tell me the idea of being unshakeable it’s clearly more than money
it’s clearly more than money
it’s clearly more than money but in this context what does it truly
but in this context what does it truly
but in this context what does it truly mean to be unshakable it’s a state of
mean to be unshakable it’s a state of
mean to be unshakable it’s a state of mind it relates to money because most
mind it relates to money because most
mind it relates to money because most people when they’re trying to figure out
people when they’re trying to figure out
people when they’re trying to figure out how to create financial freedom create
how to create financial freedom create
how to create financial freedom create more stress for themselves worrying
more stress for themselves worrying
more stress for themselves worrying about what’s going on and when you’re
about what’s going on and when you’re
about what’s going on and when you’re truly unshakable you have the mindset
truly unshakable you have the mindset
truly unshakable you have the mindset where you understand how the market
where you understand how the market
where you understand how the market works you understand that real estate
works you understand that real estate
works you understand that real estate can go up or down stocks can go up or
can go up or down stocks can go up or
can go up or down stocks can go up or down but your family can still do well
down but your family can still do well
down but your family can still do well unshakable is a bear market can come a
unshakable is a bear market can come a
unshakable is a bear market can come a correction can come and there’s no fear
correction can come and there’s no fear
correction can come and there’s no fear in you or if there is a little fear
in you or if there is a little fear
in you or if there is a little fear we’re all human you don’t stay there you
we’re all human you don’t stay there you
we’re all human you don’t stay there you find a way to break through you find
find a way to break through you find
find a way to break through you find your Center and when you have that
your Center and when you have that
your Center and when you have that Center you do what’s right to be able to
Center you do what’s right to be able to
Center you do what’s right to be able to take care of yourself and your family so
take care of yourself and your family so
take care of yourself and your family so we live in a world right now where most
we live in a world right now where most
we live in a world right now where most people don’t even believe they can
people don’t even believe they can
people don’t even believe they can achieve financial freedom anymore
achieve financial freedom anymore
achieve financial freedom anymore because there’s so much volatility I
because there’s so much volatility I
because there’s so much volatility I mean think about it we have negative
mean think about it we have negative
mean think about it we have negative interest rates and 5,000 years richard
interest rates and 5,000 years richard
interest rates and 5,000 years richard banking we’ve never in our history had a
banking we’ve never in our history had a
banking we’ve never in our history had a place where i gave you my money and i
place where i gave you my money and i
place where i gave you my money and i paid you to hang on to it i give you my
paid you to hang on to it i give you my
paid you to hang on to it i give you my money to a bank you pay me for interest
money to a bank you pay me for interest
money to a bank you pay me for interest i make money off of it and then they
i make money off of it and then they
i make money off of it and then they loan it to someone else we’re living in
loan it to someone else we’re living in
loan it to someone else we’re living in times that are crazy toyota right now
times that are crazy toyota right now
times that are crazy toyota right now has a bond that they’re selling for
has a bond that they’re selling for
has a bond that they’re selling for 0.001 that’s your return for giving the
0.001 that’s your return for giving the
0.001 that’s your return for giving the money it’ll take you 69 thousand years
money it’ll take you 69 thousand years
money it’ll take you 69 thousand years to double your money i’m this has never
to double your money i’m this has never
to double your money i’m this has never happened in history and i was
happened in history and i was
happened in history and i was interviewing about a year and a half ago
interviewing about a year and a half ago
interviewing about a year and a half ago you know the former Fed chair alan
you know the former Fed chair alan
you know the former Fed chair alan greenspan who for 19 years the most
greenspan who for 19 years the most
greenspan who for 19 years the most powerful man in finance in the world
powerful man in finance in the world
powerful man in finance in the world under 4 different presidents spent five
under 4 different presidents spent five
under 4 different presidents spent five hours with him about three privately and
hours with him about three privately and
hours with him about three privately and two on stage in front of a group and one
two on stage in front of a group and one
two on stage in front of a group and one of my final questions to him when we
of my final questions to him when we
of my final questions to him when we talked about all this crazy change and
talked about all this crazy change and
talked about all this crazy change and all this volatility and how do people
all this volatility and how do people
all this volatility and how do people get things together i said look if you
get things together i said look if you
get things together i said look if you were back head of the Fed today what
were back head of the Fed today what
were back head of the Fed today what would you do and there was this long
would you do and there was this long
would you do and there was this long pause he paused he pause and they lean
pause he paused he pause and they lean
pause he paused he pause and they lean to me said Tony I’d resign that did not
to me said Tony I’d resign that did not
to me said Tony I’d resign that did not build much confidence in me or anybody
build much confidence in me or anybody
build much confidence in me or anybody else who’d be watching and yet in the
else who’d be watching and yet in the
else who’d be watching and yet in the midst of all that as you well know
midst of all that as you well know
midst of all that as you well know there’s a few unicorns in the financial
there’s a few unicorns in the financial
there’s a few unicorns in the financial market very few these people that have
market very few these people that have
market very few these people that have found a way to do well over all the
found a way to do well over all the
found a way to do well over all the decades in good times and in bad and
decades in good times and in bad and
decades in good times and in bad and they know what it takes to be unshakable
they know what it takes to be unshakable
they know what it takes to be unshakable and it isn’t just guts or confidence
and it isn’t just guts or confidence
and it isn’t just guts or confidence it’s understanding certain facts that
it’s understanding certain facts that
it’s understanding certain facts that when you know them they for you the
when you know them they for you the
when you know them they for you the metaphor I give people is that you know
metaphor I give people is that you know
metaphor I give people is that you know if you go yeah most of us have heard the
if you go yeah most of us have heard the
if you go yeah most of us have heard the old Sufi metaphor ever you know the man
old Sufi metaphor ever you know the man
old Sufi metaphor ever you know the man is walking along in the middle of the
is walking along in the middle of the
is walking along in the middle of the night and he sees a snake and freaks out
night and he sees a snake and freaks out
night and he sees a snake and freaks out runs away and he comes in in the morning
runs away and he comes in in the morning
runs away and he comes in in the morning and what does he see it was a rope and
and what does he see it was a rope and
and what does he see it was a rope and so once you know it’s a rope you know
so once you know it’s a rope you know
so once you know it’s a rope you know you can be there in the middle of the
you can be there in the middle of the
you can be there in the middle of the night you’re not scared again this book
night you’re not scared again this book
night you’re not scared again this book unshakable is this it’s really a
unshakable is this it’s really a
unshakable is this it’s really a financial freedom playbook for anybody
financial freedom playbook for anybody
financial freedom playbook for anybody it’s the real essentials about how to go
it’s the real essentials about how to go
it’s the real essentials about how to go from where you are to where you really
from where you are to where you really
from where you are to where you really want to be but how to do it with peace
want to be but how to do it with peace
want to be but how to do it with peace of mind how to do it even when things
of mind how to do it even when things
of mind how to do it even when things are volatile and enjoy yourself and I’m
are volatile and enjoy yourself and I’m
are volatile and enjoy yourself and I’m really proud that we’re also donating a
really proud that we’re also donating a
really proud that we’re also donating a hundred percent of the profits as we did
hundred percent of the profits as we did
hundred percent of the profits as we did with money master the game to feed
with money master the game to feed
with money master the game to feed another 50 million people we’re gonna
another 50 million people we’re gonna
another 50 million people we’re gonna feed I’ve said to a million people in
feed I’ve said to a million people in
feed I’ve said to a million people in the last two years with feeding
the last two years with feeding
the last two years with feeding America’s my partner I’m gonna feed a
America’s my partner I’m gonna feed a
America’s my partner I’m gonna feed a billion people and this is part of that
billion people and this is part of that
billion people and this is part of that so this book is something that can
so this book is something that can
so this book is something that can change somebody’s life and while you’re
change somebody’s life and while you’re
change somebody’s life and while you’re doing it really take care of other
doing it really take care of other
doing it really take care of other people that are in need we got 45
people that are in need we got 45
people that are in need we got 45 million people in this country they
million people in this country they
million people in this country they don’t know where their next meals coming
don’t know where their next meals coming
don’t know where their next meals coming from 17 million or children while you’re
from 17 million or children while you’re
from 17 million or children while you’re changing your own life we want to make a
changing your own life we want to make a
changing your own life we want to make a difference for them – you mentioned
difference for them – you mentioned
difference for them – you mentioned money master the game you wrote that
money master the game you wrote that
money master the game you wrote that book two years ago and in the two years
book two years ago and in the two years
book two years ago and in the two years since it sold over a million copies
since it sold over a million copies
since it sold over a million copies incredibly impressive
incredibly impressive
incredibly impressive so why another book now why why did you
so why another book now why why did you
so why another book now why why did you write unshakable well I’m really proud
write unshakable well I’m really proud
write unshakable well I’m really proud of money mask of the game and I hope
of money mask of the game and I hope
of money mask of the game and I hope people still pick it up and read it but
people still pick it up and read it but
people still pick it up and read it but it is six hundred and seventy pages you
it is six hundred and seventy pages you
it is six hundred and seventy pages you know what I did as I said I saw what
know what I did as I said I saw what
know what I did as I said I saw what happened 2008 and I said this can’t be I
happened 2008 and I said this can’t be I
happened 2008 and I said this can’t be I have the good fortune of having coached
have the good fortune of having coached
have the good fortune of having coached Paul Tudor Jones one of the top ten
Paul Tudor Jones one of the top ten
Paul Tudor Jones one of the top ten financial traders in the history of the
financial traders in the history of the
financial traders in the history of the world for the last twenty four years and
world for the last twenty four years and
world for the last twenty four years and he hasn’t lost money in those twenty
he hasn’t lost money in those twenty
he hasn’t lost money in those twenty four years that I worked with him so as
four years that I worked with him so as
four years that I worked with him so as a result of that I’ve learned a lot as
a result of that I’ve learned a lot as
a result of that I’ve learned a lot as you might imagine he’s literally emails
you might imagine he’s literally emails
you might imagine he’s literally emails me each day we measured these elements
me each day we measured these elements
me each day we measured these elements for two and a half decades but at the
for two and a half decades but at the
for two and a half decades but at the same time when 2008 half and I saw
same time when 2008 half and I saw
same time when 2008 half and I saw people losing their homes I saw people
people losing their homes I saw people
people losing their homes I saw people losing half their net worth overnight
losing half their net worth overnight
losing half their net worth overnight and I knew what was the trigger because
and I knew what was the trigger because
and I knew what was the trigger because I was working with Paul so I thought
I was working with Paul so I thought
I was working with Paul so I thought what if I wrote a book where I
what if I wrote a book where I
what if I wrote a book where I interviewed the smartest financial
interviewed the smartest financial
interviewed the smartest financial people in the world the people you and I
people in the world the people you and I
people in the world the people you and I both have the privilege to interact with
both have the privilege to interact with
both have the privilege to interact with now and I interviewed 50 of them not
now and I interviewed 50 of them not
now and I interviewed 50 of them not people from the lucky sperm Club but
people from the lucky sperm Club but
people from the lucky sperm Club but people who literally started with
people who literally started with
people who literally started with nothing and built
nothing and built
nothing and built in that scope and they did it to
in that scope and they did it to
in that scope and they did it to investing and what I learned were the
investing and what I learned were the
investing and what I learned were the strategies that could change anybody’s
strategies that could change anybody’s
strategies that could change anybody’s life so I put that in the book in and I
life so I put that in the book in and I
life so I put that in the book in and I was gratified that it became number one
was gratified that it became number one
was gratified that it became number one New York Times bestseller and she said
New York Times bestseller and she said
New York Times bestseller and she said sold a million copies and hardback but
sold a million copies and hardback but
sold a million copies and hardback but in addition to that what was really cool
in addition to that what was really cool
in addition to that what was really cool was people’s lives were changed by that
was people’s lives were changed by that
was people’s lives were changed by that book cuz it wasn’t me it was the best
book cuz it wasn’t me it was the best
book cuz it wasn’t me it was the best investors in the world sharing it with
investors in the world sharing it with
investors in the world sharing it with you and so I don’t like writing books I
you and so I don’t like writing books I
you and so I don’t like writing books I you know rather pull out my teeth quite
you know rather pull out my teeth quite
you know rather pull out my teeth quite Frank Cody and I hadn’t written a book
Frank Cody and I hadn’t written a book
Frank Cody and I hadn’t written a book for 20 years and Steve Forbes said it
for 20 years and Steve Forbes said it
for 20 years and Steve Forbes said it was you know if there was a Pulitzer
was you know if there was a Pulitzer
was you know if there was a Pulitzer Prize for an investment book this one
Prize for an investment book this one
Prize for an investment book this one would win hands down so I wrote this
would win hands down so I wrote this
would win hands down so I wrote this great book so answer your question why
great book so answer your question why
great book so answer your question why another one because in the last year and
another one because in the last year and
another one because in the last year and a half these crazy changes were talking
a half these crazy changes were talking
a half these crazy changes were talking about with feds all the world are
about with feds all the world are
about with feds all the world are happening volatility has increased no
happening volatility has increased no
happening volatility has increased no one is clear where the world is going I
one is clear where the world is going I
