Latest / Merryn Talks Money / Magnificent 7 Stocks Slip Into Correction, Bitcoin Dips and Trump's "Gold Card" Idea

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Magnificent 7 Stocks Slip Into Correction, Bitcoin Dips and Trump's "Gold Card" Idea · Merryn Talks Money

• 0:02
  Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Welcome to the Meren
• 0:18
  Speaker 1: Dougs Money Weekly round Up, our debrief on the biggest
• 0:20
  Speaker 1: stories in markets and economics. I'm Merin Sumset, web Editor
• 0:24
  Speaker 1: at Large for Bloomberg UK Wealth.
• 0:26
  Speaker 2: And I'm joined Stepe, Senior Reporter. I didn't read you
• 0:28
  Speaker 2: to the Money Distilled newsletter. Hi John, Hi Melton, you've
• 0:32
  Speaker 2: been away a half. It was great, Yeah, get some
• 0:35
  Speaker 2: turn No I didn't because it was surprisingly called snap
• 0:40
  Speaker 2: in Greece.
• 0:41
  Speaker 3: You've been in Greece.
• 0:41
  Speaker 1: Do you know what?
• 0:42
  Speaker 3: We're going to come to that in a minute.
• 0:43
  Speaker 1: But anyone who's listened to our Personal Finance podcast already
• 0:46
  Speaker 1: this week will be wanting to go to Greece because
• 0:48
  Speaker 1: do you know what comes really really high up on
• 0:52
  Speaker 1: the list of great places to pay for residency or
• 0:55
  Speaker 1: another passport? Oh hello Donald Trump?
• 0:57
  Speaker 3: Coming back in a minute.
• 0:58
  Speaker 4: Right, let's talk about while you've been away.
• 1:02
  Speaker 1: Every time you go away, something happens in markets. It's
• 1:06
  Speaker 1: like you are the signal of all signals. Obviously, the
• 1:12
  Speaker 1: shift and momentum from the ustop marketing, in particular from
• 1:16
  Speaker 1: US technology stocks has actually been underway for a while.
• 1:19
  Speaker 3: It's just a little under the radar.
• 1:20
  Speaker 1: We've talked about it in podcasts over the last few months.
• 1:23
  Speaker 1: Actually the US is not leading the world anymore, but
• 1:26
  Speaker 1: the last week or so it's really begun to just
• 1:29
  Speaker 1: step up. And you've seen European stocks really rising quite
• 1:33
  Speaker 1: fast and American stocks not so much. And now the
• 1:36
  Speaker 1: Magnificent seven is even what we call correction territory.
• 1:40
  Speaker 2: Right yeah, down ten percent, and if it gets to
• 1:45
  Speaker 2: twenty percent, that's a been on market. And obviously those
• 1:47
  Speaker 2: are entirely unofficial, but it's you know, it gives you
• 1:52
  Speaker 2: a sense of we have your ard and if you've
• 1:54
  Speaker 2: got to put definitions on these and may as well
• 1:55
  Speaker 2: be a number. I mean a lot is driven by Tesla,
• 1:58
  Speaker 2: but it's not essentially's not a din bits like because
• 2:01
  Speaker 2: Tesla rocketed whenever Trump was elected for fairly obvious reasons,
• 2:07
  Speaker 2: and it doubled and it's now doing a bit of
• 2:09
  Speaker 2: thud from where it doubled too. But the rest of them,
• 2:13
  Speaker 2: most of the ist of them have gone down as well. Also, Microsoft,
• 2:17
  Speaker 2: Alphabet I think the only two that are still up
• 2:19
  Speaker 2: a bit of Facebook and what was the other one
• 2:24
  Speaker 2: on one of the other ones. But the point is
• 2:26
  Speaker 2: they've kind of run a steam a bit, and we
• 2:29
  Speaker 2: do get in the Vedia's results later today, and obviously
• 2:33
  Speaker 2: that might change things.
• 2:37
  Speaker 5: That might restart the the AI bubble. That is possible,
• 2:40
  Speaker 5: But I think what I wanted to do is is
• 2:43
  Speaker 5: talk about the way other people are looking at this.
