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Investing in Tomorrow: Unconventional Paths to Profitability - John Grace #6123 · Financial Survival Network

• 0:00
  Speaker 1: So yeah, the institutions and Dowmans foundations have been in
• 0:04
  Speaker 1: this space of alternative investments for the last thirty forty
• 0:08
  Speaker 1: in some cases fifty years. Some of those positions are
• 0:11
  Speaker 1: now becoming available to retail investors. In fact, let's talk
• 0:16
  Speaker 1: about one for a minute. One that I like a lot,
• 0:18
  Speaker 1: and that would be one that holds both student housing. Right,
• 0:22
  Speaker 1: you are.
• 0:23
  Speaker 2: Listening to Carrie Letz's Financial Survival Network, where you get
• 0:27
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• 0:31
  Speaker 2: in today's trying times. You need the Financial Survival Network
• 0:35
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• 0:40
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• 0:45
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• 0:46
  Speaker 3: Ever, and welcome. You are listening to and watching the
• 0:53
  Speaker 3: Financial Survival Network. I'm your host, Carrie Letz. Well Wall
• 0:57
  Speaker 3: Street is crumbling before your very Is is it time
• 1:01
  Speaker 3: to take the quick exit out. I'm talking about jumping
• 1:05
  Speaker 3: out the window and letting the rest work itself out?
• 1:09
  Speaker 3: Or is there hope do we hold on? Is it
• 1:12
  Speaker 3: going to be just a dip and a brief crash,
• 1:16
  Speaker 3: which is what we've experienced so many times in the past,
• 1:21
  Speaker 3: For the last forty years, just about since nineteen eighty seven,
• 1:26
  Speaker 3: so I take it back thirty seven years. John Brace
• 1:30
  Speaker 3: is with us now. John, always great to have you
• 1:32
  Speaker 3: on your take on the current crash. Is it tran
• 1:37
  Speaker 3: I'll use fed speak. Is it transitive or is it
• 1:43
  Speaker 3: is it a trend?
• 1:45
  Speaker 1: Well, I mean, no one can see the future, right,
• 1:48
  Speaker 1: and I think the best way to put it is
• 1:51
  Speaker 1: preparation trump prediction, all right, So let go of trying
• 1:56
  Speaker 1: to predict what's going to happen when and see what
• 1:59
  Speaker 1: you can to be ready. And you know what, Carrie,
• 2:01
  Speaker 1: we should really learn from the animals. Notice what the
• 2:05
  Speaker 1: animals don't do when there's a flood or a hurricane.
• 2:08
  Speaker 1: They don't say, hey, Carrie, I'm going to ride this
• 2:10
  Speaker 1: one out. They go and they don't look at the
• 2:12
  Speaker 1: prettiest or the best dress or the one with the
• 2:14
  Speaker 1: biggest house. They look to the smartest animals and they
• 2:17
  Speaker 1: go to higher ground. So my point is, don't drown,
• 2:20
  Speaker 1: turn around, turn your assets around, and figure out what
• 2:23
  Speaker 1: your exit strategy is, because who knows that this is
• 2:26
  Speaker 1: just the beginning, If it's just going to blow over.
• 2:28
  Speaker 1: Everybody wants to be optimistic and say, well, we just
• 2:31
  Speaker 1: know this will blow over, keep buying the dips. But
• 2:33
  Speaker 1: you know sometimes things turn awry very quickly, and now
• 2:37
  Speaker 1: it's how low can we go? So to our way
• 2:40
  Speaker 1: of thinking, rather than try and predict what might happen,
• 2:43
  Speaker 1: because you could just be right or wrong either way
• 2:45
  Speaker 1: you cut it, how do you prepare so that you
• 2:47
  Speaker 1: can survive and thrive no matter what happens, whether it's
• 2:51
  Speaker 1: in Washington, DC or the economy around the world. And
• 2:54
  Speaker 1: the one two punch that we advocate Carrie is active
• 2:58
  Speaker 1: management number one and diversification number two. So active management
• 3:04
  Speaker 1: simply looks like most by comparison, Most investment accounts, mutual funds,
• 3:09
  Speaker 1: exchange traded funds keep the portfolio five percent cash, ninety
• 3:14
  Speaker 1: five percent invested. So in a two thousand and nine
• 3:17
  Speaker 1: or twenty twenty three that was terrific, but twenty eight
• 3:21
  Speaker 1: into twenty two, twenty twenty two not so much. Hid
• 3:25
  Speaker 1: In two thousand and eight markets off thirty seven many
• 3:28
  Speaker 1: of the passive all stock portfolios were all over forty
• 3:32
  Speaker 1: percent in that calendar year, and then here comes twenty
• 3:35
  Speaker 1: twenty two mark is off twenty to thirty percent. So
• 3:40
  Speaker 1: that's what the that's what the indexes did for those
• 3:43
  Speaker 1: who had their portfolios strategically set up so that we
• 3:48
  Speaker 1: limit the losses, as opposed to insult you by saying, Jerry,
• 3:52
  Speaker 1: you have to live with the losses. No, let's not
• 3:55
  Speaker 1: stay static. Five percent cash, ninety five percent invested. In fact,
• 3:59
  Speaker 1: let's see what we need to do on a daily
• 4:02
  Speaker 1: basis to answer this question, is a risk on or
• 4:05
  Speaker 1: risk off?
