{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.183,"endTime":1.174,"body":"Hey,"},{"speaker":"Average Joe Finances","startTime":0.183,"endTime":1.174,"body":"how's it going everybody?"},{"speaker":"Average Joe Finances","startTime":1.174,"endTime":5.074,"body":"So today's guest is Ravee Sood"},{"speaker":"Average Joe Finances","startTime":1.174,"endTime":5.074,"body":"and Ravee is an entrepreneur"},{"speaker":"Average Joe Finances","startTime":5.074,"endTime":7.173,"body":"with a focus on emerging markets."},{"speaker":"Average Joe Finances","startTime":7.474,"endTime":11.674,"body":"He's the co-founder and former CEO of"},{"speaker":"Average Joe Finances","startTime":7.474,"endTime":11.674,"body":"a Toronto based investment firm and"},{"speaker":"Average Joe Finances","startTime":11.674,"endTime":16.503,"body":"co-founder of various other businesses"},{"speaker":"Average Joe Finances","startTime":11.674,"endTime":16.503,"body":"around the world, including Delani gold"},{"speaker":"Average Joe Finances","startTime":16.594,"endTime":21.439,"body":"LTD, which is a gold producer operating"},{"speaker":"Average Joe Finances","startTime":16.594,"endTime":21.439,"body":"in africa and the United States."},{"speaker":"Average Joe Finances","startTime":21.439,"endTime":22.699,"body":"Ravi, that's pretty cool."},{"speaker":"Average Joe Finances","startTime":22.889,"endTime":24.889,"body":"You're probably the"},{"speaker":"Average Joe Finances","startTime":22.889,"endTime":24.889,"body":"first person I talked to."},{"speaker":"Average Joe Finances","startTime":24.889,"endTime":29.659,"body":"That's an active miner of precious metals,"},{"speaker":"Average Joe Finances","startTime":24.889,"endTime":29.659,"body":"which is really awesome to talk about."},{"speaker":"Average Joe Finances","startTime":29.659,"endTime":30.739,"body":"So welcome to the show"},{"speaker":"Ravi Sood","startTime":31.339,"endTime":31.938,"body":"Thank you."},{"speaker":"Ravi Sood","startTime":31.938,"endTime":34.633,"body":"That has been looking forward to"},{"speaker":"Ravi Sood","startTime":31.938,"endTime":34.633,"body":"being here and we're certainly"},{"speaker":"Ravi Sood","startTime":34.633,"endTime":35.643,"body":"a rare breed these days."},{"speaker":"Average Joe Finances","startTime":35.876,"endTime":36.236,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":36.236,"endTime":36.446,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":36.456,"endTime":40.996,"body":"So speaking of being a rare breed, I just"},{"speaker":"Average Joe Finances","startTime":36.456,"endTime":40.996,"body":"gave like a small brief background on you,"},{"speaker":"Average Joe Finances","startTime":40.996,"endTime":44.596,"body":"but if you could, can you share a little"},{"speaker":"Average Joe Finances","startTime":40.996,"endTime":44.596,"body":"bit more about yourself, share your story?"},{"speaker":"Average Joe Finances","startTime":44.596,"endTime":46.336,"body":"Like, how did this all"},{"speaker":"Average Joe Finances","startTime":44.596,"endTime":46.336,"body":"get started for you?"},{"speaker":"Average Joe Finances","startTime":46.745,"endTime":48.245,"body":"Why did you start mining gold?"},{"speaker":"Ravi Sood","startTime":48.695,"endTime":49.745,"body":"Yeah, absolutely."},{"speaker":"Ravi Sood","startTime":49.745,"endTime":53.137,"body":"And it's a long circuitous journey"},{"speaker":"Ravi Sood","startTime":49.745,"endTime":53.137,"body":"because let me tell you when"},{"speaker":"Ravi Sood","startTime":53.137,"endTime":55.237,"body":"I started in the professional."},{"speaker":"Ravi Sood","startTime":55.987,"endTime":60.247,"body":"I certainly had no interest in precious"},{"speaker":"Ravi Sood","startTime":55.987,"endTime":60.247,"body":"metals or mining for that matter."