one is clear where the world is going I was talking to Howard Marks of oaktree
was talking to Howard Marks of oaktree
was talking to Howard Marks of oaktree capital and he wrote he manages a
capital and he wrote he manages a
capital and he wrote he manages a hundred billion dollars and he said to
hundred billion dollars and he said to
hundred billion dollars and he said to me so Tony you know if you’re not
me so Tony you know if you’re not
me so Tony you know if you’re not confused you don’t know what’s going on
confused you don’t know what’s going on
confused you don’t know what’s going on it’s if that’s the world that we’re in
it’s if that’s the world that we’re in
it’s if that’s the world that we’re in so I thought I want to do three things
so I thought I want to do three things
so I thought I want to do three things with this book I want to write a short
with this book I want to write a short
with this book I want to write a short book I want to find a book that you can
book I want to find a book that you can
book I want to find a book that you can hold in your hand that lift weights with
hold in your hand that lift weights with
hold in your hand that lift weights with it and that you could read in a weekend
it and that you could read in a weekend
it and that you could read in a weekend or you know a long day if you’re really
or you know a long day if you’re really
or you know a long day if you’re really committed to and give you all the
committed to and give you all the
committed to and give you all the essentials that can change your life but
essentials that can change your life but
essentials that can change your life but the second reason I wrote it besides a
the second reason I wrote it besides a
the second reason I wrote it besides a short book that anybody can get through
short book that anybody can get through
short book that anybody can get through and use is I really wanted to write a
and use is I really wanted to write a
and use is I really wanted to write a book where we could dispel the fear
book where we could dispel the fear
book where we could dispel the fear where we could take that you know snake
where we could take that you know snake
where we could take that you know snake and turn it into the rope that it really
and turn it into the rope that it really
and turn it into the rope that it really is so that you can begin to understand
is so that you can begin to understand
is so that you can begin to understand that there’s no reason to fear these
that there’s no reason to fear these
that there’s no reason to fear these things and you can participate in this
things and you can participate in this
things and you can participate in this tremendous opportunity the market for
tremendous opportunity the market for
tremendous opportunity the market for people to grow and even take advantage
people to grow and even take advantage
people to grow and even take advantage of the worst times because I know you
of the worst times because I know you
of the worst times because I know you know that the greatest time for someone
know that the greatest time for someone
know that the greatest time for someone to leapfrog from financial survival to
to leapfrog from financial survival to
to leapfrog from financial survival to financial freedom is during the toughest
financial freedom is during the toughest
financial freedom is during the toughest times things burn down faster than they
times things burn down faster than they
times things burn down faster than they grow the opportunities are extraordinary
grow the opportunities are extraordinary
grow the opportunities are extraordinary at that time and we’re going to talk
at that time and we’re going to talk
at that time and we’re going to talk about that and our next podcast to give
about that and our next podcast to give
about that and our next podcast to give people some real specifics but it is
people some real specifics but it is
people some real specifics but it is your opportunity to really leapfrog from
your opportunity to really leapfrog from
your opportunity to really leapfrog from where you are to where you want to be
where you are to where you want to be
where you are to where you want to be and you want to be prepared so you don’t
and you want to be prepared so you don’t
and you want to be prepared so you don’t get hurt and you want to take advantage
get hurt and you want to take advantage
get hurt and you want to take advantage because that’s where the greatest
because that’s where the greatest
because that’s where the greatest opportunities are you know you you
opportunities are you know you you
opportunities are you know you you listening to somebody like Warren
listening to somebody like Warren
listening to somebody like Warren Buffett I had the privilege of
Buffett I had the privilege of
Buffett I had the privilege of interviewing and his whole approach is I
interviewing and his whole approach is I
interviewing and his whole approach is I want to be absent to take advantage I
want to be absent to take advantage I
want to be absent to take advantage I want to be in a position when everyone
want to be in a position when everyone
want to be in a position when everyone else is afraid I want to be greedy
else is afraid I want to be greedy
else is afraid I want to be greedy whenever there’s a greedy I want to be
whenever there’s a greedy I want to be
whenever there’s a greedy I want to be fraid and so this book really showed you
fraid and so this book really showed you
fraid and so this book really showed you that and then the third and final reason
that and then the third and final reason
that and then the third and final reason I wrote this is the financial industry
I wrote this is the financial industry
I wrote this is the financial industry is that is made up of good human beings
is that is made up of good human beings
is that is made up of good human beings very talented beings but this incentives
very talented beings but this incentives
very talented beings but this incentives in that system are not to take care of
in that system are not to take care of
in that system are not to take care of you as the investor these are
you as the investor these are
you as the investor these are corporations they’re multi-billion
corporations they’re multi-billion
corporations they’re multi-billion almost some of them approaching a
almost some of them approaching a
almost some of them approaching a trillion dollars over decades of revenue
trillion dollars over decades of revenue
trillion dollars over decades of revenue that they’re generating and their number
that they’re generating and their number
that they’re generating and their number one focus is to take care of their
one focus is to take care of their
one focus is to take care of their shareholders well the way you do that is
shareholders well the way you do that is
shareholders well the way you do that is more fees and the fees are so hidden
more fees and the fees are so hidden
more fees and the fees are so hidden that most people know the Obama
that most people know the Obama
that most people know the Obama administration this last year at least
administration this last year at least
administration this last year at least on the fall one case I try to pass some
on the fall one case I try to pass some
on the fall one case I try to pass some rules that look like they may just get
rules that look like they may just get
rules that look like they may just get ejected now under the Trump
ejected now under the Trump
ejected now under the Trump administration but it’s because 17
administration but it’s because 17
administration but it’s because 17 billion dollars and fees are being taken
billion dollars and fees are being taken
billion dollars and fees are being taken from people you know 1% in fees just 1%
from people you know 1% in fees just 1%
from people you know 1% in fees just 1% more than you need to pay because of
more than you need to pay because of
more than you need to pay because of compounding will cost you 10 years of
compounding will cost you 10 years of
compounding will cost you 10 years of income in retirement it could be the
income in retirement it could be the
income in retirement it could be the difference between retiring broke having
difference between retiring broke having
difference between retiring broke having money for a few years or having for as
money for a few years or having for as
money for a few years or having for as long as you live so I really want to
long as you live so I really want to
long as you live so I really want to take care of people and protect people
take care of people and protect people
take care of people and protect people and so those three things write a short
and so those three things write a short
and so those three things write a short book you can absorb right now that
book you can absorb right now that
book you can absorb right now that anyone can use whether you’re a
anyone can use whether you’re a
anyone can use whether you’re a millennial just getting started and
millennial just getting started and
millennial just getting started and you’ve all this debt and think you’ll
you’ve all this debt and think you’ll
you’ve all this debt and think you’ll never get free or whether your baby
never get free or whether your baby
never get free or whether your baby boomers think you started too late
boomers think you started too late
boomers think you started too late here’s the financial playbook to really
here’s the financial playbook to really
here’s the financial playbook to really get you where you want to go so Tony
get you where you want to go so Tony
get you where you want to go so Tony folks here listening the podcast can’t
folks here listening the podcast can’t
folks here listening the podcast can’t hear this but sitting alongside us here
hear this but sitting alongside us here
hear this but sitting alongside us here is Peter Luke talk a little bit about
is Peter Luke talk a little bit about
is Peter Luke talk a little bit about how the two of you connected and how
how the two of you connected and how
how the two of you connected and how Peter came to be the co-author with you
Peter came to be the co-author with you
Peter came to be the co-author with you of unshakable well first of all I have
of unshakable well first of all I have
of unshakable well first of all I have unbelievable spec for Peters we’re
unbelievable spec for Peters we’re
unbelievable spec for Peters we’re partners and has become a dear dear
partners and has become a dear dear
partners and has become a dear dear friend of mine but it’s kind of
friend of mine but it’s kind of
friend of mine but it’s kind of interesting I wrote money master the
interesting I wrote money master the
interesting I wrote money master the game I dug in and pulled out all of the
game I dug in and pulled out all of the
game I dug in and pulled out all of the abuses that I thought had happened in
abuses that I thought had happened in
abuses that I thought had happened in the system you know we went out and kind
the system you know we went out and kind
the system you know we went out and kind of freed people from this and they’re
of freed people from this and they’re
of freed people from this and they’re able to put ten years sometimes 20 years
able to put ten years sometimes 20 years
able to put ten years sometimes 20 years of them come back in their pocket but
of them come back in their pocket but
of them come back in their pocket but then I got a call from Peter and I had
then I got a call from Peter and I had
then I got a call from Peter and I had actually been really focused on what’s
actually been really focused on what’s
actually been really focused on what’s called the fiduciary stand it’s a big
called the fiduciary stand it’s a big
called the fiduciary stand it’s a big word but what it really means is most
word but what it really means is most
word but what it really means is most financial people that you go to most
financial people that you go to most
financial people that you go to most people that you consider to be a
people that you consider to be a
people that you consider to be a financial consultant or a supporter or
financial consultant or a supporter or
financial consultant or a supporter or whoever you want to call them they’re
whoever you want to call them they’re
whoever you want to call them they’re brokers ninety percent are brokers
brokers ninety percent are brokers
brokers ninety percent are brokers nothing wrong with a broker but a broker
nothing wrong with a broker but a broker
nothing wrong with a broker but a broker does not have to put your needs ahead of
does not have to put your needs ahead of
does not have to put your needs ahead of their own it’s crazy all they got to do
their own it’s crazy all they got to do
their own it’s crazy all they got to do is give me an investment that’s called
is give me an investment that’s called
is give me an investment that’s called suitable which means they think it’ll
suitable which means they think it’ll
suitable which means they think it’ll work for you that’s
work for you that’s
work for you that’s but there’s less than 10% of the 300,000
but there’s less than 10% of the 300,000
but there’s less than 10% of the 300,000 people in the financial industry
people in the financial industry
people in the financial industry the ones that aren’t brokers least
the ones that aren’t brokers least
the ones that aren’t brokers least independent registered investment
independent registered investment
independent registered investment advisors are called fiduciaries they are
advisors are called fiduciaries they are
advisors are called fiduciaries they are responsible to legally put your needs
responsible to legally put your needs
responsible to legally put your needs ahead of their own if you may say by
ahead of their own if you may say by
ahead of their own if you may say by Apple this morning and they buy it
Apple this morning and they buy it
Apple this morning and they buy it themselves for themselves this afternoon
themselves for themselves this afternoon
themselves for themselves this afternoon and they get a better deal but while
and they get a better deal but while
and they get a better deal but while requires they give you their stock
requires they give you their stock
requires they give you their stock that’s how strong the laws are but it’s
that’s how strong the laws are but it’s
that’s how strong the laws are but it’s a real small subset of groups so I was
a real small subset of groups so I was
a real small subset of groups so I was promoting fiduciaries and I even
promoting fiduciaries and I even
promoting fiduciaries and I even recommended a series of like ten
recommended a series of like ten
recommended a series of like ten different firms and Peter’s firm was one
different firms and Peter’s firm was one
different firms and Peter’s firm was one of those because his firm and Peter
of those because his firm and Peter
of those because his firm and Peter himself as you said earlier he’s the
himself as you said earlier he’s the
himself as you said earlier he’s the only firm and he’s the only individual
only firm and he’s the only individual
only firm and he’s the only individual financial adviser to be named by
financial adviser to be named by
financial adviser to be named by Barron’s three years in a row as the
Barron’s three years in a row as the
Barron’s three years in a row as the number one financial advisor in the
number one financial advisor in the
number one financial advisor in the country so his track record was
country so his track record was
country so his track record was extraordinary so when he called me up
extraordinary so when he called me up
extraordinary so when he called me up and said Tony I know you care so much
and said Tony I know you care so much
and said Tony I know you care so much about people you’re trying to protect
about people you’re trying to protect
about people you’re trying to protect them but there’s some dead bodies you
them but there’s some dead bodies you
them but there’s some dead bodies you need to see out there there’s there’s
need to see out there there’s there’s
need to see out there there’s there’s ways of manipulating the system even
ways of manipulating the system even
ways of manipulating the system even four people are called in some
four people are called in some
four people are called in some fiduciaries and he flew out on a weekend
fiduciaries and he flew out on a weekend
fiduciaries and he flew out on a weekend I was doing a seminar he never leaves in
I was doing a seminar he never leaves in
I was doing a seminar he never leaves in the weekend with his family I really
the weekend with his family I really
the weekend with his family I really respect him for that but it was the only
respect him for that but it was the only
respect him for that but it was the only time we could meet travel though that
time we could meet travel though that
time we could meet travel though that way we sat down and he dropped this set
way we sat down and he dropped this set
way we sat down and he dropped this set of insights on me and I was devastated
of insights on me and I was devastated
of insights on me and I was devastated quite frankly I was angry I was pissed
quite frankly I was angry I was pissed
quite frankly I was angry I was pissed off I mean like how could people do this
off I mean like how could people do this
off I mean like how could people do this take advantage of people and also
take advantage of people and also
take advantage of people and also because I’m trying to steer people in
because I’m trying to steer people in
because I’m trying to steer people in the right way and I found some of these
