21 Burst results for "David Stein"
A Discussion with David's Former Investment Firm
"Welcome back to David Star. Great to be here. Thanks for having me. Yeah we'll works cited. We could we need some help with this podcasting thing and before we do a deep dive, we thought maybe we start out with the effigy year. So first things first, you often reference at Bejesus has not by name but your previous job. So listeners, what did you actually do it E. G. DE MATURE? So I joined Effigy Nineteen Ninety five it was a very small firm at the time only twenty five employees and then I was there seventeen years left in two thousand twelve and at twenty five person firm We pretty much did everything everybody did everything? So I was an analyst consultant. Research then I became a partner in nineteen, ninety eight eventually was on our effigy executive committee for many years I co founded what became effigies Osceola effort at the time it was called managed portfolios, and so I oversaw portfolios and then when I left I was. Co leading the research group is chief investment strategist and chief portfolio strategist. So it was it was a great. Have Very fond memories of a years at effigy and learned to bunch. He is you even prior to your came up we were. Looking at a research report and I said, well, how does that researcher Borno Greg is so old it David Stein road like oh boy. Update that one exactly a what are some of your favorite memories are lessons learned from your time at you? As a young firm at the. Twenty five employees there's always been very low turnover both from co workers, partners and clients, and so it's just it's those years of being with colleagues and clients and the trust that you. You have in in your fellow co workers and that that's one thing I miss about not being with a firm is just the trust you have in your fellow partners. What learn was just we were all curious. And we were all trying to figure out how invest markets work, navigate, increasingly complex capital markets, and so I I really liked the constant change and that's that's one reason I got into investing instead of having to move to the next job all the time. Everything else was moving around us in terms of how markets revolving and so that that was great and the big takeaway from that is as you know, you learn humility as an investor and and the reality is no one really knows what's going to happen. I thought when I was an advisor that I had to know that like people were paying me to predict the future and you realize that you can actually manage assets an allocate assets without having perfect foresight. There's ways to manage risk and to do that and make decisions and just recognize that we don't know and the humility that comes from that longer you invest. Great there's definitely a difference between risk and uncertainty, and sometimes you you just have to embrace the the uncertainty and I thought that was that was very well said I certainly recognized I know a lot less than that I, thought I, did each year. I know less. Is a great a great mark I remember the day we're we're at A. Orders RETREA. I'm just GonNa retire and your whole life David. You're you're too young to retire like. See Retire and do what you did immediately. Turn podcasting you retire what happens next. Well now. So I left in two thousand twelve and I launched the podcast in two thousand, fourteen I I spent a couple years writing about investing I was a number of. Businesses. I started. Shut Down Because I. Was Afraid Somebody would hire me I had been investment advisers for so long I just I loved investing I just couldn't find. The way that wanted to continue to do it without. So I didn't have to manage assets and have that that Wade of that fiduciary responsibility i. was a guest on a podcast in two thousand fourteen realized that that was kind of fun because what I missed about. Effigy was an opportunity to teach to go to. An endowment, Investment Committee and to just talk about investing and talking about our latest research and so. After that guest appearance few weeks later, experimental launch a podcast though structured kind of like an investment committee just not do interviews do more a solo show twenty-five minutes talking about money the economy investing and at the time. Everyone, was more people were getting smartphones, they had data plans, and so I saw a shift. And podcasting timing turned out to be very good. As, there were not really that many investing podcasts. At the time and so that that's what I've been doing since. So it's been six over six years now.
How to Not Have a Lost Decade
"Welcome money for the rest of this is a personal finance show on money how it works how to invest it and live without worrying about it. We host David Stein today's episode three, fourteen it's titled Don't have a lost decade. Recently, got an email from a new plus member. He says he's treating the material on the website like an online college course but he had a question he wrote that he's approaching a crossroad in his life and he would like to prepare himself for that crossroad. He works at one of the Best Public Gardens in us as a horticulturalist he's been there three years makes forty three thousand dollars per year has four weeks of vacation full healthcare and Hsa they have a four zero three. B. Defined contribution plan where he gets a six percent match his boss enjoy working with him and he enjoys his job. This member also has his own business, a lifestyle business providing premium horticulture services for high end properties. He started in two thousand nineteen gross four thousand dollars and anticipate grossing twelve thousand dollars this year he has no debt. The only thing he owns he says, that is worth. Any money is an old pickup truck that's worth about three thousand. Is roughly eighteen thousand, five hundred dollars in his defined contribution plan and using the online tools on money for the rest of US plus. That, he's on track to retire in his early sixties. y'All says about two thousand dollars in a savings account pays two percent and about fifteen hundred dollars in a wealth front Robo Advisor. Account. He's living on about eighteen to twenty thousand dollars a year. After contributing to is defined contribution plan and health savings account, he brings home about twenty, eight, thousand dollars but that doesn't include is overtime bonuses or the work in his business. After taxes and contribution he estimates that he's bringing home about thirty, five, thousand dollars with everything, which means potentially he could save fifteen to seventeen thousand dollars per year and certainly ten thousand dollars per year. He writes for the first time in my life I'm not living paycheck to paycheck am planning for the future. The business I own. Now as a hobby passion, I turned profitable. It has been a great space for me to learn and have done a lot of just that but it ultimately is a glorified landscaping business. What they really want to own is a retail nursery that one day will become an event, an education centre as well. I turned thirty two months. I thought at this point I would go beyond an entry level position. I thought I would own my own house and maybe own a business full-time. Those goals seem so far away. The question I want to pose to you is, how do I get from where I am today to owning a five to ten acre property that can use to develop into my next lifestyle business as soon as possible Had An additional investment question that address in a few minutes. I he's not in an entry level position. He is a master, her cultures he's studied it. He learned a lot of those skills working at an organic farm and Tasmania. Got, his university degree. He was admitted to a professional horticulture program at the Public Garden where he works, he is very, very skilled in all aspects of landscape design and gardening. and. There are a lot of people that would be very envious that he has his amazing job working in horticulture and one where he can listen to a lot of podcast which he does. In order to answer question I want to compare to couples I know I've known for about a decade. This particular members approaching thirty. He's looking out over the next decade. What has to happen so that he doesn't have a lost decade and can reach goals I'm positive he can reach his goals.