• 4:06
  Speaker 3: In eight?
• 4:06
  Speaker 1: Systematically throughout two thousand and eight, you wanted to take
• 4:10
  Speaker 1: shares off the table off the Titanic. And what I
• 4:14
  Speaker 1: mean is you didn't move from this stock to that stock,
• 4:17
  Speaker 1: or this bond to that bought. That's kind of like
• 4:19
  Speaker 1: rearranging the deck chairs on the Titanic the state ship
• 4:23
  Speaker 1: sank or we don't want that to happen. So let's
• 4:26
  Speaker 1: move out of risk assets and into cash risk off.
• 4:29
  Speaker 1: And in some cases clients started eight five percent cash,
• 4:33
  Speaker 1: but into the end of two thousand and eight fifty percent,
• 4:36
  Speaker 1: seventy percent, sometimes one hundred percent cash. That by that
• 4:40
  Speaker 1: way of working, we can see the evidence that these
• 4:43
  Speaker 1: folks who went that route were off no more than
• 4:47
  Speaker 1: actually less than twenty percent. In two thousand and eight, again,
• 4:49
  Speaker 1: the market thirty seven, the index funds over forty, so
• 4:53
  Speaker 1: you know, and it took a year or two to
• 4:55
  Speaker 1: get back to even, whereas the passive accounts took four
• 4:58
  Speaker 1: to five years to get back to eat it. So
• 5:01
  Speaker 1: we're going to suggest that we do what we can
• 5:03
  Speaker 1: to live at the losses again through active management. And
• 5:06
  Speaker 1: number two is greater diversification. And let me ask you this, Kerrie,
• 5:11
  Speaker 1: in terms of greater diversification, to kind of get some
• 5:13
  Speaker 1: sense of what that looks like. If you're looking at
• 5:16
  Speaker 1: the Yale endowment forty point seven billion dollars, if I'm
• 5:20
  Speaker 1: not mistaken, what do you imagine? You don't need to know,
• 5:24
  Speaker 1: because again it's I think it's a good conversation. Hat
• 5:27
  Speaker 1: Yale might have as a percentage in US stocks, I
• 5:32
  Speaker 1: would say two thirds two thirds? Okay, yeah, I think
• 5:37
  Speaker 1: see the securities industry has encouraged all of this, no
• 5:40
  Speaker 1: matter what we're trying to do. To think in terms
• 5:43
  Speaker 1: of making big bets forty percent bonds, sixty percent stocks
• 5:48
  Speaker 1: to hear it stocks, those are big bets. What blows
• 5:52
  Speaker 1: my mind every time I look and they Yale does
• 5:55
  Speaker 1: a report ball once a year. They're and they're pretty uh.
• 5:58
  Speaker 1: They describe a lot about what they used to do
• 6:01
  Speaker 1: in the eighties and how they're not doing that anymore.
• 6:03
  Speaker 1: In the eighties, it was a portfolio that was there
• 6:05
  Speaker 1: like seventy five percent US stocks, bawns and cash. Today
• 6:10
  Speaker 1: it's less than ten percent US stocks here.
• 6:13
  Speaker 3: A year ago.
