time. 1767 00:36:06,833 --> 00:36:08,458 It's in the bond market. 1768 00:36:08,541 --> 00:36:10,625 But an ounce of gold in your hand 1769 00:36:10,625 --> 00:36:11,500 or silver in your hand 1770 00:36:11,500 --> 00:36:13,041 has no counterparty risk. 1771 00:36:13,041 --> 00:36:13,500 It doesn't mean 1772 00:36:13,500 --> 00:36:14,333 it doesn't have risk. 1773 00:36:14,333 --> 00:36:15,500 You could lose it. 1774 00:36:15,500 --> 00:36:16,833 You could steal it from me, 1775 00:36:16,916 --> 00:36:17,833 as Marissa has tried 1776 00:36:17,833 --> 00:36:18,666 to a few times, 1777 00:36:18,750 --> 00:36:19,875 but it doesn't really have 1778 00:36:19,875 --> 00:36:20,875 another counterparty. 1779 00:36:20,875 --> 00:36:21,416 And so 1780 00:36:21,500 --> 00:36:23,250 there's a place to put it in your 1781 00:36:23,250 --> 00:36:24,583 in your portfolio. 1782 00:36:24,666 --> 00:36:26,458 And I think prudent investors 1783 00:36:26,458 --> 00:36:27,625 who have done that are 1784 00:36:27,625 --> 00:36:28,583 pretty happy to have. 1785 00:36:29,541 --> 00:36:30,541 I guess the only risk 1786 00:36:30,541 --> 00:36:32,250 would be though to me 1787 00:36:32,250 --> 00:36:35,250 is that there's no usable 1788 00:36:35,333 --> 00:36:36,083 value in it. 1789 00:36:36,083 --> 00:36:37,541 I guess the thing I 1790 00:36:37,583 --> 00:36:38,000 the reason 1791 00:36:38,000 --> 00:36:39,291 I have some silver too, 1792 00:36:39,291 --> 00:36:41,083 along with the gold, is silver. 1793 00:36:41,166 --> 00:36:42,166 Like it's still like 1794 00:36:42,166 --> 00:36:43,416 it's used in a lot of, 1795 00:36:43,416 --> 00:36:44,666 in a lot of industries still. 1796 00:36:44,666 --> 00:36:45,458 And it's, it's actually 1797 00:36:45,458 --> 00:36:46,333 getting more usable 1798 00:36:46,333 --> 00:36:46,791 and a lot of these 1799 00:36:46,791 --> 00:36:47,791 newer industries. 1800 00:36:47,875 --> 00:36:49,916 And, but gold has never had that. 1801 00:36:49,916 --> 00:36:50,750 And I, 1802 00:36:50,833 --> 00:36:51,416 I've just, 1803 00:36:51,416 --> 00:36:52,833 I've been a little concerned 1804 00:36:52,833 --> 00:36:54,041 over the last few years 1805 00:36:54,041 --> 00:36:56,000 that there was the traditional 1806 00:36:56,000 --> 00:36:57,083 thinking with gold 1807 00:36:57,083 --> 00:36:58,208 about kind of the, 1808 00:36:58,208 --> 00:36:59,250 as I said, like the hedge 1809 00:36:59,250 --> 00:37:00,375 against all these other things 1810 00:37:00,375 --> 00:37:02,125 going on in the world. 1811 00:37:02,208 --> 00:37:03,500 But then it started, 1812 00:37:03,500 --> 00:37:04,291 I don't know 1813 00:37:04,291 --> 00:37:05,375 if it was with Bitcoin 1814 00:37:05,375 --> 00:37:07,375 and like with, people 1815 00:37:07,375 --> 00:37:08,333 who traditionally 1816 00:37:08,333 --> 00:37:09,625 would put their money in gold 1817 00:37:09,625 --> 00:37:10,250 when all of a sudden 1818 00:37:10,250 --> 00:37:11,500 was now putting in Bitcoin 1819 00:37:11,500 --> 00:37:11,916 because they thought 1820 00:37:11,916 --> 00:37:12,875 that was a good enough 1821 00:37:12,958 --> 00:37:13,916 hedge against, 1822 00:37:14,000 --> 00:37:15,250 you know, fiat currency. 1823 00:37:16,291 --> 00:37:17,375 But then, 1824 00:37:17,458 --> 00:37:18,583 then gold seemed to 1825 00:37:18,583 --> 00:37:19,958 kind of become a bit of a vanity 1826 00:37:19,958 --> 00:37:21,041 play to 1827 00:37:21,125 --> 00:37:22,250 where it was like 1828 00:37:22,250 --> 00:37:24,375 when when people had a lot of 1829 00:37:24,458 --> 00:37:26,125 like when you saw that those, 1830 00:37:26,208 --> 00:37:28,375 those those levels in the bank 1831 00:37:28,375 --> 00:37:30,291 accounts rising and people 1832 00:37:30,291 --> 00:37:31,416 having excess cash, 1833 00:37:31,416 --> 00:37:31,916 they were just 1834 00:37:31,958 --> 00:37:32,750 buying gold, 1835 00:37:32,750 --> 00:37:33,833 which wasn't, I didn't think 1836 00:37:33,833 --> 00:37:34,750 was like a traditional 1837 00:37:34,750 --> 00:37:35,666 use of gold, 1838 00:37:35,750 --> 00:37:37,041 but people were now using it 1839 00:37:37,125 --> 00:37:38,458 as a vanity play. 1840 00:37:38,541 --> 00:37:40,791 So, like, I'm just like, 1841 00:37:40,791 --> 00:37:41,791 I'm, I'm really 1842 00:37:41,875 --> 00:37:43,291 I'm really happy to see, 1843 00:37:43,291 --> 00:37:44,041 I guess, 1844 00:37:44,125 --> 00:37:45,250 this happening right now 1845 00:37:45,250 --> 00:37:46,083 because it feels like it's 1846 00:37:46,083 --> 00:37:46,958 reverting to its 1847 00:37:46,958 --> 00:37:48,208 traditional value. 1848 00:37:48,291 --> 00:37:49,625 I find funny. 1849 00:37:49,625 --> 00:37:50,291 I find it funny 1850 00:37:50,291 --> 00:37:51,291 that that was ever 1851 00:37:51,291 --> 00:37:53,166 not the case because, I mean, I'm 1852 00:37:53,166 --> 00:37:53,916 a big believer 1853 00:37:53,916 --> 00:37:55,250 that history 1854 00:37:55,250 --> 00:37:56,166 is the best predictor 1855 00:37:56,166 --> 00:37:56,791 of the future, 1856 00:37:56,791 --> 00:37:58,375 and we've had thousands 1857 00:37:58,375 --> 00:38:00,166 upon thousands of years 1858 00:38:00,250 --> 00:38:01,416 of of evidence 1859 00:38:01,416 --> 00:38:04,125 that gold retains value. 1860 00:38:04,500 --> 00:38:07,166 And to think that suddenly, like 1861 00:38:07,416 --> 00:38:08,458 something magical 1862 00:38:08,458 --> 00:38:11,166 is going to happen in, in 2015 1863 00:38:11,291 --> 00:38:12,625 when Bitcoin comes around 1864 00:38:12,625 --> 00:38:13,458 and it's going to change 1865 00:38:13,458 --> 00:38:14,875 thousands of years of history, 1866 00:38:14,958 --> 00:38:15,416 I'm not going to say 1867 00:38:15,416 --> 00:38:16,875 that's impossible. 1868 00:38:16,958 --> 00:38:18,291 But if I'm a betting man 1869 00:38:18,291 --> 00:38:19,250 and I am, I'm 1870 00:38:19,250 --> 00:38:19,708 going to bet 1871 00:38:19,708 --> 00:38:20,458 that thousands 1872 00:38:20,458 --> 00:38:21,166 of years of history 1873 00:38:21,166 --> 00:38:22,041 are going to continue. 1874 00:38:22,041 --> 00:38:22,666 More likely 1875 00:38:22,666 --> 00:38:23,458 than then 1876 00:38:23,541 --> 00:38:26,250 it's going to be replaced or or. 1877 00:38:26,625 --> 00:38:28,041 Yeah, the more central banks 1878 00:38:28,041 --> 00:38:28,916 own gold, 1879 00:38:28,916 --> 00:38:29,666 or do more 1880 00:38:29,666 --> 00:38:32,333 central banks own cryptocurrency? 1881 00:38:32,583 --> 00:38:34,125 And which would they rather own? 1882 00:38:34,208 --> 00:38:34,416 Well, 1883 00:38:34,416 --> 00:38:36,166 and I'm glad you put that up too, 1884 00:38:36,166 --> 00:38:36,958 because actually 1885 00:38:37,041 --> 00:38:38,666 we talked about previous episode 1886 00:38:38,750 --> 00:38:40,375 about how these, these banks 1887 00:38:40,375 --> 00:38:41,250 where we're loading up 1888 00:38:41,250 --> 00:38:42,583 planes full of, gold 1889 00:38:42,583 --> 00:38:43,916 and shipping them over from, 1890 00:38:44,000 --> 00:38:45,583 Europe into, into the US. 1891 00:38:46,666 --> 00:38:47,833 And so I looked into it a 1892 00:38:47,833 --> 00:38:48,750 little bit more, 1893 00:38:48,833 --> 00:38:50,000 and I also found out 1894 00:38:50,000 --> 00:38:51,166 so that banks obviously 1895 00:38:51,166 --> 00:38:52,708 need to keep reserves. Right. 1896 00:38:52,791 --> 00:38:54,500 And basically, 1897 00:38:54,500 --> 00:38:56,166 banks can only keep reserves 1898 00:38:56,166 --> 00:38:56,916 three ways. 1899 00:38:57,000 --> 00:38:59,125 They can obviously keep cash. 1900 00:38:59,208 --> 00:38:59,875 But then they could 1901 00:38:59,875 --> 00:39:01,583 keep treasuries 1902 00:39:01,666 --> 00:39:02,958 and they could keep gold. 1903 00:39:03,000 --> 00:39:03,416 Those are, 1904 00:39:03,416 --> 00:39:03,875 those are like 1905 00:39:03,875 --> 00:39:04,583 the only things 1906 00:39:04,583 --> 00:39:05,458 that are considered 1907 00:39:05,541 --> 00:39:08,250 liquid assets as far as reserves 1908 00:39:08,458 --> 00:39:09,583 and that kind of 1909 00:39:09,666 --> 00:39:10,583 that made me feel better 1910 00:39:10,583 --> 00:39:12,000 for gold as well too, 1911 00:39:12,083 --> 00:39:13,875 because if you're basically, 1912 00:39:13,875 --> 00:39:14,083 you know, 1913 00:39:14,083 --> 00:39:15,125 you're not going to keep cash, 1914 00:39:15,125 --> 00:39:15,833 your bank, 1915 00:39:15,916 --> 00:39:16,666 you're just going to watch it 1916 00:39:16,666 --> 00:39:18,041 erode away. 1917 00:39:18,125 --> 00:39:19,833 And then treasuries, like 1918 00:39:19,916 --> 00:39:20,541 with everything 1919 00:39:20,541 --> 00:39:21,458 going on with treasuries 1920 00:39:21,458 --> 00:39:22,333 right now, like gold's 1921 00:39:22,333 --> 00:39:23,416 looking pretty good for these. 1922 00:39:23,458 --> 00:39:24,541 But that's that's. 1923 00:39:24,583 --> 00:39:26,083 One of the major reasons 1924 00:39:26,083 --> 00:39:27,833 why gold is doing 1925 00:39:27,833 --> 00:39:28,416 what it's doing. 1926 00:39:28,416 --> 00:39:29,833 I was going to share a graph. 1927 00:39:29,916 --> 00:39:31,208 If I can probably float up here, 1928 00:39:31,208 --> 00:39:32,541 if you guys can see this, 1929 00:39:32,625 --> 00:39:34,458 this is the central bank 1930 00:39:34,541 --> 00:39:35,333 graph of what 1931 00:39:35,333 --> 00:39:36,458 the central banks are doing, 1932 00:39:36,458 --> 00:39:37,666 and they've been a net 1933 00:39:37,666 --> 00:39:38,541 buyer of gold 1934 00:39:38,541 --> 00:39:40,208 for actually a while now. 1935 00:39:40,208 --> 00:39:41,583 I think it was 2010. 1936 00:39:41,583 --> 00:39:43,166 But as you can see, 1937 00:39:43,250 --> 00:39:44,750 you know, back in 2020, 1938 00:39:44,750 --> 00:39:45,666 that's really when, 1939 00:39:45,750 --> 00:39:46,041 you know, 1940 00:39:46,041 --> 00:39:47,291 gold was kind of going down 1941 00:39:47,291 --> 00:39:47,541 in terms 1942 00:39:47,541 --> 00:39:48,541 of how much they were buying. 1943 00:39:48,541 --> 00:39:49,833 But in 2020 1944 00:39:49,833 --> 00:39:51,125 they just started to pick up 1945 00:39:51,125 --> 00:39:51,875 the, the, 1946 00:39:51,958 --> 00:39:52,708 the, the, 1947 00:39:52,708 --> 00:39:54,375 the pace of buying, gold. 1948 00:39:54,458 --> 00:39:55,875 And it really has taken off 1949 00:39:55,875 --> 00:39:57,083 over the last 2 or 3 years now. 1950 00:39:57,083 --> 00:39:58,416 It has come down a little bit. 1951 00:39:58,500 --> 00:39:58,958 That doesn't mean 1952 00:39:58,958 --> 00:39:59,500 that they're selling. 1953 00:39:59,500 --> 00:39:59,916 It just means 1954 00:40:00,000 --> 00:40:01,458 the rate of increase of how much 1955 00:40:01,458 --> 00:40:02,875 they're buying is going down. 1956 00:40:02,958 --> 00:40:03,958 But the central banks 1957 00:40:03,958 --> 00:40:05,333 is one of the main reasons 1958 00:40:05,333 --> 00:40:07,458 why gold has this 1959 00:40:07,458 --> 00:40:09,125 sort of tailwind behind it. 1960 00:40:09,125 --> 00:40:09,541 It's got like a 1961 00:40:09,541 --> 00:40:11,166 foundational thing built in. 1962 00:40:11,166 --> 00:40:12,958 I mean, over the last four years, 1963 00:40:13,041 --> 00:40:13,666 you know, 1964 00:40:13,750 --> 00:40:14,291 central banks 1965 00:40:14,291 --> 00:40:15,250 have been buying an average 1966 00:40:15,250 --> 00:40:16,500 of over 1000 tons. 1967 00:40:16,500 --> 00:40:16,916 I actually thought 1968 00:40:17,000 --> 00:40:17,750 that was the site I saw. 1969 00:40:17,750 --> 00:40:18,625 I was looking at that graph. 1970 00:40:18,625 --> 00:40:19,250 It almost looked like 1971 00:40:19,250 --> 00:40:19,916 it was like thousand 1972 00:40:19,916 --> 00:40:20,958 tons a quarter. 1973 00:40:21,041 --> 00:40:22,083 But the fact that 1974 00:40:22,083 --> 00:40:23,875 the central bankers 1975 00:40:23,958 --> 00:40:26,000 believe that it does 1976 00:40:26,000 --> 00:40:27,125 it is still relevant. 1977 00:40:27,125 --> 00:40:28,041 And to Robert's point, 1978 00:40:28,041 --> 00:40:29,333 they're buying gold. 1979 00:40:29,333 --> 00:40:31,541 They're not buying diamonds, 1980 00:40:31,625 --> 00:40:33,250 they're not buying crypto, 1981 00:40:33,291 --> 00:40:34,708 they're not buying ether like 1982 00:40:34,708 --> 00:40:36,000 they're not buying anything else. 1983 00:40:36,000 --> 00:40:36,916 They're buying gold, 1984 00:40:36,916 --> 00:40:38,000 which has traditionally 1985 00:40:38,000 --> 00:40:39,583 been the store of value 1986 00:40:39,583 --> 00:40:40,166 over the last, 1987 00:40:40,166 --> 00:40:42,125 you know, five, 6000 years. 1988 00:40:42,208 --> 00:40:44,333 So I think that over the last 1989 00:40:44,333 --> 00:40:45,500 ten years, 1990 00:40:45,583 --> 00:40:46,916 somehow that's going to wipe out 1991 00:40:46,916 --> 00:40:48,041 6000 years, 1992 00:40:48,125 --> 00:40:49,000 a, you know, 1993 00:40:49,041 --> 00:40:50,375 really free markets determining. 1994 00:40:50,375 --> 00:40:51,375 And that's really what 1995 00:40:51,458 --> 00:40:52,125 what is valuable. 1996 00:40:52,125 --> 00:40:52,541 So that's one of 1997 00:40:52,541 --> 00:40:53,416 the major reasons 1998 00:40:53,416 --> 00:40:55,166 why, gold 1999 00:40:55,166 --> 00:40:56,291 really has had that thing. 2000 00:40:56,291 --> 00:40:56,875 And then obviously 2001 00:40:56,875 --> 00:40:58,500 we've talked a lot about 2002 00:40:58,583 --> 00:40:59,583 the weakening dollar. 2003 00:40:59,583 --> 00:41:00,375 We did a whole Robert, 2004 00:41:00,375 --> 00:41:01,000 we did last week 2005 00:41:01,000 --> 00:41:01,875 a whole thing on the dollar 2006 00:41:01,875 --> 00:41:02,541 milkshake theory, 2007 00:41:02,541 --> 00:41:03,208 actually, a second time 2008 00:41:03,208 --> 00:41:04,500 we've done a diagnostic theory. 2009 00:41:04,500 --> 00:41:05,166 But, 2010 00:41:05,250 --> 00:41:06,208 if you've looked at the dollar, 2011 00:41:06,208 --> 00:41:06,583 we talked 2012 00:41:06,666 --> 00:41:07,583 J you talked about it 2013 00:41:07,583 --> 00:41:08,666 briefly earlier on, 2014 00:41:08,666 --> 00:41:10,333 but the dollar is really 2015 00:41:10,416 --> 00:41:11,333 taking a hit over 2016 00:41:11,333 --> 00:41:12,833 the last month or two. 2017 00:41:12,875 --> 00:41:13,166 You know, 2018 00:41:13,166 --> 00:41:14,375 and that really correlates 2019 00:41:14,375 --> 00:41:15,750 with the increase in gold as well 2020 00:41:15,791 --> 00:41:17,041 because usually the dollar 2021 00:41:17,125 --> 00:41:19,791 and gold are inversely related. 2022 00:41:20,250 --> 00:41:20,750 And that's a 2023 00:41:20,750 --> 00:41:21,500 there's a reason 2024 00:41:21,500 --> 00:41:22,375 for that is just because 2025 00:41:22,375 --> 00:41:23,208 as the dollar goes 2026 00:41:23,208 --> 00:41:24,958 down, the cost 2027 00:41:24,958 --> 00:41:26,166 or the price of gold 2028 00:41:26,166 --> 00:41:26,833 or the availability 2029 00:41:26,833 --> 00:41:28,125 for gold for foreigners 2030 00:41:28,208 --> 00:41:29,250 just makes it cheaper to buy 2031 00:41:29,291 --> 00:41:29,875 because their dollar 2032 00:41:29,875 --> 00:41:30,416 is going down. 2033 00:41:30,416 --> 00:41:31,166 So usually you see 2034 00:41:31,166 --> 00:41:32,250 an inverse relationship 2035 00:41:32,250 --> 00:41:33,375 between the U.S. 2036 00:41:33,375 --> 00:41:34,833 dollar and gold, 2037 00:41:34,833 --> 00:41:35,375 and you've seen 2038 00:41:35,375 --> 00:41:36,041 obviously the dollar 2039 00:41:36,041 --> 00:41:37,541 just taking a whack 2040 00:41:37,625 --> 00:41:38,375 over the last, 2041 00:41:38,375 --> 00:41:39,708 you know, a couple of weeks, 2042 00:41:39,708 --> 00:41:40,375 if not months. 2043 00:41:40,375 --> 00:41:40,958 And I think it's 2044 00:41:40,958 --> 00:41:42,083 at a five month low 2045 00:41:42,083 --> 00:41:42,541 at this point. 2046 00:41:42,541 --> 00:41:43,375 And and that's why 2047 00:41:43,375 --> 00:41:43,708 I was kind 2048 00:41:43,708 --> 00:41:44,458 of coming back with you 2049 00:41:44,458 --> 00:41:44,916 a little bit, 2050 00:41:45,000 --> 00:41:46,166 maybe pushing back on 2051 00:41:46,250 --> 00:41:47,166 maybe the stock market 2052 00:41:47,166 --> 00:41:47,750 and the economy. 2053 00:41:47,750 --> 00:41:48,958 But one of the reasons 2054 00:41:48,958 --> 00:41:49,708 the dollar's going down 2055 00:41:49,708 --> 00:41:52,041 is because people are kind of, 2056 00:41:52,125 --> 00:41:53,041 well, they're selling dollars. 2057 00:41:53,041 --> 00:41:53,750 That's the reason why 2058 00:41:53,750 --> 00:41:54,291 the dollar is going 2059 00:41:54,291 --> 00:41:55,166 they're selling dollars 2060 00:41:55,166 --> 00:41:55,708 and they're going to 2061 00:41:55,708 --> 00:41:56,625 buy other stuff, 2062 00:41:56,625 --> 00:41:57,500 whether it's gold, 2063 00:41:57,583 --> 00:41:59,583 whether it's foreign assets. 2064 00:41:59,666 --> 00:42:01,083 And so that's another reason 2065 00:42:01,083 --> 00:42:03,333 why you continue to see gold, 2066 00:42:03,416 --> 00:42:04,583 gold doing well. 2067 00:42:04,666 --> 00:42:05,958 And as the dollar continues 2068 00:42:05,958 --> 00:42:07,416 to decrease in value, 2069 00:42:07,416 --> 00:42:09,000 if it does in the short term, 2070 00:42:09,083 --> 00:42:10,041 the remember the dollar 2071 00:42:10,041 --> 00:42:11,375 military theory predicts 2072 00:42:11,458 --> 00:42:12,083 the dollar 2073 00:42:12,083 --> 00:42:13,083 eventually will continue 2074 00:42:13,083 --> 00:42:14,208 to go higher in the longer term. 2075 00:42:14,208 --> 00:42:15,208 But in the short term 2076 00:42:15,291 --> 00:42:16,500 the dollar's taking a hit. 2077 00:42:16,583 --> 00:42:17,416 And obviously 2078 00:42:17,416 --> 00:42:18,208 that's helping gold. 2079 00:42:18,208 --> 00:42:19,333 And then we've got tariffs 2080 00:42:19,416 --> 00:42:20,250 and inflation. 2081 00:42:20,250 --> 00:42:20,458 And we 2082 00:42:20,458 --> 00:42:21,416 talked about the inflation 2083 00:42:21,416 --> 00:42:21,833 expectations. 2084 00:42:21,833 --> 00:42:22,333 I don't think 2085 00:42:22,333 --> 00:42:23,750 Brant Johnson predicted 2086 00:42:23,750 --> 00:42:25,250 the geopolitical environment 2087 00:42:25,250 --> 00:42:26,250 that we're in today. 2088 00:42:26,250 --> 00:42:27,625 That's kind of pushing 2089 00:42:27,625 --> 00:42:28,583 the dollar down 2090 00:42:29,583 --> 00:42:31,166 perhaps temporarily. 2091 00:42:31,250 --> 00:42:32,166 But yeah. 2092 00:42:32,166 --> 00:42:33,166 You would argue for sure 2093 00:42:33,166 --> 00:42:34,291 that it's temporary, right. 2094 00:42:34,291 --> 00:42:35,041 Like the he's 2095 00:42:35,041 --> 00:42:36,416 looking at the long term trend. 2096 00:42:36,416 --> 00:42:37,583 Like if you look at where he, 2097 00:42:37,666 --> 00:42:38,500 if you asked him, 2098 00:42:38,500 --> 00:42:39,208 what do you think 2099 00:42:39,208 --> 00:42:40,708 in the next three years 2100 00:42:40,708 --> 00:42:41,541 the dollar is going to be higher 2101 00:42:41,541 --> 00:42:41,916 or lower. 2102 00:42:41,916 --> 00:42:42,750 He's going to be like, I'm 2103 00:42:42,750 --> 00:42:43,458 all in on the dollar 2104 00:42:43,458 --> 00:42:44,125 is going to be higher 2105 00:42:44,125 --> 00:42:45,541 a long term. 2106 00:42:45,625 --> 00:42:46,208 But but in. 2107 00:42:46,208 --> 00:42:47,916 Comparison to gold, they weren't 2108 00:42:47,916 --> 00:42:49,000 we were just talking about 2109 00:42:49,000 --> 00:42:50,458 the fear as a recession. 2110 00:42:50,541 --> 00:42:52,291 If we hit a recession, what's 2111 00:42:52,375 --> 00:42:53,958 what are what's going to happen. 2112 00:42:53,958 --> 00:42:54,625 Like what what 2113 00:42:54,666 --> 00:42:55,583 what is our government 2114 00:42:55,583 --> 00:42:56,125 going to do. 2115 00:42:56,125 --> 00:42:56,833 They've already 2116 00:42:56,833 --> 00:42:57,666 shown the playbook. 2117 00:42:57,666 --> 00:42:58,541 And basically 2118 00:42:58,625 --> 00:43:00,333 recessions are like, 2119 00:43:00,333 --> 00:43:01,583 now this evil thing 2120 00:43:01,583 --> 00:43:02,416 that we have to avoid 2121 00:43:02,416 --> 00:43:03,458 at all costs instead of 2122 00:43:03,458 --> 00:43:05,041 just a normal market cycle. 2123 00:43:05,125 --> 00:43:05,625 So they're 2124 00:43:05,666 --> 00:43:05,958 they're going 2125 00:43:05,958 --> 00:43:07,291 to turn on the presses 2126 00:43:07,375 --> 00:43:08,625 and they're going to start, 2127 00:43:08,708 --> 00:43:09,791 start putting money 2128 00:43:09,791 --> 00:43:11,041 back in the economy. 2129 00:43:11,125 --> 00:43:12,583 And when they do that, 2130 00:43:12,666 --> 00:43:13,625 more dollars 2131 00:43:13,625 --> 00:43:14,875 with, you know, the same amount 2132 00:43:14,875 --> 00:43:15,916 of gold, theoretically, 2133 00:43:15,916 --> 00:43:16,666 that should just push 2134 00:43:16,666 --> 00:43:17,458 gold even higher. 2135 00:43:17,458 --> 00:43:18,666 So, I mean, 2136 00:43:18,666 --> 00:43:19,500 I guess, like 2137 00:43:19,583 --> 00:43:20,750 I want to say like this is 2138 00:43:20,750 --> 00:43:22,291 this has been a historic run up 2139 00:43:22,291 --> 00:43:23,708 and we should probably be wary, 2140 00:43:23,708 --> 00:43:24,166 but I 2141 00:43:24,166 --> 00:43:26,083 don't really see any reason to 2142 00:43:26,166 --> 00:43:27,916 to say like, be, let's be scared. 