Coins and Cash: Shortages, Hoardings, and Threats
"Walking money for the rest of us. This is a personal finance show on money how it works how to invest it, and how to live without worrying about it. I'm your host David Stein today's episode three, Zero Eight. It's titled Cash Coins. shortages. Forty and threats. Weeks ago, my daughter and I were at a bakery buying a couple of loaves of bread. We didn't have the exact change and they didn't have the coins to make chain. So they rounded down, we got a small discount. This week I was going through the McDonald's drive through, and there was a sign that said due to treasury shortage of coins, use credit or debit cards. Round up to the nearest dollar, donate the different to Ronald McDonald house charities or use exact change on cash transactions. There is a coin shortage in the US right now. Federal Reserve Chair Jerome Powell told Congress last month. What happened is that with the partial closure of the economy, the flow of coins through the economy, it has gotten all. It's kind of stopped. We've been aware of it. We're working with the meant to increase supply while working with the reserve banks to get this apply to where it needs to be. The Agency of the US Treasury responsible for minting coins is the US. Meant it was established in seventeen ninety two by Congress when it passed the coinage Jack and it chose Philadelphia as the site of the I meant. Now, the US mint operates production facilities in Philadelphia, San, Francisco Denver, and West Point. Every two years, Congress requires US Treasury to give a report on the US mint its budget and its cost to produce its coins. In twenty twenty, the US meant projected that it would produce fourteen billion circulating coins. Including eight and a half billion pennies. One point, three, billion Nichols two point, four, billion times. One Point, eight, billion quarters. Now. Due to the coronavirus pandemic, the US mint cut back production of circulating coins in March and April. Year to date through July, they had produced eight point, two, billion coins. They said, they were back up to full capacity by mid. June anticipate producing one point six, five, billion coins per month. That would equate eighteen point, one, billion coins. But here's the thing about circulating coins in the US and other countries. The meant only contributes a relatively small percentage of the new circulating coins each year twenty, nineteen, it was seventeen percent. New. Coins. Going into the supply chain? The remainder came from third party coin processors are recyclers as individuals by things they get back and there are machines where you can put your spare change and it will sort it and this recirculating process. Make sure there is a sufficient supply of coins that has broken down. A couple of weeks ago, meant issued a bulletin, which said, we ask that the American. Public start spending their coins, depositing them or exchanging them for currency at financial institutions or taking them to a coin reduction kiosk. The coin supply problem can be solved with each of us doing our part. This isn't the first time that there has been a coin shortage. There was one in the early nineteen sixties in the US.
Income Share Agreements - Good For Students or Investors?
"Welcome money for the rest of us. This is a personal finance show on money how it works, how to invest it and how to live without worrying about it. We host David Stein today's episode three seven. It's titled Income Share Agreements. Good for students. Or. Investors. Over five years ago and upset forty-five of money for the rest of us. I introduced income share agreement as a way to partially fund college. An income share agreement is a contract where individuals agree to pay a certain percentage of their income for a set period of time in exchange for an upfront payment that is usually used to pay for education cost but can be used for other things. For example, a line income share funding says that you can get an essay for home repairs, debt consolidation, paying a medical bill or even planning your wedding. Not sure I would do it income share agreement for most of those things. They are traditionally us to invest in what is known as human capital, our ability to earn money by getting more. Education. Another name for income share agreements is human capital contracts. Income share agreements were first proposed by the economist Milton Freeman in a nineteen, fifty, five essay titled The Role of Government in education. He wrote vocational or professional education is a form of investment in human capital precisely analogous to investment in machinery buildings are forms, of non human capital. Its function is to raise economic productivity of the human being. If it does. So the individual is rewarded in a free enterprise society by receiving a higher return for his services than he would. Be Able to command. We discussed this concept summit upset to forty five is college worth it. And determined, there is a positive financial return in investing in human capital. By attending college, you can earn more, you build your social capital, your network you gain knowledge. Having a college degree allows you to pass filters that many companies put in place with their hiring practice in that, they only hire individuals with college degrees. Freeman continued. If a fixed money loan is made to finance investment in physical capital, the lender can get some security for his loan in the form of a mortgage or a residual claim to the physical asset itself, and he can count on realizing at least part of its investment in case of necessity by selling the physical asset. In other words, the lender has some collateral that could be sold in the case of default. But Freeman a problem if the loan is made to invest in human capital. He writes the lender clearly cannot get any comparable security in a non slave state the individual embodying the investment cannot be bought and sold. Freeman then pointed out that because there isn't collateral that the interest rate charged on student loan would have to be sufficiently high to compensate for the capital loss because there wouldn't be collateral and that the interest rate would have to be so high making the loans unattractive to borrowers. Now. A solution was found. Federal guaranteed student loans. The total US Student Loan Dad. Private and federal is one point six, four, trillion dollars. Only a hundred and twenty, four, billion of that one point six trillion is private. The average federal student loan debt balance is thirty, five, thousand dollars and the default rate is high. Eleven point one percent. It's particularly challenging for individuals that have taken on a lot of student loan debt to pay off. A Brookings Institution study from two thousand eighteen found that the median borrower who had less than fifty thousand dollars in student loan debt in the early two thousands paid off the debt within ten years. While the median borrower, they had more than fifty thousand dollars in student loan debt ten years later still owed about seventy, five percent and most of the students falling behind on their student loan debt are those that have a balanced greater than fifty thousand dollars. Friedman's proposed solution income share agreements. They weren't necessarily called that, but he said that. A contract could be structure where an investor would buy a share in an individual's earnings prospects. To advance him, the funds needed to finance his training on condition that he agreed to pay the lender a specified fraction of his future earnings. In this way Friedman wrote, a lender would get back more than his initial investment from relatively successful individuals which would compensate for the failure to recoup his original investment from the unsuccessful. There seems no legal obstacle to private contracts of this kind even though they are economically equivalent to the purchase of a share in an individual's earning capacity and thus to partial slavery. These. Agreements have been criticized perhaps not slavery, but certainly indentured servitude. Although Miguel Palacios yet us in his book investing in Human Capital felt that the analogy to slavery or indentured servitude was incorrect because the students retain the full freedom of action they're not forced to stay in a given job or even a work in the field in which they trained in. So they have the ability to to work anywhere they want.