• 6:14
  Speaker 1: Yeah, what I was looking for the details, all I
• 6:17
  Speaker 1: could find was three percent of forty point seven billion
• 6:21
  Speaker 1: dollars in US stocks. I mean that's like nothing, right,
• 6:25
  Speaker 1: I mean forty billion, that's a whole lot, but it's
• 6:28
  Speaker 1: not thirty percent. It's not forty percent. Okay, So we
• 6:32
  Speaker 1: can't do what the major endowments do, but we can
• 6:36
  Speaker 1: learn from the best in the brightest, and I think
• 6:38
  Speaker 1: one of the things we can learn is that we
• 6:40
  Speaker 1: have more legs under our portfolio stool. That makes for
• 6:44
  Speaker 1: a firmer sit for your life savings. As opposed to
• 6:47
  Speaker 1: being on two legs, which can wobble and break. You
• 6:50
  Speaker 1: got four or five legs under that portfolio, and now
• 6:53
  Speaker 1: you're probably in a position where you might yield a bit,
• 6:56
  Speaker 1: but you won't break. And that's what we want, right,
• 6:58
  Speaker 1: We want to bounce, not break. So again, yeah, it's
• 7:01
  Speaker 1: active management and greater diversification outside of traditional asset classes
• 7:06
  Speaker 1: that we think are the answered no matter how this
• 7:09
  Speaker 1: market turns.
• 7:10
  Speaker 3: Okay, So where is Yale putting their money if it's
• 7:14
  Speaker 3: not in the stock market. Well, let's see. It's like LASSI.
• 7:20
  Speaker 1: Look, it's about four percent to bonds, about ten percent
• 7:25
  Speaker 1: to cash. They like alternative investments like credit programs and
• 7:31
  Speaker 1: real estate investment trust. They are pretty well diversified. So
• 7:36
  Speaker 1: it's and I'm not saying this is not a template.
• 7:40
  Speaker 1: You see what I'm saying. I mean, in other words,
• 7:41
  Speaker 1: we're not Some people say, oh, is this what you
• 7:43
  Speaker 1: do with their clients. No, we can't. We're retail investors.
• 7:47
  Speaker 1: We don't have the kind of capability that they have,
• 7:50
  Speaker 1: and they think of their funds as perpetual. We don't, right,
• 7:54
  Speaker 1: So they they're they're doing a lot with the money.
• 7:57
  Speaker 1: We can't do exactly what they can do. What I'm
• 8:00
  Speaker 1: saying is the majority of us get overly comfortable. We
• 8:04
  Speaker 1: become smugly complacent. Really in this favorite stock that you like,
• 8:08
  Speaker 1: the bond that you like, too much cash. You're sixty
• 8:12
  Speaker 1: percent of your portfolios in real estate. So what I'm
• 8:15
  Speaker 1: saying is there's no there's no bible, there's no right way,
• 8:20
  Speaker 1: there's no wrong way. The question is what's your way
• 8:22
  Speaker 1: and figure out how to know what you own and
• 8:25
  Speaker 1: also make sure that you have some defensive strategies in
• 8:29
  Speaker 1: your portfolio. Every team has offense and defense. The Olympics
• 8:32
  Speaker 1: are going on, they've got to have both, whatever the
• 8:35
  Speaker 1: game they're playing. So as investors, most of us are
• 8:38
  Speaker 1: very authensive looking for all those gains. What do we
• 8:41
  Speaker 1: have in our bag of tricks, if you will, that
• 8:44
  Speaker 1: will keep our losses limited so that we don't need
• 8:47
  Speaker 1: a hell Mary pass just to get back in the game.
• 8:50
  Speaker 3: Yeah, well, at times like these, you got to be
• 8:52
  Speaker 3: more concerned about return of capital or return of investment
• 8:58
  Speaker 3: than rather than turn on investment. Right.
• 9:01
  Speaker 1: I couldn't agree more. And you know, if we can
• 9:04
  Speaker 1: learn from some history, Carrie, we can look at two examples,
• 9:07
  Speaker 1: one being the US after the Great Depression and the
• 9:10
  Speaker 1: other one being Japan. Right, many of us know with
• 9:14
  Speaker 1: the Great Depression, Well, first we started the twenties right
• 9:16
  Speaker 1: as the rowing twenties and then ended with a Great Depression.