• 2:45
  Speaker 5: So we're getting a lot of talk about what might
• 2:49
  Speaker 5: be wrong with America, lots of blaming things on Donald Trump,
• 2:52
  Speaker 5: lots of talking about the American economy, lots of talking
• 2:55
  Speaker 5: about how AI might not be where.
• 2:57
  Speaker 3: Everyone thinks it is, etc.
• 2:58
  Speaker 1: And then on the other side, we've got a lot
• 3:01
  Speaker 1: of looking at Europe and talking about how maybe Europe
• 3:04
  Speaker 1: isn't as bad as you thought, and lots of the
• 3:06
  Speaker 1: problems that we believe a structure are really cyclical and
• 3:09
  Speaker 1: everything's just going to be fine.
• 3:11
  Speaker 5: But to me, it just seems more as though investors
• 3:16
  Speaker 5: and maybe deep secrets would trigger for this and looking
• 3:18
  Speaker 5: around and going, yeah, maybe America isn't the only country
• 3:21
  Speaker 5: worth looking at in the world. Maybe it is a
• 3:22
  Speaker 5: little expensive, and I sue, I'm just going to move
• 3:24
  Speaker 5: some money in something a little bit cheaper, so we're
• 3:26
  Speaker 5: not really looking at maybe America isn't so great, and
• 3:30
  Speaker 5: maybe Europe.
• 3:31
  Speaker 3: Is a bit better.
• 3:32
  Speaker 5: We're just having investors looking at their valuations and going, nah,
• 3:35
  Speaker 5: that's stuff, really expensive, expensive stuff. At the end, it
• 3:37
  Speaker 5: tends to come down that stuff kind of cheap. In
• 3:39
  Speaker 5: the end, cheap stuff tends to go up. So just
• 3:41
  Speaker 5: have some money over there.
• 3:42
  Speaker 3: It's just about flows.
• 3:44
  Speaker 2: Yeah, I know. Sorry, I think you're right. I don't
• 3:47
  Speaker 2: think it's to do be anything other really than relative
• 3:51
  Speaker 2: valuations either. It's again it posting as I think. I mean,
• 3:55
  Speaker 2: one thing that's really interesting is that the thing that
• 3:57
  Speaker 2: has actually been keeping up going to make since seven
• 4:00
  Speaker 2: for about three years now, and quite a few people
• 4:02
  Speaker 2: are noticing this. There's European bank stocks, and you cannot
• 4:06
  Speaker 2: really think other than gold miners of a sector that's
• 4:11
  Speaker 2: been more detested and despised than European banking stocks. And
• 4:15
  Speaker 2: really all that boils down to is that they have
• 4:17
  Speaker 2: become that they've been cheap, and then they've started surprising
• 4:22
  Speaker 2: the market by having slightly better earnings that people thought
• 4:25
  Speaker 2: they would have and by being in slightly better condition
• 4:28
  Speaker 2: than people thought they would be. Absolutely, it does sort
• 4:31
  Speaker 2: of turn around. It is based on that thing of
• 4:34
  Speaker 2: something starts surprising to the upside and something else starts
• 4:37
  Speaker 2: surprising to the downside, and it's all about where where
• 4:42
  Speaker 2: they got to. And the other interesting thing actually is
• 4:45
  Speaker 2: that obviously this is this is a weird kind of
• 4:47
  Speaker 2: like mirroring what happened in the dot com bubble as well.