the right way and I found some of these
the right way and I found some of these individuals these organizations who I
individuals these organizations who I
individuals these organizations who I really like in order to try to survive
really like in order to try to survive
really like in order to try to survive and make enough money they’ve adapted
and make enough money they’ve adapted
and make enough money they’ve adapted some interesting approaches that we’re
some interesting approaches that we’re
some interesting approaches that we’re gonna talk about here but Peters want to
gonna talk about here but Peters want to
gonna talk about here but Peters want to free that and when I sat there at the
free that and when I sat there at the
free that and when I sat there at the end of it I was like Peter I said you
end of it I was like Peter I said you
end of it I was like Peter I said you know what you’re doing here you he’s
know what you’re doing here you he’s
know what you’re doing here you he’s created a home office for people you
created a home office for people you
created a home office for people you know you know billionaires have home
know you know billionaires have home
know you know billionaires have home offices they have a dozen people seven
offices they have a dozen people seven
offices they have a dozen people seven eight nine people whose entire focus is
eight nine people whose entire focus is
eight nine people whose entire focus is every aspect they’re not just what’s
every aspect they’re not just what’s
every aspect they’re not just what’s putting together a portfolio they
putting together a portfolio they
putting together a portfolio they looking at protect your wrist they look
looking at protect your wrist they look
looking at protect your wrist they look at your taxes they look at estate
at your taxes they look at estate
at your taxes they look at estate planning look at everything to take care
planning look at everything to take care
planning look at everything to take care of you and you know usually got to be a
of you and you know usually got to be a
of you and you know usually got to be a billionaire to do that he started doing
billionaire to do that he started doing
billionaire to do that he started doing that for millionaires you know for her
that for millionaires you know for her
that for millionaires you know for her small businesses which is the backbone
small businesses which is the backbone
small businesses which is the backbone of this country and I said to him I said
of this country and I said to him I said
of this country and I said to him I said what if we partnered but I said if we
what if we partnered but I said if we
what if we partnered but I said if we partnered I would love to join your
partnered I would love to join your
partnered I would love to join your board I would love to you know step in
board I would love to you know step in
board I would love to you know step in and really help you understand by being
and really help you understand by being
and really help you understand by being maybe the chief investor psychology how
maybe the chief investor psychology how
maybe the chief investor psychology how investors think so we meet there
investors think so we meet there
investors think so we meet there this needs even more so but he’s already
this needs even more so but he’s already
this needs even more so but he’s already managing now twenty two billion dollars
managing now twenty two billion dollars
managing now twenty two billion dollars you’re number one I said but would you
you’re number one I said but would you
you’re number one I said but would you be willing to do this for people with a
be willing to do this for people with a
be willing to do this for people with a little as a hundred thousand dollars so
little as a hundred thousand dollars so
little as a hundred thousand dollars so that the average person just beginning
that the average person just beginning
that the average person just beginning the journey someone who’s early in the
the journey someone who’s early in the
the journey someone who’s early in the journey could still does there have to
journey could still does there have to
journey could still does there have to be a millionaire a billionaire to do it
be a millionaire a billionaire to do it
be a millionaire a billionaire to do it and he went back talked to his team and
and he went back talked to his team and
and he went back talked to his team and came back and said we can set up another
came back and said we can set up another
came back and said we can set up another division and do this so we became
division and do this so we became
division and do this so we became partners and so now I’m I’m partner with
partners and so now I’m I’m partner with
partners and so now I’m I’m partner with him in this in the firm I’m on the board
him in this in the firm I’m on the board
him in this in the firm I’m on the board directors partners in writing the book
directors partners in writing the book
directors partners in writing the book and I just want to get this message out
and I just want to get this message out
and I just want to get this message out and Peter’s one of the smartest guys and
and Peter’s one of the smartest guys and
and Peter’s one of the smartest guys and he’s the guy that navigated 2008 to 2009
he’s the guy that navigated 2008 to 2009
he’s the guy that navigated 2008 to 2009 during that time the Big Bear and you
during that time the Big Bear and you
during that time the Big Bear and you know one of the greatest economic
know one of the greatest economic
know one of the greatest economic challenges in our history and we’ll talk
challenges in our history and we’ll talk
challenges in our history and we’ll talk a little bit later about how well they
a little bit later about how well they
a little bit later about how well they did quite extraordinary
did quite extraordinary
did quite extraordinary Peter I think a lot of people would be
Peter I think a lot of people would be
Peter I think a lot of people would be reluctant to reach out to Tony Robinson
reluctant to reach out to Tony Robinson
reluctant to reach out to Tony Robinson say hey Tony I love the book but I got
say hey Tony I love the book but I got
say hey Tony I love the book but I got to tell you there’s some things you need
to tell you there’s some things you need
to tell you there’s some things you need to know talk a little bit about what
to know talk a little bit about what
to know talk a little bit about what prompted you to to reach out to Tony
prompted you to to reach out to Tony
prompted you to to reach out to Tony well I read the book I mean a lot of my
well I read the book I mean a lot of my
well I read the book I mean a lot of my clients had read the book they come in
clients had read the book they come in
clients had read the book they come in with the book in their hand and they say
with the book in their hand and they say
with the book in their hand and they say talk to me about are you a fiduciary
talk to me about are you a fiduciary
talk to me about are you a fiduciary Knoll and I loved it because most of it
Knoll and I loved it because most of it
Knoll and I loved it because most of it spoke directly to what we were already
spoke directly to what we were already
spoke directly to what we were already doing and I could tell from reading it
doing and I could tell from reading it
doing and I could tell from reading it that he had really tried to navigate all
that he had really tried to navigate all
that he had really tried to navigate all of this that somewhere along the way he
of this that somewhere along the way he
of this that somewhere along the way he got pissed off about something I found
got pissed off about something I found
got pissed off about something I found out later it was his 401 k plan and he
out later it was his 401 k plan and he
out later it was his 401 k plan and he decided he was just gonna figure it out
decided he was just gonna figure it out
decided he was just gonna figure it out and this book was an incredible attempt
and this book was an incredible attempt
and this book was an incredible attempt at that abhi he’s interviewing these 50
at that abhi he’s interviewing these 50
at that abhi he’s interviewing these 50 50 I’ve never seen I don’t think it has
50 I’ve never seen I don’t think it has
50 I’ve never seen I don’t think it has ever been done where you have that many
ever been done where you have that many
ever been done where you have that many successful people at investing with
successful people at investing with
successful people at investing with different points of views but very
different points of views but very
different points of views but very common thread through most of them and
common thread through most of them and
common thread through most of them and he’s bringing all those ideas but he had
he’s bringing all those ideas but he had
he’s bringing all those ideas but he had a couple things that really stood out
a couple things that really stood out
a couple things that really stood out that were the same thing we talk about
that were the same thing we talk about
that were the same thing we talk about creative planning you should have a
creative planning you should have a
creative planning you should have a fiduciary you should be sensitive to
fiduciary you should be sensitive to
fiduciary you should be sensitive to fees you should be sensitive to
fees you should be sensitive to
fees you should be sensitive to conflicts don’t try to market time don’t
conflicts don’t try to market time don’t
conflicts don’t try to market time don’t waste your time trading stocks all day
waste your time trading stocks all day
waste your time trading stocks all day in your pajamas at home these are the
in your pajamas at home these are the
in your pajamas at home these are the core message really matched up with us
core message really matched up with us
core message really matched up with us so I thought hey I’m at least gonna
so I thought hey I’m at least gonna
so I thought hey I’m at least gonna offer this and I’ve you know frankly I
offer this and I’ve you know frankly I
offer this and I’ve you know frankly I did not expect you know Tony to call me
did not expect you know Tony to call me
did not expect you know Tony to call me back and be willing to listen to only
back and be willing to listen to only
back and be willing to listen to only was he willing to listen like you said
was he willing to listen like you said
was he willing to listen like you said he asked me to come back out come out
he asked me to come back out come out
he asked me to come back out come out there and meet with him and when I did I
there and meet with him and when I did I
there and meet with him and when I did I and I was went there and of course he’s
and I was went there and of course he’s
and I was went there and of course he’s he he was in the middle of an event and
he he was in the middle of an event and
he he was in the middle of an event and he had budget he broke out some time for
he had budget he broke out some time for
he had budget he broke out some time for me and he said hey we’ve only got an
me and he said hey we’ve only got an
me and he said hey we’ve only got an hour or 45 minutes or something like
hour or 45 minutes or something like
hour or 45 minutes or something like that and I I talked for 10 minutes and
that and I I talked for 10 minutes and
that and I I talked for 10 minutes and Tony I mean he was really like looked at
Tony I mean he was really like looked at
Tony I mean he was really like looked at the other people the room his advisors
the other people the room his advisors
the other people the room his advisors like I can’t believe some of what I’m
like I can’t believe some of what I’m
like I can’t believe some of what I’m hearing and I said that’s really all I
hearing and I said that’s really all I
hearing and I said that’s really all I got he goes are you serious and I said
got he goes are you serious and I said
got he goes are you serious and I said yeah and I left and he called me I think
yeah and I left and he called me I think
yeah and I left and he called me I think was the next day or a few days later and
was the next day or a few days later and
was the next day or a few days later and said wow we looked at all that and I’m
said wow we looked at all that and I’m
said wow we looked at all that and I’m learning something new let’s keep
learning something new let’s keep
learning something new let’s keep talking and and I’ll tell you what I
talking and and I’ll tell you what I
talking and and I’ll tell you what I love about Tony that matches the fur
love about Tony that matches the fur
love about Tony that matches the fur because a lot of people have seen me in
because a lot of people have seen me in
because a lot of people have seen me in the media maybe one one-thousandth of
the media maybe one one-thousandth of
the media maybe one one-thousandth of the time you see Tony but stylistically
the time you see Tony but stylistically
the time you see Tony but stylistically and physically were pretty different
and physically were pretty different
and physically were pretty different people right but we have some things in
people right but we have some things in
people right but we have some things in common yeah if you think about the title
common yeah if you think about the title
common yeah if you think about the title the book unshakable when he came up with
the book unshakable when he came up with
the book unshakable when he came up with that he said what do you think of that I
that he said what do you think of that I
that he said what do you think of that I thought that’s absolutely perfect
thought that’s absolutely perfect
thought that’s absolutely perfect because whenever you’re at a party and
because whenever you’re at a party and
because whenever you’re at a party and you hear somebody say I lost everything
you hear somebody say I lost everything
you hear somebody say I lost everything which you and I’ve heard the crowds me
which you and I’ve heard the crowds me
which you and I’ve heard the crowds me running they hear that all the time
running they hear that all the time
running they hear that all the time people were worth a hundred thousand
people were worth a hundred thousand
people were worth a hundred thousand worth zero or they’re worth 20 million
worth zero or they’re worth 20 million
worth zero or they’re worth 20 million and they’re worth you know half a
and they’re worth you know half a
and they’re worth you know half a million and they go it was Oh a tour
million and they go it was Oh a tour
million and they go it was Oh a tour that 9/11 or the tech bubble well it’s
that 9/11 or the tech bubble well it’s
that 9/11 or the tech bubble well it’s impossible to have lost money through
impossible to have lost money through
impossible to have lost money through those if you were invested even halfway
those if you were invested even halfway
those if you were invested even halfway right and didn’t make a mistake and what
right and didn’t make a mistake and what
right and didn’t make a mistake and what you really find is people they get in
you really find is people they get in
you really find is people they get in their own way and because they’re
their own way and because they’re
their own way and because they’re shakable right that most people react
shakable right that most people react
shakable right that most people react negatively and why are they shaking but
negatively and why are they shaking but
negatively and why are they shaking but why do they make those mistakes because
why do they make those mistakes because
why do they make those mistakes because of uncertainty whereas the uncertainty
of uncertainty whereas the uncertainty
of uncertainty whereas the uncertainty come from fear what where’s the fear no
come from fear what where’s the fear no
come from fear what where’s the fear no education what does Tony do for a living
education what does Tony do for a living
education what does Tony do for a living not just with money but everything else
not just with money but everything else
not just with money but everything else he tries to compress the learning curve
he tries to compress the learning curve
he tries to compress the learning curve for people help them figure out exactly
for people help them figure out exactly
for people help them figure out exactly you know how to think about things and
you know how to think about things and
you know how to think about things and give them a road map well that’s what
give them a road map well that’s what
give them a road map well that’s what we’ve tried to do at creative planning
we’ve tried to do at creative planning
we’ve tried to do at creative planning and we very successful at it were one of
and we very successful at it were one of
and we very successful at it were one of the top independent firms in the country
the top independent firms in the country
the top independent firms in the country we’re very proud of everything we
we’re very proud of everything we
we’re very proud of everything we accomplished you know before the
accomplished you know before the
accomplished you know before the partnership but when I write a letter
partnership but when I write a letter
partnership but when I write a letter it’s not gonna be written by as many at
it’s not gonna be written by as many at
it’s not gonna be written by as many at read by as many people as when Tony does
read by as many people as when Tony does
read by as many people as when Tony does I wrote a book
I wrote a book
I wrote a book Tony’s book said sold 20 times more
Tony’s book said sold 20 times more
Tony’s book said sold 20 times more copies and I’ve been in the business for