• 9:19
  Speaker 1: That's quite a decade, right, Many people do know that
• 9:24
  Speaker 1: stocks were off about eighty eighty five percent of the
• 9:27
  Speaker 1: Great Depression. What many people don't know is that it
• 9:31
  Speaker 1: took twenty twenty five years to get back to even
• 9:33
  Speaker 1: assuming this is foy it in. Yeah, you stayed in
• 9:36
  Speaker 1: one hundred percent. You did not sell a share, You
• 9:39
  Speaker 1: didn't need any money for twenty twenty five years. Now,
• 9:41
  Speaker 1: what do you even know if doesn't need any money
• 9:43
  Speaker 1: for twenty twenty five years. And then New York real
• 9:45
  Speaker 1: estate about a year later, the capital of capitalism, right,
• 9:49
  Speaker 1: New York City dropped seventy percent, and the realtors, oh,
• 9:52
  Speaker 1: it always comes back, Yes, it did. That only took
• 9:56
  Speaker 1: forty years, that's right, four decades. So stocks took twenty
• 10:01
  Speaker 1: twenty five, New York real estate took forty and the
• 10:05
  Speaker 1: average age of death at the time, if we were adults,
• 10:07
  Speaker 1: was fifty seven. Yeah, you see what's happening here. Neither
• 10:12
  Speaker 1: the stocks nor you're a real estate in New York
• 10:14
  Speaker 1: got back to EVA while you were still here, So
• 10:17
  Speaker 1: that means you died with regret. And guess what the
• 10:20
  Speaker 1: same thing is happening with Japan. There's the NIK two
• 10:24
  Speaker 1: two five twelve, twenty ninety nine. PETE dropped eighty percent
• 10:28
  Speaker 1: in about twenty two months or so.
• 10:31
  Speaker 3: A year later.
• 10:32
  Speaker 1: Japanese real estate sound familiar. Yeah, dropped seventy percent, okay,
• 10:36
  Speaker 1: and I love to ask which one's back to even
• 10:40
  Speaker 1: for a long time the question. The answer was neither.
• 10:43
  Speaker 1: From what I can tell, it looks like both the
• 10:45
  Speaker 1: nie K in Japan and the residential real estate market
• 10:50
  Speaker 1: has finally recovered. But let's see, you placed that bet
• 10:56
  Speaker 1: thirty five years ago. Are those bets right? And you
• 10:59
  Speaker 1: took it for five years? Yeah, just to get back
• 11:02
  Speaker 1: to where you were. So you were thirty five, then forty, right,
• 11:06
  Speaker 1: and now you're seventy seventy five. I mean really, I
• 11:11
  Speaker 1: And that's my point. You know it may not come
• 11:13
  Speaker 1: back fast enough, so let's take the time to figure
• 11:17
  Speaker 1: out how to limit our losses.
• 11:19
  Speaker 3: Yeah. Hey, well you know, risk management as an individual
• 11:24
  Speaker 3: investor is really your most important job, and it's something
• 11:28
  Speaker 3: that most of you out there know the least about. Right,
• 11:32
  Speaker 3: this is true.
• 11:33
  Speaker 1: Yeah, we get I like to say, Carrie, we get
• 11:35
  Speaker 1: high on the hopium right wherever I throw the darts,
• 11:38
  Speaker 1: as long as it goes up in value, then see
• 11:40
  Speaker 1: how smart I was?
• 11:41
  Speaker 3: Any questions might have been better with the darts this
• 11:45
  Speaker 3: time around. Uh So, non traditional investments you think are
• 11:53
  Speaker 3: going to be the place to be for the foreseeable future.
• 11:57
  Speaker 3: I do.
• 11:57
  Speaker 1: I actually believe that's investors salvation. And the interesting thing
• 12:02
  Speaker 1: is for retail investors that sounds new. You might be
• 12:07
  Speaker 1: kind of like, you have a thirty year old car.
• 12:09
  Speaker 1: It doesn't have electric windows. Now you can't buy a
• 12:12
  Speaker 1: car without electric windows, right, automatic soap wipers, right, just
• 12:15
  Speaker 1: work for you? Like sure?
• 12:17
  Speaker 3: So yeah.
• 12:18
  Speaker 1: The institutions and Dowmus foundations have been in this space
• 12:22
  Speaker 1: of alternative investments for the last thirty forty in some
• 12:25
  Speaker 1: cases fifty years. Some of those positions are now becoming
• 12:29
  Speaker 1: available to retail investors. In fact, let's talk about one
• 12:34
  Speaker 1: for a minute. One that I like a lot, and
• 12:35
  Speaker 1: that would be one that holds both student housing right
• 12:39
  Speaker 1: with clients. He's a rocket scientist, she's a broker. They
• 12:43
  Speaker 1: own property near USC. They tell me that USC has
• 12:47
  Speaker 1: eight thousand rental units with a waiting list of forty
• 12:51
  Speaker 1: thousand people.
• 12:52
  Speaker 3: Wow.