},{"speaker":"Ravi Sood","startTime":60.247,"endTime":63.486,"body":"I was entering the workforce"},{"speaker":"Ravi Sood","startTime":60.247,"endTime":63.486,"body":"in the nineties and the"},{"speaker":"Ravi Sood","startTime":63.486,"endTime":65.586,"body":"go-go days of the.com boom."},{"speaker":"Ravi Sood","startTime":65.678,"endTime":70.331,"body":"Really coming from a career path that"},{"speaker":"Ravi Sood","startTime":65.678,"endTime":70.331,"body":"was, I thought was taking me to academia."},{"speaker":"Ravi Sood","startTime":70.379,"endTime":74.106,"body":"I studied mathematics and university"},{"speaker":"Ravi Sood","startTime":70.379,"endTime":74.106,"body":"and I was accepted into graduate"},{"speaker":"Ravi Sood","startTime":74.106,"endTime":78.307,"body":"school and fully intended to go had"},{"speaker":"Ravi Sood","startTime":74.106,"endTime":78.307,"body":"difficulty with figuring out how to fund."},{"speaker":"Ravi Sood","startTime":79.367,"endTime":83.747,"body":"And decided to take a one-year pause"},{"speaker":"Ravi Sood","startTime":79.367,"endTime":83.747,"body":"before starting my master's degree."},{"speaker":"Ravi Sood","startTime":83.747,"endTime":88.98,"body":"And I thought, ultimately my PhD in"},{"speaker":"Ravi Sood","startTime":83.747,"endTime":88.98,"body":"mathematics and pursuing a a career"},{"speaker":"Ravi Sood","startTime":88.98,"endTime":93.551,"body":"in academia, as I said and that pause"},{"speaker":"Ravi Sood","startTime":88.98,"endTime":93.551,"body":"landed me in the investment industry."},{"speaker":"Ravi Sood","startTime":93.551,"endTime":94.211,"body":"And that's not something."},{"speaker":"Ravi Sood","startTime":94.776,"endTime":96.216,"body":"Thought I'd ever get involved with."},{"speaker":"Ravi Sood","startTime":96.246,"endTime":100.806,"body":"They had no educational background,"},{"speaker":"Ravi Sood","startTime":96.246,"endTime":100.806,"body":"frankly, no historical interest in it."},{"speaker":"Ravi Sood","startTime":101.526,"endTime":106.323,"body":"And it was really a fluke, a friend"},{"speaker":"Ravi Sood","startTime":101.526,"endTime":106.323,"body":"of a friend and an introduction to a"},{"speaker":"Ravi Sood","startTime":106.473,"endTime":109.083,"body":"former physics professor who had turned."},{"speaker":"Ravi Sood","startTime":109.098,"endTime":112.524,"body":"For Deutsche bank at that time, the"},{"speaker":"Ravi Sood","startTime":109.098,"endTime":112.524,"body":"division called Deutsche and Morgan"},{"speaker":"Ravi Sood","startTime":112.524,"endTime":114.497,"body":"Grenville later Deutsche bank securities."},{"speaker":"Ravi Sood","startTime":115.127,"endTime":118.803,"body":"And I spoke to that former professor"},{"speaker":"Ravi Sood","startTime":115.127,"endTime":118.803,"body":"and I said, look, I don't know anything"},{"speaker":"Ravi Sood","startTime":118.803,"endTime":120.747,"body":"about economics or accounting or stocks."},{"speaker":"Ravi Sood","startTime":120.747,"endTime":121.987,"body":"And he said, don't worry about it."},{"speaker":"Ravi Sood","startTime":122.049,"endTime":123.969,"body":"We'll find something"},{"speaker":"Ravi Sood","startTime":122.049,"endTime":123.969,"body":"productive for you to do."},{"speaker":"Ravi Sood","startTime":124.539,"endTime":125.843,"body":"And I fell in love with it."},{"speaker":"Ravi Sood","startTime":126.203,"endTime":129.084,"body":"And I guess in for the most part,"},{"speaker":"Ravi Sood","startTime":126.203,"endTime":129.084,"body":"I never left the investment in."},{"speaker":"Ravi Sood","startTime":130.304,"endTime":132.054,"body":"That was the beginning of my career."