• 4:50
  Speaker 2: So the dot com bubble in two thousand, you had
• 4:52
  Speaker 2: the tech stocks and then everything that was boring nobody liked,
• 4:56
  Speaker 2: and then dot com bubble burst, and then gradually we
• 4:58
  Speaker 2: got the finance stocks over taking the tech stocks until
• 5:01
  Speaker 2: we got the banking bubble, and then that burst, and
• 5:04
  Speaker 2: then in the aftermath of the banking bubble bursting, Amazon
• 5:07
  Speaker 2: and all the rest of them started to pick up
• 5:09
  Speaker 2: steam again. So it's probably about twenty ten when the
• 5:12
  Speaker 2: last you know, the tech stocks, but really you know,
• 5:15
  Speaker 2: in the duck after the dot com bust, and then
• 5:18
  Speaker 2: he started to recover again, and then you know, we
• 5:21
  Speaker 2: sort of seeing them become the dominant players again. And
• 5:23
  Speaker 2: now they're given way to finance stocks again, which is interesting.
• 5:26
  Speaker 2: I'll be curious to see if that continues. But certainly
• 5:30
  Speaker 2: the momentum is behind the European banking stocks at the
• 5:34
  Speaker 2: moment that's up twenty percent during the time in which
• 5:38
  Speaker 2: has taken the mag seven to fall into a correction territory.
• 5:42
  Speaker 1: The other thing, the thing you haven't mentioned, the other
• 5:44
  Speaker 1: basket of European stocks it's massively up for me is defense.
• 5:48
  Speaker 1: And then go back a couple of years and now
• 5:50
  Speaker 1: and we're touch defense stocks with a barge pull because
• 5:53
  Speaker 1: you know, they're nasty, nasty European stuff, not American stuff,
• 5:57
  Speaker 1: and they're a valley trap, and then not SG and
• 6:01
  Speaker 1: so no one would touch them. And then this year
• 6:04
  Speaker 1: alone they're up to twenty percent plus and a couple
• 6:06
  Speaker 1: of the individual ones are up over over fifty percent.
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  Speaker 2: I mean some of them have been astonishing. I mean
• 6:11
  Speaker 2: that the German one as well, rain metal is shut
• 6:16
  Speaker 2: up as well. But yeah, no, I mean, you're right,
• 6:19
  Speaker 2: it is. It's all about kind of dejected stuff being
• 6:23
  Speaker 2: picked up and almost like it is almost kind of
• 6:27
  Speaker 2: like moods changing. There is only it's one of those
• 6:32
  Speaker 2: things that makes you sort you do think. It goes
• 6:36
  Speaker 2: back to that thing. The markets are only a bit rational.
• 6:39
  Speaker 2: They're not that rational, and a lot of it is
• 6:42
  Speaker 2: about whenever the turn happens and everyone suddenly notices that
• 6:46
  Speaker 2: these things, oh, actually they are worth investing in after all.
• 6:50
  Speaker 2: And then it's as if.
• 6:51
  Speaker 3: It's partly sudden.
• 6:52
  Speaker 4: I mean, it feels sudden, but it's not really.
• 6:54
  Speaker 1: It's people regaining their sanity one by one, until enough
• 6:57
  Speaker 1: people have regained the sanity that you can see it
• 7:00
  Speaker 1: in the flows. I'm just looking at the valuations the
• 7:02
  Speaker 1: latest equity lets from Schroders, which gives us these where
• 7:06
  Speaker 1: all valuations are relative to their fifteen year median. And
• 7:10
  Speaker 1: if you look at the US and I know we
• 7:11
  Speaker 1: say this all the time, but it can't be said
• 7:14
  Speaker 1: enough how insanely overvalued this market is. And this is
• 7:18
  Speaker 1: including the Mega seven. So we look at the US
• 7:22
  Speaker 1: market relative to its cape it's cycnically adjusted PE ratio,
• 7:25
  Speaker 1: which is one of the best longer term signals in
• 7:28
  Speaker 1: the market. It's thirty nine percent of valued relative to
• 7:31
  Speaker 1: that on thirty six on a forward PE, thirty one
• 7:33
  Speaker 1: percent overvalued on a trailing P thirty five percent of
• 7:37
  Speaker 1: value on a price to book basis. The market is
• 7:40
  Speaker 1: seventy percent more expensive than it's fifteen year median, and
• 7:45
  Speaker 1: on dividendels is fifty six percent. Now, the interesting thing, though,
• 7:47
  Speaker 1: is if you look at this chart from Shroders, which
• 7:50
  Speaker 1: you and I rather like, we look at this lot.