"david stein" Discussed on Thrivetime Show | Business School without the BS
"Here we go. It's time for deep thoughts from David. Stein that will blow your mind. What do you think that's as it were? I think is sexy. I buy it okay. Here we go to cop deep thoughts in your book here money for the rest of us but I would like to hit on three in particular here if you can't explain don't invest. What does that mean. Well that is that comes from one of my its clients with the College Foundation. Had about two hundred million dollars in and the head of the committee the Investment Committee. That's what he told me is if I can't explain an investment to somebody that's not on the committee then. We shouldn't invest in the academic research. What it shows is just the act of explaining something as simple as how a zipper works. Once we tried putting words to explaining it it humbles us and so by explaining it. We we realize there's some things we might not know and so we're less likely to go. You know sell all our assets and go buy bitcoin because we think this is a great opportunity or a guy I i. I mentioned in the book. A furniture salesman that was way more excited about trading options and futures learning how to do that then selling furniture had never saved his entire life. You know you had a you had a defined contribution plan our 401k plan. He could have got one hundred percent return with the match and yet now he's sixty five. He doesn't have any savings so he pays a trading academy twenty five thousand dollars to learn how to trade options and futures. Now that's crazy. In fact I went to that same academy just so and sat through four our class so I could figure out. How could they convince somebody like this to to pay twenty five thousand dollars to learn? How to trade? Jeez and they were and they were very upfront. When it comes to trading they actually had a patent and you can go to the patent office and I looked it up. And they're patent says successful traders exploit naive traders and this whole trading academy and all these people trying to learn how to trade there being exploited and so the other reason to write. Write these books to keep people say that they don't get exploited. They can focus on things that actually work when it comes to investing. Let's talk about the math and emotion of investing the math and emotion of investing. A you write about it in your book. Break it down. Well in with all investing. There's rules of thumb so simple things that we can follow. You don't have to be an expert to be an a good investor. We just need to understand the underlying principles and we talk about the math. There's really three things that derive that drive. All asset class returns be at stocks bonds. Real estate the first is the cash flow. So how much income? You're getting the interest dividends rent. That's the first driver. The second is how is that cash load growing over time is rent increasing. Our earnings going up our dividend growing up and those two components that just math. You have what the income stream is and you have what how fast it's growing. That's a big component of of returns. The third is emotion. What are investors paying for that cash flow and that cash flow growth and within the stock market that sometimes called the PE ratio the price to earnings ratio but what are investors paying for that earnings and that tends to vary much more than the income and income growth or the cash flow growth? What people are willing to pay and so you get example the financial crisis you know coming out of the Financial Crisis. Two thousand nine people didn't want stocks at all. Yup are very not as much and so they were the the cash flow the multiple. They will only pay was very inexpensive and it and it was a great time to buy because the the less people are willing to pay the higher the expect to return as long as that income and that castle is there. And that's exactly what happened. Is Why a decade later the US stock market has returned twelve percent. Annualized if we look at where we are today we're not going to get twelve percent of the next decade because we're already very high valuations which means the workhorse of our our portfolios over. The next decade is going to be the dividends the cash flow and how fast it grows and the thing about the stock market is a cashless. Don't grow any faster than the economy grows and economy in the US around. The world doesn't grow very fast. You know four to five percent a year. Sure that's right. And you got two percent dividends so you know a baseline assumption for stocks over. The next decade is about six percent per year. What I WANNA do now Z. Are you are you ready to get stupid? I is that I've talked. We need to get is like we need to really really really break this down. So I think we're all we have listeners out there right now who are experts in fitness? Who experts in plumbing experts in photography expert like a genius in that area but then we get into like finances or home repair or something that we're not familiar with all of a sudden we're kind of stupid and we're all stupid and some area that's true. I'll be the first one to say whenever you start talking about your horses Z. The competitive horses that you raise race. I immediately go. I don't know if that means you'll say words like we'll play the horses. You'll say like clay liners and I'm going plunges. Blinders what does that mean? And then now. Now I'm more familiar with but it's not like a first grader in the world of equestrian things but again we all have to start off at a place of kind of a very simple knowledge. So let's let's let's let's do this. Let's get really stupid. I'm going to ask some basic questions that I think are pro. Some listeners might say that's a stupid question but An in Charles. I give you permission. Ask STUPID QUESTIONS IF YOU WANT. You can ask them as well or you could have smart ones. But I want to ask questions that I would want to know if I knew nothing about investing. So here's my first question. Where do people need to start? Where's the plumber? Need to start right now. The plumber made one hundred thousand dollars of profit last year. One hundred thousand left in the bank account after he paid himself salary of eighty thousand dollars. He paid him salary of eighty thousand dollars. He's got one hundred thousand left in that bank account of profits. Where should he invest that? And how can you minimizes taxes? How can he do it well? He should invest in cash. Assuming that he doesn't have any savings. Just start out with emergency fund. Once you have the emergency fund bid several thousand dollars then open an account at a brokerage account or you can use an APP like Robin Hood and you really need only to holdings you can buy one. Stock Exchange Traded Fund. Which is a CO mingle vehicle that for example the vanguard global stock ETF total total stock market ETF that Ticker Symbols V. T. and at owns the entire world. So it it has a close to ten thousand holdings has us has not on us and that your stock allocation and then you can buy a you can either use your Advan guard. You can use a cash fund and starting out you really only need to fund you need a stock fund and given where interest rates right. Now you just need a cash fund and the way to approach it as well. How much do I put into? Stock Fund versus Cash Fund. We'll stocks we saw in. Two thousand eight can lose sixty percent now. It's okay if stocks