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Where to Invest $1 Million Right Now · Merryn Talks Money

0:02
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
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Speaker 2: Welcome to Marin Talks Your Money, the Personal finance edition
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Speaker 2: of Marin Talks Money, where we talk about the best
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Speaker 2: strategies for making the most of your money. I'm Maren
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Speaker 2: Zum said Webb, and this week I am welcoming back
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Speaker 2: to the show Bloomberg Personal Finance and investing reporter Suzanne Willie. Welcome, Suzann.
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Speaker 3: Great to be here.
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Speaker 2: Wow, it's a difficult time to think about what to
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Speaker 2: invest in, isn't it. So it's lucky that we have
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Speaker 2: your go tos. I mean, we're sitting here on we
0:44
Speaker 2: and there's been a wonderful run in markets, and now
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Speaker 2: this seems like a little bit of an AI wabble
0:48
Speaker 2: going on, and there's more and more talk about is
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Speaker 2: it a bubble? Will there be a crash? What will happen?
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Speaker 2: What do I invest in if I can't invest in AI?
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Speaker 2: Because AI is the only thing in the world to
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Speaker 2: invest in, et cetera.
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Speaker 3: Exactly exactly. And goal yeah, gorblingbling.
1:02
Speaker 2: But hanging in there, hanging in there around four thousand gold. Yeah,
1:07
Speaker 2: everything's going to be fine with gold surely. Anyway, you
1:12
Speaker 2: have been out there interviewing again, asking people who really
1:16
Speaker 2: work every day in the markets what they are investing
1:20
Speaker 2: in or what they would invest in, and also crucially,
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Speaker 2: what they do if we just gave him a million
1:25
Speaker 2: bugs and told them they could do whatever they wanted
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Speaker 2: with it. That's the most interesting bit of all this,
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Speaker 2: I think. I mean, you know, we're instead of on't
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Speaker 2: we and what they think about metals and all that
1:32
Speaker 2: kind of thing, But what we're really interested in is
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Speaker 2: what they do with a million bugs.
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Speaker 3: Exactly right.
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Speaker 2: Let's talk about your first interviewe alexandri So Tavatsi, who
1:43
Speaker 2: is from pict A Wealth Management, and he is a
1:47
Speaker 2: man after my own heart because for him, the future
1:51
Speaker 2: is metaled.
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Speaker 3: Right, Yes, yeah, he is really focused on a structural
1:56
Speaker 3: ball market in raw materials. I mean, his his line.
2:00
Speaker 3: You know, the infrastructure of the future is being built
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Speaker 3: today and it's metal intensive, so you know, we're seeing
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Speaker 3: record demand for materials like copper and lithium materials. They
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Speaker 3: sort of give you access to the physical backbone of
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Speaker 3: tomorrow's economy. He likes asset heavy companies in the space,
2:16
Speaker 3: so companies that have like significant physical assets like smelters, refineries,
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Speaker 3: land in real estate. You know, in part this is
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Speaker 3: because they provide an inflation hedge as commodity prices rise.
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Speaker 3: So he would deploy the one million into three buckets.
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Speaker 3: He'd put about half in a diversified group of global
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Speaker 3: mining companies with exposure to copper, aluminum, nickel, and rare earths.
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Speaker 3: And that's because he calls them the building blocks for
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Speaker 3: grid upgrades, for electric vehicles and battery storage. And then
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Speaker 3: he'd put about thirty percent to direct commodity ETFs, again
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Speaker 3: copper aluminum and an array of battery components. Further, he
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Speaker 3: likes their inflationary status and they provide a good sort
2:59
Speaker 3: of or direct play on metal prices. For the final
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Speaker 3: twenty percent, he went just target public companies that are
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Speaker 3: sort of the picks and shovels needed to build energy infrastructure.