},{"speaker":"Ravi Sood","startTime":132.714,"endTime":136.233,"body":"And I could tell you, in the nineties,"},{"speaker":"Ravi Sood","startTime":132.714,"endTime":136.233,"body":"when I first started meeting companies"},{"speaker":"Ravi Sood","startTime":136.233,"endTime":140.54,"body":"and meeting management teams and learning"},{"speaker":"Ravi Sood","startTime":136.233,"endTime":140.54,"body":"about different industries and carving"},{"speaker":"Ravi Sood","startTime":140.54,"endTime":144.905,"body":"my path as an investor in developing"},{"speaker":"Ravi Sood","startTime":140.54,"endTime":144.905,"body":"my own interest in style I saw the"},{"speaker":"Ravi Sood","startTime":144.905,"endTime":148.385,"body":"odd mining company and the odd gold"},{"speaker":"Ravi Sood","startTime":144.905,"endTime":148.385,"body":"mining company comes through my office."},{"speaker":"Ravi Sood","startTime":149.015,"endTime":150.425,"body":"And I remember thinking."},{"speaker":"Ravi Sood","startTime":151.52,"endTime":154.283,"body":"A, what on earth do we need"},{"speaker":"Ravi Sood","startTime":151.52,"endTime":154.283,"body":"this stuff for anymore?"},{"speaker":"Ravi Sood","startTime":154.287,"endTime":159.657,"body":"B these guys are all really old and super"},{"speaker":"Ravi Sood","startTime":154.287,"endTime":159.657,"body":"boring and their presentations were awful."},{"speaker":"Ravi Sood","startTime":160.197,"endTime":166.03,"body":"And I just had absolutely zero"},{"speaker":"Ravi Sood","startTime":160.197,"endTime":166.03,"body":"interest in mining or gold or precious"},{"speaker":"Ravi Sood","startTime":166.03,"endTime":167.44,"body":"metals in general at that time."},{"speaker":"Ravi Sood","startTime":167.89,"endTime":168.82,"body":"And why would you?"},{"speaker":"Ravi Sood","startTime":168.82,"endTime":172.03,"body":"It was the go-go days of the"},{"speaker":"Ravi Sood","startTime":168.82,"endTime":172.03,"body":"internet, as they said, and.com was"},{"speaker":"Ravi Sood","startTime":172.03,"endTime":173.59,"body":"happening in the world was changing."},{"speaker":"Ravi Sood","startTime":174.1,"endTime":177.1,"body":"And it was just really a sort"},{"speaker":"Ravi Sood","startTime":174.1,"endTime":177.1,"body":"of a backward notion to be"},{"speaker":"Ravi Sood","startTime":177.1,"endTime":177.94,"body":"involved in any of those."},{"speaker":"Ravi Sood","startTime":178.765,"endTime":181.175,"body":"Also by the way, the"},{"speaker":"Ravi Sood","startTime":178.765,"endTime":181.175,"body":"economy was truly booming."},{"speaker":"Ravi Sood","startTime":181.175,"endTime":185.397,"body":"The United States was actually reducing"},{"speaker":"Ravi Sood","startTime":181.175,"endTime":185.397,"body":"its debt as was much of the many other"},{"speaker":"Ravi Sood","startTime":185.787,"endTime":187.407,"body":"sovereign states around the world."},{"speaker":"Ravi Sood","startTime":187.947,"endTime":190.445,"body":"And so the case for gold"},{"speaker":"Ravi Sood","startTime":187.947,"endTime":190.445,"body":"was really not there."},{"speaker":"Ravi Sood","startTime":190.445,"endTime":192.545,"body":"It was that $250 an ounce."},{"speaker":"Ravi Sood","startTime":192.658,"endTime":195.748,"body":"So just not something that appeared"},{"speaker":"Ravi Sood","startTime":192.658,"endTime":195.748,"body":"on my radar and I continued"},{"speaker":"Ravi Sood","startTime":195.748,"endTime":197.698,"body":"into the two thousands involved"},{"speaker":"Ravi Sood","startTime":195.748,"endTime":197.698,"body":"in the investment in this."},{"speaker":"Ravi Sood","startTime":197.736,"endTime":202.354,"body":"Mostly interested in growth industries"},{"speaker":"Ravi Sood","startTime":197.736,"endTime":202.354,"body":"got interested in other more defensive"},{"speaker":"Ravi Sood","startTime":202.354,"endTime":209.71,"body":"type industries post 2001, and post"},{"speaker":"Ravi Sood","startTime":202.354,"endTime":209.71,"body":"the tech wreck of 2000 and just very"},{"speaker":"Ravi Sood","startTime":209.71,"endTime":213.43,"body":"much at the end of that sort of bull"},{"speaker":"Ravi Sood","startTime":209.71,"endTime":213.43,"body":"run, did I start to get interested?"