20 Episode results for "Bester"

Hands On Review of the Fujifilm X-E4 Mirrorless Camera - TDS Podcast

The Digital Story

31:26 min | 4 months ago

Hands On Review of the Fujifilm X-E4 Mirrorless Camera - TDS Podcast

"This is digital story podcast number seven eight three march twenty third two thousand twenty one. Today's theme is hands on review of the fujifilm x e. Four mirrorless camera. I'm derek story. The fujifilm x four is a camera though fallen in and out of love a dozen times since i've had on one hand it's compact handsome and powerful on the other it lacks image stabilization in the desired number of customizable funds. So where do i land with the xy four. I'll reveal my verdict and more on. Today's tvs photography podcast. I hope you enjoy the show. So when the xc four was announced. I thought for sure that i was going to buy it. After my review period expired. i looked at it. I go man. That's a good looking camera Had a lot of the features that i wanted. And i just go. I cannot wait to get my hands on this handsome little devil. It's controls are familiar. Because they're very similar to the x one hundred v that i have right now super compact cameras even more compact believe it or not then the x one hundred the the image quality. I was very confident that it would be solid and then on top of everything else. I really liked the revised twenty-seven millimeter f two point. Eight lens that's bundled with it. Nice little pancake lens. Compact camera interchangeable lenses. What could go wrong right. And my thought was since. I have enjoyed the x one hundred v so much. This would give me an interchangeable lens. Fuji film camera that i could play with fuji film. Cameras do great with adapters and lenses from other brands. And all that kind of stuff. I'll talk a bit more about that. A little later in the show but for right now it suffices to say that if i had that twenty seven millimeter. Nf i liked it. I've got enough other lenses that would fit on it that i could be a pretty happy kit but it isn't perfect. Either and the more. I used it the more that some of those blemishes began to appear. So i have my personal pros and cons of share them with you. I have a verdict. But before we do that let's get into the basic features of this camera. The basic specs so that we know what we're talking about here. Okay so it is a twenty six point one megapixel. Aps see so as crop sensor x. trans Sensor that is six two four zero six thousand two hundred forty by four one six oh resolution as the maximum resolution that you can get out of this camera. Nice big files. I i like the size of the files and generally speaking. I like the way they look. It has an x processor. Four image processor so. It has the state of the art image processor for fuji film. This is one thing that fuji film does that a really. Like which is they don't they. Don't downgrade that stuff under the hood you know. Rather you're buying their flagship or are you buy this or buy that. You're gonna get the best processor that they have available at the time. I love that about them. You get four. K video at thirty frames a second and you get full. Hd up to two hundred and forty frames a second. That's very nice. It has a lovely electronic viewfinder two point. Three six million dot I found it very comfortable and easy to use. I liked it a lot in. Its over on the left side. Okay so it's kind of a range finder style that way. A three inch tilting. Lcd touchscreen and this touchscreen is designed even more flexible than the one on the x one hundred v. Because no he can you tilt it downwards it can hold camera up over your head it tilts up in fact it tilts all the way up and over one hundred and eighty degrees so that you can use it as a selfie screen and take pictures of yourself or whatever you need to do there so that is an addition and the screen works really well. It's an excellent screen and the armed seal solid I know some people have expressed concern about the ribbon. The communications ribbon that is exposed when you tilt the screen all the way up. I don't see that as a problem. It didn't really bother me. Plus is not a weatherproof camera anyway. So you're not going to be shooting in the rain with. It has an excellent hybrid af system. Four hundred and twenty five points. I thought focusing was quite good. The iso range goes from one. Six t twelve thousand eight hundred and I found myself shooting up around eight thousand quite a bit Without any real problem The image files look good up to thirty frames per second shooting now has both bluetooth and wi fine. Has this system that. I like so much with the x one hundred. V which is has the latest bluetooth which is a very low power bluetooth. Use hardly any energy at all allows the camera to stay in communication with your phone in my case an iphone and this is wonderful for geo tagging for sending images from the camera to the to the phone. That whole thing just works so well. They've improved that a lot. I had no problems with it at all. And those very happy with it and as a result my images from the xy for are consistently geo tagged because of this ongoing communication. They just find each other. They talk to each other and off to the races. You go The kit comes. You can get it in a kit for one thousand forty nine dollars that includes the twenty-seven millimeter f two point eight weather resistant land. So this is a revised version of this lens and Has an aperture ring which is very nice. It's weather resistant. I liked the lands. I know some people have been kind of like. It's all right with the lands. But i actually really like it. I thought that color is good. I thought the sharpness was good. Has good detail. It's a pancake lands. Hardy takes up any space on the front of the camera. Lovely lovely little in you get it for a good price if you buy it In the kit if you buy it with the camera body now the camera bodies normally Eight nine thousand nine. I believe but it's only ten forty nine if you add the lens so that's pretty good deal right. I think lent if you buy it separately as three hundred ninety nine dollars so he say some money on the get another thing that i liked. It has the same battery as the x one hundred v so. I already have extra batteries for feel really good about that. Those are the basic specs and features. Let's get into the things about this camera that i like. I have a list here. And then i have a list of things. I don't like so much that we're gonna do following that. But let's get to what i like. I it's handsome. It's a handsome compact body really good-looking. The resolution is very good from the sensor. I i thought that the detail in particular on the images was more than acceptable outstanding. That cool little twenty seven millimeter lands. It's adorable and i like it and it's at a good deal. Definitely a plus of the kit the tilting. Lcd very nice. Well-done works well. It has lots of creative control. So you have a whole raft of film simulations. All the ones that i wanted you know all my favorites were in there. It has excellent manual focusing aids. It actually has four of them. I mean has a contrast but it also has like a micro prism screen like he get on a esa lar- that sort of thing and it also has the ability that if you want to use other lenses on the camera vintage lenses or in my case i wanted to use my pentax. Hd da lenses on it. That are very compact super. Sharpen colorful So you can put lens profiles into the camera. So that if you're using a lands somewhere my pentax lands than in the meta data it will say pentax twenty one millimeter f three point two in the meta data. I love that. I love that they included that to me little touches like that mean a lot. This camera has a lot of those creative functions has a lot of little things as you dictate the menu to go. That's cool. that's really nice. That's super convenient. It's full of that stuff. And i'm still discovering things that i really like. Of course the top of the list. for me always with fuji camera the film simulations because there's such a joy and they add so much to the photography experience. The on the fly geo tagging with my iphone was fabulous. Loved it. no complaints sir. I love having the same battery as the x one hundred v again so if you already have X one hundred You probably already have extra batteries for this camera. They include the headphone adapter in the box. So the way. That the jack's work you've got a usb c port which is another plus on my list and then you have a microphone. Jack and then you have i think many hd the headphone adapter goes into the occ port. I know this. Because this is the setup that i have on the x one hundred v and it took me a while to find a compatible headphone adapter. They all look like they're gonna work some do some don't finally fujifilm's saves us the trouble by just including the adapter for the headphone in the box. So that way you know it works out of the gate so you have both headphone and microphone ability with this tiny camera. I think that's very nice. And as i mentioned earlier the usb port for charging and communication is quite so those were the things that i liked about the camera. Now there are also things that i'm not as crazy about and i'm surprised at how long this list is i. I would have never guessed that this list would be that long. When i started working with the cameras they start writing them. Downright him down. it kept growing. It's actually the things that i like. Which surprises me a bit. I'll tell you so. Let's get into that first thing. No in body image stabilisation. Okay so on. The x one hundred doesn't bother me as much because you only have the one lens. The thirty five millimeter copeland don't need. Is that much plus. It's an f. to already. This camera is meant to have different lenses on it and some are going to be longer and sometimes you need some image stabilization and fuji film. Interestingly enough research on this getting lenses especially you know little prime so forth that have image stabilization optical image stabilization doesn't happen. They're hard to find so really you're in a non image stabilization situation. Most of the time with the camera so that one was a toughie. For me there are no grips on the camera. I mean it's it's handsome but there's nowhere to really hold onto it and it's a small camera in the grip accessories that are available for well that adds to the overall cost. Because it's like sixty nine dollars here. Eighty nine dollars their next thing. You know you've added another hundred and fifty dollars To the price tag here just so he can hang onto the thing now. I'm going to talk about the j. pegs in the ross. For a minute. We're lucky in that capture. One pro twenty one can read the raw files for the xc. Four you know fujifilm and capture one been working together so right away. I had a good Raw processor for this camera which is really helpful for doing the review so shooting raw plus j peg putting them side by side in capture one pro and then you know taking a close look at them. The rawes are noticeably darker than either the image on the lcd or the japex. So if i'm you know looking for framing an image and okay so go all right. It's got a little bit back like not much but a little bit. So i'm gonna do. Plus one exposure compensation boom take the picture. Look at the picture on the lcd picture. Looks good all right good job. I compensated correctly for that onto the next shot so then i would load the images into capture. One pro and the j. peg will good. It would look the way that i anticipated. It would look because of very similar to what i saw on the back of the lcd of the camera. The raw would be like a stop and a half darker than the jp. And i go. Why is the raw so dark. And it was like noticeably like image after image after image. The roz were noticeably darker. Then both the companion j. peg and darker than what i saw on the back of the screen. There wasn't always backlighting involved in this. I mean i shot pictures of the tuxedo cat indoors so bester no no backlighting anywhere and the images were still darker. So i don't know what's going on with that now once i started working on the roz and capture one pro. Then they would wait surpass what i could do with japex so i'm not sure what's going on here. I have to leave some gray area. Maybe it's captured pro. I've never had a problem with raw processing with capture when pro before but it could be that. Or maybe there's a firmware update coming. Or i don't know what but It really jumped out at me. And i did not like the dark. Roz that this camera was producing. I just felt like. I need to create An automatic profile for them when they bring them in to bring them up to a starting point and You know. I don't think that's something that i should have to do. There's that whole thing. I'm gonna leave a question mark there though because i don't really know what's at the bottom of it if it's my software or what so we'll just put a bookmark there on the raw and jpeg thing keep going here. I would much prefer an f. Two point oh prime than the two point eight though amazon the x one hundred two point zero didn't seem that hard to do not ninety bigger. Why not do enough to in especially because the xy ford does not have a built in flash and again. I'm going okay on x f ten. You know that. Little compact camera. That i had a little compaq fuji film. It has a built in flash much smaller than the exit four. Why couldn't they put a flash on this camera. So there's no flash and the prime is f two point eight so that kind of is a little bit of a hindrance for a lot of the photography that i like to do indoors with a little bit of fill light or existing light. Only the other thing is they don't include a flash in the box as part of the kit the way that olympus did for example With their cameras that don't have a built in flash and they give you that little flash that clip on flash that you can just carry around your pocket so no flash built in no flash in the box and f two point eight prime. I know the iso got high but Something that i want. I want one of those things. The uhs one card slot seems like to me. I don't know why they're stuck on that. Have the uhs. One on the excellent hundred v. And i looked up the The excess ten and also has. Uhs one you have four k video in this camera. This designed to do a lot of good video things. Why not have the uhs to slot in there. Don't know a lack of programmable buttons as disappointing. you're missing. They took away a whole dial that also served as a button because you could push it in Like on the x one hundred v and they also took away the mcs switch that was on both the exit three and is on the x one hundred so you could switch with a switch on the camera body from manual to continuous to single on your focusing mode. That's not there either. They took it away. No battery charger in the box. So you can charge it with a usb c cable. They include Plug it into a charger that you have. But there's no charger in the box. And then i'm wondering why They put a weather proofed lands on a camera. That isn't whether proved. that doesn't make sense to me. You know why not just weatherproof the body on the exit four as well and then you've got a cool little bang around camera that you really don't have to worry about in any of the situations They move the play button from the side of the lcd where it's very convenient up to near. The top of the camera. Don't understand why they made that move. Didn't seem necessary to me so as you can see. I've got a fair amount of knits with this. And i if you would ask me hey. How many knits. The i got a couple. And then i started listening to them and it was like oh man you know this is like this list keeps growing and growing. But they're all issues for me and you know if there were just you know a couple of these that would be one thing but when you start to add them up at you know kind of leaves a mark all right. I have really enjoyed shooting with cameron. Twenty seven millimeter lens. I mean it is a fun camera to shoot with in the The pictures can be quite good. Also had a lot of fun adapting my pin tacks hd primes on here and boy. They get along with the fuji camera quite well. So that's fun. Where am i with us all right. I was hoping for an interchangeable lens version of the x one hundred v that was my hope but the exit four falls short of those expectations. You know the x one hundred being is weatherproof has a faster lands has more physical controls has a built in flash has a hybrid viewfinder in is just a more rugged build the lack of is and the excellent hundred. V isn't as big issue for me because of the fixed thirty five millimeter equivalent lent. And i think the j. pegs in the laws better out the x one hundred eighty at least right out of the chute then those out of the exit four so it doesn't come close in my opinion to the x one hundred feet. So here's what i decided to do. I have a review model of the fuji film x s. ten coming. That camera does have a built in flash that camera does have five axes image stabilization in the body and it has a you know a better a button and dial experience to the xy for now. It's a little bit bigger body. But it's not that much bigger and has a nice grip on it. That's easy to hold. So i'm going to hold off purchasing the x. Four which i swore i was going to buy. But i'm going to hold off purchasing until at least i try the excess tan in. See what i think you know. Does it work When i adapt for instance my lenses to it as well you know. Do i like the sheeting experience as much Do the images Look good all that kind of stuff but for right. Now i'm going to hold off on the xc four because i just feel like i need a bit more from my one thousand dollar purchase. So let's wait and see what the x. s. ten looks like and then we will come up with The best recommendation for the entry level fuji film camera. That gets you into all of those x mount lenses. If what i said doesn't deter you or these are things that bother you at all. I have a link to the fujifilm x four with its twenty seven. Millimeter lens. which. I like a lot. That link can get you that camera now for one thousand forty nine. How adapted my pentax hd lenses to the fuji film camera. So i put a piece on digital story on this and this is just one of those things. I love doing but i have. Those crop sensor lenses for pentax are fantastic their. Hd lenses are wonderful. So the twenty one millimeter in the seventy millimeter and the forty millimeter are all just gorgeous. Great color great sharpness and they're super compact. And i go all right. Same size sensor all have to find an adapter now the the problem with the pentax lenses they don't have an aperture ring on them so they're stopped down all the way so you have to have an adapter for them that opens those lenses up. So i looked around. I looked around and i actually found a gobi lens. Adapter for only twenty six dollars and fifty cents and i had the link to it in the show notes. That not only. Does it adapt those lenses. That i love so much to the fuji film exceed four or any fuji film camera. It also has an aperture ring control on it so i can have the limbs wide open. I can stop it down one. Stop to stops whatever i wanted to do. And it's super well-made looks great so for twenty six bucks and you know. I get to add three lands to the fuji film body and all three lengths. I tested all three lenses on the xy. Four and the images were beautiful. Absolutely there's something about those coatings on the pentax lenses They get along fantastic with a sensor on the fuji film. And i just love the shots loved them and their compact right they. You know they bounce nicely on that small camera and the whole deal so I have a link to that gobi. Adapter they make all sorts of adapters. This is the first one that i've bought from them as be. And if the other ones are as good as this one. I would say that. If you're looking for an adapter to you know make certain lands work on your mirrorless camera. I would take a look at these guys. If they have the adapter. You need i give it a try. Because i am really happy with this one that i have for twenty six bucks and i tell you as i said it's been a blast shooting with those pentax lenses on the exit for in the speaking of pentax got a little update on the k. Three mark three. And this is a little thing that pentax has done. You know the camera was supposed to come out I believe in february this year and they had to delay its release because of They said the parts problem getting the various parts that they needed to help us. While we wait and see what this is really going to be like. They just released another deep dive video and one of the things that this video talks about is an iso of one point. Six million one point six million. Iso with this camera now. They've also done a lotta things like really rework the viewfinder so you just have the best optical. It's probably available anywhere the performance. They redesigned the shutter mechanism I mean they did a lot of stuff with his camera. And i think what they're thinking. Is that all right if you wanna. Dsl are you know if you like dsl ours we're gonna make like the best crop sensor dsl. Are you can imagine tempt you with that. I don't the strategy is going to work or not. I mean. I have these wonderful pentax lenses. I absolutely love and i shoot with the kp. care that that i think is terrific. I love shooting camera. This new one. The k three mark three when it comes out Could be really fun and really powerful will wait and see but those of you out there that like pentax. Follow this brand. I think the k. Three mark three is going to be great. And i'm really curious about this. One point. six million is long. Has a virtual camera cub news reagan. Start thinking our inner circle members and welcoming our new inner circle members thinking so much for joining this elite group of photographers who support this community month. In and month out there a group of artists that i really like i just i just like hanging out with them in their helpful. For instance just ran idea by them. Should i do a second session of the infrared. Photography workshop were in the middle of the first session. Now it's going really well. What are you guys. And gals think and they said. We think you should do it. We think you should do it. In a whole bunch of people said. I'm interested in taking it. That's kind of stuff. I'm talking about so probably next week. I'm going to announce a second session of the infrared photography workshop That will star in. May and you know that's kind of helped. Get from them so not only. Do they help this community. Not only do they keep obnoxious out of this podcast through their monthly support but also great minds in this group and they really helped me out a lot so thank you. Inner circle members. I so appreciate all the ways that you helped us community. If you wanna become a part of this. And i hope someday that you do maybe today then all you have to do is go to the patriots tile. That's on all the pages of digital story. Click on the patriot tile. That'll take you to our page. You can look around. And hopefully you'll sign up. We still have two seats. I believe of for the integrating iphone into pro photography workflow online photography workshop. The first one was a blast. And i'm looking forward to starting the second one on april twenty first. It will go from april twenty first to may fifteen if you're interested in this workshop. If you're interested in using your iphone pro or anything from iphone tent up alongside a cameras. Such is a fujifilm exc- four in getting the most out of them together and yet not having to carry a camera bag as having your pocket. This workshop is for you. Lots of tips and tricks. Lots of ways to shoot better with both your iphone in your digital camera. Want to mention we're having so much fun with our. Ev explorers for those who are interested in electric cars. That group is growing every week. If you're interested in learning about Sharing experiences just kinda watching. What's going on in the world of electric vehicles. Then there's a link in the notes take you over to the site and you can request an invitation. I will grant that request. I promise you and you can join this very talkative group. That has shared so much information. And i love these conversations. It's a lot of fun. And i look forward to having more people in this group who can share more experiences and finally. I want to thank my friends at red river paper. The longest running sponsor the digital story. These are the people that have all the answers to inkjet printing questions. They really do. I answer they have is great paper. They have fantastic paper at a very reasonable cost. They have a site dedicated to inkjet printing. And that means tutorials that means reviews that means. Hey what do. I need to do this kind of project. Well here's what you need and not only. Here's what you need but we have it for. You can buy it from us right now. They also have a terrific facebook page facebook dot com slash red river paper. This is your opportunity to get involved with one of the most satisfying aspects of photography which is making fine art prints making beautiful cards making all sorts of things that will delight in. Impress your friends. Your family and a lot of our members are selling their wares in boutiques and gift shops and hanging their images on the walls of coffee shops all over the world. If you want to get involved with this i would say start out by going to the digital store in clicking on the red river paper tile. that's on all the pages. go over. there started our landing page. knows around. See what you think. And then by some paper and get the printing. I promise you you won't regret it in a big. Thanks for red river paper for supporting this. Podcast is gonna do it for me this week. I hope you enjoyed the show. I'm working on for fun things for next week. So make sure he come back and join until then. Stay safe the creative. Cnx tuesday bye bye.

fuji derek bester Hardy
WHAT'CHA WANNA KNOW WEDNESDAY

Johnjay & Rich On Demand

16:05 min | 8 months ago

WHAT'CHA WANNA KNOW WEDNESDAY

"The drink works home by is the perfect gift or addition to a small gathering. The home bar makes a thirty drinks from cosmopolitans. Too old fashioned at the push button. Just insert the pod press. Start and enjoy each drink. Works pod contains real ingredients and premium spirits for a limited time. Get fifty dollars off the home bar with promo code. Play go to drink. Works dot com to order now. Drink works press play keurigs. A registered trademark of keurig green mountain inc. used under license please enjoy responsibly. Even when the show is over sometimes we just keep talking and now you can hear and listen to the john rich afterwards podcast on iheartradio or wherever you get your podcast. Ever what you wanted to wednesday kc welcome to what you want to know wednesday. What you wanna nope. So i kind of need your help So tonight i'm having or we're having a friend skipping And i need to know if one of our friends. Max is going to bring this new girl that he's been talking to you because if he brings her there are going to be problems So we have. These are like all my friends from high school. We have a really tight knit. Fun group And one of my best friends in the group used to date max and so she's obviously going to be there And this if he brings this new girl who he's been seeing she's just a problem Like we all just need to be like mentally prepared for her. She's she's just a lot like she was especially when she's drinking she's just she's just a lot. You know what those people are like. She's a lot like she gets obnoxious and does crazy things or she's just a lot because like she's not really part of your friend group no she does obnoxious crazy things like she's she's not nice then when she drinks it's like she feels like everybody's attacking her if she goes in. I mean she's just she's just nuts and she's yeah. It's not the vibe that we were all hoping for for thanksgiving. I feel like there should be rules with a friendsgiving so you don't get yourself in these type of situations. You know not not that that there are or not. I don't know because i would go when my wife and our dating. I would go to a friend's house for thanksgiving. He wasn't called friendsgiving. But i'd go to friends houses. And i'd never came across that situation so much. Sure that lie kyle. You've had friendsgivings for awhile. Is this something you've come across before. I haven't but i've never really been in that situation. Where like our friends giving we do. Just the girls okay. Not couples. Suzanne just did her first friendsgiving. So lucy. delaney's a big friendsgiving delaney. Have you come across the situation before. Because you've done friendsgiving longtime that people that have hook up with other people. In our stipe group ida can be a little awkward. i remember one of my guy friends. One since giving made three girls cry. No means anyone. I think it just like they all like really liked him and they were all upset with any of your wine. Casey's fred's giving this to your. Wow wow wow you're giving kept. These bad is out one. So this'll be a piece of casey. It's like you like you have to understand the weird position than your guy. Friend is in because obviously he's not gonna tell the girl he's dating she can't come because that would cause problems with him in her and i totally get that but they've only been dating for like a month so it's kind of like you know. Are you going to make ten. People feel super uncomfortable. Or you just going to make one person you know. I don't want her to be. I don't want hurt him to hurt her feelings. But i feel like she would also be uncomfortable. Timing like do you think he has enough Like read the room ability to know if it's a good idea to bring her or not. Well i texted him about it and he didn't respond and i'm sure that other people in the group texted him to and just ask him if he's bringing her and he just doesn't refund so i feel like he has a pretty good sense that we're all kind of worried about her coming and he's just not doing anything about it so if she is going you just want to know so you can mentally prepare for it or you. Tell him not to bring her. I mean i. I wish that i could just say. Don't bring her. But i don't think that that's going to. I don't think that's super realistic. I really just want to make sure that my friend Nose so that she can. You know what i mean like. I think that it would just be better. We all knew what we were getting into. And then we can all kind of make our own decision with some their sort of the prize. No so they can do if this is a romcom that she has enough time to hire really good looking guy to be her date. Yeah she'll follow up with that male off trying to help her ex jealous movie all right so we're going to find out what's the guys who we call max max okay. We're gonna call max and see who he's bringing the to do. You know the girl's name. My friend are his new girlfriend. Esther bester i think she said what esther is it esther bester bester or best are pretty high ranking dirty bastard. Casey what you want to know. Wednesday continues next wednesday rich. We got casey on the line. She is having a possible friendsgiving drama tonight. She's got a bunch of friends coming over esperance giving us but the deal is max sky. Max is coming over and he might be bringing this girl astor tonight but the thing is max is ex. What's her name casey. Your friend virginia. Virginia's max's acts of reduce going to and they wanna know if max is bringing this girl or not so. That virginia can prepare right mentally prepared. You know so you can go just a heads up. Virginia max's bringing esther it's old people get after off old folks home ballots. Buddy gertrude. balls k. C. has has virginia esther. Before is this the first time. I think i mean we all went to high school together. So she's met her but she definitely like they haven't spent any quality time together like they're not friends okay. It doesn't know each other. Yeah they know of each other. I think is probably a better way to describe it. Calling max right now Good morning max. There max up. Hey max this is is. Is that from john. Jay enrich show like it okay. We talked to on the radio for a second Yeah i mean. What did i get this win. And what's going on well. We tried to do something special for thanksgiving and we are calling everybody for friends giving time for the big party tonight. And we're trying to of people for the for the for our for migrants giving micro theory. Well we're trying to do something a little special. Want to exactly what it is yet but we need a headcount and so you're coming tonight right. Yeah going okay. How many people do you expect to be there ten twelve. We're trying to do something kinda cool. You know with social distancing. I do some special the radio station in the show. So like how many people do you think just gas how many people are coming. Maybe ten of us okay. We were guessing tad's who want to make sure because well we don't want to do too much do too little. How many people you ringing. I mean one other in person. Okay and is that person. Is that esther. Yeah ok cool. Okay just making sure all right good. So that's two to. What are you gonna do. Well we were thinking of maybe having a surprise goesta patchen through Microsoft teams and tried to do some sort of teams thing with in bieber and hailey bieber and we have access to them for forty five forty five to forty seven minutes in. we're going to have them patch through to four or five different friendsgiving groups with a special nationwide people's facts faxed in Requests to be part of our jiji enrich friendsgiving virtual thanksgiving party with through microsoft teams through microsoft teams and thoroughly. Complicated accident faxed in. They were going to dial in the teams and then patch through the people's party but we can't have more than ten people in a party. And so you bringing esther that's ten so that work so cool. What do i need to do. Just want to make sure we got so we wanna make sure that we're talking to casey Casey said she's bringing somebody. She was her at her place. So you've got esther new so that's four and of course there's every casey are you there. Oh yeah hi lacks what is this. What is what's what's going on what's What's did you set this up Kind of Cool i well the real reason that i set this up because we needed to know if you were bringing after like. I don't know if it's a great idea if you bring her where why is she like where You don't yeah you went replied and i. I think it's just gonna super uncomfortable. Like virginia's gonna be there like this is supposed to be like a like a nice enjoyable evening together. Not all this drama that like after going to bring oh drama we we we we so you think she brings. You just got the radio to call me and tell me we're going to have this bad ass party with like live sandwich. S vivere and you're actually just trying to buy to like complain about the girl that i'm dating and what you're telling to ask to start job. I couldn't get anybody else all of you. Reply to my text message. What does it matter of just coming out of anybody's coming like who. What does it matter who. I bring virginia gonna be there. Virginia comfortable It it really. You think that. I should be worried about virginia. Being uncomfortable alley you need to lose sleep over it but like she is our friend in like you are our friend. We didn't ask you guys to date then break up like we're just trying to make it work for everybody. He's been weird but it's not. It's going to be weird forever and virginia to start dating again. I'm fading again. It's gonna be fine for everybody. Just chill. I'm just saying you guys have only been dating for a month. Maybe like everybody could rap like whatever. How would you feel if. Virginia showed up with walter. A handsome guy named walter with a cane kindly gentleman and one of those monitoring no while too good pictionary free like. What do you guys think crazy. No but mac sounds cool. It sounds like he's thought about it. I was like let's just everybody. Just hang out that. Isn't that your vibe max. Mildred we can see okay so it's like it sounds like an old man but she's just she's cool. Yeah it's it's friendsgiving everybody's friends. We should all be together which should wait so can you should should maybe estrogen sit at home by yourself and like a whole turkey. Is that what you think she should do for giving and i you want you want i with this girl and leave her at home so i guess i just wanted to know if she was coming so that i could let virginia now so that we can all kind of be mentally prepared. I understand you see her in a different light. We're like i'm to kurt dance. I'm gonna give her chance but like in the past true warm five eight okay. So no not. Everybody is a teddy bear. But she's cool. You've known her for a decade. Like actually i didn't actually november. I just wanted to not just kinda. What is it that everybody doesn't like like what's what's the problem like. Why don't you guys like her. She's kinda bitch like she's not she's she's not nice and i don't know if it's because it's like a defense mechanism or whatever but like she stood a drinking and back girl drinks and drinks and she just becomes the manner in mere. You think she's a main drunk that the deal law. Yeah okay all right so easy either. Solve we'll just drink less. And i don't know i i don't know maybe the kids and the kids just bring more s- bring a few good single chaps like the naarden theodore you could set her up with and you'll make make max jealous they start square dancing. Hope they're making lots of soft foods hard to all right. Listen working out. Thank you for being on our show. You want to know if he was bringing somebody he is. Dinners at one thirty pm. Who's date casey frederic franklin. That's what you wanted to wednesday. The drink works homebuyer by is the perfect gift or addition to a small gathering. The home bar makes over thirty drinks from cosmopolitan too. Old fashioned at the push-button just insert the pod press. Start and enjoy each drink. Works pod contains real ingredients and premium spirits for a limited time. Get fifty dollars off the home bar with promo code. Play go to drink. Works dot com to order now. Drink works press play. Keurigs is a registered trademark of cured. Green mountain inc. used under license please enjoy responsibly.

esther keurig green mountain inc. casey delaney virginia max max okay Esther bester esther bester bester max sky Casey fifty dollars Buddy gertrude virginia esther Virginia goesta patchen hailey bieber forty seven minutes microsoft Suzanne esperance
Monitor Show 04:00 02-11-2021 04:00

Bloomberg Radio New York - Recording Feed

01:42 min | 5 months ago

Monitor Show 04:00 02-11-2021 04:00

"Macy's star money bonus days are happening. Now it's a special time. When star rewards members earn bonus points and get to their next reward. Bester you'll get ten dollars in star money for every fifty dollars spent with your macy's card or ten dollars in star money for every one hundred dollars spent as lebron's number so go on and shop the sweetest gift for them. Then ernst armani for yourself. Now through february fifteenth macy's star rewards. It's how we love you back visit. Macy's dot com slash star money for exclusions and details is facing an economic contraction of magnitude and speed the or unprecedented in peacetime boomberg. Day here on bloomberg radio. Good morning from london. I'm anna edwards and from the bloomberg bureau in berlin. i'm matt miller. You're listening to daybreak europe on london. Dab digital radio and mccoy european equity markets making some modest gains to the upside up by around three tenths of one percent. This morning the footsie-100 up four tenths the ibex. In spain a bit down around two tenths of one percents elsewhere. We see some decent gains. The dax is up by around four tenths of a percent over in germany. Us features suggest. There's more to come when it comes to upside for equities. Us features points higher by between two and three tenths of a percent and we really wondering what kind of pause we might see in the reflation story as a result of what we saw in the data on the cpi front that was little lackluster. And what we heard from jay powell at the fed around inflation about how they really want to see actual inflation before doing all that much in terms of policy so interesting to see that we are back to some of those reflation trades the us ten year yield dropped a little on the back of the commentary on inflation yesterday but now it's back to the upside yields rising again.

macy ernst armani anna edwards bloomberg bureau Bester lebron matt miller london bloomberg berlin jay powell europe spain Us germany
Breaking Down the 116% Growth of Dr. Dwight Korgan | Cramming 15 Years of Growth within Just 12 Short Months

Thrivetime Show | Business School without the BS

19:10 min | 3 months ago

Breaking Down the 116% Growth of Dr. Dwight Korgan | Cramming 15 Years of Growth within Just 12 Short Months

"Andrew it is time for yet. Another addition oh andrew. Are you ready. Oh i'm so. I feel like i was gonna hit the button but like you like you were ready. You're right you're holding us back. Okay andrew further do it is. It's time for yet another edition this time. How so ready. Bullpens blow i. We're gonna hit the butler. Would you have the confidence that said. You're ready to go because today show's going to be sort of a big deal. Ladies and gentlemen andrew t tell us about today's guest these guys are are great clients who are just absolutely wonderful people wonderful people. It's so fun to see their business. Grow and i felt like we had to get on the show about about today's guests. Yes oh on the phone. Today we have the owners of a new image medical spa in clare more oklahoma. So we've got dr dwight on the phone today. Dr dwight corgan and these guys have grown a ton. they have grown their Medical spa by over thirty percent growth growth year over year and this september versus last september. They're up one hundred sixteen percent. They're just having a lot a lot of growth so they're diligent doers and they're getting their stuff done. Dr dwight welcome onto the thrive time. Show how are you sir. I'm doing well. Thank you appreciate that you know i. I don't mean isn't a backhanded way. It's almost like when you say with all due respect there and then you can say whatever you want. I don't feels like a set up for something positive but it is positive. You're very normal. You're a very normal guy. Dr welby approachable. you know. i'm very normal during the approachable you are. You are very normal. And i think a lot of people feel like oh in order to have success i have to be some male model or i have to be some genius and what we hope to do on these shows because we have so many big time guests. Is we like to interview diligent. Kind people that are relatable and that way you can share about your growth to encourage somebody because there and that's what we're all about is helping people grow grow one hundred sixteen percent now. Let's think about this folks. Magazine says that ninety six percent eke magazine says that ninety six percent of businesses will fail within ten years and you've grown by one hundred and sixteen percent this year. Sir how did you first hear about us. One of my employees contacted y'all to help with a website okay. So what are your employees told you about us and when you go into the thrive time you come into my world. People don't understand these these three ideas but we have make your life epic. That's my consulting company. The coaching company. Then over here we have the thrive time show podcast and then we have the online school thrive fifteen. But when you come into my world it's a little bit different. It's a little bit people. Describe it as the disneyland for entrepreneurs. What were you thinking when you first heard about it. i was just looking for website and then Any bathroom came and talked to me. And and i realized that what he had was exactly what i've been looking for for fifteen years and So we started in with The coaching and he started slowly with us. We started with a website. We we did not have a decent website so he helped us do that. We met through that process and then he got introduced us to Following the systems and with my time constraints we've not been the best following them but we have plenty of systems that have worked well for us and we're still in continue to grow with andrew. Coaching now Aaron when i was growing i company. Dj connection yeah just like how your show homes people always say. Can i pick your brain. Yeah and so. I said sure and i won't get into all the details. I can just kinda share this if particular bridal stores that could you help me. And i said sure so. I sat down with her. I made a business plan for her. I said do this. And you'll grow. I wasn't i was two thousand and six five. Actually and i wasn't. I didn't have a business. I was helping a friend and she implemented a lot of it had massive success. But she says my web guy won't return my phone calls. oh Do you have a web guy. You recommend clinton and she says video. He won't call me back. Do you have a video guy. You recommend Hey mike mike my sales per supposed to make the outbound calls won't do it. Do you have somebody you can recommend for that. Do you have anybody who could do you. Do you have a photographer. I could use. Do you have a graphic designer. Can i just use your people. And so i said sure and i kept doing that and doing that and doing that in doing that. Then one day my wife said. I think what you have is. What your life's purposes. This is what you're supposed to be doing is helping. People grow business in allowing them to use our team. And i thought that that that's true and here we are so i wanted to do is just go line by line. Real quick here dr. According to go through seven specific things that are teams helped to with and maybe you could share simply how applying this is help. Your company grow one. The group interview aka hiring people. How has that helped. You grow your business well. It helped me find good people because that that was probably what was him. Straightening me the most is that i would. I would talk to people that i thought were good and i just didn't find people who had a spark in them you know who who had The goals that i had and by changing the interview process to looking for people that i train instead of people who are trained. It made a huge difference to me It took me a while. And i've done a number of group interviews. And i have a sister business Clem health associates. And i found a number of of good clients. I'm sorry good employees. That way also and i would say this. I know dr dwight. I know that you're twenty seven years old and you're gonna live forever so you don't think about this. But i often used to think about. When i was interviewing people one on one i would think to myself had the thought. I'm almost forty. You know i'm almost thirty. I'm almost twenty. I'm almost whatever age. I just wasted eight hours of my day interviewing eight candidates one on one. Oh my six of what you didn't even show up on time allows you to interview everybody at one time. Have you experience a massive time-saving. It is a miraculous time-saving teacher the teacher. The moves of your client. What are we come to a conference. But i mean that works but it saves erin. I mean you guys. It's shaw homes. You couldn't do what you're doing now. You grown from twenty four million a year of sales to it almost seventeen million dollars of sales just a few months ago on a slow month. You're doing what twelve million did you do this month during the slow time of the year for homebuilding eleven point six nine six nine million or you're slow month i mean. Could you do it without the group interview. No way i mean we had. I think for one position alone. We had Forty three people apply this week coming to our group interview and We have over one hundred between our tulsa and our oklahoma city We've got like a hundred and forty seven people coming to our group interview this week on. I couldn't do forty seven one hour interviews and it just wouldn't happen now so the next thing you implemented. It was the website. Now we built that for you. How could you. How would you explain working with andrew in the web team. How how has that process been well to begin with it was kinda slow and trying to figure out what what i needed to put on there versus what i wanted to put on there there. You go Took some time and Once we got that figure it out Very wealth my staff so that i didn't have to do everything which really helped me time constraints and once we got the website up I felt i had placed four people to and i have a presence. Finally that that's good now. I will say this leads if you're listening right now on. You don't know what i mean to cut you off at cut out for second. If you're out there listening and you're going how do i get to the top google. We have entire shows about this by the way or you can pick up. A few ought to thrive time show dot com forward slash. Free dash resources thrive time show dot com forward slash free dash resources. You can download my book. Search engine domination for free. Or you can come to a conference. Teach it to you or you can buy the book on amazon but Dwight of you to spend a lot of your time coating. i have spent none of my time coding. Because i don't do that no seriously. That's a big thing that's being. Yeah i see. A lot of entrepreneurs dare. But i'm not interested in learning how to do that. I think people do better than i do. Resizing photos for a funny story about a doctor. Dr why do you do you think this is pretty funny. A guy in your industry. Not in oklahoma though i talked to him on the phone one time and he sounded like he had like like he'd been playing too many video games. You know like you like he'd been locked in a basement for like a week and a half was he with joe biden. No he wasn't but he did sound a lot like job. I know but i was talking to him. I'm like hey doc what's going on. His brain was fried and he said. I just spent like all day on the phone with my web guy trying to get my sight launch. Trying to change this photo Would hear these. I hear a lot of doctors who are spending their entire day trying to update the font on their website or the images on the website. Or make it canonical compliant. I just. I'm so glad you don't have to deal with that now. Systems and processes Point three andrews helped implement the systems and processes point four. He's helped with the google presence dominating on the search engines point five andrew's been able to help you with the surgeon content. Point six. Even help you with your online reputation. Making sure that we see when people are google day. Find you for the right reasons. And they find your sincere objective reviews from happy customers point seven. He's helped you with the scripting and the systems. He's helped you re booking with the getting clients to re book at the end of their services and up serving clients for additional services. Your so much there. I want to give you the floor here sir. Ninety seconds or so can you share. What kind of impact working with the team has has made on your business. Well that's obviously the the the growth speaks for itself but it's not just the growth. I feel much more confident in the business That it's not just a flash in the pan i mean we actually have been in business for fifteen years and struggled for fifteen years it was kind of a sidekick and now i see the business growing and customers are satisfied and people are looking for us. they're finding out that All the services that we can offer them and Surprised to find out that all of that's available in small town. Clairborne oklahoma amen. I just tell you what. I cannot speak highly enough about your integrity. We're ample vacation company. We help people amplify their business. We make their existing business. Grow faster pester. Craig bester craig hagen you you work with in your church. You know this you've seen this but when people who are good people get their hands on more money. What does it allow people to do when they get on there. Did they get your pastor. You see this when you see good people that began to receive more see an increase in their financials and their finances. They seen increase in their wealth. What happens will people in our church. They start so in back into other people's lives whether it be the church a self or just helping out in different things in inner city communities and not in your church but another church. I'm sure when you see bad people come into a little money. What happens with bad people when they get a little bit of money. They buy a bunch of stuff for themselves. And you know there's a selfish but the thing about it is you know we. We have to be a blessing and not just for blessing. We'd be a blessing. That's why we always have problem. When when dr dwight called me and said clam going to get the platinum grills. I've always been talking about getting platinum girls on your no. I'm just kidding. But i mean i can spend money on whatever they want to spend money on all i can say it feels good to help a really good person grow his company. Dwight vital question halfway up pretty out there. That's thinking about coming to a conference or reaching out to see if we're available for one on one consulting. What would you say to them. I'd say do it yesterday. You know as soon as as soon as you can Do either one. The conference is incredible. I mean the energy that you get from it it. It makes you believe that can happen even if it hasn't happened with you before and and then the the one on one coaching Where people take time to listen to you and understand what you want what you're trying to do and then gently lead you in the way. You should go just really good. Now get to the conference as quick as you can or get. Get with a coach. I believe aaron mantis had Erin praying aunts. Sean homes dot com. Believe he had a hot take. I was just gonna say the thing for me is that i feel like mentorship create sick sess but shortens the incubation period. I yeah and so like what you were saying. You went fifteen years. Dr dre with know just kind of having a business as opposed to Having control of the business it sounds like and so that incubation period has just shortened up tremendously. You sound almost like bamboo sits in the ground of heard for like fifteen years and then all of a sudden it grows ninety feet tall in like three months. And that's kind of what's happened to you once you got hooked up When when the student was ready the teacher appeared. And you've you've had this all of a sudden take-off for you couldn't be more excited for you. That's awesome you. Epicure analogy is very good. Doctor dwight if somebody out there wants to check out your website what is your website sir A new image. Okay dot com if somebody wants to amputate their face and put a different face on their face. Do you do that. Or what do you do. Image basis We do Noninvasive cosmetics we do laser treatments We do both talks fillers. And then i do natural medicine also so people are beautiful from the inside out and not just the outside so i like to help people with Helping change change any underlying illness. They have maybe Causing their cosmetic problems also found a question. I know it's over the line. But i had to ask that i would call myself. An investigative journalist would new. Aaron does investigative journalists. That's one of the. I've heard people call. You do still offer the head. Shrinking services shrinking services kamala harris. Move where you kind of laugh when you're dodger question i'm not gonna solve the supreme court right. I mean nervous laughter. Your head shrinking. I do not do any thinking. I try to help. Put more intelligence in there. But i don't shrink any hip just lost a potential customers are. There's a big market for head shrinking out there. You ought to just keep that in mind one. Oh oh there you go. Hey dr dwight. You're a great american. thank you so much on. today's show. You are welcome. Take care brother. Thanks for having me. K by and now without further ado live in china even russia totalitarian country. Maybe i could understand. Some of these illegal injunction made. I could understand the deny certain basic fresca amendment privileges because they haven't committed themselves to that somewhere of the freedom of the freedom johnson up in the middle wasn't going to be. I wanna thank you. What the apollo never wanted. I m we never get covered with dot gov is it with the first amendment in the second amendment you went well comb and taking could've twenty give a provision time when you went out and make a decision top thought. Well don't put the mask. I never compromise. We never talk about the black doormat to find. You must be talking to off you. Call them to long to our country will be a socialist and that is our nobody chimerical on the thrive time show.

dr dwight andrew Dr dwight corgan Dr dwight Dr welby Clem health associates oklahoma mike mike clare google Andrew Aaron Dwight Craig bester craig hagen
The New FLRA Chief and Biden's Priorities for Feds

GovExec Daily

16:11 min | 5 months ago

The New FLRA Chief and Biden's Priorities for Feds

"This is exact date where we bring you the federal stories. That really matter. It's february eleventh. Twenty twenty one. I'm rush opportunity over the past four years. The federal labor relations authority has not been kind of public service unions or the afa is tasked with promoting stable constructive labor relations that contribute to a more effective and efficient government according to its mission statement it has had a contentious relationship with labor in recent years last march. Flra embarked on what appeared to be a campaign to take away. Union officials ability to us official time to communicate with members of congress that move came after. Flra attempted to weaken public sector unions by making it easier for new members to cancel their dues at any time for any reason then. More recently in november the board stripped more than four hundred and fifty federal employees of their collective bargaining rights by declaring that immigration judges in the justice department's executive office immigration review are in fact management. The move essentially broke the immigration judge's union with now president. Donald trump was on the campaign trail. He assured public sector workers that he would be on their side as president. After the inauguration he signed a series of executive orders. Supporting fed's including one then instructs agencies to bargain over permissible non-mandatory subject of bargaining when contracts are up for negotiation another first week executive order rescinded schedule f. The hated executive order. That would have broadly politicized. The civil service biden also designated federal labor relations authority member ernest bester to serve as chairman of the agency. Disaster sat down for an interview with vic reporter. Eric wagner earlier this month to talk about his views of labor management relations in the ra. After a short break. Eric will join me to talk about the bester. His elevation and the future the federal labor relations authority next gove defense one and route fifty percent cyber defenders the destination for the most important conversations in cybersecurity. The first installment of this year long digital event series will focus on supply chain risk management tune in on thursday february eighteenth to experts from the va department of defense national institute of standards and technology and more sign up today at cyber defenders dot next gov dot com. That's cyber defenders dot n. e. x. t. g. o. v. dot com federal labor relations. Authority has a new chair. Ernest buster with the new administration. His elevation to that position could be a sign of a new direction for the federal government and labor relations. There in present biden tapped to bester last month perhaps as a signal to union groups that his administration will be more amenable to federal employees concerns. Coffee zach reporter. Eric wagner interviewed him last week about a wide ranging set issues. Eric joins me now to discuss the interview. And what to bester will bring to the role. Welcome back to the show to be here. He's a new. Flra chair and you scored this interview with him Tell me about him like what his history is in at. Flra and what. He's going to bring the role in what he sort of thinks about labor-management relations sure ernest. Bester has been In federal labor law for long time you know he was a lawyer in this field before he was tapped. Joined the flra twelve years ago. As part of the obama administration he was appointed to the second democratic number of the three member panel and then he stayed on as the minority member during the trump administration and he as you mentioned a last month he was named the chairman to reflect the change in administration on january twenty first he. During the trump administration he sort of became known for his many dissents dozens of cases. So yeah he is currently. He's still technically in the minority now but He is the chairman and will be until the biden administration gets more nominations going through the system. How many people. Sit on the board. Just for clarification sake. So there are three members of the flra board And the law states that two of them should be from the president's party and then one is from the other party and that person. Is you know that minority person is usually chosen in consultation with congressional leaders at that party. So which mcconnell and kevin mccarthy would presumably have a say in which person stays or is a nominated when they go through the changes over you talk to investor for this interview you know. What did he talk about. As far as how he sees his role and flra's role in the government he sees the flra's role as sort of one that is supposed to foster collaboration between agencies and a federal employee unions He talked a lot about the idea of you. Know alternative dispute resolution finding ways to mediate issues so that they don't have to come up as cases before the f. ellerey trying to defuse these issues so that they don't end up in costly litigation that costs by unions and agencies a lot of money And he he sort of sees that there's sort of a twofold approach and one of which is you know. Flra decisions that that do you know. Set precedent for how agencies and unions are supposed to operate and interact with one another but the other is focusing on the agency itself in. Its workforce improving employee engagement And morale their at also restarting offices that have been dormant that are focused on these issues of mediation and dispute resolution. And things like that. Sort of settling these disputes. Before they come to ahead he talked a lot about context and in his interview with you and He also mentioned a lot about the workforce at flra ser. Why did he explain. That's important and what do you think he's going to do for the workforce so When he first joined the flra in two thousand nine it was the After eight years in the bush administration morale is a historic lows. According to the federal employee viewpoint survey the annual survey of employees feelings about their work That's put out by opium each year. It was dead last or very close to dead. Last in terms of federal agencies and over the course of the obama administration The leadership there really were hard at improving improving. How please feel about their work and things like that and they got it up. Pretty good number But that number has fallen over the past four years Twenty points or so. If i remember correctly and so it's a big focus of his he said is getting that back up to the where he thinks. It should be one of the big things you know. This part is at sort of his control but One of the big reasons. He thinks That morale has gone. Down is the lack of general counsel the at the flra the flurry they hear. You know a variety of cases but a lot of the Workforce's focused on vetting unfair labor. Practice complaints you seeing if they have merit to go forward but that works all for not. When there's not a general counsel because the general counsel issues the the decision that's something does have merit and that would put put it forward to an administrative law judge for further proceedings. All these people are working on unfair labor. Practice case is that simply. Weren't you know that work literally was going to waste because there was no way for these cases to go forward once they were done working on them. There's there's a pretty big backlog right yes. There is a backlog of about four hundred fifty pending cases where the regional directors have determined that allegations of. But that's that's a lot of work that will have to be done. When a general counsel is nominated and confirmed by the senate Although not all of those cases will get to the full. Flra board you know some will be settled or handled. Just by administrative law judges okay. Let's let's move to a little bit separate but related part of The workforce and you know Adjudicating workforce Stuff the by administration came in a few weeks ago. demanded the resignation of ten members of the federal service impasses panel. Eight of them resigned to were fired. what's that gonna look like four The federal services impasses panel and is connects to elleray. What does it mean for the biden. Administration's approach to the federal workforce short so The flra and the fip are to sort of interconnected boards. They they share some of the same staff And while the flra focuses on like allegations of unfair labor practices you know allegations essentially either. A union agency has broken a term of a union contract for instance the fsi p the impasses panel resolves disputes. That come up in the context of negotiating union contracts the actual contracts at the sa. Then you know Handles disputes over implementation of so over the past four years. The impasses panel was filled with what Federal please have called employee. Groups have called basically right wing ideologues. Who are there too. Because they don't like unions and they have in the ask. Majority of cases issued sweeping pro management decisions that you know people in the sphere have said don't really reflect what the fsi p. is supposed to do so. These are all members that don't require senate confirmation right now Although there are some lawsuits about whether that is constitutional or not so President biden was within his rights. Digits you know. Demand all of their resignations on moss. And so he did so up. And i think that's a signal that The biden administration wants to return to the fsi Sort of previous mode of operating was under the trump administration. They would get these last. You know best arguments from the union of the agency and just sort of decide by fiat. Which one was they thought was more reasonable but in in past administrations the impasse is panel has been way more Working on getting the groups to collaborate and resolve their differences. You know they were very much a last st- last step. If all else fails they will issue a decision Kind of thing. But you know that kind of changed. In the trump administration as agencies really rushed to the impasses panel. So we're only a few weeks in. But so i guess to that end. Let's let's sort of wrap it up with this question. are we. Seeing the biden workforce Kind of strategy play out or more of what biden promised as far as support for the federal workforce out. Does this all fit into the grand notion of how the biden administration is going to deal with. Fed's going forward I think it's a pretty complicated actually. See some of these high level staffing changes Like what we were talking about with the flra in the impasses panel and it was a really important steps but those are really steps that basically happen at the end of all bargaining that takes place. You know the nfl doesn't really step in the fsi doesn't step in until agencies and unions are in a fight with each other And on the ground. We're still seeing some of the trump administration bites play out the afc union reported last week. That you know that the va is still you know. Stonewalling them on Their long fight over a new contract. You know that has stretched back to twenty eighteen And they're still sort of refusing to talk about the biden executive order Trying the is supposed to foster this more collaborative lead management environment. So you know it's really. It's really hard to say how this will trickle down yet. Because all of the changes that we've seen so far happened on the endpoint side of labor management relations. Yeah it's it's you know not to put too fine a point on it. But it's also really hard to make a lot of determinations off a few admittedly comparatively sizeable moves as compared to the previous administration. But we are you know less than a month into the administration so it's hard to hard to say one way or the other. I know i didn't put you in the best position to ask that question but nonetheless this is what we do is not your first rodeo. And that eric. Thanks for being on the show it'd be here. Thanks for listening to music. Daily from february eleven daily was produced by it and butler and hosted by me. Ross john i want to thank eric wagner for joining the program. Our music is a song signals by catfish dancing. We should review subscribe on apple. Podcasts google podcasts. Or wherever you get your podcasts. You can email us any feedback at podcast dot com or hit us up on twitter at coming sack. We'd love to hear from you. We'll talk to you late.