lose money. That's just because in most of those losses certainly it's because investors aren't willing to pay as much but risk is not losing money. Risk is the financial the personal financial. Harm that comes from losing money. Well this is a young plumber and doesn't have to access the money for thirty years. Then they can put more in stocks. But if they're gonNA retire in three years then they need to say are. I. I'm not really comfortable. Losing sixty percent of my assets. Maybe I only WANNA put a half in stocks and then if the stock market falls sixty percent than my portfolio only lose his thirty percent but to start out the biggest thing is just actually do the savings and you can buy one. You know the two. Etf You got your stock allocation of cash and you're set to go and then over time as you learn more about investing then you can add another but that's all it really takes the. I have one more question for David before I flip it to you and Amber and Charles Cole. Out here Let's say that I own a business with three locations and soon to be four and I find myself being pretty profitable and I meet with my accountant or somebody. Who's my financial by to my. You know somebody who's my financial coach and I discovered. Oh I owe a lot of money a lot of money. You know what I mean. Let's say I'm naming before restaurants five restaurants. I'm doing well and all of a sudden I get to that final quarter of the year and I go man. I owe a lot of money in taxes. What steps to somebody need to do to not end up in that situation again you know. What kind of role should their accountant have an advising them so they don't end up in that situation proactively? Well you as a A. Us based investor. There's only so much you can do. I mean you can set up and work with your accountant is set up You have your your 401k. You can have a profit sharing plan but the IRS limits. I believe the maximum you can defer and not pay taxes on and put it in investment accounts about forty to forty to fifty thousand dollars per year so above that you're gonNA pay taxes and and I tell investors all all the time limit tax paying taxes just part of investing if you have to pay taxes investor it means you're a successful investor. Now you try to minimize them by owning exchange traded funds or funds that have very low turnover so they're not trading a bunch of stocks in generating gains. And you try not to move in and out too much but you be a long-term holder but at the end of the day you're going to pay taxes and if you're a restaurant owner making that kind of money you don't want all that money in tax deferred accounts because you might want to retire early in which case you're going to want money that you're not gonna get penalized for for withdrawing you want some taxable assets that you can invest in a tax efficient way. So they have something to live on if you decide to retire when.
"david stein" Discussed on BiggerPockets Money Podcast
"You have all the facts and shout out to that episode with aaron lowry virginia. My girlfriend said that was one of her favorites so she really got a lot out of that and so if you or someone you know is still learning about investing in kind of using intro that might be a great one to dive into and then follow up right away with this this episode which is kind of i think maybe more higher level more advanced discussion today than there. Yes and that was errands. Episode is is episode eighty one. You can find that wherever podcasts are or at bigger pockets dot com slash money show eighty one all right well so we bring in david and go god david stein welcome to the bigger pockets money podcasts. How's it going today wonderful thanks. Can you walk us through where your journey with money begins sure i grew up in ohio and i was a single family house sold to my parents got divorced when i was young and my first experience with money was it's not having very much at all and knowing you know probably the first time i realized we didn't have anything was we'd get food delivers food stamps and <unk> welfare but just kind of fear that my mother had because she was always trying to figure out how to make money she did all kinds of stuff. She sold real estate back. When interest rates mortgage rates were fifteen percent right so that didn't go too well. She made doll she cleaned houses and so growing up. I wanted to have money and we had a house so it's not like we're on the streets and my mother always said you know if we didn't have that house we would be on the streets but we had that and there was probably about ten eleven. I was reading the newspaper cincinnati. Inquirer is big reds fan and there was a full page ad ad for this guy had a motor home and he's like you can make a hundred thousand dollars a year. You can have a motor home and travel all around the country. This was sort of the late seventies and i'll show you how and i convinced my mother to buy this thing. Would i didn't wanna was like just the secret secret. Now i think she was interested and i was interested and it ended up being a basically books on how to do advertising and so there is kind of a i started trying to launch businesses from really a young age so that's kinda where this story of money began realizing we didn't have enough and that ah the way to solve that was to figure out how to run businesses. What sort of powers of persuasion do you have. That allowed you to convince convince your mom to buy a motor home when you were tet in that's i don't. I don't think it was the copywriter of that full-page cincinnati inquirer ad i showed it to her. She read it. I read it and you know. Maybe i don't know it might have been over over a hundred dollars in an semi these books most of which i didn't really understand but it was sort of like a lie could solve this problem in i and my life and not wait for somebody else to solve it and that resulted in a series of failed businesses. I mean back then. There was no internet asa. I'm running ads in the classified of doing handwriting analysis i'm trying to do. I'm washing windows. I mean there's a combination but surprising most most of it was information products like i offered to do research services and generally speaking nobody bought anything which means very good copywriter but that desire to kind of control my own money does sending never really left did anything of this workout or what was the kind of position that that you may be left high school or entered the next phase of your life in i mean it. Didn't i got experience so that worked out but no i mean the things that worked out best for the ones where i was trading time for money. I was washing windows but things had leverage sort of information products now. That didn't really work out and again. I'm i'm in highschool so after high school actually worked career washing dishes at a hotel which was a very eye opening that was sort of again time for money but eventually went to college. I studied finance minute. What what i found interesting. I remember going to college and like introduction business. I didn't give a whole lot of thought to college so i thought i want a job. I'll study business because this is give jobs and they had introductory speakers. An stockbroker stood up and said he made one hundred thousand dollar the here so he kind of had a six-figure number again. I'll studied finance and unfortunately i realized that i actually liked aspects of finance and that's kinda