copies and I’ve been in the business for
copies and I’ve been in the business for 20 years right so what a wonderful
20 years right so what a wonderful
20 years right so what a wonderful opportunity to put a megaphone on what
opportunity to put a megaphone on what
opportunity to put a megaphone on what we’ve been trying to do which is to
we’ve been trying to do which is to
we’ve been trying to do which is to educate and empower people so if they
educate and empower people so if they
educate and empower people so if they have that certainty so they become
have that certainty so they become
have that certainty so they become unshakable and if your unshakable then
unshakable and if your unshakable then
unshakable and if your unshakable then you’re gonna have a better investment
you’re gonna have a better investment
you’re gonna have a better investment outcome it’s it’s that simple so his
outcome it’s it’s that simple so his
outcome it’s it’s that simple so his messaging and what he was trying to do
messaging and what he was trying to do
messaging and what he was trying to do it really matched up perfectly and it’s
it really matched up perfectly and it’s
it really matched up perfectly and it’s been a great great ride ever since then
been a great great ride ever since then
been a great great ride ever since then and I wanted to in this book the reason
and I wanted to in this book the reason
and I wanted to in this book the reason I asked Peter to co-author it with me
I asked Peter to co-author it with me
I asked Peter to co-author it with me was I wanted to cover not only the
was I wanted to cover not only the
was I wanted to cover not only the psychology and I want to bring all these
psychology and I want to bring all these
psychology and I want to bring all these other investors but I really wanted to
other investors but I really wanted to
other investors but I really wanted to your people up so that when the
your people up so that when the
your people up so that when the inevitable Corrections and the
inevitable Corrections and the
inevitable Corrections and the inevitable bear market comes and we’re
inevitable bear market comes and we’re
inevitable bear market comes and we’re right now approaching eight years the
right now approaching eight years the
right now approaching eight years the second-largest you know bull market in
second-largest you know bull market in
second-largest you know bull market in history when that changes and it always
history when that changes and it always
history when that changes and it always does I wanted people protected and I
does I wanted people protected and I
does I wanted people protected and I want to not only protect it I wanted him
want to not only protect it I wanted him
want to not only protect it I wanted him to thrive not just survive and I had all
to thrive not just survive and I had all
to thrive not just survive and I had all this great information for all these
this great information for all these
this great information for all these individuals but Peter had taken his firm
individuals but Peter had taken his firm
individuals but Peter had taken his firm and grown it geometrically with
and grown it geometrically with
and grown it geometrically with virtually no advertising because he got
virtually no advertising because he got
virtually no advertising because he got such unbelievable results in the midst
such unbelievable results in the midst
such unbelievable results in the midst of the worst downturn you can imagine me
of the worst downturn you can imagine me
of the worst downturn you can imagine me you guys grew from what to what do you
you guys grew from what to what do you
you guys grew from what to what do you remember 500 million in a couple billion
remember 500 million in a couple billion
remember 500 million in a couple billion and inside that two years in two years
and inside that two years in two years
and inside that two years in two years entering the worst economic time
entering the worst economic time
entering the worst economic time everybody gravitated to them because
everybody gravitated to them because
everybody gravitated to them because everybody else is freaking out and here
everybody else is freaking out and here
everybody else is freaking out and here are these people getting great results
are these people getting great results
are these people getting great results so in the book the specifics about what
so in the book the specifics about what
so in the book the specifics about what to do in a bear market the specific
to do in a bear market the specific
to do in a bear market the specific plans and so forth are really Peters
plans and so forth are really Peters
plans and so forth are really Peters playing so I’m also not a financial
playing so I’m also not a financial
playing so I’m also not a financial legal financial planner my expertise is
legal financial planner my expertise is
legal financial planner my expertise is psychology synthesis taking the very
psychology synthesis taking the very
psychology synthesis taking the very best and then communicating ways someone
best and then communicating ways someone
best and then communicating ways someone can act on it because I always say to
can act on it because I always say to
can act on it because I always say to people knowledge is not power you know
people knowledge is not power you know
people knowledge is not power you know knowledge is information its potential
knowledge is information its potential
knowledge is information its potential power what’s real power is execution
power what’s real power is execution
power what’s real power is execution you know execution Trump’s knowledge
you know execution Trump’s knowledge
you know execution Trump’s knowledge every day of the week so I wanted to
every day of the week so I wanted to
every day of the week so I wanted to write something short quick brief but
write something short quick brief but
write something short quick brief but with a real plan that’s proven so that
with a real plan that’s proven so that
with a real plan that’s proven so that you can literally become more fearless
you can literally become more fearless
you can literally become more fearless or what we call in Jacob Peter I know
or what we call in Jacob Peter I know
or what we call in Jacob Peter I know you you contributed to the book you
you you contributed to the book you
you you contributed to the book you wrote some of that real plan talk a
wrote some of that real plan talk a
wrote some of that real plan talk a little bit about your contribution of
little bit about your contribution of
little bit about your contribution of the book and and what kinds of advice
the book and and what kinds of advice
the book and and what kinds of advice you’re giving people well I think like
you’re giving people well I think like
you’re giving people well I think like if you look at the financial services
if you look at the financial services
if you look at the financial services industry of conflict but then you have
industry of conflict but then you have
industry of conflict but then you have polar opposites and advice on the one
polar opposites and advice on the one
polar opposites and advice on the one end you you have let’s go in the market
end you you have let’s go in the market
end you you have let’s go in the market let’s go out of the market let’s trade
let’s go out of the market let’s trade
let’s go out of the market let’s trade stocks all the time a lot of evidence it
stocks all the time a lot of evidence it
stocks all the time a lot of evidence it doesn’t work for most people whether you
doesn’t work for most people whether you
doesn’t work for most people whether you hear that from you want to believe
hear that from you want to believe
hear that from you want to believe Buffett when he says it or Bogle when he
Buffett when he says it or Bogle when he
Buffett when he says it or Bogle when he says it or I when I say it there’s a lot
says it or I when I say it there’s a lot
says it or I when I say it there’s a lot of people would say that doesn’t work
of people would say that doesn’t work
of people would say that doesn’t work but those people tend to be buy and hold
but those people tend to be buy and hold
but those people tend to be buy and hold do nothing ever and by these eight
do nothing ever and by these eight
do nothing ever and by these eight things and don’t ever do anything and I
things and don’t ever do anything and I
things and don’t ever do anything and I think that’s a real big mistake and so
think that’s a real big mistake and so
think that’s a real big mistake and so one of the great opportunities to be
one of the great opportunities to be
one of the great opportunities to be able to write a little more specifically
able to write a little more specifically
able to write a little more specifically in the book was hey look yes some of
in the book was hey look yes some of
in the book was hey look yes some of this you know the crazy day trading in
this you know the crazy day trading in
this you know the crazy day trading in your pajamas isn’t probably gonna work
your pajamas isn’t probably gonna work
your pajamas isn’t probably gonna work out for you very well most hedge funds
out for you very well most hedge funds
out for you very well most hedge funds you have access to are probably not
you have access to are probably not
you have access to are probably not going to work out for you well and
going to work out for you well and
going to work out for you well and here’s the evidence right we don’t just
here’s the evidence right we don’t just
here’s the evidence right we don’t just say it we show the evidence
say it we show the evidence
say it we show the evidence but hey you don’t have to just settle
but hey you don’t have to just settle
but hey you don’t have to just settle for holding all the time it’s in the
for holding all the time it’s in the
for holding all the time it’s in the bear market is that’s the opportunity
bear market is that’s the opportunity
bear market is that’s the opportunity and so we outlined in the books use some
and so we outlined in the books use some
and so we outlined in the books use some of the things that we did with our
of the things that we did with our
of the things that we did with our clients to take advantage of that
clients to take advantage of that
clients to take advantage of that opportunity so that where we’re not
opportunity so that where we’re not
opportunity so that where we’re not doing nothing but we’re not doing things
doing nothing but we’re not doing things
doing nothing but we’re not doing things that great damage either we’re trying to
that great damage either we’re trying to
that great damage either we’re trying to stay in the game get the OP side but
stay in the game get the OP side but
stay in the game get the OP side but when bad things happen that’s the chance
when bad things happen that’s the chance
when bad things happen that’s the chance to really get ahead of the marketplace
to really get ahead of the marketplace
to really get ahead of the marketplace so Tony it’s unusual to launch a book
so Tony it’s unusual to launch a book
so Tony it’s unusual to launch a book and do a podcast at the same time why’d
and do a podcast at the same time why’d
and do a podcast at the same time why’d you decide to do this that way I just
you decide to do this that way I just
you decide to do this that way I just think that people are having a partner
think that people are having a partner
think that people are having a partner an audio partner in some cases video
an audio partner in some cases video
an audio partner in some cases video partner like this people can use net
partner like this people can use net
partner like this people can use net time you know no extra time they knew
time you know no extra time they knew
time you know no extra time they knew and they’re driving their car they can
and they’re driving their car they can
and they’re driving their car they can do it when they’re working out they can
do it when they’re working out they can
do it when they’re working out they can listen to it and reinforce it you know
listen to it and reinforce it you know
listen to it and reinforce it you know obviously the podcast doesn’t go to the
obviously the podcast doesn’t go to the
obviously the podcast doesn’t go to the depth of the book but I wanted to get
depth of the book but I wanted to get
depth of the book but I wanted to get some of that core information out there
some of that core information out there
some of that core information out there I mean the bottom line is neither one of
I mean the bottom line is neither one of
I mean the bottom line is neither one of us are taking a dime from this book I
us are taking a dime from this book I
us are taking a dime from this book I wrote this book so we can feed another
wrote this book so we can feed another
wrote this book so we can feed another 50 million people I’m gonna match that
50 million people I’m gonna match that
50 million people I’m gonna match that so we feed another 100 million people on
so we feed another 100 million people on
so we feed another 100 million people on the way to the billion that I’m going
the way to the billion that I’m going
the way to the billion that I’m going for but I also want to just be able to
for but I also want to just be able to
for but I also want to just be able to provide something that people really use
provide something that people really use
provide something that people really use and I think if you combine audio with
and I think if you combine audio with
and I think if you combine audio with the written word I think you got a
the written word I think you got a
the written word I think you got a chance to read it’s all about
chance to read it’s all about
chance to read it’s all about accessibility is it really is because as
accessibility is it really is because as
accessibility is it really is because as easy as possible for people to get real
easy as possible for people to get real
easy as possible for people to get real results so lots of people have massive
results so lots of people have massive
results so lots of people have massive fears when it comes to the stock market
fears when it comes to the stock market
fears when it comes to the stock market their emotions are in overdrive whenever
their emotions are in overdrive whenever
their emotions are in overdrive whenever the talking heads are calling for the
the talking heads are calling for the
the talking heads are calling for the next big crash and that seems like it’s
next big crash and that seems like it’s
next big crash and that seems like it’s happening every other time but early in
happening every other time but early in
happening every other time but early in the book you guys cover 7 freedom facts
the book you guys cover 7 freedom facts
the book you guys cover 7 freedom facts which are some pretty mind-blowing facts
which are some pretty mind-blowing facts
which are some pretty mind-blowing facts about market behavior that when you
about market behavior that when you
about market behavior that when you people understand them they’re sure to
people understand them they’re sure to
people understand them they’re sure to help free them from being their own
help free them from being their own
help free them from being their own worst enemy and being so fearful about
worst enemy and being so fearful about
worst enemy and being so fearful about participating in the stock market and
participating in the stock market and
participating in the stock market and and when to make decisions let’s go
and when to make decisions let’s go
and when to make decisions let’s go through them let’s talk about freedom
through them let’s talk about freedom
through them let’s talk about freedom fact number one on average Corrections
fact number one on average Corrections
fact number one on average Corrections have occurred about once a year since
have occurred about once a year since
have occurred about once a year since 1900 now that a lot or a little well you
1900 now that a lot or a little well you
1900 now that a lot or a little well you tell me I think most people you know
tell me I think most people you know
tell me I think most people you know they’re all worried about a correction
they’re all worried about a correction
they’re all worried about a correction and when you see that literally in 115
and when you see that literally in 115
and when you see that literally in 115 years in 1900 2015 we’ve averaged one a
years in 1900 2015 we’ve averaged one a
years in 1900 2015 we’ve averaged one a year it can allow you to say I don’t
year it can allow you to say I don’t
year it can allow you to say I don’t need to react to this this is natural if
need to react to this this is natural if
need to react to this this is natural if like a season winter comes every
like a season winter comes every
like a season winter comes every here you know you know if you react the
here you know you know if you react the
here you know you know if you react the winter and freak out you’re gonna be
winter and freak out you’re gonna be
winter and freak out you’re gonna be stressed out all the time as opposed to
stressed out all the time as opposed to
stressed out all the time as opposed to be prepared for winter take advantage of
be prepared for winter take advantage of
be prepared for winter take advantage of winter some people freeze the death you
winter some people freeze the death you
winter some people freeze the death you want to be well supplied so you can ski
want to be well supplied so you can ski
want to be well supplied so you can ski snowmobile your family and friends and
snowmobile your family and friends and