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Hollywood Strategy Secrets for Main Street Entrepreneurs

Business Confidential Now with Hanna Hasl-Kelchner

27:12 min | 6 months ago

Hollywood Strategy Secrets for Main Street Entrepreneurs

"Hollywood strategy is a more glamorous version of what every business needs to do focus on where to play and how to play but a cohesive plan can often allude us. Today's guest is a hollywood mega entrepreneur with an amazing story whose journey gives us a peek behind the curtain into his secrets for success. This is business confidential. Now with anna hassle celts nerve helping you see businesses use hiding in plain view that matter to your bottom line. Welcome to business confidential. Now i'm your host. Hannah has keller. And i'm delighted to welcome. Mr larry namer to the show today. His entertainment and media credentials are pure platinum. he is an entertainment industry. Veteran was close to fifty years of professional experience in cable. Television live events and new media. Larry is a founding partner in mayton global entertainment group a venture created to develop and distribute entertainment content and media specifically for chinese-speaking in china and abroad more. Recently he was appointed chief operating officer of fan bester an innovative data driven ecosystem for celebrities brands and their fans to become an investor. An access exclusive experiences and rewards. While mayton and fan bester made household names to you the entertainment television network. No doubt is and that's larry's baby to he co founded it and some baby it is now valued at over four billion. Us dollars now. Those three projects are just a small sample of his amazing portfolio of work along the way he's received tremendous accolades and won prestigious awards. That are too numerous to mention the show would be over. We'd be packing up and going home. If i listed them all so suffice it to say that is an honor and privilege to have him join me today. Welcome to business confidential. Now larry thank you. Thank you for having me. It's great now. You have a remarkable talent. And i fr identifying opportunity So so i've been told nobody could quite figure out why. So but for some reason it's been It's kind of been following me around all my life from literally when i got out of college and got into the cable business to you know being an early on and interactive tv and I was in russia and before anybody realized that it was. You know no longer to soviet union and then china and now i'm in fintech and a bunch of other things so yeah i Have an uncanny ability for being there before everybody else which is wonderful now. Not only identify the opportunity. You drive a truck through it. And i mean that in a good way because you take it from point a to be you know with e. entertainment. You recognize the desire. For celebrity gossip and and made it happen with mateen global. You're embracing technology. Recognizing content goes over multiple January and the us is no longer dominant when it comes to creating content. It's a great stuff is happening. All over the world and was the fan bester. You're you're blending crowd funding platform with entertainment and an opportunity for bands to participate. And if i ask you how you do it. I know that's a question. So let me phrase it this way. What factors do you zero in on before. Green lighting project. What are your priorities. Well i you know. I look at stuff and i love veracious reader. I read a god probably fifty. I read everything online but probably fifty baggy jeans a month on just every imaginable. Subject and I'm on the web research a lot and stuff. So i basically look for You know things that i think may not be disruptive today but you know if the technologies or or the geography continues the way it's been going Will become disruptive. And then i kinda focused in on those like when i decided you know russia i was looking at the soviet union. Still and realize that You know no matter how much we did our anti-communist boogieman in the closet kind of stuff that that was going to go away and that there'd be you know tremendous economic opportunities there And then you know pretty much. The same thing with china. When i got into china which is eleven years ago Everybody thought that you know they're going wii bothering with china. It's nothing in the entertainment business. And if you look at just film business there you know at eleven years ago. Represented one plus one percent of the world market eleven years later. It's down the number one movie market in the world. This year would went by the us in terms of movie markets. So you know. That's that's the kind of stuff i look for. Is you know. And then you know the other thing that i always apply in a. I'll i'll use his name in vain. You know rupert murdoch. I look at things and go. Okay where can i as an independent. Be on the same plane or higher than the rupert murdoch's of the world. And when i say rupert i mean him and time warner and disney and fox you know eventually the big guys are going to recognize it. How do i get my foothold in those markets before they really get in there and and try and bury me to survive through it so those kinds of things. I look at so have your priorities. Changed over the years I know i wouldn't say. I like being. I've always looked to be at the forefront of slough You know and that's kind of a priority. I'm more driven with achievements than i am necessarily with with the money side of it Thank god for that. You know you do want to you and your life you don't have to really do much else The money side is taken care of. So you're really doing the things that You love and you could take chances that are that. are you know. Some people think are a little crazy. But you could do it when you have. That kind of freedom absolutely absolutely. I'd like to dive a little deeper. hiccups often happened in a planning process. Nothing ever is quite perfect no matter how we go about it. Are there certain areas in the planning process. That you find are more vulnerable than others Yeah well first of all. I have this great belief that And this is like one of my underlying things. Is that in a year from now. All the things that i thought. Today i'm gonna smack myself in the head and go. What in the heck were you thinking. Even with all these companies. What i try and do is create structures where i just bring in the greatest smartest people and don't put them in a box that they can't get out of you know. Give them the the flexibility so that they could adjust on the dime and unfortunately that's one of my biggest would business schools is. Here's the textbook. Here's what the follow. And unfortunately you follow as a textbook and you pretty much you know be in the bankruptcy court. Pretty soon i you. You have to have that flexibility because everything will change how you know Technology will change people's interested in how they consume media will change. How in the world can you predict the pandemic but those people that wine confined by these rigid business structures figured a way to adapt and figured a way to survive those people that were stuck in those structures. They all know. This is the way we do things. I mean those people are hurting and they will continue hurt. Because i you know. In many cases it's not going back to what it was absolutely so flexibility and really what you've described tremendous leadership ability is one thing to create the structure but then letting go to let others carry the vision forward. Yeah and don't put them in a position that they you know that they're they're stuck in. you know. i had this conversation with somebody recently. Where you know Very big business. Go you know what the business school and got the nba. I think nba's and you know and they look at agreements and they go aware of the kpi's you know in the you know somebody's employment agreement and i'm going you know if you put these rigid. Kpi's in on a startup. and. I'm not saying you don't do what we would. Businesses very different but on a start up if i put it in. Kpi's certain way that executive even though the business logic tells you do something different. Their bonus in their employment is based on meeting those. Kpi's so that's what's going to drive them. Not what's good for the business and say hey. You know what we don't need to do this. We really need to do that. If you're stuck in having to do x y they get your your annual bonus or keep your job. Typically that's what people will do so you know in start up some real Kind of anti kpi person Again not not mature in mature one hundred percent but in startups. Sometimes they come back to buy into. But and that's a good philosophy to have a because it's amazing how incentive structures even mature businesses can sometimes drive behaviors that are not always in the best interest of the organization. Absolutely you know in in in particularly in startups. You don't have a lot of history so you don't really have predictability you can say you know you should be selling you know Next year sales should be one point. One times i or whatever it is really no history with so whatever the kpi's are they're basically totally arbitrary. You know So i'm i think you could establish some rough benchmarks that people need to do. But i wouldn't again. It's why put them in a box that they're going to be stuck in when the environment tells them they really needs to change directions so let them have that flexibility awesome. Yeah and if they don't do it wisely you get rid of them. You get smarter people but you know. Hire the best smartest people you can hire people that are in each individual area. Actually a smarter than you. I mean you may be the overall broads person you how to lead them but yeah just hire incredibly smart people and you know you either. Trust them and they do it and or they disappear. Yeah one way or the other they disappear definitely all good. I'll good so. Let me ask you advice about this. How could your approach to strategy be transferred to main street businesses. I think it does. I mean particularly. If you look at start i take my advice. You know pretty much holds true there and then You know if you look at were established businesses Again you the times changing so quickly. So quickly and technology changes consumer behaviour changes and stuff like that. it's really the thing through structures. Always be looking for you. Know where do i want to be next year. We'll have been three years or five years but realize that you know making hard conclusions and just being rigid is gonna put you in a place that you're probably going to regret. So you know to me with all the changes that are going on in the world and the changes that come. I mean i think covert is. Just you know made people rethink stuff from soup-to-nuts create business structures that allow for this likability. It's forced people to rethink things. And even when things get back to an gonna you know put quotes around it normal. Whatever the normal is going to be. They're going to keep some of those new features because they realize that customers their clients they're there marketplace likes these things and it's an additional revenue stream so these are all kind of good developments even though it's been a baptism by fire so to speak. Yeah and you know you just look at certain things. I mean i'll give you. I'm out in la and I always wondered why. La never took advantage of a the coastline. The beach the gorgeous weather all the time and stuff like that and then he goes. You know all these restaurants go inside now because they are forced to do outdoor outdoor dining. Quite i going. This is the way you should live in la. We should be doing outdoor dining because we do it. Eleven months out of the year You know so things like that changed now when you look at Just offices i mean. I hate to own commercial buildings in inner cities. Now because used to be where you know all your employees had to report the work every day at a certain diamond stuff and now you realize that you know. Sometimes they don't have to report to an office at all they could work virtual and sometimes they only needs report one or two days a week and you can put them on shifts and you could probably shrink the amount of space. You rent dramatically. So you know. I think yosi offices shrink where people actually have to go to And and then you just look at you know where people live people. Pick a place to live. That's typically close at work. Well so that forces is so you you live in new york city and pay crazy high ransom whatever but now if you're working virtual you could move to connecticut so you're gonna find all these appointments and you see it now my friends. You know the apartment World and new york pro. A lot of empty apartments in prices have come way down. And i've heard as much as thirty percent you know in terms of rent so all of this stuff is changing and then you look at the business opportunities there you know the the rise of zoom zoom before the pandemic. I mean i used to use it and i know a few other people but it was not like part of your everyday life but sudden you got zoom and mike. Crystal teams is caught up and Google google meeting place in all those things. So and it's not done are still going to be so much innovation in that work from home virtual workplace kind of stuff as definitely exciting time for sure one way or the other whether you go into it with ice or you're embracing it right. Yeah there's there's a you know There is a silver lining and while the pandemic is horrible edge just every way imaginable It has created opportunities. Would things like. I told you even like the newest thing i've been involved in which is called fan. Vesta which is where fans could invest in. The business is or the careers of their favorite celebrities Before the pandemic. If i would talk through manna music manager and suggests that their music artists get involved in real estate or in developing the clothing line or a fragrance. Line or anything like that. They'll response. I would get larry look. We're really busy. That's not the way we do things. Well you know for the first few months. That's kind of the attitude is added not the way we do it Everybody thought this would end a lot quicker now all these managers and lawyers agents looking at it and going. Oh my god you know it's going on longer and it's probably not the last time we're gonna have a bump in the road like this and while my axe may not be terribly worried because they got a ton of money in the bank. My acts aren't working if my bands can't do concerts and tours and festivals. I don't get any commission and i can't pay my mortgage so now all of a sudden you know all these folks calling me back and going. Hey remember that thing. You would tell us about you. Know is that still open can so and so still clothing line and you know things like that so it's really you know it's major major changes in the businesses today and the businesses. That'll be tomorrow so one thing. That's constant right the change yup absolutely and that's kind of thing is just keeping your head that what's what's the situation is today will most probably not be the situation a year from now right so you know you you said at the beginning of this in that you just always had an eye for this type of stuff. What type of personal habits do you think have contributed to your success. Well according to my friends it's like when my mother actually did. Drop me on my head when i was a year old Had true. I broke my arm and stuff and according to my friends. That's kind of the way everything else happened is it was something affecting my brain but Just i'm veru voracious reader. I read everything. And i'm curious. I'm curious. I have an unbelievable curiosity. So you know. I i read Magazines on You know crocheting and stuff like that You know not forever. But i'm going you know if i'm gonna do. Tv show. and i got a social somebody crocheting. I understand that crocheting thing so i'll read those things i. I never fired a gun in my life. When i read firearms books so i read and reading reading read and and then pay attention to I watch a lot of news but not necessarily. us news. Like i like to see the way. Other countries are presenting or analyzing the news that we get here and stuff. Because it's very different. You know you at the our election and you look at the way. It's being reviewed in china and russia in uk even The reporting is just so much different. And i think you really do have to have a worldview now. You can have a us centric view anymore. It's just it's those days are over just absolutely over yes. The foreign point of view is always fascinating and We're just such a huge country here. I think we we kind of go native when in reality we're so interconnected and how other people see us around. The world and their perspective is really fascinating. I definitely what you're saying. I think you know the us. We got incredibly spoiled When the soviet union fell apart it was You know that the the big threat disappeared and we realized it was not a threat and we basically control the world. We could do whatever we want. We were the center of the universe and You know every eastern european girl wanted to marry a american guy or come to america You know we just enjoyed this incredible timing and we we as a country didn't realize like this is not a forever thing you know and then you have the emergence of china and you know the days where we control everything they're gone and that's one of the things that americans are struggling with is the fact that we're no longer. The center of the universe in there are other countries out there China being one. But you you know vietnam and india and all these places that coming up and you know we're going to have learned. It really is a global environment and you know were part of the human race. Not just you know. We're not just americans anymore. That's right. But i think if we embrace it we'll all realize we're going to be all richer for it so and i don't mean that in a monetary sense but in terms of different points of view and what we can learn from each other absolutely absolutely. Yeah definitely important. If you had to start your entrepreneurial journey over again what would you do differently or wish that you knew then that you know now. Well i you know i i would have I spent my first ten years of time inc. working for the people Which was a great training ground. But i probably should have started thinking of doing my own stuff. A little bit earlier But you know. I certainly caught up and I just you just the whole idea of flexibility going into things going. My idea is so good. You know and just sticking with things too long. I think it's the biggest problem that i've had and i think one of the biggest problems entrepreneurs apathy Quite honestly i get up in the morning. I have ten new ideas. By the time i go to sleep. At least line of ten. I realized what really dopey And then practical. But i'm now. I'm now and this happened with age smart enough to go out okay. Thought it was good. Didn't work next Most people hang onto long and they spend you know the the thing that you have. That's finite is time you know we've got a a a lifetime that said however it said and we need to maximize the use of all the time we have so even just because you have a good idea and may have seen like a good idea but ego has you hold onto it even to the point where logic would tell you. It's no longer valid or it wasn't such a good idea to begin with So the greatest strength. That i've learned as i got older as the ability like When and go you know what it was. Good now i see. It's not time to cut loose and move on. And i don't waste time on things that you know where i'm fighting for to keep hold of something because my makes me do it. That is good advice 'cause i know i've done that myself. Held onto things for too long where i should have let go sooner and made a pivot to something else so definitely. It's it's easy to fall prey to that. What do you think was the best of business advice that you ever got. You know. i worked When i actually. When i was in manhattan cable when i worked for you know timing family i worked for a guy named nick. Nicholas nick one on from manhattan cable to become the president of time inc and then time warner and stuff and you know he taught me you know. I just kind of watched him in the way he did it. He was really tough but he was always fair He was demanding. You know for performance and stuff but you can never look at it and say that he wasn't fair in what he in how he dealt with things so you know that saying from but fair was one. The other thing i learned from him is time management When i first moved into management he recruited me to move from being a union guy to being a management guy You know he one of the things he did that. If you sent him something he wouldn't necessarily act on it right away. He will put it in a drawer and what they i asked him. I said what do you do that. He goes because ninety percent of the stuff. People send me and a week from now. It doesn't matter to them anymore. So unless they come back he goes. I don't waste my time dealing with and you know. I realized that's absolutely true. In you know people send you yourself and whatever and then next week is just not that important. But yet you're working on and things like that and then also phone calls just again. It's a lot of time management. I very rarely answer the phone for people. I mean my kids have my emergency number and stuff like that. But i find whatever i'm working on and i get a phone call. It's people change my priorities of my agenda to to deal with what they want to deal with at that time so i just have a thing with everybody. I go look if it's an emergency. Yeah i'll talk to you on the phone but short of that. Send me an email. And i promise you that i will never ever go to sleep without answering all my emails and i've stuck to that i would make a difference along icee up. I answer every email and people are now used to the fact that you know. I'm not gonna answer the phone but if you send me an email you will get an answer that day. That is great time management. And you've trained them well as kudos to Yeah after a while. I get used. They got to realize. And the thing is you've got to stick with it so you know once they see that every militia gets answered like immediately. I every phone call you know. I told him. I said look if you leave a message for me. Maybe i'll lancy in three days but if you sent me an email i will answer today so they just do it. Well that's great advice so till those folks that are listening decide what's your preferred method of communication is. If it's a phone call fine. If it's email like larry fine let people know. And it's one way to streamline your day and reduce those interruptions which is other people constantly asking you to do what they want instead of what you want exactly exactly right larry. Thank you so much for joining me today. You have been very generous in sharing your wisdom and your time and i deeply thank you my pleasure thank you so that's our show for today but don't go anywhere they have a really easy. Ask for you would you please open your podcast app. And give us a five star review and leave a comment about what you love most about the show. I read them all. And it'll take you less than a minute and while you're at its share this episode. Tell someone about it because the best way to grow our audience is by word of mouth and if you want the details show notes links to connect with my guest or post up that we talked about. Even if you wanna ask a question have his show idea. Come on over to business. Confidential radio dot com. I'll catch you on the next episode. And in the meantime have a great day and even better tomorrow.

china anna hassle Mr larry namer mayton global entertainment gr fan bester mayton fan bester mateen rupert murdoch Kpi larry russia us bester nba soviet union yosi keller larry look
Jasmine Bester Interview

Pond's Feed

48:55 min | Last month

Jasmine Bester Interview

"Talking tonight with jazzmen End up if i get your last name. Best now bester. By for some reason. I thought there was a k. In there like beth's kerr of when. I kept lucky. I don't know but i have. This new set appear rude Matter may i just need to push the laptop for forward. Because i do not have my glasses on but you i believe Cat got dade college college graduation college graduate college graduate. Yes i graduated from. I went to show boca need college. I i was there for about three years. And i'm double majoring in theatre arts and in business administration and then after that i went to cal state. East bay which is an in their vote in hayward Both in the bay area. And i got my degree and my ba. In theater arts. As will there. And i graduated last year just both in the realms of acting which what has made you wanna even start this path that you're on right now so when i when i was in the sixth grade the principal at the time he had He had all the sixth graders. Do this thing called trial period and it was basically what we were doing. Trout theories with all of the elected beth. He had at our school so we had art computers than had drama. And so for the first half of the school year we went to each elector so we would spend maybe like a month and a half to two months in and then at the end of the first semester. We got to flip. That said that it was all of the elected that were there and that were there at the school and then we would check off which one we wanted to do and for the second half of the school year we would whichever one we checked off we wanted to do. We would do that for the entire rest of the school year. So i think i went. Who I think i had art. I and i just didn't like it. Because it was just kind of boring to me. And i don't know how to draw so it was like we were. We were starting out like the very basic level just drawing stick figures and they kind of growing upon that and i was like oh this classes so boring at i just it. Just kinda didn't do anything for me and then to go to the next selective we went. I went to drama. And i just remember a stack class in my sixth grade year. It was more like improv base. In in just remember. How was that my drama teacher. Ed usa i like dramas he ever had and he everyone of the quite a super nervous. So what we did is that. He ended up using the sheet. Like our call sheet where that had all of our names on eight you just since no one gives out and we were. Everyone was so nervous he said okay. I'm just gonna call everyone's name off the no one wants to raise their hand and i was one of those people that were kind of nervous too. Because i didn't know what i was getting into and the first time i did improv in front of the class i've just remembered. They kind laughed. At what i did. I was of like okay. In the second time. I went up to do improv. Everyone was was just cracking up. At what i did and i was like. Oh like i didn't. I didn't realize that i was funny. And i was like okay. And then i just remember. We just kept doing improv. Some constantly at crop. And i was like oh okay i was like maybe i maybe a half something here and i just felt like it was the first time that i kind of felt like this was something for me and then after that we went to computers and then i didn't like that either kind of boring to me and of gosh all right it was like i learned a lot but i just i felt like i like drama and mode so the very last day of the school year right before christmas break. They gave us the slit and it had all the electives on and check on drama and then we came back to school from christmas break. I just. I stuck with drama. And i was like oh i actually kinda liked this thin. I didn't know where. I wanna go with it. But i in my gut. I felt like this was for me. And then i just remember at the last day of the school year My drama teacher came up to me and he asked me if i wanted to be part of the the advanced drama class and i said yes so great year. I did drama in my seventh grade. Year added advanced drama. So it kinda just took off from there where you said. You really like drama. The most 'cause acting go in a different types of genres. There's comedy romance through musicals wide drama out of all john that you have gone on right now wall the thing is. That's what i was introduced to. That was the only form of acting that was exposed to me. When i was dow was the only acting related elected that we had at in school and it wasn't just under theater will be kind of did a little bit of every type of john. It was just labor labourers drama class. I don't know maybe if i'm connected drama more just because that's what i was old child and that's what i've done most of but But yeah but that was. The first thing that i had learned about acting was drama classes. And then i had taken a break from acting and went back last year in high school and i have taken as an elective again but it was under just theater class and We that's how that's how. I was exposed to shakespeare and we would faint from different places from a midsummer night's dream and then i'll lorraine's hands very arrangements son then. I was also exposed to august wilson's offensive and the tau my mind. Kind of started fanned a little bit more is then data. Drama class was also my drama teacher elizabeth daily. She like the class to vote. The a midsummer night's dream abu allah sakes. I'm not mistaken We have seen the play in the hall who ruffle might acting teacher as she's also she then i don't know if you've heard of blind spotting the movie in the tv show of her the figure in the movie. I haven't seen the tv show yet. Okay well so that's my acting teacher. She was an awful in the tv show as well and i spoke to her by excellent seen her in that play when i was in high in years later i actually had her acting teacher when i was in my last semester. Rational college and so When i graduated from high school. I had just stuck with acting all throughout college. And i'm still very much in the beginning. Phases of my acting career and i had just taken tons of theater. Classes intermediate acting classes also I got exposed about doing my first. Play my last semester. In college i did romeo and juliet. I was one of the one of the citizens in one of the the watchman on sambol actors and lee also The college also went to we were also exposed to doing like the seems like dealing found lying in office as well. So i can say that. I'm a little bit will rounded as an actress. Well like they don't just make us do just acting like when i went will be kind of did a little bit of everything and then I just wanna say yeah. And then when i went to cal state bay about expanded into a lot more act. That's how i learned about henrik and reading doll house reading. The three sisters and i was reading all the different types of plays learning more about officer wilson's plays Mark acting career started and a lot. More when i went to grad so and then and right now my career. I am learning more about camera acting as well and learning how the mediums are. Just different. sir. You're still a taking classes in all that. Yeah i would say yeah so basically it especially during the pandemic a lot of online act he classes in just still learning in just still About graduate school as well. Yeah But yeah i'm definitely still on like the lower level is still learning a lot about acting. You been like fit when you're talking about your acting career. Have you been hired onto like that does things revolving around school like outside of school. Any sort of short films in the short films or feature films or tv shows web series. Anything that haven't i've been. I've logged vision for some but i haven't actually been there. There's this show called thirteen reasons why. I don't know if you go netflix. And i got the chance to audition for season two and so they were auditioning for extras so they actually shoot out here. In the bay area they film in the city called vallejo And dr forty five minutes from where. I'm an only andrew. And i got the chance to audition for it The line with so long audition for the show. It was so long hours in live from lagging nine o'clock in the morning and hill like almost four o'clock in the afternoon. And even though i didn't get the chance to be on the show. I had friends that. Were on the show and i have friends. Who auditioned for the show is and even though i didn't get in it made me feel good just to kind of be around the atmosphere and just to kind of know what's out there and yeah but no. I haven't done any short films. Nothing like that yet. Because i have been going to school full time. And i honestly didn't have time to do it and also have a lot of health issues as well so i really didn't. I didn't have. My main focus is just school. Health issues yes. are suffer from skin caught h. s. I have hijaz neither super receiver and basically what it is that you i developed boils on my body. And it's an inflammatory disease as well as an autoimmune disorder and I got diagnosed when i was thirteen. And the reason why things are just so much on. Hold right now. Because i'm in the process of giving all my surgeries done in order so there were a lot of things that i wanted to audition for even independent. But i couldn't do it because i was out of. The doctor's office in a lot of my health issues had was the reason why i couldn't audition for certain things because even when i was in community college like i auditioned for a short film but It i. I didn't get the part and i kinda was on fact kind of happy that i did it because i knew that my with maybe interfere with the work though but yeah but i feel like my health definitely kind played a part in me not at least auditioning for certain things but but yeah but my main focus was just like going to school. The dow acting but i'm still very much on the low level inches in my healthy order. Dumbly a really. Don't want anything bad to happen here. I hope the surgery dimensioned Burks out a net up. That is definitely something that is not pleasant. I would assume. Do you Ami that that's definitely a priority but you also feel i m again. I'm not even saying that this is maybe the case. 'cause i mean when it comes acting i would assume may the best man woman. Not byner person win by. I mean there is sort of a racial sometimes when it comes do who ends up getting the role true. Have you experienced that. So far in your life A form of discrimination in the acting field. I because i'm still learning about like film and television camera acting i can't speak in that aspect but indices the world. I would say like yes or no when it comes to dino. A color is yeah. It's basically like it's sort of like Judgment based on the skin tone of an individual. And i think actually your example is that is going on to acting. There have been films. Wear the eye of the bark. The play whatever this was based off of the main characters earliest there would be some e central storytelling division where the character was a dark skin. But then when the movie adaptation comes in the character presented lighter skin and for my assumption is that the exact executives feel like film would sell more if the skin was later by me that that's the example as far as laying new casting but i mean i only imagine that I on tiktok. I produced continent tiktok gone tiktok and see a lot of racial division at towards people have lighter. Skin versus people have Darker skin versus people of this raised versus that race. So color ism that does not have been experienced by me. But i've witnessed from other people's experiences. So what i would say in stephen theme so far is that i noticed that there was this one girl and she. She is taking her but she is she's a life in mix black girl and What i noticed is that she would always get the theory in typically. Pretty girl like andrzej new roles. So when i was incommunicado not communicational undergrad. I did too. I did a play called blood wedding. That was directed by Don mundi william and the new director in the bay area and she also. I did another play called nine hundred eighty four that was directed by marc jacobs and i. It's not to say anything away from her. But i noticed that she was always picks to get like the ingenue type of role and when i was a kid i will come to notice colors but i kinda couldn't pinpoint it at the saints on. It was confusing to me and with me being like a brown skinned black woman. It's like i'm right in the middle like not to light to get di- not too dark to not get this so it was just. I would be kinda confused but when it came to acting. And even when i watch certain movies i would or tv shows. I would seed all time. So my personal experience i just. I knew that maybe i couldn't get certain roles because i wasn't a light skinned girl or even like with feature is often played the part to like it. If you have like big lips than a big no no that maybe i may not get apart because that also plays are into it as well but yeah but that was that was the main experience of experience so far expensive thing worse but yet i mean that's the thing as you talk about wind being act will know this. Does this make you feel like. Do you still love despite all this because this is the grabs Scale of of racism. An the racism is an ally of different fields. But i mean especially when you look at acting and fell. I mean it's still. The film industry is trying to get over. Like selling black men and women in film other than oppression and that almost seems to be like now just seems to be fetishizes. Like let's keep making these movies about slave or about So i mean how you feel about all this that you're you're in the beginning stages in you may or may not have experienced the worst of it for la now Our definitely a green with what you're saying. I just noticed that you know the film and tv show. That probably always gives the most praise by like mainstream media are the movies and in just projects that are relatives toward slave movies or like a soma right titles movies or those bio-pic type of movies where is based upon been artists like the singer who was famous and like the fifties sixties but it was around like the civil rights movement. Are things like that or showing these racial barriers of what they have both in the in the music business and why they couldn't get paid this much or why they had to perform i instead of laughs when they deserve to have this by performance like is always around though typos projects. Where if like the we shall overcome types of projects. They try to push all the time me personally. I just tell myself that. This is something that i do love to do. And in some that. I've loved do about child and i just have to tell also that i see this changing but it's changing light super-duper slowly. I feel like. But i feel like it is a gradual change trying to happen like i mean. Look at isa ray you know she had idea about awkward black girl and then lifted and kinda connected that show chocolat insecure and even like i had watched like this. I don't know if it was an article or something. She had said that when she was trying to bring insecure into submission you know. They wanted more in london. Play isa rate in east raise care. If they wanted to a life in girl play her character and she had to really put her foot down because a lot of products. She was trying to do they were. They kept trying to push the white in girl but look how she changed or helps the kind of change in the industry a little bit. You know now you get a chance to see a lot of dark skinned black women on screen and sometimes there were parked and every million different chance to see that and you know i feel like sometimes i mean she had to create her own jobs in order to in order to really kind of you know put her own perspective out there you know and even look at you know. Lean away you know. Look at what she's doing with the shy. You know you get a chance to see brown skin and dark black women there too. So that's kind of adding this shift to the industry also. I do believe that it's trying to change but it's just happening very slowly and me personally. If not that. I love the industry any less because of it you know colored them you know is the child of slavery you now and when the when the active business release started you know when with birth of a nation you know that kind of added tension with a lot more It added more racial tension in america and in the film business. And then you kind of movies kind of after that even with A mcdaniel how she kind of has to play like the stereotypical made. And it's should you still see that now but it's not. It's not as bad as it was before. I was like it's trying to change. Holy surely there was a lot of actors a lot of black entertainment speaking up doubt that not selective use helping. It doesn't make me love the business. And you let i think that is known about these things and seeing things is just helping needs to be aware about this. You know if helping need so. When i do get that one audition that could potentially change my career. It'll help me be more vocal about thing. It'll help me be aware about certain things. But yeah i don't i don't love it any less but i think it's just more so given the ahead the so when i get a chance to audition more i kind of know what to do. You know. that's something i feel like. It is changing. I don't even know how much or even how slowly or fast i guess. We're not even look at the most recent films. Because i run a show where we do movie reviews and with recently i mean you probably heard on the news but in the heights that was supposed to be a big thing for a diverse group of individuals Turns out while they they premed Shut the the dark skinned effort latinos out. And i i put the warner brothers. 'cause they have actually a history of during that. Let the hate you given even when it comes to like. Lgbtq there's issues regarding on that to a ray fisher kicking off amelia out of the justice league. So you know this is. This is something where dislike i. I really hope. Because i want to feel the best are the best for everybody for all the people i care about and i see things like this and then i even watch. Tv shows like the new i. Carly were they now have a black character but she was not really portrayed as the new site not the new other Co-host host for the di carli shower. Not she was just that black best friend bed. A lot of these succumb commies were that to be extremely sassy. They had to be very crazy at the they're always the one in the Room why am i saying the room were like everybody is like that of a person's weird and house like but this is something that just keeps going like i'm not saying that black men or women kepi funny they definitely can but i feel like the way of going about Exaggerating the heck out of them to make them look like architectures but then i would see things like father where it is. Just a drama with kevin hart out of all people do play. The dad and i was like. Wow this is even if it's not regardless of whether you feel about the script or whether it was good or not all these actors and actresses mostly black just poured their energy into making the most of their performance and really selling A story about a father like just take skin color out of it. Is the story about a father. Having new curious on with being a dad without a mother you put that in any other role but the real special is that it's mostly black cast not about prussian about them going through their life and the even crazy thing is directed by a white guy. And that guy denied even stereotype. Anything about like the way he was able to respect black men and women in their allies. Like wow so. I mean i'm seeing chains as as you say i don't know how much though 'cause like whenever those chains on this one small thing all these bigger things no definitely of also having seen father of yet but it is on my watch. I do plan to watch that soon. And but yeah like. I just i think my wishes for for the acting business especially when i turned to be there just i guess i just wish that we see even if even if it is a black woman or a black man where in florida. I guess. It's like there's a way that you can even play a stereotype without making them a caricature or let me see. If i'm working this right life there there's a way that you can play Them being funny or them being a a a dramatic person with dow that being the entire story. It's almost like when you're acting just because you play angry. It doesn't mean tranessa soviet. Great actor you know you have to find the different of down and the different elements that make character. So i just kinda felt like Are i wish that you know there is more of a change. And i wish that the change would it will be more of a more of a change now because the black after that i look up to that paint away from you to be in this business. I don't want them that and hug nuts. Yeah well even with things like the screws The i mean this is why stephen stop watching it Or even supporting it. But i made. I always seem that they they discern the same type of pattern of what movies they. It's almost like they don't even watch the movies. It's just old system that wants to look at film nostalgia oppression like just all these things that it's it's a racist and more so when someone i interviewed or nowlin. She is a makeup artist in a different field but she assured me an article talking about the percentage of people colored that actually had their voices heard in the voting system. The system do pick what the nominees are for each the keggers nascar's and the percentage of of non white is. I believe ten percents or nights like really really tiny. And i was like wow. They're trying to change anything here. Yeah so i would say to add on that. I believe it was malim stupid She did director She i have seen this article that she was speaking in and it was saying that when she was trying to get. I don't know if it was cleaning slim around clinton one came out. She said that she has the habit of. She has a process where she would thin movies into the house. Go by the to be voted to nominate issue. That half the time. They don't even watch it half the time they don't watch a lot of movies Pretending to black life or if they have the predominantly black cast in it juices in half the time. They don't even watch to even consider it and i was like oh like i didn't even. I didn't even know that like so. Yeah there's definitely a hierarchy or racial hierarchy. Inaba noticed it from day. One because it just i guess was growing up like know. Even though we live in a world we have this entertainment business entertainment industry where a lot of black actors a lot of black entertainers. Don't always get their just due in the sense of even though trope even awards aren't everything is more the principal. Even though it is everything is used. They were all wearing top into negro and because heading up there for them paving the way for me i would. I couldn't even call myself. An act. Or i would have to go through with her going through now and then i have to go with the hattie. Mcdaniel's has both the ma rainey's has go through our have to go through those type of things in order to even say that i wanted to be an actor. Even if you hear a lot of black actors speak up about certain things. They're still dealing with this. Pay gap is were what black actors are still on the bottom of the totem pole in the info up. Hey in and there's even a lot of white women a of white act is complaining about what they get in comparison so white men so i can only imagine what black actors get paid. So it's just there definitely this hierarchy even though they're not always always treated the best had it not been for them coming before me. You know quite hours ago. Where i will be in my life right now. I don't even know. If i could even chroma so an actor and i was also invited in this zoom meeting. I had ended up finding about this. The zoom meeting where it was an interview between like other industry executives better in charge of like the union and in with when it comes to hair makeup and devan franklin. He's a passer executive producer. He executive produced a jump into chrome and other faith based movies as well and He was actually leaving the interview. And he was speaking about How much a lot of black actresses and a lot of black actors have to pay to get their own and make done because there's not hair stylists and makeup artists on that can deal with their skin tone with their hair types of. That's a problem too. so yeah i just. There's definitely a lot of issues in hollywood. just you know. I just prayed that that it will change soon. You know and i'm just have enough about it. I wouldn't even be aware of these topics. Do you think that you still be acting if you were were these times. I'm fact well. We mentioned that had. I been aware this earlier. I mean you mentioned going into having interest in acting since high school. what if you knew. Avail this before even started getting into enacted class. I don't know. I think i would still do it. And i say that. Because i say that because there's a gut feeling that i have that are meant for. I'm not that woke up one day and was like oh i wanna be an actor or i think that is just so easy and so jolly because i know that it's not but the people why i'm still doing this is just because my gut in my heart is leading. This offer like Spiritually being guided incident is direction. And i don't know it was just this the moment except in that acting class it was like oh my god. I didn't know that i could feel this way. Kinda give me this high. That i never had before and i just feel like dallas the first time where i actually felt like i could be somebody and no in this world that i really liked to do like. This is what i love to do. The most. And i i guess i would say yes. I was because i. There's just this feeling that. I get when it comes to act in. I can't deny and i have tried to deny muslims For i candidate anymore. Now you said you were theater urine theater and then also even if you haven't been fully or say But you haven't been and a foul or any of these products farther. There's been some de moreels on youtube. Because that's how i found out about a year is through youtube channel near mayor early lightly seattle plan to create content for others to see your laughs video though is three months ago but it was a scene that you had acted out and i guess the one on wine acting weren't Where you're sitting on a table with another girl. And i guess this is hard of so when you exercise acting end specifically drama and i guess for this scenario was something where the cameras were rolling Acting out at seeing that someone is written for you or was it fully Improvisation when showing off the demirel you put on youtube so actually both those. Jim o'rourke was from an acting class that i had so And it was from a script that we had the both are from scripts that we have to memorize. Both were from movies. One was from mystic pizza and the other one was from. I think the one that you're missed mentioning is from christmas in boston. And so basically. When i was an undergrad of the first play that i need to play called blood wedding and that play. I actually got nominated. Those who case acs festival that was longest. Yeah it was held in eugene oregon and it was a a one week festival where you just you. Just eat sleep and breathe theater. They had tons of acting classes. And you also of performing the irene ryan. Scholarship competition basically. What that is that. You perform to mon- along with the same partner in front of an audience as people and if you it bans to the final They have like three rounds total. I think he win like a scholarship at the end and so i didn't advance in the scholarship competition but there was this thing. The auditioning process called nextstep and basically you auditioned in front of like people were in charge of theater companies. Professors your Auditioning for acting classes and for summer programs and so emperor graduate school as well. And so i had audition outperformed the monologue there and i ended up getting call backs for a program quasi art and they have a total of eight classes there and one of the classes that i signed up for was the acting for the camera course. And that was my first introduction. That camera at and i'm in. I learned so much in. The class was taught by dan. Shame there how mason bergh vicky goggin. And they've both been the they've all been in business for years and i've been taught by them and though in through that program though were the the The to demo rules shot so in that class They gave to demo. Reel for free. So we basically like kill two birds with one stone so that that was about. They won't Fact anything it sort of gives me in. Cyprus those are. I mean young coming to the acting field. I mean there are millions of films. Shorts Viewer to try to even make the test. I'm going to just watch everything that ever existed. I don't know if that's impossible because the list is unless i mean i. You mentioned the not having been officially in a roy. I mean it's regardless of how big that rollers. How big the project is. I have faith that you'll find an Bowl i mean i. Yeah do you. Do you feel like you would make up. I do and i'm not saying it because it's like the cliche being the ceo. Oh i'm an actor y'all supposed to be discovered or whatever not even just because that but they're literally nothing else that i love to do as much as acting and i know that i will be not like chosen or like being chosen one owner or maybe i will be. I don't know what my future would be. But i believe that i can have a career like a angela bassett or a meryl streep cameron diaz. I do believe that i can have that. I think that with the right acting classes. And just also people just betting on the and believing that arkham falls apart But yeah. I do believe that i can make it because even with you. Just ask him for interview. Like i just turned twenty four. I just graduated from college and some some. I think that people aren't even paying attention to niebuhr. Even you just watch him on the morals and asking me for interview like doubt that will define right there like you email though me alabama email like what your problem with the interview me so i just i don't know i i don't know when it's gonna happen but i do believe that it is going happen for me i do because it's just. There's a certain feeling that. I get like spiritually and in my gut. I do like half i. You gotta make sure well like that. I mean acting. that's something. I'm ruining for Verse i remembered for you to get that surgery and the command of it in this film. I gue- champions end. Then that will comment and you know everybody starts. When they're in acting they start out. Just being those extras or they keep getting into roles that are just like a. This is a directive video thing. Orb voice actress in Before she eventually found a way to animate she did like directed media like things that were aimed at low kids. You could get it on amazon prime. I mean that's the thing is when even look at who you're inspired by. You'd i have to look at what k- what realistically what i start out with before. I get something as big as what i'm aiming for. I blame. you'll get now. I don't know Kit's nicer when you go into any job there's a fifty fifty chance we're going gonna look at your social media there'd be like okay. Who is this person does they. Do they have a youtube twitter. Now when you you're your e to just the even let you early. Even if i have any feedback on your youtube when you say thank you for coming to my channel stay tuned for more content By your last video is three months old. Just when depot go onto higher you. They're also gonna ask if you have activity in some sort of a page so i mean do what you will with that. I mean you have youtube channel. If there's some way you can keep that alive and then it more than i mean you could. There's so many things you could even do. You could give acting tips. You could actually do like alot workout Exercise regarding around acting. I mean it could be something. That's not related to acting. I mean i'm sure there's other activities your joy or maybe not. Maybe you just enjoy acting. You don't like anything else. 'cause you said you hate art and computers are dare you a but yeah i i definitely i. I hear what you're saying. Yeah i do wanna create more continental uses and things like that just aren't can have an audience outside of acting or just so i can just have my own individual thing on but you're right. Yeah i mean that's the thing. I mean your show. You're showing us a lot. I mean what the scene of you lay at arguing with the girl while you're at it doesn't always have to be that way but like behind the scenes. I mean. i'm just thinking of just random things you could do to. Just keep this gun because honestly i feel like if you have an inactive youtube channel and some way is better than inactive to channel at ed especially for an activist who may be using this as a demo. Reel so but i also am saying this not decide to the tube side but when i pulled up your twitter you had a lot of tweets yesterday about men what it meant to you. Oh no no no no no. It's nothing about me in. It was about another situation but our but it wasn't anything personal. You've out we all the. Yeah there's like ten tweets about like all these men. I was like whoa Need to beat up cement okay. What what did what did boys do what it does boys do what we need to learn or less no. It was nothing about my personal life but it was just. It was about a situation that happened like in the media. Alice adding my own opinion about twelve. Nothing personal about continue to give these trash a man as platform Always like oh my gosh twelve note but the sun's lonesome something like i don't know because i'm not in the acting field. I don't know how they responded. Twitter accounts and really. I would think. I would hope they will let you say Whatever as long as do not like going out there in by at running like kkk offers anything harmful like you. Those given out opinions That shouldn't be yet now. I get it because you know. Yeah we we we sucked. So i mean i'm not even coming up view saying now why you give those tweets. I'm like no priests preach preach preach. No we need our butts kicked or not mess. I enjoyed talking to you. You are a gorgeous here in being by. Just i won't be there. I mean you're ready. You should get all the roles as your determination. Yeah no. I need those roles. Get you're gonna give me that road darna Arena here but you should go to every like a district like what you're gonna give me a swallow k. Before you even start acting but don't do that also realistically don't but just figuratively in your head to save belt this roles mind. We're gonna give it to me. So i say yeah. Yeah besides killing yourself. I hope you do. That was my number one goal for us to get that surgery and come find afterwards. What is probably next radio while next romy. So once i get my get approved from last surgery After that i wanted to sign up for some casting website amaury signed up on some now. But i'm going to do some more casting websites inch in just auditioned in just seeing what i kinda get what i get in to see. How can put myself out there more. And just seeing walking network liz and then after down probably started just looking for a job so i can have some money in my pocket and gives them working union. Because i had been in school. Ever since i from high wall street's with college full and so i would say mainly just auditioning just put myself out there looking at some local theater and see if i can get a role there as well but i would say mainly auditioning and just finding a job though i would say that's tough. Stop to do you. Are you currently employed. No i'm general i happen. Yeah i'm doing all my surgeries right now. Okay so well all right. I mean like that's also another thing is that i mean you're doing the job. Get enough money Preferably being do live in your own house is or you're on -partment complex ondo minute. That's always a desire but you know some people after spend more years at their family Situations with. I mean it's not always a our your years you're still limited clearance. I mean that would be something down on someone especially that rebates situations If you ever feel you need and if your family is they support you with everything you do more than yeah about. Don't feel if the ever need support for them in those during that you got that. Thank you but yeah just. My health is number one probably no know. It is messy better than the hassle I should not be seeing you going to go to this drama class. Because that'll be than i'll cry because then donald think that you'll you'll something bad will happen here. Where do people find your work I would say so much demerist's they can go to my youtube channel. They could definitely find there on my twitter. I have my youtube lincoln there as well on clubhouse You can find me on. There is under a believe with my name on. There's jasmine best. You and i have like some of the work that i've done like the mobile as will and yeah a la and then even on my instagram. I have a few pictures. I have a picture from a place That i did when. I was an undergrad up on my instagram. As well so. But i would say mainly both places then yet the to demirel from the main thing right now this will be on Available pag capsules platforms of your choice is basically dot com punishments twitter For pack era video clips will be on Israel's in tiktok while thunder Miss i just enjoy the heck i. I'm brennan for all the way. I'll be the air nets or derive desire or you. Don't because i i don't know maybe maybe maybe no sticking men to support or i don't know though but thank you so much for the interview. I i really do appreciate. I enjoy listening to be my first interview. Two hours like i was really excited. So thank you so much for the opportunity. The sweet for you say. Because i bet when this number is like yeah. I'm done talking about weirdo. All get a woman in here to view me. No wanna be like five or ten years from now but of like. Wow that was my first interview and look at my career now. So those. The white guy of all people jesus colonizers. Oh i i i really do appreciate is very very sweet very soon especially knowing that still like early on in my career and they're still for my learning in I haven't even book a major role even anything in the short film world yet. You still act interview me. And i appreciate that so thank you so much. Worse your one. We'll talk to you.