2143 00:43:27,958 --> 00:43:29,583 Brant is bullish on the dollar, 2144 00:43:29,583 --> 00:43:31,250 but he's bullish on gold as well 2145 00:43:31,250 --> 00:43:31,875 for the reasons that 2146 00:43:31,916 --> 00:43:32,791 we talked about. 2147 00:43:32,875 --> 00:43:33,250 I think there's 2148 00:43:33,250 --> 00:43:34,166 another nuance here. 2149 00:43:34,166 --> 00:43:34,666 Had there 2150 00:43:34,666 --> 00:43:37,375 not been cryptocurrency invented, 2151 00:43:37,541 --> 00:43:39,166 gold would be much higher 2152 00:43:39,166 --> 00:43:40,333 right now than it is. 2153 00:43:40,333 --> 00:43:41,875 There's a lot of dollars 2154 00:43:41,875 --> 00:43:42,625 that went into 2155 00:43:42,625 --> 00:43:43,666 the cryptocurrencies 2156 00:43:43,666 --> 00:43:46,791 that their choice was gold or, 2157 00:43:47,375 --> 00:43:48,208 cryptocurrency. 2158 00:43:48,208 --> 00:43:50,083 And they decided to go that way. 2159 00:43:50,166 --> 00:43:52,791 And even with gold at its high 2160 00:43:52,875 --> 00:43:53,958 and we're all saying, 2161 00:43:53,958 --> 00:43:54,916 hey, I'm glad we bought it 2162 00:43:54,916 --> 00:43:56,833 five years ago or ten years ago. 2163 00:43:56,916 --> 00:43:58,166 Yeah, I'm glad I bought bitcoin 2164 00:43:58,166 --> 00:43:59,250 a while back too. Right. 2165 00:43:59,250 --> 00:44:00,000 So it's not 2166 00:44:00,000 --> 00:44:00,666 that one 2167 00:44:00,666 --> 00:44:01,958 is better than the other. 2168 00:44:02,041 --> 00:44:02,958 I think you can get 2169 00:44:02,958 --> 00:44:04,041 a lot of clues 2170 00:44:04,041 --> 00:44:05,208 from market behavior, 2171 00:44:05,208 --> 00:44:06,500 and that's really seems to be the 2172 00:44:06,541 --> 00:44:07,291 theme of this. 2173 00:44:07,375 --> 00:44:07,750 That's why 2174 00:44:07,750 --> 00:44:08,833 sentiment is so important. 2175 00:44:08,833 --> 00:44:09,916 You know, if you look at the 2176 00:44:09,916 --> 00:44:11,541 The Fear and Greed Index, 2177 00:44:11,625 --> 00:44:12,958 like we're way into extreme 2178 00:44:12,958 --> 00:44:13,916 fear right now, 2179 00:44:14,000 --> 00:44:15,333 and that is about the stock 2180 00:44:15,333 --> 00:44:17,000 market. People are scared. 2181 00:44:17,083 --> 00:44:18,083 And part of it 2182 00:44:18,083 --> 00:44:19,250 is because it plays on itself. 2183 00:44:19,250 --> 00:44:19,541 Like you, 2184 00:44:19,625 --> 00:44:20,750 you guys have been talking about 2185 00:44:20,750 --> 00:44:21,500 not just this week 2186 00:44:21,500 --> 00:44:22,291 but in the past. 2187 00:44:22,375 --> 00:44:23,041 And that's why 2188 00:44:23,041 --> 00:44:23,833 you got to pay attention 2189 00:44:23,833 --> 00:44:24,958 to this stuff. 2190 00:44:25,041 --> 00:44:27,000 I do want to hit on one thing, 2191 00:44:27,000 --> 00:44:28,666 and let me start with, 2192 00:44:28,750 --> 00:44:29,791 anybody that's been following 2193 00:44:29,791 --> 00:44:30,416 me knows I'm, 2194 00:44:30,416 --> 00:44:33,083 I'm, I'm a fan of of crypto. 2195 00:44:33,416 --> 00:44:34,041 I'm very much 2196 00:44:34,041 --> 00:44:35,083 a fan of the blockchain 2197 00:44:35,083 --> 00:44:36,958 as, as a, as a technology. 2198 00:44:37,041 --> 00:44:37,500 I've been buying 2199 00:44:37,500 --> 00:44:39,208 bitcoin since 2014. 2200 00:44:39,208 --> 00:44:40,416 So don't don't 2201 00:44:40,500 --> 00:44:41,458 kill the messenger here. 2202 00:44:41,458 --> 00:44:44,000 But the reality is for many years 2203 00:44:44,000 --> 00:44:46,875 we thought of bitcoin and crypto 2204 00:44:46,958 --> 00:44:48,750 as the hedge that we know 2205 00:44:48,750 --> 00:44:50,333 gold already is. 2206 00:44:50,416 --> 00:44:52,458 And so there was a lot of reason 2207 00:44:52,458 --> 00:44:53,833 to believe, or a lot of people 2208 00:44:53,875 --> 00:44:55,916 who did believe that, 2209 00:44:56,000 --> 00:44:58,166 that if we see a market crash, 2210 00:44:58,166 --> 00:45:00,583 if we see an economic downturn, 2211 00:45:00,666 --> 00:45:01,666 that crypto 2212 00:45:01,666 --> 00:45:03,125 is going to be a good hedge. 2213 00:45:03,208 --> 00:45:05,083 The reality is that 2214 00:45:05,166 --> 00:45:06,250 we haven't seen that. 2215 00:45:06,333 --> 00:45:06,916 The reality 2216 00:45:06,916 --> 00:45:08,666 is that the biggest buyer 2217 00:45:08,666 --> 00:45:09,708 and seller of crypto 2218 00:45:09,708 --> 00:45:10,416 these days 2219 00:45:10,500 --> 00:45:12,958 is institutional institutions. 2220 00:45:13,041 --> 00:45:14,333 And so I have a chart here 2221 00:45:14,333 --> 00:45:15,208 for those who are listening 2222 00:45:15,208 --> 00:45:16,166 and can't see this, 2223 00:45:16,250 --> 00:45:17,125 but it's basically 2224 00:45:17,125 --> 00:45:18,416 a graph of the S&P 2225 00:45:18,416 --> 00:45:19,666 500 versus 2226 00:45:19,666 --> 00:45:21,875 the bitcoin versus bitcoin price. 2227 00:45:21,958 --> 00:45:23,208 And what we see is, 2228 00:45:24,166 --> 00:45:24,583 not a 2229 00:45:24,583 --> 00:45:27,291 direct exact correlation, 2230 00:45:27,416 --> 00:45:29,750 but a very close correlation, 2231 00:45:29,750 --> 00:45:30,541 especially over 2232 00:45:30,541 --> 00:45:31,833 the last few years 2233 00:45:31,916 --> 00:45:33,416 where when S&P goes 2234 00:45:33,416 --> 00:45:34,416 up, Bitcoin goes up. 2235 00:45:34,416 --> 00:45:35,291 When the S&P goes 2236 00:45:35,291 --> 00:45:36,375 down, Bitcoin goes down. 2237 00:45:36,375 --> 00:45:38,250 And the reason for that is again 2238 00:45:38,333 --> 00:45:39,833 people aren't holding as a hedge. 2239 00:45:39,833 --> 00:45:41,166 There are a lot of institutions 2240 00:45:41,166 --> 00:45:42,000 that are holding 2241 00:45:42,083 --> 00:45:43,541 crypto and Bitcoin. 2242 00:45:43,625 --> 00:45:44,541 And they're trading 2243 00:45:44,541 --> 00:45:45,500 crypto and bitcoin 2244 00:45:45,500 --> 00:45:46,500 the same way they trade 2245 00:45:46,500 --> 00:45:47,416 U.S equities. 2246 00:45:47,500 --> 00:45:48,875 And so they think it's 2247 00:45:48,875 --> 00:45:50,000 just another stock. 2248 00:45:50,000 --> 00:45:51,458 A lot of the speculators 2249 00:45:51,458 --> 00:45:52,541 are treating it that way. 2250 00:45:52,625 --> 00:45:53,625 And that's. Not happening. 2251 00:45:53,708 --> 00:45:55,125 We have ETFs with 2252 00:45:55,125 --> 00:45:56,541 with with Bitcoin now. 2253 00:45:56,541 --> 00:45:57,583 So I mean when you 2254 00:45:57,625 --> 00:45:58,250 when you traded 2255 00:45:58,250 --> 00:45:59,500 like a stock it's going to it's 2256 00:45:59,500 --> 00:46:00,583 going to correlate 2257 00:46:00,583 --> 00:46:02,750 to to the equities market. 100%. 2258 00:46:02,791 --> 00:46:04,166 Now there is the whole discussion 2259 00:46:04,166 --> 00:46:05,291 of the mining equities 2260 00:46:05,291 --> 00:46:06,291 which is maybe too 2261 00:46:06,291 --> 00:46:07,250 much to cover today. 2262 00:46:07,250 --> 00:46:08,166 But another way 2263 00:46:08,166 --> 00:46:09,541 to get exposure into the metals 2264 00:46:09,625 --> 00:46:11,250 is to go earlier in the process 2265 00:46:11,250 --> 00:46:12,333 and early in the chain 2266 00:46:12,416 --> 00:46:14,041 and find exploratory companies, 2267 00:46:14,041 --> 00:46:15,625 mining companies, junior miners 2268 00:46:15,625 --> 00:46:16,416 to seniors, 2269 00:46:16,500 --> 00:46:18,125 producers, royalty companies. 2270 00:46:18,208 --> 00:46:19,083 So there's a lot there 2271 00:46:19,083 --> 00:46:20,000 if you want to stick your nose. 2272 00:46:20,000 --> 00:46:20,416 Into it 2273 00:46:20,500 --> 00:46:21,083 was that's a 2274 00:46:21,083 --> 00:46:21,958 that's a good question 2275 00:46:21,958 --> 00:46:24,666 for I'm I'm a very amateur 2276 00:46:24,833 --> 00:46:25,750 metals investor. 2277 00:46:25,750 --> 00:46:27,208 As you said, I didn't buy 2278 00:46:27,208 --> 00:46:28,125 it as an investment. 2279 00:46:28,125 --> 00:46:28,583 I bought it 2280 00:46:28,583 --> 00:46:30,125 kind of as an insurance policy, 2281 00:46:30,166 --> 00:46:31,125 like, that's, 2282 00:46:31,208 --> 00:46:31,708 you know, 2283 00:46:31,791 --> 00:46:34,208 and I place in my portfolio, 2284 00:46:34,291 --> 00:46:35,583 and now, because it's 2285 00:46:35,583 --> 00:46:36,958 run up enough 2286 00:46:37,041 --> 00:46:38,875 than, you know, real estate. 2287 00:46:38,875 --> 00:46:39,083 Yeah, 2288 00:46:39,125 --> 00:46:40,708 I had a lot of, I, a lot of money 2289 00:46:40,708 --> 00:46:42,250 in commercial real estate. 2290 00:46:42,333 --> 00:46:43,458 And my, 2291 00:46:43,541 --> 00:46:44,708 my balance has gone 2292 00:46:44,708 --> 00:46:45,541 out of whack a little bit. 2293 00:46:45,541 --> 00:46:46,333 And it's, I have a little bit 2294 00:46:46,333 --> 00:46:49,041 more gold and silver, 2295 00:46:49,250 --> 00:46:50,416 exposure than I did 2296 00:46:50,416 --> 00:46:51,166 previously when 2297 00:46:51,166 --> 00:46:52,125 I first bought it. 2298 00:46:52,208 --> 00:46:53,333 And so now I'm at this point, 2299 00:46:53,333 --> 00:46:55,958 geez, run up to 3000 gold. 2300 00:46:56,041 --> 00:46:57,125 Should I be taking 2301 00:46:57,166 --> 00:46:58,458 a few chips off the table? 2302 00:46:58,458 --> 00:46:59,958 But then it's like the whole fear 2303 00:46:59,958 --> 00:47:01,166 and like I bought it 2304 00:47:01,166 --> 00:47:02,250 as an insurance policy. 2305 00:47:02,250 --> 00:47:03,291 You're not never supposed to. 2306 00:47:03,291 --> 00:47:05,250 You won't cut your insurance 2307 00:47:05,250 --> 00:47:06,750 policy down. And so. 2308 00:47:06,791 --> 00:47:07,583 So where do you. 2309 00:47:07,583 --> 00:47:08,500 I'll start with Mauricio. 2310 00:47:08,500 --> 00:47:09,083 Like where 2311 00:47:09,083 --> 00:47:09,916 do you think we should go 2312 00:47:09,958 --> 00:47:10,500 with this? 2313 00:47:10,500 --> 00:47:11,083 With the 2314 00:47:11,083 --> 00:47:11,875 with the gold is 2315 00:47:11,875 --> 00:47:13,291 this is something we just 2316 00:47:13,375 --> 00:47:14,500 they keep holding on 2317 00:47:14,500 --> 00:47:15,500 or if you add to our 2318 00:47:15,500 --> 00:47:16,625 our holdings or. 2319 00:47:16,708 --> 00:47:17,500 What do you think? 2320 00:47:17,583 --> 00:47:18,000 I mean, I'm 2321 00:47:18,000 --> 00:47:19,583 a big fan of the dollar cost. 2322 00:47:19,666 --> 00:47:20,166 I mean, I just 2323 00:47:20,166 --> 00:47:21,291 I just keep accumulating. 2324 00:47:21,291 --> 00:47:22,583 So if the price goes up great, 2325 00:47:22,583 --> 00:47:23,125 you keep buying. 2326 00:47:23,125 --> 00:47:23,916 If the price goes down 2327 00:47:23,916 --> 00:47:24,958 great, you get to buy more. 2328 00:47:24,958 --> 00:47:25,791 I mean, I'm 2329 00:47:25,791 --> 00:47:26,750 a more of a long term. 2330 00:47:26,750 --> 00:47:27,833 And so there's an argument 2331 00:47:27,833 --> 00:47:28,541 to be made by the way. 2332 00:47:28,541 --> 00:47:28,791 And again, 2333 00:47:28,791 --> 00:47:29,000 if you 2334 00:47:29,000 --> 00:47:30,208 I'm not a short term trader, 2335 00:47:30,208 --> 00:47:31,041 but there is an argument 2336 00:47:31,041 --> 00:47:31,500 to be made 2337 00:47:31,500 --> 00:47:32,666 that once 2338 00:47:32,666 --> 00:47:34,250 it passes at 3000 2339 00:47:34,250 --> 00:47:35,958 psychological level, 2340 00:47:36,041 --> 00:47:37,166 there isn't much of a ceiling 2341 00:47:37,166 --> 00:47:38,541 like all the sellers are gone. 2342 00:47:38,541 --> 00:47:39,416 It's like, well, who's 2343 00:47:39,416 --> 00:47:40,625 who's going to say who's where? 2344 00:47:40,666 --> 00:47:42,083 If they haven't sold the 3000, 2345 00:47:42,083 --> 00:47:42,958 where are they going to sell? 2346 00:47:42,958 --> 00:47:44,291 And so that happened at 2000. 2347 00:47:44,291 --> 00:47:45,291 That was a big 2348 00:47:45,375 --> 00:47:46,041 I mean, think about it 2349 00:47:46,041 --> 00:47:46,750 like all the years 2350 00:47:46,750 --> 00:47:48,250 it took for it to get to 2000. 2351 00:47:48,250 --> 00:47:48,500 And, you know, 2352 00:47:48,500 --> 00:47:49,375 I've been buying gold 2353 00:47:49,375 --> 00:47:50,166 for a long time 2354 00:47:50,166 --> 00:47:51,250 and it took 2355 00:47:51,333 --> 00:47:52,916 forever to get to 2000, 2356 00:47:52,916 --> 00:47:54,125 but it literally took 2357 00:47:54,208 --> 00:47:54,791 I don't know, Robert, 2358 00:47:54,791 --> 00:47:55,416 how long has it taken 2359 00:47:55,416 --> 00:47:56,333 since it got to to like it's 2360 00:47:56,333 --> 00:47:57,833 a little less than maybe a year. 2361 00:47:57,833 --> 00:47:58,208 I don't know, it's 2362 00:47:58,208 --> 00:47:59,458 it's been very many years 2363 00:47:59,458 --> 00:48:00,833 and I don't know, a very 2364 00:48:00,916 --> 00:48:01,916 short period of time 2365 00:48:01,916 --> 00:48:03,416 to go from 2 to 3. 2366 00:48:03,500 --> 00:48:03,750 You know, 2367 00:48:03,750 --> 00:48:04,250 we, you know, 2368 00:48:04,250 --> 00:48:05,375 we hang out with a lot smarter 2369 00:48:05,375 --> 00:48:06,208 people than we are 2370 00:48:06,208 --> 00:48:07,333 in terms of the gold market. 2371 00:48:07,333 --> 00:48:07,791 And it's like there 2372 00:48:07,791 --> 00:48:09,333 just once you once 2373 00:48:09,333 --> 00:48:12,000 you blow past that, that level, 2374 00:48:12,083 --> 00:48:12,916 there isn't much. 2375 00:48:12,916 --> 00:48:14,500 Just like when something drops 2376 00:48:14,500 --> 00:48:15,750 and breaks through a level, 2377 00:48:15,750 --> 00:48:16,583 there's no buyers. 2378 00:48:16,583 --> 00:48:18,125 And then the stock or the asset 2379 00:48:18,125 --> 00:48:19,750 just continues to fall like, 2380 00:48:19,833 --> 00:48:20,333 you know, don't 2381 00:48:20,333 --> 00:48:22,041 catch the falling knife 2382 00:48:22,125 --> 00:48:23,791 when something breaks out. 2383 00:48:23,875 --> 00:48:25,500 There's just aren't any, 2384 00:48:25,583 --> 00:48:25,833 you know, 2385 00:48:25,833 --> 00:48:26,166 there aren't 2386 00:48:26,166 --> 00:48:27,625 any sellers out there. 2387 00:48:27,708 --> 00:48:28,041 So. 2388 00:48:28,041 --> 00:48:29,208 So the price could clearly 2389 00:48:29,208 --> 00:48:30,291 I mean, it's already approaching 2390 00:48:30,291 --> 00:48:31,375 well, let's say 3100. 2391 00:48:31,375 --> 00:48:32,000 I mean, it's 2392 00:48:32,000 --> 00:48:32,625 the futures 2393 00:48:32,625 --> 00:48:35,750 are getting close to 33,050. 2394 00:48:35,958 --> 00:48:37,708 So it's well above the 3000. 2395 00:48:37,708 --> 00:48:38,833 So the next 2396 00:48:38,916 --> 00:48:40,208 it's just looking at 4000. 2397 00:48:40,208 --> 00:48:41,125 At this point. 2398 00:48:41,208 --> 00:48:42,125 I want to put a little bit 2399 00:48:42,125 --> 00:48:42,958 of a finer point 2400 00:48:42,958 --> 00:48:44,333 before we end this discussion 2401 00:48:44,333 --> 00:48:46,291 on something Robert said earlier. 2402 00:48:46,375 --> 00:48:48,750 Gold is as a store of value. 2403 00:48:48,833 --> 00:48:49,958 I saw this meme today 2404 00:48:49,958 --> 00:48:50,750 and I'm sure 2405 00:48:50,750 --> 00:48:51,875 I haven't verified 2406 00:48:51,875 --> 00:48:54,416 the accuracy of it, but, but, 2407 00:48:54,500 --> 00:48:55,458 I wouldn't be surprised 2408 00:48:55,458 --> 00:48:56,083 if it's true. 2409 00:48:56,083 --> 00:48:57,000 And for those again, 2410 00:48:57,000 --> 00:48:57,791 who are listening 2411 00:48:57,791 --> 00:48:58,791 and not watching, 2412 00:48:58,875 --> 00:49:00,708 it's a picture of two sides, 2413 00:49:00,708 --> 00:49:03,375 split screen, a guy holding, 2414 00:49:03,458 --> 00:49:04,500 gold bar on the left 2415 00:49:04,500 --> 00:49:05,125 side, a guy 2416 00:49:05,125 --> 00:49:05,833 holding the exact 2417 00:49:05,833 --> 00:49:07,375 same gold bar on the right side, 2418 00:49:07,375 --> 00:49:08,583 on the left side says 2419 00:49:08,666 --> 00:49:09,708 ten of these would 2420 00:49:09,791 --> 00:49:10,250 would buy you 2421 00:49:10,250 --> 00:49:12,208 an average home in 1920. 2422 00:49:12,291 --> 00:49:13,041 And then on the right 2423 00:49:13,041 --> 00:49:14,458 side, ten of these will buy you 2424 00:49:14,458 --> 00:49:16,583 an average home in 2023. 2425 00:49:16,666 --> 00:49:17,750 The point being 2426 00:49:17,833 --> 00:49:19,250 that gold 2427 00:49:19,250 --> 00:49:21,458 has kept up with inflation. 2428 00:49:21,541 --> 00:49:22,541 Again, anybody that's 2429 00:49:22,541 --> 00:49:23,583 that's followed us on 2430 00:49:23,583 --> 00:49:26,291 this show knows that home prices 2431 00:49:26,375 --> 00:49:28,250 basically go up with inflation 2432 00:49:28,250 --> 00:49:29,666 over the last 120 years. 2433 00:49:29,666 --> 00:49:30,458 There's a very direct 2434 00:49:30,458 --> 00:49:31,416 correlation. 2435 00:49:31,500 --> 00:49:33,208 Gold has gone up with inflation. 2436 00:49:33,208 --> 00:49:35,166 The value of gold has held it. 2437 00:49:35,250 --> 00:49:36,666 Gold has held its value 2438 00:49:36,750 --> 00:49:37,625 probably better 2439 00:49:37,625 --> 00:49:39,791 than any asset on the planet. 2440 00:49:39,875 --> 00:49:42,208 And so not necessarily 2441 00:49:42,208 --> 00:49:43,291 an investment, 2442 00:49:43,375 --> 00:49:44,916 but we always talk about the fact 2443 00:49:44,916 --> 00:49:46,041 that real estate is a great 2444 00:49:46,041 --> 00:49:47,458 hedge against inflation. 2445 00:49:47,541 --> 00:49:49,250 Real estate has other benefits. 2446 00:49:49,250 --> 00:49:50,208 It has tax benefits. 2447 00:49:50,208 --> 00:49:51,125 It has cash flow. 2448 00:49:51,125 --> 00:49:52,583 It has potentially. 2449 00:49:54,291 --> 00:49:55,375 Lever you can leverage it 2450 00:49:55,375 --> 00:49:56,583 forced depreciation 2451 00:49:56,583 --> 00:49:57,375 through renovations, 2452 00:49:57,375 --> 00:49:59,291 things like that. 2453 00:49:59,375 --> 00:50:00,208 But if you don't want 2454 00:50:00,208 --> 00:50:01,291 to do all that work, 2455 00:50:01,375 --> 00:50:02,541 but you still want to hedge 2456 00:50:02,541 --> 00:50:03,708 against inflation, 2457 00:50:03,791 --> 00:50:06,125 gold is just as good 2458 00:50:06,208 --> 00:50:07,375 as real estate 2459 00:50:07,458 --> 00:50:09,208 as a hedge against inflation. 2460 00:50:09,291 --> 00:50:10,791 And that example you gave 2461 00:50:10,791 --> 00:50:12,000 all is very similar 2462 00:50:12,000 --> 00:50:12,583 to the example 2463 00:50:12,583 --> 00:50:13,375 I always give, 2464 00:50:13,375 --> 00:50:15,791 which is the price of gas. 2465 00:50:15,875 --> 00:50:16,750 Like right now 2466 00:50:16,750 --> 00:50:17,458 people complain 2467 00:50:17,458 --> 00:50:19,666 about how high gas prices are. 2468 00:50:19,708 --> 00:50:21,541 They're actually lower 2469 00:50:21,625 --> 00:50:22,791 than they were 2470 00:50:22,875 --> 00:50:24,041 back in the 60s 2471 00:50:24,041 --> 00:50:26,416 if you price it in in silver. 2472 00:50:26,416 --> 00:50:28,708 So back in 1963, 2473 00:50:28,791 --> 00:50:29,958 which is the last year 2474 00:50:29,958 --> 00:50:31,208 you could get a quarter 2475 00:50:31,208 --> 00:50:32,916 that actually had silver in it, 2476 00:50:33,000 --> 00:50:34,833 the basically silver quarter, 2477 00:50:34,916 --> 00:50:36,583 you could buy a gallon of gas 2478 00:50:36,583 --> 00:50:37,041 for a 2479 00:50:37,041 --> 00:50:38,250 I think the price of gas 2480 00:50:38,250 --> 00:50:40,083 was like $0.25 or $0.28, 2481 00:50:40,083 --> 00:50:41,208 depending on when you are 2482 00:50:42,208 --> 00:50:42,500 right. 2483 00:50:42,500 --> 00:50:43,166 Now, that 2484 00:50:43,166 --> 00:50:45,958 same quarter that that from 1963, 2485 00:50:46,041 --> 00:50:46,458 which is, 2486 00:50:46,458 --> 00:50:49,000 which is silver is about $6, 2487 00:50:49,083 --> 00:50:50,333 which means to me 2488 00:50:50,333 --> 00:50:51,041 the price of that, 2489 00:50:51,083 --> 00:50:52,708 that the price of gallon back 2490 00:50:52,708 --> 00:50:54,541 in, you know, back in the 1963 2491 00:50:54,583 --> 00:50:56,666 is about 6 or $7 a gallon. 2492 00:50:56,750 --> 00:50:57,958 So today it's a well, 2493 00:50:57,958 --> 00:50:59,208 I mean, California is at 5 2494 00:50:59,208 --> 00:51:00,750 or 450 or whatever. 2495 00:51:00,833 --> 00:51:01,458 So actually 2496 00:51:01,458 --> 00:51:03,125 gas prices are down 2497 00:51:03,208 --> 00:51:05,333 if you're using the same currency 2498 00:51:05,333 --> 00:51:06,208 or the same money, 2499 00:51:06,208 --> 00:51:07,458 which was that quarter 2500 00:51:07,458 --> 00:51:09,541 that it was back in 1963. 2501 00:51:09,625 --> 00:51:10,875 Same thing for minimum wage. 2502 00:51:10,875 --> 00:51:12,000 If you look at minimum wage, 2503 00:51:12,000 --> 00:51:12,958 I think minimum wage 2504 00:51:12,958 --> 00:51:14,875 is like $1.25 back in the 60s. 2505 00:51:14,875 --> 00:51:15,208 Well, 2506 00:51:15,291 --> 00:51:16,000 if you give somebody 2507 00:51:16,000 --> 00:51:19,250 $1.20 5 in 1963, silver quarters, 2508 00:51:19,625 --> 00:51:22,166 that's like 25 bucks an hour. 2509 00:51:22,250 --> 00:51:22,958 So it's just 2510 00:51:22,958 --> 00:51:23,708 things to think about. 2511 00:51:23,791 --> 00:51:24,500 Yeah, exactly. 2512 00:51:24,500 --> 00:51:25,375 Exactly right. 