snowmobile your family and friends and hopefully do it up you can help those
hopefully do it up you can help those
hopefully do it up you can help those that didn’t plan right that’s really
that didn’t plan right that’s really
that didn’t plan right that’s really what it’s about so if you think about it
what it’s about so if you think about it
what it’s about so if you think about it it only average correction last 56 days
it only average correction last 56 days
it only average correction last 56 days so less than two months last year was a
so less than two months last year was a
so less than two months last year was a perfect example 2016 if you remember
perfect example 2016 if you remember
perfect example 2016 if you remember January the first what was at nine or
January the first what was at nine or
January the first what was at nine or ten days of the month was the worst nine
ten days of the month was the worst nine
ten days of the month was the worst nine attendings in the history of of stock
attendings in the history of of stock
attendings in the history of of stock market openings a you know opening of
market openings a you know opening of
market openings a you know opening of years and I remember at the time people
years and I remember at the time people
years and I remember at the time people are freaking out you’re the market drop
are freaking out you’re the market drop
are freaking out you’re the market drop well how many points was that the one
well how many points was that the one
well how many points was that the one day was it selling under yeah no the one
day was it selling under yeah no the one
day was it selling under yeah no the one day almost 500 yeah five six six hundred
day almost 500 yeah five six six hundred
day almost 500 yeah five six six hundred I’m not positive but you know people
I’m not positive but you know people
I’m not positive but you know people were freaking out everybody was in Davos
were freaking out everybody was in Davos
were freaking out everybody was in Davos you know although all these people in
you know although all these people in
you know although all these people in the world they went there they put Ray
the world they went there they put Ray
the world they went there they put Ray Dalio on if you don’t have a value is
Dalio on if you don’t have a value is
Dalio on if you don’t have a value is he’s the largest hedge fund I’m a
he’s the largest hedge fund I’m a
he’s the largest hedge fund I’m a successful hedge fund guy in history
successful hedge fund guy in history
successful hedge fund guy in history right and this is a man who’s you know
right and this is a man who’s you know
right and this is a man who’s you know you had to have a five billion dollar
you had to have a five billion dollar
you had to have a five billion dollar net worth and give him a hundred million
net worth and give him a hundred million
net worth and give him a hundred million dollars ten years ago to take money now
dollars ten years ago to take money now
dollars ten years ago to take money now I won’t take your money no matter who
I won’t take your money no matter who
I won’t take your money no matter who you are and he had taught me in this in
you are and he had taught me in this in
you are and he had taught me in this in the first book when he mastered the game
the first book when he mastered the game
the first book when he mastered the game his formula I shared that formula and
his formula I shared that formula and
his formula I shared that formula and and helped a lot of people he got up on
and helped a lot of people he got up on
and helped a lot of people he got up on camera and people said what do we do the
camera and people said what do we do the
camera and people said what do we do the world’s marking down the end is coming
world’s marking down the end is coming
world’s marking down the end is coming and he said well Tony Robbins wrote this
and he said well Tony Robbins wrote this
and he said well Tony Robbins wrote this book you know how to pick it up and in
book you know how to pick it up and in
book you know how to pick it up and in the chapter he explained some ways to do
the chapter he explained some ways to do
the chapter he explained some ways to do this so it was really gratifying to see
this so it was really gratifying to see
this so it was really gratifying to see that that would make such a difference
that that would make such a difference
that that would make such a difference for people but what really makes a
for people but what really makes a
for people but what really makes a difference is to realize it didn’t last
difference is to realize it didn’t last
difference is to realize it didn’t last the year and we broke all kinds of
the year and we broke all kinds of
the year and we broke all kinds of records last year and but it looked so
records last year and but it looked so
records last year and but it looked so dark it looked like it was the end and
dark it looked like it was the end and
dark it looked like it was the end and so it’s really important for people know
so it’s really important for people know
so it’s really important for people know this is on average 54 days less than two
this is on average 54 days less than two
this is on average 54 days less than two months it happens every year like
months it happens every year like
months it happens every year like clockwork now here’s what you got to
clockwork now here’s what you got to
clockwork now here’s what you got to know though in the last hundred years
know though in the last hundred years
know though in the last hundred years the average drop was 13% little more
the average drop was 13% little more
the average drop was 13% little more than 13 now in the last 30 years the
than 13 now in the last 30 years the
than 13 now in the last 30 years the average drop is in 14% well when you’re
average drop is in 14% well when you’re
average drop is in 14% well when you’re lose 14% released on paper
lose 14% released on paper
lose 14% released on paper pretty hard for most people to hang on
pretty hard for most people to hang on
pretty hard for most people to hang on and so what do they do they sell it
and so what do they do they sell it
and so what do they do they sell it exactly the worst time right and they
exactly the worst time right and they
exactly the worst time right and they take those losses and make them
take those losses and make them
take those losses and make them permanent the stock market never took
permanent the stock market never took
permanent the stock market never took money from anybody only you can do that
money from anybody only you can do that
money from anybody only you can do that by your decisions right and so if you
by your decisions right and so if you
by your decisions right and so if you understand that this
understand that this
understand that this is normal this is winter winter always
is normal this is winter winter always
is normal this is winter winter always comes some are more severe than others
comes some are more severe than others
comes some are more severe than others some are shorter some are longer but
some are shorter some are longer but
some are shorter some are longer but they come every year then all of a
they come every year then all of a
they come every year then all of a sudden your brain starts to go I don’t
sudden your brain starts to go I don’t
sudden your brain starts to go I don’t have to overreact and what makes you
have to overreact and what makes you
have to overreact and what makes you successful is to stay in the market and
successful is to stay in the market and
successful is to stay in the market and there’s a lot of very very smart people
there’s a lot of very very smart people
there’s a lot of very very smart people that you they can know all of this and
that you they can know all of this and
that you they can know all of this and they’re still gonna react negatively
they’re still gonna react negatively
they’re still gonna react negatively they have to be really empowered with
they have to be really empowered with
they have to be really empowered with information and the reason is sometimes
information and the reason is sometimes
information and the reason is sometimes there’s a kernel of truth sometimes
there’s a kernel of truth sometimes
there’s a kernel of truth sometimes there isn’t and usually there’s a
there isn’t and usually there’s a
there isn’t and usually there’s a narrative like if you look at what
narrative like if you look at what
narrative like if you look at what Tony’s referencing early in 2016 January
Tony’s referencing early in 2016 January
Tony’s referencing early in 2016 January February oil prices were plummeting OPEC
February oil prices were plummeting OPEC
February oil prices were plummeting OPEC said they’re gonna let let oil float and
said they’re gonna let let oil float and
said they’re gonna let let oil float and now we’ve got the US they’re talking
now we’ve got the US they’re talking
now we’ve got the US they’re talking about recession eight of the ten major
about recession eight of the ten major
about recession eight of the ten major banks the United States said oil was
banks the United States said oil was
banks the United States said oil was going to go even lower so you haven’t
going to go even lower so you haven’t
going to go even lower so you haven’t you have a narrative it’s not like it’s
you have a narrative it’s not like it’s
you have a narrative it’s not like it’s randomly happening but we know this
randomly happening but we know this
randomly happening but we know this story it’s kinda like going to a Sandra
story it’s kinda like going to a Sandra
story it’s kinda like going to a Sandra Bullock movie we kind of know we’re
Bullock movie we kind of know we’re
Bullock movie we kind of know we’re gonna laugh we’re gonna cry but use even
gonna laugh we’re gonna cry but use even
gonna laugh we’re gonna cry but use even if you someone tells you the whole story
if you someone tells you the whole story
if you someone tells you the whole story in advance there’s gonna be a point
in advance there’s gonna be a point
in advance there’s gonna be a point where you’re supposed to be crying I’m
where you’re supposed to be crying I’m
where you’re supposed to be crying I’m gonna look over at my wife is she’s
gonna look over at my wife is she’s
gonna look over at my wife is she’s gonna be crying right I mean so we’re
gonna be crying right I mean so we’re
gonna be crying right I mean so we’re humans we react when we’re going through
humans we react when we’re going through
humans we react when we’re going through it even when we know what’s gonna happen
it even when we know what’s gonna happen
it even when we know what’s gonna happen and I think the key is you have to not
and I think the key is you have to not
and I think the key is you have to not only know what’s going on like Tony’s
only know what’s going on like Tony’s
only know what’s going on like Tony’s talking about but you gotta take it a
talking about but you gotta take it a
talking about but you gotta take it a step further and be excited about it
step further and be excited about it
step further and be excited about it actually say this is this is an
actually say this is this is an
actually say this is this is an opportunity I only get this opportunity
opportunity I only get this opportunity
opportunity I only get this opportunity like Tony said about once a year now I
like Tony said about once a year now I
like Tony said about once a year now I now is the time to go in action and once
now is the time to go in action and once
now is the time to go in action and once you’ve made that shift you know you’ve
you’ve made that shift you know you’ve
you’ve made that shift you know you’ve you’ve arrived you truly that first step
you’ve arrived you truly that first step
you’ve arrived you truly that first step is the first step to being unshakable
is the first step to being unshakable
is the first step to being unshakable and it’s based on a pattern of facts so
and it’s based on a pattern of facts so
and it’s based on a pattern of facts so what’s another pattern another pattern
what’s another pattern another pattern
what’s another pattern another pattern is okay this how do I know this is a
is okay this how do I know this is a
is okay this how do I know this is a correction just to clarify for everyone
correction just to clarify for everyone
correction just to clarify for everyone a correction a bear market as you know
a correction a bear market as you know
a correction a bear market as you know is 20% drop from its peak right so
is 20% drop from its peak right so
is 20% drop from its peak right so anything below that you know and the 10%
anything below that you know and the 10%
anything below that you know and the 10% range or above is going to be a
range or above is going to be a
range or above is going to be a correction and so most people are afraid
correction and so most people are afraid
correction and so most people are afraid is this correction first of all most
is this correction first of all most
is this correction first of all most people think of a correction as a bear
people think of a correction as a bear
people think of a correction as a bear market they don’t make the difference
market they don’t make the difference
market they don’t make the difference Yeah right they don’t see this as
Yeah right they don’t see this as
Yeah right they don’t see this as temporary they don’t see as normal they
temporary they don’t see as normal they
temporary they don’t see as normal they think oh my god the world is ending and
think oh my god the world is ending and
think oh my god the world is ending and so then they make these dumb decisions
so then they make these dumb decisions
so then they make these dumb decisions unfortunately that can destroy your
unfortunately that can destroy your
unfortunately that can destroy your financial future but if you know that
financial future but if you know that
financial future but if you know that these Corrections happen every year and
these Corrections happen every year and
these Corrections happen every year and that less than 20% of them ever grow
that less than 20% of them ever grow
that less than 20% of them ever grow into a bear market which means you know
into a bear market which means you know
into a bear market which means you know one in five so one in five years that’s
one in five so one in five years that’s
one in five so one in five years that’s really what we’re talking about then if
really what we’re talking about then if
really what we’re talking about then if 80% of time it’s not gonna get worse
80% of time it’s not gonna get worse
80% of time it’s not gonna get worse then maybe I’d have to take advantage of
then maybe I’d have to take advantage of
then maybe I’d have to take advantage of this maybe I’d when everybody else is
this maybe I’d when everybody else is
this maybe I’d when everybody else is afraid
afraid
afraid that is your greatest opportunity that
that is your greatest opportunity that
that is your greatest opportunity that is Warren Buffett’s number-one you know
is Warren Buffett’s number-one you know
is Warren Buffett’s number-one you know totems motto is take advantage during
totems motto is take advantage during
totems motto is take advantage during those times so that’s freedom fact
those times so that’s freedom fact
those times so that’s freedom fact number two that lesson twenty percent of
number two that lesson twenty percent of
number two that lesson twenty percent of all Corrections will ever actually turn
all Corrections will ever actually turn
all Corrections will ever actually turn into a bear markets right right let’s
into a bear markets right right let’s
into a bear markets right right let’s talk about freedom fact number three
talk about freedom fact number three
talk about freedom fact number three nobody can consistently predict whether
nobody can consistently predict whether
nobody can consistently predict whether the market is going to rise or fall why
the market is going to rise or fall why
the market is going to rise or fall why I think this is interesting because
I think this is interesting because
I think this is interesting because there’s so much so many advisors that’s
there’s so much so many advisors that’s
there’s so much so many advisors that’s what they’re selling right and so this
what they’re selling right and so this
what they’re selling right and so this is what’s interesting about the
is what’s interesting about the
is what’s interesting about the profession that they can’t predict yeah
profession that they can’t predict yeah
profession that they can’t predict yeah that they’re selling hey I can predict I
that they’re selling hey I can predict I
that they’re selling hey I can predict I can navigate this I mean there are
can navigate this I mean there are
can navigate this I mean there are different words for it downside
different words for it downside
different words for it downside protection or exit strategy you know
protection or exit strategy you know
protection or exit strategy you know things like that but they’re all
things like that but they’re all
things like that but they’re all generally related to forecasting and I
generally related to forecasting and I
generally related to forecasting and I think what’s problematic with that is
think what’s problematic with that is
think what’s problematic with that is people are trained when you go to a
people are trained when you go to a
people are trained when you go to a professional if I go to a doctor if I go
professional if I go to a doctor if I go
professional if I go to a doctor if I go to an architect or an engineer or CPA my