• 7:51
  Speaker 1: It's nice and simple. It comes to different colors. I
• 7:53
  Speaker 1: don't have too much thinking about this one. Even the
• 7:56
  Speaker 1: markets that we habitually say are cheap are not particularly cheap, right. So,
• 8:00
  Speaker 1: you know, Europe is a little bit expensive on a cape,
• 8:02
  Speaker 1: it's a little bit expensive on a forward p it's
• 8:04
  Speaker 1: a little bit expensive on price to book. It's only
• 8:07
  Speaker 1: a tiny bit cheap relative to its long term median
• 8:10
  Speaker 1: on a trailing pe basis. And the same with Japan.
• 8:13
  Speaker 1: You know, mostly you've got orange and red, they're not green.
• 8:16
  Speaker 1: Same with the UK even now it's a little orange
• 8:18
  Speaker 1: and red as opposed to green. It's only cheap on
• 8:21
  Speaker 1: a trailing pee basis. So even these markets, they're not
• 8:24
  Speaker 1: cheap cheap, they're just bizarrely cheap relative to the US, right,
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  Speaker 1: And that's enough to make people think about the shift.
• 8:32
  Speaker 1: Now we've got actually coming up later this week and Friday,
• 8:35
  Speaker 1: we've got a big interview with Jeremy Grantham and this
• 8:39
  Speaker 1: is fascinating.
• 8:40
  Speaker 3: I know, I know we.
• 8:41
  Speaker 1: Pull them the big hitters on this podcast, and one of
• 8:44
  Speaker 1: the things he says, it really is a musclessen everybody's
• 8:46
  Speaker 1: it's not just about markets there's a whole load of
• 8:48
  Speaker 1: incredibly interesting stuff in there, aside the idea that the
• 8:52
  Speaker 1: US market is too expensive and should crash, et cetera,
• 8:54
  Speaker 1: et cetera.
• 8:55
  Speaker 3: But one of the things we talk about in it
• 8:57
  Speaker 3: is if the.
• 8:58
  Speaker 1: US market crashes, where are you safe? And also, of
• 9:01
  Speaker 1: course there's kind of nowhere because all markets will go
• 9:03
  Speaker 1: down in sympathy with the US if it were to
• 9:05
  Speaker 1: do something of sudden and dramatic, but cheaper markets will
• 9:09
  Speaker 1: regroup much more quickly and over a decade, those are
• 9:14
  Speaker 1: the markets that will outperform massively. Yes, has had a
• 9:16
  Speaker 1: great decade. No somewhere else will have a great decade.
• 9:18
  Speaker 1: The baton has just passed. And that's the way it
• 9:21
  Speaker 1: always is. And that's the bit that maybe some of
• 9:24
  Speaker 1: us have forgotten over the last few years, that the
• 9:26
  Speaker 1: baton always gets handed over.
• 9:29
  Speaker 2: Yeah, the other thing I'm quite interesting. My point of
• 9:32
  Speaker 2: view is looking at which emerging markets may end up
• 9:35
  Speaker 2: being excellent buddies. I don't know as well. I realize
• 9:40
  Speaker 2: that some of them with more qualms about than others,
• 9:43
  Speaker 2: or rather than I do, But like China is probably
• 9:46
  Speaker 2: a decent bit now even you know, feel that I
• 9:52
  Speaker 2: think it's just short tail short tail.
• 9:56
  Speaker 3: Well it is, it's cheap, it's been cheaper while.
• 9:59
  Speaker 1: And also, you know, deep Seek reminded everybody that AI
• 10:03
  Speaker 1: doesn't just exist in a little American bubble, that there's
• 10:06
  Speaker 1: massive technological change going on in other places, and you
• 10:09
  Speaker 1: can buy that change a lot more cheaply than you
• 10:11
  Speaker 1: can buy American change.
• 10:13
  Speaker 3: But John, you're.
• 10:15
  Speaker 1: Pretending that what you're really thinking about is emerging markets.