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Speaker 3: Grid connections, power inverters, storage systems, all of these sort
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Speaker 3: of basic building blocks of the infrastructure that we're going
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Speaker 3: to you know, no doubt be needing well out into
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Speaker 3: the future.
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Speaker 2: Yeah, I mean, this is so interesting. It's something that
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Speaker 2: we talk about on the podcast a lot. We talk
3:23
Speaker 2: about will there be a commodity supercycle? We talk about
3:26
Speaker 2: inflation and how you had you against inflation, and in particular,
3:30
Speaker 2: over the last year or so, we've been talking about
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Speaker 2: the price of AI companies. So if you buy a
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Speaker 2: company that are directly involved in the AI revolution, it's
3:38
Speaker 2: going to be extremely expensive on every single valuation measure.
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Speaker 2: So true, the companies that allow the AI company to
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Speaker 2: even begin to exist, the companies that produce the metals
3:51
Speaker 2: and the products that allow the grid to be upgraded
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Speaker 2: and data system data centers to exist, etc. You can
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Speaker 2: buy those for all there's nothing, So it makes so
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Speaker 2: little sense. So this strategy, to me, it seems incredibly sensible.
4:09
Speaker 2: You want to be invested in the future, but you
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Speaker 2: don't want to pay a pee of seventy times to
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Speaker 2: be invested in the future. You'd rather pay a pe
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Speaker 2: of ten to fifteen times even less than some of
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Speaker 2: these cases, to be exposed to the building blocks behind
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Speaker 2: that technological revolution.
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Speaker 3: Absolutely, I think it's a really sort of solid argument.
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Speaker 3: And with AI today getting in where the prices are,
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Speaker 3: it just seems kind of insane to me.
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Speaker 2: Yeah. Now, Alexandra, he also as as I Alexandra, he
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Speaker 2: has in his mind AI across the board, I'd say,
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Speaker 2: because when you asked him what he'd do with a
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Speaker 2: million dollars outside this more conventional investment approach. He immediately
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Speaker 2: shifted to worrying about the disruption to any work or
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Speaker 2: careers that his children might have in future, and the
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Speaker 2: need to give them some kind of cushion.
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Speaker 1: Right.
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Speaker 3: Yeah, that's a great point he did, you know. He
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Speaker 3: talked about how young men and women today entry the
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Speaker 3: labor for us, are confronting these massive challenges of technological change,
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Speaker 3: you know, geopolitical order being reshaped. So he would give
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Speaker 3: the one million to his kids and sort of free
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Speaker 3: them up to focus, he said, on the opportunities of today,
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Speaker 3: rather than the uncertainties of tomorrow, to sort of free
5:21
Speaker 3: them from worries related to potential work disruptions. So it
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Speaker 3: was it was a really interesting way to spend the money,
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Speaker 3: given what his main entry was about.
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Speaker 2: Yeah, it's interesting, isn't it, giving your kids a gift
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Speaker 2: of freedom.
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Speaker 3: I would take that.
5:33
Speaker 2: Yeah, although for another podcast, of course, giving your children
5:37
Speaker 2: too much money can hamper them horribly. You have to
5:39
Speaker 2: find this sweet spot, don't you, between taking away a
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Speaker 2: good bit of the pain, but also leaving them in
5:47
Speaker 2: need enough to drive them to self fulfillment. We all know,
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Speaker 2: the miserable trust fund kid.
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Speaker 3: Yeah, and if they have the sort of money all
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Speaker 3: their lives and they don't encounter sort of any sort
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Speaker 3: of difficulties, you know, how did they develop resilience?
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Speaker 2: Well, resilience and self fulfillment. That's what we all need anyway,
6:05
Speaker 2: Not for this podcast is that. That's a different one.
6:07
Speaker 2: In fact, we should do a different one. We should
6:09
Speaker 2: do a podcast on inheriting wealth.
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Speaker 3: That would be great.
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Speaker 2: Not just on how much is been going to be inherited?