2513 00:51:25,375 --> 00:51:26,291 That's, that 2514 00:51:26,375 --> 00:51:27,958 that's the way to think about it. 2515 00:51:28,041 --> 00:51:29,500 A 1965 call 2516 00:51:29,500 --> 00:51:31,458 today will not even buy you, 2517 00:51:31,541 --> 00:51:33,000 a 10th of a gallon of gas 2518 00:51:33,083 --> 00:51:34,375 and a 1960 2519 00:51:34,375 --> 00:51:35,583 three quarter will buy you 2520 00:51:35,583 --> 00:51:36,750 more than a gallon of gas. 2521 00:51:38,500 --> 00:51:39,750 That's a great illustration, Jay. 2522 00:51:39,750 --> 00:51:40,333 I'm going to definitely 2523 00:51:40,333 --> 00:51:42,041 borrow that. That is awesome. 2524 00:51:42,125 --> 00:51:43,166 I've heard a few of them. 2525 00:51:43,166 --> 00:51:44,250 The custom suit. 2526 00:51:44,250 --> 00:51:45,625 Lonnie used to be won gold. 2527 00:51:45,708 --> 00:51:46,916 Coin was a custom suit. 2528 00:51:46,916 --> 00:51:47,541 Now, that's just 2529 00:51:47,541 --> 00:51:49,708 about the same price. But. 2530 00:51:49,791 --> 00:51:50,916 Except for Jay's suits, 2531 00:51:50,916 --> 00:51:52,541 which are like Costco. Costco? 2532 00:51:52,583 --> 00:51:53,041 Yeah. 2533 00:51:53,125 --> 00:51:53,416 I was 2534 00:51:53,500 --> 00:51:54,625 I was literally about to say 2535 00:51:54,625 --> 00:51:57,333 it brings here people to it. 2536 00:51:58,541 --> 00:51:58,833 All right. 2537 00:51:58,833 --> 00:52:00,791 What ounces of silver suits. 2538 00:52:00,875 --> 00:52:01,500 Hey, let's talk 2539 00:52:01,500 --> 00:52:03,125 about some syndications guys. 2540 00:52:03,208 --> 00:52:04,291 Because we all 2541 00:52:04,375 --> 00:52:06,000 love talking syndications. 2542 00:52:06,000 --> 00:52:06,583 We talked about them 2543 00:52:06,583 --> 00:52:07,750 a lot on this podcast, 2544 00:52:07,791 --> 00:52:08,125 obviously, 2545 00:52:08,125 --> 00:52:09,541 because we're all big fans of it. 2546 00:52:09,625 --> 00:52:11,875 It's how JJ and I do 2547 00:52:11,875 --> 00:52:12,666 most of our deals 2548 00:52:12,666 --> 00:52:13,541 through syndication. 2549 00:52:13,541 --> 00:52:15,625 It's also the focus of Mauricio, 2550 00:52:15,625 --> 00:52:16,916 his legal expertise 2551 00:52:16,916 --> 00:52:18,208 over the last few years. 2552 00:52:18,291 --> 00:52:19,083 Back before he was an 2553 00:52:19,083 --> 00:52:20,250 asset protection guy, 2554 00:52:21,333 --> 00:52:22,208 and wrote books and 2555 00:52:22,208 --> 00:52:23,041 did all this stuff. 2556 00:52:23,041 --> 00:52:24,000 And who knows what 2557 00:52:24,083 --> 00:52:25,166 he's going to do in the future? 2558 00:52:25,166 --> 00:52:27,625 Sky's the limit for Mauricio now. 2559 00:52:27,708 --> 00:52:28,625 But most recently, 2560 00:52:28,625 --> 00:52:29,333 three episodes ago, 2561 00:52:29,333 --> 00:52:30,583 we discussed the difference 2562 00:52:30,583 --> 00:52:32,458 between 506 B 2563 00:52:32,458 --> 00:52:35,125 and 5 or 6 C Syndications. 2564 00:52:35,208 --> 00:52:36,333 We sleep. 2565 00:52:36,416 --> 00:52:36,833 Yeah, we. 2566 00:52:36,833 --> 00:52:37,708 Yeah, we might have 2567 00:52:37,708 --> 00:52:38,583 got a little ahead 2568 00:52:38,583 --> 00:52:39,416 of ourself though, 2569 00:52:39,416 --> 00:52:40,666 because we kind of skipped 2570 00:52:40,666 --> 00:52:42,416 over the whole, 2571 00:52:42,500 --> 00:52:43,750 discussing syndicating 2572 00:52:43,750 --> 00:52:44,375 deals versus 2573 00:52:44,375 --> 00:52:45,375 not syndicating deals. 2574 00:52:45,375 --> 00:52:46,250 We kind of just were like, 2575 00:52:46,250 --> 00:52:47,000 oh yeah, you 2576 00:52:47,083 --> 00:52:48,750 we assume you're syndicating, 2577 00:52:48,833 --> 00:52:49,375 it's, 2578 00:52:49,458 --> 00:52:50,750 the 5 or 6 B versus 2579 00:52:50,750 --> 00:52:52,000 5 or 6 C mirror. 2580 00:52:52,000 --> 00:52:53,583 Which one should we do? 2581 00:52:53,666 --> 00:52:56,166 Well, luckily we have the OG of, 2582 00:52:56,250 --> 00:52:57,541 syndication here. 2583 00:52:57,625 --> 00:52:58,875 He even runs an event, 2584 00:52:58,958 --> 00:53:00,000 titled Secrets 2585 00:53:00,000 --> 00:53:02,375 of Successful Syndication. 2586 00:53:02,458 --> 00:53:03,041 So, Robert, 2587 00:53:03,041 --> 00:53:04,250 why don't you back us up 2588 00:53:04,250 --> 00:53:04,708 a little bit? 2589 00:53:04,708 --> 00:53:05,916 Let's backtrack a little bit 2590 00:53:05,916 --> 00:53:07,500 so we can help us explain 2591 00:53:07,583 --> 00:53:10,250 why, syndication, as the kids 2592 00:53:10,250 --> 00:53:12,958 say these days is bussin. 2593 00:53:13,041 --> 00:53:13,625 It is. 2594 00:53:13,625 --> 00:53:15,291 And I think it's not that far off 2595 00:53:15,291 --> 00:53:16,583 from our conversation, 2596 00:53:16,666 --> 00:53:18,000 because what syndication 2597 00:53:18,000 --> 00:53:19,041 allows you to do 2598 00:53:19,125 --> 00:53:20,083 is divide 2599 00:53:20,083 --> 00:53:22,291 the risk as well as divide 2600 00:53:22,291 --> 00:53:23,208 the reward. 2601 00:53:23,291 --> 00:53:24,208 So the basic 2602 00:53:24,208 --> 00:53:25,416 premise of syndication is 2603 00:53:25,416 --> 00:53:26,708 we can come together 2604 00:53:26,791 --> 00:53:28,125 and some people bring the deal, 2605 00:53:28,125 --> 00:53:29,375 some people bring the expertise 2606 00:53:29,416 --> 00:53:30,333 of the bring the money, 2607 00:53:30,333 --> 00:53:31,291 some people bring that 2608 00:53:31,375 --> 00:53:32,541 or whatever it might be. 2609 00:53:32,541 --> 00:53:33,958 Everyone comes together 2610 00:53:34,041 --> 00:53:36,541 and then we have a way to divide 2611 00:53:36,625 --> 00:53:37,708 the return. 2612 00:53:37,791 --> 00:53:39,583 But we're also dividing the risk. 2613 00:53:39,666 --> 00:53:41,333 And just like the idea 2614 00:53:41,333 --> 00:53:42,916 of investing in real estate 2615 00:53:42,916 --> 00:53:44,208 versus investing in the metals, 2616 00:53:44,208 --> 00:53:45,750 metals, simple 2617 00:53:45,833 --> 00:53:47,125 or syndication can be simple. 2618 00:53:47,125 --> 00:53:48,541 From the passive side, 2619 00:53:48,625 --> 00:53:49,791 I got a bet on, 2620 00:53:49,791 --> 00:53:51,750 I used the analogy of the horse, 2621 00:53:51,750 --> 00:53:53,250 the jockey, and the track 2622 00:53:53,333 --> 00:53:54,666 and the syndication. 2623 00:53:54,750 --> 00:53:56,625 The horse is the deal. 2624 00:53:56,625 --> 00:53:58,250 The thing you're investing in 2625 00:53:58,333 --> 00:53:58,833 the track 2626 00:53:58,833 --> 00:54:00,500 is the market that it sits in. 2627 00:54:00,500 --> 00:54:01,666 And the jockey 2628 00:54:01,666 --> 00:54:02,875 that's the most important 2629 00:54:02,875 --> 00:54:04,666 part is the person 2630 00:54:04,666 --> 00:54:06,625 or the people that run the deal. 2631 00:54:06,625 --> 00:54:08,166 So if I'm a passive investor 2632 00:54:08,166 --> 00:54:09,375 in a syndication, 2633 00:54:09,458 --> 00:54:10,250 all that means is 2634 00:54:10,250 --> 00:54:12,000 I could put 100 grand to work 2635 00:54:12,083 --> 00:54:13,333 in a bigger deal 2636 00:54:13,333 --> 00:54:13,791 that I could 2637 00:54:13,791 --> 00:54:15,958 probably get access to myself. 2638 00:54:16,041 --> 00:54:17,041 And we do this, do 2639 00:54:17,083 --> 00:54:18,125 team work 2640 00:54:18,208 --> 00:54:19,250 on the other side 2641 00:54:19,250 --> 00:54:20,125 or the folks that won, 2642 00:54:20,125 --> 00:54:21,458 you know, Maurice's clients 2643 00:54:21,541 --> 00:54:22,875 and all of you guys 2644 00:54:22,958 --> 00:54:24,875 actively use syndication 2645 00:54:24,875 --> 00:54:26,250 as a tool to go 2646 00:54:26,250 --> 00:54:27,208 bigger, faster, do 2647 00:54:27,208 --> 00:54:28,041 bigger deals, 2648 00:54:28,041 --> 00:54:29,000 be able to move 2649 00:54:29,083 --> 00:54:30,333 with more capital? 2650 00:54:30,416 --> 00:54:31,500 So what I love about it 2651 00:54:31,500 --> 00:54:33,458 is it's a complete win win. 2652 00:54:33,541 --> 00:54:35,791 Not that it can't go wrong. 2653 00:54:35,875 --> 00:54:37,583 Any deal can go wrong, 2654 00:54:37,666 --> 00:54:40,083 but it does allow you to divide 2655 00:54:40,083 --> 00:54:41,208 the risk and the reward. 2656 00:54:41,208 --> 00:54:42,625 But the fundamental question 2657 00:54:42,666 --> 00:54:43,250 that's great 2658 00:54:43,250 --> 00:54:43,791 that you brought that 2659 00:54:43,791 --> 00:54:44,833 up, Kyle, is 2660 00:54:44,916 --> 00:54:45,625 does a deal 2661 00:54:45,625 --> 00:54:46,958 need to be syndicated? 2662 00:54:47,041 --> 00:54:49,041 Because if you could do the deal 2663 00:54:49,125 --> 00:54:50,166 with, say, 2664 00:54:50,250 --> 00:54:52,958 a loan and your own downpayment, 2665 00:54:53,333 --> 00:54:55,208 then why syndicate? 2666 00:54:55,291 --> 00:54:56,250 And and that's not 2667 00:54:56,250 --> 00:54:58,875 just a philosophical question. 2668 00:54:58,958 --> 00:55:00,333 That's a math question. 2669 00:55:00,416 --> 00:55:01,500 So the premise 2670 00:55:01,500 --> 00:55:02,125 there is, 2671 00:55:02,125 --> 00:55:03,708 I could do so much 2672 00:55:03,708 --> 00:55:04,708 with my own ability 2673 00:55:04,708 --> 00:55:05,750 to qualify 2674 00:55:05,833 --> 00:55:07,041 and my own ability 2675 00:55:07,041 --> 00:55:08,583 to put a down payment. 2676 00:55:08,666 --> 00:55:10,416 And then at some point, 2677 00:55:10,500 --> 00:55:11,583 I'm going to run out 2678 00:55:11,666 --> 00:55:12,708 of my own money 2679 00:55:12,791 --> 00:55:14,041 and my ability to qualify. 2680 00:55:14,041 --> 00:55:16,000 So either I quit doing deals 2681 00:55:16,083 --> 00:55:17,541 or I start to syndicate. 2682 00:55:17,625 --> 00:55:18,750 So there are some deals 2683 00:55:18,750 --> 00:55:19,750 that shouldn't 2684 00:55:19,750 --> 00:55:22,083 even be 5 or 6 B or 5 or 6 C 2685 00:55:22,166 --> 00:55:23,458 or 5 or 6 anything, 2686 00:55:23,541 --> 00:55:25,208 because they're actually suited 2687 00:55:25,208 --> 00:55:26,000 just to be real 2688 00:55:26,000 --> 00:55:27,416 estate investments. 2689 00:55:27,500 --> 00:55:28,416 Now of ratio, 2690 00:55:28,416 --> 00:55:28,958 if you've heard this 2691 00:55:28,958 --> 00:55:29,541 show for a while, 2692 00:55:29,541 --> 00:55:30,875 you know he will teach you that 2693 00:55:30,958 --> 00:55:31,500 you can't, 2694 00:55:31,500 --> 00:55:31,916 no matter what 2695 00:55:31,916 --> 00:55:33,416 you call it, the law, 2696 00:55:33,416 --> 00:55:35,250 the securities laws the same. 2697 00:55:35,333 --> 00:55:36,375 So you have to be super careful 2698 00:55:36,375 --> 00:55:36,958 with this stuff. 2699 00:55:36,958 --> 00:55:37,875 You and your buddy go out 2700 00:55:37,875 --> 00:55:39,250 and buy a fishing cabin 2701 00:55:39,250 --> 00:55:39,750 that you're going to 2702 00:55:39,750 --> 00:55:40,500 keep in the woods. 2703 00:55:41,583 --> 00:55:42,291 The minute you got a 2704 00:55:42,291 --> 00:55:43,458 friend bringing in money, 2705 00:55:43,458 --> 00:55:43,791 there's just a 2706 00:55:43,791 --> 00:55:45,166 lot more to talk about. 2707 00:55:45,166 --> 00:55:46,500 But I think syndication 2708 00:55:46,583 --> 00:55:48,750 is an excellent tool 2709 00:55:48,833 --> 00:55:50,750 for both the active person 2710 00:55:50,750 --> 00:55:52,125 doing the syndication 2711 00:55:52,125 --> 00:55:53,333 as well as the passive 2712 00:55:53,333 --> 00:55:54,375 people investing. 2713 00:55:54,458 --> 00:55:55,583 There's ways to get tax 2714 00:55:55,583 --> 00:55:57,500 benefit, cash flow appreciation, 2715 00:55:57,500 --> 00:55:58,500 all the things we like 2716 00:55:58,500 --> 00:55:59,458 real estate for. 2717 00:55:59,500 --> 00:56:00,500 I can get them 2718 00:56:00,500 --> 00:56:02,000 with a little bow, right. 2719 00:56:02,000 --> 00:56:02,875 If I'm willing to maybe 2720 00:56:02,875 --> 00:56:04,166 give up a little return on 2721 00:56:04,250 --> 00:56:05,083 and a little of the 2722 00:56:05,083 --> 00:56:06,291 control of the deal, 2723 00:56:06,333 --> 00:56:09,041 I can get exposure to real estate 2724 00:56:09,125 --> 00:56:11,833 in a really low hassle way. 2725 00:56:12,500 --> 00:56:14,208 And plus, I think also. 2726 00:56:14,291 --> 00:56:15,541 From a from an LP 2727 00:56:15,541 --> 00:56:16,791 perspective to you, 2728 00:56:16,791 --> 00:56:18,208 you get that benefit 2729 00:56:18,208 --> 00:56:19,583 of economies of scale. 2730 00:56:19,583 --> 00:56:20,458 First of all, right. 2731 00:56:20,500 --> 00:56:21,208 Because you're 2732 00:56:21,291 --> 00:56:22,750 getting a bigger building you 2733 00:56:22,750 --> 00:56:23,166 so that 2734 00:56:23,208 --> 00:56:24,750 that has it 2735 00:56:24,791 --> 00:56:25,541 just economies 2736 00:56:25,541 --> 00:56:27,000 scale to go in there. 2737 00:56:27,083 --> 00:56:28,166 But also I think sometimes 2738 00:56:28,166 --> 00:56:29,583 you've got like less competition, 2739 00:56:29,583 --> 00:56:29,875 like it's 2740 00:56:29,875 --> 00:56:30,791 much harder to go buy 2741 00:56:30,791 --> 00:56:32,083 a $5 million building 2742 00:56:32,083 --> 00:56:32,500 or a $10 2743 00:56:32,500 --> 00:56:33,541 million building or, 2744 00:56:33,625 --> 00:56:36,208 well, these guys with J and Kyle, 2745 00:56:36,250 --> 00:56:36,458 you know, 2746 00:56:36,458 --> 00:56:38,166 20, $30 million building 2747 00:56:38,250 --> 00:56:39,000 than it is to go buy 2748 00:56:39,000 --> 00:56:40,375 a $500,000 house. 2749 00:56:40,375 --> 00:56:41,208 And and AJ, 2750 00:56:41,208 --> 00:56:42,083 how many of us are going to buy 2751 00:56:42,083 --> 00:56:44,083 a big giant soul storage unit? 2752 00:56:44,083 --> 00:56:44,916 Not too many. 2753 00:56:44,916 --> 00:56:46,541 But if you come together 2754 00:56:46,625 --> 00:56:48,500 and you like that asset class 2755 00:56:48,500 --> 00:56:48,750 and there's 2756 00:56:48,750 --> 00:56:49,916 lots of reasons to love it, 2757 00:56:49,916 --> 00:56:50,458 well, that's 2758 00:56:50,458 --> 00:56:51,291 that's the way you play 2759 00:56:51,291 --> 00:56:52,958 in those bigger deals. 2760 00:56:53,041 --> 00:56:54,750 Yeah. You guys did you did. 2761 00:56:54,833 --> 00:56:56,000 When did you guys make the jump? 2762 00:56:56,000 --> 00:56:56,208 I mean 2763 00:56:56,208 --> 00:56:57,500 when did you guys figure out that 2764 00:56:57,500 --> 00:56:58,041 hey doing it 2765 00:56:58,041 --> 00:56:59,125 one of these and Tuesdays. 2766 00:56:59,125 --> 00:56:59,708 And that was 2767 00:56:59,791 --> 00:57:01,208 that was going to get you so far. 2768 00:57:01,208 --> 00:57:01,791 But you know 2769 00:57:01,791 --> 00:57:03,166 scaling to syndication 2770 00:57:03,166 --> 00:57:04,625 was really the path 2771 00:57:04,625 --> 00:57:05,208 for you guys 2772 00:57:05,208 --> 00:57:05,875 for I presume 2773 00:57:05,875 --> 00:57:07,166 it's a it's a wealth building 2774 00:57:07,166 --> 00:57:08,666 vehicle for you guys. 2775 00:57:08,750 --> 00:57:09,500 Yeah. 2776 00:57:09,583 --> 00:57:11,250 I guess Jay's being silent, 2777 00:57:11,250 --> 00:57:12,166 so I'll step in. 2778 00:57:12,208 --> 00:57:12,625 I was, 2779 00:57:12,625 --> 00:57:13,291 I was wondering 2780 00:57:13,291 --> 00:57:14,458 if you were going to jump in. 2781 00:57:14,541 --> 00:57:14,791 Yeah. 2782 00:57:14,791 --> 00:57:15,291 Well, 2783 00:57:15,375 --> 00:57:16,708 because because I think I got 2784 00:57:16,708 --> 00:57:18,125 into it one year before Jay. 2785 00:57:19,083 --> 00:57:20,583 And it's one of those things 2786 00:57:20,666 --> 00:57:21,708 to your point, 2787 00:57:21,791 --> 00:57:23,833 you realize my favorite thing 2788 00:57:23,833 --> 00:57:25,166 about syndication 2789 00:57:25,250 --> 00:57:26,833 is before syndication, 2790 00:57:26,833 --> 00:57:28,250 you have to be 2791 00:57:28,333 --> 00:57:28,708 you kind of 2792 00:57:28,708 --> 00:57:30,416 have to wear every hat. Right. 2793 00:57:30,500 --> 00:57:33,041 And you're not at not 2794 00:57:33,041 --> 00:57:34,375 every hat is going to fit. 2795 00:57:34,458 --> 00:57:35,541 And the problem is you kind of 2796 00:57:35,541 --> 00:57:37,708 just have to make them all fit. 2797 00:57:37,791 --> 00:57:39,291 And not everyone is good 2798 00:57:39,291 --> 00:57:40,458 at every aspect 2799 00:57:40,458 --> 00:57:41,375 of doing real estate. 2800 00:57:41,375 --> 00:57:43,083 You might be excellent 2801 00:57:43,083 --> 00:57:44,208 at running the numbers, 2802 00:57:44,208 --> 00:57:45,250 or you might be excellent 2803 00:57:45,250 --> 00:57:46,916 at managing tenants and 2804 00:57:47,000 --> 00:57:48,833 and running a business plan. 2805 00:57:48,833 --> 00:57:49,791 Or you might be excellent 2806 00:57:49,791 --> 00:57:51,791 at finding deals. 2807 00:57:51,875 --> 00:57:53,375 But I've yet to find someone 2808 00:57:53,375 --> 00:57:54,125 who's excellent 2809 00:57:54,125 --> 00:57:56,500 at every single one of those. 2810 00:57:56,583 --> 00:57:57,583 And, and so the 2811 00:57:57,625 --> 00:57:58,541 but the problem is, 2812 00:57:58,541 --> 00:57:58,791 is that 2813 00:57:58,875 --> 00:58:00,958 when you're buying your own, 2814 00:58:00,958 --> 00:58:01,500 you kind of 2815 00:58:01,500 --> 00:58:02,875 just have to like you. 2816 00:58:02,875 --> 00:58:04,500 There's not enough money 2817 00:58:04,583 --> 00:58:06,041 there for you 2818 00:58:06,041 --> 00:58:07,250 to be able to hire out 2819 00:58:07,250 --> 00:58:08,083 experts 2820 00:58:08,083 --> 00:58:09,291 at every single one of them. 2821 00:58:09,291 --> 00:58:10,208 So you kind of just have to learn 2822 00:58:10,208 --> 00:58:10,958 how you do it yourself. 2823 00:58:11,041 --> 00:58:12,000 One of my favorite things 2824 00:58:12,000 --> 00:58:12,958 about syndication 2825 00:58:12,958 --> 00:58:14,166 is because of the size 2826 00:58:14,166 --> 00:58:15,625 of the deal on the scale, 2827 00:58:15,708 --> 00:58:17,750 you are forced to hire 2828 00:58:17,750 --> 00:58:18,875 great people. 2829 00:58:18,958 --> 00:58:19,791 Think about, you know, 2830 00:58:19,791 --> 00:58:21,250 an apartment complex. 2831 00:58:21,250 --> 00:58:23,916 You can't self-manage 300 units. 2832 00:58:24,000 --> 00:58:25,541 The lender won't allow it, right? 2833 00:58:25,541 --> 00:58:25,916 You need 2834 00:58:25,958 --> 00:58:27,875 strong third party 2835 00:58:27,958 --> 00:58:29,416 viable management. 2836 00:58:29,500 --> 00:58:30,041 Well, 2837 00:58:30,083 --> 00:58:30,958 if you're going to buy a 2838 00:58:30,958 --> 00:58:31,666 rental home, 2839 00:58:31,666 --> 00:58:32,750 you might decide, well, I'll go 2840 00:58:32,750 --> 00:58:34,416 collect the rent myself. 2841 00:58:34,500 --> 00:58:36,000 That's one way to go, right? 2842 00:58:36,000 --> 00:58:37,000 Save the money 2843 00:58:37,000 --> 00:58:38,583 of the property manager. 2844 00:58:38,666 --> 00:58:39,916 But long term, 2845 00:58:39,916 --> 00:58:40,708 if you build up 2846 00:58:40,708 --> 00:58:41,958 any kind of portfolio, 2847 00:58:41,958 --> 00:58:42,625 there comes a point 2848 00:58:42,625 --> 00:58:44,041 where you can't do it all, 2849 00:58:44,125 --> 00:58:46,000 even if you were predisposed 2850 00:58:46,000 --> 00:58:47,250 to doing it. All right. 2851 00:58:47,250 --> 00:58:49,208 And and so Ashley Knight, 2852 00:58:49,208 --> 00:58:51,000 so we've talked about before, 2853 00:58:51,000 --> 00:58:52,041 I'm business partners 2854 00:58:52,041 --> 00:58:53,708 with Ashley and Jay. 2855 00:58:53,791 --> 00:58:56,500 And before Jay came along, 2856 00:58:56,833 --> 00:58:58,375 Ashley and I, and. 2857 00:58:58,375 --> 00:58:59,458 Screwed everything up 2858 00:58:59,541 --> 00:59:00,333 for a while. 2859 00:59:00,416 --> 00:59:01,583 I feel like I was there. 2860 00:59:01,666 --> 00:59:03,000 I feel like I was their child 2861 00:59:03,000 --> 00:59:04,250 before Jay came along 2862 00:59:04,250 --> 00:59:05,625 and we had all this freedom. 2863 00:59:05,708 --> 00:59:06,958 No, but before Jay came, 2864 00:59:07,041 --> 00:59:08,958 we were trying to wear 2865 00:59:08,958 --> 00:59:10,125 a couple too many hats. 2866 00:59:11,125 --> 00:59:14,458 And I'm I, I will I will admit, 2867 00:59:14,583 --> 00:59:16,083 Ashley is much better than I am 2868 00:59:16,083 --> 00:59:18,208 at, at juggling hats. 2869 00:59:18,291 --> 00:59:19,458 I kind of have one 2870 00:59:19,458 --> 00:59:20,541 hat that fits pretty well, 2871 00:59:20,583 --> 00:59:21,583 and I like it. 2872 00:59:21,583 --> 00:59:22,375 And, 2873 00:59:22,458 --> 00:59:23,916 I don't want to put on any other 2874 00:59:23,916 --> 00:59:24,958 hats. 2875 00:59:25,041 --> 00:59:25,458 So, like, 2876 00:59:25,458 --> 00:59:27,166 I'm, I'm very good at the, 2877 00:59:27,166 --> 00:59:28,916 the behind the scenes, 2878 00:59:29,000 --> 00:59:29,541 behind the, 2879 00:59:29,541 --> 00:59:31,166 the the the spreadsheets 2880 00:59:31,166 --> 00:59:32,583 and doing that kind of stuff. 2881 00:59:32,666 --> 00:59:34,291 But, if you want me to go 2882 00:59:34,291 --> 00:59:35,166 and shoot the shit 2883 00:59:35,166 --> 00:59:36,833 with brokers and, 2884 00:59:36,833 --> 00:59:38,166 and make those connections 2885 00:59:38,166 --> 00:59:39,708 and get deals done, it's 2886 00:59:39,708 --> 00:59:40,916 not really me. 2887 00:59:41,000 --> 00:59:41,916 If you want me to go 2888 00:59:41,916 --> 00:59:43,166 and raise money from somebody 2889 00:59:43,166 --> 00:59:44,416 that's totally not 2890 00:59:44,416 --> 00:59:45,583 me, I'm like, I, 2891 00:59:45,666 --> 00:59:47,875 I have never been comfortable 2892 00:59:47,875 --> 00:59:49,250 asking somebody for money. 