eventually ended up the investment business and learn to actually manage money professionally that way. What was your financial position upon graduating during college. Is you take on student loan debt. Did you able to get a job. That immediately paid you pretty well. What did that look like well. I worked all through college so i went to university of cincinnati natty undergrad and went to miami university graduate school but we guess fortunate enough and they were still grass so much of it was grants era scholarships but i left school with about ten grand in loans epigraph disco which which wasn't bad you know my my inlaws held my father. The law said here's ten grand go to graduate school. Now i went to grad school with six kids and you do that so just go now and so that helped but at the end of that yeah so then i got a job i mean i didn't know anything i graduated from with an m._b._a. And i went to the placement office and i got a job in basically the credit analyst and so it's very different like my kids now get jobs. It's very very different and my jobs. I i had two jobs adult life. When i got from the placement office a second investment firm i joined. I answered a classified ad and stayed there seventeen ears and then my third job is what i do now so i'm not i'm not the person to go to for data kit chop advice. I did it the traditionally no absolutely so. What was your kind of approach money with these first job at that second job over the like like what are the kind of the milestones in terms of change in your thinking around money over this part career. Were you constantly saving. Was there a ha moment released at the gas. Would you take on any more debt. What was kind of your approach to money throughout this portion of your career. Why in the early years we made mistakes like a lot of people do you know got in the dad cars with health health club type thing and so we had consumer dead and it wasn't until i and i spent three years in corporate and then i went to this kind of this small twenty-five person investment advisory firm. They're not spend a lot of time. I took a pretty big pay cut. I wanted to go investing so badly that i took about a fifty percent. I am pay cut to join this investment firm by they promise double digit wages raises over time and so really no i learn more more about money spending time with investment managers looking at how they research stocks about hedge funds and just observing a lot of observing how i work with a lot not a not for profit boards and observed how at the wealthy react to money and how they act around money and what did they do in terms of money in that you know they're not the stuffy rich people that actually very giving people that is giving their time and money to causes and so in a way we got out of the whole because we increase their income now i became a partner at our firm and so was not with the the fire moment where they're saving forty fifty percent we didn't do that. I mean we ultimately i'd been with my firm. Five years and i was apart. Now we sold uh-huh and then three years later we bought it back at half the price and took a bunch of debt a bunch of leverage that work down and then i got to the point now is hit. My mid-forties kit my number that i could retire and so i quit and that's been seven years ago. That's awesome so it sounds like it sounds to me like is you took a big risk enjoying this firm and then got on the ground floor and then helped grow it and really intrinsically weekly understood the value of the business as well along with the other partners and that was perhaps a primary driver in your in the creation of a lot of your net worth over that period of time. Is that right. I that's true but it was. I mean it might not seem like a big risk now but the time and i was working for a._t. And t. capital serves a big corporation in and you climb the career ladder and the idea of joining a twenty five person firm at least to me that come from kind of a traditional mindset. What would you do that and i remember reading an article by the management guru peter drucker any talk about gazelles versus. I think was elephants right and that a gazelle l. is gonna run fasching way more opportunities and so that that convinced okay. I'd be willing to take this cut and try this and i quickly found realizing business that many people people they don't want to share their ideas they don't have ideas and that people that share ideas and they wanna create value to get rewarded and so with and especially with a small company where people can see yeah i mean there's something that many people they can see when you're adding value and ultimately that that helped and then we took another big risk when we signed personal guarantees not to borrow a bunch of money millions of dollars to buy back our company and there's always some luck involved too. I mean in terms of what i did there. I lounged in an asset management product that did very well that became a third of our firm's revenue so things that worked out along the way is being aware and taking advantage advantage of opportunities that the show up absolutely all right so i mean it sounds like a a a wonderful career what prompted the decision to retire and and go to the kind of your thought process <unk> moving away from traditional plant and your career this verb i remember it was probably twenty eleven and we were having an annual clan conference and i was speaking one of our keynote speakers and i remember giving my speech and why give speed sometimes you kind of have basically your.
"david stein" Discussed on Radical Personal Finance
"Planning and personal investment advice but both of us were involved in fairly mainstream approaches to investing but yet both of us are trying to figure out the answers to these difficult questions as anybody who's involved in the world of investing which is sadly or appropriately all of us and so i hope you enjoy this discussion as we try to wrestle through some of these issues this show does not have a lot of facts and figures we chose to focus on the simple audio discussion but i still think it can serve you you hear this audio in a couple of different parts david show is usually about thirty minutes long and so we were trying very hard to fit that that time constraint for his show but i was still frustrated at the end of thirty minutes that didn't feel like we arrived at an answer so how could an episode radical personal finance be only thirty minutes especially in interviews i i finished the show and then i said david we gotta get to the bottom of this and that's you'll hear the difference in the audio so enjoy this conversation between me and my friend david stein they've signed welcome back to radical personal finance and it's good to be here so a number of months ago i recorded a show talking about the future of basically the us government economic situation the fiscal situation and in that show i talked extensively about lawrence cutler coughs discussion of the unfunded liabilities of the us government and i started the process of declaring my position on the unsustainability of current us government and fiscal policies it's my personal opinion that the us government and the us american culture is affectively bankrupt and that the process of that bankruptcy will proceed forward over the coming decades i don't know a time but it'll take over the coming decades will see that bankruptcy more and more become a pair.