• 10:19
  Speaker 4: I know, I know, and all.
• 10:22
  Speaker 1: The listeners know that you're not really thinking about emerging markets.
• 10:25
  Speaker 3: You'll think about bitcoin.
• 10:28
  Speaker 2: But that's not what I was expecting. But yes, of
• 10:33
  Speaker 2: course I don't know.
• 10:35
  Speaker 5: What you thought.
• 10:36
  Speaker 4: I thought you were.
• 10:37
  Speaker 2: Thinking about Weezer. Nothing more centisal than that for.
• 10:46
  Speaker 3: Anyway, Bitcoin. All this time you've been the.
• 10:50
  Speaker 1: Only person on these podcasts, the only person out of
• 10:53
  Speaker 1: you and me who doesn't need it coin.
• 10:55
  Speaker 4: So now I imagine that you're feeling a little bit smug.
• 10:58
  Speaker 3: Now it's down to what just a six thousand dollars.
• 11:01
  Speaker 2: You're right, I'm thinking, when should they catch this falling
• 11:04
  Speaker 2: Knave's when when's it going to be team for me?
• 11:07
  Speaker 2: You buy in?
• 11:08
  Speaker 3: Maybe that's what you're thinking of.
• 11:10
  Speaker 1: Are you thinking I knew it was only correlated with Nawstek.
• 11:14
  Speaker 1: I knew it was just a speculative asset. I was
• 11:18
  Speaker 1: right that what you're thinking, I want to put words
• 11:20
  Speaker 1: on your map, John, I don't want to put words
• 11:22
  Speaker 1: in your map.
• 11:23
  Speaker 2: No, he like bait Cooen is therefore a risk orin asset.
• 11:28
  Speaker 2: I think it's reasonable to see that.
• 11:31
  Speaker 3: But we are risk. But we are risk on right now.
• 11:34
  Speaker 1: We're risk on European defense docks, we're risk on European banks,
• 11:38
  Speaker 1: risk on Chinese tech.
• 11:40
  Speaker 3: We're just not risk on Nastek.
• 11:42
  Speaker 2: Oh yeah, Majo, is it just a US tech? Please?
• 11:47
  Speaker 1: Is it?
• 11:47
  Speaker 2: Well? That is a good question.
• 11:51
  Speaker 1: Okay, all right, So so what with everything going on,
• 11:54
  Speaker 1: Not everyone is going to have quite as much money
• 11:56
  Speaker 1: as they used to. But if you've got five million
• 11:59
  Speaker 1: bucks and you don't already live in the US, Donald
• 12:02
  Speaker 1: Trump has got a deal for you.
• 12:04
  Speaker 3: You can give him.
• 12:05
  Speaker 1: We haven't got full details yet, but it looks like
• 12:07
  Speaker 1: you can give him five million dollars or people around him,
• 12:11
  Speaker 1: and he is going to give you a visa that
• 12:14
  Speaker 1: will give you a root citizenship, is going to be
• 12:16
  Speaker 1: an investment visa of some kind. And at the same
• 12:19
  Speaker 1: time he's going to dump the EB five visa, which
• 12:23
  Speaker 1: is the one you can get at the moment if
• 12:24
  Speaker 1: you bring in a million dollars and employer certain on
• 12:26
  Speaker 1: a number of people, and that also gives you a
• 12:28
  Speaker 1: green card and in the main some kind of path
• 12:31
  Speaker 1: to citizenship. But I think that five million dollars is
• 12:34
  Speaker 1: going to give you a better, faster Route's quite right,
• 12:36
  Speaker 1: because you're paying another four million dollars, right.
• 12:38
  Speaker 3: It should be faster. So here's the thing.
• 12:41
  Speaker 4: We talked about this.
• 12:42
  Speaker 1: Earlier in the week. I did a podcast without you,
• 12:45
  Speaker 1: John by the way, Oh no, I know, I know.