2893 00:59:49,250 --> 00:59:50,166 I get the concept. 2894 00:59:50,166 --> 00:59:51,541 I can take all the trainings. 2895 00:59:51,625 --> 00:59:52,375 I know 2896 00:59:52,458 --> 00:59:53,666 what you're supposed to do. 2897 00:59:53,708 --> 00:59:56,041 I still walk into that situation 2898 00:59:56,041 --> 00:59:57,208 and get a cold shiver. 2899 00:59:58,375 --> 00:59:59,708 And so 2900 00:59:59,791 --> 01:00:00,541 Ashley was never 2901 01:00:00,541 --> 01:00:02,250 really good at that either. 2902 01:00:02,333 --> 01:00:04,250 At her, her problem is more 2903 01:00:04,250 --> 01:00:06,958 so she's a very, 2904 01:00:07,250 --> 01:00:08,750 open and honest person, 2905 01:00:08,750 --> 01:00:10,791 and she just will tell you 2906 01:00:10,791 --> 01:00:11,750 absolutely everything 2907 01:00:11,750 --> 01:00:13,166 and absolutely, like, 2908 01:00:13,250 --> 01:00:14,958 just over and inundate 2909 01:00:14,958 --> 01:00:16,708 you with information about deals. 2910 01:00:16,708 --> 01:00:17,250 And that's kind of 2911 01:00:17,250 --> 01:00:18,125 not the way to, to, 2912 01:00:18,125 --> 01:00:19,083 to bring in investors. 2913 01:00:19,083 --> 01:00:19,916 You kind of they, 2914 01:00:19,916 --> 01:00:21,666 they care about certain things 2915 01:00:21,750 --> 01:00:22,416 and they care about 2916 01:00:22,416 --> 01:00:23,791 and they want it succinctly 2917 01:00:23,791 --> 01:00:25,416 and they want it in a hurry. 2918 01:00:25,500 --> 01:00:28,041 And we we just never 2919 01:00:28,041 --> 01:00:29,958 really had a good knack for that. 2920 01:00:30,041 --> 01:00:31,708 And so the best 2921 01:00:31,708 --> 01:00:32,708 thing about syndication 2922 01:00:32,708 --> 01:00:33,916 is, is that 2923 01:00:34,000 --> 01:00:35,041 the deal is big enough 2924 01:00:35,041 --> 01:00:37,250 that we're not good at that. 2925 01:00:37,333 --> 01:00:39,083 So you just partner with somebody 2926 01:00:39,083 --> 01:00:40,583 because that pie is big enough. 2927 01:00:40,583 --> 01:00:41,416 You could just slice off 2928 01:00:41,416 --> 01:00:42,333 a piece of that pie 2929 01:00:42,333 --> 01:00:43,541 for somebody else 2930 01:00:43,625 --> 01:00:45,291 who's actually good at that. So, 2931 01:00:46,250 --> 01:00:48,291 that that's how we got into it. 2932 01:00:48,291 --> 01:00:49,041 In the beginning, 2933 01:00:49,041 --> 01:00:50,041 we tried to wear a couple 2934 01:00:50,041 --> 01:00:50,708 too many hats 2935 01:00:50,708 --> 01:00:51,625 at their first crack 2936 01:00:51,625 --> 01:00:53,041 at syndication. 2937 01:00:53,125 --> 01:00:55,333 We realized we needed help. 2938 01:00:55,416 --> 01:00:57,083 And then Jay stepped in, 2939 01:00:57,083 --> 01:00:58,125 and now we kind of have 2940 01:00:58,125 --> 01:00:58,791 a, you know, a 2941 01:00:58,833 --> 01:01:00,500 and then we have one more partner 2942 01:01:00,500 --> 01:01:01,416 who we're not allowed to 2943 01:01:01,458 --> 01:01:02,458 to mention in these things 2944 01:01:02,458 --> 01:01:04,416 because he's super shy. 2945 01:01:04,500 --> 01:01:05,666 And, 2946 01:01:05,750 --> 01:01:06,208 then we kind of 2947 01:01:06,208 --> 01:01:07,041 rounded out our team 2948 01:01:07,041 --> 01:01:09,333 and we found a good lawyer. 2949 01:01:09,416 --> 01:01:10,541 He, he actually just 2950 01:01:10,541 --> 01:01:11,875 quit, though, so we're, 2951 01:01:11,958 --> 01:01:12,416 we don't know what 2952 01:01:12,416 --> 01:01:13,833 we're going to do. 2953 01:01:13,916 --> 01:01:15,041 But I'm going to. 2954 01:01:15,125 --> 01:01:16,250 Finish this sentence for 2955 01:01:16,291 --> 01:01:17,250 for everyone then. So. 2956 01:01:17,250 --> 01:01:18,083 So you said 2957 01:01:18,083 --> 01:01:20,750 Ashley is open and honest 2958 01:01:21,291 --> 01:01:23,666 and Jay is. 2959 01:01:23,750 --> 01:01:25,833 Jay is much better at, 2960 01:01:25,916 --> 01:01:27,750 telling the story 2961 01:01:27,833 --> 01:01:28,708 the way the investors 2962 01:01:28,708 --> 01:01:29,708 want to hear, 2963 01:01:29,791 --> 01:01:31,375 I guess, is the thing you like. 2964 01:01:31,375 --> 01:01:32,875 Investors are fickle 2965 01:01:32,958 --> 01:01:34,250 and they are busy. 2966 01:01:34,250 --> 01:01:34,958 A lot of times 2967 01:01:34,958 --> 01:01:36,375 they're super busy people. 2968 01:01:36,458 --> 01:01:37,791 They don't have time to, 2969 01:01:37,791 --> 01:01:38,083 you know, 2970 01:01:38,083 --> 01:01:38,958 they don't want to go through 2971 01:01:38,958 --> 01:01:39,916 every like 2972 01:01:39,916 --> 01:01:41,458 we spend hundreds of hours 2973 01:01:41,458 --> 01:01:42,416 analyzing these deals. 2974 01:01:42,416 --> 01:01:43,125 They don't want to go through 2975 01:01:43,125 --> 01:01:43,916 that hundreds of hours. 2976 01:01:43,916 --> 01:01:45,416 There's a reason they came to us 2977 01:01:45,500 --> 01:01:46,250 is because they 2978 01:01:46,250 --> 01:01:47,250 they know, like 2979 01:01:47,250 --> 01:01:48,625 and trust us 2980 01:01:48,708 --> 01:01:51,083 to put that time in and do that. 2981 01:01:51,166 --> 01:01:52,583 And so they have certain things 2982 01:01:52,583 --> 01:01:54,208 that they care about. 2983 01:01:54,291 --> 01:01:56,125 People know like and trust Jay 2984 01:01:56,208 --> 01:01:57,625 Jay is smart enough 2985 01:01:57,625 --> 01:01:59,458 to get all of that other stuff 2986 01:01:59,541 --> 01:02:00,416 and understand it. 2987 01:02:00,416 --> 01:02:00,958 And I'm. 2988 01:02:01,000 --> 01:02:01,500 Waiting for them, 2989 01:02:01,583 --> 01:02:03,291 but not smart enough to. 2990 01:02:04,833 --> 01:02:05,541 Well know 2991 01:02:05,625 --> 01:02:06,125 because I guess 2992 01:02:06,208 --> 01:02:07,083 I was trying 2993 01:02:07,083 --> 01:02:08,000 to go to the other side of it, 2994 01:02:08,000 --> 01:02:08,916 is that there's a lot of people 2995 01:02:08,916 --> 01:02:09,708 who who's pitching 2996 01:02:09,791 --> 01:02:11,333 or pitching deals these days 2997 01:02:11,416 --> 01:02:13,500 who are not intimately involved 2998 01:02:13,500 --> 01:02:14,333 and don't necessarily 2999 01:02:14,333 --> 01:02:15,041 understand it 3000 01:02:15,041 --> 01:02:16,875 to the, to that level. 3001 01:02:16,958 --> 01:02:17,458 So I was 3002 01:02:17,458 --> 01:02:18,125 I was trying to give you 3003 01:02:18,125 --> 01:02:18,708 a compliment, 3004 01:02:18,708 --> 01:02:20,083 Jay, that is somebody 3005 01:02:20,083 --> 01:02:21,208 who's actually, 3006 01:02:21,291 --> 01:02:22,500 who talking to investors 3007 01:02:22,500 --> 01:02:23,500 and dealing with investors 3008 01:02:23,500 --> 01:02:24,458 actually understands 3009 01:02:24,458 --> 01:02:25,083 is intimately 3010 01:02:25,083 --> 01:02:26,166 involved in the deal. 3011 01:02:26,250 --> 01:02:27,375 And that's just something 3012 01:02:27,375 --> 01:02:29,041 that every, every, 3013 01:02:29,125 --> 01:02:30,333 every team needs. 3014 01:02:30,333 --> 01:02:33,708 And by syndicating, you can have 3015 01:02:33,958 --> 01:02:35,125 each people 3016 01:02:35,208 --> 01:02:36,833 do what they're good at and 3017 01:02:36,833 --> 01:02:39,541 and not have to do anything else. 3018 01:02:39,833 --> 01:02:41,750 And if there's a, there's enough 3019 01:02:41,750 --> 01:02:42,625 to go around to, 3020 01:02:42,625 --> 01:02:44,583 to have that involvement. 3021 01:02:44,666 --> 01:02:44,958 Yeah. 3022 01:02:44,958 --> 01:02:45,333 And Kyle 3023 01:02:45,333 --> 01:02:46,250 you brought up a great point. 3024 01:02:46,250 --> 01:02:46,583 And Robert, 3025 01:02:46,583 --> 01:02:47,666 I want your take on this too, 3026 01:02:47,666 --> 01:02:48,541 because, you know, 3027 01:02:48,541 --> 01:02:49,125 you talked about 3028 01:02:49,125 --> 01:02:51,500 like you hate raising money 3029 01:02:51,500 --> 01:02:52,916 and that's not your skill set. 3030 01:02:52,916 --> 01:02:53,916 But but syndication 3031 01:02:53,916 --> 01:02:54,958 is more than just raising 3032 01:02:54,958 --> 01:02:55,333 money, right. 3033 01:02:55,333 --> 01:02:56,166 It's raising money 3034 01:02:56,166 --> 01:02:57,250 but also finding deals. 3035 01:02:57,250 --> 01:02:58,541 And Robert at your event, I 3036 01:02:58,583 --> 01:02:59,250 you know, I've been to it 3037 01:02:59,250 --> 01:03:00,166 so many times 3038 01:03:00,250 --> 01:03:01,041 you talk about the, 3039 01:03:01,041 --> 01:03:02,708 the cereal and the milk analogy, 3040 01:03:02,708 --> 01:03:03,708 which I always think it's great. 3041 01:03:03,708 --> 01:03:05,041 Like you're always as a syndicate 3042 01:03:05,041 --> 01:03:05,583 or you're, you're, 3043 01:03:05,583 --> 01:03:06,125 you're, you're 3044 01:03:06,125 --> 01:03:06,958 looking for the milk, 3045 01:03:06,958 --> 01:03:07,583 you're doing the sales 3046 01:03:07,583 --> 01:03:08,958 that like part of it is raising 3047 01:03:08,958 --> 01:03:09,291 the money. 3048 01:03:09,291 --> 01:03:10,291 You're always looking for money, 3049 01:03:10,291 --> 01:03:11,083 but you're also also 3050 01:03:11,083 --> 01:03:11,750 looking for deal 3051 01:03:11,750 --> 01:03:12,791 underwriting deals 3052 01:03:12,875 --> 01:03:14,083 and having that skill set. 3053 01:03:14,083 --> 01:03:15,166 So maybe maybe talk a little bit 3054 01:03:15,166 --> 01:03:16,250 about that, that, 3055 01:03:16,333 --> 01:03:17,458 that analogy that you guys, 3056 01:03:17,541 --> 01:03:19,041 you use quite a bit. 3057 01:03:19,125 --> 01:03:21,125 What's the balance. Right. 3058 01:03:21,208 --> 01:03:21,958 If you talk to anyone 3059 01:03:21,958 --> 01:03:23,041 who syndicates either 3060 01:03:23,041 --> 01:03:24,333 they're deal rich. 3061 01:03:24,416 --> 01:03:25,583 Hey I got 3 or 4 deals, 3062 01:03:25,583 --> 01:03:27,375 but I don't really have the list 3063 01:03:27,375 --> 01:03:28,708 to be able to fund that much 3064 01:03:28,791 --> 01:03:29,833 or it's the other way. 3065 01:03:29,916 --> 01:03:31,125 Hey, I've got investors 3066 01:03:31,125 --> 01:03:31,750 and they've asked 3067 01:03:31,750 --> 01:03:32,583 to put more money 3068 01:03:32,583 --> 01:03:33,375 in, and 3069 01:03:33,458 --> 01:03:34,291 I don't want to 3070 01:03:34,375 --> 01:03:35,708 lower my standards 3071 01:03:35,708 --> 01:03:37,625 and take a deal with this. Hensel 3072 01:03:37,708 --> 01:03:39,083 and so I use the milk 3073 01:03:39,083 --> 01:03:40,125 and cereal theory, 3074 01:03:40,125 --> 01:03:40,791 which is, you know, 3075 01:03:40,791 --> 01:03:41,333 you start out 3076 01:03:41,333 --> 01:03:42,541 with some cereal in a bowl 3077 01:03:42,541 --> 01:03:43,708 and you pour in some milk 3078 01:03:43,791 --> 01:03:44,833 and you get near the bottom 3079 01:03:44,833 --> 01:03:45,333 and there's way 3080 01:03:45,333 --> 01:03:46,166 too much milk left. 3081 01:03:46,166 --> 01:03:47,333 So you pour some more cereal in 3082 01:03:47,333 --> 01:03:48,166 and then you don't have enough 3083 01:03:48,166 --> 01:03:48,458 milks. 3084 01:03:48,458 --> 01:03:49,833 You pour more milk in before, 3085 01:03:49,875 --> 01:03:50,166 you know, 3086 01:03:50,166 --> 01:03:50,833 if you eat the 3087 01:03:50,833 --> 01:03:51,750 whole box of cereal 3088 01:03:51,750 --> 01:03:53,166 and the whole carton milk. 3089 01:03:53,250 --> 01:03:54,500 But it's the premise 3090 01:03:54,500 --> 01:03:56,291 that it's never imbalance 3091 01:03:56,375 --> 01:03:58,083 and it's not going to be. 3092 01:03:58,166 --> 01:03:59,541 So as a syndicator, 3093 01:03:59,541 --> 01:04:00,750 you need to learn 3094 01:04:00,833 --> 01:04:01,791 that there will be 3095 01:04:01,791 --> 01:04:02,875 periods of time 3096 01:04:02,958 --> 01:04:03,500 where you'll be 3097 01:04:03,500 --> 01:04:05,166 scrambling for dollars, 3098 01:04:05,250 --> 01:04:06,500 and there'll be periods of time 3099 01:04:06,500 --> 01:04:07,250 where you gotta close 3100 01:04:07,250 --> 01:04:08,416 on deals, right? 3101 01:04:08,416 --> 01:04:09,166 And there'll be times 3102 01:04:09,166 --> 01:04:10,625 where your, your, 3103 01:04:10,708 --> 01:04:12,000 your awesome clients 3104 01:04:12,000 --> 01:04:13,166 bring you referrals. 3105 01:04:13,166 --> 01:04:14,458 They bring their own capital 3106 01:04:14,458 --> 01:04:15,291 and you don't have 3107 01:04:15,291 --> 01:04:16,166 any place for it, 3108 01:04:16,250 --> 01:04:19,083 which is why we love to affiliate 3109 01:04:19,166 --> 01:04:20,375 with lots of people 3110 01:04:20,375 --> 01:04:21,333 in the business. 3111 01:04:21,416 --> 01:04:23,458 If I don't have an active deal, 3112 01:04:23,541 --> 01:04:24,416 but I have a client 3113 01:04:24,416 --> 01:04:25,166 that's got a place 3114 01:04:25,166 --> 01:04:27,875 $250,000, I would much rather 3115 01:04:28,041 --> 01:04:29,000 introduce them 3116 01:04:29,000 --> 01:04:30,000 to one of you guys 3117 01:04:30,000 --> 01:04:31,666 who has a deal and say, hey, 3118 01:04:31,750 --> 01:04:33,083 these are some solid guys. 3119 01:04:33,083 --> 01:04:34,500 I can't guarantee results, 3120 01:04:34,500 --> 01:04:35,916 but do your homework, 3121 01:04:36,000 --> 01:04:36,625 check it out. 3122 01:04:36,625 --> 01:04:38,291 They've got great track records. 3123 01:04:38,375 --> 01:04:39,833 That doesn't take away from me. 3124 01:04:39,833 --> 01:04:41,583 In fact, that gives me credit 3125 01:04:41,666 --> 01:04:42,708 when I will point 3126 01:04:42,708 --> 01:04:43,583 to somebody else 3127 01:04:43,583 --> 01:04:44,333 that, you know, 3128 01:04:44,333 --> 01:04:45,500 a lesser minded 3129 01:04:45,500 --> 01:04:46,125 person would say, 3130 01:04:46,125 --> 01:04:47,250 that's my competitor. 3131 01:04:47,333 --> 01:04:48,208 Not at all. 3132 01:04:48,291 --> 01:04:50,125 Together, everyone achieves more. 3133 01:04:50,208 --> 01:04:51,000 This time. 3134 01:04:51,000 --> 01:04:52,166 They want to be in your deal. 3135 01:04:52,166 --> 01:04:52,583 Next time, 3136 01:04:52,583 --> 01:04:53,625 they'll want to be in my deal. 3137 01:04:53,625 --> 01:04:55,375 And it does give exposure 3138 01:04:55,458 --> 01:04:56,833 to different asset classes. 3139 01:04:56,833 --> 01:04:57,958 Like I love to invest 3140 01:04:57,958 --> 01:04:58,916 passively in stuff 3141 01:04:58,916 --> 01:05:00,208 that I have no business 3142 01:05:00,291 --> 01:05:01,083 being active in. 3143 01:05:01,083 --> 01:05:02,625 It kind of Kyle's point 3144 01:05:02,625 --> 01:05:03,791 you can't be good at everything. 3145 01:05:03,791 --> 01:05:04,333 You can only be good 3146 01:05:04,333 --> 01:05:05,708 at a handful of things. 3147 01:05:05,791 --> 01:05:07,333 And the essence of syndication 3148 01:05:07,333 --> 01:05:08,333 is that you put together 3149 01:05:08,333 --> 01:05:09,500 people on a team 3150 01:05:09,583 --> 01:05:11,708 where you have the bases covered 3151 01:05:11,791 --> 01:05:13,250 and together you 3152 01:05:13,333 --> 01:05:14,625 it's you've got a much better 3153 01:05:14,625 --> 01:05:15,625 fighting chance 3154 01:05:15,625 --> 01:05:17,000 of making the deal happen. 3155 01:05:17,083 --> 01:05:18,333 But there's always going to be 3156 01:05:18,333 --> 01:05:19,250 that imbalance. 3157 01:05:19,250 --> 01:05:20,166 And it's it's like that 3158 01:05:20,166 --> 01:05:20,750 in real estate. 3159 01:05:20,750 --> 01:05:21,625 We just don't think about it. 3160 01:05:21,625 --> 01:05:22,041 I want to buy 3161 01:05:22,041 --> 01:05:23,125 another rental house. 3162 01:05:23,208 --> 01:05:23,791 Well, I 3163 01:05:23,833 --> 01:05:24,000 you know, 3164 01:05:24,000 --> 01:05:25,166 I can't find the right deal. 3165 01:05:25,166 --> 01:05:26,000 I can't make a pencil. 3166 01:05:26,000 --> 01:05:26,958 But I got a busy life. 3167 01:05:26,958 --> 01:05:28,166 It's not the end of the world. 3168 01:05:28,250 --> 01:05:29,333 When your business 3169 01:05:29,333 --> 01:05:30,541 is syndication, 3170 01:05:30,625 --> 01:05:31,750 then deal flow 3171 01:05:31,750 --> 01:05:34,166 is incredibly important. 3172 01:05:34,250 --> 01:05:35,541 But so is having 3173 01:05:35,541 --> 01:05:36,833 the right number of investors 3174 01:05:36,833 --> 01:05:38,458 and the skill set to be able 3175 01:05:38,458 --> 01:05:40,083 to talk to those investors. 3176 01:05:40,166 --> 01:05:41,666 As Kyle says, Jay has. 3177 01:05:41,666 --> 01:05:42,625 That's critical. 3178 01:05:42,708 --> 01:05:44,291 That's critical for both sides 3179 01:05:44,375 --> 01:05:45,958 because the investor 3180 01:05:45,958 --> 01:05:47,000 needs to be able to understand 3181 01:05:47,000 --> 01:05:48,125 they're busy people. 3182 01:05:48,208 --> 01:05:48,708 That's why 3183 01:05:48,708 --> 01:05:49,875 they're passively investing 3184 01:05:49,875 --> 01:05:50,458 and not doing the 3185 01:05:50,458 --> 01:05:51,416 deal themselves. 3186 01:05:51,500 --> 01:05:52,833 They want enough information 3187 01:05:52,833 --> 01:05:53,833 to take action, 3188 01:05:53,916 --> 01:05:54,708 but then 3189 01:05:54,791 --> 01:05:55,166 they need 3190 01:05:55,166 --> 01:05:56,875 to have confidence in the team. 3191 01:05:56,875 --> 01:05:58,000 And once they do, you know, 3192 01:05:58,000 --> 01:05:59,166 we see a passive 3193 01:05:59,166 --> 01:06:00,625 investor isn't really passive. 3194 01:06:00,708 --> 01:06:02,041 You do the work up front. 3195 01:06:02,125 --> 01:06:03,041 You've got the market, 3196 01:06:03,041 --> 01:06:05,500 the deal, the all the operators. 3197 01:06:05,583 --> 01:06:06,500 Once you're feeling good 3198 01:06:06,500 --> 01:06:07,625 about that 3199 01:06:07,708 --> 01:06:08,958 now, there's not much to do. 3200 01:06:08,958 --> 01:06:09,833 Once I write the check, 3201 01:06:09,833 --> 01:06:11,083 there's not much to do, 3202 01:06:11,166 --> 01:06:12,500 but I need to do the work upfront 3203 01:06:12,500 --> 01:06:13,083 to make sure I'm 3204 01:06:13,083 --> 01:06:14,416 betting on the right horse. 3205 01:06:14,500 --> 01:06:15,000 Actually, 3206 01:06:15,083 --> 01:06:15,916 can you talk a little bit 3207 01:06:15,916 --> 01:06:18,041 about the fear factor? 3208 01:06:18,125 --> 01:06:18,833 You know, 3209 01:06:18,916 --> 01:06:19,708 when people say, 3210 01:06:19,708 --> 01:06:21,041 hey, I'm just I don't 3211 01:06:21,125 --> 01:06:21,750 I don't want that 3212 01:06:21,750 --> 01:06:23,000 awesome responsibility 3213 01:06:23,000 --> 01:06:24,583 of taking on investor money. 3214 01:06:24,583 --> 01:06:25,708 Like, how do you address 3215 01:06:25,708 --> 01:06:26,583 somebody who's 3216 01:06:26,666 --> 01:06:27,750 thinking about syndicate 3217 01:06:27,750 --> 01:06:28,166 and thinking about 3218 01:06:28,166 --> 01:06:28,916 taking the leap? 3219 01:06:28,916 --> 01:06:29,958 But, they're a little bit 3220 01:06:29,958 --> 01:06:31,791 fearful of, 3221 01:06:31,875 --> 01:06:32,000 like, 3222 01:06:32,000 --> 01:06:33,000 I don't want to be responsible 3223 01:06:33,000 --> 01:06:33,875 for taking these people's 3224 01:06:33,875 --> 01:06:34,750 hard earned money. 3225 01:06:34,833 --> 01:06:35,833 What do you say to those folks? 3226 01:06:35,833 --> 01:06:36,625 I would say that 3227 01:06:36,625 --> 01:06:38,000 if you are concerned 3228 01:06:38,083 --> 01:06:39,833 about losing people's money 3229 01:06:39,833 --> 01:06:41,541 and you're worried about that, 3230 01:06:41,625 --> 01:06:42,958 you're an excellent candidate 3231 01:06:42,958 --> 01:06:44,250 for syndication. 3232 01:06:44,333 --> 01:06:45,000 If, on the other hand, 3233 01:06:45,000 --> 01:06:45,291 you're like, 3234 01:06:45,291 --> 01:06:46,500 I don't care about that, 3235 01:06:46,583 --> 01:06:48,916 then probably a fast food career 3236 01:06:48,916 --> 01:06:50,041 would be better for you. 3237 01:06:50,125 --> 01:06:51,125 It's the quandary. 3238 01:06:51,125 --> 01:06:52,250 It's how Kenny McElroy, 3239 01:06:52,250 --> 01:06:52,875 he also 3240 01:06:52,916 --> 01:06:54,416 often speaks at our events. 3241 01:06:54,500 --> 01:06:55,958 We came together on this very, 3242 01:06:55,958 --> 01:06:56,541 very point 3243 01:06:56,541 --> 01:06:58,000 that the wrong people often 3244 01:06:58,000 --> 01:06:59,375 make themselves, 3245 01:06:59,458 --> 01:07:00,583 you know, in this business 3246 01:07:00,583 --> 01:07:01,416 and happy 3247 01:07:01,416 --> 01:07:02,125 to be surrounded 3248 01:07:02,125 --> 01:07:03,583 by a lot of the right people 3249 01:07:03,583 --> 01:07:03,958 that are doing it 3250 01:07:03,958 --> 01:07:04,875 for the right reasons. 3251 01:07:04,958 --> 01:07:05,916 But you do have to, 3252 01:07:06,000 --> 01:07:06,833 you know, trust, 3253 01:07:06,833 --> 01:07:08,458 you know the person a lot. 3254 01:07:08,458 --> 01:07:09,291 So you have to understand 3255 01:07:09,291 --> 01:07:10,750 their motives, their agenda, 3256 01:07:10,833 --> 01:07:11,666 how they get paid. 3257 01:07:11,666 --> 01:07:12,916 Marissa, you teach us, 3258 01:07:13,000 --> 01:07:14,750 everything is disclosed. 