• 12:53
  Speaker 1: Yeah, so many people were paying money every month to
• 12:57
  Speaker 1: keep their kids room during COVID when the kid was
• 13:00
  Speaker 1: at home. So I liken this kind of investment as
• 13:04
  Speaker 1: a cash cow. And a lot of the schools are
• 13:06
  Speaker 1: moving out of the owning and the management of residential properties.
• 13:11
  Speaker 1: Transferring that responsibility to companies. So now you have the
• 13:14
  Speaker 1: company that does the work as opposed to the school
• 13:16
  Speaker 1: that gets to blame. So yeah, I do like that space.
• 13:20
  Speaker 1: The other piece of the puzzle I like a lot
• 13:23
  Speaker 1: is data center infrastructure. That's the three hundred thousand square
• 13:27
  Speaker 1: foot buildings, and I'm not even sure they have the
• 13:30
  Speaker 1: bathroom because you know, everything's electronic and you have all
• 13:33
  Speaker 1: of this technology has to work twenty four seven, three
• 13:37
  Speaker 1: sixty five with three or four systems back up without water,
• 13:40
  Speaker 1: by the way, outside of California, that are just going
• 13:43
  Speaker 1: to keep chugging a log. So again, to me, this
• 13:45
  Speaker 1: looks like something that will hold up no matter what
• 13:48
  Speaker 1: happens in DC, what happens with the economy both here
• 13:51
  Speaker 1: and around the world.
• 13:53
  Speaker 3: I like it. I like it. Hey, so what about AI?
• 13:56
  Speaker 3: Now we talked about data centers. Is there another way
• 14:00
  Speaker 3: to play AI? It might be even more advantageous.
• 14:04
  Speaker 1: Well, you know, the only way you're going to know
• 14:06
  Speaker 1: it was more advantageous is when after the fact, right,
• 14:10
  Speaker 1: So I can't I don't foresee that. I don't foresee
• 14:13
  Speaker 1: what might be more advantageous. I would say, if you're
• 14:16
  Speaker 1: you know, in a stock for example, that's probably more exciting.
• 14:21
  Speaker 1: And if you like assitement, then any one of your
• 14:25
  Speaker 1: stocks that feature work and intelligences is going to be
• 14:30
  Speaker 1: you know, well, we watch. We watched those stocks, just
• 14:34
  Speaker 1: like we watched the tech stocks back in two thousand,
• 14:38
  Speaker 1: all right, they were the ones that ran off to
• 14:41
  Speaker 1: the moon and had separation. In other words, it was
• 14:44
  Speaker 1: you know ten that time, is about seven stocks this time.
• 14:49
  Speaker 1: But what you're looking for, or what we should be seeing,
• 14:53
  Speaker 1: is breadth. That's with a D right where you've got
• 14:56
  Speaker 1: whatever the index is five hundred stocks with S and
• 14:58
  Speaker 1: P the dolls thirty. But the top seven you don't
• 15:03
  Speaker 1: like the top seven separating from the rest of the
• 15:06
  Speaker 1: of the of the prop We want tom We want
• 15:08
  Speaker 1: all the stocks to go up at the same time.
• 15:11
  Speaker 1: That's a lot of volume, that's a lot of breadth.
• 15:13
  Speaker 1: But when we see this separation happening, it's not uncommon
• 15:17
  Speaker 1: for those those stocks that ran off to the moon
• 15:21
  Speaker 1: turn around and now all of a sudden it looks
• 15:24
  Speaker 1: like widely eat coyote and the road rudder. How low
• 15:27
  Speaker 1: can we go? So that's why, you know, we're always
• 15:30
  Speaker 1: anxious for people to see what kind of volatility can
• 15:34
  Speaker 1: you accept because sometimes people love all of the upside volatility,
• 15:38
  Speaker 1: but they don't like it when it moves against them.
• 15:41
  Speaker 1: And I think we can agree savvy investors hate losses
• 15:44
  Speaker 1: more than they love gains, so they're more interested in
• 15:46
  Speaker 1: limiting their losses and that's what vote.
• 15:49
  Speaker 3: So what kind of time frame should you be looking
• 15:52
  Speaker 3: at investing now? You know, because long term, you know,
• 15:56
  Speaker 3: sounds dangerous, right, well.
• 15:58
  Speaker 1: I mean, you know, some of these things are always
• 16:02
  Speaker 1: what's the definition of long term? And the way we
• 16:04
  Speaker 1: look at it is long term is lifetime. And if
• 16:08
  Speaker 1: you're sixty five, we believe we plan as though we
• 16:13
  Speaker 1: expect to live through age one hundred. So we want
• 16:16
  Speaker 1: to see what needs to happen so that you know,
• 16:19
  Speaker 1: there's a significant other both a couple that both parties
• 16:24
  Speaker 1: can get to one hundred, and both of them can
• 16:27
  Speaker 1: see the kind of income that they need. That's the question.