• 12:48
  Speaker 1: It was really really fun, and we talked about we
• 12:53
  Speaker 1: talked about all the different places where you can buy
• 12:56
  Speaker 1: residency or buy citizenship and why you might or might
• 12:59
  Speaker 1: not want to do that, and interestingly dominate who I
• 13:02
  Speaker 1: was talking to about it. All the people who were
• 13:05
  Speaker 1: trying to get second passports and second residencies are very
• 13:09
  Speaker 1: often Americans and British people. So it's not people trying
• 13:13
  Speaker 1: to get into America, it's people trying to get.
• 13:14
  Speaker 3: Out of America.
• 13:15
  Speaker 1: Yes, so that's interesting in itself. The second point to
• 13:19
  Speaker 1: make is that five million dollars is really expensive for
• 13:22
  Speaker 1: a passport. It might not be expensive from American passport.
• 13:24
  Speaker 1: Depends how you look at this stuff, but it's expensive
• 13:26
  Speaker 1: for a passport in general. You know, you can pick
• 13:28
  Speaker 1: them up in other places for a couple of hundred bucks.
• 13:31
  Speaker 1: And not only that, you can get them in these
• 13:34
  Speaker 1: other places, and you're then not liable for American income tax.
• 13:38
  Speaker 1: Because this is odd thing about this offer. So let's
• 13:42
  Speaker 1: say you have five million dollars, you buy an American passport. Effectively,
• 13:47
  Speaker 1: this may be what is this gold card is going
• 13:49
  Speaker 1: to be? We don't know quite how it's going to work.
• 13:51
  Speaker 1: He said, it gives you Queen collsh privileges, and it's
• 13:53
  Speaker 1: to roots the citizenship. So let's say, for example, that
• 13:57
  Speaker 1: you are a Russian holigoque and you give Donald Trump's
• 14:02
  Speaker 1: government five million dollars and he very generously gives you
• 14:07
  Speaker 1: back an American passport. Now you're eligible for Americal liable
• 14:12
  Speaker 1: for American federal taxes.
• 14:14
  Speaker 3: Wherever you live.
• 14:16
  Speaker 4: You might go to Monaco, you might go to Malta,
• 14:18
  Speaker 4: maybe you'll go to Naeru.
• 14:20
  Speaker 3: We talk about that.
• 14:20
  Speaker 1: They're offering a great opportunity to get a passport in
• 14:23
  Speaker 1: exchange for paying into their climate change fund. So it's
• 14:25
  Speaker 1: a good one quite cheap too. Maybe you want to
• 14:28
  Speaker 1: go and live in some of those tax replaces, maybe
• 14:30
  Speaker 1: going to go live in Dubai. But wherever you go,
• 14:34
  Speaker 1: you're still going to have to pay American federal taxes.
• 14:37
  Speaker 1: I mean, in a way, I kind of want this
• 14:38
  Speaker 1: to happen because I'm looking forward to seeing Trump's government
• 14:42
  Speaker 1: arguing with some very rich foreigners about whether they have
• 14:45
  Speaker 1: to pay American federal tax now they've got their passport
• 14:48
  Speaker 1: or not.
• 14:48
  Speaker 3: But yeah, I'm finding it all of it confusing.
• 14:51
  Speaker 2: But it's also if I've got five million dollars, do
• 14:54
  Speaker 2: I really I mean, I get American citizenship would probably
• 14:57
  Speaker 2: useful for certain things. But from older lady sitting in
• 15:00
  Speaker 2: five million, is it worth opting into the American global
• 15:04
  Speaker 2: tax system, which is very intrusive and makes lots of
• 15:07
  Speaker 2: American sleaves over here pretty measurable, certainly in the financial
• 15:11
  Speaker 2: services side of things. Yeah, you're right, it seems a
• 15:15
  Speaker 2: slightly strange. One'll be interesting to see what conditions are
• 15:20
  Speaker 2: actually attached to it. Yes, and you know how embedded
• 15:24
  Speaker 2: do you end up being for this five million?