3259 01:07:14,833 --> 01:07:16,708 If I'm making any kind of fee 3260 01:07:16,708 --> 01:07:18,041 or whether it's a reversion 3261 01:07:18,041 --> 01:07:19,166 fee or a brokerage fee, 3262 01:07:19,166 --> 01:07:20,625 or I'm getting anything at all, 3263 01:07:20,708 --> 01:07:21,833 I have to disclose that 3264 01:07:21,833 --> 01:07:22,666 because you want to be 3265 01:07:22,666 --> 01:07:24,791 100% transparent. 3266 01:07:24,875 --> 01:07:25,708 Now, I will tell you 3267 01:07:25,708 --> 01:07:27,500 a lot of the passive investors, 3268 01:07:27,583 --> 01:07:28,958 they don't have a lot of time 3269 01:07:29,041 --> 01:07:29,458 like you 3270 01:07:29,458 --> 01:07:30,250 send them a report 3271 01:07:30,250 --> 01:07:32,416 once a month or once a quarter. 3272 01:07:32,500 --> 01:07:33,416 And, you know, a lot of us 3273 01:07:33,416 --> 01:07:35,416 use the the electronic systems 3274 01:07:35,416 --> 01:07:36,500 where we get the feedback 3275 01:07:36,500 --> 01:07:37,458 of whether or not you open it 3276 01:07:37,458 --> 01:07:38,291 and how long you read it 3277 01:07:38,291 --> 01:07:39,416 and all that stuff. 3278 01:07:39,500 --> 01:07:40,375 So many investors 3279 01:07:40,375 --> 01:07:41,875 don't to read this stuff, 3280 01:07:41,958 --> 01:07:44,250 but you have to communicate 3281 01:07:44,333 --> 01:07:45,791 and communication is huge, 3282 01:07:45,791 --> 01:07:47,000 so there's just so many 3283 01:07:47,083 --> 01:07:47,875 angles of it. 3284 01:07:47,875 --> 01:07:49,041 If you have trepidation 3285 01:07:49,041 --> 01:07:50,000 or fear, that's good. 3286 01:07:50,000 --> 01:07:51,083 That means you have a pulse 3287 01:07:51,166 --> 01:07:51,875 and perhaps you're 3288 01:07:51,875 --> 01:07:52,708 the right kind of person 3289 01:07:52,708 --> 01:07:54,083 to consider it. 3290 01:07:54,166 --> 01:07:54,916 Yeah, I 3291 01:07:55,000 --> 01:07:56,250 so so Robert was talking 3292 01:07:56,250 --> 01:07:56,958 earlier about 3293 01:07:56,958 --> 01:07:57,416 we shouldn't 3294 01:07:57,416 --> 01:07:59,250 treat our competitors 3295 01:07:59,250 --> 01:08:00,041 like competitors. 3296 01:08:00,041 --> 01:08:00,791 We should treat them 3297 01:08:00,791 --> 01:08:02,041 as potential partners. 3298 01:08:02,125 --> 01:08:02,750 I'm going to 3299 01:08:02,833 --> 01:08:03,666 I'm going to go from 3300 01:08:03,666 --> 01:08:04,750 the other side of that coin 3301 01:08:04,750 --> 01:08:05,666 and make another point 3302 01:08:05,666 --> 01:08:06,208 that I think 3303 01:08:06,208 --> 01:08:07,291 is really interesting. 3304 01:08:07,291 --> 01:08:08,000 That's worked so 3305 01:08:08,000 --> 01:08:09,291 well in our business. 3306 01:08:09,375 --> 01:08:10,250 Treating your partners 3307 01:08:10,250 --> 01:08:12,166 somewhat like competitors. 3308 01:08:12,250 --> 01:08:12,500 And I 3309 01:08:12,500 --> 01:08:13,166 that sounds weird, 3310 01:08:13,166 --> 01:08:14,416 but let me let me dig 3311 01:08:14,416 --> 01:08:15,125 in a little bit. 3312 01:08:15,208 --> 01:08:16,166 So what we found in 3313 01:08:16,166 --> 01:08:17,875 our business is Ashley, 3314 01:08:17,875 --> 01:08:18,625 who is his 3315 01:08:18,625 --> 01:08:19,791 as our business partner. 3316 01:08:19,791 --> 01:08:20,916 Kyle, my business partner. 3317 01:08:21,958 --> 01:08:23,375 She focuses on deal 3318 01:08:23,375 --> 01:08:24,625 finding, asset management. 3319 01:08:24,625 --> 01:08:25,833 She's the best at that. 3320 01:08:25,833 --> 01:08:27,833 I focus on capital raising. 3321 01:08:27,833 --> 01:08:30,208 Kyle focuses on raising the kids. 3322 01:08:30,208 --> 01:08:31,500 Or, I don't know, watching. 3323 01:08:31,583 --> 01:08:33,916 Oh, no, I'm sure, 3324 01:08:34,000 --> 01:08:35,333 I'm sure he does something. 3325 01:08:35,375 --> 01:08:35,791 I. 3326 01:08:35,875 --> 01:08:36,833 If you would step up 3327 01:08:36,833 --> 01:08:37,041 and do 3328 01:08:37,041 --> 01:08:38,333 the underwriting for me, Jay, 3329 01:08:38,416 --> 01:08:40,000 then I could focus on raising 3330 01:08:40,000 --> 01:08:40,458 my kids 3331 01:08:40,458 --> 01:08:41,750 like is my lifelong dream. 3332 01:08:41,750 --> 01:08:43,000 So if you. 3333 01:08:43,083 --> 01:08:43,875 I did promise you 3334 01:08:43,875 --> 01:08:44,833 I would do that. Like. 3335 01:08:44,875 --> 01:08:45,958 Take some more videos, 3336 01:08:45,958 --> 01:08:46,625 go to maybe 3337 01:08:46,625 --> 01:08:48,416 a few more of Robert's, 3338 01:08:48,500 --> 01:08:49,375 educational things. 3339 01:08:49,375 --> 01:08:51,208 I'm sure he's got something on 3340 01:08:51,291 --> 01:08:52,291 on underwriting. 3341 01:08:52,291 --> 01:08:52,791 You can take. 3342 01:08:52,791 --> 01:08:54,208 That better 3343 01:08:54,208 --> 01:08:55,500 that he's not buying as many Girl 3344 01:08:55,500 --> 01:08:56,375 Scout cookies anymore 3345 01:08:56,375 --> 01:08:57,708 because of the challenge. 3346 01:08:57,791 --> 01:08:59,666 There you. Go. That's true. 3347 01:08:59,750 --> 01:08:59,916 Yeah. 3348 01:08:59,916 --> 01:09:00,541 You just to 3349 01:09:00,625 --> 01:09:01,541 some to your house now. 3350 01:09:01,541 --> 01:09:03,333 Just so you lose. 3351 01:09:03,416 --> 01:09:06,416 So, so Ashley runs the let's it's 3352 01:09:06,500 --> 01:09:07,166 not just this, 3353 01:09:07,166 --> 01:09:07,750 but she 3354 01:09:07,750 --> 01:09:09,166 basically finds the deals 3355 01:09:09,250 --> 01:09:11,250 for our group. 3356 01:09:11,333 --> 01:09:13,000 I raise the money for our group. 3357 01:09:13,083 --> 01:09:14,500 And what we found 3358 01:09:14,500 --> 01:09:15,208 that works really 3359 01:09:15,208 --> 01:09:15,958 well for us 3360 01:09:15,958 --> 01:09:17,416 is we basically treat 3361 01:09:17,416 --> 01:09:19,083 these two parts of the businesses 3362 01:09:19,166 --> 01:09:21,125 essentially as two businesses, 3363 01:09:21,208 --> 01:09:23,375 almost competing businesses. 3364 01:09:23,458 --> 01:09:24,291 It's her job 3365 01:09:24,291 --> 01:09:26,250 to find as many great deals 3366 01:09:26,250 --> 01:09:27,208 as possible, 3367 01:09:27,291 --> 01:09:28,250 regardless of 3368 01:09:28,250 --> 01:09:30,083 how much money I can raise. 3369 01:09:30,166 --> 01:09:31,708 And it's my job to raise 3370 01:09:31,708 --> 01:09:32,541 as much money 3371 01:09:32,541 --> 01:09:33,375 as possible, 3372 01:09:33,458 --> 01:09:35,333 regardless of how many deals 3373 01:09:35,333 --> 01:09:36,458 she can find. 3374 01:09:36,541 --> 01:09:38,250 In a perfect world, 3375 01:09:38,333 --> 01:09:39,750 she finds tons of deals. 3376 01:09:39,750 --> 01:09:40,750 I raise tons of money, 3377 01:09:40,750 --> 01:09:41,708 we bring them together 3378 01:09:41,708 --> 01:09:43,166 and everybody's happy. 3379 01:09:43,250 --> 01:09:44,458 In the real world, 3380 01:09:44,541 --> 01:09:45,750 she's finding more deals 3381 01:09:45,750 --> 01:09:46,250 than I am, 3382 01:09:46,250 --> 01:09:47,416 or I'm raising more money 3383 01:09:47,416 --> 01:09:48,208 than she is, 3384 01:09:48,208 --> 01:09:49,458 and we're forcing 3385 01:09:49,458 --> 01:09:50,333 the other person 3386 01:09:50,333 --> 01:09:50,875 to be accountable. 3387 01:09:50,875 --> 01:09:51,916 If I have too much money, 3388 01:09:51,916 --> 01:09:53,166 she needs to find deals. 3389 01:09:53,250 --> 01:09:54,250 If she has too many great 3390 01:09:54,250 --> 01:09:55,916 deals, I need to find money. 3391 01:09:56,000 --> 01:09:57,541 And if we can't do that, 3392 01:09:57,625 --> 01:09:58,500 well, we're going to go out 3393 01:09:58,500 --> 01:09:59,250 to other people. 3394 01:09:59,250 --> 01:10:00,583 If she finds great deals 3395 01:10:00,583 --> 01:10:01,666 and I can't raise the money, 3396 01:10:01,750 --> 01:10:02,541 she's going to bring 3397 01:10:02,541 --> 01:10:04,750 in other partners who can. 3398 01:10:04,833 --> 01:10:06,208 If I have tons of money 3399 01:10:06,208 --> 01:10:08,041 and she can't find great deals, 3400 01:10:08,125 --> 01:10:09,833 I'm going to go find other places 3401 01:10:09,833 --> 01:10:11,458 to put that capital. 3402 01:10:11,541 --> 01:10:12,416 You got a caveat there. 3403 01:10:12,416 --> 01:10:14,541 I just saw Marissa use it, which. 3404 01:10:14,625 --> 01:10:15,083 She doesn't 3405 01:10:15,083 --> 01:10:15,958 bring in capital raise 3406 01:10:15,958 --> 01:10:17,750 or she brings in partners. 3407 01:10:17,833 --> 01:10:19,083 She brings in partners 3408 01:10:19,166 --> 01:10:19,791 who can help 3409 01:10:19,791 --> 01:10:21,333 with all parts of the deals, 3410 01:10:21,416 --> 01:10:23,416 but they have their investors 3411 01:10:23,416 --> 01:10:24,416 that they bring with them. 3412 01:10:24,500 --> 01:10:25,291 It's a. Great mindset. 3413 01:10:25,333 --> 01:10:26,541 This is Malkin cereal, 3414 01:10:26,541 --> 01:10:27,833 but you're using it in the way 3415 01:10:27,833 --> 01:10:30,250 that it's friendly competition. 3416 01:10:30,333 --> 01:10:30,625 You know, 3417 01:10:30,625 --> 01:10:32,916 kind of like the body fat thing. 3418 01:10:33,000 --> 01:10:34,583 But everyone benefits from it. 3419 01:10:34,583 --> 01:10:35,625 And I think that's a 3420 01:10:35,625 --> 01:10:36,500 that's a great mental 3421 01:10:36,500 --> 01:10:37,708 attitude to have. 3422 01:10:37,791 --> 01:10:38,500 I've had a very 3423 01:10:38,500 --> 01:10:39,500 similar experience 3424 01:10:39,500 --> 01:10:41,458 in our construction company. 3425 01:10:41,541 --> 01:10:43,625 You know, it's it's how how many, 3426 01:10:43,708 --> 01:10:45,166 how many houses can we sell? 3427 01:10:45,250 --> 01:10:46,791 How many houses can you build? 3428 01:10:46,875 --> 01:10:48,083 And that's it's 3429 01:10:48,083 --> 01:10:49,041 it's almost the same thing. 3430 01:10:49,041 --> 01:10:49,583 So I love the 3431 01:10:49,583 --> 01:10:50,833 mentality behind that. Jack. 3432 01:10:51,833 --> 01:10:52,416 Yeah. 3433 01:10:52,500 --> 01:10:53,375 I do want to talk about 3434 01:10:53,375 --> 01:10:54,583 one thing because earlier 3435 01:10:54,583 --> 01:10:55,750 I think Mauricio asked 3436 01:10:55,750 --> 01:10:57,000 how did how did you guys get 3437 01:10:57,000 --> 01:10:58,625 started in this business? 3438 01:10:58,708 --> 01:11:00,083 Kyle gave his story. 3439 01:11:00,166 --> 01:11:00,958 I want to give my story 3440 01:11:00,958 --> 01:11:03,208 because I think it might, 3441 01:11:03,291 --> 01:11:04,083 encourage people. 3442 01:11:04,083 --> 01:11:05,250 I don't want to inspire. I'm not. 3443 01:11:05,250 --> 01:11:06,750 I'm not an inspiring guy, 3444 01:11:06,833 --> 01:11:07,208 but maybe 3445 01:11:07,291 --> 01:11:08,416 to encourage some people. 3446 01:11:08,500 --> 01:11:09,958 So I grew up in. 3447 01:11:09,958 --> 01:11:11,166 I lived in apartments 3448 01:11:11,208 --> 01:11:13,000 my whole life as a kid. 3449 01:11:13,083 --> 01:11:13,375 In fact, 3450 01:11:13,375 --> 01:11:14,458 I lived in very large 3451 01:11:14,458 --> 01:11:15,708 apartment complexes. 3452 01:11:15,791 --> 01:11:17,333 There's a guy named Alex Brown 3453 01:11:17,333 --> 01:11:19,208 who's a well known, 3454 01:11:19,291 --> 01:11:20,250 apartment builder, 3455 01:11:20,250 --> 01:11:20,625 and I 3456 01:11:20,625 --> 01:11:21,833 lived in one of his 600 3457 01:11:21,833 --> 01:11:22,708 unit complexes 3458 01:11:22,708 --> 01:11:23,833 when I was growing up. 3459 01:11:23,916 --> 01:11:25,500 I went to college, and like, 3460 01:11:25,500 --> 01:11:26,583 my junior year in college, 3461 01:11:26,583 --> 01:11:28,083 I moved to, 3462 01:11:28,166 --> 01:11:29,166 an apartment complex 3463 01:11:29,166 --> 01:11:29,958 outside of the University 3464 01:11:29,958 --> 01:11:30,625 of Maryland 3465 01:11:30,708 --> 01:11:31,750 called Spring Hill Lake, 3466 01:11:31,750 --> 01:11:32,583 which is the, 3467 01:11:32,583 --> 01:11:34,333 I think, the largest, 3468 01:11:34,416 --> 01:11:35,541 single apartment complex, 3469 01:11:35,583 --> 01:11:37,041 1300 or 1400 3470 01:11:37,041 --> 01:11:38,458 units on the East Coast. 3471 01:11:38,541 --> 01:11:39,750 And so I had always 3472 01:11:39,750 --> 01:11:41,750 lived in these huge 3473 01:11:41,750 --> 01:11:44,208 apartment complexes. And to me, 3474 01:11:45,250 --> 01:11:46,583 owning real estate 3475 01:11:46,583 --> 01:11:47,583 was achievable. 3476 01:11:47,583 --> 01:11:49,166 I could buy single family houses, 3477 01:11:49,166 --> 01:11:50,125 I could buy duplexes, 3478 01:11:50,125 --> 01:11:51,208 I could be a landlord. 3479 01:11:51,291 --> 01:11:53,333 But the idea of owning 3480 01:11:53,333 --> 01:11:56,000 an apartment complex was 3481 01:11:56,083 --> 01:11:57,583 absolutely outside 3482 01:11:57,583 --> 01:11:59,583 of my realm of possibilities. 3483 01:11:59,666 --> 01:12:00,416 And this is somebody 3484 01:12:00,416 --> 01:12:02,125 I worked in Silicon Valley. 3485 01:12:02,208 --> 01:12:04,250 I did mergers and acquisitions 3486 01:12:04,250 --> 01:12:05,208 on billion, literally 3487 01:12:05,208 --> 01:12:07,250 billion dollar deals. 3488 01:12:07,333 --> 01:12:09,500 But I couldn't get my head around 3489 01:12:09,541 --> 01:12:11,625 how somebody like me that grew up 3490 01:12:11,625 --> 01:12:13,250 living in apartment complexes, 3491 01:12:13,250 --> 01:12:14,500 not having a lot of money, 3492 01:12:14,583 --> 01:12:15,125 could ever be 3493 01:12:15,125 --> 01:12:16,958 somebody that could own 3494 01:12:16,958 --> 01:12:18,208 apartment complexes. 3495 01:12:18,291 --> 01:12:20,583 And it wasn't until I 3496 01:12:20,583 --> 01:12:21,583 started partnering 3497 01:12:21,583 --> 01:12:22,833 with Ashley and Kyle 3498 01:12:22,916 --> 01:12:24,208 that I realized that 3499 01:12:24,208 --> 01:12:26,875 this isn't just something that 3500 01:12:27,000 --> 01:12:29,166 kids of billionaires do, 3501 01:12:29,250 --> 01:12:31,333 it's something that it was that. 3502 01:12:31,416 --> 01:12:33,583 Or Blackrock. Or Blackrock. 3503 01:12:33,666 --> 01:12:34,500 This is something 3504 01:12:34,500 --> 01:12:36,250 that any of us can do 3505 01:12:36,333 --> 01:12:38,083 if we know how to do it, 3506 01:12:38,083 --> 01:12:39,833 if we find the right partners, 3507 01:12:39,833 --> 01:12:41,750 if we build the team, 3508 01:12:41,833 --> 01:12:42,958 we can do this 3509 01:12:42,958 --> 01:12:44,125 and it's not going to be like, 3510 01:12:44,125 --> 01:12:45,208 you go out tomorrow 3511 01:12:45,208 --> 01:12:46,166 and you're leading a deal 3512 01:12:46,166 --> 01:12:47,666 that buys 500 units, 3513 01:12:47,750 --> 01:12:49,125 but you can go out tomorrow 3514 01:12:49,125 --> 01:12:51,541 and be a minority partner 3515 01:12:51,625 --> 01:12:52,708 on a deal that buys 3516 01:12:52,708 --> 01:12:54,291 500 units and contribute 3517 01:12:54,291 --> 01:12:55,375 whatever skill you have. 3518 01:12:55,458 --> 01:12:56,833 Maybe you're a great underwriter 3519 01:12:56,833 --> 01:12:57,291 or you can learn 3520 01:12:57,291 --> 01:12:58,083 how to underwrite 3521 01:12:58,166 --> 01:12:58,875 you contribute 3522 01:12:58,875 --> 01:12:59,750 that skill to a deal, 3523 01:12:59,750 --> 01:13:01,500 and you get a couple percentage 3524 01:13:01,500 --> 01:13:02,875 pieces of equity. 3525 01:13:02,958 --> 01:13:04,208 Maybe you're really good at due 3526 01:13:04,208 --> 01:13:05,875 diligence in forensic accounting, 3527 01:13:05,875 --> 01:13:07,166 and you can look at leases 3528 01:13:07,166 --> 01:13:08,250 and and earn 3529 01:13:08,333 --> 01:13:09,458 earn a few percent there. 3530 01:13:09,500 --> 01:13:10,833 Maybe you can find a deal 3531 01:13:10,833 --> 01:13:12,125 and earn a few percent there. 3532 01:13:12,208 --> 01:13:12,833 Maybe you know 3533 01:13:12,833 --> 01:13:14,041 how to manage contractors. 3534 01:13:14,041 --> 01:13:15,291 You can be a construction manager 3535 01:13:15,291 --> 01:13:16,166 and learn a few percent 3536 01:13:16,166 --> 01:13:18,333 there and tie yourself in. 3537 01:13:18,333 --> 01:13:19,125 Insert yourself 3538 01:13:19,125 --> 01:13:21,125 into somebody else's group 3539 01:13:21,208 --> 01:13:22,916 working on one of their deals, 3540 01:13:23,000 --> 01:13:24,208 and you learn the business. 3541 01:13:24,208 --> 01:13:25,250 And that's what I did with Ashley 3542 01:13:25,250 --> 01:13:25,750 and Kyle. 3543 01:13:25,791 --> 01:13:27,875 I came in and I said, okay, 3544 01:13:27,875 --> 01:13:29,541 I am pretty good at underwriting. 3545 01:13:29,541 --> 01:13:30,916 I'm pretty good at due diligence. 3546 01:13:30,916 --> 01:13:32,583 I'm pretty good at this and that. 3547 01:13:32,666 --> 01:13:34,833 I can sign on a loan. 3548 01:13:34,916 --> 01:13:36,916 And I inserted myself 3549 01:13:36,916 --> 01:13:38,000 into the first deal we did. 3550 01:13:38,000 --> 01:13:39,916 I got a couple percent, not much. 3551 01:13:40,000 --> 01:13:40,833 But that deal 3552 01:13:40,833 --> 01:13:42,958 I learned the business, 3553 01:13:43,041 --> 01:13:45,083 and within a couple deals 3554 01:13:45,083 --> 01:13:45,916 after that, 3555 01:13:46,000 --> 01:13:47,125 I could be somebody 3556 01:13:47,125 --> 01:13:48,833 that could lead 3557 01:13:48,916 --> 01:13:51,041 a deal doing 50 or $100 million 3558 01:13:51,041 --> 01:13:52,166 apartment complex. 3559 01:13:52,250 --> 01:13:53,333 And so it's just 3560 01:13:53,333 --> 01:13:54,750 I want people to realize 3561 01:13:54,833 --> 01:13:55,708 that it's real easy 3562 01:13:55,708 --> 01:13:57,041 to get yourself in this mindset, 3563 01:13:57,041 --> 01:13:58,250 that this is what 3564 01:13:58,291 --> 01:13:59,666 other people do. 3565 01:13:59,750 --> 01:14:00,416 You can't do it 3566 01:14:00,416 --> 01:14:01,833 because you don't have the money 3567 01:14:01,833 --> 01:14:02,333 or you don't have 3568 01:14:02,333 --> 01:14:03,208 the background, or 3569 01:14:03,250 --> 01:14:04,291 you don't have the pedigree. 3570 01:14:04,291 --> 01:14:05,791 You don't have the experience. 3571 01:14:05,875 --> 01:14:06,666 I was that guy 3572 01:14:06,666 --> 01:14:07,958 that didn't have the money 3573 01:14:07,958 --> 01:14:09,625 or the background or the pedigree 3574 01:14:09,625 --> 01:14:11,166 or the experience, 3575 01:14:11,250 --> 01:14:13,541 but I found other people 3576 01:14:13,541 --> 01:14:14,375 that I could work with. 3577 01:14:14,375 --> 01:14:15,000 I found people 3578 01:14:15,000 --> 01:14:16,291 that could teach me 3579 01:14:16,375 --> 01:14:19,041 and I could work my way up, 3580 01:14:19,125 --> 01:14:20,458 and here I am. 3581 01:14:20,458 --> 01:14:21,375 I can do it now. 3582 01:14:21,375 --> 01:14:23,000 And so that mindset shift, 3583 01:14:23,000 --> 01:14:25,708 unfortunately, I was 48 years old 3584 01:14:26,041 --> 01:14:28,458 before I figured it out. 3585 01:14:28,500 --> 01:14:29,333 I wish I would have figured out 3586 01:14:29,333 --> 01:14:30,041 20 years sooner. 3587 01:14:30,041 --> 01:14:30,708 So anybody out there 3588 01:14:30,708 --> 01:14:31,791 that's in their 20s 3589 01:14:31,875 --> 01:14:33,500 realized you can do it? 3590 01:14:33,500 --> 01:14:34,916 It's not something that 3591 01:14:34,958 --> 01:14:36,166 other people do. 3592 01:14:36,250 --> 01:14:37,541 Anybody can do it. 3593 01:14:37,625 --> 01:14:38,916 If you're willing to work hard, 3594 01:14:38,916 --> 01:14:39,625 surround yourself 3595 01:14:39,625 --> 01:14:40,625 with the right people 3596 01:14:40,708 --> 01:14:42,500 and work from the ground up 3597 01:14:42,583 --> 01:14:43,583 better. Clip that Jay. 3598 01:14:43,583 --> 01:14:44,625 That was like, 3599 01:14:44,708 --> 01:14:46,625 inspirational, like Tony Robbins 3600 01:14:46,708 --> 01:14:47,125 right there. 3601 01:14:47,125 --> 01:14:48,000 You gotta, you gotta. 3602 01:14:48,041 --> 01:14:49,000 I don't think I want to be 3603 01:14:49,041 --> 01:14:49,666 better than that one. 3604 01:14:49,750 --> 01:14:50,458 That was pretty. 3605 01:14:50,458 --> 01:14:51,166 That was pretty good. 3606 01:14:51,166 --> 01:14:52,083 Another great example 3607 01:14:52,083 --> 01:14:53,250 is that it's so hilarious 3608 01:14:53,250 --> 01:14:54,291 because I'm, you know, I'm here 3609 01:14:54,291 --> 01:14:55,583 in San Clemente, California, 3610 01:14:55,583 --> 01:14:56,708 and I'm literally in my office, 3611 01:14:56,708 --> 01:14:58,041 and I look at right 3612 01:14:58,041 --> 01:15:00,125 beyond my computer screen 3613 01:15:00,208 --> 01:15:01,375 and I look outside, there's 3614 01:15:01,375 --> 01:15:02,666 this there's a hotel, 3615 01:15:02,666 --> 01:15:03,916 there's a boutique hotel 3616 01:15:03,916 --> 01:15:04,541 that literally sits 3617 01:15:04,541 --> 01:15:06,333 across the street from my office. 3618 01:15:06,416 --> 01:15:08,458 And my buddy Rich summers 3619 01:15:08,541 --> 01:15:10,333 bought this property, literally. 3620 01:15:10,333 --> 01:15:11,458 I think it closed last week. 3621 01:15:11,458 --> 01:15:12,208 Like, literally, he's 3622 01:15:12,208 --> 01:15:13,541 the guy who bought it 3623 01:15:13,625 --> 01:15:15,125 and it's a boutique hotel. 3624 01:15:15,125 --> 01:15:16,916 16 I think it's a 16 3625 01:15:16,916 --> 01:15:19,083 bed, 16 room hotel. 3626 01:15:19,166 --> 01:15:20,500 And, it wasn't that. 3627 01:15:20,500 --> 01:15:21,416 I'm a little surprised. 