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Speaker 2: Can we talk about that all the time, but the
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Speaker 2: emotional and productivity sound of inheriting wealth. Okay, stand by
6:23
Speaker 2: for that one, listeners. But let's move on to fat.
6:26
Speaker 2: Let's stick with luxury. Then you spoke to Chloe Duanchi,
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Speaker 2: head of macro and investment strategy at the Rockefeller Global
6:34
Speaker 2: Family off as well about they know what they're doing,
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Speaker 2: and she was all about luxury real estate.
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Speaker 3: Yes, she was saying that there's a lot of interesting
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Speaker 3: opportunities unfolding in some of the more niche thematic corners
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Speaker 3: of luxury real estate development, such as premium student housing
6:51
Speaker 3: at state universities in the US and in really high resorts.
6:55
Speaker 3: Because as we know, while the average US consumer, the
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Speaker 3: low income consumers under pressure, and we're starting of seeing
7:01
Speaker 3: cracks show up and the financial pictures there the market
7:05
Speaker 3: looks very different at the top of the income spectrum.
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Speaker 3: We had that statistic out of Moodies about how much
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Speaker 3: of consumer spending. I think it was about fifty percent
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Speaker 3: of all consumer spending in the second quarter was done
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Speaker 3: by the top ten percent of US earners, and that
7:22
Speaker 3: is huge. So that is an area where spending by
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Speaker 3: affluent households, it's far more stable against across cycles, she
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Speaker 3: was saying, and that resilience is what people will pay
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Speaker 3: a premium on, which makes a lot of sense to me.
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Speaker 3: She thinks that part of the story to her real
7:39
Speaker 3: estate development idea is the supply vacuum that we saw
7:42
Speaker 3: created by a number of years of limited new construction,
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Speaker 3: when new builds virtually froze during twenty twenty two and
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Speaker 3: twenty twenty four. So she's playing this sort of collision
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Speaker 3: between scarce new supply coupled with sort of steady if
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Speaker 3: not improving demand and student housing. You know, she says
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Speaker 3: that at first, I thought she was going to say, oh,
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Speaker 3: premium student housing. I thought she was going to say
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Speaker 3: like I don't know Harvard or Yeah or some of
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Speaker 3: the really elite opportunities. But she was still saying, like,
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Speaker 3: very good flagship state schools with big sports teams have
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Speaker 3: seen risily enrollment and a lot of growth, but the
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Speaker 3: supply of student housing hasn't kept pace, even as rents
8:23
Speaker 3: have popped up quite nicely. And it's not an imbalance.
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Speaker 3: It's likely to go away soon because to be a
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Speaker 3: player in this space in student housing, you have to
8:33
Speaker 3: have a lot of history with that area. You have
8:36
Speaker 3: to sort of know the local politics, you have to
8:38
Speaker 3: know what the local entitlements are. You really have to
8:42
Speaker 3: sort of it's a very specialized niche. So you can't
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Speaker 3: sort of easily parachute in.
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Speaker 2: It's interesting them and it's not for everyone. I mean,
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Speaker 2: how do you invest in that? In student housing in
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Speaker 2: the US. You don't want to go out and buy
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Speaker 2: a student student house if you haven't got a student
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Speaker 2: at that universities, So you need to find some kind
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Speaker 2: of fund or a collective vical for that.
9:04
Speaker 3: You need to find a private fund or basically you
9:06
Speaker 3: need to work with somebody like you know, like Rockefeller,
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Speaker 3: you know, a high end you know, private wealth office
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Speaker 3: that will have access to some of these players.
9:15
Speaker 2: And the other thing that she talked about was experience
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Speaker 2: is as the new STATA symbol. We don't want stuff anymore.
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Speaker 2: We want experiences that we can put all over our
9:22
Speaker 2: social media and effectively get a longer term return from right.