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The Ultimate Passive Investment of 2021 - With Lane Kawaoka of Simple Passive Cashflow

InPennyStock | Penny Stock Trader

31:14 min | 2 weeks ago

The Ultimate Passive Investment of 2021 - With Lane Kawaoka of Simple Passive Cashflow

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Introduce yourself as i mentioned our audiences mainly you know people who have a day job maybe do some trading but really their main kind of interest is in investing and where to put their money and you have a great concept great website simple passive cash flow and take it away. Yeah so currently. I own five thousand rental units not working my generic job anymore these days as the passive gump exceeded expenses of. We're gonna try and dig it and teach people how to do this. How to get started right away i started. I was working my engineering job. That identity like just started to buy rental property. And i realized that they can come back. Broaden was for the next fences. And that's where i got hooked up with this stuff. I realized i just bought a hack for wealthy saints of able to quit my day job. It quit app. But then you know what on this journey just buying more russell starch and are the tax strategies of the wealthy and all these other tactics at wealthy do so even before we dive into the details of that if us low bit where were you working. What type of engineer were you aware. Was that kind of you know first moment of. I don't wanna do engineering. Maybe i want to look into something else. Yeah so. I mean kind of growing up prior to that. I was always in like approved. Pretty frugal also Not now by soft drinks said dinner. Waste money scheduled water also go to school. Studied hard you good little toy in a work at a job. Forty fifty years investing in four one k. By a house of event the us or hawaii or where in the us risk so of. That's what i call the linear path right. A lot of my clients stay are are high network. Doctors lawyers engineers accountants of the pretty good at saving money but You know kind of. We're all this led by going into all the traditional wealth-building stuff that when aussie just makes wall street Have these big buildings. I got into this despite again just following the dogma. Find a house to live in which i don't necessarily think is a great idea but it allowed me to buy a house which had just turned into a rental because when i was a a construction supervisor with my first role was traveling on the road of so much never home. So it's kind of silly for a young twenty year old kid to of this. Big house doesn't saturday. Sides rented out a property manager to kind of fill it with headed off role at a likes their first professional job. list. Or how'd you kind of find the ten or that that risk in real estate right is that that was just to get extra cash flow in on the side. Or how did you kinda. Yeah i just called the but old college landlord. And that's the the big secret guys get should be doing all the property manager. Ira out eight percent of rents gets unprofessionally of job uttered twirl. It's not do. Fictions you know but i get the professionals that kind of do this for me. But a part of that is going into properties that cashflow so we look for this thing called the what percent ratio or tonigh.t. Issue okay right so you take them over the divider by the purchase price. And that's the questions. Were looking for something that's Higher so for example as you. We don't buy places in primary markets. Seattle california new york away. It's numbers don't work money there. You'll be lucky to find a place in the ghetto for four hundred grand for two thousand. Two thousand. Five hundred grand is half a percent the not gonna work so were mostly buying properties a secondary and tertiary markets in places like birmingham lanting annapolis. Kansas city memphis iraq leszno less sexy places. Like that we do. And do you find like any issue. So i've thought about this. And i've done some kind of ball cast in the past related to real estate. You know that's always one of the best places outside of the market and sometimes even better. Real estate is kind of the long term if you look at the billionaires in the world there's majority of them have attained their wealth or sustained it through real estate so that's always kinda the pivotal kind of goal american dream quote unquote but Where do you kinda see in terms of like those areas right. How'd you end up. Finding the tenant a property management company do all of that or of seen other people have kind of some bad luck with figuring out the right tenants for those types of areas. You know it might be kind of lower income different credit scores and stuff. You know a problem in la. Become a starting at the top. You know like mike group were passive. It will see festers. We're not broke guys. You have good paying jobs. So we don't flip. Houses will sell houses doing all the stuff on her own. I think that's cool. When you're younger your network is under a hundred brand. You got to do that type of stuff or you. Don't make more than fifty sixty grand a year at a job. You may have to do those types of things but again you know most of my folks or fire networks able to save ten twenty grand a year. At least two bible passer rental and part of that is buying properties that can support a professional property manager. Kick picture of this black box or you got and that person that person would so it's fully passive meaning. Do you guys pool together in order to invest like Crowdfunding or is it all separate and you guys kind of just go through the group and have the community there. Yeah i mean we have kind of two prongs right like when you're starting out in your kind of under water million dollars networks in my opinion. Have to kind of do it yourself. That's what i did. Two thousand nine two thousand fifteen. When i work my way up to about eleven routes properties blood most accredited investors will read that rental properties are complicated the rate returns. And you guys under half a million order million dollars. You guys will get there at some point start with the rental properties for now because you learn it builds your network. What would i started to realize. When i had eleven properties is accredited high net worth investors These saints private placements syndications. The country club deals with become in passive investor. And you could in the money passively. You don't do anything not the operator but also is you have in your name your limit partner in terms of legal liability matching for. And you know like you sit back in your cash checks which jenner partners such as ourselves. Do everything for you got got it. So whom back to your initial i. Two thousand nine hundred fifteen How much did you need to put aside for your first investment. And how did that. Go first rental. Yeah so all these. Like nobody down strategies. I think there ought gimmicks for the guys that you're trying to get people's money and all that right right like the way we do it that we just pure saving artwork saving unity. Twenty percent amen. So if you're targeting we'll start off people with like a hundred thousand dollar houses that rent for bucks a month. Twenty percent is twenty grand. Maybe you went one extra five ten grand cash reserve just in case of the athens. You'll twenty thirty. Grand is kind of the bourbon up the get started nice and then they have to usually have two years of wages in order to get the mortgage and stuff like that like behalf have their tax returns and the need to have that type of. What's the kind of like the income lovers social them. I bet it's based on the savings that they can actually accumulate for the down payment but germs out on his terms a lenders what. They're looking at primarily debt service coverage ratio at that. You not really alex you you you bank the down payment or any twenty percent broom next. Criteria debt service coverage ratio vs fifty percent. And they're going to want to see these couple years of you know stable Already if you're w worker if you on your won't visits lavar trickier but or you know to get the best rate. You're gonna wanna have like six eighty credits for you. Can you can get in with like a five hundred six hundred credits or what you're gonna be paying a higher rate. Yeah but hey. It's not the could be very worth it. God and so add simple pasa cashflow you guys kinda help with you guys have. Is it a mainly a community to kind of push people who kind of talk a little bit about how you got started with symbols of cash flow what it is. Yeah so it of similar yourself right like we. You know in our younger days. We've just do this. Nobody when we didn't have a podcast we didn't have a website apologised kind of viral property sight on soon. Voters would ashby By a property. Cam is it it. You know you tell. Your buddies ripen Every take action. So i started to make a podcast storage order back in two thousand sixteen in at that time i had eleven rental said that i but i was kind of transitioning becoming over credit. Bester selling off the rentals going to private placements indications so my podcast will pass a kind of that in the beginning. It teaches you the basics of rental property ownership. especially doing it remotely passively. But then you know as. I've kind of grown by network join different mashed lines. I've learned a lot of the secrets of the wealthy. And it's kind of frustrated me that all of these secrets are very implementable by anybody but the virgin intuitive that and what were called taught by parents coworkers etc was one done like stands out or that you feel that most people could definitely here and kind of absorb. Maybe it's common mantra. What you feel stands out the mall. I mean i mentioned it earlier right. I don't think buying a house live in is a good idea but i mean think one that i think definitely is shockers like multi. People don't do retirement accounts to make no sense. Here's kind of this kind of a four-point reason why first reasonable When invest in a retirement account will you're not taxes on it initially but you're going to pay taxes at some point. I for one and i think youtube we're gonna be paying a higher tax rate of future because we're gonna be making more money in taxes rocket so let's pay the dow taxes. Now get it out now speaking hit at a lower tax bracket today number to the where this country going. How's it gonna pay for all the government entitlement programs but the raise the taxes in the future for your taxes today white. Three of you know the hard thing with these like these retirement accounts you gotta wait till you're damn near what sixty five seventy who i mean. I'm rb petard. I want to eat that money today. At last year's the big thing is that big kicker right like most people argue that retirement on is taxpayers tax. Which does here's where for people in my group and myself included we invest realestate and when you invest in real estate you get all the past losses from these amendments that makes it the tax rate. Anyway here's the rig big kicker in two thousand eighteen. They came up with all these bonus depreciation laws which your warehouse so a lot of times. When i go into a deal we do a caustic gatien. We bought a boatload of passive activity losses. A lot of my clients use these to lower their active ordinary income. Now if they investigate retirement fund baby. They wouldn't be able to do this. They would get all these big full of supply passive losses so corre really is good Wider use retired out. Yeah i mean. Honestly the only way that i kind of recommended is it's kinda just like if your company offers it is like mandatory savings for you. You know a lot of people have some trouble. Is keeping that money aside. But i absolutely agree with you in terms of like kovin especially has helped people be able to kind of pull out from it but a lot of people. Just stick with the old kind of concept in a buy a home. Even you know if it's not paying you like the concept of you're talking about is makes a lotta sense in sometimes it it. People aspire to that goal. But it's not gonna be one. It's a it's almost like lock them down rather than helps them out any kind of hit it on the head right there. There's a paradigm shift to all this stuff. Wealthy people that are good with their money that are able to invest in tax advantage. Things like real estate. Get rid of this stuff right but for some people becomes a four speak. Bak just like buying a house. I mean y you. You don't want to buy a house because you wanna take that down payment that you would sunday again that house and now you have four five families paint on your mortgage for you on rentals whereas if you bought a house like the one reason why you would do that and i think this applies the most people out there. This is the full discussion of the paradigm are moving up in the world people that kinda just economic statement most people suck at finances where they just spend less money than or they don't make enough money. Don't track it at oliver. Pyatt right and look. I'm not here to say it's right or wrong but for those people. Maybe it's best to buy a house because they just can't keep their hands off their money's than need the orchids which is a force piggyback. Yeah now they can pull equity out of down the line or good. He locked against something because they'll spend that right if they don't put two thousand dollars mortgage every month they'll spend that burn it on other. I actually know people like that. Very close to me are just like that. And they'll even do something. So what do you think about this people that actually i mean you probably know what you're going to save people that change their like all the refinancings going on a lot of people. I know that you'll be surprised about. But i want to hear your take. They switched from thirty to fifteen year. Now they say it's the interest savings but kind of what's your take on that. Is that something you would push in. What case is that an ideal scenario. I mean we always go the longest It because the debt is the most important is the most valuable part of this whole thing right. I people have the whole idea of asked backwards. They think that's a bad thing will not know who's is up against is paradigm shift between good debt bad debt if yes a fixed rate debt you wanna hit it in the future if you have a five hundred thousand dollars markets right now if you back in the in the future thirty years from now that final grant isn't or yearly as much as five apprentice where today and this is my government's blend huge amount debt. Most people say oh. You know this stupid your debts going up with the governments. Know what they're doing bank this banks do right but for some reason lay people they have this all backwards right. There taught that debt is all bad. You how'd you get over that concept you know. That was even something difficult for me in terms of like it. But what do you recommend for people that come to you that you know. Don't wanna take a mortgage or just feel like it stops them because they don't want to have that mass like you know when you have your levin mortgages even or so or rental properties. I know you've paid off a bunch on the way refinance bait him off. But what's your advice there for people like that have fear of dead. I mean i'm the engineer. Just do it. The numbers say numbers. Don't lie so this is. This is a key thing that somebody told me a long time ago. Sophisticated investors don't care about interest rate or debt. It's funny how everybody else does right. What do seduce investors. look at. They look at what's happening to their network right. What the return on equity is growing our network and the cash flow in the intro is a cashless. The is the oxygen that keita's line afford on the acid sex writer network so for example. If you have a house itself paid off. You're making jack. On that money. He returned zero to two percent growth. Whereas if effectively leverage up money into six to twelve frontal properties your funniest ranked twenty to thirty percent. That's really all it is and make sure you get your your leverage appropriately. So that you're able to cash off. Photons facet should any economic times happen. And this is why the basis of the vessel we into deals at One even if there's some economic times like endemic comes around we still cashflow. We hold on the acid Fires much debt. And it's just waiting. Just wait so the the kind of debt on the values ourselves not so much paying down the mortgage but over time it relation at our friend. If you're out there saving your money you're gonna be a loser for sure. 'cause this is getting less valuable everyday. Why the government likes it. Because unlike taxes you raise taxes to raise revenue to pay for stuff people get pissed off right be complained. They stopped wanting further politicians. For some strange reason. When people think about inflation they think about it some kind of ghosts or it's insidious thing or it's like gravity. It's not their fault you know. Yes the politicians in all these people in congress. They know exactly what's going on. They deployed. exactly what the general public doesn't care about or they won't blame it. Yeah yeah interesting. So how do you recommend people find their first like find a property zillow house tools or softwares resources to find like where they should invest. Say i have twenty thousand dollars. I wanna get into this game. what do i do. Yeah i mean zillow's a great place to start is not the best data but you don't just get started right. Look for places were the numbers makes sense. That percents of racial. And unfortunately it probably won't be where you live. Yeah and you're going to have to get over that mental hump investing or you don't live And then you learn about the numbers they wanna go to my website. Get my free up. Spreadshee- analyzer the goal. Simple passive cash. Dot com slash analyzer. Donald wing for loans so renta evaluation. One percent of thrones the analyzer and they analyze twenty thirty properties will figure out what the best one is all at that time finding a good manager. Awfully simple gun. How how about people that you think of heard this bunch when especially your a. Cpa and business several clients. People say that real estate's too boring. What say to that also warring what i love right look i got five thousand units in Also right i want to ask through. Pandemic comes around in unimpeded acted right. I want to super boring. It's all like you know. People got it in our head that they want exciting vestments like tech startups. I want like quantities. That are super boring. That perform really well at recessions that the end of the day are kind of their their commodities needed by regular people abyss on workforce housing. We don't buy the high end luxury stuff or on the loop. Were kind of this middle. Ground workforce housing b and c housing rents from someone onto bucks to fourteen hundred dollars right. And that's this country needs more a growing demand because there's a population and a streak. He did a plastic roy. Lower middle class which will be served interesting. Okay and then what's your take on. You know. I know that the more significant part of all of this is being able to have that house as an asset essentially but for people that look into like real estate crowdfunding more Will turn key rentals the. I don't know if you've seen those online. What's your take on those. Are those the things we should get into or yeah i mean again if your net worth is under watermelon. Let's start off with a rental property. Tricky rentals how i started at these guys will fix up the property for. You wouldn't attended there. It's like ronald property and training wheels. Sometimes they'll manage it for you I have a guide on my website for feasible Cash dot com slash. Charkhi of guys might free like e course eight hours of videos how to do this stuff in the later after but yeah i mean it's yet just get out there by the first rental property in get one down the road so you make that jump from one. I mean eleven in two thousand fifteen you had about two thousand now is like a credited investor kind of conglomerate group based buying or. Where does that jump kind of. come into play. yeah i mean. We're our buying them. Instead of one's a tuesday's providing Sets a fifty hundred time sexually allow us year. Our property management Are a lot more. You know ofessional in the commercial realm on just the reason why we do bigger assets because we stay above while officers like the amateurs overpay they be by you know. Two units one unit eight units sixty minutes like a below two million dollars just race and then we stay of ball below the institution. Better just people's dump retirement money for larry laaksonen block of bunch okay heels on the right so we kinda there's void right between maybe five million dollars to forty thirty four dollars that we like to stay because we feel like it's less competition and our businessman's we we do value. Add to the property. So we all the units for to six thousand dollars. Yeah pregnant than the sound like very much we do at to three hundred times. We got some good economies of scales to finances doctorate so and we package it up for the lazy reits with achieve fire product. Yeah pretty awesome. So what's next for you what What's the game from five thousand reynolds now. You must have do this for fun now. This is still work right. But i mean it's just keep doing more stuff many War of it is there anything you would say the. Uc's like the most common mistake outside of like okay not investing right but for people who now get into it right. They get started. What kind of a common mistake or something to look out for or some kind of cautionary advice you would give people. Yeah i mean a lot of my mic clients We don't have very many guys making under fifty grand a year like a lot of those guys. On when active guys the house flippers the wholesalers guys. Doing these burst strategies byron. We have repair sounds Three high active state that icy lower by clients fake. Or you know the big kinda get involved in it. But they failed to realize is the best uses right. I mean your highest rental and then they get obsessed with the wholesaling flipping burgers and everything. Yeah or even they get more sussed with the they make the whole passive investing a little bit more active than it should be so. I mean we're all here trading time for money you gotta figure out what we're getting our highest multiple from verse in just all in that that said there's a certain amount minimum effective dose. That you can if your doctor a little bit of learning in the right place can get you like exponential returns of real estate side but make the mistake. Mr dr still play dr hundred for some time. Yeah yeah and just use this a builder assets on the meantime and stuff right. If you and. I are seven foot guys. He'd be playing basketball right. That just makes sense or not. Correct people get too involved into it. Okay also that's interesting so once you have this kind of setup right how do you you have your own team of accountants and lawyers and stuff that kind of help you set up or where you end goods go back to two thousand nine two thousand fifteen because most of the people here are are in that situation. You just mentioned that. They are actively working job. That listening to this on the car ride or at the office or whatever and they wanna do something with their savings they wanna do something and this seems like a great specific portion of it. But what do they need to kind of get started decides like it'll finding the property. Yeah i mean very common questions. Like oh should i get like a llc or asset protection gonna pause here in the do the disclaimer. Not up law but still this is in my suit right matter state right. I will help people like look if you're one of the best asset protection strategies Broke nobody wants to see. You're not worth. It doesn't kill a squirrel better stuff to do right so if your net worth is on their hundred thousand whatever million dollars you're squirrel really i mean. Is it worth paying a thousand dollars for llc to get all setup marinate not be right. If you're freaked out about it it just go get it right. But a thousand dollars is a big chunk of your profits on a rental property when year a year to ask yourself if it's worth it I personally never got an llc year any of that set up to. I had more than a handful of rental properties. But at that way i think it's important to not put the force for car hartford the horse despite while most lars would probably argue with against the. No that's fine. That's yeah. I mean the thing i like about yourself right off the bat is that you i mean it's clear you have the experience you've done it. You have the rentals you know. So it's like your some of your advice right off. The bat is a little bit nontraditional. But it's real because you've done it you've shown that how it works so that's why i really liked having you on Anything else you wanna kinda mention to the audience so you tell them a little bit of where to find you your podcast and We'll pull the links below. Yeah they They wanna go. Check out my podcast. Pasa cashflow passive. We'll stay investing is where to find me that we have a lot of guys simple. Pasa casual dot com. Reach out to the. Do you get access to the free course. The ruble resting light force to get started there but the guys i ain't i know it's going to happen. You're gonna read about it. You know all this cash investing stuff in it just it as we were talking about earlier right like most people they just give up. I mean here. Here's my argument is like look guys like. We know what's going to happen if you guys keep doing what do it. You're gonna work for forty fifty years with this stuff. I mean most of my clients are able to get financially free five to ten years financially. Free we're talking about ten thousand dollars. Pacific going to get rich quick thing but to get rid surely thing would you just gotta get started got. Educate yourself to get moving on the frustrating thing. Kind of what i do. What i do is like if everybody just listened to what i said it just started flying handful around all's right they would probably create you know not all of their paycheck but like they get moving down the road to they. Deputy see like at some point in the very near future. I'll be able to boss to go. Spur off quit. They think about it like society can't function like this. If everybody says i did employees writing that major right so you want to be like everybody else. Cool because we need people to get our coffee for people to do our tax returns. They need people to build bridges for us. We need people to play dr financial independence. Not for everybody goes people For execute got to get a little bit other comforts special it on a present. I love that. Well thank you so much man Probably gonna sign up something with you to get you on again. Because this is great and i'll leave in the description below in price that email. We'll talk about the how other people can get access to the to the course that you have but also thank you so much man. This podcast is part of the c. Suite radio network for more top business. Podcasts visit c. Suite radio dot com.

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Logan Nathan  Your Solutions Are with Your Advocates Talk to Them

My Worst Investment Ever Podcast

25:49 min | 3 months ago

Logan Nathan Your Solutions Are with Your Advocates Talk to Them

"As we took the journey and obviously we had some tradie mates or traits people that that business owners willing to put the money in regarding to journey by these tom. I spend my numerous mind money on these with small investment from that traits companies. We got to the bottom market in terms of waco. We're going to go now while we are the idea. I really found out. The market wasn't quite ready yet. Reached low fellow risk-takers and welcome to my worst investment ever stories of loss to keep winning in our community. We know that the win investing you must take risks but the wind big. You've got to reduce it. And i bet you're exposed to investment risks right now to reduce it go to my worst investment ever dot com and download. The risk reduction checklist. I've made specifically for you. My podcast listeners. Based on the lessons. I've learned from all of my guests fellow. Risk-takers this is your worst podcast. hose andrews johnson. I'm here with featured guests loganathan. Logan are you ready to rock. Yes let's do it. Well let me. In addition to the audience. Logan is founder and ceo at i forty global and i four treaties is a digital transformation specialists a serial startup entrepreneur aboard director and advisor and angel. In bester logan. Take a minute in philly for tidbits about your life. Thank you very much into it. You an exciting podcast. Well like i said people gone. See me of course. This is an audio broadcast migrate. Here you can really say that. I come from almost forty years of it industry and of course having gone through studying as a youngster on my own doing my own business. And then i realized that. I wanted to be really expert on technology so i quit and joined the multinational and i took that journey for twenty two years and then i realized that my real passion is all about driving and the dropping trip that always had in from ever since i was young so eighteen years ago my duty started as studying up my own company and really trying to learn to really implement things that i've learned through my corporate life through my journey as a youngster and of course learned a lot of lessons and believe me as you go through. I'm going to give you some exciting stuff out the eighteen years of security with you so fantastic. You know what the next step is. Yeah maybe just for those people who don't know about your business. You could just tell us a little bit about what your business is what it does right now so that we understand where you're coming from with that so like i said i've been always in the street. I always be waking may of my thinking and always like to challenge the status quo. That's always been my nature so eighteen years in my running my own company always been trying to service the client reading reeling so we were just service climate. Anybody that require a digital transformation. Need i'd that could just from consultancy to advise to developing a website to social media to actually taking the journey across to whatever they had four years ago. I wrote a book about digital transformation. Because you know intrigued me. How uber airbnb. And all of these disruptive technology has changed the way industry worked in the past that internal being said wrote a book about transformation. That's impacting the small businesses. Like my in any industry that really got we deleted thing and say. I'm not getting any younger before. I call it quick myself how to stop an industry that i only choose and good journey. Of course. that's an enterpreneur always take public so we'll be looking around. I've finished my book and fight. Only we had a lot of religion traits people in australia. We call them. Praise trade clients and you become my mates says well being you get to know them very well and i put the idea forward to one of the traits business owners and he loved it said how are we doing. Disruptive to the trace industry the way it operates style why said. Don't i've been thinking about it too. Let's do by the way when you talk about trading so you're talking about plumbers mechanics in nutrition. Andy man. All of these are called But normally they call. It tradesman will contract to see cutting co lead in the us so we said yes. Let's get into it as always under opponents do dive into it. The next thing will just dive into it. Fortunately i had a team of people who out to actually do the coding and technology without asking the questions too much. Just get into it. As i dug into having a beato. Obviously you now start looking for funds and won't is very clearly when i need to one of the angel investor meeting they said. Are you trying to fix tradespeople problem. They're the most disorganized bunch and you can get out. Get out out on the. You're not gonna get anywhere but noise. Not the answer for me as an entrepreneur keeping the tradespeople. I said let's go so rumba by talking about uber dot trying to solve a conceivable problem bitchy. Always used to getting service from the traits but no transparency. No nothing just like an uber but for us as we took the journey and obviously we had some trading mates own traits people that that business owner's willing to put the money we got him to the journey by the time. I spent my gnomes my money on this with a small investment from that trade is companies. We got to the bottom it in terms of where we go now while we are the idea. I really found out the market. Was that quite ready yet. The trades people were not prepared to be transparent because the way the tradespeople work is. You've got some problem fix it. You pay me the money and get out of here right and the consumer point of view also been well trained or comes to us to just do something for me. He's the money and do it. The worst scenario is what we were trying to do. Is everything transparent on open often. The trades taking cash and the consumers also used to by being a cash. They can save a few dollars often. This is much much bigger challenge. And what i did cut the chase. We actually realize you're into the year end of the line having gone through all the investment this speed to see jerry we are taking is not however. A lightbulb moment came in during the process. Well into the year and a half i would say so. He's that story gone in. We actually had a call. From one of those immersive tradie was also using the tradespeople people and was also using the platform. You said logan something funny happened today. When actually i received a call from a real estate company then told me often. They come to pay their bills months later. And they said we are about to pay the bill so we were checking with the tenant but this was fixed. Rumba is visibility here and the talent said no. They can't recall. These guys never been there. I don't think he should be paying the bill then. Of course that request comeback to the traits company owner. And he's at logan. I can tell you. Normally this is a three hundred dollar bill. I just let it go and become the guilty party. Because he'll take me more than four hours to find. Something happens six weeks seven weeks ago and it's it's a day's work for me who they would not be possible to justify the three hundred dollars with that. I become the guilty party. A loser klein forever. And then but life goes on. And i keep keep struggling. Suddenly realize i'm using. I ifo trading which then recourse every moment of that transaction prices when the call was received. When did i actually accepted the job. We need i assign the jump to one of my employees to do the job. What w what did you do dummy finish date or i got feedback and we got all that audit process there and he took me five minutes realized that and i print that in pdf form and send it to this real estate property manager. You won't believe it. She had a draw dropping experience. Jaw-dropping experience. I should say the reason is what kind of trace was. Are you because we were not expecting that sort of detail that you're recording at any moment. Andrew an aim shared that. I realized that night we are not really chasing to see obesity. Consumer we have a gap a huge gap in the business to business idiot. Where the business at got. A bigger problem where the actually handling somebody's asset management and not able to produce a results or justify that in a way that they need to do it. So now we have gone back and realize. Let's go to these. What i call it. Authorized agents were actually got an asset to manage on behalf of their client will then really required to be ahead of the game and to stop the way that the whole business processes information to set. And we've actually gone to be company and we have been really convincing them to do it and we have really started building. That was going back to two thousand. Nine t england actually come in two thousand nineteen were thinking we are really cook it. The the rocket very soon and we are going to be both famous. Guess what happened. In march two thousand and nineteen thousand twentieth needs kobe. He does I don't think anybody expected it. I'm not a law. The whole would cut the lawn so in short by march able we lost eighty percents little revenue getting and we were actually thinking. This is the end of the world for us. Everything we have done for the previous three is gone. Waste as the panels. You never give up. You always find a different way to do things so what we have done is the first thing we did is. How can we keep our about road. All i knew is. We don't know what the length to this period where the problem going to be all our newest if somebody's survived during this period of koby and the customer says if that companies survived that the company we want to do it The unknown the company and the team and the culture of the company and licorice whip. That's all. I knew at that time back in march so i put that back into motion. First we went to all the collaborators who partners and say what can you do for us. That's the first question Then he said. I mean ende's about casual many anybody. That is actually a slow all about cash flow. Fortunately australian government also gave enough funding to keep hate about waterfall for the people that genuinely doing the business. That's number two number. Three's now you go back to stop and be honest to them. Open them say. This is a real situation guys. We want to keep going. And i really shared them. What i real my visions at the end of corey audio that in co it means when i thought about this around about ma april timeframe. And what can you do. You won't believe including suppliers and are stopped prepared to cut the wages for a period of time. Of course i couldn't do it forever. Unravel able to cast positively cash. Manage that for a few about three months in the meantime he said. Where is the situation just like that. Lightbulb moment with the property manager is that what can we do to right now to the situation. Forget about our vision along. What is it. We can do not believe it or not. We come up with a very simple. sms technology. That really cannot a house on locked up in. A lockdown situation can just send a request. I want to trade and travel right. Oh trays listen. And you could get that. So we introduce that and we got the recognition from quite a lot about the people that the right thing to do and take that forward. Now that's become a part of our audio now bigger picture so taking this forward we not stopped there. Wanna take take new people. Were busy doing this work for about two to three months. What we said was okay. Why are we not. What do we do different. The manager cashflow the medicare retain of the client. Let's go back and tell the story to the world where we are at and how important pose calway. This technology is more than ever before. Guess what back in two thousand nine hundred and the clients have started coming back and talking to us. Cut the long story short. We also did another thing. We said we're not just talking about in australia. These problem worldwide impact actually worldwide is much bigger than for the problem in australia. We said we wanted to go global. That's why we actually name it. I forty global. I fought trades in globe globe today. Not only we have actually signed with the number one company hitting australia and also to global growth on one of the largest company trade company to become the license holder for ocean that been australia new zealand and smaller countries in around the street for them to really take on and implement this technology in this part of the world which is also now that allow us to have a masa license focus on that about the strategic customers committed to us and we won't believe it'd be not have a ten million dollar deal over the next five years in how they speak. I'm now implementing the same process than the strategy that we alone in the last months. Globally and meeting. not only. We think we know that things that we have done can be really valuable in the us. Europe and other part of the country's Really my short and long-term along hands wavy rat and the to light bulb moments and believe me every time you talk to the client you talk to your staff. You talked to your supplier. Day would get you the light but mom's for you to just listen. Listen and listen carefully and think through and say how does really want to give you one of thing that i've always been been my model when things are happening really really good. Always think that reversely. What is bad about this when things are going really bad you this obstacle. What is good art to be. Honest if i can just give you a single lightbulb moment for your for your listeners. That's what really caught me. Think differently and come through the survival through the. Kobe was bring up. Broken going broke too wavier today. Going thinking about going globe. That's great. yeah so our. Would you summarize in you. This is a big a lot of stuff went on in this. How would you summarize what you learn. From this experience you'd never give up. Never give up and on summarizes the answer is with you advocates I you stopping to it. That's great. I will let me share a few things. I wrote down a lot of stuff. Is i was listening to you but the first thing that you made me think about is did you of you were attacking. What you saw was the problem. And that was the relationship between the tradie and the customer so kind of you know that simple relationship but the way that you ended up solving it was you identified in an ultimate beneficiary or an asset owner or somebody that that really needed that much more than those two parties needed it and therefore and you found that so. That's the first thing. Is this idea of going beyond where you're first looking. And i know. In the industry of finance we have brokers that execute buy and sell orders we have fund management companies that send those buy and sell orders to brokers are we also have the asset owners which are the ultimate beneficiaries. So sometimes you may not be able to convince the mutual fund company for instance to do certain thing but if you could convince the asset owner let's just say that they should look at corporate governance and gino social impact or es g the fund management company said. Well we're really busy and all that but if the asset owner goes to them and says i want this then all of a sudden they have to listen. So i think you've given a great example of kind of looking at the problem from a different angle. You saw a problem. You didn't see that it was as valuable as you thought but then you found another direction where it was not human and i think the second thing that i take away is you know. It reminds me of my business partner. He says whenever you feel down talk to your customers and he said you're either gonna find. They're not happy about something. And then you're gonna feel invigorated to go fix that or you're gonna find out they're happy about something and you're gonna feel good about that but what you've told us that. Listen to your customer. Listen to the the parties involved. And you'll find your answer there and that's a great lesson because a lotta times when times are tough we lock ourselves in our offices. We have team meetings and what you're telling us is the answer is not there. That's what i take away from what you said. What would you add to that. Thank you is spot on out just say the advocates advocates. Are you not only supply. You'll supplies you association. That the advises that really give you the lift that you need course your employees. They're the one really making that engine room burning every day. You go to really make sure you listen to them because they also you know equity impact it really have the livelihood bit you get to me combination of all of that tapping the right down like i said in when things are bad all is what is good about. Because that's the opposite psychology like you talking about the worst worst investment so he says the opposite psychology but things are going good which is happening right now to me. I'm always thinking what is bad about it. How do we this having the growth and the cash flow. That can really something go wrong. So what is bad about it. How do you that so it is the opposite that often feed on us. That's really true. In generally life to be honest with you. I like it because you know if you think of. Life is just a series of ups and downs. It's like a sine wave in electronics as an example and it just goes up and down but when are at your peak and you ask what could go wrong you bring down your peak a little bit and when you at your bottom then you say what could go right you bring up your bottom on the bit and you bring more stability and less volatility to your life so i think that's really great advice. Thank you that. You ought to use any better than what i could do. Very i think a lot of great lessons to learn so now what i now want you to do is give some advice and think about young people out there. That are struggling their challenge. They're facing obstacles. Do not exactly sure how to overcome those annan. Ask you this question. Which is based upon. What you've learned from this story and what you continue to learn what one action would recommend our listeners. Take to avoid suffering the same fate but ultimately somebody tried to do whatever they want to achieve is a cash flow is taking you on all right so we need talking about the cash flow. What is it that you require. One of the biggest lesson learned is make sure that you have a cash flow at least intact for next. Three months can actually pretty pretty focus for the following. Three months. Enterpreneurs really good ideas. That cash is always difficult to come by especially with a new idea but if we can really manage cashflow and look at all the medication that can go roll. That's what i was thinking. A good question you know can go wrong in the other way around as well and then you go to mate already afraid to us your associates at your supplies and your employees because they can give you a point. I we have done. You know salary for nearly three months and they wanted to really accepted so listeners. You know pay attention to the words. That that logan's mentioning. He didn't say cash he said cash flow and cash flow is king a lotta times. We cash is king. And yes i mean everybody would like to be sitting on a big pile of cash. But if you can't produce cash-flow it's very hard to convince other people come along with your story whether their employees or whether they're investors so i think let's take heed to the exact words that logan said which is cash flow is king. All right last question. What your number one goal for the next twelve months number one is to learn from what we have done. It and eight for me is about teach meeting other people to right because the lesson. Debbie i learn the more people that you teach the more collaborative advocates that you're gonna have to take. Your journey doesn't matter what i in is. Always somebody going to teach you better than what you beautiful. So the more you possum dislike. I'm doing now. I'm learning from you. As i just talking. I and the things that you're putting beautifully counter. You're listen so yeah that's why the mall you teach the two things happening the more you teach your learning more from your own self listening to your voice. The other thing is. You're creating more advocate for us today. I think i've actually just got another advocate lasalle. And i'm sure to get many more lincoln requesting connecting fantastic. Well listeners. there. You have it another story of loss to keep you winning. My number one goal in the next twelve months is to help you my listener reduce risk in your life so go to my worst investment ever dot com right now. Download the risk reduction checklist to see how you measure up as we conclude. Logan i want to thank you again for coming on the show and on behalf of a stance academy i hereby award you alumni status for turning your worst investment ever into your best teaching moment to have any parting words to the audience. Thank you very much. Do a pleasure thank you. Give me the opportunity. Yes well. that's a wrap on another great story to help us create grow and protect our well fellow. Risk-takers this is your worst podcast. Hose andrew dot saying. I'll see you on the upside.

andrews johnson loganathan bester logan Logan australia waco logan koby ende tom Andy logan jerry obesity corey Andrew
What Makes a Long-lasting, Healthy Relationship?

Women Worldwide

27:26 min | Last month

What Makes a Long-lasting, Healthy Relationship?

"You're listening to episode three hundred twenty three of women worldwide. Today there are so many apps to choose from and we all have our favorites. What how would you know if you needed a relationship. Coaching and self care app. I've got a guest today. Who has a lot to share on this topic so stay tuned to learn more. Hi i'm dear to breckenridge. I've spent an entire career helping women to share stories. Nurture relationships were their brands but most of all to find their voices so they can make a difference. Do you feel stuck. Do you want to power up your own voice. Women worldwide features the stories of passionate women who have navigated big career challenges and some of the toughest changes these professionals offer deep insights and advice to inspire you and to help you uncover. What's holding you back. Let women worldwide ignite your passion so you can excel in life. Everyone welcome to another episode of women worldwide. Thank you so much for tuning in for being here and for always sharing. Not only sharing shows sharing harvard. Doing and how you're feeling and what's going on in your world. Well it's a new week and we have another really interesting guests. She's ready to share her journey and advice with you. So let's get to the topic. The entrepreneur andy app. How grateful are we for all these entrepreneurs shoe create these apps. I have my favorites from my news. Apps to social media acts. Of course. Because i use them. I have to have my calm and meditation acts and he might gaming as- help keep me calms well. Here's nutrition apps health and wellness sports unit. What about relationship. Coaching and so care in and out. And how do you even know. Is you need that will ask for my special guest comes in joining me on the show. Is leslie tackles and leslie is. The founder and ceo of a company called relish relishes a relationship coaching company and she has an award winning coaching. And self care. Interestingly leslie was really well known for being co founder of a billion dollar fantasy sports startup call fan will. She made us hard pivot. She took all of her learning experience. Some not so good into her new venture. i just want to mention that relish. The act was recognized four times by apple as the app of the day. And it's also been featured in fast company mashal real simple bustle. And were i could go on and on about leslie. What i think. It's time she shares her journey and hers. Icu leslie welcome airdrie. It's great to be here. Thank you for halloween. Oh to pleasure so eyeliner this up as the entrepreneur the apple. Certainly you are announced Create something really interesting and before we get to the app and how how people need you can just share how you sorta got to the point of relish and launching that company moving away from sanders. Doubt that's a really good question because it's a very very different product founder for those of you who don't know the largest sports betting company in america Started out as a fantasy sports company and I know sports fan. And i'm not better but i developed this massive passion for fantasy sports is i was building founder and i spent about ten years building. It there were five of us who co-founded it in thirty years. Oh my goodness. By the end of that period we'd growing the company to over five hundred people. We raised over four hundred million dollars from investors and I left the company and had about four months of sort of reflection around. Okay that was a large part of my life and What am i going to do with the next ten years of my life and harkin i build something that as impactful as found deal has been in terms of completely changed the way. Many people consumed sports How can i build something as impactful as that. S- something that's much more aligned to who i am rather than my husband we built it together and reflects my values and my desire to really make the world a better place in some way. Am i wanna feel good. Every morning when i wake up knowing that i'm making the world better and i know that sometimes very cliche grand but that was where my mindset was at that point. After i'd left the company journey building fangio was pretty tumultuous. And i think any startup is very difficult. You know who are trying to get to market fat. You're trying raise money. There's this constant cycle uncertainty and imminent Failure wednesay one in lost ready as a lot of intensity and and you have all and then you layer on top of it. The legal uncertainty around sports betting in america in particular and we had a very aggressive competitor And there was this almost arms race to become the number one for spending company in in the country So that was a lot of additional angles of of pressure and strasse. And doing all of that with your hus- bench as an interesting and having children a long way So there was a almost like a boiling pot of pressure on On everyone that was involved with the company Defenders of particular over sleigh bore a large part of that. And after i walked away. I thought okay walk helped me sane through all of the ups diane's over those ten years wars the relationships i had and it wasn't always playing ceiling that we figured out how to make it work whether it was relationship with my husband or my cou or our employees our team people externally to the team that we worked with agencies etc. Those relationships were were what kept me grounded and kept me strong and kept me able to survive all that turmoil And i thought well. Harry by t everything. I've learned by building a technology company and apply it to the science of relationships and how we can help people make those bonds stronger because that can lead to a greater sense of happiness in film and in your life if those bones are strong and a lot of that comes from working on your own mindset and your own hands and and learn to love yourself as much as learn to love other people And that was what inspired me to build. Relish asked amazing what a huge takeaway diving with fans. It was a huge Pivot in in terms of You know ninety. Five percent of our target market was founded. Boll was man to thirty five You know relish is much more. It's more female leaning. I would say It's not only women that use it But it's maybe like sixty forty men to men to women Women's man rather So it was a big change But certainly a change. I feel really good. Bye has really good. Is this soon you hear a relationship. Coaching app and self care. I immediately thought romantic relationships. You're experienced out of sandal was all different kinds of relationships. So is the more geared toward romantic relationships or any relationship. Because you're discovering more about yourself in carving a deeper bond with somebody that you care about the app and its current or is certainly a by those intimate romantic relationships with a lot of what you're learning about yourself about how you show up a lot of people take those learnings and apply it to different relationships in their lives. And that's definitely where i see this going in and you know that's part of it is self care and self knowledge and self aware urness and you have to start with yourself relationship. You can't just and this is a mistake. Many people make you can just look at your partner and say you are the problem in unison and spoken to make the marriage therapists who say exactly that people turn up in marriage. Therapy having been unhappy for a many years and they're like just fix this person over here please. Working work so much of it as a by looking after yourself figuring out what you need why you need that and what you can bring to the table and higher changing. Your perception of that can can really impact a relationship. That is really interesting. I do a lot of words in chita -cation and i always say it's you have to understand how you steal. I eat and created tests online because understanding. How you feel is all emotional intelligence. You can then tap into has somebody else's stealing in your car. A deeper relationships career tune occasion. So it really sounds like you're on the path of it is about you. It's about getting to know yourself and the choices you make especially relationships we can point to things and say oh. This is great. I did this which you can also pointed anything that goes wrong and say oh i did this. It works responsibility and being accountable and I will say that. Every day. I waking up and i choose to be with my partner and i know that he chooses to be with me and we have that choice. Not near gone by. We didn't have that choice certainly as women. We didn't have such a great choice. But nowadays we all choose to be here and knowing that your partner chooses to be either your makes you want to show up your bestself makes you want to give Give the best part of yourself to the relationship rather than as many of stew when we're busy we're working. We're juggling kids and jobs and in the back mid day when we were you know the life was so hectic yes than it was the the remains of the day. You know the the last irons of your being was available for your partner at the end of the day. And that's that's not. That's not the past to healthy relationship. Slow heart right. Exactly so is that is it important for any women or men are listening or watching the show that they feel that. There's too much going on or overwhelmed at the end of the day. There's just this real hard. It's not the best for that. They're giving to their their mates. They're awfully soulmates. In bay should use your app. And how how would you go about using it. Seeing the ways that people can benefit. It's an interesting question and when we started building relish I wondered you know who is going to use this act ring. Luke like is this for people whose relationship is on its last legs and considering divorce because as often the people that go to counseling or therapy or is this for people who are in healthy relationships on a he but how say and enterance invest in the relationship. And what we find. Is that it really runs right. Across trump people find value right across sites spectrum and that and the common fem- as the value their relationship lou or in their life and they want to give it. Its best chance So we have people do have people who are You know kind of one of the door and really need a law of support and help and we have a team of coaches. Who can work with you in you know help you get things back on track and then we have people who use it really for generating good conversations and almost like just keep the spark alive So a different ways. Many people tell me quite embarrassing laid the set and use it when they're on the toilet theory or something. I don't want to know that you full literally. Make a date with their partner in. Maybe it's after dinner or it's in bed at ten o'clock at night and they're like let's let's relish and you do together right yeah. I didn't know that subscription base app when you lose it or subscription your partner gets it for free so we get so many people make a date and they sit and they do their relish license in their activities in the weather and were we well because a lot of just sparks those conversations that you wouldn't normally be have baths really interesting because it it. That's not how i pictured it so you're opening my eyes and the eyes of anybody who's listening to this possibility of it's not it's more than just south yourself. Yes it is but you can also involve the person who you love at. You want to build a relationship. That is really cool. Is there I don't know if i read this. But is there some kind of planet involved. Can you create some kind of relationship plan because you're your significant other or that just the were together doing something. Yeah so the relationship plan is when you when you first join. You're given a relationship assessment and we Quite a but it's the idea of watch her healthier relationship as rare the areas of weakness and where the areas of strength of. Where do we want to focus our attention And so once you've done that then you get a plan which is curated for you and it will include lessons. It'll includes interactive jer. Earn lang and diagnostic quizzes and date night ideas based on your love language. So there you work through the plan and then Will generate your new plan in in a in a day or two later. the idea is that you With the legs of instagram. You scroll in school scroll in. It's kind of mindless with this. It's like okay. I've been given these tasks. And i'm gonna do them and i'm not necessarily going to rush them because they know that each one is really important. we're going to take my time and be really thoughtful about working through these not said that survey heater that we're trying encourage really interesting. Did you have any aha moments or even a moment. It was just a huge running in for you as you made this heaven as you started to go down path of relish now to something that really stuck with you. You wanna share. I mean when you've been in the startup game for as long as i have. There are so many of those. I could actually talk all day. But i think the one thing if there are other own preneurs listening and considering Starting a company or taken external investment. The beg learning as be careful who you take your money from if you're going to raise external funding whether it's Friends family vc. Whether it's private equity Do your diligence on the person or the people that you're raising this money from because you're you're effectively getting into marriage with them that you can't get you can't easily divorced this person So do your research speak to other people who have raised money from from the investor and understand that bester behaves when the chips are dying or whenever their circumstances change and maybe they want to guy oreilly understand their way of operating And i think that for me having experienced. I mean we've we've raised over four hundred million dollars with joel. I've done a couple of ryan's with relish. And i've been very thoughtful about who have brought onto my board This time rindge knowing that they are experienced lock term patient investors and getting glowing reviews from from other. ceo's in different portfolio companies. There's has been really important. That's really good advice right. There do the due diligence. Absolutely however you stay focused and doing everything that you need to do in a day so recited for maybe using your own app. How do you relax. You know to align yourself. Every day i think in terms of focus on the way i work is Each week create a new to do list and often half to do list. Leftover from last week I'm like it's kind of a rolling thing. I use pen and paper. I don't use productivity apps. don't believe in them New many people who do no judging panel papers for me. I create need to do less every week and then each day i sit down and say okay. What are the two things that i can do today. That are gonna move the needle the most from my business and i try to pick the two hardest ones and Dan i'll i'll say okay if i get damned on. Here's some of the easier or more fun things. Said i also should do And that's how i stretch reached a nfl. Get those two things. Don i feel really good by myself and my email might be backed up or you know. I've i've only done one of these things but the fact is there and they're going to move the needle that that's what kinds and so that's kind of the focus. I also use my calendar I will block out time to say okay. Oh i've got a prep for the podcast. Or i've got to write this document or and i'll use my calendar ceo cape forcing function. It's now eleven o'clock. I'm going to do this. Particular thing I try to blonde. I started the week and then in terms of relaxation. Know the best relaxation. My husband will certainly vote for me on that one But i think i'm getting better. I actually took myself away last week. Year these up in newport rhode island's no. I'm still working on it. You know when you're when you're juggling family and work there's a law of pressure on your time even when you stop working to the day So so doing things like that has been super helpful. And then you know. I i spent a lot of time is doors. I bike everywhere. I walk and my favorite thing to do that. We can't just go for a hike. And then during the week i tried to spend at least an hour ginette flex show and that's my switch off. I don't think i'm just gonna watch status and you're watching now anything. Well i just started watching firefly lane. I didn't which i think is my new. But it's jokes around is about two women which you know. Most of the shows. I watch tend to have a strong female leaves venice. Tell me makes recommendations in agreeing. And the of at least two women who are in their forties but it kind of jumps back and forward between when they were teenagers. They were in their twenties in their thirties or forties And it's just it's it's you know it's it's great. I love it on and it means that i can get out switch off a not. Thank for an hour which is really nice. We just finished an with an e which is an green needles. You switch defy learned off and enjoy. Well leslie. I can hardly believe it's time to ask you your harding in rice. So maybe just share some overall advice to everybody out there when they wanted to focus on relationships happiness and really making the most of themselves and their relationships with other people so much of well first of all donald rally. I mean let's start. They are absolutely and you know. I think the big thing for me with With relationships in general is learning how to see the world from the other person's shoes are the person is So so much of a healthy relationship is that ability to gain that perspective not insight on your partner I remember for years. She stood drop the towel in the bathroom floor every morning. And it drove me crazy. But i just thought it'll be. I don't wanna be a nag. I'm not gonna play in. And then one day i said to. Do you think you could walk in the morning. And he looks so surprised. He's like really. Does that bother you. It bothers no end. Drives me crazy. Wow didn't realize that is there anything else annoys you. I'm like oh okay. Well you may not like you could make the beds that would be and this was after we'd been together for twenty years and he had never realized that this really bothered me And that knowledge an important. That was i said in a way. That wasn't like you nev- wasn't accusing. It was Pick the bath towel off the bathroom floor. It was it was more like constructive and a good place. A if you could just pick it up and hang it up after you finish with it that really mean a lot to me And that was kind of a turning point in our relationship where suddenly things got a little tighter. I go a little happier a little things and he even asked what else Opens you up to two four happy right and then it becomes like a self fulfilling prophecy. Where happier i am. You know it silly little things that he used to When he started making the bed he would fold my pajamas and put them under montello. He's so when i went to bed at night. I let my help your site. Pajamas folded and that told me that my husband loves me. This silly little thing but i went to bed six exploring face knowing that he cares. And you know it's the little things you can do big things you have to do as well but there's lots of little things that you can do and that really helps you with to help have those conversations. In a productive way in healthy way in the first place And also just changing your mindset on her approach things while see the other side change your mindset and it's the little things that can make a big difference thank you so much less question super easy. Where can people find that. Were about you at rush. So hello relish dot com You are in the just relish and You can get touching renton excellent. Thank you so much leslie for sharing your journey and all of your advice was just so nice to chat with you. Frank loveless me and good luck with everything. Thank you and thank you to all of you for tuning into women worldwide. You know. I always say the conversations going and the feedback coming. You can find me on twitter at the breckenridge connect with me on linked in and if you wanna email me your at pure performance. Tom to dot com. Okay everybody he saved and stay in power. Energize and feeling focused thank you.

leslie urness apple fangio breckenridge harkin america Boll chita sanders harvard diane Harry newport rhode island lou bester Luke joel
NPR News: 07-31-2020 2AM ET

NPR News Now

04:39 min | 1 year ago

NPR News: 07-31-2020 2AM ET

"Live from NPR news I'm Shay Stevens Oregon State believe take control of securing the federal courthouse in Portland federal agents were dispatched there to protect the site from protesters Oregon Public Broadcasting's Conrad Wilson reports that the city's police department will now work alongside state troopers there. During a news conference, Portland Police. Chief lavelle criticized a recent city council resolution prevents Portland police from working with federal officers. He says, it creates a potentially more dangerous scenario, but he also says he hopes the reduction of federal presence calms tensions in downtown. Portland we're GONNA do everything in our power to really deescalate and put these nightly events kind of a track of more safe stance than they have been in the recent past this week. Oregon. Governor Kate Brown, Acting Homeland Security Secretary Chad Wolf announced a plan that would remove federal officers from Portland Oregon State please plan to send around one hundred troopers as a replacement for NPR news I'm Conrad Wilson in Portland former President Obama is warning that the voting rights and equal opportunity that late congressman John Lewis fought for are under increasing threat heading into the twenty twenty election during Lewis's funeral in Atlanta Thursday. Obama. Urged Congress to honor the. Fallen Congressman by revitalizing the Voting Rights Act. As the number of cases of covid nineteen approach four and a half million nationwide Houston's mayor says, his city is confirmed more than forty five thousand infections. So Bester Turner says, the pandemic is hitting one community particularly hard. The city of Houston suspending community is disproportionately impacted accounting for approximately forty percent of cases and forty five percent of the death Turner says hospitalizations due to COVA GOING DOWN IN HOUSTON. But that the rate of positive test results are more than four times higher than the city's goal. Secretary of State Mike pompeo is describing China as the quote central threat of our times. NPR's Michelle. Kellerman has more on Pao's testimony during a Senate Foreign Relations Committee, hearing on the trump administration's foreign policy secretary. POMPEO is trying to rally countries to push back against what he calls the malign activity of the Chinese Communist Party. A vigorous diplomacy helped lead an international awakening the threat of the. Senators tide's turning more countries are moving away from Chinese technology. He says, but ranking Democrat Bob Menendez says, the administration's quote bluster has not stopped. China's March in the South China Sea or in Hong Kong, he's also critical of POMPEII was management of the State Department issuing a report that accuses the trump administration of leaving the department quote decimated and demoralized Michele Kelemen NPR news the State Department. This is NPR news. The Federal Communications Commission has approved Amazon's proposed ten billion dollar project to launch more than thirty two hundred satellites to build a broadband network. The tech giant announced last year that it wanted to provide high-speed broadband to people worldwide who currently have no access to the Internet. A day after undergoing intense questioning about their business practices and competition major tech companies reported second quarter earnings that exceeded Wall Street's expectations. NPR's Bobby. Allen has details apple. The Most Valuable Company in the world is faring just fine in the global pandemic iphone IPAD, and laptop sales are all up due to work from home distance learning and telemedicine becoming the norm apple CEO. Tim, Cook, says, the global economic slowdown has not hurt iphone sales us. We had the top two selling smartphones in the UK. We had three of the top four urban. China, we were I thought. Eleven was the top selling smartphone in the country. Apple's new prophets were reported just as the Commerce Department delivered gloomy news gross domestic product made its worst ever drop in US history but big tech, which represents about twenty percent of the SNP. Five hundred appears to be growing stronger Bobby Allen NPR News San Francisco Apple also announced two four for one stock split thing wants to keep shares currently selling for more than four hundred dollars a piece. Accessible to a broad range of investors. In, pre-market trading US futures are mostly lower Asian stocks are mixed higher in. Shanghai. This is NPR news.