to an architect or an engineer or CPA my
to an architect or an engineer or CPA my expectation is there’s some industry
expectation is there’s some industry
expectation is there’s some industry standard based on academic evidence and
standard based on academic evidence and
standard based on academic evidence and you’re gonna advise me and put me in a
you’re gonna advise me and put me in a
you’re gonna advise me and put me in a better spot that’s couldn’t be further
better spot that’s couldn’t be further
better spot that’s couldn’t be further from the truth in the financial services
from the truth in the financial services
from the truth in the financial services profession most of the time you’d be
profession most of the time you’d be
profession most of the time you’d be better off not hiring a particular
better off not hiring a particular
better off not hiring a particular advisor and this would be one group to
advisor and this would be one group to
advisor and this would be one group to be concerned about is to me it’s a great
be concerned about is to me it’s a great
be concerned about is to me it’s a great litmus test if you’re sitting down with
litmus test if you’re sitting down with
litmus test if you’re sitting down with somebody and you say hey tell me how
somebody and you say hey tell me how
somebody and you say hey tell me how you’re gonna help me they go well I’m
you’re gonna help me they go well I’m
you’re gonna help me they go well I’m gonna look at indicators and tell you
gonna look at indicators and tell you
gonna look at indicators and tell you when eggs at the market that you can
when eggs at the market that you can
when eggs at the market that you can stop the meeting right there get up and
stop the meeting right there get up and
stop the meeting right there get up and as Tony talks about in his Ramos let’s
as Tony talks about in his Ramos let’s
as Tony talks about in his Ramos let’s go go find somebody else it’s a great
go go find somebody else it’s a great
go go find somebody else it’s a great Litton yeah Bogle said I’ve not only
Litton yeah Bogle said I’ve not only
Litton yeah Bogle said I’ve not only never seen anybody can do it I’ve never
never seen anybody can do it I’ve never
never seen anybody can do it I’ve never met anybody who met anybody that can do
met anybody who met anybody that can do
met anybody who met anybody that can do it and also he had creative planning we
it and also he had creative planning we
it and also he had creative planning we have 15,000 clients I’ve been doing this
have 15,000 clients I’ve been doing this
have 15,000 clients I’ve been doing this about 20 years I am never in my career
about 20 years I am never in my career
about 20 years I am never in my career ever seen a client exit the market and
ever seen a client exit the market and
ever seen a client exit the market and get back in even moderately close to the
get back in even moderately close to the
get back in even moderately close to the right time I mean forget about getting
right time I mean forget about getting
right time I mean forget about getting it right now not even remotely close
it right now not even remotely close
it right now not even remotely close then you get in transaction costs taxes
then you get in transaction costs taxes
then you get in transaction costs taxes the outcome is very very negative so if
the outcome is very very negative so if
the outcome is very very negative so if you don’t want to take the time to dig
you don’t want to take the time to dig
you don’t want to take the time to dig through all the academic evidence that
through all the academic evidence that
through all the academic evidence that it doesn’t work we talked a little bit
it doesn’t work we talked a little bit
it doesn’t work we talked a little bit about it in the book why this is not a
about it in the book why this is not a
about it in the book why this is not a fantastic strategy for you and why it’s
fantastic strategy for you and why it’s
fantastic strategy for you and why it’s not predictable and once you realize
not predictable and once you realize
not predictable and once you realize it’s not predictable it’s easier to have
it’s not predictable it’s easier to have
it’s not predictable it’s easier to have a philosophy to take advantage whole
a philosophy to take advantage whole
a philosophy to take advantage whole industry as you well know people get up
industry as you well know people get up
industry as you well know people get up every single day and grab your eyeballs
every single day and grab your eyeballs
every single day and grab your eyeballs on the television to tell you the
on the television to tell you the
on the television to tell you the horrible thing is coming or the good
horrible thing is coming or the good
horrible thing is coming or the good it’s coming but nobody statistically has
it’s coming but nobody statistically has
it’s coming but nobody statistically has been able to consistently do that
been able to consistently do that
been able to consistently do that there’s been a few of these guys that
there’s been a few of these guys that
there’s been a few of these guys that really aren’t accessible to you arrayed
really aren’t accessible to you arrayed
really aren’t accessible to you arrayed al you are Paul Tudor Jones somebody a
al you are Paul Tudor Jones somebody a
al you are Paul Tudor Jones somebody a bat nature that have been able to go
bat nature that have been able to go
bat nature that have been able to go 20-plus years making money in all these
20-plus years making money in all these
20-plus years making money in all these different markets but their funds are
different markets but their funds are
different markets but their funds are closed so you’re not gonna be able to
closed so you’re not gonna be able to
closed so you’re not gonna be able to get into them so anybody who’s promoting
get into them so anybody who’s promoting
get into them so anybody who’s promoting that either either they believe what
that either either they believe what
that either either they believe what they’re saying and they’re wrong or they
they’re saying and they’re wrong or they
they’re saying and they’re wrong or they do it long enough until they’re right I
do it long enough until they’re right I
do it long enough until they’re right I mean we talk about we show examples in
mean we talk about we show examples in
mean we talk about we show examples in the book of people that there’s one man
the book of people that there’s one man
the book of people that there’s one man who predicted 2008 and we problem is
who predicted 2008 and we problem is
who predicted 2008 and we problem is he’s incorrectly predicted 2002 2003 and
he’s incorrectly predicted 2002 2003 and
he’s incorrectly predicted 2002 2003 and the greatest investors many of the
the greatest investors many of the
the greatest investors many of the greatest investors of all time don’t
greatest investors of all time don’t
greatest investors of all time don’t believe in market timing so Buffett is
believe in market timing so Buffett is
believe in market timing so Buffett is not a market timer you don’t see him
not a market timer you don’t see him
not a market timer you don’t see him leave the market and go to cash you see
leave the market and go to cash you see
leave the market and go to cash you see him 99% invested all the time and when
him 99% invested all the time and when
him 99% invested all the time and when the market is correcting he looks for
the market is correcting he looks for
the market is correcting he looks for value he doesn’t try to time it he buys
value he doesn’t try to time it he buys
value he doesn’t try to time it he buys he waits says I don’t have to matter if
he waits says I don’t have to matter if
he waits says I don’t have to matter if he’s gonna wait a month or two years
he’s gonna wait a month or two years
he’s gonna wait a month or two years eventually the stock price will match
eventually the stock price will match
eventually the stock price will match the value of that company so you can be
the value of that company so you can be
the value of that company so you can be at one of the greatest investors of all
at one of the greatest investors of all
at one of the greatest investors of all time whether you’re JP Morgan who would
time whether you’re JP Morgan who would
time whether you’re JP Morgan who would ask you know what’s the stock market
ask you know what’s the stock market
ask you know what’s the stock market gonna do he said it’s gonna fluctuate
gonna do he said it’s gonna fluctuate
gonna do he said it’s gonna fluctuate right so you look at JP Morgan you look
right so you look at JP Morgan you look
right so you look at JP Morgan you look at Buffett greatest investors of all
at Buffett greatest investors of all
at Buffett greatest investors of all time they’re not market timing so if
time they’re not market timing so if
time they’re not market timing so if you’re like a 42 year old guy working
you’re like a 42 year old guy working
you’re like a 42 year old guy working with an advisor down the street in
with an advisor down the street in
with an advisor down the street in Walnut Creek California who’s telling
Walnut Creek California who’s telling
Walnut Creek California who’s telling you we can market time and forget it
you we can market time and forget it
you we can market time and forget it it’s just as that scenario is not gonna
it’s just as that scenario is not gonna
it’s just as that scenario is not gonna work for you just move on so that’s a
work for you just move on so that’s a
work for you just move on so that’s a great segue to freedom fact number four
great segue to freedom fact number four
great segue to freedom fact number four which is I think something that that
which is I think something that that
which is I think something that that people forget or don’t know and is
people forget or don’t know and is
people forget or don’t know and is extremely reassuring the fact that
extremely reassuring the fact that
extremely reassuring the fact that despite short-term setbacks historically
despite short-term setbacks historically
despite short-term setbacks historically the stock market rises over time you
the stock market rises over time you
the stock market rises over time you know the markets up three out of four
know the markets up three out of four
know the markets up three out of four years so seventy-seven percent of the
years so seventy-seven percent of the
years so seventy-seven percent of the time but that’s over one year over three
time but that’s over one year over three
time but that’s over one year over three years it’s up about ninety percent of
years it’s up about ninety percent of
years it’s up about ninety percent of the time over five years it’s up more
the time over five years it’s up more
the time over five years it’s up more than 95 percent of the time over 10
than 95 percent of the time over 10
than 95 percent of the time over 10 years it’s 98 1/2 percent of the time so
years it’s 98 1/2 percent of the time so
years it’s 98 1/2 percent of the time so in the short run like tony was
in the short run like tony was
in the short run like tony was mentioning earlier incredibly
mentioning earlier incredibly
mentioning earlier incredibly unpredictable in the long run it’s
unpredictable in the long run it’s
unpredictable in the long run it’s extremely predictable we know what the
extremely predictable we know what the
extremely predictable we know what the markets gonna do over time not just the
markets gonna do over time not just the
markets gonna do over time not just the stock market but the bond market over
stock market but the bond market over
stock market but the bond market over the long run we have an expected return
the long run we have an expected return
the long run we have an expected return that that comes about that that we can
that that comes about that that we can
that that comes about that that we can count on at least with a reasonable
count on at least with a reasonable
count on at least with a reasonable amount of probability and plan and plan
amount of probability and plan and plan
amount of probability and plan and plan towards right but for some reason people
towards right but for some reason people
towards right but for some reason people don’t easily think about the
don’t easily think about the
don’t easily think about the long term well I think that’s with the
long term well I think that’s with the
long term well I think that’s with the shredder I think part of its this this
shredder I think part of its this this
shredder I think part of its this this myth that people believe they here the
myth that people believe they here the
myth that people believe they here the market goes up and down that’s not true
market goes up and down that’s not true
market goes up and down that’s not true the market goes up what it has is it has
the market goes up what it has is it has
the market goes up what it has is it has intermediate periods where it’s down
intermediate periods where it’s down
intermediate periods where it’s down kind of like inflation goes up and down
kind of like inflation goes up and down
kind of like inflation goes up and down right
right
right sometimes a candy bar goes down in price
sometimes a candy bar goes down in price
sometimes a candy bar goes down in price doesn’t happen very often
doesn’t happen very often
doesn’t happen very often but sometimes it does maybe you stock up
but sometimes it does maybe you stock up
but sometimes it does maybe you stock up on candy bars then but over time we all
on candy bars then but over time we all
on candy bars then but over time we all have the expectation as reasonable
have the expectation as reasonable
have the expectation as reasonable people that ten years from now that Coke
people that ten years from now that Coke
people that ten years from now that Coke is gonna cost more candy bars gonna cost
is gonna cost more candy bars gonna cost
is gonna cost more candy bars gonna cost more a house is gonna cost more if you
more a house is gonna cost more if you
more a house is gonna cost more if you believe that then you should believe
believe that then you should believe
believe that then you should believe that about the stock market because part
that about the stock market because part
that about the stock market because part of the returns just inflation but Tony
of the returns just inflation but Tony
of the returns just inflation but Tony part of this is about psychology right
part of this is about psychology right
part of this is about psychology right sometimes for some reason we focus more
sometimes for some reason we focus more
sometimes for some reason we focus more on the negative events than we do in the
on the negative events than we do in the
on the negative events than we do in the long term positive ones so even though
long term positive ones so even though
long term positive ones so even though and I think this is freedom fact number
and I think this is freedom fact number
and I think this is freedom fact number five that historically bear markets only
five that historically bear markets only
five that historically bear markets only happen every three to five years
happen every three to five years
happen every three to five years for some reason they seem to make in an
for some reason they seem to make in an
for some reason they seem to make in an over large impression on an investor
over large impression on an investor
over large impression on an investor psychology well I don’t care you know I
psychology well I don’t care you know I
psychology well I don’t care you know I was talking to Jack Bogle who started
was talking to Jack Bogle who started
was talking to Jack Bogle who started Vanguard you know three trillion dollars
Vanguard you know three trillion dollars
Vanguard you know three trillion dollars in assets and he said I said what do you
in assets and he said I said what do you
in assets and he said I said what do you do in America mark Wright goes I read
do in America mark Wright goes I read
do in America mark Wright goes I read all my books and remind myself not to
all my books and remind myself not to
all my books and remind myself not to sell anything cuz it’s it’s yes it
sell anything cuz it’s it’s yes it
sell anything cuz it’s it’s yes it happens look let’s just say the figure
happens look let’s just say the figure
happens look let’s just say the figure so everybody understands it since 1900
so everybody understands it since 1900
so everybody understands it since 1900 so 115 years we’ve had 34 bear markets
so 115 years we’ve had 34 bear markets
so 115 years we’ve had 34 bear markets since 1947 we’ve had 14 so overall in a
since 1947 we’ve had 14 so overall in a
since 1947 we’ve had 14 so overall in a hundred and fifteen years its average in
hundred and fifteen years its average in
hundred and fifteen years its average in every three years in the last you know
every three years in the last you know
every three years in the last you know 50 years or so it’s an average about one
50 years or so it’s an average about one
50 years or so it’s an average about one every five years but the problem is that
every five years but the problem is that
every five years but the problem is that the average drop is thirty three percent
the average drop is thirty three percent
the average drop is thirty three percent right and you know roughly a third of
right and you know roughly a third of
right and you know roughly a third of the time the market drop is 40 percent
the time the market drop is 40 percent
the time the market drop is 40 percent or more well when you lose at least on
or more well when you lose at least on