"david stein" Discussed on Radical Personal Finance
"Today radic personal finance have a special treat for you a joint show with my friend david stein who is the host of the excellent personal finance and investing podcast called money for the rest of us back in episode four hundred and sixty six in june of two thousand seventeen i recorded an episode called the usa's longterm fiscal gap and why it matters to you america's fiscal insolvency and it's generational consequences and i read an essay by professor laurence cough i believe i read his testimony that he presented to the us congress on the subject of what is referred to as the unfunded liabilities of the us government unfunded liabilities are those promises that have been made to citizens of promises of benefits but promises that have not been paid for nor has money been allocated to those benefits well have are published that shower received an email from david and he wrote to me and he said joshua i think you're wrong about this and we intended to get together and record it but i pulled off during the fourth quarter of two thousand seventeen and the first quarter two thousand eighteen i pulled back from doing a bunch of interviews and we didn't get it done until now where i recently got together with him to debate this subject so the audio you're about to hear is david and me sitting down and trying to figure out who's right and i think you'll hear the challenge of that david is a really knowledgeable guy he worked for many years as an institutional investor and now of course as is his own private investor and then he teaches investing on his podcast money for the rest of us and i would say that the two of us would represent a fairly mainstream perspective in our experience he came from the world of institutional investment advice i came from the world of personal financial.
"david stein" Discussed on Security Now
"And he said i got a copy of spin right don't recall whether it was 10 were 20 and ran on that machine not only did it recover bad sectors it quieted the drive down quite a bit go figure he said since then i of saved many hard drives over the years the software rocks best of luck i hope you guys sell lots david stein golf and i course he did receive the ability to download a copy of that's true of all of our customers we have a database ooze able to query the database based on whatever information the customer can provide and can then rihan naval uh their ability to download the product i have a feeling once at six point one is starts become available suzy can be very busy uh helping people to regain access two so they're able to download their free upgrade to to six point was i i i'm not looking forward to that but customers are so a few closing the loop bits um oh so stephane core core revault who's twitter handled his nose thumb bowler but what that means is you know the firm of the any polls sozeri finger bore a threefinger okay the bulls the bowling bowls have four holes and i believe wife yes they do or three so your your period as a win they have three wholly us uh that's right at not at that would a feels right three holes.
"david stein" Discussed on WCTC
"Sitting in for my good friend point i'm alan david stein happy happy holiday it is president day candidates told judge marched with birthday celebration but both with considered president days day 7325459282 one triple eight five were five wctc and let us go to highland park steve and good morning fill uh digesting the dinner we have last week yes france has the food yep and i really thank you for keeping your work well of course i i know you have to keep thinking the because your guy in washington doesn't do it so immune it's kind of a unique thing to you never equip the now we does also especially after this week and you know i was half kidding win at dinner last weekend i said well i'm going to beyond the president's day in probably whatever we talk about tonight is going to be like old news is a bunch of new stuff lap in an unforced ordinary over here hear error here but wynn is actually more uh wow she's like she's like you on steroids a wait and wait and then bone great bedford for yet but i got hot upon it was a lot of fun a really well yes it was going forward to doing it again down not counting the days because i'm too old for that get on a rush yearbyyear you know that's that's true in in uh in this time it will be you pain when we uh do this because i'll tell you something let me i mean by the way first of all there's a lesson in this i mean i consider unite mid steve a few times and i consider him a friend now we're on the opposite worlds of politics and i think one thing that there is too much of his people defrauding each other and i'm not talking to him because he either loved trump rates trump i mean now come on each can't you can't let it run you in those maize air now you really can't you really care alexa on.
"david stein" Discussed on Money For the Rest of Us
"Walk on the money for the rest of us is a personal financial ton money how it works how invested in how to live without worrying about it i'm your host david stein the day is episode 1 ninety two it's titled is anything scarce anymore it's the winter olympics and every native speaking korean at those that have learned the language are grimacing when ever and mbc television announcer miss pronounces the host cities name young chung it's what it's called not paeon chang nbc spent nine hundred sixty three million dollars for the rights to air the olympics in the us but it couldn't bother the take the time to teach its television analysts how to pronounce the host city name i cut the cord in 2012 so i do not have cable don't have satellite all the program i get in terms of televsion is really what i can get on net flicks sometimes i i have subscribed to sling in the past and for the olympics i subscribed to who live but still one of the things that scarce in our household is nbc's prime time coverage of the olympics my local embassy affiliate is not or any nbc affiliate is not on who live which means i don't get to see the snowboarding two ice skating could see a lot of curling and speed skating here's what the fcc state on their website your ability to receive a particular station stood termined by legislation enacted by congress and implemented by the federal communications commission.
"david stein" Discussed on WCTC
"Forty degrees add fair good morning wctc news time it's seven o'clock i'm alan david stein the homes of three indonesian christian immigrants and sanctuary at the reform church of highland park were vandalized the reverend south caper dale and immigrant's rights rights advocate who runs the church said harry hang a man's house in highland park was vandalized he also said the home of arthur jamming in sofia tobing a couple of who entered sanctuary in october to escape deportation was trashed all three are living here without legal authorisation pangaman and by the way was recently honored for rebuilding more than two hundred homes damaged by superstorm sandy one of three indonesian men targeted thursday morning by immigration and customs agents he narrowly escaped detainment but two other into asian men roby sangaran who in one on liam were arrested they remain in essex county jail police in bridgewater say a sixteen year old girl reported missing saturday has been found dead although there are no signs of foul play cops of not released a cause of death for the teen identified as francis wong they're looking for to the public as they continue their investigation they're asking any homeowners near chimney rock park that's where the girl was found who may have surveillance video please contact them they're bridgewater police department issued a statement asking that the family be can be given privacy during this very trying time and a middlesex county man is going to state prison for possession of more than seven hundred child porn videos on his computer attorney general your beard jerry well he say a he is saying that matthew deed remain of the scat oh a was first cotton 2016 during a sweep.