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When Opportunity Meets Reality: Real Estate in a Post-Covid World

Adventures in Finance: A Real Vision Podcast

1:19:12 hr | Last week

When Opportunity Meets Reality: Real Estate in a Post-Covid World

"Welcome to room vision. Jim thanks so much for being here. It's such an honor to have this opportunity and looking forward to to this conversation profile. Now it's not often that you get a chance like this to talk to someone with your level of experience your track record and also your coach you know in our industry. Investors tend to be really focused on a specific strategy or a specific locality. But you've developed a strategy that is sort of go anywhere so you'll invest across the globe in across all types. So i think we're gonna learn a lot today from you and thank you for being here when that gets my pleasure as well and light it. Also talk about my favorite subject which is real estate markets. So look forward to the conversation. I thought maybe we can start by before we get into the the state of affairs in this is crazy. Emerging postcode worrell. I'd love to learn a little bit about about you and your story. Where did you come from where you grow up. And how did you get into this business. Well actually Grow in Harley in the us but also in europe and it I i guess. That's sort of planted the seed for my interest in foreign languages in foreign markets which i then pursued. When i joined a real estate company i had been in banking then join a real estate company south partners which was just sort of getting started and push them in the direction of two markets to areas that i felt were very price inefficient and that was real estate securities and also mobile real estate securities And this is back in the early nineties and remember we have the rtc and the us real estate markets were blowing up. And what i noticed is when you buy the stock you can buy the stock immediately whereas by a piece of real estate down market is not so easy i can take some time whereas the public markets are four sales all the time and then when i also notices pricing in markets outside the us or far less efficient far less information officiant and there's much bigger gap so easy pitches down the middle and this is for me was very obvious so i build that business out over the years. So this is the mid nineties to today and so i've been investing in global markets Throughout that whole whole time and we'll invest in any market Anywhere in the world where there's a listed real estate company but what it does is it gets you into all the real estate market's unlikely a pretty much everywhere as sets interesting when you were younger. Did you know you're in investor. When did when did you first kind of own station. You know i never. I'll tell you a friend of mine. Got me excited about the real estate business. I've been doing corporate finance and mooring in the real estate guys. We're having lot more fun and very different business as you know is a real estate investor. You're learning curve always going up. You're always presented with different market opportunities and different challenges. And we've seen him a lot since this cova situated. But but that's happened throughout time and what is also interesting. Is you find that real estate is something that while you might look at it as fungible meeting. It's more value everywhere. It's really not. I mean what you like in an office in l. a. is not what works in hong kong Same thing with an apartment or house. So there's a lot of uniqueness the business and that's what creates this price inefficiency. And i guess i i went to school in chicago. So you're born and bred on the efficient market hypothesis and i was always trying to figure out how that was wrong so And real estate and approves it So that was really. I never really thought about it. Just really got intrigued by the challenges of the real estate industry. That were different from what i've seen from other businesses. Okay and in those in those early days at lasalle is like a. I deal that stands out where you had like you know to pissing about this this realization. That you've come to the guy that your strategy over the years well you know there. There were a couple deals. One was eventually put together with the pritzker family. Hi regency and combined with later tonight. Ups to create a new brand And it was a lot of working with the pritzker family. Obviously steeped in real estate and then ups wasn't it's delivery company back then Only known for the brown suits and not nearly the kind of company today but it was a really complicated deal And the hotel. Business is even more complicated. So frankly what i did. I did quite a bit of Hotel type deals one was probably the most challenging was a beaver creek workout of that resort. Where a kind of went us. We had a restructuring and then the other big deal that i did with this Hotel four seasons hotel and new york which was a restructuring again when we were in the nineties. Everything you did early. Nineties was lovelock's And so you learned from fixing problems. I think better Do investing going forward and you really get a lot of. Yeah you can see sort of mistakes that remaining in such as as your as you cleaning up if you get everything right. I don't think you weren't as much. But i i haven't and i've had to learn a lot and boy the problems when they're big but in real estate a big really big You know the wars. He's an hotel was budgeted to be five or six hundred thousand room and ended up crossing probably close to a million per comes and then ended up selling to the guy stood up the beanie babies For like five or six hundred thousand rump. So when all the way back down and you know people talk about real safe owing only up but by a million examples where that sapa case yes it's presents itself as a as a relatively conservative investment strategy but there's there's quite a bit of volatility within the execution of individual strategies and markets. And you can you know that is a place where you can actually benefit you. Because you're you're you're essentially agree axles bester for the most part when you're dealing with assets and say you can you can't competitive advantages that advantage your time. It's it's an area where bali musician Place because there's there's so many areas we do it. Bring up a keep going. And i use the analogy when you bought your house in la for two hundred grand in your sold it for a million bucks twenty years later you've made eight hundred thousand but you know. By the way. I put a new furnace new lances. No plumbing and all that stuff you sort of forget about as you well know when you own real estate. You'll have active. Have to be an active manager. Though you can't just sit back and click checks now. We know plenty of guys who've done that in the buildings you know fall apart pretty fast ten disappear but it's it's a it's a real actively managed this. Tell me a little bit about what you're out to these days about you and your strategy. Well yeah we're still kind of adjusting to the world. You know pre coveted. Everybody was gonna move into the cities. We were all going to have autonomous cars. Parking garages would be a thing of the past parking ratios would make sense. Everybody going to have an office and travel by mass transit and boy all of a sudden that got turned its head. so now we have out-migration. We have offices that aren't being used. We've got people buying cars and needing garages. they didn't. We didn't think they would need to pass. A friend of mine runs a parking garage. Visits than you frankly was thinking he would go out of business And now he's he's killing it and you know we're so we're seeing these kinds of changes that were trying to figure out you know. Is this durable and will last longer or is it a family and of course i lived through the oh eight oh nine crisis which was a real estate driven crisis and we kind of knew what the problems were. You know people over levered. They built too many buildings. That was kind of easy. This is a real challenge and trying to out a how to handle it currently in be investing in the business and i have a five year time rising. What's it all going to look like in five years so we're become a lot of Our own thoughts on that In the case of public markets their pricing inasmuch damages. They can imagine so. There's a really white gap We have things happening. I just talked to one of our clients. And they just sold the building in austin texas that a two percent cap Because it was a ten thirty one a desperate ten thirty one transaction. He has ten thirty one. Probably go out the door. Well two percent capri on building in austin is is absurd so we're we're seeing a lot of really interesting cross-currents and trying to get our arms around all that both at the fundamental level the property level and then how is the public market pricing. You know it's interesting. You mentioned aussies where we just saw a Clasby apartment building in a sutter north atlanta and we bought this like a decade girl so we had a good basis because it was kind of host. Gmc but the buyer paid. You know what we believe is pretty incredible price like it was in that three cap range on a building that needed substantial Capital investments to dress differ maintenance. And things like that and it's just a sign of the times in in just the the amount of capital. That's out there. The concussion in yield across all different types of investment opportunities. It's interesting the injuring in our market. For sure yeah. You could trust that with nine when we would talk to companies. They were having banks a lot of lines of credit where the bank was supposed to show up and didn't and now we have massive amounts of that inequity capital chasing whatever they can fine and it's it's really fascinating. Wash that because it is totally different and yet people will say the real estate. Market's tough well. Not if you're in the midst of a trying to buy building and we would have thought hotels would still be tough to finance. They're not. There's a lot of capital for hotels now. Even though there are fifty percent or less and their negative cash flow. So it's yeah. We're having to sort of reevaluate our valuation models as well to make sure we don't miss some of this Potential outside because i you know we would. We'd be looking at the apartment saying yeah should trade for you know three or four hundred bucks and the guy comes in an offers five hundred. You know what he knew. Of course you sell. But you know it's it's a very world and i think that's the public market is not really figured out. And they're worried about inflation or interest rate risk and forget that we have this surfeit of capital floating around de inequity and it's close to we it in every market around the world so we've not seen cap rates go anywhere but down in most urban markets even though the office may be empty or the shop may be empty so yeah seeing two to three cap rates on retail in hong kong. And anybody talked to say that's gotta be a terrible likes to be but it is so interesting side of each story and other things interesting to every market spin. Very different is now reacted. I mean would have thought. San francisco office would be hit a vacancy rate of fifteen plus percent. And the same thing. You say that to somebody you're and a half ago. They tell you completely chris But interesting that's interesting. If i understand your strategy right i was. I was able to do a little bit of research. conversation you kind of have a go anywhere striking her presence in europe in asia. And you're in the united states and you look for opportunities to buy real estate but through the vehicle ethically traded securities. Tell us a little bit about that. I think what. I have learned over the years. We've put a heavy emphasis on quality management and quality of business strategy. So question of buying something. That's down in the dumps yoho recovers. Its buying people who can help property recover but we'll look at any company anywhere in the world has publicly listed in an owner of an operator of a real estate asset and it may mean that their home developer in their flipping those assets. So you know. We'll invest in the residential this home developments as well as home rant but pretty much anything's fair game. The the sanctuary. We will make those if we don't understand the market or the market dynamics or the property type An and for a long time. We weren't in data centers because we didn't have a clear view of that You know we'll stay away but but otherwise we'll look at an anything out there. Initially whether we buy it or not is obviously story. We could probably talk. Wherever but about the background deals. You've seen but i like to turn our attention now to The house market. I love to hear you know one of the things that i've been focused on here in the united states is is what's going housi- it's been all in media top of mind everywhere. You can't pick up a newspaper or go on a social media site without something about house. What are you thinking about house. The interesting thing about the us market and relate is unique is a we've had development of not only homes for individual single family residential Or the typical apartment buildings but she's also had homes homes for rent industry developed that Blackstone and some others have built up. Not really sure. I think when they did initially where it's going but now become an actual segment of the market. So you'll have families that will want to be in a certain residential area putting afford to buy a house either because they don't have a down payment or at or maybe they don't qualify but they can rent that market and what we've now seen is in evolution of the major home. Builders in the us building complexes specifically for rent and again this stuff exists really anywhere in the world except for the us so our view right now in terms of housing across the board were bullish on the housing industry Even with construction costs and we all know the story about one. We're going up but people need housing and they transition out of cities. Maybe that's not permanent but for sure that's gonna go into rental property before make a decision. Maybe they finally will stay in the city but it's it's really created a lot of demand and we haven't had a the construction activity that we used to have in the past. If you're gonna wait we built way too. Many houses way too many markets your remember the storage vegas was just filled with thousands of remedy. Way actually bulldoze over because nobody would buy them and you know now we're back at the point where they would have bought So it's an interesting evolution. But i think part arly because we supply was constrained and now it's easy to get easier to get financing and so we see house prices. It's not that the home building or the home single family home. Markets are strong in a lot of cities around the world No question about that again though. It's been supply related where you've had a lot of excess supply and again you can't generalize in our business that well it look in new york. We've had a massive supply in the last five years of apartments. And you know hudson yards but a lot of buildings in manhattan that were hoping to sell for three to seven eight thousand dollars a square flat which is obviously the high end of the market super high end and and they're going begging and so they're converting to rent And there we rent discounts at the size thirty percent but that's an urban phenomenon in yet you go to town in connecticut greenwich and you'll now have thirty bidders on a house where if you remember just a year and a half ago berry stern lick out there. Saying greenwich is a terrible place. Have a house. I had one there. I lost its on. i know And so everything's timing related. So no don't i'm not gonna claim to be good at that but the fact is we now have a shortage of housing and surging demand and it's related interest rates. It's also related to the urban flight for the moment and we'll see we'll see how long that lasts. But i think you know our view on housing is just didn't make enough of it and we've got a build up as you no doubt know because of the crisis of cova sakes massive amount of savings and all of that combined. I think we'll see some solid demand but in the us is gonna be highly segmented you'll have evil will never want to own and they'll do the homes for rent or they'll do an apartment What we haven't seen an and this has surprised me is cannibalization from the apartment. Sector highrise apartment into single family residential. There's no crossover there and that we know that from the public companies we're in those businesses and and i'm frankly very surprised it hasn't happened yet when he's thinking about this demand that we're seeing demand. How much lays it has. Is this like a multi-year phenomenon or is too hard to do. what were you thinking. Personally thank you will have. Were running to the end of that road. Because you know were were running into issues and i think that's gonna be a partly lead at accompanies ordering their employees back and right now there'd be nice guys saying you you can come back for three days They're also saying no. Nobody can be out wednesday and friday. Don't know long weekend stuff. I think they move into pre kovin. The average was about four days per week. Which i didn't know 'cause nobody looks at the numbers Until recently but maybe it gets a three and a half well. That's a fair amount of time now when you bought that house. That's a two hour commute. You felt okay about could you. Maybe you wanted to go into work one or two days nella saying now i need four days you know that could change the dynamic but only slow. It will take some time to reverse field. I do think you got a number of people. Moving departments or rental properties who moving out of the cities who move back. And i think the argument you know we're all more concerned about environmental and carbon footprint and all that and i think you know clearly if you're driving to work every day you know four hours a day you guys in la love to do. Apparently i. i think that goes away or goes in favor of some transportation mass transit. So i think maybe if we may we build up our infrastructure bank could change and you could still live out in one thousand mile thousand oaks site. A friend of mine used to call it And in california. And maybe you got a high speed train. Well vascular probably take. I mean you told me you know. You're you're probably ten years before we see that development so. I think we'll see a people come back to the cities as the restaurant's open up and see retail off. If you got a new york right now you still see a lot of boarded buildings ford retail and restaurants. I think the cities will continue to survive in. So i i'm right now at a point where i would be careful about paying too much for your building in austin and i'd be around the major cities to save. I can pick up some bargains and make sense. It's it it seems like the contrary and play but given the terms that were in place for twenty years going into kobe. I can't agree with you. We've noticed we own some urban multi here in los angeles and we noticed about six months ago. A up in demand people moving from all over the place new york san francisco the midwest and they're craving the the experience of the city already We've also have some being else interesting in our local market so there was a lot of talk about this demand in housing being about moving out of cities and i do believe that like you. That's there some component of it. That is but there's also that is more like a a consumer choice like they weren't buying houses because they were saving money and they hit experienced or family experienced In the last housing crisis and code has convinced them that they should by now and they're not necessarily looming out where they live. They're just moving around moving here in l. a. for example to a place thousand oaks or studio sit here just has a little bit more of a serving feel or a little bit lower price of injury. Were seeing lots of that and those are the hottest are in la They still mighty. They're still a cd of la. Even though there yeah. Yeah if you totally Singer all doing fine. So you know. I think of i mean amsterdam's a small city and that's where we have office but they would never think of moving outside of amsterdam london. Same thing we're seeing people want say around in hong kong and tokyo. The offices are already full. So i just don't think the city dies adapts and you know that's why i say i think you can get a good deal in manhattan office building. You're not the only way. I can tell you that i'd rather be there. And that's one reason on the public side. We are buying into companies where they can take advantage of that our trading at a discount gerber. Yeah switching gears supply like you mentioned earlier about this lumber market which is another thing that is all the news and people are concerned about it in my personal experience of felt it doing my projects around town like it's it's a real thing it's happening units causing the prices on depot and other places to go up. Do you think that this is transitory or do you think this is gonna be a while. Hi i'm ash. Bennington host of the real vision daily briefing. You are listening to real vision. Podcast today's episode is sponsored by masterworks. Did you know that ninety. Seven percent of outstanding bonds are yielding less than five percent. The fed has committed to keeping interest rates low for siebel future that means that bond yields which are already at record lows will continue to stay near zero percent many investors who want to preserve their net worth are looking for something different and that's where masterworks dot. Io comes in masterworks dot io lets you purchase fractional interests of blue chip art by artists like basquiat. 'cause and monet making investing in multi-million dollar artwork accessible to everyone not just the wealthiest wealthy. Here's how it works masterworks acquires blue-chip are worked for major auction. Houses and establish galleries qualifies the paintings with the sec. Takes public through regulation a offering and make shares available to investors. Art is a one point seven trillion dollar asset class that is returned thirteen point six percent over the last twenty five years versus nine percent for the s&p five hundred in fact eighty six percent of wealth. Managers recommend investing in art. How art can help. Secure your portfolio by going to masterworks dot i o. And using promo code revision again. That's masterworks dot. Io and the promo code is two words. Real vision seen important information at masterworks dot com slash disclaimer. This reminded me of commodity craze a few years ago. When all the pension funds will bein commodity funds. And i've been reading lately. That may also be part of this because if you look at the number one longer price got up to seventeen hundred had been around. Four hundred doesn't make that much sense. It's it can't be demand. And what i've heard is that people were buying it ahead of Supply so they created sort of like a toilet paper shortage and as we will no. That's not a problem now so I kind of think that's part of it. I think we've also been seeing even in residential home construction of usa Instead of win. Is that close in price in and where. There's a lot of benefit if you can go to seal if you're indifferent on the costs but i i really think this'll fall off. I think builders will put stuff off. I know of people right now Friends of mine just deferred building house Because they can. I think the current builders who are already up and running and have finished the project that's skamania gummy tuft and the questions. How much of that can you pass through to the the buyer. And you know i. It reminds me of prior bomba's Industries for booming and busting the residential development. And i would expect. We'll start to see some some issues there but Very hard to say. And i think also an uptick in interest rates will love ronald that demand pretty quickly to yes zooming out. You guys have this unique global perspective. Are you seeing signs of inflation or reason inflation across the globe it making concerned about the Another direction yeah. We're really not seeing it in the asian markets In euro to any degree in the latest data. I just got out today in europe is inflation relatively restrained One of the things you haven't had is in these markets where you have had some like europe could exam. We've had some wage subsidy. You also have very strict rules on collecting that hash and you have to have look for a job and they monitor you and you have to go to transfer any anywhere. You can lose that very quickly so you you sort of see this the labor force kinda roy. Assissi jobs are open. They're going back to them. And you don't have a we haven't heard of it Operators buildings operators restaurants offering bonuses for them to show up whereas you know the local hotel here as two hundred unfilled job listings and is offering a thousand bucks if you show printer. We don't hear that anywhere in the world and that is you know. Wages are a big part of the inflation story. As housing and housing's a big component of the cpi but for a lot of countries in may or may not be in there either And you know just looking at bond yields move but they have moved that much So we're not really saying oil prices. Yeah we they moved But but that's that's a hard one to read so no one's talking about the offshore markets. We haven't seen the one thing we do know our businesses there's very little ability to push rental rates. That's for sure. So for those out there buying real estate as an inflation hedge because they'll get a pass through on rent increases. That can be a little tougher story. So i would not buy that. But i'd be real careful retro assumptions it s one of the phenomena that we we actually started noticing pretty cohen india. Stylish markets was that the the traditional strategies that worked about a decade. They were great by robberies. Make some improvement to them and raise the rents kinda really started. Running to hit wins in the most expensive jurisdictions L. as in the san francisco new york and i could certainly see how that's kind of spread across low is one of the reasons why we still are atlanta's like the only way to deal dealmaking sense for the buyer is to literally raise rents by double digits so only way they make the route. You know they're trying to make an opportunistic return of over ten or fifteen percent. There's a way you can do it unless you raise the rents but we can find that to be risking proposition to have a business strategy. Like that i mean. Especially when catherine cer- are you know four or five percent Really it's it's just hard to move the needle already. You're paying a pretty good price on it for surfing basis and can't get that reynaud Confrontation what would what would it be. Moving interest rates due to the global real estate market. Like what if we had a hundred basis points higher late that like half million twenty thirteen at famer. what would that do to offices properties across the globe. Or i can tell you in the the reading business because there's been an yield associated with re They typically get hit are right away if it's a a very quick ramp up so let's say between now and the end of July rates go from one fifty three percent. Everything gets then you. You take a step back and say okay. My stocks down ten fifteen percent. Maybe more but the tenants have a chance or do the owners real estate of a chance to raise rents because it's been pushed by economic growth if it's an overly aggressive central bank trying to get ahead of inflation ahead of the curve like all volker than all best off and that really is what causes of financial crisis Back in the ninety. S if you can if you're tracking with economic growth so let's say gdp growth Eight percent magically and interest rates. Go to three. Then you're already getting right gross in your building you know it. You're you're raising rents on tenants if fail it And suddenly washes away so our worries always is the central bank ahead of the curve of behind the curves and by how much and you know in the other problems figuring out. What interest rates. What does the ten year bond market tell us these days right now saying things look pretty benign or we also have central banks globally buying in raunch right so there are officially camping down rates. So we we've been factory in the last couple of years. We suit thinking sort of a normalized ten year treasury in our financial models so it's inflation loss. You know something fifty basis points or hundred base points sort of assuming a three percent risk-free raider maybe as much as four kissing. Us we never did get there. And in the case of europe as you know amass china blows up when you're using negative interest rates and and it was weird. I don't know if you know back day was about a year ago in denmark we took out a mortgage a. Bank sent you a payment every month. You didn't send mortgage pain. That's a bizarre concept. Yeah fascinating tobacco again in the in the housing market and you look out across the world other any other countries or regions that are experiencing our bullishness like your senior. Us during place else. It's exciting you tour. Well you have excitement but then you also have concern because prices have risen quite a bit so Sydney australia's a great example again. Though it's been more of a supply constraint market and so that's been pushing prices one believe it or not still pretty strong Not as strong but still strong Hong kong you know we still see deals. Get done at top quality buildings but You know aged ten thousand dollars a square foot. Us just pretty big numbers And i think pretty much. Every market munich amsterdam paris because of the low interest rates. People have been able to buy places and again. These are all Relatively supply constraint markets. So that's been a large part of it. And they're all trying to simulate construction but as you probably know your the nimby concept is really strong. Nobody wants anybody building anything and they protest like crazy so it's very hard to add supplied. you've probably been following may have followed the german berlin authorities trying to cap rates and It really all over the market until declared illegal and what happened was rent rent growth in germany. They'd rather rent than all pretty much. And rents were were soaring and berlin and and that's an area where you have a lot of types that don't wanna pay much rent and that's always been history in very low rent then all of a sudden it got more gentrified and rents got way out of whack and so often they basically price actually called a rent price break in germany and what happened of course was known built any supply and no one who had rent control would leave their building so if you needed housing in the land you basically standard tap so classic effort on the part of the government to ease the pain and actually went the other way and created more pain. And so now that's been a race and they're trying to come up with some other ideas that's something you know. We see this one of the challenges of investing in the residential sector. Brusque globally is. It's one of the most government manipulated sectors. You know if you want to buy votes you have people build cheap buildings and subsidize rents and all of a sudden. You're economics is a landlord low So we were very mindful of that. does fascinate. The reagans stuff is a is a much bigger deal than people realize like here in los angeles. This is like this the nimby capital of america. And it's it's a real problem as developer we have some projects are sons small-scale over every time we get a bunch of neighbors who don't want they don't want anything else no matter what it is. Even if you hire the best architects in city and it's beautiful building and was really interested in about to me is that there's this sort of cognitive dissonance in n. b. narrowly in the united states. Because you get people who are angry about the affordability crisis for housing an angry about the home since crisis and rightfully so these are things that are Then every time. The development proposes to at new supplies. They throw a and try to do. What are they often. We can do to prevent the construction moving forward and still. It's just weird juxtaposition are you. Don't make any sense. They're happy if it's stolen the other guy's name just not your yes. It's fascinating that that's happening. In sort of continental europe i had loosely trap that german story For a while now and it sounds like it it. It just got resolved within within a few weeks right with did and there are other initiatives to try to figure out how to address problem. The same sort of thing happened and in finland and they realized you know shut off supply. That's the wrong way to go. So the weight of beat it and be rents is to allow builders vote whenever they want when they want and then but then you got to force the local people like you. You're having to deal with the suck it up and all of a sudden. They got a high rise building in their backyard. So you know in a socialist environment maybe can pull that off. It's a little harder In the us To dump supplier market. Yeah especially california. Yaojie extreme opposite would be china and the you you all have been invested in china for quite some time. So let's go well. You know chinese demand and and people forget that incomes have been growing there about ten to percent around him for decades and so that means your incomes doubling about every seven years and there's a lot of pent up demand over the years because originally the government would give your housing. It was pretty crafty stuff and adult part bus. Then they allowed you to buy house and now you just so you know you don't actually own the house you it's only rallies ride so government always still has a right to take away but you know practically that doesn't happen. And and then you. You have to win speculative buyers who cash and then you also have those funded by you know with one child you have two sets of grandparents and two sets of grandparents can help you get started. Get your started from so We stayed lots of new construction. But we're also seeing and you may have read about this group called immigrant and they're got way out over their skis and everything done tons of leverage but the guys and we like us very little leverage almost no leverage and they're also taking deposits from the buyer that amount to roughly one hundred percent construction crossed over so they got progress pains big deposit in front and improvisation so they they got the project. But there's plenty of demand for the right kind of product just like anywhere in the world and then there's stuff that gets built it. Nobody wants to touch. So we've had ghost towns for sure in the last cycle in a way to nine a ton of those And those have all kind of gone by the wayside and now now you've got a fairly rational pace of building in finance But the government. You know any any day now they might say. Hey we're gonna raise the down payment requirements and all of a sudden demand falls off or they won't approve what they wanted. Amazing they do. They just don't approve the project and they slowdown construction. That way. but it's it's heavily managed as you would expect in china and For us companies They'll trade down to forty fifty percent below nav and the anti-vietnam getting value pretty much every day. Because they're selling houses city so so it's actually it's a great business but you just have to know what your point there. we do. Stay with a better guys. Are you currently bullish on these these discounts to nav opportunities in china. Yeah yeah we're We're we're investing in those companies but again it's more it's a rifle. Shot approach Private private guys. We know well and deliver great product that everybody wants but not Not to commodity type housing okay. Maybe we'll close this conversation on. How happy about hong kong. Because i read one of your recent updates investor updates about these these really incredible retail or residential transactions that were trading eleven thousand square foot. You know including into context for americans like a neighborhood lake. Beverly hills manitou at best trade for like two thousand square foot like. That's a huge win. Yeah and one can get get up. You know age to ten thousand foot. But that's we're fighting for them. Some of the you know the the demand is really coming from the newly -ted wealthy in china Wanting to have kind of like you have a place in new york right But for them hong kong new york. It's a status symbol. And and they're not worried at all about a political story is obviously they came from china. so alive is chinese wealthy. Chinese money We are seeing a chinese investors regularly in our singapore office. Who you know we thought might have fifty one hundred million turns out. They've got five to ten billion networks. These are one of. The guys was original employees at alibaba and he retired. But he's only fifteen or twenty billion bucks. It's i don't think it's really a case of black money like a lot of markets of its people hiding cash so nowadays bitcoin. Maybe but they also like to buy alstom. I now but we've seen seen these prices. For one time. They vary and they will do speculative by so you might see someone who will buy in at ten thousand foot thinking they'll be able to sell it at twelve us So there's some of that going on as well but yeah the numbers you know just astounding and is all high rise radios last security all that stuff but you know he did that as la and get that two or maybe three thousand york but you know but i think we underestimate when you've got a population of billions free. How many you know multimillionaire billionaires are floating around where this is really not a big deal. They love real estate. And yeah maybe they're gonna buy jet but they month apartment so yeah those guys out there yet. It goes back to what you mentioned earlier. Remarks about vialli for whatever reason. The residential market is is an area where supplies sometimes constrained artificially by regulation market conditions. And so we just went you of your decade of recovery from the housing bust and it seems like globally housing's appall and is becoming a little problem because it's becoming too expensive and this is not just the us issue now is everywhere. That's one of our favorite investment opportunities. Right now is especially in the us with a couple of ribs Low income housing And you know the challenges as you know getting the zoning and and also building to cost spent is going to give reasonable return. Most low income housing is a refurbishment types and they got a great deal on a billion needed a lot of work and and they could still ran out a reasonable price. But it's a it's a. It's a challenge in every country in the world is trying to figure out how they can skin that cat But it's not easy. Given construction costs and land costs and then the other issue we invested manufactured housing the reason we invest in manufacturing housing. It's there lot nicer by the way the trailer parks. But that's what comes up in people's minds and they don't wanna trailer park in the area so when these guys go for planning zoning they quite often get rejected related. I'm barry santry. Yes that's right yet. Affordable housing space is fascinating spaces. One worth looking at or people who are kind of looking for life at good longterm opportunity and the reason i get so citing is just the money there's possibly thrown at this space. Exactly chiefs are all looking for affordable housing. They needed the country's need it. And you know here in the us. No they're talking about dramatic expansion in the programs that fund these so your your section eight program for example was shuttling along like twenty billion. And they're talking about bringing it like two or three acts that in going forward the next ten years and this massive amount of money that's going to be available for subsidies as business spend again though as you. Well know it's not that he's execute. Sounds great on paper and you can get the money but can you find them. Roger try build affordable housing complex in venice kelp. I think this would be a good time. Chiller to office because office is another a segment of the market. That has been absolutely top of mind And it's it's becoming not controversial rose to become an addition here. Us operations because now we trained an entire generation of workers of new way and conducting business. And there's there doesn't seem to be a cell viewpoint about whether to go forward situations for big multinational Law firm thank and there's their strong opinions on either side. I know you all have seen was happening across the globe in have some unique perspectives on office. What do you think screen on there by know the. Us is where you're seeing the greatest amount of turbulence because everybody that company space planners leasing agents are trying to figure out what's a good number of days in the office. And how much space are you going to need if you look at the asian markets. It's back to work as normal and even with a lockdown in singapore where. You're not supposed to be the office next week. There are planning on going to the office and they do not run this So it's really more focused on the us and how space gets us going forward than than almost anywhere else. London same thing. We see people wanting to back to the office. Maybe the workout an extra day or two here there with the boss that i think will end up showing up. The key thing for us is we're looking at the next. Several years will occur in ten. One of the multinational companies might have taken more space warehouse in anticipation growth. And i don't know if they're going to do that anymore. maybe down the road who were all back in office and we have another another round of vaccines and we're all under percent good but i wanna thank the next few years we're going to have this powder or heads saying well maybe there's another variant coming out so maybe i should still allow for not five days in the office but three or four and so i think tenants are going to be very sensitive to that we are seeing already great benefits for we work in the where we work almost went boss. Now it's back to being a great product and and lex face So i i think you know as we look evaluations for office space where temporary are rotated rant. If at all and focusing markets we have supply overhang potential because we could get hit by the proverbial bus If things don't really jane by from where they are today with supply so new york has a ton of supply. I think the companies are gonna order people back More or less. But it'll be very careful about what a day one news face and yet. You've got jp morgan building a monstrous headquarters in midtown. So it's the funniest thing. I've never seen so many people so confused about what to do by including the you know the whole the whole gap the space planners leasing agents companies. And they're all. I think there are all kinds of playing the game of. Let's see what happens in september and then try to figure out a plan and some are announcing their plans. But i think they'll change those so going forward. We're were of the view. That office is a good thing to be buying with a five year time horizon. Maybe not five months interesting in our other opportunities in the market to to buy office reeds for example war office type companies. And get a good deal at this point or a they all rally rally with the rest of the world. Now you know. It's it's definitely been the those who focus on suburban office Have done really well. And those like boston. Properties who focused on center city and the gateway cities Have not done so. And in fact boston properties just announced venture. They haven't identified who it is. With a couple saba wealth funds buy properties and using that sovereign wealth fund capital because they can issue stock at a discount and yet they see some really interesting opportunities so that that to me is telling the story right there were probably see some take private situations we know few that are that are out there Because the stocks are are cheaper than the underlying real estate But that's only in the case of the More urban locations was interesting. Because if you can trust that with logistics if you have an urban infill. Logistics companies like fire and trading probably fifty percent of eighteen. The office guys. are you know. Twenty plus percent below value. So yeah there. Definitely opportunites okay. It's interesting it seems like i listened to view that earnings calls for the big office rates that hold global portfolios and what was really fascinating They just comparing contrasting asia for light look in shanghai were ninety something percent occupancy and so it it makes me think like okay maybe when when co is distant memory in the us that we will get back to state normalcy and the office market looks really orson by today but with a growing economy in five years or three to five years at tom. You maybe won't be oversupply and maybe office will do fine. You think of that. Think as long as you're underwrite to rants that aren't gonna zoom getting you know eighty bucks a foot in new york maybe five years now i get a five building in some fairly conservative sumptious and the ending instill by it take it off the market. Yeah that makes total sense. I just think right now. There's so much capital that you'll be embiid. Pretty quickly and people will be willing to accept low returns for a long period of time thinking that they'll get the ransom maybe it's fighters out so i think the actual billion viability in. That's why we're in the stocks. It's just a whole lot easier. I get. I get to buy them every day. support sale at a low price But one trying to buy off the in new york even the ones that have just developed and we know have to be on water underwater and one vanderbilt. It's a beautiful building right by the grand central. They were kinda they kinda needed. One hundred sixty dollar rents of square foot. Get over there construction company some providence instruction and i just don't see them getting those rents even close on net affect the basis. So they aren't gonna sell either if violent and you can buy a public company bunce if you've been by that building i think they're going to hold out for something that i think they're in Seventy eight hundred bucks flood. Maybe maybe higher they won't relate accept anything below that so your opportunity to buy in these kind of prices is is not so except through the public market. The moment. that's yeah that's one of the fascinating things to me about your strategy because it gives you it gives you a chance to take advantage of these anomalies where you know in the In the office space acids trading in the private sale market at lower cap rates in which you could buy the portfolio forcing you have this like instant arbitrage opportunity the banjo. Yeah but it's very property type specific so for example in an apartment complex in your neck woods i might bring a premium over what you're hang on the ground. So yeah you gotta your spots. That's for sure. And it's interested in lows around like that and it probably does more often than you think that that creates opportunities for for you to make returns. Yeah exactly i mean. That's that's what we gotta watch. Ns frankly i got into this business. Only us only for a while. I realized if i can do it. Globally i have more chances to hit pockets of klein's and take advantage of that if i'm stuck in the same market all the time. Yeah definitely so. It seems like an office to summarize thoughts on that. It seems like the players own offices are are pretty well cap lies. The lending environment is still there. And everyone's kind of taking a wait and see despite pretty low occupancy rates at least here in the us in other arts of the world like europe in london but there's no signs of distress anywhere in india. Yeah all these guys. Last summer built up these distress funds. And you know we don't see much distress out there at all. There is some you know some shopping centers and obviously the movie theater business although amc stock up three thousand percents solve problems but they were. That was one that was about to go bust hotels. We thought were a real struggle Finding buyers are financing. That's not the case So yeah they're really. There's nothing at all. Like the rtc days when i was buying land for twenty five cents on the dollar and and buildings not which fire than that and then you know doubling tripling your money that that's just not happening and You know sitting to world. We've got sovereign wealth funds with cash in demand. They all like real estate. We've got all the pension funds allocating the more money to real estate. And then you've got people flush with cash is globally saving so so it's a cash rich world and the property sector is weak in some areas and not so we can others but but bargain wives. It's very tough to find. Yeah i actually wishing day to come back late de twenty ten twenty thirteen win in released reminding me that was late your rtc moment. They were these incredible. The properties were trained for you know far less than replacement costs and it. Was you know that that crisis caused a lot of problems. In in real estate and this time things are different in one of the questions. I was gonna ask you what i forgot to ask is if you can take yourself back to february of twenty twenty year. Global investor got is on the ground in asia. What do you think is about to happen to the real estate market. You know getting getting what was going on. We were at that point. The real martin's pre cova were were really strong Water rent growth. He sourcing a whole lot of supply. And we're feeling pretty good about things more worried about overvaluation And then the whole bottom dropped out third sectors the one area that we probably miss. And in retrospect should've been smarter about his ecommerce and logistics. We were in it but not as heavily as we might have been And and i should have foreseen that because they rent levels in retail started to get way out of hand in these four retailers. Were really struggling to pay the rent with sales relatively modest but the landlords just kept jamming in thinking they could forever and and meanwhile there's jeff bezos out there with the amazon alternatives. And you know you didn't have to worry when you went into the story didn't have your shoe size. You got frustrated and yet drive home empty-handed and he's got it on your doorstep within a day or two and that's the retailer shot themselves in the head. The landlord shot themselves in the head. And i wish a little smarter about seeing that trend and of course kovic to- accelerate and now it's a. It's a very different world. In fact now. I would be buying into bricks. Mortar or more tempted to buy a brick and mortar retail with a right retailers and smart is ups because it's now getting cheaper to have the storefront than putting all yourself in with with amazon interesting so now getting that point. Yeah on the retail front. So i understand your point correctly. The there has been some price declines in retail sector and at the same time the ecommerce alternative when she mentioned is becoming more and more expensive. Because it's kind of blown up in the last twelve months amazing. I don't have the charges bermuda but i imagine. Call up at charter These the justice rates or something is probably done amazing right. Yeah killing and trading way above even inflated what i would consider inflated underlying value so they're trading way above fair value and the values are about the strongest and we're saying logistics traded. What used to be office rates and yeah it's all a function of huge demand and it doesn't seem to be abating largest owners of private owners of Logistics warehouse space around the country. And you know. He said he's enjoying the ride expected. And this gonna keep going or maybe another ono's another year or two but But will say. I just think you know getting back to my the point about the writ rent differential for retailer instead of maintaining that storefront and paying what was a pretty high rent. They have everything at the warehouse and they take out. The middleman effectively is how that worked and the retail landlord. Who's the middleman Now you know the rents getting back to earth. Maybe that that does work and that does compete against The logistics guys. You know Right how the money is still flowing in that direction. Seems that way. It seems that they're they're getting double digit increases. It's like the The multifamily pre told sector where you could buy or tax. Yeah once you gotta wash is one of those rents as a percentage of sales started to get up and that you know twelve to fifteen percent range. That's cheaper to be sore. Remember returns are what forty plus percent of sales so and there's a high cost returns in fact a lot of retailers now Bother setting back if it doesn't work you know it's too expensive for me restock. Those numbers don't work so we'll see as interesting another area. It's been really hot. is that data centers. Did you guys get involved in those. Yeah and we were late to that party to partly. Because i you know matt experienced in data centers in the nineties and when when the tenant didn't show up i have this two thousand dollars a square foot costco box that i couldn't give away to charity so we were slow but you know now it's taken on a whole different laborer in you've got companies like economics who the junction point so kind of like the train. They're like the train station where everybody has to go through. So they've got a unique of of scientists as we say real estate. They've got barrier century. And you know let's face it. We're all using internet like right now And and that doesn't away. Maybe you know video games could play last when you're forced to go back to the office. You can't hide it from the boss. But i think it's just gonna keep going but notice. This big growth for companies like apex is not the us anymore. It's offshore and so that's the interesting point if you're buying into death data centers in the us you know. Are you still in a great position or not that. I think the jury's out on out will because part of the problem is if you're not controlling that junction centre. Then you're more or less a commodity type company. You're you're selling it to companies like ours you know we. We need access the internet. We need rack space. So you know we rent it from some guy for until you're What i've always struggled with. It really is a technology business technology as a service and not a real estate. Han sept and even ranches tracking your power utilization not Not some sort of space. So i know that's old fashioned. But i you know it's not for air you're running so now that that makes sense to me. It reminds me actually another one. This hot right now. Wishes gerski agents which is kind of being presented to the wall real estate clay. But it's it's more of a nuance lay because you you can't just advocates needs to know how to like finding to use it and and ha operated the same kind of dynamic you're describing data centers. Yes complicated and then you really analyze. What's to revenue stream collecting. Who's coming from and how comfortable and the thing about data centers saying we'll tell you the tenets it's top secret so you can't even do traditional like when you go into a building yearbook viability due diligence on and attending. You know who the tennis or you know rose. Let's rents like here. They will tell you. It's very interesting. Kid evaluates or yeah okay so we're coming to the end of our time. I wanted to Maybe do some kind of rattle fire questions. If europeans sure sure right so the first one is what's happening to the valuations of real estate in countries. That are really struggling with kobe. like brazil or india. Yeah interesting point the from stock perspective. They really started to recover which is not surprising to recover ahead of it. but each market has a very different structure real estate. So if we look at commercial real estate in brazil attendant really had controls. It's is more of a socialist environment. They have an easy way to get out of each lee. So there's a lotta rental security. There and the office market is more. Condominium is as opposed to multi tenant builds and so now. I've got a whole bunch. Owners buildings more complicated that way the retail story. Same thing you've got very short term leases that people can walk out on but you know. I think they are from a property buyers for spectator buying direct. There are rate opportunities in those markets. As long as you're comfortable with the next outcome which is both political and virus oriented and kobe oriented same anyhow. India has the same sorta political issues as well Their market companies. We've looked at him. We actually like Like since invest in one of them we like a lot is residential developer and there are some good office developers there Gerald hines has been in that market quite a bit actually in bangalore So there there ways to slaying It's just not that well established a market. The buyer's side of things. So you're you're flipping. It may be to some local guys and the other problem. In india in particular is land. Assemblage they call these guys aggregate irs. And you're not really ever sure about their title and that's one of our big issues in that market so yeah with a lot of love and blessings been there long time. I don't know if they've made any money. It's just been a tough slog. You would think it would be easy. You've got three hundred million engineers. You've got great educational system. Then you also have. Extreme levels of poverty and and transportation is horrific. So actually. that's a business you know. If you can crack the non on logistics and we we have some investments in that arena and the companies that would. That's that's a great place to go. Originally logistics was not great. Because your roads are would automatically send somebody out labor cheap. It was cheaper to have them go out on their little bicycle or or motorbike and drop stuff off Than for you to go to the store and so they've been doing this for years. They just hadn't warm license structures so Lots of potential. But it's one of those. It's kind of like argentina. People been talking about the great potential for decades. And it's never happened. You can so were. We studied it. We spent a lot of time in india. We still haven't gotten that comfortable with how you can make money there and for us. It's more problematic because they have a really complicated expensive registration system for investors. So it's not. It's not that easy to get in and out okay. It's interesting okay. Climate change and the move towards nor cari credits. It's raining tour. Environment is at a problem for the real estate industry. We are interesting S she is of course big for all investors and something we look at one of these companies talk about us or carbon footprint but we have no way of knowing what that means and give a great example Data centers kids for very high. Because maybe they put a solar panel or two on. The roof went there. They're huge energy. Sucks and and the case of anybody located. Virginia they're using A lotta coal power. So which have to do is look through. You know the details and we're actually doing this sort of exercise not on a superficial way but to say what exactly. How are you sourcing. Power and less. Let's do a look at all of the sources. In fact i just got this today and it's called Indirect source will southern california thing just came out for warehouses. So they're basically taxing you for the trucks that come to your facility as a landlord and then you try to pass that on attendance so all this stuff things. There's climate change which can affect your coastal markets in something. We're looking at just on how to evaluate that easily And then the other thing is energy use or you know companies being smart about the buildings and how much energy bay us has been happening for less decking form frontier low e glass. He'd palm because saves you money in operating profits twin cents but then when it comes through carbon footprint find a shopping center i really need to measure the carbon footprint of the cars coming to my store if they're not all electric cars and then for the electric cars where they're getting their powers to fire plants or is it something else so i think there's a lot of stuff up in the air a lot of greenwashing or running into in a stock side so ese funds. That don't do the homework on it but just say grain and we know. The sec's made a number of inquiries into this to make sure that you know what she say is is real in if i'm claiming that we're investing in companies with low carbon footprints. I really accessible. And i don't have a good answer to that yet. We're washing yet. It seems too early to tell us a little chaotic. There's a lot of energy directed towards the Aligning itself towards that space. The built environment is definitely in the crosshairs. There's no question they're gonna come after. The liberal jurisdictions are pursuing strategies many all jurisdictions the way these are adding. It looks like it might y'all all jurisdiction and so real estate owners the have to pay attention to think so. I think what will happen. really soon. Is much better building ventilation because of worries about kovic and that's not that high cost and yet Buildings have not been circulating here very often like once a day. And i think they're going to start doing that. So what we expect to see that sort of thing and that may actually cause tenants to move the direction of the more modern buildings and so we are worried about older quality buildings with owner systems. That don't have more open face so that you can space it out. That don't have elevators that can adjust to lower numbers in the car. You know so You make an appointment for the elevator right now. It's easy to do for the high quality buildings. You're on your phone. It goes and tells you what iran and they can limit the numbers easily but in these older buildings thank so we do expect a big decline in values or owner quality office buildings. There were plenty of those in new york. Yeah that's really interesting. Yeah that's that's probably going to be a big trade because the install base around the globe the install base. Real estate is really dated. Yeah really worry about it. Yes curiously okay. So last question. What's the best who you're seeing in our world get for us. It's we're really company focused so we've got this Great little company in the uk and they Somehow they figure this out for for P. r. s. is private rental scheme. And it's real housing And arvidsson as sort of thing and then also soon housing they are able to do development but it through planning in zone eight on an option basis and we don't see that done in a lot of places around the world but they've been able to pull that off and there's huge demand for that property so anything related to housing especially low income housing looking for and that's not globally but in in select markets The other thing you know we are still see things getting beaten down by sentiments so everybody hates china than values stock price to go down in an increase phenomenal opportunities. Just give you an idea. Those developers i mentioned in china. We're invested in about a seven to nine percent dividend yield. And they've got to cover. That's not a bad return while you're waiting for that discount. Any vida narrow office. We definitely like. I think that's a great opportunity. Urban office especially in the us But also offshore and were absolutely looking at retail. Even though my good buddy he'd say that. But john gray who. I know you've known for a while he'll tell you blackstone we. We're not doing retail y. You know who knows Doing behind the scenes. But i think i think retail is something. You've got to look at The public markets is priced. Like it's gonna die in most places and there's some really great operators out there There is a great company. We like him a lot. Because he's a real rifle shooters smart flair for years. Call the caveat. Ken burns and but there are lots of these really good company. They'll have to be cheap. They just have to be smart operators. So there's another company called torino. They do infill industrial. They came out of c- private equity world and just very disciplined by or so we get excited about companies with a good strategy a history of good execution and Good governance in every mark. We find him everywhere The sound definitely worth looking into when jin this to really fun. Thank you for being so open and sharing thoughts Across all these different topics and all these different jurisdictions. I learned italian. I i think the audience at revisions is gonna learn time as well. Thank you very much for your time today. Or thanks for having me. And i also enjoyed the conversation thanks next.