or more well when you lose at least on paper in your head that’s still the part
paper in your head that’s still the part
paper in your head that’s still the part of our brain that allows us to go into
of our brain that allows us to go into
of our brain that allows us to go into fight or flight that survival mechanism
fight or flight that survival mechanism
fight or flight that survival mechanism is triggered by money issues they’ve
is triggered by money issues they’ve
is triggered by money issues they’ve done MRIs and shown it is if you were
done MRIs and shown it is if you were
done MRIs and shown it is if you were literally your life was being threatened
literally your life was being threatened
literally your life was being threatened and so when that happens unless you
and so when that happens unless you
and so when that happens unless you train yourself to be unshakable unless
train yourself to be unshakable unless
train yourself to be unshakable unless you know hey look this happens every
you know hey look this happens every
you know hey look this happens every three to five years and if I try to get
three to five years and if I try to get
three to five years and if I try to get out as we’re gonna show you in a few
out as we’re gonna show you in a few
out as we’re gonna show you in a few moments I’m gonna have the wrong timing
moments I’m gonna have the wrong timing
moments I’m gonna have the wrong timing I just need to stay in and I won’t lose
I just need to stay in and I won’t lose
I just need to stay in and I won’t lose anything you’ll look like I’ve lost but
anything you’ll look like I’ve lost but
anything you’ll look like I’ve lost but over the long term if I want to stick
over the long term if I want to stick
over the long term if I want to stick with it I can make it happen because we
with it I can make it happen because we
with it I can make it happen because we know what the returns are afterwards we
know what the returns are afterwards we
know what the returns are afterwards we know how the market jumps after we’ve
know how the market jumps after we’ve
know how the market jumps after we’ve taken this hit in a bear market
taken this hit in a bear market
taken this hit in a bear market everybody members where were we in 2009
everybody members where were we in 2009
everybody members where were we in 2009 where are we today but what’s really
where are we today but what’s really
where are we today but what’s really important to know is that in the midst
important to know is that in the midst
important to know is that in the midst of all this these bear markets lasts on
of all this these bear markets lasts on
of all this these bear markets lasts on average a year there’s a few times in
average a year there’s a few times in
average a year there’s a few times in there a couple of years but usually on
there a couple of years but usually on
there a couple of years but usually on average it’s a year so a year really is
average it’s a year so a year really is
average it’s a year so a year really is any other business if you could get a
any other business if you could get a
any other business if you could get a Ferrari for 50% off you would be pretty
Ferrari for 50% off you would be pretty
Ferrari for 50% off you would be pretty excited right but my says the stock
excited right but my says the stock
excited right but my says the stock market’s the only place in the world
market’s the only place in the world
market’s the only place in the world when things go on sale when people freak
when things go on sale when people freak
when things go on sale when people freak out and what you want to be is the
out and what you want to be is the
out and what you want to be is the unshakable when everyone else is in
unshakable when everyone else is in
unshakable when everyone else is in turmoil you wanna go this is the
turmoil you wanna go this is the
turmoil you wanna go this is the greatest opportunity of my life let me
greatest opportunity of my life let me
greatest opportunity of my life let me get these things now cuz they’re gonna
get these things now cuz they’re gonna
get these things now cuz they’re gonna go back up and value because
go back up and value because
go back up and value because historically that’s what’s happened in
historically that’s what’s happened in
historically that’s what’s happened in the US markets for 200 years two
the US markets for 200 years two
the US markets for 200 years two centuries no matter what you do American
centuries no matter what you do American
centuries no matter what you do American business seems to find a way to resolve
business seems to find a way to resolve
business seems to find a way to resolve and become more profitable whatever you
and become more profitable whatever you
and become more profitable whatever you do part of that is our population grows
do part of that is our population grows
do part of that is our population grows part of that is inflation and so the
part of that is inflation and so the
part of that is inflation and so the combination of these factors and our
combination of these factors and our
combination of these factors and our increased productivity as a society
increased productivity as a society
increased productivity as a society which keeps growing especially with
which keeps growing especially with
which keeps growing especially with technology allows these markets to
technology allows these markets to
technology allows these markets to continue to grow so it’s gonna happen
continue to grow so it’s gonna happen
continue to grow so it’s gonna happen every three to five years it’s gonna be
every three to five years it’s gonna be
every three to five years it’s gonna be a 33 percent drop a 40 50 percent drop
a 33 percent drop a 40 50 percent drop
a 33 percent drop a 40 50 percent drop but what we’re gonna show you in this
but what we’re gonna show you in this
but what we’re gonna show you in this book is how to set up a portfolio how to
book is how to set up a portfolio how to
book is how to set up a portfolio how to diversify so that when that happens you
diversify so that when that happens you
diversify so that when that happens you don’t take that kind of a hit you’re
don’t take that kind of a hit you’re
don’t take that kind of a hit you’re still in really great shape but more
still in really great shape but more
still in really great shape but more importantly as Peter proved with all of
importantly as Peter proved with all of
importantly as Peter proved with all of his clients during that time let’s go in
his clients during that time let’s go in
his clients during that time let’s go in and let’s take an advantage of this this
and let’s take an advantage of this this
and let’s take an advantage of this this is the chance to leapfrog from wherever
is the chance to leapfrog from wherever
is the chance to leapfrog from wherever you are financially to where you really
you are financially to where you really
you are financially to where you really want to be because this is where you’re
want to be because this is where you’re
want to be because this is where you’re gonna see the greatest growth I don’t
gonna see the greatest growth I don’t
gonna see the greatest growth I don’t remember the exact number I apologize
remember the exact number I apologize
remember the exact number I apologize but I remember when I was doing research
but I remember when I was doing research
but I remember when I was doing research I remember back in ADEA
I remember back in ADEA
I remember back in ADEA but Joe Kennedy his father I can’t
but Joe Kennedy his father I can’t
but Joe Kennedy his father I can’t member the exact number I apologize I
member the exact number I apologize I
member the exact number I apologize I have to look it up but he his level of
have to look it up but he his level of
have to look it up but he his level of wealth was sizable it was like 3 or 4
wealth was sizable it was like 3 or 4
wealth was sizable it was like 3 or 4 million if I remember correctly in 1929
million if I remember correctly in 1929
million if I remember correctly in 1929 but by 1932 was more than a hundred
but by 1932 was more than a hundred
but by 1932 was more than a hundred million and the reason is because when
million and the reason is because when
million and the reason is because when things melt down that is the opportunity
things melt down that is the opportunity
things melt down that is the opportunity when everybody’s scared that’s Warren
when everybody’s scared that’s Warren
when everybody’s scared that’s Warren Buffett that’s all the greatest
Buffett that’s all the greatest
Buffett that’s all the greatest investors in the world and you can free
investors in the world and you can free
investors in the world and you can free yourself from the fear when you go this
yourself from the fear when you go this
yourself from the fear when you go this is it there’s a big winter about every
is it there’s a big winter about every
is it there’s a big winter about every three to five years but winter doesn’t
three to five years but winter doesn’t
three to five years but winter doesn’t last forever what always follows winter
last forever what always follows winter
last forever what always follows winter is springtime
is springtime
is springtime right this incredible growth that’s
right this incredible growth that’s
right this incredible growth that’s really the essence of this so let’s
really the essence of this so let’s
really the essence of this so let’s actually let’s talk about springtime
actually let’s talk about springtime
actually let’s talk about springtime which it brings us to freedom fact
which it brings us to freedom fact
which it brings us to freedom fact number six and I think this is a fact
number six and I think this is a fact
number six and I think this is a fact that is often forgotten in the midst of
that is often forgotten in the midst of
that is often forgotten in the midst of those bear markets when you’re seeing
those bear markets when you’re seeing
those bear markets when you’re seeing that 30 40 percent paper loss it’s hard
that 30 40 percent paper loss it’s hard
that 30 40 percent paper loss it’s hard to remember that bear markets become
to remember that bear markets become
to remember that bear markets become bull markets and pessimism becomes
bull markets and pessimism becomes
bull markets and pessimism becomes optimism yes
optimism yes
optimism yes that’s what happens not 90 percent of
that’s what happens not 90 percent of
that’s what happens not 90 percent of the time but 100 percent of the time and
the time but 100 percent of the time and
the time but 100 percent of the time and I think that’s the hard thing for people
I think that’s the hard thing for people
I think that’s the hard thing for people to grasp you know Tony was talking about
to grasp you know Tony was talking about
to grasp you know Tony was talking about the frequency of bear markets there’s
the frequency of bear markets there’s
the frequency of bear markets there’s there’s two things that make that
there’s two things that make that
there’s two things that make that particularly troublesome for a lot of
particularly troublesome for a lot of
particularly troublesome for a lot of investors and one is it happens every
investors and one is it happens every
investors and one is it happens every three to five years but not necessarily
three to five years but not necessarily
three to five years but not necessarily spaced out like that right sometimes you
spaced out like that right sometimes you
spaced out like that right sometimes you have a tech bubble and then 911 and
have a tech bubble and then 911 and
have a tech bubble and then 911 and you’re going geez I just went down 40
you’re going geez I just went down 40
you’re going geez I just went down 40 whatever percent I recovered I’ll get
whatever percent I recovered I’ll get
whatever percent I recovered I’ll get hit again 40 something per so I’m just
hit again 40 something per so I’m just
hit again 40 something per so I’m just not doing this anymore
not doing this anymore
not doing this anymore well that’s obviously a spectacular
well that’s obviously a spectacular
well that’s obviously a spectacular mistake because we know what’s happened
mistake because we know what’s happened
mistake because we know what’s happened since then the markets up 10,000 plus
since then the markets up 10,000 plus
since then the markets up 10,000 plus points same thing with Oh 809 if you
points same thing with Oh 809 if you
points same thing with Oh 809 if you look at March 9 of 2009 the market
look at March 9 of 2009 the market
look at March 9 of 2009 the market bottomed firm then it was up 65 percent
bottomed firm then it was up 65 percent
bottomed firm then it was up 65 percent over the next few months when it turns
over the next few months when it turns
over the next few months when it turns it turns very rapidly so I think I think
it turns very rapidly so I think I think
it turns very rapidly so I think I think part of it is this that they’re not the
part of it is this that they’re not the
part of it is this that they’re not the bear markets don’t space themselves out
bear markets don’t space themselves out
bear markets don’t space themselves out sometimes they come so fast they freak
sometimes they come so fast they freak
sometimes they come so fast they freak people out
people out
people out sometimes five years passes and like
sometimes five years passes and like
sometimes five years passes and like right now many of my clients some of my
right now many of my clients some of my
right now many of my clients some of my clients will say well we’re due for a
clients will say well we’re due for a
clients will say well we’re due for a bear market well doesn’t work like that
bear market well doesn’t work like that
bear market well doesn’t work like that there have been periods in history oh 10
there have been periods in history oh 10
there have been periods in history oh 10 or 15 years we just don’t know what’s
or 15 years we just don’t know what’s
or 15 years we just don’t know what’s going to happen is it gonna be terrorism
going to happen is it gonna be terrorism
going to happen is it gonna be terrorism is it gonna be an industry bubble is it
is it gonna be an industry bubble is it
is it gonna be an industry bubble is it something we’re not we’re not thinking
something we’re not we’re not thinking
something we’re not we’re not thinking about that’s gonna drive those those
about that’s gonna drive those those
about that’s gonna drive those those things but regardless the economy is
things but regardless the economy is
things but regardless the economy is resilient people have this perception
resilient people have this perception
resilient people have this perception that capitalism is fragile and the
that capitalism is fragile and the
that capitalism is fragile and the economy is fragile and it’s in fact it’s
economy is fragile and it’s in fact it’s
economy is fragile and it’s in fact it’s it’s quite the opposite and and the
it’s quite the opposite and and the
it’s quite the opposite and and the market is a function of dividends which
market is a function of dividends which
market is a function of dividends which we get paid in bear markets still it’s a
we get paid in bear markets still it’s a
we get paid in bear markets still it’s a function a little bit of inflation and
function a little bit of inflation and
function a little bit of inflation and then of over time rising profits and so
then of over time rising profits and so
then of over time rising profits and so what’s happened in every single bear
what’s happened in every single bear
what’s happened in every single bear market in history is those things have
market in history is those things have
market in history is those things have prevailed and the markets gone on to a
prevailed and the markets gone on to a
prevailed and the markets gone on to a new high so let’s say you’re the worst
new high so let’s say you’re the worst
new high so let’s say you’re the worst investor in the world you put all your
investor in the world you put all your
investor in the world you put all your money in the market the day before the
money in the market the day before the
money in the market the day before the crashing in late oh seven that starts in
crashing in late oh seven that starts in
crashing in late oh seven that starts in late oh seven you put all your money in
late oh seven you put all your money in
late oh seven you put all your money in before 9/11 or the tech bubble well we
before 9/11 or the tech bubble well we
before 9/11 or the tech bubble well we were talking about the average bear
were talking about the average bear
were talking about the average bear market being 33% these happen to be
market being 33% these happen to be
market being 33% these happen to be three of the worst bear markets of all
three of the worst bear markets of all
three of the worst bear markets of all time and they’re fresh on everyone’s
time and they’re fresh on everyone’s
time and they’re fresh on everyone’s minds
minds
minds if you put all your money a hundred
if you put all your money a hundred
if you put all your money a hundred percent in stocks then well today your
percent in stocks then well today your
percent in stocks then well today your infinitely wealthier right so it’s that
infinitely wealthier right so it’s that
infinitely wealthier right so it’s that hard to screw up if you’re educated you
hard to screw up if you’re educated you
hard to screw up if you’re educated you have the discipline and you take
have the discipline and you take
have the discipline and you take advantage of lovers you get in the game
advantage of lovers you get in the game