"david stein" Discussed on WCTC
"Talk radio 1450 wctc very good friend boy i'm alan david stein good morning cello it is a seven seventeen and chain and just an interesting article in the washington post magazine weekend uh all about how robocaller it's have outwitted the government and completely wrecked the do not call list oh yeah all please and first of all global callers if any of you are listening uh when i after nine o'clock 'cause i fell asleep like one two o'clock when to rugby dukes last night great do opt show charlie warner your amazing with shows you put together um so great music and got home not the late but does still late enough and still you know on cloud nine after the show so i fall asleep like 12 and woke up like a two and involve back to sleep so i'm going to be taking a nap when i get home sanyo robo callers please i'm begging you hold on a my knees i'm begging you don't only play yeah it's going to do a lot of good i love that and on on my favorite is uh you know the whole solar panel recording oh yeah her right at all time yeah and then you know i'll click one is a yeah i want to sign up for all that great error you're the proper now i'm in in a condo all in but you sure you'll do it out a condo because you've called me four thousand three hundred seventy two times to us a really good solar panels not yeah right oh man and it's of and was also for and now at least one thing i will say since we switched from dish network to xfinity aka comcast they everything we have our phone now through comcast and they have a deal where uh it can detect.
"david stein" Discussed on Money For the Rest of Us
"Hi this is david stein hope you're having a great holiday season no regular episode of the podcast this week as i'm taking some time off of the year end like i suspect many of you are next week wednesday january third will have episode 1 six tentatively on taxes and should at least in the us has been a major tax reform bill passed we'll look at that but will actually could to some of the core the issues what was the potential impact high taxes and is there a way that we can have taxes without politics good if they wanted to bring to your attention is and new podcasting projects the money for the rest of us 100 and 85 episodes for now to the point where a new listeners lou overwhelming in terms of the number episodes available and so have introduced a new podcast it's called topics by money for the rest of us and with the new version of apple podcast you can more easily put together seasons of a particular show and in this case were were what i'm going to do have done is each month out introduce a new season of topics by money for the rest of us and will focus on as you would expect a particular topic in our hand select those episodes us original episode of the money for the rest of us that most apply to that topic and that will allow you as a new listener or an existing mr listener that wants to go back and listen to episode to have a better way to organi so the first season is released it's on money and it takes those episodes on money that that helps to better understand that topic for each season i record a new introduction introducing the topic in this season so that that's seasonable one is on money next season most likely on the national debt and thereafter a season on retirement so if you would search for money for the rest of us topics on your favorite podcast app develop aren't stitcher google play and subscribe in then when i applaud a new season each month you automatically get those episodes so i would really really appreciate if you.
"david stein" Discussed on WCTC
"Six flipping sitting in for my good friend boy i am alan david stein good morning welcome to jersey central uh let's see just people some some people could suit so incredibly stupid i'm need your help with this justin on where you you i want you to stay the word bone good good now game this guy in russia i mean he died in not that i'm not want to follow the dead but he's he was alive idiot now he's a daily idiot he had a hand grenade and uh he had gotten text are texted by his friends i you know what are you what are you up to and instead take a look and he texted a picture of him holding the hand grenade and for extra thanked t removed the pin like instantly after he meant the picture boom ya they say he figured that uh he thought you'd have to throw it to for it to go off now you remove the pen and a few seconds later yep stupid iis a mastercriminal a man of robbed a gas station in louisville and uh well i was pretty pretty horrible i went into the louisville gas station with his face covered indicating he had a gun demanding money from the clark and the clerk complied with his demand as he ran this guy william walls as he ran to a nearby vehicle with the stolen money he dropped a little bag that contained the suppose gun but would fill out of there wasn't a gun this man had just robbed the gas station with a tube of hand lotion a he was charged with firstdegree robbery and reckless endangerment with a deadly two and laotian i guess this is string you know they have the museum of natural history an arc and even the on museum of new york you have the museum of tolerance which in a movie i play the bouncer there the guard are you have every counties using you can think of now in los angeles the museum of jail you're is about to open ourselves awesome yeah really uh now i mean this is real uh but uh china now they're going to have products that just failed i'm sure they'll probably have a whole section of automotive.
"david stein" Discussed on WCTC
"And sitting in for my good friend boy i am alan david stein bird we'll be back tomorrow and our people are cheering people are dancing in the streets birds back tomorrow but don't dance too much i'll be back on wednesday and then for these forseeable future will be all boy oh i don't know you have a cough button you know am too lazy to reach our renewable so i call for the new year i'm sorry but you will forgive me because odd great week for our prizes how about a pair of tickets to see rutgers men's basketball the rectors men's basketball team which happens to be right now a record of six in all un d feed holy cow that's right now tuesday december twelve the night before my birthday seven pm at the rag verses fordham the rams of fordham that is going to be great okay and it's at the the rag and it's going to be ah amazing i mean had is pretty amazing as six no great we want wanna go see some basketball right now be caller number fourteen right now at seven three two five four or five nine two eight two seven three two five four or five w ctc bureau in a different area code one triple eight five four or five nine two eight two one eight eight five four five.