9:27
Speaker 2: And therefore the idea is that you should maybe have
9:30
Speaker 2: a look at some way of investing in luxury resorts
9:32
Speaker 2: and the developers that create those luxury results. Again, that's
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Speaker 2: not for everyone, is the no.
9:37
Speaker 3: But I mean it is an area where as you'd imagine,
9:40
Speaker 3: you know, the imboulnce between supply and demand is very big,
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Speaker 3: and you know, it's very difficult to create one of
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Speaker 3: these new luxury resorts. They want to be in amazing
9:49
Speaker 3: locations that often have sort of you know, environmental concerns,
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Speaker 3: and so it's an area where there's going to be
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Speaker 3: no supply lot for sure. And you know, like she said,
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Speaker 3: you have to partner with an uber specialized operator. And
10:07
Speaker 3: some asset managers will take external capital into private credit
10:12
Speaker 3: or private equity, but you know, specialized players that have
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Speaker 3: for prietary capital will sometimes take outside money. But it's
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Speaker 3: not really something that you and I are going to
10:21
Speaker 3: go racing into I don't think.
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Speaker 2: Your third one. You go through a lot of these
10:39
Speaker 2: people's who said, this must be an awful lot of
10:41
Speaker 2: telephone calls. That's so interesting. This is Ron Sanchez. He's
10:45
Speaker 2: with Vaduciary Trust Co. Internationally. He's the chief investment officer
10:50
Speaker 2: and he he starts out in your conversation saying exactly
10:53
Speaker 2: the right thing, which is there isn't actually know he's wrong.
10:55
Speaker 2: He says there aren't quick chief investment ideas or opportunities
10:58
Speaker 2: today give her. In the third year of the double
11:00
Speaker 2: digit pricing increases to the S and B five hundred,
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Speaker 2: Ron Ron look abroad. It's not compulsory to covers in
11:07
Speaker 2: the US. Other options are available. You could look at
11:10
Speaker 2: the UK, where you know we're pretty key. Try emerging markets.
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Speaker 2: There's all kinds of opportunities out there. Other alternatives are available.
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Speaker 3: I think there was a little home bias there.
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Speaker 2: Looking inside, Ron does find something that opportunities are narrow,
11:28
Speaker 2: that's leg but they exist in healthcare.
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Speaker 3: He focuses on healthcare. He you know, like like you
11:37
Speaker 3: and like many people, is you know, concerned about the
11:40
Speaker 3: S and P and the level at which it's trading.
11:44
Speaker 3: And so he's you know, looking for more looking sort
11:47
Speaker 3: of digging deeper to find more active opportunities in the
11:52
Speaker 3: investment space. And I mean his point is that for
11:56
Speaker 3: a lot of reasons, you know, regulatory issues, drug person concerns,
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Speaker 3: healthcare has struggled. And so he thinks it's trading at
12:05
Speaker 3: an attractive it's trading at an attractive multiple, it's trading
12:09
Speaker 3: at a discount to the broad market that is much
12:14
Speaker 3: more than it has been in recent history. And he
12:17
Speaker 3: also thinks, so from a risk management standpoint, maybe being
12:21
Speaker 3: in healthcare isn't a bad idea compared to you know,
12:24
Speaker 3: being in say Nvidia and Microsoft and such a concentrated
12:28
Speaker 3: bed on tech in the SMP. He notes, you know,
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Speaker 3: Navidia and Microsoft combined to make up nearly fifty percent
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Speaker 3: of the index, but the entire healthcare sector is nine
12:38
Speaker 3: percent of the index.
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Speaker 2: That is a really interesting stat isn't it.
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Speaker 3: Yes, and so, and he also notes that it's one
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Speaker 3: of the most diversified sectors in the SMP, with everything
12:47
Speaker 3: from drug companies to biotech to equipment makers and so on.
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Speaker 3: And I thought, you know, the really good point was, yes,
12:52
Speaker 3: they're in near term challenges for sure, but the demand
12:55
Speaker 3: for healthcare services and drugs is not going away. Well,
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Speaker 3: in the long run, it's not going to go away.