advantage of lovers you get in the game and stay in the game that’s the biggest
and stay in the game that’s the biggest
and stay in the game that’s the biggest challenge for people of course that’s
challenge for people of course that’s
challenge for people of course that’s right and I think that that brings us to
right and I think that that brings us to
right and I think that that brings us to a fact that I think is incredibly
a fact that I think is incredibly
a fact that I think is incredibly important and that people really don’t
important and that people really don’t
important and that people really don’t realize or appreciate or just plain
realize or appreciate or just plain
realize or appreciate or just plain forget your freedom fact number seven
forget your freedom fact number seven
forget your freedom fact number seven the greatest danger is actually being
the greatest danger is actually being
the greatest danger is actually being out of the market now this is totally
out of the market now this is totally
out of the market now this is totally counterintuitive right cuz everybody
counterintuitive right cuz everybody
counterintuitive right cuz everybody says look the ideal would be you get in
says look the ideal would be you get in
says look the ideal would be you get in at the right time and go up and then you
at the right time and go up and then you
at the right time and go up and then you get out before it goes down but you know
get out before it goes down but you know
get out before it goes down but you know no one’s ever been able to predict that
no one’s ever been able to predict that
no one’s ever been able to predict that of the best of the best of the world but
of the best of the best of the world but
of the best of the best of the world but here’s the fact that’ll blow your mind
here’s the fact that’ll blow your mind
here’s the fact that’ll blow your mind JP Morgan did a study and swab both
JP Morgan did a study and swab both
JP Morgan did a study and swab both independently did studies over 20-year
independently did studies over 20-year
independently did studies over 20-year periods of time so in 1996 the 2015 and
periods of time so in 1996 the 2015 and
periods of time so in 1996 the 2015 and they found it on average if you and the
they found it on average if you and the
they found it on average if you and the sp500 you have an eight point two
sp500 you have an eight point two
sp500 you have an eight point two percent return which compounding over
percent return which compounding over
percent return which compounding over time is extraordinary for people helps
time is extraordinary for people helps
time is extraordinary for people helps you get to that wealth but in those
you get to that wealth but in those
you get to that wealth but in those twenty years if you just missed the ten
twenty years if you just missed the ten
twenty years if you just missed the ten best trading days ten days out of twenty
best trading days ten days out of twenty
best trading days ten days out of twenty years and your return would be four
years and your return would be four
years and your return would be four point five percent it would literally
point five percent it would literally
point five percent it would literally almost be cut in half just by missing
almost be cut in half just by missing
almost be cut in half just by missing those two days how are you gonna know in
those two days how are you gonna know in
those two days how are you gonna know in twenty years which of those ten days are
twenty years which of those ten days are
twenty years which of those ten days are give me other statistics of what happens
give me other statistics of what happens
give me other statistics of what happens with what what do you days I think one
with what what do you days I think one
with what what do you days I think one of the big misperceptions is okay the if
of the big misperceptions is okay the if
of the big misperceptions is okay the if the markets at ten thousand like it was
the markets at ten thousand like it was
the markets at ten thousand like it was a few years ago and I wait well what
a few years ago and I wait well what
a few years ago and I wait well what what what are their only three things
what what are their only three things
what what are their only three things that can happen if I’m in cash one is
that can happen if I’m in cash one is
that can happen if I’m in cash one is the market goes down
the market goes down
the market goes down I feel great but am I gonna go in at
I feel great but am I gonna go in at
I feel great but am I gonna go in at nine thousand do I really feel great
nine thousand do I really feel great
nine thousand do I really feel great about the market at nine thousand I
about the market at nine thousand I
about the market at nine thousand I didn’t feel good at ten I still have not
didn’t feel good at ten I still have not
didn’t feel good at ten I still have not met that investor in my you know long
met that investor in my you know long
met that investor in my you know long career second it goes sideways I lose
career second it goes sideways I lose
career second it goes sideways I lose dividends are better than being in cash
dividends are better than being in cash
dividends are better than being in cash or a CD third it goes up now the problem
or a CD third it goes up now the problem
or a CD third it goes up now the problem with it going up is it might not come
with it going up is it might not come
with it going up is it might not come back to ten thousand it might do exactly
back to ten thousand it might do exactly
back to ten thousand it might do exactly what it did go to eleven twelve thirteen
what it did go to eleven twelve thirteen
what it did go to eleven twelve thirteen fifteen nineteen nine you know you lost
fifteen nineteen nine you know you lost
fifteen nineteen nine you know you lost Rob you’ve lost your opportunity now if
Rob you’ve lost your opportunity now if
Rob you’ve lost your opportunity now if I go in there’s three things that can
I go in there’s three things that can
I go in there’s three things that can happen it goes up I’m high-fiving
happen it goes up I’m high-fiving
happen it goes up I’m high-fiving everyone around me it can go sideways
everyone around me it can go sideways
everyone around me it can go sideways I’m better than cash it can go down big
I’m better than cash it can go down big
I’m better than cash it can go down big deal I can buy more or I wait it out
deal I can buy more or I wait it out
deal I can buy more or I wait it out that’s the worst thing in the world that
that’s the worst thing in the world that
that’s the worst thing in the world that happens is I wait it out so being out
happens is I wait it out so being out
happens is I wait it out so being out it’s like Tony says counter in two
it’s like Tony says counter in two
it’s like Tony says counter in two being out is what results in permanent
being out is what results in permanent
being out is what results in permanent loss being in the worst outcome that can
loss being in the worst outcome that can
loss being in the worst outcome that can happen and it’s still a low probability
happen and it’s still a low probability
happen and it’s still a low probability event is temporary loss of capital so
event is temporary loss of capital so
event is temporary loss of capital so Peter isn’t it also true that those
Peter isn’t it also true that those
Peter isn’t it also true that those advisers who are not fiduciaries who are
advisers who are not fiduciaries who are
advisers who are not fiduciaries who are brokers they will make money whether
brokers they will make money whether
brokers they will make money whether they’re encouraging you to buy or sell
they’re encouraging you to buy or sell
they’re encouraging you to buy or sell so they actually have a disincentive to
so they actually have a disincentive to
so they actually have a disincentive to advise you hey don’t do anything stay
advise you hey don’t do anything stay
advise you hey don’t do anything stay the course you’re going to be fine I
the course you’re going to be fine I
the course you’re going to be fine I think it’s when you’re in the brokerage
think it’s when you’re in the brokerage
think it’s when you’re in the brokerage world you just don’t know how anyone’s
world you just don’t know how anyone’s
world you just don’t know how anyone’s being compensated if they disclose it to
being compensated if they disclose it to
being compensated if they disclose it to you usually there will be conflict
you usually there will be conflict
you usually there will be conflict sometimes they get paid commissions so
sometimes they get paid commissions so
sometimes they get paid commissions so there’s an incentive for activity
there’s an incentive for activity
there’s an incentive for activity sometimes they get paid a fee but only
sometimes they get paid a fee but only
sometimes they get paid a fee but only if you’re in certain asset classes so
if you’re in certain asset classes so
if you’re in certain asset classes so there’s an incentive for you to be in
there’s an incentive for you to be in
there’s an incentive for you to be in those asset classes sometimes they get
those asset classes sometimes they get
those asset classes sometimes they get paid different fees and different asset
paid different fees and different asset
paid different fees and different asset classes so there’s incentive for you to
classes so there’s incentive for you to
classes so there’s incentive for you to take risks you might not want to take
take risks you might not want to take
take risks you might not want to take and those incentives have nothing with
and those incentives have nothing with
and those incentives have nothing with your best interest that’s just the
your best interest that’s just the
your best interest that’s just the incentives of what makes the most money
incentives of what makes the most money
incentives of what makes the most money for the corporation they might have
for the corporation they might have
for the corporation they might have their own bond desk they might have
their own bond desk they might have
their own bond desk they might have their own mutual funds they might have
their own mutual funds they might have
their own mutual funds they might have their own hedge funds and so I think the
their own hedge funds and so I think the
their own hedge funds and so I think the key is you want to have an advisor you
key is you want to have an advisor you
key is you want to have an advisor you pay a fee and that fees the same on all
pay a fee and that fees the same on all
pay a fee and that fees the same on all of the investment advice all of the time
of the investment advice all of the time
of the investment advice all of the time and we you can get yourself to that
and we you can get yourself to that
and we you can get yourself to that which I mean like Tony said at the top
which I mean like Tony said at the top
which I mean like Tony said at the top of the of this that’s extremely rare
of the of this that’s extremely rare
of the of this that’s extremely rare unfortunately in this profession but if
unfortunately in this profession but if
unfortunately in this profession but if you can find somebody whose investment
you can find somebody whose investment
you can find somebody whose investment fees the same no matter what they do
fees the same no matter what they do
fees the same no matter what they do what out no matter what they recommend
what out no matter what they recommend
what out no matter what they recommend that’s the best case scenario in terms
that’s the best case scenario in terms
that’s the best case scenario in terms of at least having an alignment before
of at least having an alignment before
of at least having an alignment before we even get to the next steps with
we even get to the next steps with
we even get to the next steps with advisors and I want you know I give the
advisors and I want you know I give the
advisors and I want you know I give the ten days below to give them the second
ten days below to give them the second
ten days below to give them the second statistic they found in those twenty
statistic they found in those twenty
statistic they found in those twenty years if you have a market 20 days the
years if you have a market 20 days the
years if you have a market 20 days the 20 best days you’re eight point two
20 best days you’re eight point two
20 best days you’re eight point two drops the two point one you might have
drops the two point one you might have
drops the two point one you might have had your money in a Treasury or
had your money in a Treasury or
had your money in a Treasury or something of that nature right and if
something of that nature right and if
something of that nature right and if you missed the top 30 days in 20 years
you missed the top 30 days in 20 years
you missed the top 30 days in 20 years you lost money and so how are you ever
you lost money and so how are you ever
you lost money and so how are you ever going to time that and then the best
going to time that and then the best
going to time that and then the best fact that we found was extraordinary and
fact that we found was extraordinary and
fact that we found was extraordinary and this was done by JP Morgan
this was done by JP Morgan
this was done by JP Morgan they found that six of the ten biggest
they found that six of the ten biggest
they found that six of the ten biggest trading days upsides were within two
trading days upsides were within two
trading days upsides were within two weeks of the 10 worst trading days so
weeks of the 10 worst trading days so
weeks of the 10 worst trading days so it’s like when people’s got surfing
it’s like when people’s got surfing
it’s like when people’s got surfing ripped open that’s when the greatest
ripped open that’s when the greatest
ripped open that’s when the greatest explosion of opportunity happens we wrap
explosion of opportunity happens we wrap
explosion of opportunity happens we wrap how far now Peter I don’t seems latest
how far now Peter I don’t seems latest
how far now Peter I don’t seems latest statistics from where we were in 2009
statistics from where we were in 2009
statistics from where we were in 2009 how much was the growth bit on the
how much was the growth bit on the
how much was the growth bit on the market have forgotten I mean I’m looking
market have forgotten I mean I’m looking
market have forgotten I mean I’m looking at the Dow under 7,000 now near 20,000
at the Dow under 7,000 now near 20,000
at the Dow under 7,000 now near 20,000 so several hundred percent with
so several hundred percent with
so several hundred percent with dividends and look at all these people
dividends and look at all these people
dividends and look at all these people that are sat out because they
that are sat out because they
that are sat out because they afraid the markets going up and down
afraid the markets going up and down
afraid the markets going up and down where’s where’s the money gonna go with
where’s where’s the money gonna go with
where’s where’s the money gonna go with the market can’t last this long every
the market can’t last this long every
the market can’t last this long every story that you hear and what really
story that you hear and what really
story that you hear and what really kills me is I guess it’s two extremes
kills me is I guess it’s two extremes
kills me is I guess it’s two extremes its Millennials because they’re just not
its Millennials because they’re just not
its Millennials because they’re just not in the market right they’ve been there
in the market right they’ve been there
in the market right they’ve been there like the generation that went through
like the generation that went through
like the generation that went through the Great Depression they saw what
the Great Depression they saw what
the Great Depression they saw what happened to their families and to their
happened to their families and to their
happened to their families and to their parents and some of them to themselves
parents and some of them to themselves
parents and some of them to themselves that they’re the leading edge to that
that they’re the leading edge to that
that they’re the leading edge to that and they’re just staying out of the
and they’re just staying out of the
and they’re just staying out of the market and they’re the core years where
market and they’re the core years where
market and they’re the core years where they could with a very small amount of
they could with a very small amount of
they could with a very small amount of money become financially free because
money become financially free because
money become financially free because the power of compounding with time and
the power of compounding with time and
the power of compounding with time and then you got baby boomers that have been
then you got baby boomers that have been
then you got baby boomers that have been sitting out they can’t afford to set out
sitting out they can’t afford to set out
sitting out they can’t afford to set out at this time but they don’t know how to
at this time but they don’t know how to
at this time but they don’t know how to get a plan together that can protect
get a plan together that can protect
get a plan together that can protect them in the worst situation so they
them in the worst situation so they
them in the worst situation so they don’t have to be fearful and they don’t
don’t have to be fearful and they don’t
don’t have to be fearful and they don’t know how to take advantage of it that’s
know how to take advantage of it that’s
know how to take advantage of it that’s what I’m shakin bowls really teaching
”
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