us hong kong europe pritzker south partners new york la austin amsterdam china new york san francisco bester
Ep 12.  Questioning your choices?  Reflections for singles, couples & friends

Sex Marks The Spot

22:14 min | 1 year ago

Ep 12. Questioning your choices? Reflections for singles, couples & friends

"Have you been questioning your choices lately? Emits this existential crisis that the Cobra virus has forced upon us. Many people are finding themselves reflecting on their himselves their lives their relationships and amidst this reflection it's pretty common to begin to question our choices so today. That's what I'm GonNa talk about. Let's talk about your choices. Hi I'm Dr Catalina Lawson. Thanks for joining me to this. Week's episode of Sex marks the spot. I'm a clinical psychologist and I have been specializing in addressing sex and relationships as it pertains to our health and wellbeing and amidst the corona virus. I have definitely been using this as a time of reflection a time where I have been thinking more about my relationships and and really wanting to sit with whatever feelings come up and what this made what I found in doing this with myself. And obviously with many of my clients who are experiencing similar process right now in managing the stress collective stress of the covert virus is questioning the choices that led us to be where we are now and particularly choices in our relationship so today I really WanNa talk about four main choices. That have come up in a lot of my work in a lot of the. Dm's I receive. And also what I have been exploring for myself and these four things are one. I want to start with something. That's personally relevant is choices about relationships and have led you or me to be single right now to being with a partner that you really now are stuck with and cannot stand but now have to basically work from home together with and maybe raise a family with and you can't stand them and three friendships And figuring out which ones have been. You're fighting yourself. Gravitate towards or pull back from and then four will leave some time for our relationship with work but that's not going to be as much of my focus and then what. I hope to do is. Is that the n give some concrete strategies of how you can actually what you can do with some of this reflection because I do think it's a great time as Hokey as it may seem an unrealistic. Trust me I get it. We're basically just trying to get through this this idea of. Oh we're going to thrive you don't have to thrive right now. We do need to survive but the reality is that if you are already surviving and coping and working what we know. Is that if you stop pushing as much and be a little bit more flexible and present then can actually conserve more energy and get through this more smoothly k. Rather than being overwhelmed so hopefully this this video gives you some some path forward and some semblance of control okay. So let's talk a little bit about being single. So what's come up for me and my clients but I am. GonNa more talk about my path in where I'm at you know I have been engaged a few times. And and it's been really hard living on my own and being single through this I'm still relatively new to La and don't have a big community here particularly one that I would see And I live by myself and and so I have relationships over the Internet and I see all my clients and I'm so grateful that I get to do that. But definitely this is a time where it's palpable. How much I wish I had a partner and really thinking about particularly one partner that it was kind of. Gosh if I was just who I am now back then maybe it could work having that type of thought and let's start calling it actually kind of regret. I know I experienced some regret around that and all but the reality is I can't go back in time and do anything with that. It's also being single right now. I've also realize that a lot of people really haven't been as empathic people with friends. I mean sorry people with kids and partners because of course they are dealing with their own stressors and it's hard having to be home of L. Talk about that when we talk about partnered individuals. And I feel like it's because there's almost this stigma attached to being single and being alone particularly as Particularly nowadays and as a woman. There's this assumption that Oh you must be a bitch or you must have emotional problems. There's all these reasons why you are single when the reality is is that I when I look back on my choices. I know that there were definitely. I didn't WANNA be alone. I definitely could have been with different people and maybe I was too picky. Or maybe I wasn't ready all the various reasons I know. I am fighting those automatic thoughts in the judgments and even the comments. I have heard from people that basically say well. You just didn't make the right choices and you or you weren't in the right space to make the right choices so that you wouldn't be alone and I think we have to be very careful with this. I think we have to be very gentle with how we see ourselves particularly when we think about relationships and sex. I mean again like when I make jokes about being celebrate right now again. I don't get any empathy from people who are married. Who because they're like? Oh my God I can't even think about sex but what they don't know as I don't actually even have the option because to be quarantined right now and do the the resourcefully responsible and morally in my opinion correct thing to do. I absolutely not going on physical in real life dates you know and so in real life sex actually is a disconnect but then I think when I think about the sex part it makes me think a little bit about Gosh. What were some of my sexual choices? Maybe I was you know. I didn't take it serious enough. Maybe I didn't give enough. Maybe I didn't think about it again. Those are all very common questions that come in my mind or and flat out. I know that when I think about dating and being single and I talk about that lack of connection in selasih being single also gets judged as. Oh well that's all you care about is sex rather than the actual intimacy and the connection and that not even if it's just utter loneliness but that idea of I don't have anyone else to count on. I am Pretty Independent. And that is the reality choice or not choice. That is the reality that I have to live with so I feel like I have had to look at a lot of my choices and figure out. Why haven't figured anything out right now. What I'm trying to do is just look at them. And I'm noticing them now when we think about couples. One thing that has really come up is that many couples now are working from home to gather and before the quarantines most couples who were both working spent at least for forty anywhere between forty and seventy or eighty hours away from each other and maybe that space actually allowed them to relatively coexist but now amongst couples that some in my practice. But then certainly what? I've seen in times of stress. Is that WHO boy? There's a lot of tension. The reality is is that we know that any couples who go into a chronic stressor such as getting diagnosed with a chronic illness like cancer or going through a major life change or again something like the corona is. That's unprepared unexpected. Is that couples that had any type of relationship concern before generally what you see is that it generally gets worse after the crisis and during that chronic stress so again this is an opera time where many couples and people in couple in relationships are really. It's becoming palpable. What how unhappy they are. And this is where I really encourage individuals amongst both individuals in the Diane to actually try to step in and look inside yourself rather than about just the other person begin to notice. Gosh when you start to think oh I should've I. I should made different choices. I shouldn't have ever been with them. Okay well what were the factors in? How did you feel when making those choices? Did you feel pressured? How do you feel now because the reality is as you are where you are and if you felt stuck for so long? It's likely because the stubbornness is ambivalent S- and the thing is with ambivalence is we're action making a choice to not change anything so whether that be leave the relationship try a separation or ask have conversations or work on the relationship when there's feelings of stuck nece there's ambivalence around it so now what I what. I encourage people who are in relationships and stuck at home with a partner that they can't stand is actually to begin to look at how they're what how they're feeling with or without their partner and when there have some space away from their partner is a chance to actually say how my body feels so much different. I'm in my home feeling comfortable. What makes me feel comfortable? How can I give that to myself? What do I need to impose on the relationship or boundaries to? I need to set to foster this feeling in myself. I really think that this is an opportunity instead of focusing on. Why didn't I all the times? Wise that we do to others and to our selves are just big fingers in our faces of. Why didn't you do this? Why didn't you make this choice? Why didn't you do different? And then once the wise come come the should. I should have done this. I should've Blah Blah Blah. The reality is we are here now and if you are in toxic relationship and you are incredibly unhappy but right now you have no way out. This is where I think it's really important one for you to acknowledge their feelings particularly if your partner isn't able to well if you're in toxic relationship then you're probably not Gonna. WanNa go to your partner. But this is a time to really try and use your power within self sued find your boundaries. Keep yourself regulated. Take care of yourself but when you're being faced with a lot of these reality like like if it's just coming to you go easy on yourself when you begin to challenge your choices too much then next thing you know it can just get out of control so. I really don't want you to do that. Okay and then the next thing I want us to think about is our friendships and our choices in our friendships. And whether it be with our lovers or with our friends In working with cancer I always used to say that cancer is a litmus for our relationships and it really is a test to when someone gets diagnosed with cancer with WHO is going to be there amidst this existential crisis and it forces us to look at our relationships jess like to me the Cova crisis is one of those is another paradigm. That for me feels so again. It's I'm by no means mcquarry equating the Cova crisis with cancer but the uncertainty and fear and the chronicity of it but particularly the mortality Threat the life-threatening aspect of it as well as the uncertainty fear and lack of control and lack of caused those are all similar aspects so when looking at our relationships and our friendships. I think it's very important for us to acknowledge that friendships evolve. And you find yourself questioning why you can't why maybe you have pushed yourself away from friends or feeling overly needy and alone in wanting to be constantly on the phone or online with somebody even while you're working needing to set the time this is really an opportunity for you to step back and actually begin to again. Sit with those thoughts and regularly I actually don't WanNa talk too much about work on this because I think it warrants. Its own conversation so I'm actually going to hold off on that but what I wanna talk about is across whether you're single or your couple or you're thinking about relationships and you're thinking about your choices what's common is that we will have a sense of re. Grete and this is what I want us to focus on for. The last few minutes is what do you do with regret? How do you actually move through regret? Rather than Bester in it and then become depressed and ashamed next thing you know. You're just walking around in this huge cloud which is your lens of life of regret. Oftentimes regret we actually tend to regret the things we didn't do more than the things we actually did. Or THE RISKS. We didn't take versus the thing risks. We did so what we want to take from. That is is that we want to assume we call. They call it mental constructing with intention implementation. This is cognitive behavioral strategy. That actually gets you to think about what it was your would actually regretted and then think about what your life would feel like if you actually did it differently and it turned out a certain way the way you wanted it to. How would that feel? How would your body feel? How would you feel emotionally? What would your life look like begin to imagine that again? The power of imagery. Is that what it starts to do? Is it begins to re wire. You know it starts to focus on positive rather than negative and when we think more positively our body generally doesn't feel as threatened so it's not even just thinking positive it's the imagining and broadening potential options. Our Body will feel trapped and stuck so when you begin to actually think of what I would feel like to. Actually if what I wished happened did let that sit in. Sit with that and then next start thinking about okay now being who I am now with my life the way it is now with the resources and skills I have now realistically what are some barriers that may come up and seeing these as realistic barriers. That now you can actually begin to problem. Solve around or work on yourself to actually begin to shift. What can you control identifying things you can control to actually move the rue those barriers overcome them to become who it is. You want to have the relationships that you wish to have. That is a critical step to you. Beginning to actually acknowledged your choices and own them learn from them and then ultimately grow from them and I think that as scary and uncertain a time that we are going through I think if we can learn from our choices and grow a thing that we will come out stronger through this together so I hope that this was helpful and definitely let me know if you have any questions about how to implement some of this but an I'll keep expanding on it but I just wanted to send a message because I know that right. Now when we're reflecting it can be incredibly sad and depressing thinking about all the. What if service should soon be gentle with yourself? When you're beginning to look at reflect on the past that led you to where you are right now. I know that right now. This is where you want to be somewhere different in the moment. Focus on how you feel and then begin to plan for what you'd like to change and be present all maybe weren't as much in the past and for whatever reason. Oh cake accepted and then integrating I. I hope it was helpful guys. I know that this was a little Different so thinking about it relationships and particularly if you are alone or with a partner right now they can't stand or withdrawing or latching onto friends. Look at the choices you're making and be gentle with yourself look for opportunities. I hope this helps and tune in every Wednesday on to sex marks the spot you can hear it on itunes or spotify my youtube channel or you can always check it out on my website at www Dr Dot. Dr Catalina Dot Org and you guys can always shoot me a line and asked me any questions core. He ever need support. Hope you have the stay safe and healthy cheers.

partner cancer Dr Catalina Lawson Dm youtube Dr Catalina Dot Grete La selasih Cova Diane Dr Dot Bester eighty hours
Sermon  Speak Truth To One Another

Christian Podcast Community

20:11 min | 1 year ago

Sermon Speak Truth To One Another

"Grace and peace. I was so thankful to be before you this morning. Nerves as all, get out and get thankful. As I came to this text. If I wanted to go over today. I had an original idea of the meaning. No shameless plug, but I have a podcast hosts call for sprout true. And Foundational, Verse Four Prescribe Truth is a fees. It's four twenty five. And I had idea of doing it. Because some you know. My background I came out of a cold. So. When I started prescribed truth, I wanted to be able to help. Others know what is false within the churches it. There may be in an Prafulla come out with the truth of God's word. So when I post his taste, I'll thinking about everything. We got going on in this coach right now. They're need of truth. Midst of all the chaos and Uncertainty and everything else. And I had that idea and I approached. I as I, begin to dig into the Texan read it again. It. Began to focus inward and I begin to look at the body. You know not so much outward far. Dealing with people outside of the church, but the church and the US individually. So. With that being said I hope this brings encouragement to you guys as well as conviction. As we go forward as a body and grows a family. So. If he's as some of you may notice this maybe reminded to song. Is that if he's is broken up into two parts. Got The first half the first we chapters being indicative starting who we are no politics that time just building up who god is and who we are Inc God that means that into. In the last half he deals with how we apply that truth. Those. It gives us. And how we apply to one another, and I love how. I'M GONNA. Say it again later on, but I love how broken down between he starts with the body, and then goes into how with family and then how we live in society, all those troops laid out in the first half effect how we live every day. So! I would like to read context of versus seventeen through twenty five. From Four. If you would just stand for that fortunate I read, I'll be reading from the NASD. Fees four, seventeen. So this I say and a firm together with the lower that you walk no longer just as the gentiles also walk. Through Tilleke of their mind. Being dark aid in their understanding. Excluded from the life of God because of the ignorance that is in them. Because of the hardness of their heart. And they hadn't become callous. Have given themselves over to sensuality. For the practice of every kind of impurity ingredients with greediness. But you did not learn Christ in this way. If indeed you have heard him and have been taught in who just as truth is Jesus that in reference to your former manner of life you lay aside the Oh self, which is being corrupted in accordance with the lust of deceit. And that you'd be renewed in the spirit of your mind and put on the new self, which is in the likeness of God has been created in righteousness and holiness of the truth. Therefore. Laying aside falsehood, speak truth each one of you with his neighbor. For we are members of one another. May Have to the hearing in doing his word and the reading. You may be seated. So you, guys bear with me as I'm a trauma Bester SLOTA's now. But I. I really want this to be helpful and just really hit me hard as as I was studying this. So although verse twenty five can have many applications. We are going to focus on a direct context and application for now, and if time permits, I'll go into some other applications that we can use. Before we get there. We shouldn't take a very careful. Look the versus leading up to verse Twenty Five for the second time I would have a basic summary of these versus preferably tie everything into a pretty convicting the end. Post ourselves a thesis for with exhortation to the church. Therefore based on all we know and are sure of chapters one through three. Walk in a manner worthy of the calling with which you have been called. Now Walt here. Is talking about how we regulate our life how we live our lives. How we conduct ourselves. This was speaks of when talks about walking. And then walk in a manner worthy of the calling with which we have been called. And we think about calling has called us to. He called us to salvation. All of us have been. This calling is one of salvation is A. Separate phone. ANYTHING OF THE WORLD! Now. With that call comes great responsibility. And I don't know if we really. Look at it as such you know given where we may stand in life, but you think about in a world positions, people may whole when someone is called to a higher position on record to be president. I call it to be executive order. Case may be comes responsibility. And no one in those positions can operate without having particular skills right being equipped available feel that row that they've been call, too. So Netra Collins convert responsibility. Yet according to the previous chapters, we are now thoroughly equipped and able to walk in a way that pleases our Lord as Chapter, two, says for we are his workmanship created in Christ Jesus for good works. In Verses Two to three he tells us what that manner is with all humility and gentleness, patience, tolerance and love, being diligent to preserve unity of the spirit and the bond of peace. Where diligent is encouraging us to make this and? Where we actively seek out opportunities to do this. You know we're not just waiting around, but we are being active. And being diligent to preserve the unity. Of the body I mean I'm sorry, the unity of the spirit in the bond of peace within the body. Versus, four hundred thirteen gives us the why in reasoning are encouraged and being diligent in these areas. We are one body and one spirit. Caught in one of our calling. One Lord one faith one baptism. One God and father of all who has overall through all and in all. And then in that, calling this grace given to each one of us, according to the measure of Christ's skiff. As PREDISPO- tell us that gift being our salvation. Is a gift of God. That's why we can't work for it earn. So each of us have been given grace. All these troops are going to. That as we get towards the topic of. Disarmament? Versus Fourteen through sixteen lays out the general expectation of how we carry out walking in a manner worthy of our calling. He tells us don't be children. Toss here and there about ways or cared about everyone of teaching from manipulative people. That's what we see all around us. The media and everything else even family friends in trying to manipulate us from following the way that God has prescribed for us to walk in. So, don't be children. Toss here and there and I love how Paul. He distinguished just weighs from the wing. So don't be tossed hearing about ways how ways move you right, but then also we carried away by teaching. Lies, can happen. Things can happen. That carries us. That's tossing us around right, but then also based on what we hear from people who we gave from people. We can be carried away. Cared about by false teaching and by from from an influence of people. Counterfeit was speaking the truth in love. We grow in all aspects into Christ. In all aspects talking about everything that makes God who he as? We grow in experts to him. We are going to be made into the image of Christ right. In all that into. And he tells us that every individual part plays a very important role in the building up of the body in love. Versus. Seventeen began our context for how we want to examine our wall. I haven't seen, says so this icee and affirm together with the Lord. That you walk no longer just as gentiles also walk. In the Food Tilleke of their mind. Their loss of contrast between walking in a manner worthy of the calling. And walking as the gentiles wall in the futility of their mind. Precious with all humility in gentleness and patience tolerance. How do the gentiles wall? In the futility of their minds. Facility I had to look this. I really liked this word and I'm not going to butcher the Greek word. It is about fellow for you if you want to write it down. Is M A T? I O T S. In the meaning the line meaning is devoid of truth and appropriateness. This is how to gentiles wall devoid of truth. and appropriateness? God is the standard of what is appropriate. They walked they'll they live their lives? How they regulate? Remember we'll talk about walk is how one regulates himself conducts himself. The world walks in a way. That is inappropriate. No. Matter what good they may do, as it seems, is inappropriate because there are devoid of truth. They are excluded alienated guy. Data from God. I'm sorry given themselves over to unbridled less insane listening that's underlying meaning of the word sensuality. Unbridled Lust. Lust as a base as A. Means desire strong desire. Desire in itself isn't wrong but unbridled. Looking at is made me really appreciate the Holy Spirit keeps us in guys us. It keeps us from going astray right even when we find ourselves in weakness, the Holy Spirit draws us back with love. The world doesn't have this. Excluded from this. Now as we go on, Paul says, but we did not learn price in this way. Paul reminds us in Verse Twenty One that truth is in Jesus. Now in reference to former manner of life, we lay aside the old man self. Verse tells US Man. The old man is being corrupted in accordance with the less of the seat. After being renewed in the spirit of your mind, we put on the new man. which is in the likeness of guy? Sorry which in the likeness of God has been created in righteousness and holiness of the truth very interesting. How that was one of our scriptures today? The Apostle Dan goes off for the remainder of a Fijian's for the rest of the rest of the book. Breaking down to us how we ought to live out. There's aspects of character in our daily lives starting with the body, then with the family and within. Society. And but today we're focused on one particular aspect. Paul starts off his address to the. With the command. Therefore. Laying, aside also speak truth each one of you with his neighbor for we are members of one another. This wasn't a suggestion. But a direct command with the reason being that we are members of one another. As I. as I stated before how looked techs I thought about. My neighbor is being outside it. Somebody I'm. Speaking of politic truth to write the atheist, the Mormon or whoever else I want to speak to. But here it says we are members of another. This is the reason this Texas talking about the body. Each of us. Laying aside falsehood. Speak Truth with each other. For that reason. The portion of this takes that is all cabs. References across reference from the Old Testament Zach, eight sixteen. These injuries. These are the things which you should do. Speak the truth to one another judge with truth and judgment for peace in your eighth. Notice compare how Paul gives this command to speak truth as the beginning of how we are too diligently preserved the unity of spirit in the bond of peace from members three, and make the right connections to the prophets tation to Israel to speak true for peace and their dates as we are members of one another. The gate surrounding a city are only as good as the order. That's being kept within them. According to God this begins with laying aside falsehoods and speaking the truth to each other. Now. How are we not laying off also? And this were got convicted for me, guys. Not being honest with each other. Or we're going through times of weakness. Saying I am well truly are not. Hit Me? thinking. I struggle with this. For years I've been asking the Lord helped me. As I see the body that we're family. Right and sometimes you're going through things and you don't want to speak about you. Don't WanNa talk about it and someone asks you. How are you doing? And because we don't want to say, we don't want to get into. It may be we. Li-. We say fine. All this will. When it's not! But this now that we're not laying out a falsehood. We're not speaking truth with each other. We, we're not taking into account that we are members of one another and how you're feeling. It affects me to. Because you hurt. I rejoice when you rejoice. Victims that was really convicted to me as I. Begin to think about it. And I wanted to be more honest. Now. Let me let me throw this caveat then. I'm not saying that in a moment that. Details given all the time, but there's no harm someone. No I'm not going through it. Please priceless. You know I'm dealing with anger right now. Can't go into details right now, but please priceless for me. because. That's because we're members of one another and we should love one another, and this is why we do because we love each other. Another reason that we don't. Fossils and other way. Is Not being honest with the brother sister when they are not walking in the manner. That God has called us to. A fall in Santa Beset in San or that you see them holding to things like that, we say scripted talked about how we're not giving in to bat teaching, false teachings and everything else, but you see a brother or sister town of going into a direction listening to things that is causing harm to themselves right, but we're not wanting to say to avoid conflict. I've been guilty of this world. We're not laying aside falsehood. And Vice Versa you could be the one who is dealing with the safe, but not being honest to let one know that this is what I'm dealing with. For the same reason. To too costly. Now according to Verse Fifteen Sixteen Verses Fifteen and sixteen. The entire body of Christ is being fitted. Join together by what every joint supplies according to the proper of each individual part. This causes the growth for the building up of the body and low. How can we build and grow if we walk in honesty? Matthew hearing his commentary states that truth is a debt. We owe to one another. And if we love one another, we show not deceive nor line to one another. We owe it to each other to always be truthful regardless if it may cause momentary pain. When it comes to the San of line, the world is most definitely guilty, because they affirm that a possible lie is much better than hurtful true. This is part of the old man that must be put off. In the world, the one telling the Lai is the only was seeking profit from their deceit. But. God tells us that they themselves are deceived, but we all as a body profit for being honest with each other. In my studies like him across an interesting analogy that brought me conviction. Think about it. Our natural body can only function properly if it tells itself the truth. Your hand touches something hot. But your hand tells your brain. That thing is cool. Your hand will be severely burned. About this and I was like. I'm thinking about your brain, not sending the right signals to the hand. Let it know that it's being burned. Says that your hand is? The one is telling the LAI. This goes into one that the first reason how we can not be honest and how we not laying the south falsehoods. At we going through something right where we're dealing with Santa, case may be and yet we're telling the brain. We're telling the rest of the body I'm cool. and. We're not in what we're cool. We've been burned. And? We're hurting this again. I love this natural analogy, because if the hand is not feeding feeding the right steelers to the brain, then arm doesn't know the poor back because hand can't pull itself back. And it's also how we is a body. We need each other. We need each other. And I've been so thankful. He's asking complex man so thanks for the body so thankful for my brothers and sisters. You've come alongside me. The honest I'm not cool. For the. Fool me alongside. Level me pray for me. So grateful man. This is important says what is the reason that we should speak truth to each other while putting away line? And allies from the world. Because? We are members of one another. Now. Here is an important truth. We were like the gentiles excluded from God. And Hearts Hardy. But God called us to himself in truth and love. The Lord did not lie to US and tell us that we were doing good and his is. When we weren't. He warns the entire world turn from same and place. They're hoping Christ for the salvation of their souls. This is the calling that we have been called to. And because God is true, we should be ready and willing at every opportunity to speak truth to one another race and peace.

Paul US Prafulla Grace steelers Bester SLOTA NASD Netra Collins Walt president executive Dan Texas Lai Santa LAI Matthew Santa
#118: IPAC #1 - The Four Returns in Real Estate: Cash Flow is NOT Everything

Denver Real Estate Investing Podcast

1:04:23 hr | 1 year ago

#118: IPAC #1 - The Four Returns in Real Estate: Cash Flow is NOT Everything

"You're listening to the Denver Real Estate Estate. Investing podcast where it's all about helping you grow your Denver real estate portfolio. Here's your host Brisk Lopez. When it comes to analysing rental properties? Cash flow is not everything now. I realize that might be a shocking statement. In this day when it comes to advising rental properties but it's the truth they were more to investigate in real estate and there's more allies rental properties than this the cash flow. You're getting from a a rental property. Now I'm not saying it's not important I'm just saying it's not the most important and the only thing the focus on because you're not looking looking at other ways to make money in real estate you're missing on some very important pieces the puzzle when it comes to using real estate to create wealth and fund your retirement tyrant one day. So my name is Chris Lopez. And I'll be going through a very detailed episode today on a different way you can go out there and start analyzing rental properties using the four ways you make money in real estate and this is the first course of the first module jewel in the property analysis. Course that I'm putting together so make sure you understand this episode before he on the other episodes in this course because this will build upon it as a quick reminder you get three ways to learn about information out he got this podcast listening to you right now can also watch the video on Youtube can actually go also go to the website and go the blog post fruit to see more detail graphs numbers and examples. 'cause I know it. It is a lot of times. You listen to podcasts. Something sounds great. But you're driving. You're multitasking and he wanted to go in and get more specifics. So if you if you hear something and when we get more details details make sure you check the show notes and go to the blog to get that specific item that you want to get confused. Got Questions always reach out to me so I want to ask you if I asked you. What is your return on investment? What is your Roi? What would your answer be the me and think about this for a second if I say what is your Ara why what type of return on investment you want real estate? What is going to be your answer and I get different responses from everyone? I ask obviously because everyone has their own requirements and it it dramatically varies from a newer investor. We're to someone WHO's a veteran bester cause for new investors. I often get off next question. Hey where's your and they'll want a property with a good return. How can you tell me find one? Am I response as well. I mean maybe what is good and you can't see my ear but what is what is a good return to you you know L. A.. Good return they say airplane. No I don't want a good return is to you. Can you quantify it like. Give me a number. What are you looking for? because good is subjective L. out time they'll say You know something like seven percent. I JUST WANNA be the stock market seven percent of what what return a metric are using or or you simply just trying to get seven percent return on your money now. If you don't have a good answer don't be embarrassed. This is how every investor myself included initially started as we're figuring out how to allies properties how to measure the returns and see if it's the right return that were looking for in our role portfolio. Because when you have money it's not just about money. Invested in real estate you can also invest in the stock market invested in a business. You invest in something else. So it's a good idea to learn. How to measure is your the returns you can make sure it's the best use of your capital now? If someone says I just want seven percent return my money asked me to stock market in my mind nine. That's very very simple to do. Even in today's current Denver Market I can blindfold myself go to Ari Colorado throw a dart and hit a property and probably beat that seven percent return which might sound really odd but I will explain that as as we go through this episode senior. Stand why I say that so first off there are two things or two parts understanding your your Roi when it comes to real estate investing actually. It's really two things to Roi when it comes to any investment but we'll talk about it in terms of real estate so the first part is yes the fine and understand the returns and said that is plural. Not Singular the returns that real estate provides and the final understand. What your true total initial investment is when you go out there and buy property so let's start off with the first part? which are the wage make money in real estate and real estate there are four ways you make money and this is a no particular order appreciation? Cashflow hello debt pay down. And then depreciation which is your tax benefits so we'll dive into all these details as we progress through this module because I know a lot of times people just focus on cash flow and sometimes mentioned appreciation but we never really talked about debt pay down and tax benefits. Well let's talk about that. Ah Let's peel back the curtain. Let's define those and actually figure out a way to quantify that you can see what type returning from those different ways to make money in real estate so four ways appreciation cashflow debt pay down and tax benefits. The second step is defining your true and total initial investment. So let's just imagine that you're going out there and buying a four hundred thousand dollar rental property and he twenty five percent down payment. So that's GonNa GonNA require a one hundred thousand dollars for the down payment. Now he out there and buy the property. Are you only writing a check or wiring over one hundred thousand dollars. No you're not because there's a lot of other costs associated with buying a property now if you take that same one hundred thousand dollars and go to your fidelity account or your Schwab account or your vanguard account and use it to go buy a S. and P. Five Hundred Index on or ETF even specific. You know stock which they go out. There and by Amazon was on stock or whatever stock a lot of times the transaction costs when buying stock. Next Fun is zero to five or ten dollars actually. She can't think of the last ten years when I've actually spent any money to go out there and buy stocks Because this transaction cost to become so minimal now with all the online mine trading and plus because I buy a stock market index funds which have no cost associated with them. But even if there's a ten dollar cost well that is a very insignificant significant transaction costs if I'm invest one hundred Thousand Dollars Day really cure about a five dollar fee. Personally I don't and I have not met anyone that would care about five five dollars when they're spending one hundred thousand dollars but if you're buying a product requires a hundred thousand dollars down payment you got way more than five dollars and cost to go out. Therein by the property and so there are in addition to the down payment. There are three main categories for the real estate transaction cost so the first one is acquisition. Costs these are things like your home inspection your appraisal prepaying. Your property insurance premium for the year transfer taxes title insurance recording fees closing fees plus a bunch of other fees. A pop up on the closing statement when you buy real estate the second thing you have is low low cost and low cost. Just what does it take to go out there and get a loan to finance the property. Now if you're buying a property all-cash yes yes you will have. No loan cost malone costs but her out very very few people are buying rental properties all cash and I'll be willing to bet the majority of people people listening to this episode are all using financing and go out there and buy their property so there is a cost to go out there and get the loan and could be minimal from just paying the underwriting underwriting and transaction fee two extra couple thousand dollars if you're buying points down to reduce your interest rate so that's the second one so a third one. Is your rent rent. Ready cost and ready cost or any initial repairs. You need to make it rentable or to get the desired. Rental income cost place tenant and and caring cost if the property can be properly vacant for an extended period of time. So if you think about this the total initial investment when it it comes to buying a piece of real estate is going to be your down payment. Your acquisition cost your loan costs and written ready cost so that is is way more than one hundred thousand dollars so for example a lot of times those costs outside a down payment the acquisition the loan and the rent ready costs can range from anywhere about two thousand on the low side about fifteen thousand dollars on the higher side. If you're buying multifamily and or buying some points down on your interest straight so to fifteen thousand dollars well now. We're getting into some significant transaction costs when buying rental property property and I believe those costs should be associated or should be calculated in your initial investment. And therefore you need to account for that when you look at the return on that property. 'cause hundred thousand dollars buy real estate. You need more than one hundred thousand dollars and one hundred thousand dollars worth of stocks cause you go by one hundred thousand dollars. Plus the ten thousand dollars from transaction cost. You're really investing one hundred and ten thousand dollars so in my mind we should compare a hundred and ten thousand dollars in the stock market the bond market or whatever else re buying so I know I get this question all the time this l.. What is the rule of thumb? Or what's the fixed amount. Or what's the percentage I can use for cackling. Those transaction action cost. There really is no percent or fixed price or fix percetn. You can use So just you know as you get specific properties. Make sure three talked agent whether it's me or using someone else and talk to your lender take it. Those costs my main point here. I don't want to get to focus on the details. My main point here is I realize that there's more money that you have to use another district down payment to go out there and buy rental properties all right so we got the return turn figured out and we now have define what our total initial investment is so those are the two important aspects on calculating your complete return on on investment. Now if you're listening to podcast you can't see this you may if you've been to a class or use our most recent version of the rental property spreadsheet that Joe Massey put out but right now I'm looking at the return on investment quadrant and this is a great visual guide. That shows issue the four ways. You can make money in real estate in a visual manner and actually gives you the output other return in both a percent format and a dollar format so oh you got appreciation says he quadrant to the fine at quadrant is just GonNa if you imagine taking a piece of paper and Pencil draw. Vertical Line and then draw a horizontal John Save across or Tian there and I have four quadrants so in the upper left quadrant you have appreciation and the upper right quadrant. You have cash flow in the the lower right quadrant of tax benefits and the lower left quadrant. You have debt paid out so if you want to make sure you go to the website check the show notes to go. Click Click on it now. I wish I could take credit for Christmas because I think it is one of the coolest things I've seen in real estate last year or two. But I can't out it's actually actually a brain child of James or who is an investor in real estate broker in Fort Collins and he's actually got it registered through hit as a trademark through company called the real estate financial planner LLC. So I just wanted to give a big thank you to James. Because he's been gracious enough roundly credit but gracious enough to allow me to use it in in my content and also put it in the spreadsheet with Joe Massey's a rental property spreadsheet analyzer. So if you see James Makes Retell thank you for allowing us to use used. His cashflow quadrant cashflow quadrant the return on investment quadrant. Because it's a really really powerful of visual guide all right so now Orlandi was actually dive into each one of those quadrants reach when the four ways make money in real estate and talk about each section of it more detail so the I won't talk about is appreciation and simply put appreciation how much the property value increases over time. Now I I recall when I was first getting into real estate investing years ago and I was being a lot of time on Google and reading different websites a very common thing I saw on forums and websites website that there was just by for cash flow. Don't worry about appreciation. You may not get some but if you do it's cheery on top and that's what I look for initially as a great. I'm not gonNA worry about appreciation. Well if you don't it really has a big impact on the numbers and now I don't agree with that statement eight men or that sentiment of thought I think it's too simplistic And they are not using any historical data so if you look at the data. The last innings lasts forty two. Alas forty-six Years Denver last forty two years prices have been more expensive than the previous year. So forty two LS forty six year prices been and more expensive than previous year less appreciation and then looking at some other data if you use the case Schiller Index They've measured that appreciation appreciation or that real estate on a nationwide level over a hundred year plus timeframe has appreciated just over three percent a year. Now that's a hundred plus your timeframe nationwide not market specific and been in the low three percent. Let's just call it three percent freeze math. What else is three percent inflation rates three percent so great weaken should we not think that she knocks backed real estate to keep pace with inflation? I for one I think it should If my ass does not keep pace with inflation that worries me. I don't want an asset that does not keep pace from the place next thirty years so going down from national level to Denver if you look at Denver last forty five years and this is from nineteen seventy four to two thousand. Eighteen homes have appreciated. He's shaded a six point five percent annual rate and condos that he five point five percent annual rate and thou's not been crazily skewed by the last couple of years of amazing easing appreciation. We've had but that's been the last forty years through growth phases Some plateau phases and the big crash. We had you know ten twelve years go and prices dropped so with those data points and mine is it wise to not model or not assume appreciation tation. I don't think it is. I think we've seen appreciation for a long time. We've seen appreciation Denver and what's going on authen ver Denver growing city the two main things that drive growth and appreciation are people moving here and then jobs and businesses moving here and and we have both of those factors happening Denver. We have more people and more jobs and businesses moving here. We're not a shrinking market. If we were a shrinking market like some markets the Midwest Midwest or the parts of the country. Yeah we might not expect to see appreciation look historical data and just using some commonsense big picture factors at Denver Ver- Metro. I'm not yet meet anyone. That has nothing. Denver prices will be higher in twenty ten twenty thirty years in the are now so so I'm going to use appreciation my factors. That's why do with all my modeling and a million dollar question is what appreciation rate should I use for modeling. Molly mind vestment here in Denver. Why don't have a crystal ball But where I fall and majority investors fault I talk with. They simmer between three to five percent. You know very few people actually don't have met expects us to continue an eight nine. Ten percent appreciation rate and very few people expect us to be lower than in a three percent reflation rate over the long run. Now you might have a couple of years where it drops below three percent. I'm talking about the averages for next ten twenty thirty years so ask yourself this right now. Do you think Denver prices will be lower a year from now five years from now ten years now thirty years from now the answer is probably no so I personally use some between three and five percent and I don't always stick to one guy just depends on my mood for the day if I'm running. It really conservative conservative. I'll be three percent percent if I'm more optimistic. Five percent so I typically use three or four percent But I bounced from those numbers myself so if you got questions on this from the Beta it reach out to me so next. quadrant is the cashflow quadrant or the other way money in real estate is the cash flow. Return so al.. All the returns this is the metric or this is the way people are most familiar with is cash flow. So I'll keep this section really brief cash flow is simply your rent minus all your expenses running the property meister mortgage payments. Now I separate out expenses which we call operating expenses and your mortgage payments because those are two different things so your expenses are your operating expenses that you have to pay to keep the property running insurance taxes property management issues. It repairs maintenance capital expenditures common on utilities landscaping Snow removal all. That stuff you have to use to maintain the property bringing rental income and your mortgage payments. Are you know what your monthly payment is to pay off your loan now. Some people in bay the property cash. Some people may have that property paid off after ten twenty or thirty years. So that's separate them out so Very simplistic example. And this is just some rough numbers from properties. We see in Denver. If you've ever property rinse for about eighteen hundred dollars rent you subtract out five hundred dollars as for operating expenses or property management. Hoa Taxes Insurance all the other stuff at an seven hundred dollars in your monthly mortgage payment. Aleph with five hundred and fifty dollars a month in cash flow before taxes. All right so getting into the other two quadrants. These are the ones that no one ever really talks about real estate. And if they do they mention it but in actually never go- actually going the numbers and here's someone to be a very high level overview of debt pay down and appreciation. Now keep in mind. I'm not a Muslim. The lender some giving you minor standing at this and my simplistic version of how these returns work. So so if you want understand these fully make sure you talk to a licensed professional like a CPA or lender Because I'm a real estate agent and I'm not licensed to give you specific advice on this so debt pay down obviously you only get if you financier rental property but I mean more than nine out of ten clients. I work with us. He's financing trying to think of illness cashed. I mean probably ninety. Eight hundred are using finance or Yeah lending refinance to go out there and Get rid of the property so if you buy cash you don't get this or once your owners pay off your debt. Pay Down goes away so on the website website I've got an amortization table that shows your monthly payment that shows Malamud payment toward principal and the amount of payment toward your interest. And I'm just showing the first I six years and to keep things simple and consistent. I'm still using that. Four hundred thousand dollar rental property that I mentioned a few minutes ago. I'm assuming it's I'd say four thousand four hundred property at a four percent mortgage over thirty years says the thirty year fixed mortgage and can't remember if I put twenty percent down or twenty twenty five percent down in the payments. So if he check it you know what's more the other you'll get the concept on here so taking that mortgage for thirty years you're Pame mm-hmm as one thousand nine hundred nine dollars and sixty six cents and that's how the payment every year for the life of the loan until the very last month and then it goes away so for the next twenty nine years eleven months you're paying one thousand nine hundred nine dollars and sixty six cents a month so in the first payment five hundred seventy six dollars dollars goes towards principal and the one thousand three hundred. Thirty three dollars goes towards interest in a month to your second payment your principle your payment toward principal goes from five seventy six to five seventy eight and your interest drops by two bucks to one thousand three hundred thirty one dollars so oh not gonna read every line of amortization table off to you because that would be boring By this one I drive home the point and make you realize that every single time you're paying that payment mint assuming you're using a Amer alone that's not just interest but a principal interest loan which is how most people buy rental properties every single month. Two things were happening. You're actually buying principle back in your property which is increases equity and then have more money every month going towards your principal symbol so the key point here. Is that every single month as you make your payments. You're getting return on that money because you have more equity. Could he building in your property and guess what if this is a rental property. WHO's paying that loan for you? Is it you or is it your tenant it's your tenant it's other other people's money so you're getting in return because every single month you're getting more equity in your property and equities money that you can can use later to go out there and buy more properties or refinance or do something with it so there's a lot more details to this understanding like the Percent Ed returns and all that which I'm not GonNa go into quite yet I'll discuss them actual specific examples later on this episode. I just want you to understand conceptually that every time you make you make your monthly payment. You're getting that return. Because you're buying equity or I should say your tenants are buying more equity in your property so the last quadrant or the last way you go out there and make money in real estate from returns. Perspective is tax benefits which are known as depreciation depreciation I'M GONNA say bounce back and forth between tax benefits and depreciation because patients and appreciation often co mingle so depreciation not co mingled but What's the word I'm looking for? I merged the two or they sound too similar. I should say appreciations. The property goes up in value. You depreciation with a dog is the tax benefits that you get from owning property so depression benefits are based on federal all tax law. So you get these benefits for investment properties but not your primary residence Nafta House hacking it. That's something else you WanNa make sure you talk to your. CPA with but generally speaking these are income properties where you get depreciation and these can generate a significant tax savings which indirectly puts money back into your pocket. So when you're buying any type of real estate you're actually buying two things you're buying. The land and the structure and the structure is officially called improvements. So the government looks at two ways says great. You're buying land and you're buying improvements. They say your land does not appreciate eight because it's land is going to be there forever but you're improvement does depreciate so this is the same same concept if you own a business when you buy computer or you buy a car you buy a truck or you buy office furniture. They give you a five year or seven year table. To depreciate those those assets assets because they say hey wear and tear the useful life so therefore for so many years to go out there and buy a new one so these are tax benefits. You get just like you would if you're running a business but this is for real estate investing and you don't get the stock market you don't get this in the bond market. This is one of those things that makes real estate really really attractive. So how did you calculate depreciation and that's another disclaimer in here make sure you talk to your CPA of course but a very simplistic way to do it. And the way I figure it out before I talked to my CPA or just let my CPA figure at the end of the year as you can actually go to the assessors office office. Go the assessors. There's website because all the data's on there I should say And they'll actually show you how they categorize the land value and the improvement because they'll say you're you're paying taxes on your land and this percent taxes on your proven value so I'm gonNA use an example here of the last four plex. I bought this. They four plex in West Minister purchased and I went to the atom counties assessors website and they said my land assessed value is is four thousand nine hundred seventy dollars and my improvements assessed value are thirty thousand dollars. Thirty thousand seventy dollars so for total assessed value about thirty five thousand dollars. So does that mean a paid thirty five thousand dollars for the four plex. No I wish it was. I paid eight hundred and fifty two thousand dollars for but once they run it through their calculation to calculate their value then figure out what taxes you all on their. That's their assessed value. But here's how you can figure out how the tax benefits you get released estimated because that forty nine hundred dollars towards the land. It's about fourteen. percent of the overall total assessed value and the improvements or the structure assessed value is about eighty six percent. So a very simplistic thing is you can say great. So if the county assessor says eighty. Six percent of property is towards the improvements than did I can depreciate eighty six percent of my property now depending on what part Denver Metro urine actually dipping. What part of the country you in? They're gonNA be all different types of rates as far as how much more the land value. If you're in a hot part of town like the highlands you're going to see higher land value and a lower improving in value because location location location. That lands worth a lot more so make sure you see you know you look this up. Get a feel for because it can change dramatically depending being on what part of town you're in so I've got that eighty six percent figure from the website. I can say eighty six thousand dollars times my purchase price race of eight hundred fifty thousand dollars for a estimated improvement of seven hundred thirty one thousand dollars. I should say the total estimated improvement. The purchase was seven hundred. Thirty thousand dollars so grab got that seven thirty one figure and the government says with real estate you can depreciate it over twenty seven point point five years that's residential real estate commercials a different figure but since most of us are focused on residential. Just keep twenty seven point five years of mine and why they choose twenty seven point five years of mine. I have no clue so. Don't ask me go down rabbit hole if you WANNA know but that's government so you take that seven thirty one at seven thirty one thousand dollars divided by twenty seven point five years and that gives me about a twenty six thousand five hundred dollar annual tax benefit and the government says. Every you that you'll miss you can write off or depreciate twenty six thousand five hundred dollars or twenty seven point five years so that is the gross tax deduction that the property spits off now the benefit that you again or that I get this is my example property it ultimately the pens on your tax bracket because the tax bracket will determine how much your benefit is on there. So here's a very simplistic examples from round the numbers. So if I'm a twenty five percent tax bracket I own this property. Twenty five percent of twenty six thousand five hundred will give me a tax deduction about six thousand thousand six hundred forty five dollars evy. Total benefit I get and the investor a or the other investor if they're fifty percent tax bracket fifty percent. Sometimes Twenty six thousand five hundred is thirteen thousand three hundred dollars so the higher tax bracket means generally the higher the benefit you get from other appreciation and to keep in mind that gross benefit you get a twenty. Six thousand dollars does not mean. That's not the amount of taxes you're paying. That's that last figure figure of six thousand six hundred forty dollars example. That means I'm getting that money refunded to me on my taxes. Now government right meet check exactly for six thousand thousand six hundred forty five dollars. No they don't but that gets calculated my overall tax liability or so might mean less money or Mike it Bigger Refund Lonzo offsets other thing. It's one those a left pocket right pocket type things where you're getting the benefit of it but you usually don't see it directly now of course this is a very simplistic realistic example. And there's a lot of factors that comes into cackling tax and all the stuff that's why you WanNa make sure talk to your CPA. Buy One give you that high level gist of it so you could understand understand it now if you get lost some the way they calculated it or the figures of it. Don't sweat it. I just want to walk you through the example so as we go through specific take examples numbers down the road. You can kind of understand where it came from and of course we want to see these numbers in detail. Make sure you go the website and you see all those numbers written. They're on the website. Okay so we just went into some details about those four types of returns and how they are derived so I wanNA spend a few minutes and talking about some other aspects aspects of these returns. Now I am looking at the visual return on investment quadrant. So you may not be looking at this. But the top of the quadrant is what we call speculative and uncertain and that has appreciation and cash flow. Those are the top two on the quaternary wondering appreciation stop left. Cashless top right. They are speculative. Now you might be saying yeah. I agree with that on appreciation. But Casto speculative go to. Yeah it is now. We have no control appreciation. We do our guest model it. We can't guarantee it and for cash flow what Castro you're guaranteed you're guaranteed the last rent check that you deposited yesterday a week ago a month ago because until you get the next month's rent check you know your cash. Flow is uncertain speculative now we can do much better job of estimating cash flow but depending on the tenants they may not pay. Hey for a couple of months. Then you're a victim for months if the market goes crazy in a not only losing appreciation but we may be losing some cash flow as well so my point point here is that everyone says appreciation. Don't count on it. I agree. Don't count on a do your best job model but realized that cash flow is any guaranteed. Return turn because it's only as good as your last Renchik from your tenant now going to the bottom side of the quadrant re of debt pay down and tax benefits in these are more fixed and more certain returns and I hesitate these were guaranteed but they're pretty damn near guaranteed because as the old saying goes there's the only two guaranteed things in life death and taxes but getting return on debt pay down. Tax Benefits are pretty damn near guaranteed in my mind because no matter what happens happens on the market conditions. You get these benefits as long as I should say as long as you're paying your monthly mortgage payment your debt. Pay Down as long as you own. The property within it was twenty seven point five years. You're getting those tax benefits nephew. Stopped paying your mortgage. You don't have the debt paid return but he a lot bigger problems on your hand because because you're not paying your debt but assuming you're paying your monthly mortgage and your file your taxes correctly. You're getting these two returns so these are much much more certain certain Because they don't depend on what the market is doing right. This instance because even if property values skyrocket or property values drop or your tendon hadn't sleeve or other things happen these two benefits they say about the same. It does not matter what happens in the future. 'cause you're based off of the time when you purchased the property pretty what your debt was and that's also how they figure out. The depreciation was what your purchase price was when you bought the property. Okay sows top side and bottom side. Just WanNa drill home that Cash flow and appreciation are concerned. Your debt paid tax benefits are pretty damn near certain. Okay another way to look at this quadrant and the returns you get in. Real estate is will be called a cash now side. This is the right side of the quadrant. We have cash flow and tax benefits. Because this is cash you realize right now so cash flow. We generally think of on a monthly basis. Great I get my Renchik. I pay my bills. I pay my mortgage payment. I'm up there with five hundred dollars a month. Great that's my Castro. Now your tax benefits. You don't get that monthly benefit but you do realize it when you file your taxes like like I said earlier depending on how it intermingled with all your other taxes and tax liability and stuff you have going on. You'll realize that gain one way or the other. So that's cash now the left side of the quadrant which is appreciation and that pay down. This is your cash later. Side this is your equity side because what happens as your property appreciates that's equity. What happens when you pay down your debt? You're building equity so I like to you. Think of equity as my real estate piggy-bank it's something we really can't tap into a monthly or yearly basis continually. But as you're actually builds you do have options down the road to tap in the equity to go use equity to go pursue other investments whether it's rental property or other assets. It's it's really a three main ways of tapping into the equity. You can sell the property you can get. He'll walk which they home equity line of credit or Oregon. Do a cash out refinancing your property. Those are the three main ways you can extract equity out of the property and then use that money for later. Now here's the thing if if you buy a property day you're not getting key lock or doing cash refinance a month from now because you have no equity unless you put down eighty percent there are some very high dollar amount but most people putting down five percent for a House Act Property or twenty to twenty five percent investment property. You're not tapping equity for awhile because you you have to pay down your debt and the market has appreciate give you enough equity so you can tap into it to make it worth selling or to make it worthwhile for a lender to give you cash out of your property pretty so we'll talk a lot more about this in the rest of the course so if you WANNA learn more about that make sure listen to later episode on return on Equity Equity. 'cause we talk about different ways extracted and what type of returns you can expect from that all right so if you take all those returns turns that gives you the complete return on investment. So when I buy property I get appreciation I get cash flow I cadet pay down and I get tax benefits so rather than saying. Oh Yeah Yeah. We might get appreciation. We might get paid daily my tax benefits. But we know we're getting this cash flow. Don't you think it's prudent and gives you a more realistic reality. Check to go out there. Look at all four returns and do your best to qualify through projection than just looking at cash when they. Oh yeah get the other three things. Now let's quantify all four returns so we can see what we're getting from the property and I'll compared to other opportunities. You have out there so if you add all four of those together you will get your complete return on investment when looking at real estate. So I'm about to shift gear if he went from conceptual talking points now to a couple examples and what we're moving towards Al Walk you through a few examples on here of using This cat the return on investment quadrant. Look at these four ways to make money in real estate so I'll do my best girl the numbers but specific details. Check out the video or go. The blog I post see everything so the first one will look at is a three bedroom two bathroom Aurora rental property and this is a condo. Oh and he listened to future podcast episodes. We've talked about this. A couple dozen times on properties we buy generally speaking. These are the best cash link property missing in Denver the last couple of years so this specific property we bought in early twenty nineteen for about one hundred ninety thousand dollars and as a three bedroom two bathroom condo now. I'm looking at a couple of screen shots I took from Joe Massey's a rental property spreadsheet so so this property required a twenty five percent down payment which was forty seven thousand five hundred dollars which is part of your overall initial investment. Remember we also three other parts initial investment. We've acquisition costs. This is about twenty five dollars. Acquisition cost loan calls for about Fifteen hundred fifty dollars dollars and the total repair costs. Were about a thousand dollars. I think this place needed new paint or carpet or something like that just very small stuff. Remember your total investment or all for those add up your downpayment. Your acquisition cost your loan cost and your initial repair costs. So our total all in initial investment. This property rented is fifty two thousand five hundred forty dollars now. Is that exact to the penny. No it's not because I rounded the acquisition cost rounding US repair pair cost and this property was not occupied so it doesn't take into account the sixteen days if they can see the tenant and there and the sixty days of caring cost but those are dollars and it's not worth being tripped over a couple of dollars as long as we get in the ballpark with two thousand dollars. She could understand the concept. Secure Miami about fifty two thousand five hundred total initial investment the investor put on a thirty year mortgage and his interest rate was four point. Eight seven five five percent so I'm plugging in all typical expenses here and assumptions. So they can see factor of three percent annual appreciation rate. Eighty five percent. Effective tax rate is twenty five percent. And that's the estimated effective tax rate for federal and Colorado because we're GONNA use that to calculate depreciation and the annual appreciation. He's used to calculate your appreciation. Property management is ten percent a year so ten percent of rents monthly reserves five percent and that's for repairs and maintenance. Hoa's to ninety nine a month your real estate taxes or nine hundred and fifty dollars for the air your annual property shirts about three hundred dollars a year so the sum up the income and expenses the annual rent income is twenty two thousand thousand two hundred subtracting all your nine mortgage expenses vacancy and operating costs are at eighty five hundred dollars that leaves you with a net operating income of thirteen thousand thousand seven hundred subtract at your mortgage payments with about eighty nine hundred and your annual cash flow before taxes is four thousand eight hundred twenty two dollars nice so it's a cash flowing property so before we use the return on investment quadrille all four ways. I WanNa go through and touch on three common metrics that people used to calculate rental property returns so this way you have some a baseline to compare so common metrics reuse to the overall return on investment that you can expect sir. Keep in mind that this is I e returns on the property that we're talking the about here so your cash on cash return is eight point two percent. Your cap rate is seven percent and your grocery multiplier or Jira era is one. Oh three severe those are. Don't worry about that. Those are I want to share those with people that are familiar with those say the baseline for comparison. All right so now. Let's look at the return on investment quadrant results. So I've thought this Class A few times. If you guys have been there you'll know about the ask. Why do you expect your overall return on investment is and the second thing about yourself if you put down fifty two thousand dollars and change on this property? What percent return turn? Do you expect to make on your money in the first year and unfortunately I don't have jeopardy music to play in the background all right. So what's your guess born when I asked this question the people in real life and asked this question classes I usually get anywhere from four to fifteen percent. Well if I told you the projected returns the property was thirty three point two percent. Yep You heard me thirty three point two percent so what that thirty three point. Two Percent John Is. That's taking the percent return from each squadron and combining it so the cash flow. You're getting a return of eight point two percent which is actually the same return on cash on cash appreciation. You're getting eighteen. Point one percent return from your debt pay down and getting a four point one percent return and your depreciation tax tax benefits. You're getting a two point. Eight percent return at all for those together and they're getting a thirty three point. Two percent return so just to clarify. They've gotten on this question a few times now when I say getting an eighteen point one percent appreciation return that doesn't mean the property appreciated eighteen percent that means we gotta return from appreciation on at fifty two thousand dollars. He put down and I'll talk more about that in a minute. I just know that question is probably going through a few people's minds that are listening or watching this course right now so I gave you percent return so now. Let's look at the total dollar return. They give you a different perspective because because this is how we calculate the percent return so your cash flow your cash flow return is four thousand three hundred nine dollars. Your appreciation is nine thousand thousand five hundred you're paid on two thousand one hundred and fifty. That's enough accurate that you or your tenants. Purchase back in the property that year any appreciation estimate twenty-five percent tax bracket is just under fifteen hundred dollars. So how do we calculate these returns. And you might be getting a little hazy on here. So I'll do my best to describe this but the I want you to think back to like third grade or fifth grade math. I think that's when you start learning fractions. At least the the basics of it this Matha Matha probably a little bit more advanced in third grade math but it's it's all is a simple fractured math. So if you can envision all four those quadrants appreciation cashflow that pay down depreciation. What we're doing here? They're saying how much money are we making or how much Mary projecting to make from appreciation and then we divided by the total initial investment. So the amount of money you get in return is the numerator and then the the denominator alligator in the fraction is your total initial investment. So for Chretien. We made ninety five hundred dollars or we expect to make ninety five hundred dollars. So so the way we calculate that was purchased place for one hundred ninety thousand dollars and I put in the spreadsheet say five percent appreciation rate five percent. I'm one ninety comes out to be one hundred ninety nine thousand five hundred dollars so therefore making ninety five hundred return appreciation so many five hundred divided by fifty two thousand. I'm four hundred gives me an eighteen point. One percent return going to cash flow. I'm making forty three hundred nine dollars in cash flow divided by fifty two thousand four hundred gives me an eight point two percent return now going down to the debt pay down. You're getting two thousand one hundred dollars back in equity this year divide lied by fifty two thousand and Change Z.. Four point one percent return if you realizing and almost fifteen hundred dollar a year tax benefit fifteen hundred dollars divide by fifty two thousand and change gives you two point eight percent sue. Add up all those together. You get thirty three point two percent. So I'm Kinda still down here your first second because oftentimes people get sticker shock when they hear these numbers because they just don't believe it they want to argue with me and I'm not saying hey look I'm right. You're wrong I'm just saying here's another way to go out there and get rental properties and I think it's a better way to look at rental properties because oftentimes people say well if I have a problem with a seven mm percent cap rate. That's less the stock market market. Making eight percent. No not really. Because that's a Capris assuming you purchase a property offer cash not really factoring but if you're getting other than cash flow cash on cash return. Same thing that's looking at great. I got an eight point. Two Percent Castro cash return. If I'm getting a three point two percent cash from cash return whatever. The cash on cash return is young cat. One way you make money in real estate. Is that fair to compare one one way to make money in real estate to a seven seven to eight percent historic return the stock market. I don't think so. Because that's seventy eight percent historic return. The stock market is usually accounting for two things growth. So the stock price is going up or appreciating and any any to get paid so there's actually two types return to making stock market. Now if you're looking at real estate she just look at the one type returned you make any real estate. I don't think you should if you think differently. That's your call but I always want to look at this as house. How can I best deploy my capital and you know frankly if I could make more money by buying stocks folks I become a day trader had become a guy working on Wall Street by something I can make more money? I think realistic and make a lot more money with by putting act of time in there and I know in fact at least for myself because I spent almost three years day trading and I got squat in returns so with real estate if all four ways make money honey great. Here's a great way to look at your initial return on investment so to highlight a few points here. Do you mind that. This is an estimated return in your first year. Were saying you buy the property today. And we're projecting these these returns over twelve months from now now. Two months later is going to exactly three three point two percent. I doubt it. But you'll to get a ballpark. So this is a one year return on metric and that's usually the way we look at things we're buying property. What's that first year? Return you get when you invest money. So the cash flow return of this quadrant is the same as a calculation museum. Cash on cash return that many people are familiar with but here here is one of the most interesting things from looking at these four ways. Make money in real estate and that's at the bottom half the quadrant. which is the debt pay down? And the depreciation Asian you get which is those almost guaranteed return. You're getting real estate. You get a four point. One percent from debt pay down and two point eight percent from depreciation Asian. That's a six point. Nine percent return as a six point. Nine percent almost guaranteed return. What other investment class can you get an almost seven percent guaranteed retired? You certainly don't get on a stock market some years get better so music worse and you've got the roller coaster. Why go with that? Set the six point point nine percent damn near guaranteed return. Plus you can appreciation cashflow Richard things that always people measure. But if you're over looking at six point nine percent pretty much guaranteed return. Does that change anything for you. Is that change your perspective. It did my when I started realizing this because it made me even lot more excited about real estate investing getting now the thing is here not getting a six point nine percent cash back. You know in your bank account that year said that you're getting back on taxes so migrating back on equity. Okay so I heard you guys to the recording. Actually get this question all the time I went through this example. I second five percent appreciation Russian and someone always says but Chris I don't agree with your five percent appreciation. Okay that's why you don't have to Bus is plug in three percent to see what it does on the same property. Some taking those exact same numbers plugged in three percent so my Aurora it goes to twenty five point nine percent so in from Mike Thirty three percent down about twenty six percent. Oh wow duty my shoulder to like like you know cry on for a twenty six percent return probably not but what that does is other three quarters to stay the same but appreciation went down to ten point. Eight percent. Yeah I think we're at like eighteen point one so appreciation went down because the property. I appreciate as much now. Can we know how much property appreciates this next year. No no idea anything is gonNA appreciate zero percent. Great will subtract out ten point eight percent there three quadrants talking about a fifteen percent return which is still pretty damn good in my book I still know nowhere else where I can get a pretty consistent. Fifteen percent return some years the stock market. I do this past year. I haven't so if you don't like any my stumps great down the spreadsheet and the next episode all detailed how to do it and plug in your own assumptions and do what's right for you. I'm not telling you have to use these assumptions. I'm telling you a different analyzed properties. I'm trying to be the best. Did I can because this is what I use tomorrow. My own investments all right so I got one more example properly. I want to go through with you. And we'll wrap up this This module so the next example is a nomad property that we purchased and three and nineteen in our Vada so a nomad property is a property where the owner buys a property as their primary residence. They go live there for a year. Then after one year they move out and they convert it to a rental property so it's a very powerful and and simple way to acquire rental properties for two main reasons. Why is it a very lowdown paint? You have a very low down payment because if you're getting a thirty year conventional loan on through Freddie and Fannie which is what most primary residences do what type of down payment option C.. Get well three point five percent for FHA or five percent down conventional final. Now there's a bunch of the loan programs out there do lower but generally just model a three point five or a five percent down payment so that's a lot less than the twenty to twenty five percent down payment that you need as a landlord so look at four thousand our property if I have a no matter buying a property at five percent down conventional oh five percent of four hundred thousand dollars twenty grand or five percent or a twenty percent or twenty five percent of four thousand one hundred grand. Well can you save twenty grand quicker one hundred grand quicker twenty gram. I mean. They're both allow money. But hundred grand just a lot lot more money than twenty grand so you get a much lower down payment and he the lower interest rate so time industries and you were from you know a half a point to one point lower on a primary residence okay. So for example all this is like I said in our Vata. It's a five bedroom. Three bathroom detached single family home. They purchased for about four hundred thirty thousand dollars. It was a couple with two kids and their second nomad property. They actually did he. Five percent down conventional we purchase price of four hundred thirty thousand dollars then looking looking at the acquisition cost loan costs and initial repair costs. They're all about five thousand dollars on those three areas so that means a down payment twenty one thousand five hundred hundred and about five thousand dollars and other costs between acquisition loan costs and initial repair costs and this repair costs actually zero because they a rehab the flip property that repurchased so they were all about twenty six thousand dollars their interest rate three point seven five percent so once they move out after that one year they expect twenty five hundred dollars a month in rental income now might be a little lower might be higher depending on what the market's doing but looking at the current estimates estimates there right between twenty four twenty six hundred dollars a month and we split the difference at twenty five for modelling purposes so all the same assumptions earlier three percent vacancy five percent annual appreciation. Twenty five percents tax rate ten percent for property management five percent for your monthly repairs reserves. And we did lower lower because it's a rehab properties which have blower fix up costs but first few years our annual real estate taxes about sixteen fifty property. Insurance is just under fifteen hundred rid arrest making the water to be fifteen hundred dollars a year so your annual rent income is thirty thousand dollars minus your operating expenses fences of ten thousand dollars leaves you with a net operating income of twenty thousand dollars less your mortgage payments including Mortgage Insurance it gives you is about twenty five thousand dollars a year mortgage payments so twenty thousand minus twenty. Five thousand is native cash flow so it's an annual. I annual cash flow before taxes of a native four thousand eight hundred twenty two dollars. Oh it's a native cash flowing property. Does that mean. It's an automatic. Pass us now. This is why learned the four ways. Look at money plus other ways to go out there and look acquiring property if you all the reasons to why we actually Dubai properties with a small nave cash like this from a house hacking or no mad perspective. Make sure you've got the future course or come to class on no matter how sacking because we go through all those numbers on their from a very high level. Take a step back thinking about well what I rather buy property now by putting twenty five thousand dollars down total or about one hundred ten thousand dollars down total plus a place to live for you too. We look at those other factors. It makes no sense to buy these properties even the navy of cash flow so looking at the first year returns with Tricia investing metrics your cash on cash return. is they native seventeen. Seventeen point one percent so we do by law no matter how sack properties that do have a positive cash flow once they move out. I specifically picked a native cash flowing property for example here on the return on investment quadrant. I WANNA show you why cash on everything. And how could actually how impact actually overall returns so getting negative seventeen percent cash on cash return cap rates a four point seven and two zero one. Seventy two okay. So if if we look at those numbers that's nothing exciting from pure rental process through. If you're if you're looking to put twenty five percent down by rental properties we would not be buying this property from a no matter how sex standpoint it makes a lot of sense so plugging this into the return on investment quadrant and get the four ways we make money in real estate. Do you think this other. Higher or lower overall return overall percentage return and the Aurora condo rental example. I'll give what he's talking about that. Plus I didn't drink some water while record this so I ruined get a higher or lower return than the Aurora rental property so I know a lot of people they get slower so I plugged alison here. I'm looking at right now. The hundred and seven percent overall return. Yep One oh seven all right. I'll read this through the cash flow native seventeen percent appreciation eighty-three percent debt pay down twenty nine percent depreciation association thirteen percent while those are big numbers. And Yeah you're say a large percent comes from appreciation. You're right we'll talk more about that in a second but let's look at the overall return. I should not have archer but the actual dollar figures that you're getting from those different four ways to make money because the the reason we're seeing a higher overall return on this property is for two reasons. One is the power leverage. Go back to the fraction problem. I gave you a few minutes ago. We were much smaller denominator so you a smaller denominator. That gives us a greater number on the back. I won't you calculate it pluses. They more expensive property. were buying a four hundred three thousand our property versus a hundred ninety thousand our property so we look at the debt pay down benefit or the The tax benefits or anything like that we will get a higher return because there's a it's more expensive property so if we get a five percent appreciation across any asset the more expensive asset the greater return. You'll get because five percent of four hundred thirty thousand dollars is twenty one thousand five hundred. So we're going to do is I'll go through each one of those quadrants right now and say and take that five percents appreciation in one year was twenty one thousand five hundred divide by your total investment. Twenty six thousand dollars gives you the eighty two point seven percent negative forty five hundred dollars in cash flow divide by twenty six thousand dollars. He's doing negative seventeen percent. Your debt pay down two thousand one hundred fifty dollars. The by twenty six thousand dollars gives you twenty eight point nine percent and your tax benefits at three thousand three hundred twenty three dollars divided by twenty six thousand dollars gives you twelve point eight percent so so the reason I share this with you is for two reasons one is I wanted to make sure you looked at the overall way to look at the return on investment and also just to really emphasize the power of leverage because really the lower you put down the Morris going to amplify your return. Now we're works both ways if the market's going good great that's good for appreciation cash flow but the market tanks like twelve years ago. Well we're GONNA have an amplified negative returns well but regards what the market does receive. We're seeing some really great returns on the depreciation pay down because we have a much smaller cash invested and those are really based off the the Value of the property not the other metrics with winding and things like that. And they're now I do have to get a little side note in here because the I'm using the first year returns and you know technically the first year when we're looking at the person lives in here so unable to get depreciation benefits not reckoning rental income is really once they move out after the first year and convert to a rental property so reality. The numbers be slightly different because this is going to be like year to and beyond pretty darn close and trying to get year two with all that just really complicates things so overall. You'll get the gist of the punchline. Here which is that. You need understand. The four ways to make money in real estate and that leverage is a powerful powerful tool again. If you're scratching your head on these returns on no matter how properties make sure of our classes or makes you check out the future course. I'll be putting together on this or of course you can always reach out to me. Get any Questions all right so that wraps up the content for this class so to conclude it. You know my whole goal here is the just hopefully open your eyes to a different way allies rental properties. And so you could compare it to other investment classes because I see so many people hyper focus on cash flow which is important I see. So maybe we hyper focus on cash flow the move forward with buying real estate and I personally think if you're just focused on cash flow you're missing the boat because there are three three other ways to make money in real estate and I think it's silly to not account those three ways. Now nothing go out there and by native cashman properties as your main metric. But don't just this can hyper focus on cash flow and please please. Don't say oh why I'm getting a five percent return on cash on cash in here wanting to be in that stock market at seven percent. That's not apples to apples comparison. Take the money. You're investing in year one and project out returns. You'll get that's what I do. And that's how I deploy my own capital and go out there and buy and I. I still by the stock market every year. I still buy bonds every year but the vast majority my capital goes towards real estate Because I get better returns like this and I still buy the stock market it and bonds because I want diversification and I won't keep growing my liquidity because real estate's not nearly as liquid as bonds and stocks are. Okay so the next episode on here. Next course mileage will actually go through using the spreadsheet so make sure you check that out actually Dalo copy spreadsheets. That can use it yourself. It's a a free download is a free course. Use it and that we can plug in liver numbers you want to you for your own assumptions and improperly variables and then the couple of modules after that one and goes into return on equity so if you think back to that cash flow or the return on investment quadrant. We got the left side. which is the cash later side? That's your debt. Pay Down and your appreciation side that builds the equity and so after a couple years looking at the initial money invested is not the best way to go forward at seeing what returning equity so this is where we have to shift gears as you start own the property for a couple of years. Shift gears from what you put in from day one now. Now you're in day three hundred or stay whatever they like fifteen hundred so year four or five wherever that math is five. Well now we need to look at not just your investment but how authorities that Richard Equity Because you real estate piggy bank is growing and that's there's opportunity costs that money sitting there so those modules go through understanding of what he can do with that money and give you different ways to utilize whether you keep it in there or you redeployed to go buy more rental properties all right so thank you you for watching listening getting questions on here. Reach out to me. I love talking about the stuff. You find anything confusing. Definitely reach out to me. Clarify it Please leave comments on the blog blog. Post that way. If you have a question I'll definitely answer about other. People can have that same question answered as well and fifteen questions course shots me if need help the game plan for real estate or buying real estate Rental Properties reach out to me as well. That's our guys. Thank you and have a great day.