3628 01:15:21,416 --> 01:15:21,583 I mean, 3629 01:15:21,583 --> 01:15:21,958 I think it 3630 01:15:22,000 --> 01:15:22,625 negotiated some 3631 01:15:22,625 --> 01:15:23,083 pretty good terms, 3632 01:15:23,083 --> 01:15:23,666 but I think he bought it 3633 01:15:23,666 --> 01:15:25,791 for like 5 or $6 million. Right. 3634 01:15:25,875 --> 01:15:28,333 So, hey, I don't have $6 million. 3635 01:15:28,416 --> 01:15:29,333 Probably you guys aren't 3636 01:15:29,333 --> 01:15:30,291 liquid enough to just go 3637 01:15:30,291 --> 01:15:31,708 plunk down 6 million, but, 3638 01:15:31,791 --> 01:15:32,875 you know, you get a bank loan 3639 01:15:32,875 --> 01:15:33,708 and you probably need 3640 01:15:33,708 --> 01:15:34,083 a couple 3641 01:15:34,083 --> 01:15:35,125 million dollars to go 3642 01:15:35,125 --> 01:15:36,083 put the down payment 3643 01:15:36,083 --> 01:15:37,541 and whatever renovations. 3644 01:15:37,625 --> 01:15:38,875 We don't have $2 million. 3645 01:15:38,875 --> 01:15:40,458 He went out and just raised 3646 01:15:40,500 --> 01:15:41,833 probably at $100,000 3647 01:15:41,833 --> 01:15:43,583 a pop, got ten, 3648 01:15:43,583 --> 01:15:45,166 20, 30 investors to, 3649 01:15:45,208 --> 01:15:46,375 you know, aggregate those money. 3650 01:15:46,375 --> 01:15:46,708 And 3651 01:15:46,791 --> 01:15:47,333 and now he's 3652 01:15:47,333 --> 01:15:49,500 the proud owner of a 16 3653 01:15:49,500 --> 01:15:52,166 unit or a 16 hotel room. 3654 01:15:52,250 --> 01:15:53,250 A boutique hotel. 3655 01:15:53,250 --> 01:15:54,625 That's the power of syndication. 3656 01:15:54,625 --> 01:15:56,375 You couldn't do that on your own. 3657 01:15:56,458 --> 01:15:58,333 But if you are, you develop 3658 01:15:58,333 --> 01:15:59,666 that skill and skill. 3659 01:15:59,666 --> 01:16:00,208 You can, 3660 01:16:00,291 --> 01:16:00,708 you can, 3661 01:16:00,708 --> 01:16:02,250 you can actually buy stuff 3662 01:16:02,250 --> 01:16:02,916 that you ordinarily 3663 01:16:02,916 --> 01:16:03,500 wouldn't even think of. 3664 01:16:03,500 --> 01:16:04,166 And as you're 3665 01:16:04,166 --> 01:16:05,583 driving around town, 3666 01:16:05,666 --> 01:16:06,916 most of those buildings are. 3667 01:16:06,916 --> 01:16:07,458 You look around. 3668 01:16:07,458 --> 01:16:08,416 A lot of those are 3669 01:16:08,500 --> 01:16:09,875 are bought by syndicators. 3670 01:16:09,958 --> 01:16:11,250 And another thing to keep in 3671 01:16:11,250 --> 01:16:13,416 mind is we're talking real estate 3672 01:16:13,416 --> 01:16:14,916 here, syndicating real estate. 3673 01:16:15,000 --> 01:16:16,708 You can syndicate anything. 3674 01:16:16,708 --> 01:16:18,541 So Kyle and I 3675 01:16:18,541 --> 01:16:19,708 are angel investors. 3676 01:16:19,708 --> 01:16:20,708 We invest in other people's 3677 01:16:20,708 --> 01:16:21,875 businesses together. 3678 01:16:21,958 --> 01:16:22,958 And what they're doing 3679 01:16:22,958 --> 01:16:23,708 is they're syndicating. 3680 01:16:23,708 --> 01:16:24,666 They're starting a business. 3681 01:16:24,666 --> 01:16:26,041 They need a few million dollars 3682 01:16:26,041 --> 01:16:27,166 to start this business. 3683 01:16:27,250 --> 01:16:28,333 So they essentially do 3684 01:16:28,375 --> 01:16:29,000 syndication. 3685 01:16:29,000 --> 01:16:30,375 They bring in passive investors. 3686 01:16:30,458 --> 01:16:31,166 I went to Kyle 3687 01:16:31,166 --> 01:16:32,333 a couple of years ago and said, 3688 01:16:32,416 --> 01:16:33,500 I want to buy a sports team. 3689 01:16:33,500 --> 01:16:34,833 I want to buy a hockey team. 3690 01:16:34,916 --> 01:16:36,291 And we actually sat down 3691 01:16:36,291 --> 01:16:38,333 and we started talking to brokers 3692 01:16:38,333 --> 01:16:39,541 that that broker, 3693 01:16:39,625 --> 01:16:41,791 like the sale of sports teams. 3694 01:16:41,875 --> 01:16:43,291 And how do we do that? 3695 01:16:43,375 --> 01:16:44,166 How do you 3696 01:16:44,250 --> 01:16:45,166 buy a 20 million 3697 01:16:45,166 --> 01:16:47,166 or 30 or $50 million sports team? 3698 01:16:47,250 --> 01:16:49,208 You syndicate it 21. 3699 01:16:49,208 --> 01:16:49,583 In 20 3700 01:16:49,666 --> 01:16:51,083 2021, 2022 3701 01:16:51,125 --> 01:16:53,375 was it was a very frothy time. 3702 01:16:53,458 --> 01:16:54,375 Yeah. 3703 01:16:54,458 --> 01:16:55,875 We decided not to do it. 3704 01:16:55,916 --> 01:16:57,666 But the reality is 3705 01:16:57,666 --> 01:16:59,500 you can use the syndication. 3706 01:16:59,500 --> 01:17:01,791 It's a way of structuring deals 3707 01:17:01,875 --> 01:17:03,333 and you can use syndication 3708 01:17:03,333 --> 01:17:04,916 to buy expensive artwork. 3709 01:17:04,916 --> 01:17:06,291 You can use my real estate, 3710 01:17:06,291 --> 01:17:07,250 you can use it to my business, 3711 01:17:07,250 --> 01:17:08,125 and you can use it to buy 3712 01:17:08,125 --> 01:17:09,000 sports teams. 3713 01:17:09,083 --> 01:17:09,875 You can use it to buy 3714 01:17:09,875 --> 01:17:10,916 anything that you bought. 3715 01:17:10,916 --> 01:17:11,875 You buy a horse, 3716 01:17:11,958 --> 01:17:13,250 you have horse racing. 3717 01:17:13,250 --> 01:17:14,916 You have you have horses. 3718 01:17:15,000 --> 01:17:16,125 I own race horses 3719 01:17:16,125 --> 01:17:16,916 and we 3720 01:17:16,916 --> 01:17:18,083 we have syndicated 3721 01:17:18,083 --> 01:17:18,916 horses in the past. 3722 01:17:18,916 --> 01:17:20,500 It's a pain in the butt. 3723 01:17:20,583 --> 01:17:21,500 But yeah, we 3724 01:17:21,500 --> 01:17:23,333 you can syndicate racehorses. 3725 01:17:23,416 --> 01:17:23,875 We can sell. 3726 01:17:23,875 --> 01:17:24,791 Three major 3727 01:17:24,791 --> 01:17:27,416 motion picture is syndicated. 3728 01:17:27,500 --> 01:17:28,916 There you go. Yep. 3729 01:17:29,000 --> 01:17:29,875 I and I have, 3730 01:17:29,875 --> 01:17:31,583 I have I've invested in that too. 3731 01:17:31,583 --> 01:17:32,625 I've never made a penny 3732 01:17:32,708 --> 01:17:34,916 investing in in films. 3733 01:17:34,916 --> 01:17:36,958 I do have my executive producer 3734 01:17:36,958 --> 01:17:38,291 credit on a couple of, 3735 01:17:38,291 --> 01:17:39,916 like, small indie films, 3736 01:17:39,916 --> 01:17:41,041 but never made a penny. 3737 01:17:41,125 --> 01:17:42,458 My favorite syndication 3738 01:17:42,458 --> 01:17:43,291 stuff is the stuff 3739 01:17:43,291 --> 01:17:44,541 you guys do at the event. 3740 01:17:44,583 --> 01:17:46,916 You guys syndicate lunch. 3741 01:17:47,000 --> 01:17:48,875 Tell me how you think your lunch. 3742 01:17:48,958 --> 01:17:49,291 Yeah. 3743 01:17:49,291 --> 01:17:51,958 And, we charge $85 for a lunch. 3744 01:17:51,958 --> 01:17:52,375 You get to sit 3745 01:17:52,375 --> 01:17:53,166 with a faculty member, 3746 01:17:53,166 --> 01:17:53,583 you get a 3747 01:17:53,666 --> 01:17:55,166 special guest speaker, and, 3748 01:17:55,208 --> 01:17:56,250 of course, at a hotel, 3749 01:17:56,250 --> 01:17:57,833 lunch doesn't cost $85. 3750 01:17:57,833 --> 01:18:00,041 It only cost $65. 3751 01:18:00,125 --> 01:18:01,958 And, we take that extra $20. 3752 01:18:01,958 --> 01:18:02,291 And that's 3753 01:18:02,291 --> 01:18:03,541 how we let the faculty eat. 3754 01:18:03,541 --> 01:18:05,041 So we joke that, 3755 01:18:05,125 --> 01:18:06,416 hey, we syndicated lunch, 3756 01:18:06,500 --> 01:18:08,000 and it was really easy 3757 01:18:08,000 --> 01:18:09,833 and really fast, and everyone 3758 01:18:09,833 --> 01:18:11,333 who came benefited from it. 3759 01:18:11,416 --> 01:18:12,541 So it is a great example. 3760 01:18:12,541 --> 01:18:13,625 It's more of a mindset 3761 01:18:13,625 --> 01:18:14,583 than anything else. 3762 01:18:14,666 --> 01:18:15,583 But to get to the bigger 3763 01:18:15,583 --> 01:18:16,416 deals, you're right. 3764 01:18:16,500 --> 01:18:17,666 So you drive around town, 3765 01:18:17,666 --> 01:18:19,166 almost all the big buildings 3766 01:18:19,250 --> 01:18:20,458 and the complex 3767 01:18:20,541 --> 01:18:21,791 and all the bowling alleys 3768 01:18:21,791 --> 01:18:22,875 and everything right there. 3769 01:18:22,875 --> 01:18:25,500 All those centers are 3770 01:18:25,583 --> 01:18:26,875 people sharing the risk 3771 01:18:26,875 --> 01:18:28,375 and sharing the reward to. 3772 01:18:28,458 --> 01:18:29,416 To cap this off, 3773 01:18:29,416 --> 01:18:30,416 I do always feel like 3774 01:18:30,416 --> 01:18:31,166 I have to be 3775 01:18:31,166 --> 01:18:32,208 the other side of this 3776 01:18:32,208 --> 01:18:33,208 because 3777 01:18:33,291 --> 01:18:34,291 what I've found is 3778 01:18:34,291 --> 01:18:36,416 we always tend to hang out 3779 01:18:36,416 --> 01:18:39,083 with people who always want to 3780 01:18:39,250 --> 01:18:41,458 maximize and be the best 3781 01:18:41,458 --> 01:18:42,166 they can be. 3782 01:18:42,250 --> 01:18:43,916 And like, my wife's the 3783 01:18:43,916 --> 01:18:45,000 the ultimate like she 3784 01:18:45,083 --> 01:18:46,000 I always feel like she's 3785 01:18:46,000 --> 01:18:47,250 got something to prove 3786 01:18:47,333 --> 01:18:48,500 and wants to hit her 3787 01:18:48,500 --> 01:18:49,916 maximum potential and, 3788 01:18:50,000 --> 01:18:50,708 you know, 3789 01:18:50,791 --> 01:18:52,250 squeeze every single drop 3790 01:18:52,250 --> 01:18:53,291 out of every thing. 3791 01:18:53,375 --> 01:18:55,166 Not everyone's like that. 3792 01:18:55,250 --> 01:18:56,083 There are people. 3793 01:18:56,083 --> 01:18:56,916 If it wasn't for her, 3794 01:18:56,916 --> 01:18:57,958 I probably wouldn't 3795 01:18:57,958 --> 01:18:58,750 be like that at all. 3796 01:18:58,750 --> 01:19:00,375 I would probably be that person 3797 01:19:00,375 --> 01:19:02,000 who has the 3798 01:19:02,083 --> 01:19:04,416 the 20 residential loans 3799 01:19:04,416 --> 01:19:05,000 between me 3800 01:19:05,000 --> 01:19:06,208 and my spouse on on 3801 01:19:06,208 --> 01:19:07,791 just 20 houses 3802 01:19:07,875 --> 01:19:09,291 paying down the mortgage. 3803 01:19:09,375 --> 01:19:10,375 And that would be 3804 01:19:10,375 --> 01:19:11,333 my retirement plan 3805 01:19:11,333 --> 01:19:12,750 while I work my W-2. 3806 01:19:12,833 --> 01:19:16,083 It that's not a bad plan at the 3807 01:19:16,916 --> 01:19:18,583 if you if that's what you want. 3808 01:19:18,583 --> 01:19:19,708 If you are happy 3809 01:19:19,708 --> 01:19:21,208 being a W-2 employee 3810 01:19:21,208 --> 01:19:22,750 and you're happy, 3811 01:19:22,833 --> 01:19:23,833 you know, having a little bit 3812 01:19:23,833 --> 01:19:25,166 more stability in your life 3813 01:19:25,250 --> 01:19:26,583 and just having real estate 3814 01:19:26,583 --> 01:19:27,625 as a supplemental thing, 3815 01:19:27,625 --> 01:19:28,125 I would argue 3816 01:19:28,166 --> 01:19:28,666 you could also, 3817 01:19:28,666 --> 01:19:29,458 just as we 3818 01:19:29,458 --> 01:19:30,416 said, invest your money 3819 01:19:30,416 --> 01:19:31,541 passively in these things. 3820 01:19:32,625 --> 01:19:34,541 But if that's not 3821 01:19:34,541 --> 01:19:35,458 you, then 3822 01:19:35,458 --> 01:19:36,166 there's nothing 3823 01:19:36,166 --> 01:19:37,291 wrong with that as well. 3824 01:19:37,291 --> 01:19:38,250 So like there's 3825 01:19:38,291 --> 01:19:39,416 the the other side of it 3826 01:19:39,416 --> 01:19:40,291 is you're dealing 3827 01:19:40,291 --> 01:19:41,375 with big dollars. 3828 01:19:41,458 --> 01:19:41,750 You're 3829 01:19:41,750 --> 01:19:43,250 dealing with very capable 3830 01:19:43,250 --> 01:19:45,458 people who are taking, 3831 01:19:45,541 --> 01:19:45,875 you know, 3832 01:19:45,875 --> 01:19:46,833 very large 3833 01:19:46,833 --> 01:19:48,083 portions of their lives 3834 01:19:48,083 --> 01:19:49,958 to working really hard. 3835 01:19:50,041 --> 01:19:50,666 If that's not what 3836 01:19:50,666 --> 01:19:51,875 you want to do, 3837 01:19:51,958 --> 01:19:52,916 you don't have to do that. 3838 01:19:53,000 --> 01:19:53,291 I mean, 3839 01:19:53,291 --> 01:19:54,500 either you could just kind of do 3840 01:19:54,500 --> 01:19:57,000 your single green house 3841 01:19:57,000 --> 01:19:57,500 instead of 3842 01:19:57,583 --> 01:19:59,125 jumping up to the red hotels 3843 01:19:59,125 --> 01:20:00,916 and still be just fine. 3844 01:20:01,000 --> 01:20:01,791 You're not going to get rich 3845 01:20:01,791 --> 01:20:02,875 like Mauricio, but. 3846 01:20:02,958 --> 01:20:03,958 Most investors 3847 01:20:03,958 --> 01:20:04,666 will never need 3848 01:20:04,666 --> 01:20:05,958 Mauricio services, 3849 01:20:06,041 --> 01:20:06,791 and that's fine. 3850 01:20:06,875 --> 01:20:08,208 It's just if you get Fannie 3851 01:20:08,208 --> 01:20:08,875 and Freddie out, 3852 01:20:08,875 --> 01:20:09,458 if you run of, 3853 01:20:09,458 --> 01:20:10,625 you're out of your own capital, 3854 01:20:10,625 --> 01:20:12,041 but you still have deal flow. 3855 01:20:12,125 --> 01:20:14,000 It is something to consider 3856 01:20:14,000 --> 01:20:15,083 for a passive investor. 3857 01:20:15,083 --> 01:20:16,291 It's just a way to get exposure 3858 01:20:16,291 --> 01:20:16,791 to something 3859 01:20:16,791 --> 01:20:19,083 other than little green houses. 3860 01:20:19,166 --> 01:20:20,125 I and I would argue 3861 01:20:20,125 --> 01:20:21,125 the best reason to get into 3862 01:20:21,125 --> 01:20:21,458 it is you're 3863 01:20:21,458 --> 01:20:22,833 just really good at some. 3864 01:20:22,916 --> 01:20:23,875 If you're really good 3865 01:20:23,875 --> 01:20:24,666 at finding deals 3866 01:20:24,666 --> 01:20:26,750 or if you're really good at, 3867 01:20:26,833 --> 01:20:28,541 you know, some aspect of that. 3868 01:20:28,625 --> 01:20:30,750 I think that your maximizing 3869 01:20:30,750 --> 01:20:31,666 your potential 3870 01:20:31,750 --> 01:20:33,125 by finding somebody else 3871 01:20:33,125 --> 01:20:34,416 who needs that skill 3872 01:20:34,500 --> 01:20:36,541 and, and just adding a few zeros 3873 01:20:36,541 --> 01:20:37,000 because you're doing 3874 01:20:37,000 --> 01:20:37,833 the same stuff, right. 3875 01:20:37,833 --> 01:20:38,291 You're doing 3876 01:20:38,291 --> 01:20:39,416 the exact same stuff. 3877 01:20:39,500 --> 01:20:40,291 You're just doing it 3878 01:20:40,291 --> 01:20:41,958 in a bigger fish 3879 01:20:42,041 --> 01:20:43,500 or bigger fishbowl or whatever. 3880 01:20:43,500 --> 01:20:44,125 They're saying, man. 3881 01:20:44,125 --> 01:20:45,166 And like, I want to 3882 01:20:45,166 --> 01:20:46,250 I don't want to get my soapbox 3883 01:20:46,250 --> 01:20:46,833 because I know we 3884 01:20:46,916 --> 01:20:47,750 we need to wrap it up. 3885 01:20:47,750 --> 01:20:48,250 You're moving on. 3886 01:20:48,250 --> 01:20:50,083 But that is one of my big 3887 01:20:50,166 --> 01:20:50,958 soapboxes. 3888 01:20:50,958 --> 01:20:51,750 It's like, hey, 3889 01:20:51,833 --> 01:20:52,708 if you're really 3890 01:20:52,708 --> 01:20:53,250 good at something, 3891 01:20:53,250 --> 01:20:54,291 if you're good at underwriting, 3892 01:20:54,291 --> 01:20:55,291 you're good at buying properties, 3893 01:20:55,291 --> 01:20:56,250 you're good at the business 3894 01:20:56,250 --> 01:20:56,875 of real estate 3895 01:20:56,875 --> 01:20:58,000 and syndication is great 3896 01:20:58,000 --> 01:20:59,000 because you get more capital. 3897 01:20:59,000 --> 01:20:59,875 You get to bring more people 3898 01:20:59,875 --> 01:21:01,000 along with you. 3899 01:21:01,083 --> 01:21:01,583 These days, 3900 01:21:01,583 --> 01:21:01,958 a lot of people 3901 01:21:01,958 --> 01:21:02,541 just raise the money 3902 01:21:02,541 --> 01:21:03,375 because they oh, it's 3903 01:21:03,458 --> 01:21:03,833 kind of cool. 3904 01:21:03,833 --> 01:21:04,333 I'm just going to go 3905 01:21:04,333 --> 01:21:04,875 raise money, 3906 01:21:04,875 --> 01:21:06,041 and I don't really know why 3907 01:21:06,041 --> 01:21:06,666 I'm raising money 3908 01:21:06,666 --> 01:21:08,000 or what it's for. 3909 01:21:08,083 --> 01:21:09,750 I think a good syndicator 3910 01:21:09,791 --> 01:21:11,333 already does something great. 3911 01:21:11,333 --> 01:21:11,875 Whatever it is 3912 01:21:11,875 --> 01:21:13,250 that your superpower is, 3913 01:21:13,250 --> 01:21:14,541 and you just want to scale that 3914 01:21:14,541 --> 01:21:16,083 and bring in more capital to it. 3915 01:21:16,166 --> 01:21:16,875 That's where I think 3916 01:21:16,875 --> 01:21:18,458 syndication just makes a 3917 01:21:18,541 --> 01:21:19,458 a huge difference. 3918 01:21:19,458 --> 01:21:20,250 But if you're just like there, 3919 01:21:20,250 --> 01:21:21,083 oh, I'm just going to go 3920 01:21:21,083 --> 01:21:21,875 raise a bunch of money 3921 01:21:21,875 --> 01:21:23,625 and I don't give it to Kyle. 3922 01:21:23,625 --> 01:21:23,875 I don't know 3923 01:21:23,875 --> 01:21:24,958 what the hell's going on with 3924 01:21:25,041 --> 01:21:26,000 I don't know what Kyle's doing, 3925 01:21:26,000 --> 01:21:26,750 but that's 3926 01:21:26,750 --> 01:21:27,833 where I think the issues are. 3927 01:21:27,833 --> 01:21:29,666 But if you've got a talent, 3928 01:21:29,750 --> 01:21:31,166 dude, just just scale that, 3929 01:21:31,166 --> 01:21:32,125 lean on that, 3930 01:21:32,208 --> 01:21:33,166 blow it up and go 3931 01:21:33,166 --> 01:21:34,666 raise money and go make your ten 3932 01:21:34,750 --> 01:21:36,333 or whatever you're doing already. 3933 01:21:36,416 --> 01:21:36,958 Just make sure 3934 01:21:36,958 --> 01:21:37,666 one of those people 3935 01:21:37,666 --> 01:21:38,666 is an operator, 3936 01:21:38,666 --> 01:21:39,416 someone who notes that 3937 01:21:39,416 --> 01:21:40,958 I actually run a deal 3938 01:21:40,958 --> 01:21:41,875 after you buy it. 3939 01:21:41,958 --> 01:21:42,875 Let's, 3940 01:21:42,958 --> 01:21:44,250 seem to be missing a few times 3941 01:21:44,250 --> 01:21:45,666 with some of these indicators. 3942 01:21:45,750 --> 01:21:46,541 All right. 3943 01:21:46,625 --> 01:21:47,416 Robert, before. 3944 01:21:47,416 --> 01:21:48,208 Before Kyle goes on, 3945 01:21:48,208 --> 01:21:50,250 I got to apologize in advance. 3946 01:21:50,333 --> 01:21:51,416 Kyle does this thing 3947 01:21:51,416 --> 01:21:53,166 called, like, a top ten list. 3948 01:21:53,250 --> 01:21:54,500 It's really lame. 3949 01:21:54,500 --> 01:21:55,958 It's really. 3950 01:21:56,041 --> 01:21:56,625 I don't know, I'm. 3951 01:21:56,625 --> 01:21:57,750 Going to pander a little bit. 3952 01:21:57,791 --> 01:21:58,791 Welcome to the pander 3953 01:21:58,791 --> 01:22:00,833 verse here, I heard you. Yeah. 3954 01:22:02,333 --> 01:22:03,958 So I'm going to do so. 3955 01:22:03,958 --> 01:22:06,666 As I said, I used to listen to, 3956 01:22:06,916 --> 01:22:09,875 Robert and, actually back, back 3957 01:22:09,958 --> 01:22:11,666 even when Bob was on the, 3958 01:22:11,666 --> 01:22:14,333 on the your podcast with you too. 3959 01:22:14,416 --> 01:22:15,208 And you guys had 3960 01:22:15,208 --> 01:22:16,416 some great guests. 3961 01:22:16,500 --> 01:22:17,125 I always loved it 3962 01:22:17,125 --> 01:22:18,500 because you'd have these, like, 3963 01:22:18,583 --> 01:22:19,500 big name guys. 3964 01:22:19,500 --> 01:22:20,333 And I would be excited 3965 01:22:20,333 --> 01:22:21,000 to listen to this. 3966 01:22:21,000 --> 01:22:23,166 And it wasn't, it was. 3967 01:22:23,166 --> 01:22:24,625 It was like a little insight 3968 01:22:24,625 --> 01:22:25,291 into, like, wow. 3969 01:22:25,291 --> 01:22:26,291 He seemed like real people 3970 01:22:26,291 --> 01:22:28,000 who are doing real estate. 3971 01:22:28,083 --> 01:22:29,125 And so I'm going to do 3972 01:22:29,125 --> 01:22:31,708 the top five real estate guys. 3973 01:22:31,708 --> 01:22:32,583 Guest 3974 01:22:32,666 --> 01:22:34,083 from, from back 3975 01:22:34,083 --> 01:22:35,000 when your episodes. 3976 01:22:35,000 --> 01:22:35,666 And this is a 3977 01:22:35,750 --> 01:22:36,291 it's a little bit 3978 01:22:36,291 --> 01:22:37,375 skewed and Mauricio, 3979 01:22:37,458 --> 01:22:38,500 I don't think you should be 3980 01:22:38,583 --> 01:22:40,541 should be number one. 3981 01:22:40,541 --> 01:22:42,708 Marissa. Number two. Marissa. 3982 01:22:42,791 --> 01:22:43,458 You should be a little bit 3983 01:22:43,458 --> 01:22:44,125 nice to me. 3984 01:22:44,208 --> 01:22:45,083 I'm going to I'm going to 3985 01:22:45,166 --> 01:22:46,291 modify this list. 3986 01:22:47,458 --> 01:22:48,958 So number five, 3987 01:22:48,958 --> 01:22:50,583 I'm based on number five, 3988 01:22:50,666 --> 01:22:51,625 Peter Schiff. 3989 01:22:51,708 --> 01:22:53,625 So I went to your YouTube, 3990 01:22:53,708 --> 01:22:54,416 Peter Schiff's 3991 01:22:54,416 --> 01:22:56,333 his episode back in 2020, 3992 01:22:56,333 --> 01:22:57,541 I think it was, 3993 01:22:57,625 --> 01:22:59,291 875,000 views, 3994 01:22:59,291 --> 01:23:01,416 which I think is pretty good. 3995 01:23:01,500 --> 01:23:02,541 And he's also 3996 01:23:02,541 --> 01:23:03,583 I thought it was timely, too, 3997 01:23:03,625 --> 01:23:04,625 because we did a whole segment 3998 01:23:04,625 --> 01:23:05,000 in gold. 3999 01:23:05,000 --> 01:23:05,708 That's kind of his thing 4000 01:23:05,708 --> 01:23:07,041 these days. 4001 01:23:07,125 --> 01:23:09,333 And he's got his own podcast. 