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Speaker 3: You know, I have aging populations here and many of
13:04
Speaker 3: the major countries around the world, so demand is only
13:07
Speaker 3: going to become greater. So he feels like there's some
13:11
Speaker 3: growth opportunities in healthcare. But also it's a bit of
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Speaker 3: a defensive play.
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Speaker 2: Fair enough, fair enough, and quite interesting. You know, if
13:19
Speaker 2: you're looking for looking for any kind of value inside
13:22
Speaker 2: the US, that's probably an interesting place to look. But interestingly,
13:25
Speaker 2: when it comes to us saying to him, what would
13:28
Speaker 2: you do with a million dollars outside conventional investment? Again,
13:31
Speaker 2: he's giving it the kid too.
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Speaker 3: I know, I know he he thinks. You know, he
13:38
Speaker 3: said home ownership is the first step towards financial security,
13:40
Speaker 3: and so he would you know, he's talked about it
13:43
Speaker 3: with his kids, and starter homes are increasingly out of reach,
13:47
Speaker 3: so he would try to help close family members.
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Speaker 2: I mean, it's so interesting, Suzanne. I'm sure that we're
13:53
Speaker 2: not allowed to talk about your nice contact like this,
13:55
Speaker 2: but pretty I'm guessing this man has already had an
13:58
Speaker 2: opportunity to give money to his children.
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Speaker 4: Yeah, I don't I don't know so, I mean, I'm
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Speaker 4: always surprised when people, when people who you think it
14:05
Speaker 4: probably already made these plans, probably already have something in
14:08
Speaker 4: place for their children, exactly, give them a million bucks
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Speaker 4: and they give the kids more.
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Speaker 2: What about the holidays. I know, last time we spoke,
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Speaker 2: everyone was going on holiday with a million dollars.
14:17
Speaker 3: I know, I have to say it was it was.
14:19
Speaker 3: It was more fun last time, you know, we were
14:21
Speaker 3: talking about we were fantasizing about where we would go
14:23
Speaker 3: in the Greek riviera.
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Speaker 1: Yeah, I mean, I wonder if this, if all these
14:30
Speaker 1: people saying that they give them money to their children,
14:33
Speaker 1: it suggests you know, when previously, even a few months ago,
14:36
Speaker 1: and we were talking, we say to people, you want
14:38
Speaker 1: a million bucks, what do you can't do it?
14:39
Speaker 2: They'll be like, well, who, I'm going on holiday. And
14:41
Speaker 2: now you're saying the same thing to them, and thinking
14:43
Speaker 2: like then they're saying, oh, things are difficult, things are tight.
14:45
Speaker 2: It's a gary out there and giving it the kids.
14:47
Speaker 2: Is this giving us some kind of anecdotal sense of
14:50
Speaker 2: a shift in the way people are feeling in the US.
14:53
Speaker 3: It's interesting. I think it probably is. I mean, there's
14:56
Speaker 3: this sentiment shift and there's just you know, so much
14:59
Speaker 3: uncertain tea, and we've got the shutdown, you know, the
15:03
Speaker 3: government shutdown grinding on. I think it's sort of a
15:07
Speaker 3: lot is very unsettled, and I think it's just as
15:11
Speaker 3: time goes on. It's been people have felt deeply unsettled
15:15
Speaker 3: for a long period of time. And I think it's
15:17
Speaker 3: even you know, seeping into the minds of people who
15:20
Speaker 3: probably would not be particularly concerned about their own financial picture,
15:24
Speaker 3: but it just makes everyone feel sort of vulnerable to change,
15:29
Speaker 3: to some sort of like worrying about some sort of
15:30
Speaker 3: like negative change. And so I think sort of that
15:34
Speaker 3: the maybe it's the lens at which people are viewing
15:36
Speaker 3: the world is just a bit darker now, and they're
15:39
Speaker 3: feeling more you.