Denver Denver Real Estate Estate government Youtube Joe Massey Brisk Lopez bester Schwab principal Hoa Taxes Insurance
All Along the Washed Hour by Jimi Trendrix 3/26: Echo Park, Suicide Squad, Dominion, Ronda Rousey

The Daily Zeitgeist

19:39 min | 4 months ago

All Along the Washed Hour by Jimi Trendrix 3/26: Echo Park, Suicide Squad, Dominion, Ronda Rousey

"As the demand for telemedicine grows so does the need for connectivity. five g. meets that need qualcomm remains focused on giving doctors and patients superior security rich five g. Connectivity learn more at qualcomm dot com slash invention age. I'm whitney dow die. Miracle alexander and our podcast reparations the big payback explores the legacy of and how white people have exploited pillaged tortured black people for centuries air. Now the iheartradio was number one for podcast. But don't take our word for it. Every thursday listened to reparations the big payback produced by color far media and the black effect on the iheartradio app. Or wherever you get your podcast. Hello the internet and welcome to this episode of all along the washed our by jimi hendrix. Courtesy of juju. Hey man fuck you all right. You don't get to call us. Washed the trending show tight longo homegrown. Gong gong man. What a great song. My honestly thought that was the only song that played in vietnam fortunate. Yeah they honestly. There was a time when i really because it was repeated so often like as a music bed in any nam. Seen that the fucked up my idea of what music was there were more than two songs than and Gimme shelter also elliott the associated anyways. Thank you for the very clever trending show title you jerk. We're not washed. We're hip hip. Yup we're about to dust off our atari turbo graphic. Sixteen play some fucking. Y'all thank you on the knife's edge of technology right now hunk of shoot. Let's talk about She also shit and then he says you shoot. Let's tell the people is trending showy your miles. I'm jack yes. Correct all correct all star trek so far and Echo park is trending because the lapd came through and started arresting and brutalizing John housed yeah random park. Yeah and it was a huge thing in the city. The this is how it works. You know the city has this like neil liberal idea of like will we want. We want to help these people. So they'll announce we're going to be doing a sweep to help the last few aen housed residents find Some a place to relocate to which is code for we're about to bust up this encampment. Hit people fucking draw guns on people whether they're journalists activists people just standing in solidarity see solidarity with these in house people or the people living in the encampment themselves. It was just more of the same watching. Police brutalized people that are standing with the humane Sentiment that is that exist. Which is what are you doing. Why is this. Why is this a policy to sweep people away when you're not actually a when the amount of the cost to have over four hundred police officers do this to shut down sunset boulevard hours before it's basically it's a was a setup and you could tell the. Lapd came there to just fuck with all the people that were there trying to support the people Jamie loftus was there as like along with many other people. And yeah it's just a fucking shame and it just but again. I don't think this is anything new Especially not in la but just around in how as a policy we are treating on housed people and then there was a whole other thing when they're saying we want to support them For people that were accepted housing from the city like from the city services they were putting like hotels and like with so many fucking strings attached. It might as well have been a trap net. It was like you got to be out in two weeks. We're not we're gonna take certain amenities out because we want a shame you because you're i don't have a certain income was all it's all bad and you just another stain on the city. Yeah the well you have to go. Look for a job in order to get help from like that. Sorta shit is not yet figured out. I you need to give people stable housing to i create a bit of mental. So it's not just chaos that they can say they have an address that you can send something to that. You have the space to be able to shelter or stay out of the elements and have the wherewithal to begin to repair your life and to have these two week minimal. you'd better find like that's just. It misses the point and it just shows how like backwards the policies are and how any person trying to do. Good just has the hardest fucking time especially with something like this at the house. Population is so significant in the city. And we all were dealing with their nimby fucking citizens who don't want to actually allow for temporary or just housing to be built to support these people and then a police department. That's all too willing to clock in overtime while you know hurting physically hurting and one event that notoriously is bad for the house population in any city the olympics La twenty eight la has the olympics coming in two thousand twenty eight Past olympic cities have just like bulldozed entire encampments to build like soccer stadiums and shit It's yeah this is definitely gonna like come to a head for sure. And i think they're not. I think the city is misreading. How people actually believe this needs to be solved. Because it's not like yeah. There are assholes who wanna put fucking rocks and things under the underpasses to prevent people from setting up any kind of shelter whatever but there are many people who understand that this is the absolute like least effective way to to solve a crisis that we have the money for But rather this is just another thing which is. Let's just put money into policing and a into the la. The olympics think. There's no need to be i. The estimate like a thirty percent increase in policing to tacoma date the olympics. Okay tell me why. Tell me what any of this is. Good yeah i think there's going to be a. They're facing a major problem that they don't realize that they have yet because they think that they can just get get through it with the same old like you know neoliberal just kind of well. It's good for business and type shit. And i think that. La is moving in a very different direction. Just generally as end there. They are just you know just taking journalists away there is one it's like i'm with spectrum news and they're like yeah all right. What are you on the side of people in need right. It's just it's just a fucking shame and you know again police provoking an attacking people like they were gonna escalate the shit the whole time. This is what they did over the summer. There there was like it was just so transparent and not. According to the report they paid for wanting to the report they paid for. They crushed it right. both people skulls with projectiles and also Crushed crushed it in the colloquial term and not washed. Few activists are saying that based the amount of officers that were there four hundred. Lapd officers for at least eight hours the average pay for lapd and twenty twenty around one hundred thirty five thousand a year or sixty five an hour including overtime so doing a little back of the napkin. Math that sweep and the brutalization of just human beings trying to stand together two hundred eight thousand eight hundred ninety six dollars got. I don't know where you could use two hundred eight thousand dollars and like to for the people that were literally just sitting in front of mitchell. Farrell's fucking city council office. They weren't fucking there to burn the fucking shit down. They were there to show. This is how many people know what the fuck you're doing and we're just sitting down. It wasn't but again the police have to come into escalate and justify their own brutality. So there yeah all right. Let's talk about suicide squad a new trailer out. I was like vaguely aware there was a new suicide squad. Movie coming on new idea. It is not a sequel. Seems like they're just like All right we're gonna hit reset on that. Other one with like jared leto. As the joker this one has no will smith Has no jared leto but margot robbie back And they got. John cena got idris elba and the trailer just wrapped in a dope. He's really cool because yeah thing was suicide squad is like i remember watching or not watching it because in the beginning it's so bad and then i think on a flight or something. I watched it. And i was like all right whatever and then when i heard on like why trailer trending is because it has the feel of guardians of the galaxy like it is almost that there like let's re skin guardians of the galaxy would dc an ip property and it turns out. That's almost that's quite literally what they did. I didn't realize. James goodness directing except is this are is this going to be rated r. Because the yeah. 'cause guardians wasn't rated r. Right no but i mean. I watched the red band trailer. So yeah yeah the red band trailer for this. It looks like they're really using the studio space of the r. rating which yet Turns out the older. The more that i'm just like was rated r. Aren't that gets it the past my first And then your second question. Is there a shark that. Just choose on bunch of people actually. Yeah and this one. There is yeah. I don't even care. But i like the shark character. Sharman charman it's great davidson. Shows up in an orange prison jumpsuit and orange crocs and is not necessarily clear to me at least as suicide squad fan who he's supposed to be The shark however is played by like the honestly. If you had told me this was going to happen. When i was five years old i would have shut myself and not just because i was not potty trained yet the shark is played by sold. Bester stallone. Are you my favorite actor. When i was for the first five well. Plus shark my favorite starring. It's a rocky and jaws together. You get king shark the character from the new suicide squad with lake. Some jason voorhees style kills thrown in late. Rip the motherfucker in half thang games from the waste from your upper torso and right in half a length wise straight receipt. Rip itch like goodbye it's booking so vessel. I thought i recognize him though. You don't have any bytes. Oh my god oh okay Boy all right. no. I'm done. I'm done that's it. That's it for that all right so you. In a week the dominion voting is trending. Because they're suing fox news for one point six billion dollars Which i thought we knew this. But i think the the actually hit and look in reddening. They're like hey you know we got a we got a one point. Six billion bang on us right now and You know who is fucking newsmax or in one of them like they already found about to find out. What's her face. Sydney powell who we didn't cover this during the week but her defense about all the crack institutes doing her lawyers like no reasonable person would actually take anything that sydney powell said and take that for actually being true information. Oh well the oda my client hookers. Yeah leymand shit so Yeah i mean. I hope i hope They get that one more. Let's double it. How about a three point. Two billion dollar biden ass king shark play but don't know how they defend themselves from this because it's like what everything demand saying is true. They've like completely made up facts. they're going to have to claim that nobody watches their channel with the intent of like getting news even though they have news in the title. I don't know it's a tough one. It's going to be a tough one. But i hope That again best of luck to dominion in their of money. I'm rhonda rousey is trending wise rendre as as we stand a black queen. That's why we found out the internet found out today. That ronda rousey is black And it all happened. When tmz tried to talk to her and her mom they were like having lunch somewhere and the tmz was like asking her just asking her some stuff and clearly he wasn't feeling it and then the this guy was asking like. Hey like was the last movie. I saw and then her mom said we just watched before his time and the a movie about her great grandfather. Dr alfred waddell. Who is one of the first black physicians in north america ham and it was like what about so. Obviously twitter has come with all kinds of memes hilarious Racial draft means more like that. But yeah it's yeah runaround. He's learning all kinds of things today. Today we found out. Ronda rousey is black. Wow i don't know who any of my great grandparents are real. Yeah i don't know a single one. I just realized them. Or you just never asked me. I couldn't tell you their name. I couldn't look tell you pick them out of a picture. I've heard like a story about one of them right. Because it's wild to like especially if you if your parents grandparents pass away in their lives like a lot. I was lucky enough. My my great grandmother on my dad's side she was alive called her granny babes. And a you know i got to hear all kinds of shit from her but on my mom's side i only know like very vague things like occupations and shit like that right. Yeah yeah a couple of names. But like it's hard for me to like who word they. Yeah that's cheddar to ronda. Rousey for having such distinguished ancestors to. I know right and then she heard that time she got knocked out though in that way. That was kind of epic. Whenever ronda rousey machine and then she was stoppable and then so stoffel for like the last handful of fights that holly home fight. I remember. I watched that. Oh interesting fact about that. Holly home versus ronda rousey fight. I watched that at andrew. Tease house dude. And i met if either for the first time there. Oh well was that while. So that was a while ago november fourteenth. Two thousand fifteen. As i look at this article as you look at your uh poster of iffy on the wall. Yeah or it's that meam of Like x. Men cartoon where it's wolverine looking at like that picture in his bed angles like the reverse. On what the picture is and it's the date and meet like looking at if you like shit all right. Well those are the things that are trending We hope that you guys have a pleasant weekend and week. Good luck next week. i'm off to on. i got some road. Yeah does for the kids to watch. When were you. Were you road trip across this great state. Yeah we're going north. I'll tell you that much. But i can't tell you anymore because 'cause told me not to. Yeah going undercover with my with my kids. Jack kinda reckless honestly. I never get smoke when i got the kids. I remember i worked in that hills. Hells angels meetings with my kids and read was looking for a bathroom. How these go pros at all the footage. I needed for a bathroom bathroom man. Oh cool man mongols here hells angels laura. Y'all y'all like bikes later. Just the worst undercover informant just terrified. You're so nervous you drag your kids along. I guess i'm in the wrong room. You guys get that you see that. Yeah man we saw cameron shit. Gotta we gotta go back all right all right. I guess to turn this plane around. We're going back to bolivia got to see. How the refining this cocaine. Sorry folks Thank god we can do the best damn underground drug lab shit. Is this the this the bathroom. All right all right well. I i love your work your way be kind to each other. Be kind to yourselves where mass don't do nothing about white supremacy and we'll talk to y'all. I've got one word for you. Tom cruise on this new weekly podcast meeting tom cruise. We're gonna talk about tom cruise. Everyone who's madam is an amazing story to tell everybody. I'm jeff meacham from tv's blackish joel johnston from the marvelous. Mrs maisel er inspired by. Tom cruise believe never actually met tom proofs but after we talked to some people who have maybe we finally will. It's not impossible. Listen to meeting tom. Cruise on the iheartradio app apple podcasts. Or wherever you get your podcast. So we're starting we're rolling. Are we already recording notes official. Hey guys it's brian. Baumgartner maybe you've heard my podcast an oral history of the office where we go deep into the making of the show. Now you can go even deeper. That's what she said. Because i am sharing my full length. Conversations with the cast and crew of the office. Listen to the office. Deep dive on the iheartradio app apple podcasts. Or wherever you get your podcasts.

olympics qualcomm Miracle alexander Gong gong ronda rousey Jamie loftus la jared leto longo Echo park margot robbie jimi hendrix atari Sharman charman whitney Bester stallone elliott
Ep172 - Gratitude

Happy Hour: A Shot of Conversation

35:33 min | 2 years ago

Ep172 - Gratitude

"Yeah. You're listening to happy out of governor station. Officially happier. I'm so via Sanley joined by my thankful, fellow conversational mixologist junior. Hey, what's up everybody? So you are there's so much talk about forty five probably doing what forty five there is celebrity gossip and all that. But I think we are going to start off with what we should be thankful for. So by that. I mean that here in America tomorrow, we will be celebrating thanksgiving. So let's just have an overall conversation. Terms of what we're doing what we have yet to do. And just talk about all things thanksgiving, and then we might sprinkle in a couple of their things if we feel like it middle fingers colonizers Zooey behead this created this narrative, we are fellowship ING and thanksgiving to me is just about eating food taking a nap on the couch watching TV. That's the thanksgiving is shout out to all the the native the true native Americans who feel disrespected or overlooked during this holiday because you know, that that's what happens here, and that's not anyone's will take the bag. That's not our intent we support you. But we are offi of us then have a Friendsgiving. Hire taking over a meals of Arment. Hey. Bought a table and chairs Honey bought rented. Why? We don't have a WI with our the number of people coming. We don't have enough with just the sofa alone. So. Stools in Stolz. Mafra thanksgiving thanksgiving, you want people to actually like be around each other stool in the computer chair. Let me say most gangster response ever heard e- given hint up on some minding my giving my thanksgiving growing up. We it's fine for the second for the second meal when I say the second the second wait after you had the first meal, and then you've, you know, have some some some some stuff, and you you hungry later thin. That's where you can then the so forth the stool or desks here. But for the first sitting we always that around the table that never gets used throughout the year except on thanksgiving. We had around the table, and it's kind of distribution like you sit at the table, you said that the living room table. So that we have in our -partment our apartment is. Twenty. It's I can't remember the square footage. But it's it's bigger than most Elliott -partment. However, we still don't have a dining room table or any type of table beyond our desk. So AJ rented a table. He rented some chairs is what how many is it ten can. I name a AJ's not listening to this. But the tomorrow, wait, listen, but tomorrow can be excited about the table. Place settings because the same reason a meal say on a normal day, you you kinda fall in wherever you fall in to me, this seems staged on the day where shouldn't be staged. If it's about fellowship. Phil. Daily or weekly basis y'all becoming over but different in the door. Different in the door. Let me think go ahead. For that reason. It does not seem organic. It's like, oh, we only sitting at the table because thanksgiving versus when I'm over here. No other time don't give my fellowship not show. But actually. But no, I think I think Iran nuclear it makes me feel staged. I think it is meant to be staged because I think that it's it's it's meant to showcase what you have to be thankful for. So you actually do need to take it step above what you normally do to kind of remind of the importance of the. Anything about it. Because it's true. And I shared this with you. Way here. Wait, hold on cling to that. Because you guys know, but we have a Sunday funday routine and our Sunday funday routine is that we all go to church together. Every Sunday, we go to church together, and we sit together, and then after church we go to brunch. And so our brunch consists of Shyam pie. I don't know where that came from. Way back to be drinking. Right. That is where the clings come in. And then we also catch up on our weak and in some senses. It's one part our own kind of form of bible study. And then it's a one part kind of like our fellowship. So I think that that's what I was alluding to Saint point that we do that every week. So it's kind of getting it up and making it a little bit really special and kind of saying that like we really value each other noth- to do formal place headings of formal seat of formal table. But now I need to reading my outfit, and I might have to be my face. Listen. Here's my. You come to the table church. Dislike coach you come to the table as you are. But every once in a while, I come to boom Bester. To make an is not a normal day. Then we can't come as we are. We got address low also version. Okay. No, no, no. We do. She'll be looking to damage out of here. That's you're paying pander it right now. Yes, she got a simple black jacket on the black. That's that's your. But you know, it's funny though on another note. On another note. I was actually just talking on on my sister. And I I am and the funny thing is do you ever go through waves where like sometimes your regular? And sometimes you're like not. And it's funny. I'm about to step into like a boss bitch. No seriously. No, i'm. Sofia. Remember what you? I don't know of this conversation. My dad game. No, really tight. And I'm about I'm about to eight. I don't know if this combination online off mine, but we talked about it on the who I was talking to this circle or my clever or what it was. But reasoning talking to some group of people about how I think how when you are able to excel. And when I still I mean, excel pass others, and it's considered above average. And you can kind of coast essentially what I'm saying. Saying yes, she's the boss, but she not even trying right now. She's just a she's not trying. So when she tries you walk into rooms, they'll be like. Pulling a last. Be resurrected. Yes out again, yet looks though Sunday. So he added some lipstick on notice. I notice and it's so funny about that. And I don't know if anyone else does it's because I was feeling the exact opposite. I was like a day pass wash day. No seriously. And I literally then this happened anyone I was literally getting ready to wash my hair. And I was like why do I don't have my deep conditioner. Then I travel all over this. Evan city you they don't sell that shit. Nowhere. Kinda you use shame moisture super fruit complex conditioner eight as my holy. Foley grail target. No. Dog on loan day. They have they have surgery, but not that one. I went to I went to target. I went to Sally's. I went to my African beauty supply woman who always got art thing. I went to this other supply place that ain't owned by Africans that I try not to go to whatever. I would like to point out brianna comment who says she's in the live chat right now. She says, I'm with you. I wish my family could sit at the table. But if all twenty thirty people didn't spread in our clicks didn't spread in our clicks. It will be offered obeys. I think she's saying that essentially if you don't unite people at the table, and you have the on t sitting together. Accident everybody. But listen when it thanksgiving is about fellas you can't fellowship with just your click because on thanksgiving just about us all coming together. A woman the black woman of a certain age round the traditional old school family. You sit with certain clicks, get you can't give somebody cussed out because to try to check my wome. They check my ring they occupation in my Bank account. I'm gonna have to check you. Agreed. So I. Glad I didn't go home for thanksgiving this year because the whole conversation would have been not being laid off. And then have to talk about that. And what the next step is on the phone because they're not in the industry. They're they're going to take it harsher than it. Really think about it. You know what I mean? Like, you you kind of can't tell people like, oh, that's normal. Right. They'd be like what you what are you gonna do? Now exactly what I was doing today before also says AFI, no she slaves twenty four seven three six five. And if she don't know to lay all day. Maybe pulling up on us, right? Hair full out. We're a heel on got the purse. Back home. But I think that's I think that's a good point. You know, going into twenty nineteen says we we getting close we're getting close danley year went by. Totally. In the twenty nineteen though, you know, if I always like new year new me like we always talk about it. But you know, I think I think this past year we are goals at the beginning of the year, and we had our vision. And I think we've all shown maturity and growth speaking of growth, Canadians me to bring this up. If you can see I am growing a beard, you go I'm going to be don't see. So I'm saving this this. I'm saving this. Again. I'm going to be at also. Now, you guys can no I will be dyeing, my hair blonde that tell you that right? That's right. You want onto ninety one win like now. No, not yet. I'm gonna let it grow a little bit says thinking. Already. Because of thing is with me. The what? Really? Hey. No. But with me, I don't have any hesitation doing it because real talk like I say my head day. So if I don't like it now, it's funny that you said that my sister recently changed up first hour, so when she was trying to figure out what she was gonna do. I I've been looking through a lot of vide- videos, and I said to myself, I go, I'm actually this is not the right word. But I'm so I don't know if somebody has transitioned so I never I never had short natural hair. I've had short hair before but never natural hair. And I realized I was like because I I skipped a step. I never got to experiment. So one of the beauties of having short hair is that really quick. So you can kind of experiment and do more with like color and so forth and so on because in like, two months, it's grown out. You just. We'd be looking like Frederick Douglass out here. These garble. Okay, fair. But like some of these girls who do like what I consider. We like that nineteen twenties like almost like the slick like the way. Yes, that that is like one of my favorite funny thing is going to sound silly. This is totally jumping around. It's probably my eighty kicking in. I've always wanted to have a nineteen twenties themed wedding, right? But with like a reggae undertone. Roy. Yeah. It'll be like roaring twenties. Yeah. Exactly, totally. But the music would be more like the orchestra would be playing like Bob Marlene Buju Banton barest Hammond, like just old school like rock steady. And then the the party party part would totally be like, Dan tall. So it would be like killing. So we'd all be like fly twenties was like rugged. Yeah. It's just instead of being twenties music would be inviting totally I'm and can I. I'm hoping can I know this is gonna sound. This is shows that like I think in my path life. I literally must have been like an heiress or Princess because you know, I wanna have a completely hosted wedding. Does that? Not only do. Yeah. Where you head to the airport, the private jet takes even down to your outfits. Whatever it's literally like, oh, here's your whole full outfit like yours. Ten and like your Butler's. Name would be g von janoris would be. She. Jeffrey smart mouth, though this Jeffords. Jeffrey, I really did love Geoffrey, Geoffrey. Oh my God. Did you guys hear about the with Will Smith and Jada and the first wife social versions are thinking about Jeffrey post it? No, basically, so will was basically on his way shade when he met his first wife, and so basically, he's always been in love with Jada. And that literally when he was married to his first wife, basically, there was a moment when he realized he was in love with Jada. But he basically said he would never get a divorce. Definitely gotta have real conversation before you'd be putting motoring. However. But Jade it when you hear Jada had to say sheet never want to be married, anyway, she be mayor that she didn't want to have a winning. I hear that. But he was still he's still married. Somebody else when he was doing lower J the whole time. But also to. But this is the funny thing is, and I think this is gonna sound weird. Because don't people think they're crazy falling in love with someone. They've never had a date with the crazy at this is the question. Is it then that gives the sometimes you can't even questions? Sometimes you can't be with the person that you feel like you're supposed to be with their circumstances. Where if you feel like, oh, that's my soulmate. Okay. Just not connected in his lifetime. Like, y'all are passing ships ships in the night where if there are other circumstances will be together. But in certain. I disagree. I disagree. I think that sometimes what ends up happening is we we live in a society that dictates were not willing to do what we need to do to be with that person. So for instance, in this Will Smith scenario, he was basically like, I'm not getting a divorce. So it was only because his his wife decided to divorce him that he was able to be with Jada. But technically, he could have been he chose not to break his marriage vows, and I fully respect that to me a little more clear cut about in cases of distance or circumstances may be. That. Sometime, this real you can't be with the person that you feel like you. Do you know actually, totally agree with you? I just can't I can't allow myself to. Do because that's just seem like horrible. That's that's. I don't think it's horrible. Because you gotta remember how many relationships do you have a friendship that are great just because it's not the person at two supposedly should like is. Your soulmate doesn't mean that you the person you with is an amazing that just means you with the other one you'll be with two different people. You have to be in love with two people at the same time. I totally agree with that. So I don't think that it's a bad thing. I think I think it it happens. It's an adult thing. I don't want to be an adult issue sucks. Bill really does. Somebody told me that I don't even know don't isn't that crazy when you really think about it when you're younger you want your freedom. You don't wanna have to getting your parents drive you around you don't want like you want. You want your first job like you, all this independence, man, if somebody could drive me around right now traffic that don't have to pay for the Uber or lift like somebody's like driving me. I don't have to worry about my bills. I have to worry about nothing. I've kinda home and there's food on the table and do my laundry. On that sound like you just get you a little money you good Trudeau get your may. Driver. Yes. Basically, I'm saying. Some of these living wanna drive themselves. Not me. I'm driver. Here's the thing if I can afford, my dream car or no, I'm still. I want to drive a car driving. I mean, I'm I'm indifferent to drive. I think I think if I get to the point where I can afford a car, that's my dream car or card. It's close to my dream car until I can get my dream car. I went I I want to drive that because this Makamba anchor. I don't even know. No, no, no, no. Let's let's be real. So I know what it what what I've had in the past. But I've adjusted to just from current circumstances than previous. I I don't know what I dream car. Either. His car. Tesla. No doubt about it. Yeah. I've been one in that. Sideline. I I can't. So you're going to step out there. Like this. Can I do think that actually my best compliment what I'm at when I'm at work my nine to five other elevator. And someone was like you adjust Livia pope in over everybody. And I was like yes that is like my alternate complement, whatever someone is literally like, I'm giving a live your pope. I'm just gonna live live with a little bit of an urban edge. That's what Jay go live your fits. With an urban age translate. So that means with Adrian L. They killed on agers Elba. Livia pope with an interest Elba homered was going. Homered age. It was going to be scanned. It was weird because shonda rhimes somebody your love Hanbo. No. He's not gonna be out here. I think I wanna know why. Because there's no way he could left him. Really? I want to. On a Range Rover Balare is that the one is like a is not like the typical range oversee driving folk no votes to small and one of my friends has and I went in there. And I was like how do we? Is that the little? Is that like, yeah. Whatever but the Velarde unless. You know, how the Range Rover kind of boxy Brandon Miller. Call me crazy 'cause I fall in love every two months gear Livio. Yes. Good leaving. In college. I can't remember with the one that you gave advice one time who's in college. Ladies and also Love's supposed to be crazy. You saw open it in. Well, I mean in the terms of dislike the way, you love the way you love shouldn't be logical. It should be whatever. The Range Rover. I self about the concept of struggle up. And I can't. Next bullshit. Yes, sir. Bleak lines like it's good and brianna keep that open heart is my car. Listen, here's the thing. And I know the that is nice though, Sophia got me last year because Sophia I think you're still against vision board. There's so few argued for vision board kind of see it now. So I'm very much believe in writing things down. But the vision board thing is kind of got me because I've seen too many people vision board and they stare at it in like they have multiple things on there. And then nothing happens. But however, does it work for you. I don't have never done a vision board. I'll really this bad. I got last night. I have my cork board with stuff on it. I was telling my feelings last night that I was like, I'm taking shape. Now started pulling pulling my stuff off of it. But you're going to do for next year. Now whenever I don't do one. I excel. And whenever I do historically. I think you have to have to follow your your for you don't work for me. I historically whenever I do one. That year is always one of the most trouble. Awesome unaccomplished in my perspective in when I don't, and I just lead in and I just do I have on yourself expectations and weighing the call and knowing her that make sense to me this weird. My problem is I don't I either don't look back at the vision board or I don't actually see how I fulfill the vision board. So the funny thing is my therapist told me that I actually need to do a gratitude board. I e I actually need to start taking pictures of the things I have in my life. I like to show how how I should be thankful for them. So for instance, I actually have the things on my vision board. So one of the things in my vision board is I wanted to be like in a relationship, and I wanted to be like all like in love and all that kind of like that. And I was like, yeah. So I got gotta Ambro up. But you said. I agree. I agree. But actually, that means I complicate it. That makes sense. So sometimes you have to accomplish a goal to basically. And if I'm one hundred percent transparent. The picture was just that a one dimensional statics of looking like I was in love which is different than actually like a pictorial representation of actually being in love first of all everything that you're saying about the gratitude versus division board. Because have you ever heard the phrase? I'm sure you guys have the phrase where it says got one blessed with more until you're pre-civil what you already have a lot of people don't even they're not even thankful what they have now. And they think that they will be happy, and they will be thankful and grateful when they get the next thing. And then like so FIA saying she got things that she asked for. And then once she got it. She either wasn't great for she rather that wasn't even it. So a lotta times I think we all need to self reflect and Disraeli realize that regardless of what we want what we're looking for. We have to really internalize and say, okay, I'm thankful for my phone. I'm thanking for my water for my friends wherever that having this moment because especially in this city at thanks so many of us or search. Chen for happiness at the next level, which sucks, and that's just the way that is designed because we see our friends and our colleagues like constantly doing things without even realizing that we're doing it too. But it always looks like other people doing more. But then if we look at ourselves now versus two years ago, we'd be like, wow, you did that. And it's so crazy to think about that perspective. What I'll say is. I think the whole board thing I'm not really odd because I'm into I have a glad to like I lived gratitude journal write things down withhold bores this too much for me, but the gratitude journal write down, but with the vision board the same thing, I have my passion planners kind of like my vision for the year. It's not a vision board, but I will say with via saying that point about how she dig at the boyfriend, and they broke up, and it was like one dimensional a lot of people were doing these vision board with no actual vision on beyond like the surface because that is just a picture. That's a picture. How am I going to get this? When I get this like what is the next move. I'm ready for the next year guys. Now, meet meet Jimmy to and also to this is gonna sound sound funny. It's also just sometimes to articulate this. It's also just basically, I don't I don't even know how to say this. Four and I've had like maybe three times in my life where I've experiences. Right now last week. I I was like I felt weird. You did. Yeah. Remember how I was like I feel weird. Like, I was like I feel like still like, I don't know if I'm to move or do something, whatever. And like in this exact moment right now, if nothing changed in my life. I could honestly be like yawn blessed? I'm not that. No. No, no. But remember pastor said not the like I'm supposed to say that because I believe in God. And I know that God loves me. And I'm blessed there's a difference between purely basically being so if I literally had to and I'm gonna start with materialistic on purpose if I had to live in the same apartment that I live in now if I had to go to the same job that I had to go do now if everyone's that had to come in here, even though I choose a company every government go if I had the same car and the same stuff and the same friend and the same. Love life fast, lack of love life. Does it make sense? If everything in my life was exactly the same. As it is that I have health that I have sanity in the letter therapy every week. If I had all of those things I need to go to. My new insurance right mind. Come right insurance? That's why also thankful for that now. But on the real I'm thankful that every that can I can go. Hey that every week, and it's not covered by insurance. I'm really really blessed and for me that is the biggest actually accomplishment, and that is actually the biggest move forward for me. Because normally I don't feel that way normal Moe's like how come they and whatever and death. This is in cool that I'm really fucking smart. I'm really nice. I'm really whatever. And then also to just because I needed to say this. We try not to get a motion. I am so grateful for you both. And I'm not just grateful for your friendship. I'm grateful that I continue family in the Sam point that I feel like you are. Warriors from my destiny. I really really appreciate how you push me to be a better version of myself. And that you don't allow the convincing narrative of my bullshit that allows me to stay where I am and allows me to stay strong, our states small, I appreciate the. The passion with which you're reflect back to me who I truly am. And I am so so so so so thankful for that. Hey, man. I can't say none because I'm we'll start Brian to cry. I'm ready. I love y'all do I think I think that I've been I've been having conversations about friendships. I'm have conversation about a lot of this year has been very reflective from like, also, whatever. I think that's the beauty of all of our friendship is especially as you get older when you're young you have friends everybody you Dan Fran. Kick. It got thank to the club farney, and is your friend as you get older you start to weed people out, and you realize what you all what you want for your life. And I was telling somebody I was saying one point one point. I was in LA I decided I needed a group of friends here. And as soon as I decided that and soon as I opened my heart up to that idea, then they started to piece together it wasn't. Oh magic thing. Like when I met charred too. Oh, we've got put together for work. And then over time, we became cool. Then over time we became friends over time we start so it developed over time. But I and I say this to anybody who especially Eirik Ella can be very lonely who are who who they're actively looking or longing for that. Once you decided, and you say what you need, and you open your heart to it. It'll come maybe not ensure pace, and maybe not it at the way you want it, but it will happen. And that goes for everything that goes for career for. Romantic relationships money. Whatever it is you've got to open yourself up. So I think we all have that with with each other and art group because the fact that we all go to church to go to Brian and do this and hold each other accountable. Crying at the brush table scream at each other. Yeah. Yeah. Breakthroughs. Well, I'll say I am I am grateful, and I'm thankful, and you know. Like, they said, I don't think we expected to. Be in the place that we are right now years later because there's so many people who worked together in, you know, they don't talk to each other. And like when we first started together, we were the closest, and you know, it's just it's crazy. How I don't know. What's crazy? It's divine. How you know we have just formed this bond in this relationship in over the past couple of years. This trio this friendship has like opened his doors now AJ's there and we've gotten to know Nadia, your sister more, and is just it's become like a true many family, and I will say as far as like, I really I really really really really really wanna focus myself on being. More in a spirit of gratitude in waking up with that gratitude every single morning. And without getting emotional or anything, you know, a couple of weeks before actually might have been the week before week or two before I got laid off from clever. I was literally at that table crying saying certain things about necessarily clever in general just how I was feeling about my career and things like that. And sometimes when you say things guy does things, and, you know, just be careful what you say because Dodd does listen and. That's not a negative thing. That's just sometimes use speak things into existence faster than you may think you're ready for this fact. So just be be mindful of all these things that you're you're hoping for does it make sure that you're actually ready for the work that you're gonna have to put in if that actually goes through so yes, but I am grateful for all of you. I am grateful that we get to do this podcast. I am grateful to our patriots. Subscribers patriots, concerts, happy hour and his court TV. If you want to help us out, you know, we have some people watching us alive right now for our special episode. We actually take early today. So really appreciative specifically to Jonah Miller for tuning in. She's in Chattanooga. The whole time for our special episode on thanksgiving. But guys thank you so much for listening for watching each and every week for happy hour VIP this week. I'm trying to read it and is. Really small print, but it says from Sami junior sixteen. I started listening podcast this summer and happened to stumble upon your scandal in first and then right before you left. You kept saying something about your happy hour podcast, but didn't get to it to after found out your left scandal. And I couldn't go without that new that new crew loving this one though and glad you guys are still together. Keeping that chemistry going. I'm actually from Florida and everyone was talking about the whole close run and recounting going on with the elections. I'm hoping Gillam on November eleventh. I'm hoping Gillam get that win. Oh, and it's also because of you guys that not only was I determined to vote this year. Oh, but I also slowly started to use Twitter again to get. Back into the mix and trying to get informed with what's going on in the world. And thanks for that love, y'all. To that really warmed my heart. Thank you so much right in that comment. And you know, we do this by castle. We can, you know, use our voice in our platform to you know, hopefully, inspire you guys. So we really do appreciate that. No last call today. I don't think. At a time. And yeah, but thank you guys so much for listening. If you want to help us out like I said, go to patriot Mecom slash happy hour underscore TV. But also go to items rate comment five stars. And as you see we still read your comments on itunes, and that was a beautiful beautiful comments. Thank you. So very much just because his last called me that you get the last word. Right guy. Thanksgiving. I'm ready to eat. Oh, I forgot to mention yawning. Tell them I'm making the MAC and cheese tomorrow. Yes. Yes. About tell recipe. It is. I don't know. I'm looking up on. Do need to say a meals recipe recipe. Yale's my recipe. Okay. But work never at Staley Twitter and Facebook at these opiates on Instagram pick me on Twitter Instagram Facebook at Kenya. You can find me a mill in his junior on all platforms, including YouTube. Subscribe Patti LaBelle got a recipe out of looking at the two Patti pies in the car. Okay. Okay. We were talking about her MAC and cheese is delicious. Oh, really? I thought that when I've been looking up southern and so. Mac and. Her if not go with the neely's. Yeah. Okay. It's going to be good this going to be good. We'll give you we'll give you a recap of food next. We might we might go live on Snapchat or our make sure to mix it up with us during the week by following us on Twitter and Instagram at our underscore, TV always talk responsibly at happy hour underscored TV.