• 15:26
  Speaker 1: Well, a few citizenship citizenship I think, I mean, it
• 15:30
  Speaker 1: may be people have all sorts of reasons for wanting
• 15:32
  Speaker 1: to do different things. But it may be that you
• 15:35
  Speaker 1: might feel that you're the kind of person who, at
• 15:38
  Speaker 1: some point in your future may find it attractive to
• 15:41
  Speaker 1: be protected by the American State. Yes, but I'm also
• 15:44
  Speaker 1: thinking that maybe not that many people in that situation.
• 15:48
  Speaker 1: I mean, I'm not thinking to myself, oh, there might
• 15:50
  Speaker 1: be a point and in maybe five ten years where
• 15:52
  Speaker 1: I might really like to have the American State protect me,
• 15:54
  Speaker 1: or as you, maybe everyone in Europe feels like that. Well,
• 15:56
  Speaker 1: hang on, I mean, everyone in Europe feels like it
• 15:59
  Speaker 1: would be really great to have the American State protecting
• 16:02
  Speaker 1: them because.
• 16:03
  Speaker 4: Not that long ago we were getting it for free.
• 16:06
  Speaker 2: Yeah well yeah, but we also exactly we didn't have
• 16:10
  Speaker 2: to pay tax to them either. And I mean the
• 16:12
  Speaker 2: other problem is, I mean, if you're the kind of
• 16:15
  Speaker 2: person who feels that they might want the protection of
• 16:17
  Speaker 2: the American State at some point, that is also the
• 16:20
  Speaker 2: desk that you're a kind of person who would potentially
• 16:23
  Speaker 2: be extradated to America for something completely different. So I
• 16:28
  Speaker 2: don't know, it's I'll be anxest to see maybe you
• 16:32
  Speaker 2: will go for it.
• 16:33
  Speaker 4: Yeah, I'll tell you what I think we'll end like this.
• 16:37
  Speaker 1: If you listen to the podcast we did earlier this
• 16:39
  Speaker 1: week that was out on Tuesday about golden visas and
• 16:42
  Speaker 1: rooster citizenship in various countries around the world, you will
• 16:45
  Speaker 1: find that there are many great countries you can get
• 16:47
  Speaker 1: a passport to, or a residency right or some kind
• 16:50
  Speaker 1: of low tax residency except lots of fabulous options. If
• 16:55
  Speaker 1: you don't like any of those options, but you think
• 16:58
  Speaker 1: you might be the kind of person who would buy
• 17:02
  Speaker 1: a passport of the Americans over the next few years,
• 17:05
  Speaker 1: do get in touch because we would like to hear
• 17:08
  Speaker 1: about it, wouldn't we, John.
• 17:09
  Speaker 2: Yeah, I mean we'd probably like to interview you.
• 17:11
  Speaker 3: Yeah, heavens, we'll have you on.
• 17:12
  Speaker 1: If you're that person, get in touch, We'll have you on.
• 17:22
  Speaker 1: Thanks for listening to this week's Marin Talks Money debrief.
• 17:24
  Speaker 1: If you like our show, rate review.
• 17:26
  Speaker 4: And subscribe wherever you listen to podcasts.
• 17:28
  Speaker 1: Also be sure to follow me and John on Twitter
• 17:30
  Speaker 1: at marinas w and John Underscore Steppek. Also, do sign
• 17:34
  Speaker 1: up to John's newsletter, Money Distilled, and do also sign
• 17:38
  Speaker 1: up to my own newsletter, Maron Talks Money, which talks
• 17:40
  Speaker 1: a lot about what we've talked about on the podcast
• 17:42
  Speaker 1: and all sorts of other things besides. This episode was
• 17:46
  Speaker 1: produced by Samasadi Production, Sport and sound designed by Moses
• 17:49
  Speaker 1: and Our executive producer is Brendan Francis Newnham.
• 17:52
  Speaker 4: Questions and comments on this show and.
• 17:55
  Speaker 3: All our shows always welcome.
• 17:56
  Speaker 1: Our show email is merin Money at Bloomberg dot net.
• 18:00
  Speaker 1: Remember if you're looking for American citizenship, do get in touch.