15:40
Speaker 2: Know, protective and about the kids.
15:44
Speaker 3: Yes, worried about the opportunities. I mean, you know, you
15:47
Speaker 3: see AI taking a lot of taking a fair amount
15:51
Speaker 3: of you know, entry level jobs, and I think that
15:55
Speaker 3: is sort of a very leads to a very fundamental
15:59
Speaker 3: uneasy about what your kids' opportunities are going to be
16:03
Speaker 3: like going forward.
16:04
Speaker 2: Definitely right, But we do have we have one participant
16:08
Speaker 2: here who had a slightly different view on how to
16:10
Speaker 2: spend his million dollars. I think, you know, we'll be
16:12
Speaker 2: keener on him. We'll come to a million dollars in
16:14
Speaker 2: a minute. But this one is Nick Frillinghausen, co Chief
16:17
Speaker 2: Investment Officer of Equities at the Chiltern Trust, and he
16:21
Speaker 2: has a slightly different idea a game we're own property here,
16:24
Speaker 2: but kind of the opposite to luxury property.
16:26
Speaker 3: Right, yes, I mean his you're right, it's another real
16:30
Speaker 3: estate idea. And he says it's a patient idea. It's
16:33
Speaker 3: not an idea expects to take off immediately, but over
16:36
Speaker 3: the next three years. He thinks home repair and the
16:39
Speaker 3: home repair and remodeling space will be interesting. He has
16:45
Speaker 3: exposure to the leading companies in this area, the sort
16:48
Speaker 3: of what we call in the US the big category
16:51
Speaker 3: category killer companies, as well as in the paintent codings industry.
16:55
Speaker 3: And his feeling is that we've been in a housing
16:59
Speaker 3: of session for years with affordability at all time lows,
17:02
Speaker 3: and we probably have a shortage right now, like three
17:05
Speaker 3: to five to four million homes in this country. Existing
17:08
Speaker 3: home turnover is only about four million homes a year,
17:12
Speaker 3: which is a thirty year low. Typically it would be
17:14
Speaker 3: more like five million or six million, or a peak
17:16
Speaker 3: I think it was even seven million. You know, a
17:19
Speaker 3: lot of people are, as we know, locked into their
17:21
Speaker 3: homes because they have these low mortgage rates. But he
17:23
Speaker 3: thinks that if mortgage rates go about one hundred or
17:27
Speaker 3: one hundred and fifty basis points lower, that we're likely to
17:30
Speaker 3: see a big unlock in terms of pent up demand.
17:33
Speaker 3: Because every time, he says, you see the tenure treasury
17:35
Speaker 3: flirt with around four percent, you see an uptick in
17:38
Speaker 3: mortgage refinancings and first time home buyer applications. So he
17:42
Speaker 3: thinks these businesses are really good values and that when
17:45
Speaker 3: we've kind of cycles like this and we've seen mortgage
17:47
Speaker 3: rates fall, these companies have sort of a coiled spring
17:51
Speaker 3: kind of dynamic going on in terms of the margins
17:54
Speaker 3: they can earn. So these are you know, these are
17:57
Speaker 3: not like sexy companies, but they're companies that are embedded
18:01
Speaker 3: in our daily lives. You know, you paint your house,
18:05
Speaker 3: you know, you fix up your deck, you do all
18:07
Speaker 3: of these things. And he feels like a lot of
18:09
Speaker 3: people aren't focused on this area. He blames it mainly
18:12
Speaker 3: on because so many money is so much money is
18:14
Speaker 3: flowing into the same ten to twelve names, you know,
18:17
Speaker 3: tech names in the S and P. Five hundred. He
18:19
Speaker 3: thinks that if interest rates go lower, these stocks will
18:23
Speaker 3: do well, and also it'll lead to, as many people think,
18:26
Speaker 3: a broadening out of what actually works in the stock market.