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Bonus Episode: Wes Gray - Factor Investing is More Art, and Less Science

The Meb Faber Show

51:46 min | 3 years ago

Bonus Episode: Wes Gray - Factor Investing is More Art, and Less Science

"Welcome podcast listeners today. We have a fantastic bonus episode for you. We recently published our new book, the best investment, writing volume to the first one was a hit with money week, concluding that it should be on every investors bookshelf, but we made the second volume even better expanded to include forty one hand selected investment articles written by some of the most respected money managers and investment research in the world. We're really proud of it. We also thought it'd be fun to bring on some of the authors and have them read their specific chapter from the book. So that's what you're getting in today's special bonus episode. If you're interested in pick up a copy of the best investment writing volume to head on over to Amazon or publisher's website, which is Harriman house also know that your purchase will be benefiting charities as all the writer proceeds go to the charity of the specific authors choosing enough for me. Let's get to our guests author takeover with this special bonus episode. Hi, I'm west gray, and I will be discussing a piece I wrote for favors new book, the best investment writing and the title of the piece is factor. Investing is more art in less science in this piece I think is fairly timely because in this day and age, it seems like everyone has become a quantitative factor investor in a lot of the pitch from a lot of providers is that factor investing is very precise and explains the world in investing is now a science. It's not a, you know, an art any longer. And so this piece has meant to highlight via historical assessment of the history of factor investing in the research that frankly, it's basically a pseudoscience when you really step back and think about it. We still really don't know that much about how in wise stock prices MU. Move the way they do. It's just a fact anyone who tells you differently is probably over stretching their take on the evidence. So without further ado, let's move into this piece and we'll start with a quote from Albert Einstein who is reported, said the fallen, the more I learned the more I realize how much I don't know I can relate. I've been doing this for twenty years plus got a PHD in finance is a professor of finance, wrote books and articles on finance, run asset management, comedy. And honestly, I think I now know less about how the stock market works now than I did twenty years ago. In fact, I pry should've just stop studying finance after I read banned grams, intelligent Bester over twenty years ago. His advises simple by cheap by was margin safety. Had I follow that. I think life would be a lot easier. Earliest a lot less complicated and adhering Graham straightforward. Value investing ethos certainly worked out Warren buff where he says that, hey, what I'm doing today is running things through the lens into the same thought process. I learned from Ben Graham's book that I read when I was nineteen. So we really starts to big question. Why should investing b. complex in the first place asset pricing or figuring out what something should be worth seemed easy in theory in yet when you review all his research out there dedicated to this question there doesn't seem to be any clear silver bullet answers. Some my retort will valuation is easy. Figure out the expected cash flows discount back to the present with an appropriate cost to capital or discount rate simple. But there's a question, what's the discount rate? Well, a discount rate is supposed to count for the risk of expected cash flows, but what is the risk? How do we measure it? I don't think anyone knows. Even now they Warren Buffett is on record saying the fallen Charlie and I referring to Charlie Munger. His business partner don't even know our own cost of capital. It's taught at business schools, but we're highly skeptical. I've never seen a cost of capital calculation that actually made sense to me. So while cost to capital is in a touristy imprecise valuation component, there's still hope because I think with many of the ideas out there on the playing field back their base risk models seem to have captured the imagination of most empirical asset pricing researchers. Before we dive into that, though, let's try to understand what is a factor based model approach in the first place in the way will address this question. Imen- related question throughout this article is by trying to start off with a simple. Let's talk about factor, investing in factor based asset pricing through. Lynne's of a made up thing. I'm gonna have here called they Jim Cramer factor model in this factor protests like all factor approaches has roots and what is deemed the arbitrage pricing theory AP we're researcher seek identify set of factors value, momentum size. What have you that explained the so-called cross section of returns or essentially the distribution of returns to give a point in time. So trying to figure out how why stocks move the way they did in a simple sample can help clarify this concept. So let's assume almost a little bit silly here that the decibel level of Jim Cramer's voice on CNBC is a proxy for systematic risk in the economy. So a stock that moves stronger when Jim Cramer is louder corresponds to more systematic risk and should therefore require. Higher specter returns, at least in a world where more risk equals more returns, which seems reasonable. And the simple relationship is basically the expected return stock is going to be cool to the risk free rate, kind of what you can earn for free plus some adjustment for that stocks relationship with Jim Cramer's loudness on CNBC plus some random component because these models are never perfect. Hence the reason they're called models and not reality besides randomness and the baseline risk free rate which all assets should earn. The only thing that should drive expecter performance is the exposure to this made up. Jim Cramer decimal factor. So of a stock has a strong beta or linear relationship or correlation with respect to the Jim Cramer decimal factor, then the expected stock returns should be higher in the future. All else sequel with this factor, wrestling mall hand, we can assess the risk return associated with a stock by simply looking at the Jim Cramer, decibel risk factor exposure, if a stock earns high, expect your returns and has hi Jim, Cramer exposure, great. The model seems to work because it explains what happens in the real world, and if they stock earns low expect to returns and has low Jim Cramer exposure. Well, that's also great. The model seems to work. So if a researcher conducts this analysis across a large sample of stocks across a long sample period and confirms the results through a lot of robustness analysis, the model would be deemed the new pharma in French one factor Kramer model, and some academic paper right consultants would use it. Investors would use it. The market would be efficient and everything would be happy. Heck we might even. Highlighted on the architect plot. However, what if the Jim Cramer Asser pricing model started to break down? So let's say the model doesn't always predict what happens in asset pricing markets. Perhaps we start seeing situations where the expected returns don't match the risk profile. In other words, we see situations where stocks are in high expect a returns, but don't have any measurable exposure to the Jim. Cramer decimal factor Ono the model no longer fits. Our observations looks like we need a better model. So what's going to happen? Well, researchers are now going to scramble tie dentist by better model that will explain why stock act. The way they act maybe the new factors. Maybe they'll delete old factors and they'll keep grinding on regressions or now days machine learning until the numbers sing. Well, mission, complete, right. Well, perhaps not the Jim. Cramer, decibel risk factor identified above is. Obviously an attempt at finance humor. I know it's pretty pathetic. I get it but make an okay. Nonetheless the description, the process MIR's the basic approach that serious academic researchers and practician researchers, Ron's purposes have used identify factors that theoretically and empirically determined why stocks move in expectation in Lisle. The Jim Cramer decibel factor is obviously tongue in cheek some of the wilder explanatory factors that have been earnestly explored by reputa- wackadoo mic's are not that far from the concept conceptually in short, not all factors are created equal. Some factors are more reasonable than others. But before we dive into these factors, let's step back and just Luli go through a history of the factor factors which start off with what we determine the original factor gangster the capital asset pricing model or cap him, which in many respects. Is a Kintu my Jim Cramer, decibel factor, mom, let's say one factor model that purports to explain all stock return movements looking at the cap in it was essential. One of the earliest attempts to explain how stocks move, and it was posited in nineteen sixty four by Sharpe Lintner and black and the cap in propose something absolutely remarkable all expected stock returns can be described via one variable beta, which essentially quantified the extent to which a stock return move at the so-called market. Portfolio's return often approximated by some broad passive index like best and be five hundred. So thinking about that, the cap in suggests that all expected stock price movements revolve around a single relatively simple statiscal metric. Then the elegance of this concept in my opinion is arguably on par with equals MC squared in the. Nine hundred ninety Nobel prize awarded to Harry Markowitz and Bill Sharpe was probably well zurve. Unfortunately while this cap in theory was beautiful. The evidence in support of the theories extremely flawed in academic research is now demonstrated that the relationship between beta an expected stock returns is simply too flat. I e low beta asset returns in being higher than what they should have been and high beta assets which should earn really high returns in earn lower returns than what the model suggests it. And there's a lot of great reviews on that research and pharma French of actually written a fee of them. Happy, send those if you shoot us an Email. That's a problem. Great theory, but doesn't have any grounding in actual data that we see in the real world. So either the data was measured on or the theories rump and real portfolio. Simply don't match the cap in. In other words, knowing beta doesn't really tell you anything about expect a returns. So the cap in again, very elegant. Awesome. Great way to start was quickly dumped in the graveyard. Great theories that don't work in practice. So along came, the cap him apologised in new models with more factors that could help explain how and why stocks move and the primary puzzle to solve was, why did these small cap value stocks do so much better than what the cap in predicted. This was kind of the most anomalous portfolio out there on one him in these are two competing theories, small value stock simply reflected mispricing. So there is sentiment mispricing behavioral issues. These stocks just earn higher returns because the market was kind of crazy at the margin on the other hand, and theory that's much more in line with what back would like to. To highlight is that these stocks were simply more risky. So small value stocks had something systematic about their nature, the made them more volatile more risky. And so in order to explain this is story femme in French, come to the rescue with their kind of classic model that frankly, probably lays the foundation for what we all know in love as factor investing today. So in response to the failure of the cap in and our inability as researchers debase explain the world in one thousand nine hundred to Eugene femme and Ken French, arguably the two greatest empirical financial communists of our time in stabbed the empirical foundations for what many people for too today as the pharma in French. Three factor model in this model did a much better job at explaining the various anomalies such as size and value, which as we highlighted previously the cap. N. does a very poor job describing these small value stocks way higher returns than they probably should. The three factor model included the original market factor from the cap him, but then it piles onto new factors. Long, short size portfolio author referred to as SIM b. and a long short value factor. Portfolio author referred to as h. l. and so in their original ninety two paper and it's in table three, the researchers, they look at stocks from nineteen sixty three to nineteen ninety, and they highlight their relationship between beta or general market exposure size. How big are you in value? How cheap are you as measured by book Demark? And they do this for all Nicey, AmEx, and NASDAQ trade stocks. And there's a few things you know the slope of beta. So how does stock returns your. Late to just general market exposure after controlling for size and book. Demarco's owner, things is pretty low. It's only around fifteen basis points a month, and it's the typically insignificant. So following French conclude that beta certainly does a poor job of explaining stock return and really is the dagger to the heart of the cap in model at least from empirical standpoint. Whereas when they look at the relationship between expect to stock returns in size, there's a negative fifteen Bip a month relationship that is highly significant. So the bigger you are the less returns you earn on average. So following French conclude that size seems to have some explanatory power. And then finally, they also look at value which has a fifty Bip Amonte relationship on average with expected stock returns. So the cheaper you are. The higher your expected stock returns are at least with respect to cheapness as measured by book market equity. But of course, if you use any sort of value metric of cheapness versus expensive, you will find a very similar relationship. We have visualization and article, but I'll summarize it here essentially the cap in when one sorts stocks into twenty-five portfolios along two dimensions size and cheapness. So one of the portfolios will be a bunch of really small stocks that are really cheap. Whereas in the other spectrum, you have a bunch of really large companies that are really expensive and then everything in between. And then we look at the performance of these twenty five, four folios. And then we look at the relationship between these portfolios and their cap in beta. It basically does a cap in that is does a terrible job predicting the future. Returns of these portfolios in. Why is that? Well, predominantly there's two outlier portfolios. These small value portfolio earns way higher excess returns than its beta estimate would suggest Tim, early small gross stocks are Basie tiny, expensive securities, do terrible relative to what they're supposed to do on or the sumptious of their estimated beta so doesn't work right. But obviously, if we throw in a size factor and a value factor and the market factor, and then we go and try to explain the pharma French, twenty five, it's going to do a much better job because now we have size and value kind of mechanically built into this relationship now. And so this pharma French three factor model since she rescued factor messing from the graveyard because now academe have a tool where with three relatively simple variables, one can. Predict out of sample Pailin wise stocks are going to move the way they actually move research move forward. And after French is ninety two and ninety three papers related to their three factor model. They now had a tool to explain stock return movements which opened up a whole can of worms on trying to understand active management. Do managers have skill or they just lucky what have you. So researchers decide to apply these enhanced factor, attribution or factor risk model tools to explain mutual fund manager performance. In fortunately, the early results concluded that mutual funds seem to have persistent performance even after controlling for size value and market exposure. Winter managers kept winning and loser. Managers kept losing. These results suggest active managers makes. Abbott some low of skill. This is a big problem though. If we're in a world where our prior is the market is efficient and we need to explain why it has to be official as active management just can't work. So if active managers exhibit skill, this might imply that markets aren't efficiently pricing risk, which would mean markets are inefficient. Now we have a problem. So in order to fix this problem, the research came up with a solution. One a factor investing model doesn't work just to add more factors. And of course I'm saying that tongue in cheek, but that's essentially what happens. For example, in nineteen ninety seven, Marc car heart is actually a practitioner fairly famous successful. One follows the academic factor research, modest operandi, and creates a new four factor model to help explain why active managers have skill when we all know that they have to have luck to win. So. So Carl Hart added a momentum factor to the femme in French three factor model, which significant hands explanatory power of the original model. So what he finds is that it's totally reasonable to add in momentum because momentum has a low relationship with value size in the generic market factor. So when we look at this in a linear regression framework crack and have any problems, these are four somewhat independent elements that we believe can explain all the high variants and knows that happens in stock returns out there concert applies his new four factor model in the context of understanding mutual fund manager, performance persistence and what he finds is pretty. So the key result from his paper is that pass, mutual fund winters seem to keep winning in the future. I either persistence but reversion to the. Mean is pretty strong. It's very difficult to sing shit from other groups. So maybe not as persistence as we thought, but there's one thing that's definitely certain in the loser been. You tend to be a loser in the future. So winners. They look like they might persist, but they do mean revert very quickly. Whereas there is fact where there is persistence in loser performance. A really bad managers are predictably bad in the future. Carl Hart investigates is finding through the lens of now his new four factor tool, and he had some fascinating insights car highlights that winning active managers don't win because they're skilled at identifying stocks that win. But rather and I quote, some mutual funds has happened by chance to hold relatively large position in momentum stocks. Don't in short winning. Mutual fund managers were momentum investors and don't even know it in because he's winning managers don't really know. They won because of Mohmed. Mm-hmm. Exposure we can attribute that to their skill. This is a complicated argument, I know, but that's the argument. And so the takeaway from car hearts, momentum factor is clear with respect to understanding mutual fund manager performance that's money with respect to how we can think about how his four factor model in the context of using it to understand Stocker turns Carlin even highlights in this paper that the inclusion of momentum in his four factor myla's confusing because on one him his motto could be interpreted as a risk attribution model that suggests that high performance is due to exposure to high risk, but just proxy by this exposures to beta size momentum. On the other hand, his four factor model could also be viewed as a performance attribution model, which doesn't really have a claim that size value momentum affect risked the rather, they just simply do a good job of explaining performance in maybe that. Formats is attributed to these managers picking up miss pricing and that is what it is. But we can't say that they're earning higher returns because the markets officiant and they just have higher risk investments. You say they're earning higher returns because they're taking advantage of these mis-priced factors like momentum cars, paper leaves readers with the nagging question, are factor models really capturing risk, or they simply capturing mispricing effects and caught hearts. Momentum factor really opened up the discussion on the so called factor wars, because momentum or investing based on past prices went directly to the heart of the weakest form of the efficient market hypothesis. And clearly researchers need to head back to drawing board because one could not simply add more factors and claim victory that the market was officiant without first identifying why factors explain the performance in why that reflected a genuine risk premium. In other words, factor models can't reflect the game of throwing spaghetti against the wall and seeing what sticks economists need to get back to the drawing board tunder stand. Why factors matter in the first place why they're pricing stock returns. The world essentially needed to move towards less data mining and more economic theory, because the three and four factor models that were run, show that for over a decade, clear the world needed move into a stance of less data mining and more economic theory before ever gonna really build understand how and why stocks move the way they do that said the three in the four factor models kind of ran the show for over a decade fall in their respective publication. So from the early nineties, through the two, thousands, it was all good ever within academia bomb in French and car hurts factor model were generally considered to be part of the empirical asset pricing discipline. However. Credits were concerned that data dredging drove the discipline and whatever results that had the highest t- stats won the day. So again, if your model doesn't work this out, another factor that has a high tea stat in victory. So at some level, there was nothing wrong with this approach. Understand historical facts can be an important baseline for understanding of how the world works in. That's kind of really the coronation from French ninety. Two correlation doesn't help us fully understand causation which presumably helps us produce better more predictable future out of sample estimates and predictions. So the three factor model was a perfect example of the problem. The model was great at explaining stock market movements, but what were the theoretical underpinnings as to why size in value determine expect returns. Science could be understandable. Smaller stocks are less liquid, typically have more business risk Yunos. Even that's controversial. Value was really controversial because Ben, Graham had already talked about his hypothesis. That value was an anomaly because Mr. market was crazy, either sentiment mispricing, whereas Farman French wanted to argue that it was more risky. And so there is a debate in the financial economics profession was suffering needed answers to this debate. So I there chairs Kappa motto, which was so elegant and grounded in rational economic theory was no longer believable on empirical grounds. And now there's this three in this four factor model highlighting that the stock market has more confusing than originally thought, ASA, pricing theorists needed to take on the challenge of putting more rigor around factor models to try and understand why. For example, size and value were able to describe stock market movements. It's gotta be grounded in risk somehow, at least that's what they needed to show. So. So the natural ist have a sound theory behind a multi factor model needed to be scratched. Luckily neoclassical economic theories in particular, the queue theory of investment, which is originally Vance by James Tobin in the nineteen sixties export, a fundamentals based approach to reconcile ING market prices with investments in corporate assets in in two thousand seven, the paper by losing long chin entitled neoclassical factors offered hints that anew combination of factors based on investment and profitability might explain returns better than the early ad hawk factor models. And more importantly, these models had theoretical basis that drew their knowledge from a different branch of financial economics. Primarily corporate finance, not Asser pricing, which many people consider data mining. So losing and continue the research China build a. Unified asset pricing theory, this Davidge economic logic behind a multi factor model that hopefully would do a good job of explaining how and why returns do what they do. Loons team cetera. On a stream. Art goes hit on the same theme, but essentially change titles overtime and articles was first neo-classical factors in July two thousand seven, daddy volved into another article called an equilibrium three factor model published couple years later, two thousand nine, and then it moved to production base factors few months later. And then I moved to a better three factor model that explains more nominees that same year change titles to alternative three factor model. And in finally three or four years later, digesting anomalies and investment approach. So as he's new neoclassical, q factors were further refine. It became clear that they offered a powerful turn of expansion for the cross section of return. There was actually grounded in risk based theories, at least in theory, I won't say risk based theories, but theories that are tied to economic foundations because they risk based theory could be confused with a lot of the prior attempts as sensually relating the correlation of consumption with different investments and trying to argue that that's why certain things earn higher returns and others. So unfortunately, the powers that ran the top tier academic journals, we're not interesting rocking the femme in French three factor boat, which was kind of the king of models and professors alien colleagues had a challenging time getting their ideas publish. But the situation would change when Pham in French decided to action. Brace, the idea of creating an enhanced factor model, which ties better back to economic theory femme in French themselves, adapt to new research findings, perhaps seen the handwriting on the wall that the three factor. Model rests on shaky theoretical foundation, farm and French. Almost what seems to be in a counter attempt to cut off the q factor model at the pass, offered enhancement to their three factor model in hopes that losing and others beat them to the punch. So in two thousand four, the dynamic femme and French do extended their model to now include five factors doing they added two more additional factors operating profitability or what they call robust minus week, which is simply long firms that have high offering profitability and shorting firms that have low operating profitability and investment were this portfolio is long firms that have conservative or low investment policies and shorting those firms that have high or aggressive investment policies and for those paying attention, these two additions to the femme on French three. Factor model appeared the manically very similar to the new q. factors propose by Zing and his colleagues were they have two factors that are also called operating profitability. Were they use return equity, which is similar idea and investment where there is called real investment factor, but basically the same idea. So the question was had losing a company been cut off at the academic pass by fallen French. We'll never know the back story nonetheless, who's shoe Zing, ran a horse race on the competing factor models with a keen eye on the performance between their four factor q. model, and the new common French five factor model in the abstract from the Houston Zang. Paper says at all the paper conducts a gigantic replication study of asset pricing anomalies, but compiling extensive data library was four hundred thirty seven variables, the q factor. Model in the closer related five factor model or the two best performing models amongst a list of models, investment and profitability are the dominating driving forces in the broad cross section of average stock return the huge Zang. Four factor model captures all the returns associated with the new five factor model ally in French. But with one less factor simples generally better. Interesting. Nuff in their paper. They highlight that not only does their model do a better job explaining sensually how why stock prices do what they do, but it also explains the five factor bomb a French model. So what's the point of their model? If the q factor for back tomato explains the five factor model like there's no need to have more factors if one with four can explain it all which suggest that in French is quote, unquote, new profitability factor may not. Be a new dimension at all because it can be explained very easily when you just control for market size and the who's SU and saying investment are we factors so interested enough while the two research teams debated the merits of their respective models. One fact stood out both researchers found that the value affect which arguably was the largest affect in the past may not even be real. How can this be? That has always been part of the factor literature. The new factory search suggests the value is simply proxy for risk, exposures to profitability investment. And once you control for the new profitability and the new investment, exposures value really cease to exist, have any explanatory power in short value is dead. The comments below taken directly from the source papers described their findings. I and French highlighting values debt with the addition of profit billion investment factor. The value factor of the French street factor model becomes redundant for describing average returns in the sample. We examine Hugh shoe and Ziang take things step further, and so that both value and momentum or debt. So the ALPHA's of h Mel, I e the value and you MD I e momentum in the q factor model or small and insignificant, but the alpha the investment and the ROI factors in the car heart model, which is the four factor model that has found French momentum or large and significant as such HTML and you MD e. value in momentum are probably noisy versions of the q factors. In other words, vary momentum or not even real. The really just rough proxies for Basie profitability, investment type ideas. Yes, obviously raised the flag for practitioners out there said, step aside ivory tower. We're gonna for our opinion on this now because. You people might be data-mining overthinking. It's a little bit too much. So at this point, the argument over the keying of factor investing models was limited. The domain of we were geeks Thalmann, French Kyushu, Zang, Hyun Zang models, arguably the best on imperial and theoretical grounds. But of course, outside of academic research circles practitioners wanted add their two cents because they also look at this. So for example, there's a paper from joint team of academics and researchers at Robeco asset management, aptly name five concerns with the five factor model which goes straight to the heart of these models. And I'll just do a quick bridge, zap shack, although the five factor model in their referring to the former French model exhibits significantly improved explanatory power. We identify five concerns with regard to this model, it maintains the cap 'em relation between market baiter return. Second, it continue. To ignore momentum. Third, there number robust concerns. Fourth, the economic rationale for the two new factors is not really clear in fifth, it does not seem likely that the five for model is going to settle really any debates out there in a sense. They're saying, hey, this is a lot of data mining over thinking, and I don't think you've really helped us understand anything. And of course get to the punch line here. There really isn't a factor debate that's going to be complete unless cook, Agnes in his team, make you are have little opportunity to weigh in. And this whole debate has obviously triggered the big mountain at a QR as was struck by the reported redundancy of the so-called value factor described in pharma, French and Hugh Zane. He just couldn't believe it as a practitioner as well and academic degree. That seems crazy. So as decide, investigate the. Sh you with his own article. Armada goes to six and value for redundancy along the way. So I clicked replicates the pharma French findings and sure enough. They checked out. The evidence also highlights that value doesn't matter once you control for profitability investment, but he moved one step further. Next, he considered the elephant room that all factor models need to dress, but rarely do momentum. In other words, as a society, what would happen if he added momentum back into the pharma French factor model and created a six factor model, arguably is crazy why they didn't do that in the first place because everyone has known that momentum has always been one of the more interesting factors, but that's another site bait. So perhaps not surprisingly as fines that once one adds back momentum, it increases expansionary power the model, and now it makes value seemed to be redone. And still, though which is interesting, was value simply a proxy really for exposure to profitability investment. Because if we add momentum, the regional hypothesis that will value has to matter like, why is it not matter? But as wasn't done with investigation because with all this factor investing stuff, the devil really is the details. So as takes the step further and says, let's actually look at the value factors construction because you femme in French, say you control for value. But let's try to understand a little bit more of what we mean by that. So as some of his colleagues in a two thousand thirteen paper in Tyler appropriately, the devil in HR mel's details. Rachel bell is value that went into the construction of h amount, and they need to pieces of information to construct this one. You need book value that quickly and you need price. Then they look at how and French do it. Book value, thumb, and French, assume a six month lag on book equity. So they'll look at twelve thirty one data and they won't consider that data till June thirty, which makes sense because there is a possibility that data may not have been known obviously on January one because a lot of times financial statements on December thirty one won't be available for a couple months out, assuming six month lag is conservative but somewhat reasonable. However, on price, the other variable they need in order to calculate book to market is they also assume a six month lag on the price. So when they sort portfolios on June, thirtieth on book value, they use a book that's measured as of twelve thirty one, but they also use a price measured at twelve thirty one even though it's June. Thirtieth argue that doesn't make any sense because. Prices are actually known essentially every single day. Whereas you could argue that book value would have a look ahead bias. It makes no sense to lag prices by six months. So why would in French in their original construction set up like that? Who knows? Why would you put a six month lag on price when price would be rarely known when the book DeMarco portfolios or form? So let's his sidestep the inside baseball on reasons of why femme and French rationalize the use of lag prices for shorting portfolios, which again makes no sense. And of course, as Zini found that using a more realistic value sorting technique with actually using prices, that would be node, creates a much more effective and enhance value premium. I eat the devil in HTML's details actually matter in so hypothesis that as nece has is weighed a second, all these factor gig. Peaks are using all these models using this poorly constructed value factor and the keep saying that it's redundant. Well, what if we actually use a more reasonable value factor? One that's actually measured appropriately that has up-to-date price information and has month they rebounds. So this new HTML factor which we refer to as h. l. devil. They put this into the six factor model were originally when use the delayed value factor. It does seem like value. No longer matters and his as puts it. She's AM Shas AM shoes Zam the h. m. l. factor value factors. Back and momentum is now even more powerful so vary, momentum aren't dead. In fact, they're totally alive even when you include these profitability, investment type factors. So as argues that the way and French constructor HMO factor diminishes the true relationship between value momentum. After including a more pragmatic value factor, it is the investment factor that ironically becomes redundant. Now, not the value factor and now we've come full circle and her back to where restarted Varian momentum or back factor kings. But now we are faced with their original critique of the three factor model. The empirical evidence is clear that valuable Madame matter, but there are no rational economic theories that explain why the q factor theory approach is a commendable effort in more recent researcher actually came out the last year seems to suggest that again, we're back. They'll debate the value momentum or redundant. All these things have holes in them in a raises the questions about both empirical design in the theoretical foundations for the five factor model of French in particular. So what's next we start off at the Jim Cramer decibel factor model, then we moved to the cap in. Then we moved to the three factor. Then we add. Momentum, then we don't momentum add profitability investment. Then as looks at those alz and says, wow, that's weird. We had back momentum. You're right. Value doesn't exist, but wait a second. If we measure value differently now value exist in momentum, even stronger. What is next with all this, the rallies factor investing words probably gonna last forever. So who shoo Zing mood? The factor, investing discussion to a higher level with their model, which is try to build factors from foundations and they have took an on this challenge of trying to tie factor models to rational economic theory. Their approach outlines accu- factor model which uses to simple counting variables representing investment or quality via ROI return equity, and the goal is research is bolt. Create a theoretically sound factor model. There was impurity, superior ad hoc factor model, stay in the past. Their efforts are commendable in arguably influence. Femme in French to develop their own five actor model. But then avance happen and behavioral base explanations were never really considered small changes a model design. I e HMO devil versus HTML or we could even talk about what about enterprise multiple factor, which is our favorite. We didn't even cover that. That's super Sean all these models. And so we allow value momentum anomalies to rear their ugly heads back into the picture. These tweaks also make the q factor model concept, less impressive, and are redundant depend on how you measure. So other research on the subject also shows that profitability, for example, is not very robust. If you go internationally, we've found it as a work in other people have as well. So on the investment practitioner side authors question the empirical validity of these findings. So other research on the subject also is skeptical of all these different factors, particularly profitability, which many. We have found is not very robust it again Email us and we'll send you five or six articles about that and with respect to the investment variable in at least in the pharma French five factor model, there's multiple authors that question the ability that finding, for example, fhu finds it one controls for delivering data. You can dramatic alter their results associated with investment factor. Also common French who include investment as a factor in their five factor model publish a paper in two thousand eight. The questions are robust. And so the investment factor suggesting that is in tireless driven by Microsoft stocks, which is odd because now they have the five factor model which does include it. So despite the hurricane mental efforts on behalf of researchers to better understand how stock prices moves, it still seems that value momentum or kind of the kings of trying to understand why stocks do what they do and people now argue that maybe they're just proxies for something underline. Them, but it's hard at I that the puzzles still out there and it's really hard to NY in address as basic question of what we really ever understand why factors exist. There's probably hope in alternative approach to all this is a simply change the mental model for understanding the theoretical underpinnings for factor models. For example, in order explain the diet momentum factors. One must wander beyond the realm of traditional rational economic theory. Donor stand these nominees, one must loosen theory, co constraints, and compass view. The investors are irrational, hey, people could be wacky and frictional cost matter there could be limits arbitrage. So just because people Raqi they could have mispricing effects of it's hard to take advantage of or costly. You can still see issues in stock prices and it's not like there's free money line around because it's really expensive to take advantage of idiots essentially. So this. Thought is often referred to as behavioral finance, but relaxing this option than investors can be rational does not imply as mention that there's easy money line around. We've explained this in a piece we call it sustainable, active investing framework, however, relax these assumptions mail better understand why risk or miss pricing factors like value momentum, continue to stick in factor in malls, and of course relaxing rational constraints ads, degrees of freedom for Mahler's and makes the challenge of understanding rally more difficult. And perhaps his off is best outlined by professor. Pharma is incredibly insightful piece market efficiency, long-term returns and behavioral finance, and here's the abstract of the paper which I think we have to read because it's great market officiency survives the challenge from the literature on long term, return anomalies, consistent with Mark efficiency hypothe-. That an chance results apparent overreaction to information is about as common as under action imposed event. Continuation of pre event, abnormal returns is about as frequent as post event reversal consistent with the market efficiency prediction. That apparent can also be due to methodology. The anomalies are sensitive to the techniques used to measure them in many disappear with reasonable changes in technique. But for fun, I did a little experiment would happen is someone simply reversed the wording from pharma's abstract in communicated the behavioral finance message? Read this long term return only survived the challenge from the literature on market officiency consistent with the market inefficiency hypothesis that instances of market efficiency or chance results Evans at prices react appropriately to information or sparse and Evan. The post event. Prices are fishing following prevent information or few and far between consistent with the market inefficiency prediction. The instances of market efficiency can also be methodology. Evidence for market efficiency is sensitive to the techniques used to measure them, a much of this evidence disappears with reasonable changes in technique. So interesting enough. The behavioral version of pharma's abstract could arguably stand as strong based on the collective evidence if not stronger than the statement put forth by pharma which emphasize market efficiency. So my conclusion is that as we sit here and understand the history of factories, urge and factor wars in many ways, my conclusion is that we're still a long way away from understanding the so called science of investing. In fact, it's probably all a pseudo science. We're probably better off under St.. Sanding the insanity of investors in the incentive of delegated asset managers, everyone understand the science of investing, but this is controversial. -mongst many financial comments. I think pharma says it best in a recent interview Joel stern where he even highlights from his conversations where he just basically admits this is kind of while after fifty years plus of research and refinements, most asset pricing models have failed empirically. The also states estimating something as apparently simple as the cost of capital remains fraught with difficulty, which again, that's exactly what Warren Buffett set. And then finally his final save it. The wide range of estimates for the market risk premium anywhere from two to ten percent, cast doubt on their reliability, practical usefulness. This is from pharma talking about all this research base highlighting. It. It feels a lot like pseudo science. We don't really know anything. So it sure sounds to me like we're about as close to understand the science of finance as we are to understand the science of astrology and the painful reality is that factor investing is still mostly are, and maybe just a little bit of science in conclusion. Thank you very much for listening. I know this was a bit long winded and who wants to listen to really the history of factor investing research, but I hope you gain some insights. I hope began some skepticism and I hope you focus on continuing learn and continue to get better, and we will talk soon.

researcher Jim Cramer French Warren Buffett Ben Graham fund manager Albert Einstein pharma French professor Amazon professor of finance Basie Charlie Munger Bester Imen partner
Navigating the menopause with Dr Annice Mukherjee