4002 01:23:09,416 --> 01:23:09,958 It's even 4003 01:23:09,958 --> 01:23:10,708 his might even 4004 01:23:10,708 --> 01:23:11,541 be longer than ours. 4005 01:23:11,541 --> 01:23:13,291 And he talks a lot. 4006 01:23:13,375 --> 01:23:14,291 But, so 4007 01:23:14,375 --> 01:23:15,416 but he's a great guest 4008 01:23:15,416 --> 01:23:16,458 to have on. And, you. 4009 01:23:16,458 --> 01:23:17,375 Know, Peter. 4010 01:23:17,375 --> 01:23:18,208 Has predicted 4011 01:23:18,208 --> 01:23:20,875 19 of the last two recessions. 4012 01:23:21,208 --> 01:23:23,333 Yeah. Exactly. 4013 01:23:23,416 --> 01:23:24,083 But he is 4014 01:23:24,166 --> 01:23:26,250 I do like listening to him. 4015 01:23:26,333 --> 01:23:26,916 Guys like him. 4016 01:23:26,916 --> 01:23:28,625 Guys like George. 4017 01:23:28,708 --> 01:23:29,958 Because though 4018 01:23:29,958 --> 01:23:31,166 they're not always right, 4019 01:23:31,166 --> 01:23:32,083 they do think of things 4020 01:23:32,083 --> 01:23:33,083 a little bit like that 4021 01:23:33,125 --> 01:23:34,958 we wouldn't necessarily think of. 4022 01:23:34,958 --> 01:23:37,291 And it adds to your pool of ideas 4023 01:23:37,375 --> 01:23:38,291 that, you could 4024 01:23:38,291 --> 01:23:39,250 potentially pull from 4025 01:23:39,250 --> 01:23:40,291 and create your own ideas. 4026 01:23:41,333 --> 01:23:42,833 Next, Kenny 4027 01:23:42,833 --> 01:23:43,500 McElroy, he's 4028 01:23:43,500 --> 01:23:44,541 obviously a staple of our 4029 01:23:44,541 --> 01:23:46,291 real estate people. 4030 01:23:46,375 --> 01:23:47,125 I know you guys are good 4031 01:23:47,125 --> 01:23:48,166 buys with, 4032 01:23:48,250 --> 01:23:49,250 He he felt like 4033 01:23:49,250 --> 01:23:50,833 he deserved to be on the list. 4034 01:23:50,916 --> 01:23:51,416 He was also, 4035 01:23:51,416 --> 01:23:52,791 he might have been number two, 4036 01:23:52,833 --> 01:23:54,666 I think, on your most viewed, 4037 01:23:54,750 --> 01:23:55,875 and then obviously 4038 01:23:55,875 --> 01:23:56,875 Robert Kiyosaki, 4039 01:23:56,875 --> 01:23:57,958 you guys always have Robert 4040 01:23:57,958 --> 01:23:59,375 Kiyosaki on, 4041 01:23:59,458 --> 01:24:01,541 he's always been a great pull. 4042 01:24:01,541 --> 01:24:02,916 He's wrote one of the, 4043 01:24:03,000 --> 01:24:04,166 if not the best real estate 4044 01:24:04,166 --> 01:24:05,625 book of all time. 4045 01:24:05,708 --> 01:24:07,875 Number two, 4046 01:24:07,958 --> 01:24:10,666 before 2016, 4047 01:24:11,000 --> 01:24:13,625 it wasn't too much of a, 4048 01:24:13,708 --> 01:24:16,166 a controversial, guest, 4049 01:24:16,166 --> 01:24:17,041 but you guys used 4050 01:24:17,041 --> 01:24:17,750 to have Donald Trump 4051 01:24:17,750 --> 01:24:19,583 on your on your, radio show. 4052 01:24:19,583 --> 01:24:20,458 He would come out and talk 4053 01:24:20,458 --> 01:24:21,166 real estate. 4054 01:24:21,166 --> 01:24:22,250 He wouldn't talk politics. 4055 01:24:22,250 --> 01:24:23,416 He wouldn't talk, 4056 01:24:23,500 --> 01:24:24,291 any of these other, 4057 01:24:24,333 --> 01:24:25,041 you know, tariffs 4058 01:24:25,041 --> 01:24:25,666 or anything like that. 4059 01:24:25,666 --> 01:24:26,250 He would just talk 4060 01:24:26,250 --> 01:24:27,958 real estate and, 4061 01:24:28,041 --> 01:24:29,166 I, I actually 4062 01:24:29,250 --> 01:24:30,416 when we prepping for this, 4063 01:24:30,416 --> 01:24:30,875 I went back 4064 01:24:30,875 --> 01:24:31,500 and just listened 4065 01:24:31,500 --> 01:24:32,250 to a little bit of one of your 4066 01:24:32,250 --> 01:24:33,541 old episodes back when, 4067 01:24:33,625 --> 01:24:35,625 before he was, Donald 4068 01:24:35,625 --> 01:24:36,458 and he was just, 4069 01:24:36,541 --> 01:24:36,833 you know, 4070 01:24:36,833 --> 01:24:38,041 the real estate investor 4071 01:24:38,125 --> 01:24:39,000 and the number one 4072 01:24:39,000 --> 01:24:40,500 is obviously Mauricio. Raoul. 4073 01:24:40,500 --> 01:24:41,583 This was the best episode 4074 01:24:41,583 --> 01:24:43,125 you've ever had. 4075 01:24:43,208 --> 01:24:44,708 I went back and listened to that. 4076 01:24:44,791 --> 01:24:45,208 Just. 4077 01:24:45,208 --> 01:24:46,250 He he's such a he's 4078 01:24:46,250 --> 01:24:47,666 such an amazing guest. 4079 01:24:47,666 --> 01:24:48,500 He's so succinct 4080 01:24:48,500 --> 01:24:49,375 when he talks about. 4081 01:24:49,375 --> 01:24:50,541 And I just think he was. 4082 01:24:50,541 --> 01:24:51,208 He's awesome. 4083 01:24:51,291 --> 01:24:52,000 Which one? 4084 01:24:52,000 --> 01:24:53,833 Which one of the 17 episodes that 4085 01:24:53,833 --> 01:24:54,291 I've been on 4086 01:24:54,291 --> 01:24:55,250 did you like the most? 4087 01:24:55,333 --> 01:24:55,708 I know 4088 01:24:55,708 --> 01:24:56,791 you've been on a few times, 4089 01:24:56,791 --> 01:24:57,208 actually. 4090 01:24:57,250 --> 01:24:58,000 Well, I'll tell you. 4091 01:24:58,000 --> 01:24:58,666 When I can't think 4092 01:24:58,666 --> 01:25:00,166 of a good guest to invite. 4093 01:25:00,250 --> 01:25:02,375 Now, Marissa has been so long 4094 01:25:02,375 --> 01:25:03,125 and we talk. 4095 01:25:03,208 --> 01:25:04,666 Keeps us up to speed, you guys. 4096 01:25:04,750 --> 01:25:05,833 And he's always available. 4097 01:25:05,916 --> 01:25:07,500 He's always available. 4098 01:25:07,583 --> 01:25:09,291 Mean Christina's podcast. 4099 01:25:09,375 --> 01:25:09,833 That's like. 4100 01:25:09,916 --> 01:25:11,000 How Kyle. 4101 01:25:11,000 --> 01:25:12,541 Thank you for that. 4102 01:25:12,625 --> 01:25:14,208 So that's good. And, Yeah. 4103 01:25:14,250 --> 01:25:15,833 And so that's, 4104 01:25:15,916 --> 01:25:16,708 you also now 4105 01:25:16,708 --> 01:25:17,833 have all these events 4106 01:25:17,833 --> 01:25:19,166 and because of, I assume 4107 01:25:19,166 --> 01:25:20,208 because of your radio show, 4108 01:25:20,208 --> 01:25:21,083 you had so many good guests. 4109 01:25:21,083 --> 01:25:22,250 Now you have great speakers 4110 01:25:22,250 --> 01:25:22,958 come to these events 4111 01:25:23,000 --> 01:25:26,541 and I haven't my my wife is 4112 01:25:26,625 --> 01:25:27,500 gets seasick, 4113 01:25:27,500 --> 01:25:28,666 but I've always wanted to 4114 01:25:28,666 --> 01:25:30,083 come to your, your. 4115 01:25:31,500 --> 01:25:32,291 Cruise. 4116 01:25:32,375 --> 01:25:34,166 I wanted to see. Yeah. 4117 01:25:34,250 --> 01:25:34,791 Yeah. That's it. 4118 01:25:34,791 --> 01:25:36,000 Oh. Speaking at the summit. 4119 01:25:36,000 --> 01:25:37,000 At sea, if you want to. 4120 01:25:37,000 --> 01:25:38,750 So you mentioned Peter Schiff, 4121 01:25:38,750 --> 01:25:39,875 Ken McElroy, Robert. 4122 01:25:39,958 --> 01:25:40,583 They're all going to be 4123 01:25:40,583 --> 01:25:41,083 on the summit 4124 01:25:41,083 --> 01:25:42,458 at sea this year, right? Robert? 4125 01:25:42,541 --> 01:25:43,708 Not Donald Trump, 4126 01:25:43,708 --> 01:25:45,291 but the others that you mentioned 4127 01:25:45,291 --> 01:25:46,375 will all be on the, 4128 01:25:46,458 --> 01:25:47,333 investor summit 4129 01:25:47,333 --> 01:25:49,166 and see our 23rd year. 4130 01:25:49,250 --> 01:25:50,291 Plus we've got, 4131 01:25:50,375 --> 01:25:51,541 you know, George Gammon 4132 01:25:51,541 --> 01:25:52,708 and we've got, 4133 01:25:52,791 --> 01:25:54,500 Mike Maloney, bestselling 4134 01:25:54,500 --> 01:25:55,583 author on gold 4135 01:25:55,583 --> 01:25:56,250 and silver, 4136 01:25:56,250 --> 01:25:57,291 and Brian London 4137 01:25:57,291 --> 01:25:58,250 and Dana Samuelson, 4138 01:25:58,250 --> 01:25:59,291 a couple more really awesome 4139 01:25:59,291 --> 01:26:00,250 gold guys. 4140 01:26:00,333 --> 01:26:01,833 So the gold panel will be 4141 01:26:01,916 --> 01:26:02,833 wonderful this year. 4142 01:26:02,833 --> 01:26:03,875 And we'll go to the Bahamas 4143 01:26:03,875 --> 01:26:05,458 and Saint Thomas and Saint Martin 4144 01:26:05,458 --> 01:26:06,416 on a beautiful cruise ship. 4145 01:26:06,416 --> 01:26:08,583 So, yeah, the seasick thing. 4146 01:26:08,583 --> 01:26:10,708 I get that in all the years 4147 01:26:10,708 --> 01:26:11,625 we've been doing this, 4148 01:26:11,708 --> 01:26:12,916 we've only had 2 4149 01:26:12,916 --> 01:26:13,916 or 3 people 4150 01:26:13,916 --> 01:26:14,208 that it 4151 01:26:14,250 --> 01:26:15,625 was such an issue 4152 01:26:15,625 --> 01:26:16,791 that they just couldn't 4153 01:26:16,791 --> 01:26:17,916 even participate. 4154 01:26:18,000 --> 01:26:19,208 But I have a heart for it 4155 01:26:19,208 --> 01:26:20,750 because it's no fun, 4156 01:26:20,833 --> 01:26:22,666 to to be with all these amazing 4157 01:26:22,666 --> 01:26:23,000 fun, those. 4158 01:26:23,000 --> 01:26:23,875 Cruises they have, 4159 01:26:23,875 --> 01:26:24,791 they have pretty good built 4160 01:26:24,791 --> 01:26:25,916 in childcare too, right? 4161 01:26:25,916 --> 01:26:27,500 They always have the, Do 4162 01:26:27,500 --> 01:26:29,000 the kids camp is awesome. 4163 01:26:29,000 --> 01:26:31,416 From ages 2 to 17. 4164 01:26:31,500 --> 01:26:32,666 Your kids will have a better time 4165 01:26:32,666 --> 01:26:33,958 than you will, that's for sure. 4166 01:26:34,041 --> 01:26:35,208 All little group of kids, 4167 01:26:35,208 --> 01:26:36,208 we call them the Pepper pals, 4168 01:26:36,208 --> 01:26:37,166 and they hang out together. 4169 01:26:37,166 --> 01:26:38,666 And it's all my boys 4170 01:26:38,666 --> 01:26:39,958 who are about three years 4171 01:26:39,958 --> 01:26:41,458 younger than Kenny's boys. 4172 01:26:41,541 --> 01:26:41,791 You know, 4173 01:26:41,791 --> 01:26:42,750 they always looked up 4174 01:26:42,750 --> 01:26:43,708 to Kyle and Cade 4175 01:26:43,708 --> 01:26:45,000 because they were older 4176 01:26:45,000 --> 01:26:46,375 and they had done businesses 4177 01:26:46,375 --> 01:26:47,375 and all of that. 4178 01:26:47,375 --> 01:26:48,541 So it's fun now to see them 4179 01:26:48,541 --> 01:26:50,125 hanging out as young adults. 4180 01:26:50,208 --> 01:26:51,458 Do you say Cade. 4181 01:26:51,541 --> 01:26:54,250 Cade, Kyle and Cade McElroy? 4182 01:26:54,375 --> 01:26:55,708 I didn't know I have. 4183 01:26:55,708 --> 01:26:57,291 I have a Cade also, and I didn't 4184 01:26:57,291 --> 01:26:59,291 I don't hear that name too often. 4185 01:26:59,333 --> 01:27:01,125 Yeah. So there you go. Okay. 4186 01:27:01,125 --> 01:27:03,291 This is Kenny's younger son. 4187 01:27:03,375 --> 01:27:03,541 So. 4188 01:27:03,625 --> 01:27:04,250 So, Jim, 4189 01:27:04,250 --> 01:27:05,625 I'm coming up on your segment 4190 01:27:05,625 --> 01:27:08,291 here, and I'm scrolling down. 4191 01:27:08,375 --> 01:27:09,666 I've got record. 4192 01:27:09,666 --> 01:27:10,250 For the record. 4193 01:27:10,250 --> 01:27:10,791 For the record, 4194 01:27:10,791 --> 01:27:12,583 I do enjoy Jay's segment 4195 01:27:12,583 --> 01:27:14,250 more than I do yours. 4196 01:27:14,333 --> 01:27:15,583 Okay, so so here you go. 4197 01:27:15,625 --> 01:27:16,875 Hypothetical situation. 4198 01:27:16,875 --> 01:27:17,750 I've got it in my head. 4199 01:27:17,750 --> 01:27:18,916 I didn't write it down 4200 01:27:19,916 --> 01:27:22,750 $50 million, but now you. 4201 01:27:22,833 --> 01:27:23,458 Have to go. 4202 01:27:23,541 --> 01:27:23,833 You don't have. 4203 01:27:23,833 --> 01:27:25,083 To go any farther. I'll take it. 4204 01:27:25,166 --> 01:27:26,250 You have to become 4205 01:27:26,250 --> 01:27:28,875 the staunchest supporter 4206 01:27:28,958 --> 01:27:30,208 of the political party 4207 01:27:30,208 --> 01:27:31,833 that you hate the most right now. 4208 01:27:31,916 --> 01:27:32,375 Done. 4209 01:27:32,375 --> 01:27:35,083 I mean, I could do it. 4210 01:27:35,333 --> 01:27:36,125 I do it all the time 4211 01:27:36,125 --> 01:27:36,958 on this podcast. 4212 01:27:36,958 --> 01:27:37,666 I always have to 4213 01:27:37,666 --> 01:27:38,708 take the other guys. 4214 01:27:38,750 --> 01:27:39,750 So you have to be. 4215 01:27:39,833 --> 01:27:41,500 You have to be the one. 4216 01:27:41,583 --> 01:27:43,083 Time commitment. 4217 01:27:43,166 --> 01:27:44,250 For the rest of your life. 4218 01:27:44,250 --> 01:27:45,916 You've got to support that party 4219 01:27:45,958 --> 01:27:46,083 that. 4220 01:27:46,083 --> 01:27:47,625 Go to advance and rallies 4221 01:27:47,625 --> 01:27:49,750 and absolutely okay. 4222 01:27:49,833 --> 01:27:51,708 Where are the shirt? 4223 01:27:51,791 --> 01:27:53,041 Yep. You got to wear the shirt. 4224 01:27:53,041 --> 01:27:53,708 You got to go on 4225 01:27:53,708 --> 01:27:55,208 Facebook and argue 4226 01:27:55,208 --> 01:27:56,916 and do all the stupid stuff. 4227 01:27:57,000 --> 01:27:57,625 Again. 4228 01:27:57,708 --> 01:28:00,125 I always look pro tip 4229 01:28:00,208 --> 01:28:01,916 always convert 4230 01:28:02,000 --> 01:28:03,666 lumps of money into cash flow. 4231 01:28:03,666 --> 01:28:06,375 So $50 million lump sum is about 4232 01:28:06,500 --> 01:28:07,500 depending on your return 4233 01:28:07,500 --> 01:28:08,791 might be 5 million a year, 4234 01:28:08,791 --> 01:28:09,916 maybe $3.5 4235 01:28:09,916 --> 01:28:11,083 million a year 4236 01:28:11,166 --> 01:28:13,500 for $5 million a year. 4237 01:28:13,583 --> 01:28:14,875 I will go to rallies. 4238 01:28:14,875 --> 01:28:15,916 I will do whatever 4239 01:28:15,916 --> 01:28:17,125 it is that you tell me to do. 4240 01:28:18,375 --> 01:28:19,833 I the hard part about 4241 01:28:19,833 --> 01:28:21,416 these hypothetical situations is 4242 01:28:21,416 --> 01:28:23,000 I have to do my best in my head 4243 01:28:23,000 --> 01:28:24,666 to calibrate for you guys 4244 01:28:24,750 --> 01:28:25,708 what that number is. 4245 01:28:25,708 --> 01:28:27,000 I could have said 10 million. 4246 01:28:27,000 --> 01:28:27,958 I could have said 100. 4247 01:28:28,041 --> 01:28:29,083 I think 50 was a bit 4248 01:28:29,083 --> 01:28:29,958 too high on this one. 4249 01:28:29,958 --> 01:28:30,625 I probably should have gone 4250 01:28:30,625 --> 01:28:32,666 25 or 10. It would be tough. 4251 01:28:32,750 --> 01:28:33,583 I don't think I would do it 4252 01:28:33,583 --> 01:28:34,166 for ten. 4253 01:28:34,166 --> 01:28:35,541 I'm going to work for this. 4254 01:28:35,541 --> 01:28:37,333 I'm sitting here thinking 4255 01:28:37,416 --> 01:28:39,541 which side would be worse? 4256 01:28:39,625 --> 01:28:40,958 Like if you told me 4257 01:28:40,958 --> 01:28:42,250 like I had to be, that 4258 01:28:42,291 --> 01:28:42,833 you might have to. 4259 01:28:42,833 --> 01:28:43,750 You might have to flip 4260 01:28:43,750 --> 01:28:45,000 at some point in the future. 4261 01:28:45,083 --> 01:28:46,333 You might have to flip. 4262 01:28:46,416 --> 01:28:47,458 Yeah, you might have to flip 4263 01:28:47,458 --> 01:28:48,375 at some point in the future. 4264 01:28:48,416 --> 01:28:49,000 That's what I mean. 4265 01:28:49,000 --> 01:28:49,500 Like, I don't 4266 01:28:49,500 --> 01:28:50,333 I don't know 4267 01:28:50,333 --> 01:28:51,625 which side would be worse, 4268 01:28:51,625 --> 01:28:53,250 which I would be have more fear 4269 01:28:53,250 --> 01:28:54,708 of being a diehard supporter 4270 01:28:54,708 --> 01:28:55,458 of the Democrats 4271 01:28:55,458 --> 01:28:55,916 or diehard 4272 01:28:55,916 --> 01:28:56,875 supporter of the Republicans. 4273 01:28:56,875 --> 01:28:57,291 I don't 4274 01:28:57,375 --> 01:28:57,708 I don't know 4275 01:28:57,708 --> 01:28:58,500 what's going to be worse. 4276 01:28:58,500 --> 01:29:00,041 So they both so 4277 01:29:00,125 --> 01:29:00,958 here's here's 4278 01:29:00,958 --> 01:29:01,833 another hypothetical 4279 01:29:01,833 --> 01:29:02,541 that I just thought of 4280 01:29:02,541 --> 01:29:04,083 because it was an interesting one 4281 01:29:04,166 --> 01:29:05,458 since Robert's on the show 4282 01:29:05,458 --> 01:29:06,416 and he's a huge beer 4283 01:29:06,416 --> 01:29:07,500 drinker and I'm not 4284 01:29:07,500 --> 01:29:08,250 I mean, I like beer, 4285 01:29:08,250 --> 01:29:09,125 but I'm not a huge be. 4286 01:29:09,125 --> 01:29:11,166 I'm a wine drinker, as is J. 4287 01:29:11,250 --> 01:29:11,750 So J, 4288 01:29:11,750 --> 01:29:12,875 how much would you have 4289 01:29:12,875 --> 01:29:14,125 to get paid 4290 01:29:14,208 --> 01:29:15,875 to never be able to drink 4291 01:29:15,875 --> 01:29:17,125 a glass of wine again, 4292 01:29:17,125 --> 01:29:19,083 and always have to drink beer 4293 01:29:19,166 --> 01:29:20,208 whenever you have a drink? 4294 01:29:20,208 --> 01:29:21,375 And then Robert, same for you. 4295 01:29:21,375 --> 01:29:21,916 Like instead of 4296 01:29:21,916 --> 01:29:24,041 if you can never have beer again, 4297 01:29:24,125 --> 01:29:24,833 but every time 4298 01:29:24,833 --> 01:29:25,708 you want to have a drink, 4299 01:29:25,708 --> 01:29:26,458 you would have to have 4300 01:29:26,458 --> 01:29:27,333 a glass of wine. 4301 01:29:27,416 --> 01:29:27,750 Could it? 4302 01:29:27,750 --> 01:29:28,708 Could I do 4303 01:29:28,791 --> 01:29:29,208 like liquor 4304 01:29:29,208 --> 01:29:30,083 liquors off the table here? 4305 01:29:30,083 --> 01:29:31,208 Could I do clear rum? 4306 01:29:31,291 --> 01:29:33,375 I there's this thing here. 4307 01:29:33,458 --> 01:29:34,458 No. No wine or beer. 4308 01:29:34,541 --> 01:29:35,750 No sugar, no carbs. 4309 01:29:35,750 --> 01:29:37,125 It's really good. Wine or beer. 4310 01:29:37,166 --> 01:29:38,333 Don't promote your frickin 4311 01:29:38,333 --> 01:29:39,708 thing to wine or beer. 4312 01:29:41,125 --> 01:29:42,750 Wow. 4313 01:29:42,833 --> 01:29:43,916 How much? Give me a number. 4314 01:29:43,916 --> 01:29:44,458 What's the number? 4315 01:29:44,500 --> 01:29:45,083 What's the check? 4316 01:29:45,083 --> 01:29:47,583 I gotta write for you to do that. 4317 01:29:47,666 --> 01:29:48,500 It's probably. 4318 01:29:48,583 --> 01:29:49,625 It's probably 4319 01:29:49,625 --> 01:29:51,333 less than you expect. 4320 01:29:51,416 --> 01:29:53,541 Yeah, mine is two. I think. Yeah. 4321 01:29:53,583 --> 01:29:54,625 Like a. Million bucks. 4322 01:29:54,625 --> 01:29:55,583 If I wrote you $1 4323 01:29:55,583 --> 01:29:57,458 million check, you would be. No. 4324 01:29:57,541 --> 01:29:58,125 No, no, 4325 01:29:58,208 --> 01:29:59,750 it's a lot more than a million. 4326 01:29:59,833 --> 01:30:00,333 So. 4327 01:30:00,416 --> 01:30:02,583 Okay, so so 10 million. 4328 01:30:02,666 --> 01:30:03,833 Maybe 20. 4329 01:30:03,916 --> 01:30:04,416 Oh, wow. 4330 01:30:04,458 --> 01:30:05,416 So I do it for less than. 4331 01:30:05,458 --> 01:30:06,500 Just for alcohol, man. 4332 01:30:06,500 --> 01:30:08,916 You are. Yeah, I do like. 4333 01:30:09,000 --> 01:30:10,500 You do it for, for a silver 4334 01:30:10,500 --> 01:30:12,750 dollar, right? Yeah. 4335 01:30:12,833 --> 01:30:14,833 Maybe a monster box. 4336 01:30:14,916 --> 01:30:17,333 I don't know, box of gold. 4337 01:30:17,416 --> 01:30:18,000 Yeah, yeah. 4338 01:30:18,083 --> 01:30:20,166 It's true. 4339 01:30:20,250 --> 01:30:21,083 Yeah, it wouldn't, 4340 01:30:21,083 --> 01:30:21,541 you know, it wouldn't 4341 01:30:21,541 --> 01:30:22,041 be that cheap, 4342 01:30:22,041 --> 01:30:22,958 but it would be like 4343 01:30:22,958 --> 01:30:23,875 I've shifted. 4344 01:30:23,875 --> 01:30:24,833 I feel like I've shifted 4345 01:30:24,833 --> 01:30:26,166 so many times in my life, 4346 01:30:27,208 --> 01:30:28,166 where, like, 4347 01:30:28,250 --> 01:30:29,458 obviously when you're in college, 4348 01:30:29,458 --> 01:30:30,291 you're beer drinker, 4349 01:30:30,291 --> 01:30:31,500 and then coming out of college, 4350 01:30:31,500 --> 01:30:33,166 you just kind of start drinking 4351 01:30:33,166 --> 01:30:34,375 better beer. 4352 01:30:34,458 --> 01:30:36,166 And then, 4353 01:30:36,250 --> 01:30:37,250 then I feel like 4354 01:30:37,250 --> 01:30:38,458 I went on to liquor, 4355 01:30:38,458 --> 01:30:39,708 and then I just drank wine 4356 01:30:39,708 --> 01:30:40,583 because we started going to 4357 01:30:40,583 --> 01:30:42,125 nice steakhouses 4358 01:30:42,208 --> 01:30:43,833 and, like, I feel like I could 4359 01:30:43,833 --> 01:30:45,125 I could make that shift again. 4360 01:30:45,125 --> 01:30:45,625 So, like, 4361 01:30:45,625 --> 01:30:47,000 I feel like I do it for five, 4362 01:30:47,083 --> 01:30:47,666 honestly. 4363 01:30:47,666 --> 01:30:49,625 So 5 million you would drink? 4364 01:30:49,708 --> 01:30:50,458 For you what? It would. 4365 01:30:50,500 --> 01:30:51,250 I don't know what it would be 4366 01:30:51,250 --> 01:30:51,625 for you, though. 4367 01:30:51,625 --> 01:30:52,333 You're you're a 4368 01:30:52,333 --> 01:30:53,333 you're a bourbon drinker, 4369 01:30:53,333 --> 01:30:54,083 so I don't know what that means. 4370 01:30:54,083 --> 01:30:54,291 Yeah. 4371 01:30:54,291 --> 01:30:55,333 So I would say 4372 01:30:55,333 --> 01:30:56,250 you would have to be wine. 4373 01:30:56,250 --> 01:30:56,916 I don't drink a lot 4374 01:30:56,916 --> 01:30:57,625 of wine anymore. 