• 16:30
  Speaker 1: How can we make sure this income is very consistent
• 16:33
  Speaker 1: and with traditional retirement accounts, we have to recognize that
• 16:38
  Speaker 1: the withdrawals must be taken and the withdrawals must increase
• 16:42
  Speaker 1: thanks to the infrom of revenue service every year for
• 16:45
  Speaker 1: the rest of your life, So you know, it might
• 16:47
  Speaker 1: be three four percent when you're in your seventies. Stick
• 16:50
  Speaker 1: around to your nineties, it might be north of eight percent.
• 16:52
  Speaker 1: And every year that withdrawal rate just creeps up a
• 16:55
  Speaker 1: little bit and there's no way you can you can
• 16:58
  Speaker 1: stop it from a traditional retirement account. So it makes
• 17:01
  Speaker 1: sense to look at how can I build a portfolio
• 17:05
  Speaker 1: differently than when I was younger. You know there were
• 17:07
  Speaker 1: two fifty percent losses on the same decade. Well, if
• 17:10
  Speaker 1: you were making contributions, that was a wonderful thing, but
• 17:12
  Speaker 1: if you were taking withdrawals, that was a terrible thing.
• 17:17
  Speaker 3: So it all depends on where you are.
• 17:19
  Speaker 1: What you're trying to get accomplished, really irrespective of age.
• 17:23
  Speaker 1: But we want to make sure people figure out what
• 17:25
  Speaker 1: it is they're trying to do and maybe design their
• 17:29
  Speaker 1: portfolios so that the portfolio actually performs within their limitations.
• 17:34
  Speaker 1: You know, if the market's off twenty or thirty in
• 17:36
  Speaker 1: twenty twenty two, and you said you could live with
• 17:39
  Speaker 1: a twelve percent loss, but your account was down ten percent, Okay,
• 17:44
  Speaker 1: what do they say, right?
• 17:45
  Speaker 3: If you buy you some of the ditch, stop digging? Yeah?
• 17:48
  Speaker 1: Ten you didn't go to your limited twelve I would
• 17:52
  Speaker 1: say that's good. And you didn't get to twenty or
• 17:55
  Speaker 1: thirty on a million bucks, that's what two three hundred
• 17:58
  Speaker 1: thousand dollars just like that. You didn't want to go there,
• 18:01
  Speaker 1: and you didn't, And if the money had been where
• 18:03
  Speaker 1: it was before, you would have gone to being off
• 18:05
  Speaker 1: twenty or thirty percent.
• 18:07
  Speaker 3: All right, Well, it sounds like interesting times are ahead. John, Hey,
• 18:11
  Speaker 3: tell us how do we find you? How do we
• 18:13
  Speaker 3: connect with you on the web?
• 18:15
  Speaker 1: Yes, well we're at Westlake Financial Advisors or YB poor
• 18:20
  Speaker 1: either way, we'll connect to our site. Our phone numbers
• 18:22
  Speaker 1: eight oh five, four ninety five, two zero seven seven.
• 18:25
  Speaker 1: And love talking with folks about what it is they're
• 18:28
  Speaker 1: afraid of and what they'd like to prepare so that,
• 18:31
  Speaker 1: as I say, we can, we can avoid running out
• 18:34
  Speaker 1: of money before we run out of time.
• 18:35
  Speaker 3: Yeah, that's the important thing. Everyone's a great fear. Hey,
• 18:39
  Speaker 3: got a question for John and myself? Shoot me an
• 18:41
  Speaker 3: email kl at Kerrie LEDs dot com. We'll get you
• 18:45
  Speaker 3: an answer quick. You'll find a link to john site
• 18:47
  Speaker 3: in the show notes of this interview on Financial Survival
• 18:50
  Speaker 3: Network dot com. We just asked when you're there, please
• 18:53
  Speaker 3: sign up for a free newsletter John always a pleasure.
• 18:55
  Speaker 3: Thanks for coming by my pleasure carry see you next time.
• 18:59
  Speaker 2: Thanks for listening. Carry Lets this financial survival Network your
• 19:03
  Speaker 2: solution to today's trying times. For the latest, go to
• 19:07
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival Network now more than ever,