The Emma Guns Show

1:22:54 hr | 3 months ago

Navigating the menopause with Dr Annice Mukherjee

"Hello and welcome. I'm your host gonna wardner. And in my nearly twenty-eight career as a beauty and health writer i have interviewed a lot of people supermodels entrepreneurs celebrities and doctors and many of these conversations had a real impact on me. And i'd come away feeling inspired excited informed and really empowered and at the back of my mind always think. I wish i could just publish the tape. So people could really feel that conversation. While on this podcast you feel the conversation. I talked with experts guests. And a few friends who i hope will inspire inform and empower you and maybe it was a challenge whether you're looking for self help self improvement beauty advice health insights business know-how or just good old-fashioned life advice and a bit of a laugh. It's all. Hey welcome to the show. My guest on this episode of the emma gonna show is dr a niece mukherjee and in this episode. She sharing her guy to the menopause and isa's a physician endocrinologist a medical career spanning thirty years. She specializes in general medicine and then chronology and supporting patients with complex medical issues quality of life and endocrine disease hormone problems in cancer survivors including early menopause and other complex menopause issues as well as managing chronic fatigue so her experience in this field is absolutely vase. You hear in this in this episode. She has recently published a book. The complete guide to the menopause. And i really loved her approach. Which is one of compassion and such positively but also a huge amount of expertise and experience. Which is you know we love here on the gun show so i sometimes feel a little bit formula about talking about the menopause given that i am not yet going through it and yet i had several guests on the show to talk about it and just because i'm not going through it doesn't mean i can't talk about it but i have always felt very hyper aware of my hormones because of the struggle that i had with as a teenager so pcs being polycystic ovarian syndrome and how severely those disrupted hormones affected my mood my energy level. My appearance my confidence. All of those things. I've always had one eye on hormones up to and as well as that. I've always had a certain amount of apprehension about what might be in store for me as i go through the menopause given how tumultuous those teen years were and so that's why i've always been very keen to explore it. Find out more about it because i do think knowledge is power and i often needs to come on the po cost because there is something so hopeful about her experience and messaging and what. She guides her patients through now. The caricature of menopause previously. Definitely one that i had heard and seen is that menopause is something where you almost hit a brick wall as you melt into a series of hot flushes and become a shadow of your former self until you go to the doctor. You get not and then you kind of back on track. As it were that that's not necessarily the case that very much is a caricature having spoken to unease and hearing about the toolkit she's created and she has seen work time and time again with patients and also with her. I think the experience is so much different so different from that caricature all that stereotype that you might have seen an i definitely having read henrik and having a compensation without and you hear how berlin kind she is. I feel so much more empowered about this next phase in my life and much less worried about it which is great right so during our conversation we discuss managing and understanding your hormones at any state of your life because actually kind of being in tune with yourself and what's going hormonally is always going to be helpful whether you are at the time of going metals or whether you are not so. That was a piece of information. I hadn't really thought about as much. She talks about it in the context of why it's so important to be prepared. Also be aware she talks about how it's possible to thrive postmenopausal. Actually feel better after it than you did before. Which is something i would like to believe. It's true she talks about how hormones and stress and stress. Hormones can impact wait and how that might look and feel on the individual how managing diet sleep stress and exercise are fundamental elements of her. Toolkit that can help you. Navigate hormonal changes with far greater ease. How long cove. It and chronic fatigue a things that she is seeing more and more and how they can impact our hormones and how hormones can impact those things how the pandemic will have affected all of us most likely particularly our stress hormones and how that might actually be presenting and the things that we can do to counter that and feel a little bit better and she also answered some questions in the facebook group that was submitted before the show. And you will hear this. It's long episode and we go into a huge amount of detail and as you will hear. She is so generous with her time and her expertise. And i'm so delighted to have her on the here. She is dr. Any smith aji on the emma gun show. I am so delighted to welcome dr. A niece murky onto the podcast. How are you. i'm really good point. Yes the sun's shining today. That always makes me feel better. Well shining and rain was forecast. So i'm doubly excited and i feel like it's a good omen. You are such a brilliant resource on the topic of menopause. And that's what we're going to be talking about in this episode and it's a conversation. It's a topic that i've discussed on this podcast several times and it's always. It's always a conversation that generates huge engagement. Because of before i think for several reasons that the lack of access to resources is a lot of confusion and you have a book with the complete guide to the menopause. And i don't think they could have been a best title for this book because it really is that and it really does give you everything that you need to know. If we all know that it's coming it gives you all the information to navigate that journey. Yes thank you thank you. That's very nice introduction. And that was the idea. I didn't choose titled. Oh this show who chose the title. I i wanted to more understated title setting to look like. I'm trying to claim the thing that i couldn't produce but then i thought really has to be complete. Which is why. I wrote it the way i wrote it. And gets all about empowering women and it's it's a complete guide to the menopause but all they advice and guidance that i give a meant to empower women about hormones throughout adult life really and the management of self management tools that women can use to help with medical symptoms will actually help with hormone imbalances at any age so actually the toolkit is really useful in would be helpful for young women. The problem i often have is that. If i see women in their thirties or forties they have medicals are across stoppage when i come to it and i get because they're busy time in their life and if they have a goal symptoms of that stage then you kind of put things off with lots of things in life so if then fast forward a few years they start got symptoms. I start get interested in it but what can happen for someone in is the symptoms can come on quite fast and furiously and then it can be much more difficult to get back on track. So it's much better to use the term prepare and be aware it's much better to prepare bay away make small changes when you're otherwise healthy and well and then minimize the risks of simpson's really escalating out of control. There's no guarantees but we know many things that we can do for ourselves. Make a huge difference long term house. Yeah because it's not just a case of all put up with this for too long. I'm going to go to the doctor. And i'm going to going h rt. They're all lots of different things that you do and it doesn't have to be that you hit a brick wall with it I absolutely wish women wouldn't get to the stage of hitting a brick wall and when women do hit a brick wall we often like with many conditions the more advanced or severe the symptoms. The more treatment is needed. It's like with pain if somebody is in severe pain and need massive pain relief whereas thought pains managed batter like surgical pain. If you give him pain from early on it. it's less problematic. And so you know some women will. Many women will use a need. Hr it but actually if you if you get to a point my symptoms of really severe even l. T doesn't always help resolve things quickly. So it's a it's about range of approaches and doing it in good time in. I think one of the things that i really appreciate it appreciate appreciated about the book is the fact that you actually break down the different sort of hormonal stages that we go through as women anyway. And when you look at anything you've got puberty you've got pre menopause. You pregnancy pre menopause being time between puberty and perry metaphor. i believe. Correct me if i get anything wrong. But in all of those instances we all prepared so with pregnancy. What to expect. When you're expecting there is not a day. That is not documented and charted. So that if you are on day whatever if your pregnancy you can find a resource someone it'll tell you how you might be feeling the same with puberty and getting your period for example. I knew exactly what to expect. Because i'd read the booklets. I've been told at school. But you just don't have those same. There's a very different approach to the menopause. I it's it's it's interesting because there's lots of reasons i think. Why and one of the problems that happened with it about thirty years ago every woman would as soon as she had a hot flush or any symptom would be put on h. T and not helps and life was different than it's more challenging now if anything but there was a couple of very large studies that were published about twenty years ago that were very negative about hr it and they suggested that there was an increase of breast cancer and an increased risk of blood clots and and the brain clots and stripes and things like that and overnight. Everyone's taking not tjp. Oh i was giving at just days. My patients and i was holding them. I'm never going to give it again saying everybody. Nobody going chelsea and actually over the decade after those studies were published. It was shown that lots of the data will misinterpreted in it was. It was very much older women who'd been never followed up and left on old fashioned eighteen years and they somehow come to actually was still a relatively small number but some had come to harm and so up to about twenty twenty fifteen i would say was the turning point when the nice guidelines in the uk were published and all of the experts. Were saying we're not using chelsea enough and a lot of women are suffering and so the government certif- directive from that is we should be giving women all the treatment we should be giving them lifestyle coaches who should be giving them a chelsea when they need it in a timely manner. But it's not filtering back to to to to gp practices and to women themselves but also women fearful of hr not that. They don't wanna think about menopause. Because i think not stop dangerous time. Maybe call them how they and there's lots of different reasons why and it is changing which is really good and i think we need to purchase we need. Jp's to be better informed about safe. Preparations of treatment. That women can be offered not. Just oh your moods. Low have an anti-depressant which is not actually what women want and but also women to understand what they're going through and it's it's it can be explained. A lot of people said about my book. That is an easy read. Which i feel as a huge compliment. Actually as an expert. You always worried that you talk much jogging. But if you consider if they didn't know that simpson was could be menopause. Maybe i'm peri menopausal at forty five or something like that. You know this can happen. But if you've if you're forty five and you think you couldn't possibly be medical and you've got all these symptoms. It's frightening it can be frightening. Symptoms can be really unpleasant so if you know. Knowledge information is empowering just days. That's the way it is so i wish i mean not. Everybody likes to read but for those who don't read. I love as many women as possible to get access to my book because it does spell it out. It is an easy read and it is very much as you say. It's not so much jargon it's just you feel that you can get lost. Sometimes if you're reading an expert book. And i don't feel like there was never a point martha i'm gonna have to government that chapter again. Because i think i really understood that a now i'm in way over my head and the other thing that i think that you do. Which is so brilliant. As menopause gets a bad rap. Because it's that idea of that's when you sort of expiry vessel the negative attachment to it. That's when you stop being fair tile. You're no longer women all of that kind of terrible. The terrible things that have been attached to it but actually what you say is we. We now probably have more life post menopause than we've ever had previously and this is when you can really come into your this is when you can really thrive. I love that messaging yet. Well it's true it's absolutely true. It's i'm i'm saying that from the hawks. I'm saying that for my own personal experience. I mean i've got two kids and i've had a busy challenging working. Life is busy medical specialist in hospitals and have fortunately for me. Although a lot of medical specialties a very male dominated. I've never had any problems with my career progression things like that. But it's a hard slog when you're in a senior position kids getting older and you you can actually have fun with your friends and actually. I'm not actually quite happy about that to be on this from outside of like no periods. Fantastic you know. So it's it's it's brilliant. And that's why if you can keep your health you can get your fitness. You'll be energized and you can enjoy this amazing decade several decades of future lie during all the things you want to do. it's liberating and and i feel for younger women today. Who was starting out a man. You know hormone vase of phases of life. Don't go a teenage daughter. And it's you know. I think it's really really tough younger. Women and i'd like to help younger women as much as i'd like to help women going into medical go going heading into that phase because i think so much more could be done across the board with women's health actually To make things better for everybody but yet definitely Midlife and beyond is definitely something to relish young women. Your all the hassle it you you can get rid of that and enjoy life which is good. So let's talk about. I mean obviously we've got the burke and we know that that's a great resource but let's talk about because you touched on it then. The lifestyle changes. Because i think one of the things. Obviously there is medical intervention. That's what you'll career as well but let's talk about the things somebody listening to. This can do to help themselves in preparation but also jarring. So if someone's listening to this and say they are experiencing what they believed to be peri menopausal symptoms or they think peri menopause slash metaphors on the horizon. What would be your. What would be the advice. You would give them the things that they could make change. What changes that. They can make in their lifestyle. Yeah so the changes you make will help with pretty much whatever. The symptoms are so whether it be insomnia fatigue. Or night sweats. Small changes can make a very big difference. It's not a magic one. Syllable you don't make a change one day and then the next day you feel better but it's about implementing a range of changes so it also we are all completely different so i can't say every woman needs to go and win a marathan tomorrow because i can't remember i'm not gonna run them out. I love exercise. But that's not going to be my gig so it depends where you are so you start way you all and you make small steps and not is first of all and foremost the most important thing because if you try and do too much is a bit like a crush diet you crash diet you lose weight for whatever it is that you wanted to lose the weight for events. Stop the diet and you put all white accomplish more so i never recommend that so. It's making small changes and sorry. It's a long answer but i think it's important because we're all so different in modern world. We're all under more stress than thirty years ago. Men and women all ages. We are diets on not as good even though we think often when we were eating healthily there are things in diet the marketed to look healthy. Don't it's easy to overeat when you're stressed. You crave carbs. That's an instinct. It is an involuntary instinct so you will eat move slightly more than you need if you're very stressed and so you'll gain weight and many people are carrying excess weight in our modern society so all these things make a difference. We're all century. We're all sitting on phones on devices sitting at desks. So we're not moving so all those things you can make small changes from where you are to move to improve your health so if you're sitting at a desk all day lots of my patients will say about. I'm so busy. And i have to work all day and i haven't got time to get fresh air. Actually if you go out and get ten minutes fresh air at lunch time. Is that ten minutes looking at social media at lunchtime. That's really really good. Good body clock. It's good for stress. It's it's burning a few extra calories you know it'll it'll help with eggs and pains a small amount of exercise now not save. Somebody's not doing any. You start off with a small amount. You build up if you're already doing quite lov exercise you build upon that wherever you are see startling you are and you build a but that working we flog ourselves to in today's society and having that break lunchtime you get a sort of an adrenal burst of court is all and stressful when you do the exercise and then endorphins and basically that walk or that outdoor fresh air exercise will boost your productivity in the afternoon so we think we should at work but actually if you have a break you you will boost your productivity and a lot of the multinational organizations have programs of wellbeing for their work forces. Not because they're just nice but because they know it improves. Productivity of their workforce at bruce wellbeing so small changes like going out and getting some fresh air. If you will it'll also helps with stress and if you're less stress you won't create the cobs and if you're not craving the cops it's easier to control what you're eating or just be mindful to reduce what you're eating if you're stressed you'll go eat not morial crave something sugary which unfortunately as we get older women metabolism which is the right of which we burn. Calories is slower so if you eat anything that sugary okaba hide appeal cobb refined cubs. It will just go straight into the fat stores so everything's interconnected if you know to main and actually the the other thing that's instinct is feeling a bit. Jaded permanent policy might be a key. Maybe not sleeping so well and you feel tired. The last thing you want to do is to go out for a walk but again. It's been like agency if you if you know actually go mobile actually. It's not make me feel more tired. It's going to energize me and then if you do the research that is looking at this. Salinas sounded and looking at people being told. How do you feel before you go if you walk. How and how do you think you'll feel after you've done a thirty minute. Brisk walk and then make villain how they feel and they never think they're going to feel any bester after walk. But you always feel better after work if you know unless you've got in a anemia or broken ankle something that's different so so what you need to sometimes counter intuitive so you know if you feeling jaded unique thing actually. Fresh air and exercise movement is what i need and that will help with stress. Healthy nutrition is important. And i could talk about that for hours each of these things. I could talk about for a long time and sleep hygiene sleep routines of very very important for heading into the menopause because sleep can become very fragmented in menopause. So if you have a sleep routine and try and get rid of your phone devices or any electronic devices with blue light for as long before you go to bed as possible. I mean i say an hour but the longer the better. Because blue light delays melatonin release so it disrupts your sleep for the first. Few hours delays melatonin released by three hours. So if you on your phone late at night you will struggle to get quality sleep for that three hours and it's also stimulating content that you're looking at it may be stimulating and then you cortisol level goes up and actually to sleep. Well your cortisol level should be virtually zero at that time so unfortunately the devices will be shining blue light at you and in stimulating content. Disrupt your sleep so making small and small changes because if you if you're used to spending three hours of combat on Be able to cut out kotecki but just being trying to cut out a little bit of time before you actually go to sleep. So there's so many different things you can do one single thing alone just going out for lunch. probably won't transform only symptoms. But you know being mindful about you're eating and your stress doing a little bit more movement looking at your sleep patterns. And you see quality inhabits. All of these things can make a really big difference. I mean i'm a huge advocate of exercising. I know you are as well and i. I really think that it's a great time in adult life heading towards the menopause at any age. It's a great time to get really fit. Because if you want if you don't do excise your whole life and then you suddenly star fifty or fifty. Five is morris getting injured whereas if you're fit beforehand you're going to get less risk of injuries because that's always a problem. I want all women to build up their exercise. But we're all the so. Many women have unrelenting standards and they want to do as much as they possibly can and then they end up over doing it and getting injured so that. That's that's a risk. So i've not answered that very quickly. You see that it's a narrative it just as you can't just do one thing there's lots of things. I am very happy when a guest just gives me everything. Good question so please. Don't be at least like worry about that. This is it so interesting because actually one of the trends. I've notice whenever i create a po- cost about the menopause. As a desire for what of the supplements i should be taking. Or what are the drugs. I should be asking for an eventual eventually. Do get in front of air id. Gp or specialist. And what. I think is really interesting about the approach and again we've talked about it before but the agency of actually you have access to a lot of the medicine already. It's just making these choices. But i think we can also navigate a really large portion of our lives without having to be too connected to our bodies because they buy connected to our bodies listening to them because they just function eighty. Well they service fine even if we miss the might sleep. They'll do okay is there. Is there actually a process or a way that you would just describe. Teach people coach people to to connect to their bodies and really listen to what's going on so that they can be slightly more aware for when these changes begin to occur. Well the thing about using lifestyle medicine is that it's at every stage but as you say when you're younger people just don't 'cause you don't have to you can get away without doing it so cheap mighty my boat going to some martinez does know. They don't want to hear anything about what. I've got to say about lifestyle. Just don't and i get. I get you got other priorities. But it's a bit like. I'll give you an analogy. Somebody who has diabetes has to be really careful with the types of food they eat to stop the blood sugar from rising. So that means that are encouraged to have what we call low glycemic index food which is low refined sugar low fat because that could worsen heart disease and to have lots of fruit and vegetables unhealthy foods and to try and keep their weights managed well and to try and do exercise so people with diabetes. You really need to do those things to protect their house. But all of the things that that that's gonna do for people with diabetes will also benefit everyone of us in society whether you got diabetes or not and the thing about all those lifestyle approaches is that they will help and they'll help some younger people as well because i see young people run into problems with chronic fatigue. And there's a lot of people. I'm afraid who are getting long pogo huge experience post borrow fatigue in my clinical work on conic fatigue and long covid is peaking in ages. Twenty to forty as it's extreme fatigue in other prolonged symptoms after having covid nineteen and that those the people who are going to be getting out of the people who are not looking after their. But i told me not in a bad way because feel is probably most people because we just stoned. Because we don't have to and also. Our healthcare system is not set up in a way to facilitate us to be proactive about our house. It's all very reactive. It you know you you get some illness and we treat it but book but we're not sort of saying look in there all programs when i say do more exercise but it's not it's not working. It's not getting three hundred on it. It's so young people might not think that they're going to benefit from improving than i saw but they will and it is going to help them throughout the life and it will help them later on as well but i think it's it's it's about. I see lots of young people who come with health issues and once they health issue happens menopause. Once you get the help she got a a low again. It now i get it but if if you just floating along you missing meal night's sleep and eating properly and gaining but away but you find you just kind of you wait us thing. I'll cross any problems. When i come to them so i. I'm not sure. I've got all the answers is to have to get everyone engaged in the health. But i do think you know the things that you're doing and other people are doing in terms of social media awareness is hugely important is changing. But it's a slow change because we've got sort of a culture of reactive. Healthcare and i think coaching changes are slowly and there is another messages while in the book that i really appreciated reading. Which is why you said. Menopause is not your fault and for me that ties this idea of women hitting a brick wall with before they asked for help they and beating themselves up and thinking that something is wrong with them but even though we all talking about lifestyle changes like this is a natural process. It's not your fault that is happening now in the environment. I feel this for about thirty years and our environment is often because of stress and other things is making. Menopause symptoms worse and the other thing absolutely. Nobody's fault but also we all experts it differently. So sometimes i'll see a female patient on those sites in our based severe symptoms and went to my female. Gp which makes ready cross-section. I went to my female g. She's just to get on with it. And herman was really easy. And therefore i just to get on with it and so wrong because i see women who have relatively unhealthy lifestyles. And maybe it's a factor genes or something and they don't have any problems with menopause. And i see some women who got amazingly healthy lifestyles and then they get the worst hot flushes all something else that you know anyone's ever had and you know treatments don't work. So it's it's it's absolutely not your how you experience. Your symptoms is not your fault and actually you know you should be able to access treatment and there you know there's always treatment that's going to help but many women require a range treatments and as i said h. Ot can be really helpful many symptoms but not not as a standalone. Because it's not a substitute for looking after your integrated health in your body's so let's actually talk about the symptoms. Because i think that can be again we talk about hitting a brick wall. There could be so many things affecting you. What i mean. What are the symptoms to look out for. So the simpsons commonly start from from women in the mid forties but it can be younger and the symptoms of a very individual the communist of hot flashes in sweats. That's the old nights sweat and the odd flush work in the day or in when you fit stressing thing is. This normal is distressed. That's really really common and not my come and go a little bit at the beginning in impera menopause in the early phase. Your home is is sort of up and down so it's not when you hit a brick wall you probably had symptoms for awhile that you have attributed to the medicals so and another break. Common one is insomnia difficulty with sleep waking up at four. Am or not being able to get to sleep or recurrent making and that is more common people who naturally not good sleepers. But it can happen. Women who've never had a problem and then another one is feeling more anxious. Palpitations lot of women. Say never been anxious of developed palpitations at night thoughts heartbeats and anxiety at work which is a problem actually because it can impact on the workplace and what progression if you if you're not feeling confident and you up against a man who hasn't caught those symptoms. He's not anxious. Career progression seems to slow down in women in midlife and so the leadership of our country's very male dominated. Which i again i would change that by empowering women and making sure that doesn't happen and because you know small changes in the workplace can help with that and then mood which is not hugely common. A lot of women can feel a little bit moody and irritable but some women will have never had any mood problems and we'll get really mood when they had towards the menopause and it may well be a mixture factors. It's with these things. It's usually mixture factors kaz. Major life events will make that were uh stress will make the likelihood of low mood worse. There's lots of different of the factors but that can happen. So there's lots of high profile people who will say you know. I was fine and then seventy i hit a brick wall when i was forty five and they said it was depression and now. In retrospect it was paramedic polls hitting may will menopause hitting me so i think sometimes if you can understand why something's happening it's it's easy to cope with them this easier to find solutions whereas if you just hit depression or severe fatigue suddenly pain and you don't know why it's much harder to to navigator and actually take control so to be honest. The symptoms of talked about some common ones that are allowed swimming in restless legs. Some women on which. I do mention the book but quite a lot of women say it feels like insects cooling skin in it she skin and changes in your skin changes down below the so many different symptoms rarely and what i say is if a woman in mid forties gets a set of new symptoms. Wichita unusual that paramount is until proven otherwise. Because if if if you see a doctor one thing that doctors are really good is identifying what we call red flag features. Which is of your nemec or you've got this thing wrong with your liver that must be causing the simpsons or you've got thyroid problem. It's causing you to sweat something that were really good at picking up of the causes. So what's happening at the moment is when we get symptoms go to the gp and the gp just says there's nothing wrong with you which is not helpful but gp means is. You haven't got any severe disease that needs treating now but what they should be doing is what is probably paramedics. Here's some information as well. It's very simple. That could help so many women many women say to me. I just haven't been given any information when you come see me. And i'm a specialist. They set off the first time anyone's explained to me and it's enlightening. Now i get old. I understand and now i can take control. And after not the as and that's why i wrote the book because why why. How can i'm not doing anything. That's really clever actually. It's not it's it's you know other doctors could do this on a wider scale. But it's not being done and is a lot of women suffering because of so but we also need to get younger women in control light. You before before symptom stopped definitely. Well i was saying to you before we started recording. I had such tumultuous teen years. Because there's a little known problems. So i i feel somewhat hyper aware aforementioned really and the fact that they can make you feel like you're not yourself at all and it can be really. I mean that happened to me in my teens. I don't really want it to happen again in my forties. So i'm sort of hyper aware and hyper vigilant. But i think when i read the book it just became clear. Well actually we all should be should be just know what we're in store for. It's not like you're going back to escape. It it is going to happen is an inevitable part of female development that you will go through the menopause but it doesn't mean and what i find so uplifting and really positive about the book it doesn't mean that life has to change for the worse in some way actually change for the better. You could feel better than you ever have definitely and yeah and so that the many problems that teenagers and younger women we'll be talking about pre menopause. You mentioned the term. It's women in thirteen years. That's what we mean. So when you're from from starting your periods through to when you're periods stop pretty much fertile years and there's lots of hormone imbalances that occur in those years polycystic ovarian syndrome premenstrual syndrome pm day which is most severe mood related hormone disorder. Many women suffer from those symptoms. More women. I think today seem to experience the symptoms severity than they did when i first started twenty or thirty years ago but it's changing in in those decades and not treating these things very well because we call him an imbalances disease not disease. It's not like a thyroid problem that you need to be. You know you need to go any medication not set. It's it's it's more of imbalanced but with homemade imbalances sometimes treatments need it but like with menopause. Hr take but also the approaches that you can do for yourself and lifestyle approaches can make a huge difference to who many balances the biggest the biggest enemy really and we need like citing. That cortisol is is is a big problem. The imbalance of cortisol in our modern world with stress costs messes up the production of other hormones and that can make other holmen imbalances more problematic so and and the best way to manage. Stress is through lifestyle through stress relief through nutrition so in other words in a society where we will react with anxiety during a pandemic and therefore that means that. We're probably we have cooled so causing their bodies at various points during the day we are likely to experience a perhaps a motor bulan. Hormonal balance is a result. And this very very clear and things that happened in the pandemic the evidence that good as it was before the Everybody's complaining of more disrupted sleep and poor quality slate. There's lots of studies showing matt and the second thing. Is you pause there for one second. Sorry no no. That's fine so you just said just in case people mr because sometimes these things record it on you set off. Sleep has been disrupted goodness. A speech has been disrupted. Our sleep has been disrupted by the pandemic in the pandemic the our sleep on on a very wide scale many people complaining of sleep disruption insomnia. Poor sleep quality feeling refreshed when they wake up. That's very much linked with disrupted cortisol and that's been shown in lots of studies of conduct and then the second thing as weight gain so many people have said a lot of people are calling it the cove in stone who everybody put a stone in weight. And how what. We're gonna do when unlocked at unlock down. Happens because weight gain if you is high your your stress response tells you you need to eat. Because this is an instinct from our ancestors and our ancestors survived famine. That's why we're here because all our ancestors survived funding so when up days sent stress not stress tells us olympic system is telling our our you our metabolism and you need to. You need to take in some calories because starvation could becoming so we will tend to eat slightly more even if trying not to if we're stressed so the the the cortisol disruption in the pandemic from stress from connex stress as clearly caused controversy to the insomnia weight gain. That's happened to lots of people. Not everybody but i say a significant proportion of most of the world setting the western world. Yeah and as a brilliant sexual. I love the fact that you call the section. The book taking back control. Yes akif three to agency to say. Actually this will happen to you. But you have an element of control however happens to you until it tastes in control and i am not shed my own experience in the book as well as you know in the i was incredibly lucky that she went through menopause knowing about it and knowing all of this already i i knew at all. I thought it's fine because i can. Just make sure that. I manage my stress that i have downtime that i do my exercise but i don't go overboard and get injured. I have to be a little bit careful with metabolism. And what i eat and training healthily and i'm not perfect. I mean none of us perfect but you know it's about trying to do your best. In lots of different areas and to be honest it was it was very liberating experience for me. Because i thought yes great. I know what's happening. I can deal with this going fine. And and and it's good. And i know that every woman could achieve that some women may need more support than this but if she gets the pool ship she'll be in the same position to take back control and and achieve an amazing next phase of life. Really that's got so much to offer you've just mentioned but would you mind sharing your menopause journey because obviously you always use happened at the age of forty one it. Yeah yeah yeah. Yeah so so. I was a an endocrinologist time. Not the years just to give you a background. Managing early menopause women who've gone through concentrate various comes including breast cancer. And i i was pretty healthy. And i didn't think anything like that would ever happen to me. But it full she won. I was diagnosed with breast cancer. And i was didn't just have one i have to actually which was even most surprising thinking why i don't know i guess i'll never know and some things you just talked to a sect because i don't have a family history. The only thing i can say is i took the pill for years and i am teeny tiny so may be. My small size had an impact. That don't know. But i had two breast cancers so i was given treatment because i was so young and obviously was full of east trajan. Because actually you have maurice trajan in year like that. He's early forties than than a lots of times in your life as fully stragetic so we decided that the best treatment the my concepts which were estrogen receptor positive was to block east so i went into very abrupt chemical menopause which just got rid of all my sturgeon tomato overnight and to be honest it was a very interesting experience because for the first time i was understanding firsthand what all my patients had gone through and our i think the doctor it really it helps with your clinical skills to be on the other side to have been on the other side to understand what women are going through to understand the the concept diagnosis journeys. Well because it it's it's it's a tough journey and many women survived bronc breast. Concentrate on but it's not january would really want anyone to go through. You know if i could prevent it would love no woman to have to go through it but anyway i i was fine absolutely fine. You go through the initial treatment. And then when you know what you're dealing with its its you deal with it. And it's a bit light with menopause. Man it was a nice situation if you know what you can. Do you do it. But i was. I couldn't take a chatty. So i was very estrogen deficient but it was interesting. I did get hot sweats and flushes and most internationally. With when i was still at work. I stayed off work for four months and then i went back to work and when i went back to work i do remember being in clinic with with patients and initially i didn't i didn't want to share with patients my experience. Because it's it's as doctors were bit funny with like we don't want them to have to be burdened with our knowledge and i wasn't even talk about my experience in my book but my company just said we'll put it would think women would really want to hear it so so i did and so now i know lots of people find it in helpful to to hear the story so i work and i would be connect talking to him and make beginning. I'm having all these sweats and they'd be sweating. And i would be sweating the time and what what was just it was really interesting is that they didn't notice die sweating and what you notice yourself. Other people don't notice as much we. We are very self critical. We notice walker and not makes the experience worse. If you think everyone's looking at you so that was an interesting one but yeah so i. I went through three that treatment. And i go some simpson's i focused on all the things i could do for myself. I used lots of sort of everyday mindfulness techniques. We've not touched on on. Mindfulness but physical stress and physical illness is benefited by mindfulness type. Approaches so i you know. Try to downtime. But my my favorite thing is is exercise and outdoors just getting fresh air outside and doing a workout. I've got i've i've been doing zoom classes all the way through lockdown with an amazing at china and i watched i. I listened to your podcast about your equipment though really good. Excellent all the equipment. And you know i've got some of that and we use bombs. We use the resistance funds which which like murder. Yeah so that is that the me. That's my up slightly talked to fill my long term health because it also i can be clinics zoom and. Then you know you'll stress levels go up even if you love. What you're doing your stress will be higher and the exercise and then getting fresh air helps with us. So yes so i used my toolkit. I am a an example of my it in my book. I wasn't able to take hsen. I prescribe h. Lt too many women. And i want to make sure that they're giving it safely. And so i think probably one of the best people to prescribe it. Because i always obsessional about making sure. Everything's safe because i've noticed definitely when i've i've sort of taken a little bit of a secret. Snoop in various forums about menopause that. There's almost this dialogue around my. Gpo won't give me. And if i get get hr not. Everything's going to be fine but it isn't. It isn't a little bit like paper over. The cracks isn't it. You have to take more holistic approach. Look at lots of different aspects of your life is not just about magic pill absolutely absolutely and i see again. An over many years women was really need eighteen. Okay let me just talk about all the things you need to do. Because i will insist on say you know. I'm not apologizing. Because i know what's going to help you and then we will prescribe a jesse safely. Many don't tolerates it. It's it's interesting i think. Oh i think you'll if you really struggling will do this. Dismiss and in some women some women say. Hr tea helps with weight management. So women say makes gain weight. Some women say that gives them migraines can cause heavy bleeding so it's not a it's not a panacea for everybody but it does help many women and ticket if you've got challenging life at certain times in your life it can be really helpful but not as astound alone is this is going some rudy street question now but is h. o. T. one prescription. So if i go to you and i say please might have not and then my friend went in and said please may have h. T. would we get the same script. Or is it a bit like for example when i was when i was on the pill for a particular type but my friend would get a different type because i i needed one. I had died in the early days the acne and what have you whereas them. I went onto various other things but they were lots of different pills and discuss which one they liked his h. r the same. I've just never heard different names attached to this absolutely loads loads of different preparations. The oldest style. Preparations of hr t would made from pregnant horses. You're in so not very natural. And then over the years and the more natural of identical to what your body produces a whole mountains have been developed then much safer and they have less side effects so this actually loads of different combinations but the safest combinations are actually eastern in the form of the skin gel patch or sprays. You put it on your skin. So that actually reduces the risk of blood clots which topless trajan canada in the pill is an increased risk of loss. And it's very safe and it's usually very effective at all the things that it needs to do so symptoms bone protection cardiovascular protection. And then you need to have progesterone if you've got a uterus. So unless you're a hysterectomy you need estrogen progesterone as basic hr it. But again this different forms of progesterone and you can't get mixtures of naturally trajan in synthetic gesturing patch so this this and tablets and there's lots of different patients and depending on where you are in. You'll menopause journey if you very premenopausal and still having periods because you can have medical symptoms and still be having a regular period. You'll need a different preparation balances of hormones. Then you'll need if you've paired stopped a year or two ago and you're going on treatment then And then obviously some women have testosterone added as well for an energy for netflix mojo and sex. Drive some women are at testosterone loads of different preparations. And actually i take a history. And i work out. What's going to be best for that individual woman. It will be different. But i think when you say if you go. Gp's just going to be the same prescription. I think with jay pays the communist prescription that is given to women. Menopause is an antidepressant and then it may well be a synthetic form of hr it which is the risks of agency in women so undefined very low anyway as ots risks possessed by the doctor but then the synthetic forms will more likely cause things like weight gain breast discomfort and range of side effects. Even skin changes so so it does. It does not and sometimes i will start a treatment plan that i think is going to help and then we have to tweak it. We have to change or just the preparation. Sometimes you can't estrogen level right and you need to change treatments so it does require tweaking. It does require a bit of support. It it should be something. Gp could do. And you know. I do it a lot. And there's lots of there are lots of doctors out there now and gynecologists. Gps who did a brilliant job of helping women who is suffering. But i do feel like it. Is this whole now. Describe a little bit. It's probably not very good analogy but it's a bit like closing the stable door when the horse is both you wait until everything's gone horribly wrong and then you're trying to trying to fix it and it's really. We should have been doing sourcing things out before so that the everything was sorted out and yes that goes again to look after hormone health. You know all the way through and for men as well you know we talk about women. And i see a lot of women but i do see men who suffer from stress and stress impacts on testosterone and causes fatigue and effects physicals strengthen goes weight gain so it affects all of us so even younger people who might think. I'm getting away with with my bad lifestyle. But they might be putting the pounds on might be feeling with tired. The state might be more park. Minted so i think all of us need to take ownership of holman's if not a case of all i'm getting older so these things are going to happen to me. It's it's a case of to an extent. But they have to governing the. I feel better now than i felt when i was younger. I i was just always busy and stress. And i didn't particularly okay. I didn't couldn't do as much so to enjoyable exercise. I did such long hours as a junior doctor so it was just work and busy and then you know. So now i actually. I would really long hours actually. But i prioritize my exercise to make me feel good and prioritize. Sleek routine when. I can you know so. I try a nutrition and happy times times of friends. Obviously that's all on zoom now or walk with a friend but prioritizing d- time to be really downtime to enjoy and i think i got that bounds much better now than i had ten or twenty years ago so i used to an extent getting older and so maybe but i think it's i think it's matter and you said as well they're about the human replacement therapy sort of cocktails to yes. Yeah yeah and you said you know that one supports bone health and this one's vascular health but to talk about having agency and those are the things that you can have an impact on with lifestyle choices like exercising an ice that to an east before we started recording listeners. I said well. I make sure i lift weights. Maybe not too heavy heavy heavy ish three times a week because i feel like that's going to stop me in good stead because i know that would be good for my bone health as you know i talk in my book about the fact that if effects this is was a pill it would be a bestselling yet you know. The pharmaceutical company producing not pill would be you know at the top of the list. Because it's it's gotten no downside at all no side effects. It's just got only benefits and it's about on world that. Stop us from doing that really. We're not doing movement because we're sitting at desks and yes exercise. An does exercise helps you bone house cardiovascular health. Everything reduces the risk of all long-term long-term conditions. You know regular exercise a so. You have to do a minimum of the minutes walking every day for at least five days a week but is proven to reduce long term risk of cardiovascular disease and stroke depression it reduces the risk of mental health issues long-term Several counts diagnoses diabetes. High blood pressure in all of these conditions which we ended up having to treat and again. It's reactive not proactive. Wind up having to treat them but if we actually looks after a house we wouldn't end up meeting the the the treatment a lot of time. Not all of this. I'm in there are other factors. Said if you do end up with high blood pressure and you've done everything it's not your fault but you probably won't be as bad as it could have been if you look after yourself. Let's talk about another area. Actually at how people might treat things because it's very well for us to talk about the gym kit that we have in ohio in the exercise that we do. But i know if i've ever gone through a period of stress or maybe if i've ever felt felt i think i need something my first book is only your supplement and i feel as though the supplement industry does very well out of menopausal women peri menopausal women off Supplements that can be of assistance. In this instance. Yeah definitely and i think. The best to every that supplements had with in terms of menopause symptoms and the the i really see benefits from. I didn't mention this a symptom but brain focus a common sense of menopause. But it's it comes into in stress as well. Enough women in menopause are often under have challenging lives so brain folk and fatigue symptoms. Which if you're a bit low on bay the two men's on zinc selenium i n i iden- the several different essential micronutrients. That if you're deficient in those the mike just add to your burden of symptoms of fatigue and just just failing not really focused and some of those. Also if you're deficient in vitamin a deficient your immune system might not work quite as well. The day to run on bitumen d for example and zinc require clear. They support healthy functioning. Immune system vitamin c. But we again. We just don't think about that. I mean and vaccines are very important. But actually regarding infections you're less likely to get an infection like a cold or cough if your immune system is in a good place it last lost to show to time and in menopause if you get flu when you wiped out for three weeks that's horrible if that happens two or three times a year. That's horrible so if you can minimize guessing cost colds flu by supporting your immune system. That helps it will help with your energy. it will help with your wellbeing at my. It should help with brain fog as well and because of stressing alumnis is a lot of people who have borderline low four late borderline lay b twelve and then it might not be so deficient that they're gonna drop down dead from that efficiency but that deficiency may be just contributing to some of those symptoms and treating can improve that the big question is what supplement to take. And you know. I'm not nutritionist. And they're all. They're all lows of supplements out there. And i think if you'll vegan gluten free dairy free. I think this this very good begin. Victory supplements that you can take. And what i don't like to recommend is feature. Take twenty five different. Essential micronutrients secretary tablets. Because you've got a filler with chemicals in every single tablet so you just absorb that many whereas it's actually quite easy and you'll see that it's easy for all of the companies to make a multi vitamin with minerals at what they call an eight zetsche and that will have twenty twenty-five essential micronutrients an and again the marketed for women's health. Men's health or menopause and the difference is they'll have like more b-vitamins if it's for women's health or something like that and but really if you can get one if you've got a healthy diet and you can get a complete ages at supplement of your choice that has those twenty five essential micronutrients in that. Will i think the most people will. It will help stave off. Maybe the cough cold will make them feel a little bit. Will energize help with with brain. Faulk sinton's those supplements are not going to help with hot flushes. They're not going to help necessarily with mood. But they'll help with just and that could just help with your wellbeing anyway and the other supplements and this of the omega three oils are really really good for cardiovascular health and may well help with mental health and mood so many people can choose to take those. There is evidence for these things. I spend my time half my time trying to persuade people to take supplements because they ceo took him for one can be bothered. And then i spent the in how much i'm saying. He don't need fifty seven different supplements every day. Can you just don't reduce zip it. So it's about a happy medium and the me the the the the absolute gold standard minimum would be an ages at supplement omega three fish oil equipment and the extra vitamin d. Because we need more david than is in any ages at supplement bateman day. The menopause is more important because of bone health. But it's also really important for immune function as well so those are the three sorts of minimum. And then there's lots of others that you can take natural supplements to help with menopause symptoms. Which last based on the evidence but some women gain benefit like say jaw saint john's wart or lots of a red clover. There's this the several. I mean you. It could go on and they went. Went for everybody to choose what you wanted to take. Actually someone mentioned in the facebook group. I said i've been told about red clover. I can't find and this is true. You can't find an explanation of why it is that it might work. What is the what are the applications of red clay. Why do they think. It's quite good for menopausal. Well it's it's got it's got a contains. A plant based sort of easter genyk stay role which is like an easter genetic compound which has very gentle mild eastern genetic effects. So it it's it's not it doesn't increase the blood level of east eastern but it has effects which probably helped with eastern in the cells so it seems to help with sleep and sweats. Night sweats particularly but again. There are some day to to show it but it's used. It has a significant improvement in my patients. Some will find it. Say it's really good and someone said to do anything. So it's a bit of an individual thing i guess so but no i. I often recommend especially to women at got quiet a symptom so we'll start with lifestyle started lifestyle and then sometimes you try some of the supplements like red clover. Sorry i lost you there where you said i sometimes prescribe it to women who and then we lost. I who who. I sometimes describe and red clover to women who will say to me. You know. I don't want to take any hormone treatment. At the moment. I just want to try. And do things is naturally as possible and redcliffe is very natural. Lambasts supplement that you can take so. I'll use it with. I'll give up provide lifestyle approaches and then Out in the my the eight hundred supplement and clova. Yeah what if someone's listening to this and they're thinking right based on listening to this conversation. I realize now that i have been struggling with symptoms for years. Is it too late for me to go to my doctor. Is that too late for that person. Someone in the facebook group actually said it's been eight years my last period i've never taken. Hr t but maybe i should. Is it a doctoral. They say like all caso pain relief. When you're crowning so depends on your age. So if you off your last period was a is go when you were forty five. So you're only fifty three then obsolete. Play if you're struggling with symptoms new life is busy and challenging than you should consider it the problem with hr not the further away from you. Natural menopause is an this is a bit more complicated at scientifically based but east region has different effects on the lining of blood vessels depending on orage and depending on whether or not we have existing damage to blood vessels. And that's we got older vessels. Just get further just naturally. It's natural aging but accelerates after menopause when estrogen drops so in women under the age of sixty if they're started on hr it. You know within a couple of years up to six years of is from the last period it should protect the heart and blood vessels in with symptoms. If you start on jetty after the age of sixty and if you've had your menopause several years before the data suggests that can actually accelerate heart disease and that's the group that can have the problem. So that's part of the group that we found twenty years ago in the studies that was talking about the beginning showed. Some women were coming to harm from may ati and that's partly because of the The the recall. A u shaped curve dichotomies effect of of of eastern on. We the endothelium. Which is the blood vessel lining depending on whether you're or whether you look vessels are older. So yeah i kind of depends on a number of things it certainly worth discussing with your gpa. An in will stop. If a woman that i see is really suffering. And she's in her early sixties and she hasn't had not. We discussed the pros and cons and risks and benefits. And i will talk about if there's any cardiovascular risk and of course if you're if you have no other cardiovascular risk tool than the benefits may well outweigh the risks and starting at ut retrial. Six months is not gonna do any harm at all and yet you'll vote if it you'll go. Wow this has changed my life. I'm not stopping a don't care or you got didn't really do anything. So if i'm increasing my risk is no point. So i think at trial is a nine. If women are given those trials more women should get those trials if the suffering the symptoms. I thought another really interesting. Things that are related to that with the was about an. I can relate to this i we used to be prescribed the pill for my whom owns an. I decided a few years ago to come off that. But there was a woman in the facebook group in the fifties and she takes a a a type of pill of the pill because of the health issues to do with Heart disease and dementia. And so she said she's asking about hegyi. Entertain the idea of a tea but if someone's already using a pill for some sort of health management can they transferred h. o. t. Yeah i mean to be honest. H is so the combined contraceptive pill with estrogen and progesterone shouldn't be used in women from fifty eight. Use it in women over forty to be honest because the blood clot can be higher. So i don't know what may be a progestin only pill that she's been given because that is deemed to be safe in terms of blood club safe compatible with combined pills so she may be on a progestin only pill and so nicky said jerez jobs. It depends on individual circumstances but depending on her age and what what the underlying health issues all that. She's she's treated for it illogical to be on a pill contraceptive dose pill. Because that's a high dose medication and angel is much lower doses and can be given very. Oh yeah h shot is much lower dose in the pill and the pill is always synthetic hormones. It it's very simplistic. We're as many of them in pill. Preparations are natural in the licensed by bio identical body identical to our bodies produce. And i would have thought that would be much safer longer term in terms if this she says dement you said dementia racism chalets. I'll be specific because you've addressed in so she says she's just fifty and she needs from combined many pill but she's worried about losing the easter dinner. She has a family history of heart disease. Dementia and my gpa entertain the idea of hr it estrogen replacement not slash eastern replacement. For at least six months pretty down haunted about the potential side effects of the mini-pill. If i want. Is there anything i can do. And then yeah say. She's so she's so if she needs contraception. We normally say if we're not sure whether or not you're in menopause. You probably need to take contraception of some description through to the age of fifty five life so the gp's obviously wanting to start the progesterone any pill and see what happens but then that would have any periods on that note. She went as she has. That could do blood tests. But yeah i've seen problems coming off the because she will hurry. Sturgeon may well absolutely crush down so this different options for that could have a marina coil putin for the contraception and then take skin patches. Skin j.lo's can spray east region. Which is very safe very safe. There is no reason a fifty year old woman couldn't take skin patch skin. Johnson she just if there's risk factors she may not be able to take tablet estrogen. The you mentioned the marina coil. Then that is probably the thing that i get asked about the most whenever i do show who makes it seems a lot of people have it so i'm just literally gonna scan through the questions because a lot of people talked asked about this in particular does seem to be something that's prescribed is scarred the right way so i i am. It's a lot of women in the group who submitted questions of talked about having the marina. Now can't find any of those particular questions for some reason but it does seem to be something that a lot of women are given the marina coil. And does that have any implications on how they might experience the menopausal. What the next step might be so well. I really like it. As as a treatment for heavy periods in women in that props in their forties. Who saying yeah. I've got heavy periods and a lot of symptoms might would you to the heavy periods and maybe even nimia rather than any peri menopause. Che heavy. now. If you have a marina coil you take away. The periods altogether Doc the idea anyway or they become very light. And the what. The marina quill does is it protects the The womb lining from the effects of east trajan trajan will stimulate women lining. So if you've got a womb and you have marina coil you win lining is protected so you can then just take estrogen on its own systemically. Either through the skin or tablet. And it's just a much safer way of taking. At through skin pap skin gel will spray and estrogen. It relieves symptoms of menopause. You can actually stop those as soon as you symptoms occur. You don't have to get blood test to prove alone eastern. it's very safe can titrate symptoms. So the marina coil is fold it can address heavy periods and it's contraceptive so in you forties hummed even many women and then If you need a not you've gone very safe. Preparation of east rogen. And really this certain under natural minerals as there is no risk and this data ready very favorable on long term risk with with transdermal estrogen and and the marina coil and the family connects will usually allow you to have it to fifty five got patients who got marina coil. Who who are much kicked popping it put back in because they want to continue the same regimen who are older who were in the sixties. It does vary from from area to area. But yeah i i. It doesn't it's not. It shouldn't really be absorbed beyond your uterus. It's not it's not. The marina isn't going into your body and giving you any. Hr but it takes away the structural physical symptoms of periods. Which is really nice if you get into that stage. Where pairs of flooding and unpredictable and not peri menopausal that run up to her menopause. So i like it. Quite a few people in the group will also have asked by. Hr rt police breast cancer. It seems to be that in all of the instances. I'm trying to scan quite a lot. And i don't have an screen also. Have you open. But it does seem to be. in many cases. doctors aren't happy about prescribing. Hr it to people who had breast cancer or cancer. Is that iraq soap with breast cancer. Most breast cancers are each trajan driven. So if you have breast cancer and you have you treatment. You may be in remission but the problem with breast cancer is that it's unlike many other cancers in the eastern cancer cells can sit dormant for years so you can get dot com back five ten fifteen twenty years later which is very unusual compared with any other cancer so which is why am myself included. Many women a given treatment with tanakh is an easter. Jim receptor blocker for ten years. Plus after breast comes even if it's early stage so generally breast surgeons and oncologists don't like the idea of giving eastern if possible in women who had treatment for breast cancer because the have been a number of studies that have suggested in that group and there are. There are data on that in the british medical society for view that recently that then they are more likely in the long. They're small studies but even at a small studies. Is that showing the significantly more. You're more to get a recurrence and if you get a a recurrence that means it. Celica a secondary. It's the stage four. So if you get a recurrence than incurable. So it's more risque to take a judge not if you have had breast cancer. It's that's not to say that. No women who've had breast cancer can ever be given easter generate jobs. We often give estrogen via pessaries for vaginal symptoms. And we call it your genitals Symptoms related to menopause in women who have been treated for breast cancer. Because that's actually looks as it's pretty safe for all up to five years. Certainly we've seen that can and those symptoms can be quite problematic in women who've had breast cancer addressing those. That's a safe way to give it. That's not a go through the whole body. It's just going into the china. And then i have patients and i think most of my specialist colleagues have patients who we've gone through every other alternative that we could give for the symptoms that the woman is suffering from and ninety percent plus of patients. I see who say on really struggling. With menopause of had breast cancer really struggling will go through treatments and we'll get treatment. That doesn't include. Hr it that works mfn and there is a very small proportion a nothing works and in that situation we will consider giving chelsea but will always say. It should be a multidisciplinary decision. It shouldn't be just every gp saying oh. You've had breast cancer yard. Just give you extra tonight. That's flippant that's dangerous that is going to increase the number of women with secondary breast cancer. Ten years down the line so that is a risk. But if you are being managed in multidisciplinary teams of the breast surgeons horman specialists in there and the ecologist in the nurses than i if they've made sure that they've done everything possible in your quality of life is being mass effective. Then they will give you a trial in one very closely so it can be done. But it's not a flippant decision. It shouldn't be an eight. Should be by people who are really experienced in the area and know what the risks because every woman is different. I mean some women may have loa risk of recurrence but the problem with this type of breast cancer estrogen. Breast cancer is that it does come late so you might be on it. You might be on treatment for two three four five years and they might say i was fine and then seven years later you get secondary saying that's what we always wanted to try to minimize the chance of that happening okay. But they're all options for somebody who had a cancer or breast cancer too much. Menopause and menopausal symptoms will summit got missiles so some gynecological cancers women who are initially told. You can't have sheltie because you have this particular type of cancer. And actually if they questioned specialist. It should be a specialist that questioning. Can i really not have hiv. Often they can have it an ideal with many women. An my coaches who are referred to me from oncologists and they go. You know this this type of cancer. Can she have a jetty for other types of cancer often. You can't have not even relate kansas but it's just breath comes as the sort of out. It's the exception because it can run bucks are late and canada. Things be done absolutely. I'm an example of that. I've never taken h. o. T. so an i use my lifestyle took this this medications that can be given this quite a number of different medications. There are antidepressants. That have been shown to help sweats and mood and sleep. But it's not just unto. And as i said to you earlier i don't want every woman to be offered then in some situations it can be held if you've just had a concert diagnosis. India suffering from menopause symptoms. But this other non an antidepressant non medications that we can give that can help depending on what that woman symptoms are so if if it's insomnia the treatment might be different from if it's low mood from if it's sweats and i've got a whole load of different medications at my sleep. The i help women. And i think i was saying to you before as well that i'm working with one of our regional breast cancer services to try and save. We can set up better. Menopause management done very well in. It's not something that gp can do. Shape should be able to see women who are otherwise healthy and invest comes through suffering from symptoms and be able to offer them the lifestyle advice. Hr the breast cancer survivors unique cohort. Who should be given specialist monitoring for that and it's not really available at the moment widely it is in some areas so i'd like to see that change and then the other thing that's come out of the groups that have one of the trends is people talking about how they perceive on lots of way and nothing that they are doing is helping no diet. No exercise is making a dent in it is that is something that women might experience. Is this the report is legitimate. If this is just a thing of people saying i'm putting on loads of way and one woman saying it's so depressing because i'm walking out loads and i'm dieting and i just have to wait and cautious. So it's it's. It's a bit of a narrative. Answer nigerian cover this in my weight management chapter in the book but matt metabolism goes down. But if you're in distress whether it be just life stress or whether it's because your basically training so a lot of women will go. If i delayed exercise. I'll lose weight so they train and train and train and train and they're putting into so much stress that their body senses this dangerous cling onto the calories. So if you over train you less able to lose weight and women will come to me a little half my fitness pal mill. Look unburdening five thousand calories each in two thousand and i'm gaining weight. How can that be. And i say well the my fitness pal isn't taking account of your metabolism your stress response in your insulin levels. Because our bodies can be very effective at protecting us from starvation. And it's not fit for purpose in our world. But when you're in menopause your body senses that you'll vulnerable starvation but when keller's plentiful we can come down o metabolism and by magic not lose weight when we should be losing so it's quite difficult and overtraining is a problem i often have to say. Do lower impact don't do the higher impact and he can sometimes be more hungry so you can be eating healthily but you can be more hungry and perhaps even eat more calories if you're if you're really doing a lot of training and other stress if you can do stress management techniques it just calms your stress levels down and if you have anyone who's really unhappy as of their life in a relationship and they say i'm going to lose some weight and they just lose it it's easy and then other people who are doing everything possible and cottigny's and stress again. I talk about that stresses back to their stress. Brilliant chapter in the all about stress. Now i know i've taken up a ton of your time. Do you have to let you go. But this has been so helpful and genuinely i really appreciate. The tone of this doesn't have to be the end of anything. This can actually be the beginning of something quite exciting. I really loved that. You bring that tone to going through the medals even though it has its challenges the Talking about your patients and you might as well just saying life on the slider life in it and threw. It is good. So don't think of it. As being something bowed negative absolutely absolutely in an you know i feel it myself but i do see it with my patients and you can look at my reviews and what my patients say. They say no. My life is so much better now. And it's it's so good and that's how it should be. We should be doing everything we can to live our best lives. That's what we want to do. Well thank you so much listeners. Obviously the links to the book and to chinese into has social media and everything. We'll be in the shadows but it's been such a pleasure. Thank you so much for joining me. Thank you so much for hopping. Math really enjoyed it. Thank you so much for listening. I do hope you enjoyed that conversation with a nissan. Me if you would like to get in touch with me. Email me at the beauty. Podcast at g mail dot com. I have to tell you how much i love hearing from me but i do if you fancy a less formal form of communication than just. Dm me on instagram and twitter. Where i'm at amazon's or if you chat to me and thousands of your fellow listeners. Then click the link in the show notes which can be found wherever it is that you are streaming and downloading this episode and join the facebook group. You have to answer. A question agree to the form rules. And then he can come in and chat about kiani reefs hormones diet exercise beauty products. Whatever it is whatever question you might have trust me. There are thousands of people in there with some really useful insights. We would love to see that. Thank you so much for listening. I'll see you in the next one.

endocrine disease hormone polycystic ovarian syndrome smith aji simpson diabetes insomnia fatigue kotecki mukherjee henrik breast cancer isa insomnia morial severe fatigue bester berlin confusion hawks perry Salinas
Monitor Show 22:00 02-12-2021 22:00

Bloomberg Radio New York - Recording Feed

01:42 min | 5 months ago

Monitor Show 22:00 02-12-2021 22:00

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