4375 01:30:57,666 --> 01:30:58,208 So for you, 4376 01:30:58,208 --> 01:30:59,041 it would be 4377 01:30:59,125 --> 01:31:00,291 here's the thing for you would be 4378 01:31:00,291 --> 01:31:01,041 how much for 4379 01:31:01,041 --> 01:31:02,000 you never to be able 4380 01:31:02,000 --> 01:31:03,458 to drink a glass of bourbon 4381 01:31:03,458 --> 01:31:04,375 or whiskey or scotch 4382 01:31:04,375 --> 01:31:05,083 or something like that. 4383 01:31:05,166 --> 01:31:06,291 You always had a drink, 4384 01:31:06,291 --> 01:31:07,958 a peace Cola. 4385 01:31:08,041 --> 01:31:09,208 Oh, peace Cola. 4386 01:31:09,291 --> 01:31:10,375 That's that's higher. 4387 01:31:10,375 --> 01:31:12,083 I don't like that's like you're 4388 01:31:12,166 --> 01:31:14,375 if you're drinking, peace cola. 4389 01:31:14,458 --> 01:31:15,291 I feel like you're 4390 01:31:15,291 --> 01:31:16,958 just drinking with a purpose. 4391 01:31:17,041 --> 01:31:17,708 You're not drinking 4392 01:31:17,708 --> 01:31:18,458 for enjoyment. 4393 01:31:19,583 --> 01:31:20,333 And so it kind of 4394 01:31:20,333 --> 01:31:21,541 takes the enjoyment I feel. 4395 01:31:21,541 --> 01:31:22,833 I feel like if I became. 4396 01:31:22,833 --> 01:31:23,125 I don't 4397 01:31:23,125 --> 01:31:25,708 drink much wine at all anymore. 4398 01:31:25,791 --> 01:31:27,375 But I feel like if I got into it, 4399 01:31:27,375 --> 01:31:28,916 I could find the enjoyment in it, 4400 01:31:28,916 --> 01:31:30,583 and I could take it seriously. 4401 01:31:30,666 --> 01:31:31,583 I could do that with liquor. 4402 01:31:31,583 --> 01:31:32,041 And I could do 4403 01:31:32,125 --> 01:31:33,291 that with beer as well. 4404 01:31:33,375 --> 01:31:34,250 But, you know, 4405 01:31:34,250 --> 01:31:35,500 piss and cola, I can't, 4406 01:31:35,500 --> 01:31:36,708 I don't think I yeah. 4407 01:31:36,791 --> 01:31:37,166 When I, 4408 01:31:37,166 --> 01:31:38,166 when, when I, when the, 4409 01:31:38,250 --> 01:31:39,208 the fitness challenge, 4410 01:31:39,208 --> 01:31:39,791 one of the things 4411 01:31:39,791 --> 01:31:40,500 I'm going to request 4412 01:31:40,500 --> 01:31:40,791 is for 4413 01:31:40,791 --> 01:31:43,500 Jay to get me a, a first growth, 4414 01:31:43,791 --> 01:31:44,750 bottle of, 4415 01:31:44,833 --> 01:31:45,333 I don't know, maybe 4416 01:31:45,333 --> 01:31:46,250 a Margaux or something. 4417 01:31:46,250 --> 01:31:46,583 A couple, 4418 01:31:46,625 --> 01:31:47,458 a couple thousand dollar 4419 01:31:47,458 --> 01:31:48,583 bottle of wine and. 4420 01:31:48,625 --> 01:31:49,708 Well, we'll enjoy that for 4421 01:31:49,791 --> 01:31:50,458 with everyone. 4422 01:31:50,541 --> 01:31:51,666 That's what I'm thinking. 4423 01:31:51,750 --> 01:31:51,875 Well, 4424 01:31:51,875 --> 01:31:52,958 that last question, I'm 4425 01:31:52,958 --> 01:31:53,625 going to give everybody 4426 01:31:53,625 --> 01:31:57,250 10s $250,000 a year. 4427 01:31:57,333 --> 01:31:58,458 I'm out. 4428 01:31:58,541 --> 01:31:59,500 Nope. That's all you. 4429 01:31:59,500 --> 01:32:00,041 You have to. 4430 01:32:00,125 --> 01:32:00,958 You have to pick a job. 4431 01:32:00,958 --> 01:32:01,500 You're going to get paid 4432 01:32:01,500 --> 01:32:03,458 $250,000 a year, 4433 01:32:03,541 --> 01:32:05,125 and you have to pick a real job 4434 01:32:05,166 --> 01:32:05,833 to do. 4435 01:32:05,875 --> 01:32:07,333 What are you going to pick? 4436 01:32:07,416 --> 01:32:08,333 I'm going to be a 4437 01:32:08,416 --> 01:32:10,541 co-host of the Drunk Real Estate. 4438 01:32:10,625 --> 01:32:11,916 I haven't had a real job 4439 01:32:11,916 --> 01:32:13,375 in years. 4440 01:32:13,458 --> 01:32:15,083 Yep, that's not a real job ever, 4441 01:32:15,166 --> 01:32:16,083 I know. 4442 01:32:16,166 --> 01:32:17,250 Wow, that was like the what. 4443 01:32:17,333 --> 01:32:17,875 Is that, Robert? 4444 01:32:17,875 --> 01:32:19,708 The worst two weeks of your life. 4445 01:32:19,791 --> 01:32:21,250 By the week of the weeks, 4446 01:32:21,250 --> 01:32:22,375 I had an actual job. 4447 01:32:22,375 --> 01:32:23,833 Worst two weeks of my life, 4448 01:32:23,916 --> 01:32:24,291 I think. 4449 01:32:24,291 --> 01:32:25,083 I know what though. 4450 01:32:25,125 --> 01:32:27,833 I'd be a morning radio DJ there. 4451 01:32:28,041 --> 01:32:30,291 That's that is a good job. 4452 01:32:30,291 --> 01:32:31,166 I couldn't get up early 4453 01:32:31,166 --> 01:32:31,791 that morning. 4454 01:32:31,791 --> 01:32:32,541 No, that's what I mean. 4455 01:32:32,541 --> 01:32:32,833 Like, don't 4456 01:32:32,833 --> 01:32:33,625 you have to get up at like 3 4457 01:32:33,625 --> 01:32:34,375 or 4 in the morning? 4458 01:32:34,375 --> 01:32:34,833 Oh, Robert. 4459 01:32:34,916 --> 01:32:35,916 Hold on wait wait wait wait. 4460 01:32:35,916 --> 01:32:36,250 Robert, 4461 01:32:36,291 --> 01:32:36,791 you don't get up 4462 01:32:36,833 --> 01:32:37,916 till the crack at noon. 4463 01:32:37,916 --> 01:32:39,000 How does that work? Well, I. 4464 01:32:39,000 --> 01:32:39,666 Like to wake up 4465 01:32:39,666 --> 01:32:40,708 when I'm finished sleeping, 4466 01:32:40,708 --> 01:32:43,125 but if I had a high paying job 4467 01:32:43,125 --> 01:32:43,666 like that, 4468 01:32:43,666 --> 01:32:44,791 I might be willing to give up, 4469 01:32:44,791 --> 01:32:45,250 but I have. 4470 01:32:45,250 --> 01:32:46,125 I had to do something. 4471 01:32:46,125 --> 01:32:47,416 That's what I want to do. 4472 01:32:47,500 --> 01:32:48,875 I would be a profession or 4473 01:32:48,875 --> 01:32:50,333 a YouTube reviewer. 4474 01:32:51,666 --> 01:32:53,791 Well, my answer. 4475 01:32:53,875 --> 01:32:55,500 I. See why you got to qualify. 4476 01:32:55,500 --> 01:32:56,333 What's a job like? 4477 01:32:56,333 --> 01:32:56,791 A job 4478 01:32:56,791 --> 01:32:57,500 like you're you're 4479 01:32:57,500 --> 01:32:58,625 talking 40 hours 4480 01:32:58,625 --> 01:32:59,833 working for someone else, right? 4481 01:32:59,833 --> 01:33:00,708 Is that what you're talking? 4482 01:33:00,791 --> 01:33:02,375 Yep. Okay. 4483 01:33:02,458 --> 01:33:02,875 I'll work. 4484 01:33:02,875 --> 01:33:03,333 I'll work 4485 01:33:03,333 --> 01:33:04,166 as general counsel 4486 01:33:04,166 --> 01:33:06,291 for the real estate guys 4487 01:33:06,375 --> 01:33:07,833 again. 4488 01:33:07,916 --> 01:33:09,208 Again? 4489 01:33:09,291 --> 01:33:10,833 I know, I feel like I like 4490 01:33:10,833 --> 01:33:11,416 I feel like you're 4491 01:33:11,416 --> 01:33:12,000 thinking about this 4492 01:33:12,000 --> 01:33:12,500 the opposite way. 4493 01:33:12,500 --> 01:33:13,750 I feel like you pick something 4494 01:33:13,750 --> 01:33:15,791 that's a super low paid job 4495 01:33:15,875 --> 01:33:18,583 because it's easy. 4496 01:33:18,666 --> 01:33:19,166 And. 4497 01:33:19,166 --> 01:33:20,125 But you, since you're getting 4498 01:33:20,125 --> 01:33:21,333 paid 250,000. 4499 01:33:21,375 --> 01:33:22,375 A lot of minimum wage, 4500 01:33:22,375 --> 01:33:23,291 there are a lot of minimum 4501 01:33:23,291 --> 01:33:25,125 wage jobs I wouldn't do for 250. 4502 01:33:25,125 --> 01:33:25,500 I know. 4503 01:33:25,500 --> 01:33:26,666 So but that's what I'm picking. 4504 01:33:26,666 --> 01:33:27,416 Like some more middle 4505 01:33:27,416 --> 01:33:28,708 like I'm thinking like, 4506 01:33:28,791 --> 01:33:29,125 you know, 4507 01:33:29,125 --> 01:33:30,833 like low end security guard 4508 01:33:30,833 --> 01:33:31,875 or like lifeguard 4509 01:33:31,916 --> 01:33:33,125 or like something like that 4510 01:33:33,125 --> 01:33:34,333 where, like, I could go 4511 01:33:34,333 --> 01:33:35,375 and I could, 4512 01:33:35,458 --> 01:33:36,875 you know, basically, 4513 01:33:36,958 --> 01:33:38,083 you risk your. 4514 01:33:38,083 --> 01:33:40,541 Life for 250 grand a year. 4515 01:33:40,625 --> 01:33:41,958 Well, I'm. Okay. I'm not. 4516 01:33:42,041 --> 01:33:43,250 I'm not taking the security guard 4517 01:33:43,250 --> 01:33:45,125 job at the Federal Reserve. 4518 01:33:45,125 --> 01:33:46,250 I was thinking more along the 4519 01:33:46,250 --> 01:33:48,125 lines of, you know, at the, 4520 01:33:50,083 --> 01:33:51,125 chick fil A, when Jay 4521 01:33:51,125 --> 01:33:52,208 does one of his freak outs 4522 01:33:52,208 --> 01:33:54,916 and says he needs a sauce packet. 4523 01:33:55,916 --> 01:33:56,875 I'm looking at the pool 4524 01:33:56,875 --> 01:33:57,750 over here thinking 4525 01:33:57,833 --> 01:33:59,583 that lifeguard is not a bad one. 4526 01:33:59,666 --> 01:34:00,750 Yeah, exactly 4527 01:34:00,833 --> 01:34:02,333 250 grand to sit in a pool. 4528 01:34:02,333 --> 01:34:02,458 Yeah, 4529 01:34:02,458 --> 01:34:03,875 but then you got a shark attack, 4530 01:34:03,875 --> 01:34:05,333 and you got to go save the kid 4531 01:34:05,333 --> 01:34:05,916 who's in the middle of 4532 01:34:05,916 --> 01:34:06,625 a shark attack. 4533 01:34:06,625 --> 01:34:07,208 Like, I mean, come on. 4534 01:34:07,208 --> 01:34:07,541 And then you're. 4535 01:34:07,541 --> 01:34:08,083 Famous. 4536 01:34:08,083 --> 01:34:10,291 It's perfect. 4537 01:34:10,375 --> 01:34:10,750 Okay. 4538 01:34:10,833 --> 01:34:12,750 All right, let's wrap this up. 4539 01:34:12,833 --> 01:34:14,416 We'll end with, Robert here 4540 01:34:14,416 --> 01:34:15,791 because he's, 4541 01:34:15,875 --> 01:34:16,791 we got to give him some time 4542 01:34:16,791 --> 01:34:18,333 to think about this. 4543 01:34:18,416 --> 01:34:19,375 I feel like you got so much 4544 01:34:19,375 --> 01:34:20,000 you want to plug? 4545 01:34:20,000 --> 01:34:20,750 Probably here, right? 4546 01:34:20,750 --> 01:34:21,375 You you got to take 4547 01:34:21,458 --> 01:34:22,041 take your time. 4548 01:34:22,041 --> 01:34:22,875 So, Jay, what do you got? 4549 01:34:22,916 --> 01:34:24,541 What do you got the plug for us? 4550 01:34:24,625 --> 01:34:25,166 I'm going to plug 4551 01:34:25,208 --> 01:34:26,583 anything Robert's doing. 4552 01:34:26,666 --> 01:34:29,166 Like I said, I took, 4553 01:34:29,250 --> 01:34:30,333 the real estate guys 4554 01:34:30,333 --> 01:34:31,541 sales training course. 4555 01:34:32,750 --> 01:34:33,583 Actually, I can still 4556 01:34:33,583 --> 01:34:34,500 remember the name of it 4557 01:34:34,500 --> 01:34:35,250 because it was catching. 4558 01:34:35,250 --> 01:34:36,041 It was based off of that 4559 01:34:36,041 --> 01:34:36,500 book, right? 4560 01:34:36,500 --> 01:34:37,250 It was how to win 4561 01:34:37,250 --> 01:34:38,583 funds and Influence people. 4562 01:34:38,583 --> 01:34:38,791 Right? 4563 01:34:38,791 --> 01:34:39,666 Instead of friends, 4564 01:34:39,666 --> 01:34:40,708 you change it to funds. 4565 01:34:40,708 --> 01:34:42,416 I saw what you did there. Yep. 4566 01:34:42,500 --> 01:34:44,041 And it it was so good. 4567 01:34:44,041 --> 01:34:47,791 And, And I'm not a sales guy, 4568 01:34:47,875 --> 01:34:49,250 and I didn't want to go. 4569 01:34:49,250 --> 01:34:50,125 I mean, I wanted to go, 4570 01:34:50,125 --> 01:34:51,375 but it was it was, 4571 01:34:51,375 --> 01:34:52,166 it was tough for me. 4572 01:34:52,166 --> 01:34:54,000 And it was so, so good. 4573 01:34:54,083 --> 01:34:54,625 So. Yeah. 4574 01:34:54,625 --> 01:34:55,208 And anything 4575 01:34:55,208 --> 01:34:56,750 Robert's about to mention, that's 4576 01:34:56,750 --> 01:34:58,041 what I'm pitching. 4577 01:34:58,125 --> 01:34:59,041 All right, Mauricio, 4578 01:34:59,125 --> 01:35:00,750 I feel a trend coming on here. 4579 01:35:00,833 --> 01:35:01,541 Yeah. For sure. 4580 01:35:01,541 --> 01:35:02,916 I mean, I will, 4581 01:35:03,000 --> 01:35:04,500 I'll let Robert, 4582 01:35:04,583 --> 01:35:06,875 himself pitch the, the secret 4583 01:35:06,875 --> 01:35:07,625 to success with the 4584 01:35:07,625 --> 01:35:07,916 the case 4585 01:35:07,916 --> 01:35:08,333 which I 4586 01:35:08,333 --> 01:35:09,208 hope he's going to go pitch 4587 01:35:09,208 --> 01:35:10,083 because I'm going to be there. 4588 01:35:10,083 --> 01:35:10,416 So hopefully 4589 01:35:10,416 --> 01:35:11,000 he's going to be there. 4590 01:35:11,041 --> 01:35:12,208 It's more for me than him, 4591 01:35:12,291 --> 01:35:13,375 but I'm going to pitch. 4592 01:35:13,458 --> 01:35:14,250 I'm just sharing on 4593 01:35:14,250 --> 01:35:14,875 the screen here. 4594 01:35:14,875 --> 01:35:16,333 The the the the 4595 01:35:16,333 --> 01:35:18,125 the summit at sea. 4596 01:35:18,208 --> 01:35:19,250 What is this year, 20 4597 01:35:19,250 --> 01:35:20,708 or 30 or 40? 4598 01:35:20,791 --> 01:35:22,166 But but I mean, look at the 4599 01:35:22,208 --> 01:35:23,083 look at the stack. 4600 01:35:23,083 --> 01:35:23,875 Look, look at this. 4601 01:35:23,875 --> 01:35:24,875 Peter Chef, Ken 4602 01:35:24,875 --> 01:35:26,000 McElroy, Robert 4603 01:35:26,000 --> 01:35:27,166 Kiyosaki, George 4604 01:35:27,166 --> 01:35:27,916 Gammon, Brad 4605 01:35:27,916 --> 01:35:29,666 Shamrock, Brian London, 4606 01:35:29,708 --> 01:35:30,625 Dana, who are like 4607 01:35:30,625 --> 01:35:31,583 two of the top 4608 01:35:31,666 --> 01:35:32,541 gold and silver 4609 01:35:32,541 --> 01:35:33,208 and precious metals 4610 01:35:33,208 --> 01:35:34,375 guys in the world. 4611 01:35:34,458 --> 01:35:35,250 And yeah, 4612 01:35:35,250 --> 01:35:36,625 just an amazing faculty. 4613 01:35:36,625 --> 01:35:37,458 So how far 4614 01:35:37,458 --> 01:35:39,541 do we have to go to get to you? 4615 01:35:39,625 --> 01:35:41,041 Yeah. Well, yeah. 4616 01:35:41,125 --> 01:35:42,000 Robert, what is that? 4617 01:35:42,000 --> 01:35:42,500 What is that? 4618 01:35:42,500 --> 01:35:43,375 And there's a little 4619 01:35:43,375 --> 01:35:44,250 bit of a time commitment. 4620 01:35:44,250 --> 01:35:45,000 You got to go like 4621 01:35:45,000 --> 01:35:45,583 it's like a week 4622 01:35:45,583 --> 01:35:46,375 or ten days, right? 4623 01:35:46,375 --> 01:35:47,791 Well, one of those days. 4624 01:35:47,875 --> 01:35:48,500 Nine days. 4625 01:35:48,500 --> 01:35:49,166 It's two days 4626 01:35:49,166 --> 01:35:50,500 in the hotel in Miami. 4627 01:35:50,583 --> 01:35:52,000 And then we get on a cruise ship 4628 01:35:52,000 --> 01:35:52,833 for seven days. 4629 01:35:52,833 --> 01:35:53,833 It's June 20th, 4630 01:35:53,875 --> 01:35:54,666 the 29th, 4631 01:35:54,666 --> 01:35:55,791 and you can go to an investor 4632 01:35:55,791 --> 01:35:57,791 summit@c.com 4633 01:35:57,791 --> 01:35:59,125 and learn about where we're going 4634 01:35:59,125 --> 01:36:00,000 and who we're going with 4635 01:36:00,000 --> 01:36:01,375 and what cabins are like 4636 01:36:01,375 --> 01:36:02,000 and all that stuff. 4637 01:36:02,000 --> 01:36:04,666 So investor summit@c.com, 4638 01:36:04,666 --> 01:36:05,666 and no matter how great 4639 01:36:05,666 --> 01:36:06,583 we tell you it is, 4640 01:36:06,583 --> 01:36:08,291 it is way better than that. 4641 01:36:08,375 --> 01:36:09,250 Every night at dinner, 4642 01:36:09,250 --> 01:36:09,750 you're hanging out 4643 01:36:09,750 --> 01:36:10,500 with different faculty 4644 01:36:10,500 --> 01:36:11,208 members and folks 4645 01:36:11,208 --> 01:36:12,500 from all over the world, right. 4646 01:36:12,500 --> 01:36:13,000 Real estate 4647 01:36:13,000 --> 01:36:13,958 investors, the fact 4648 01:36:13,958 --> 01:36:15,083 that it's a barrier 4649 01:36:15,083 --> 01:36:16,583 to entry, it's expensive, 4650 01:36:16,666 --> 01:36:17,750 means that you're hanging around 4651 01:36:17,750 --> 01:36:18,666 all the right people. 4652 01:36:18,750 --> 01:36:20,458 And then the syndication events 4653 01:36:20,458 --> 01:36:20,875 coming up 4654 01:36:20,875 --> 01:36:21,958 right around the corner. 4655 01:36:21,958 --> 01:36:22,916 You got to move quick. 4656 01:36:23,000 --> 01:36:24,166 We do it twice a year. 4657 01:36:24,166 --> 01:36:25,208 So if you miss this one 4658 01:36:25,250 --> 01:36:26,291 you can come do another one. 4659 01:36:26,291 --> 01:36:27,833 But you will join us, 4660 01:36:27,916 --> 01:36:31,000 the 28th and 29th of March 4661 01:36:31,083 --> 01:36:31,583 this month, 4662 01:36:31,583 --> 01:36:32,333 right around the corner 4663 01:36:32,333 --> 01:36:33,458 in Dallas, Texas. 4664 01:36:33,541 --> 01:36:34,708 If you go to real estate 4665 01:36:34,708 --> 01:36:36,416 Guys Radio.com, 4666 01:36:36,500 --> 01:36:37,791 you'll see the events tab, 4667 01:36:37,791 --> 01:36:38,541 and there's all our 4668 01:36:38,541 --> 01:36:39,375 upcoming events. 4669 01:36:39,375 --> 01:36:40,333 That's the secrets 4670 01:36:40,375 --> 01:36:41,916 of successful syndication. 4671 01:36:42,000 --> 01:36:42,833 And it's great 4672 01:36:42,833 --> 01:36:43,875 if you're thinking about, 4673 01:36:43,916 --> 01:36:44,958 hey, I'm 4674 01:36:44,958 --> 01:36:46,041 pretty good at real estate, 4675 01:36:46,041 --> 01:36:47,083 and I could maybe 4676 01:36:47,083 --> 01:36:48,208 become a fund manager 4677 01:36:48,208 --> 01:36:49,458 and raise capital 4678 01:36:49,458 --> 01:36:50,083 and put together 4679 01:36:50,083 --> 01:36:51,000 an awesome team 4680 01:36:51,000 --> 01:36:53,041 like Ashley and Kyle and Jay. 4681 01:36:53,125 --> 01:36:53,833 Or if you're just 4682 01:36:53,833 --> 01:36:54,750 a passive person 4683 01:36:54,750 --> 01:36:55,291 that wants to learn 4684 01:36:55,291 --> 01:36:56,541 how to vet one of these deals, 4685 01:36:56,541 --> 01:36:56,791 Marissa 4686 01:36:56,791 --> 01:36:57,875 is going to take you through 4687 01:36:57,958 --> 01:36:59,500 exactly what's involved. 4688 01:36:59,583 --> 01:37:00,750 And we have a 12 4689 01:37:00,750 --> 01:37:02,625 faculty members for this. 4690 01:37:02,708 --> 01:37:03,791 But I think Mauricio 4691 01:37:03,791 --> 01:37:04,791 is the only one 4692 01:37:04,791 --> 01:37:06,875 that gets two sessions, so, 4693 01:37:06,958 --> 01:37:07,875 if that I don't want that 4694 01:37:07,875 --> 01:37:09,083 to dissuade you from coming. 4695 01:37:10,750 --> 01:37:11,375 Check it out. 4696 01:37:11,458 --> 01:37:13,708 But, I mean, I will. 4697 01:37:13,791 --> 01:37:14,875 It's always good to catch up. 4698 01:37:14,875 --> 01:37:16,166 Tom Wheelwright is always 4699 01:37:16,166 --> 01:37:16,791 there, too, 4700 01:37:16,791 --> 01:37:17,250 so I think 4701 01:37:17,333 --> 01:37:18,000 he's going to be there. 4702 01:37:18,000 --> 01:37:18,875 And probably Will Wright's 4703 01:37:18,875 --> 01:37:19,625 going to, 4704 01:37:19,708 --> 01:37:21,750 tell you why taxes are awesome. 4705 01:37:21,833 --> 01:37:22,625 Yeah, it's a great, 4706 01:37:22,708 --> 01:37:23,708 it's a great crew 4707 01:37:23,791 --> 01:37:24,875 and you'll learn a ton. 4708 01:37:24,916 --> 01:37:25,458 And we have people 4709 01:37:25,458 --> 01:37:26,125 that come back again 4710 01:37:26,125 --> 01:37:26,833 and again and again, 4711 01:37:26,833 --> 01:37:27,708 which is awesome. 4712 01:37:27,708 --> 01:37:29,333 So you find all the details 4713 01:37:29,333 --> 01:37:31,708 at Real Estate Guys Radio.com. 4714 01:37:31,791 --> 01:37:32,333 And if you 4715 01:37:32,333 --> 01:37:33,625 if you take that training 4716 01:37:33,625 --> 01:37:34,708 and you're super 4717 01:37:34,708 --> 01:37:35,541 good at underwriting, 4718 01:37:35,541 --> 01:37:36,166 apparently Jay's 4719 01:37:36,166 --> 01:37:37,666 trying to replace me, so 4720 01:37:37,750 --> 01:37:40,375 and just, just give you a call. 4721 01:37:40,458 --> 01:37:41,333 There might be a spot 4722 01:37:41,333 --> 01:37:42,916 opening up on Jay's team. 4723 01:37:42,916 --> 01:37:44,000 Nice. 4724 01:37:44,083 --> 01:37:45,208 Because apparently I'm. 4725 01:37:45,208 --> 01:37:46,125 I'm just expendable. 4726 01:37:46,125 --> 01:37:48,833 So, go take that training and 4727 01:37:48,833 --> 01:37:50,583 then, then then look us up. 4728 01:37:51,791 --> 01:37:52,083 All right, 4729 01:37:52,083 --> 01:37:53,458 guys, hey, that was a 4730 01:37:53,541 --> 01:37:54,791 it was a great episode. 4731 01:37:54,875 --> 01:37:55,750 And and just just 4732 01:37:55,750 --> 01:37:56,666 just to be fair, 4733 01:37:56,666 --> 01:37:58,041 Kyle has got an employee 4734 01:37:58,041 --> 01:37:58,500 of the month 4735 01:37:58,500 --> 01:38:01,291 in our company for the last 47 4736 01:38:01,375 --> 01:38:03,416 straight months. Nice. 4737 01:38:03,500 --> 01:38:04,708 Kyle, what bonus do you get? 4738 01:38:04,708 --> 01:38:05,625 You get like, a Starbucks 4739 01:38:05,625 --> 01:38:06,541 certificate or something. 4740 01:38:06,625 --> 01:38:08,125 Well, so I like to say 4741 01:38:08,125 --> 01:38:11,416 like I outperform my salary by, 4742 01:38:11,666 --> 01:38:13,083 an infinite amount. 4743 01:38:13,166 --> 01:38:14,500 You do. 4744 01:38:14,583 --> 01:38:15,750 You guys. Thanks for having me. 4745 01:38:15,750 --> 01:38:17,166 This has been awesome. 4746 01:38:17,250 --> 01:38:18,208 Thank you for being here 4747 01:38:18,208 --> 01:38:18,791 this week, for being. 4748 01:38:18,833 --> 01:38:19,500 Here, Robert. 4749 01:38:19,583 --> 01:38:21,000 Enjoy the rest of Vegas 4750 01:38:21,000 --> 01:38:21,875 by yourself. 4751 01:38:21,958 --> 01:38:24,000 Yeah. And, I had a lot of fun. 4752 01:38:24,083 --> 01:38:25,750 It seems like everyone else did. 4753 01:38:25,833 --> 01:38:27,333 My drink is gone. 4754 01:38:27,416 --> 01:38:28,416 I gotta go eat the head. 4755 01:38:28,500 --> 01:38:29,625 Thanks again to Robert 4756 01:38:29,625 --> 01:38:31,041 for the rest of you guys. 4757 01:38:31,041 --> 01:38:33,666 I will see you next Thursday.