18:29
Speaker 2: Did you mention any stock name produces on when he
18:31
Speaker 2: talked about this.
18:32
Speaker 3: He doesn't mention stock names just as a matter of policy.
18:35
Speaker 3: But I can speculate about what I would imagine they are.
18:40
Speaker 3: I mean, my guess would be when he talks about
18:42
Speaker 3: dominant companies and paints and coding, it makes me think
18:45
Speaker 3: of Sherwin Williams. That's a very big name here. And
18:48
Speaker 3: then when I think of the sort of what we
18:50
Speaker 3: call sort of category killer big home remodel of repair companies,
18:54
Speaker 3: I think of the likes of Home Depot and Lows.
18:57
Speaker 3: So those would be my essens, but they are not
19:01
Speaker 3: names that he gave me.
19:02
Speaker 2: Okay, interesting, right onwards. I don't know why you and
19:05
Speaker 2: I are going on holiday with Nick and his million dollars.
19:09
Speaker 3: Well, I really loved his idea. Well, I love the
19:12
Speaker 3: idea of giving money to kids. His idea again, he's
19:15
Speaker 3: really into experiences and he would take his family ten
19:20
Speaker 3: to twelve members of his family, particularly his parents who
19:23
Speaker 3: are in their mid eighties, on one of those around
19:26
Speaker 3: the world high end private jet journeys where you just
19:30
Speaker 3: jet around in your own private jet, and he would
19:33
Speaker 3: go to all these bucket list destinations that you would
19:37
Speaker 3: like to go to, but the tiquol a lifetime to achieve,
19:40
Speaker 3: you know. So he'd go to anchor Wat and Machu
19:42
Speaker 3: Pichu and Nepal and India, and he'd go to Uganda
19:45
Speaker 3: to see the mountain gorillas and to Japan, which anyway,
19:51
Speaker 3: I love this idea.
19:54
Speaker 2: Thirty to thirty five days, Nick, come on, yes, I mean, Matt,
19:59
Speaker 2: you Pitchiba. The time you finished queuing for tickets, you're
20:01
Speaker 2: two days.
20:02
Speaker 3: In Well, Marrion, you know, we only gave him a
20:05
Speaker 3: million bucks. So he actually priced this out and he
20:09
Speaker 3: figured it would take him about thirty to thirty five days,
20:13
Speaker 3: and he factored the number of people, so you know,
20:16
Speaker 3: he could only take thirty or thirty five days for
20:18
Speaker 3: only allowing him to splurt with a million bucks.
20:21
Speaker 2: I tell you what, thirty five days on a private
20:22
Speaker 2: jet with your family, maybe maybe it's enough.
20:25
Speaker 3: Oh that's a really good point, Maren.
20:27
Speaker 2: That's enough.
20:27
Speaker 3: I think I might pay to break up that.
20:31
Speaker 2: We will go for five days each. I think it
20:34
Speaker 2: would be absolutely wonderful.
20:37
Speaker 3: Oh, I love this idea.
20:39
Speaker 2: I entered in the jet a falcon. I go the
20:42
Speaker 2: do detail, detail, details, details, wonderful. Okay, so there you go, metals, healthcare,
20:49
Speaker 2: lots of property, give the money to your kids, and
20:52
Speaker 2: I gay self a private jet. And that's what you
20:56
Speaker 2: do with a million dollars these days. Then, thank you
21:00
Speaker 2: very much. Indeed, thanks Miren, thanks for listening to this
21:07
Speaker 2: week's Maren Talk to Your Money. If you like us show, rate, review,
21:10
Speaker 2: and subscribe wherever you listen to your podcast. This episode
21:13
Speaker 2: was produced by Someersadi and Roses, and questions and comments
21:17
Speaker 2: on this show and all our shows are always welcome.
21:19
Speaker 2: Our show email is Merrior Money at Bloomberg dot net