"david stein" Discussed on The Herd with Colin Cowherd
"Hi this is joshua david stein host of the fatherly podcast the perfect podcast for the imperfect parallel join us as we talked to dads can burns tom click your john legend about fatherhood listen free by searching for the fatherly podcast on iheartradio the wherever you subscribe to your favorite podcast this is the earth wherever you may be and however you may be listening live in los angeles ir radio fox sports radio and atbats want it feels cold to me in the studio this morning and acts of data acura called the in here today the undp like january asada yeah it's very very cold up towards the christine lenny is joining me today so why is it football or alonzo last night per year and now that with fell on it was brit football respecting was awful f that was awful uh you know it's one of those games too good king of uh last night the dassault i watched nba liberal on and i wanna start without so um years ago there was a story i don't remember where i read it but that michael jordan would pin things in his house in his heyday in chicago after bad games and criticisms and michael jordan would try to keep himself motivated and we're seeing this now with the bronze 15th year ten straight year he's been the dominant best player in the eardley again and he's trying to find ways to keep himself motivated this is what happens a very successful people successes easier and they get bored until they really have to step up so um this week lebron going to new york the bronze smart understands i'm going to new york i'm going to poke the bear a little bit poke the new york mix a little bit he goes out and he said you know the next to the draft that dallas mavericks guard dennis smith instead of the guy from france you guys really messed up on that dallas got the diamond in the rob should have been in the neck that's going to make some headlines but he should have been a nick and of course ena's kanter the worst defender in nba history was.
"david stein" Discussed on WCTC
"Three in for my good friend boy i'm alan david stein will be joining us throughout uh just after the eight o'clock news i believe find out how he did in austin the great award he was up for our air personality of the year a large market actors largemarket personality of the year so why and also speak to some people in florida were near and dear to me my family my money spot further down there so i'll let you know what's happening wanted to address one thing that a lot of people have called me about a lot of friends have asked me about and the average other people learn the same position as me talk about it and that is as i'm sure you've heard uh craig kardon who was on uh you know li opposite uh this on the sports channel lease sports station he was arrested i couldn't believe what i saw this he was arrested for allegedly running a ponzi scheme and trying to defraud investors and i knew craig pretty well i worked with him at that other place in jersey and for a long time i was on his show many times he played match gained zoa i was there is ample amounts game of the charlotte in the overnight talks and he was working with the rerun see the time and a lot of people in unfortunately i know a lot of people who are people don't like craig chris craig israeli cragg off camera and off mike is exactly the same craig that is on like okay is not like others who may come off to a morning audience very nice within.
"david stein" Discussed on KHNR 690AM
"Verbal vitamins david stein your radio and at segment we're going to have him back on again i know because we won't have time enough to cover all the material we need to with him edward griffin is my guest the author of a world without cancer the story of vitamin b seventeen which i thought was passed say but apparently not edward griffin held a health arya i'm excellent l thank you and your 83 aren't you oh no oh i'm eighty five eighty fully accurate actually i still want to thrive at 85 that scott right now your first but came out in the '70s right that's right adequate that world without cancer way uh not the first one time cut yeah the comite 1974 thought oh my gosh nece a lot of updates and revision since that time but the basic story still pretty much the same why is in bed more popular though because the advances in cancer therapies ever less did are forty years or so both unconventional an alternative or complementary therapies uh they've yeah you know there's all kinds of new developments but yet to vitamin b seventeen there lay a trail story has fallen by the wayside as you know the medical profession completely discredited at initially and i believe they still continue to do so or don't say oh they definitely attempt to do so affect my wife put something on my desk just yesterday came right off the internet some press release thought oh everybody don't eat goes out apple sees donate those they they contain cyanide contain cyanide and you know the old bugaboo and just quit that the rest real quick to show you the kind of dishonest state that is going on in this field is yes they do contain cyanide but.
"david stein" Discussed on Money For the Rest of Us
"When the money for the rest of the personal finance show on money how it works how to invest in had a live without worrying about it i'm your host david stein and today as episode 166 it's titled do we really need growth recording today's episode on the road rhonda caitian and camp ellis main near soko on the maine coast having a lovely time we i went to main backward i've been there several times but as a family we loaded up or honda odyssey minivan with three kids loop realm their dog maggie and drove across the country and we spent two months in the fall two thousand nine in maine standing cape porpoise near kenny bunk port came back in 2011 us rethink about taken whenever kids her both rickett perhaps attending school here and now i'm back in proce taking a class this week at ferry beach conference center and i'm i'm hanging out with my daughter were hanging out in maine visiting some old sites and it is really two types of travel this travel that you are exploring and you explain a new places it in may be moving around and then there's the travel will you go back to somewhere from millions where you've explored before and you have some layers of memory year after year is you've gone back and that's with this trip is what we're talking about growth last week we we discussed how valuecreation by corporations require them to generate returns on their cost to capitol above the cost of capital the cost of the debt financing and in that the expectation to what equity shareholders.
"david stein" Discussed on Money For the Rest of Us
"Welcome to the money for the rest of with a personal finance show on money how it works how to invest it and how to live without worrying about it i mean host david stein and today is a vacation special it just celebrated independence day here in the us so i spent time with friends and family didn't do recorded prepare regular episode instead i wanna share with you a conversation i recently had with roger whitney he is as he says affectionaly known as the retirement answer man i met roger fears ago i think at the financial offend con its financial media conference have a had hung out with them at podcasts movement really really good guy we think very similarly in that you can't predict the future so you have to be nimble and agile in terms of how you both prepare save in live and invest in retirement he says he comes to work every day because he wants to solve the biggest problem in wealth management and retirement planning and what's that problem everyone is guessing people don't know what to invest in our how much they need to say most people don't even know that it's possible to enjoy life today and still prepare for terrific retirement so he's he's a registered investment advisor which is primary occupation but he also gives plenty of free education including the retirement answer man podcast i like the the final sentence in his his bio he writes life is a journey you should balance it enjoy it rather than feel like you're marching up a mountain so in the conversation we talk about financial experience the difference between investing speculating gambling lot discussion on asset allocation investment policy and on on rules for adjusting your asset allocation to talk about some of the differences between investing for institutions and individuals as they invest particularly in terms of how we define risk.