},{"speaker":"Ravi Sood","startTime":213.51,"endTime":215.948,"body":"Or my interest was peaked"},{"speaker":"Ravi Sood","startTime":213.51,"endTime":215.948,"body":"on gold and starting to."},{"speaker":"Ravi Sood","startTime":216.688,"endTime":221.158,"body":"How does this all end like this game"},{"speaker":"Ravi Sood","startTime":216.688,"endTime":221.158,"body":"in this sort of a cycle that we ended"},{"speaker":"Ravi Sood","startTime":221.158,"endTime":225.798,"body":"up in with this continuous issuance"},{"speaker":"Ravi Sood","startTime":221.158,"endTime":225.798,"body":"of debt, expanding balance sheets of"},{"speaker":"Ravi Sood","startTime":225.818,"endTime":230.078,"body":"sovereign nations and really this growing"},{"speaker":"Ravi Sood","startTime":225.818,"endTime":230.078,"body":"debt bubble, it was a mortgage bubble."},{"speaker":"Ravi Sood","startTime":230.498,"endTime":235.898,"body":"It was a corporate level debt"},{"speaker":"Ravi Sood","startTime":230.498,"endTime":235.898,"body":"bubble in the 2007 to 2009."},{"speaker":"Ravi Sood","startTime":235.898,"endTime":238.912,"body":"The global financial crisis of"},{"speaker":"Ravi Sood","startTime":235.898,"endTime":238.912,"body":"course kicked off with subprime,"},{"speaker":"Ravi Sood","startTime":238.912,"endTime":241.882,"body":"but then touching basically"},{"speaker":"Ravi Sood","startTime":238.912,"endTime":241.882,"body":"all aspects of capital markets."},{"speaker":"Ravi Sood","startTime":242.452,"endTime":246.414,"body":"But now Fast forwarding to now"},{"speaker":"Ravi Sood","startTime":242.452,"endTime":246.414,"body":"briefly it's a sovereign bubble."},{"speaker":"Ravi Sood","startTime":246.414,"endTime":250.55,"body":"It's add a few extra decimal"},{"speaker":"Ravi Sood","startTime":246.414,"endTime":250.55,"body":"points or move the decimal point,"},{"speaker":"Ravi Sood","startTime":250.59,"endTime":254.084,"body":"a few notches to the right orders"},{"speaker":"Ravi Sood","startTime":250.59,"endTime":254.084,"body":"of magnitude, larger bubble."},{"speaker":"Ravi Sood","startTime":254.384,"endTime":257.724,"body":"But I really started to get that"},{"speaker":"Ravi Sood","startTime":254.384,"endTime":257.724,"body":"interest in the mid two thousands."},{"speaker":"Ravi Sood","startTime":257.994,"endTime":261.287,"body":"And in 2010 I sold my investment firm."},{"speaker":"Ravi Sood","startTime":261.417,"endTime":262.868,"body":"It was at the time I was CEO."},{"speaker":"Ravi Sood","startTime":263.002,"endTime":267.407,"body":"I had started that investment firm with"},{"speaker":"Ravi Sood","startTime":263.002,"endTime":267.407,"body":"backing from a family office in 2001."},{"speaker":"Ravi Sood","startTime":268.097,"endTime":272.777,"body":"And that was an opportunity for me to say,"},{"speaker":"Ravi Sood","startTime":268.097,"endTime":272.777,"body":"what am I going to do as an individual?"},{"speaker":"Ravi Sood","startTime":272.777,"endTime":276.227,"body":"Where am I going to spend my"},{"speaker":"Ravi Sood","startTime":272.777,"endTime":276.227,"body":"energy and my, where am I going to"},{"speaker":"Ravi Sood","startTime":276.317,"endTime":278.297,"body":"achieve joy and interest in life?"},{"speaker":"Ravi Sood","startTime":278.907,"endTime":282.677,"body":"And where am I also going to"},{"speaker":"Ravi Sood","startTime":278.907,"endTime":282.677,"body":"hopefully make some money for myself"},{"speaker":"Ravi Sood","startTime":282.677,"endTime":284.387,"body":"and ultimately other shareholders."},{"speaker":"Ravi Sood","startTime":284.927,"endTime":291.059,"body":"And I really had developed a firm belief"},{"speaker":"Ravi Sood","startTime":284.927,"endTime":291.059,"body":"that we were going to see huge inflation."},{"speaker":"Ravi Sood","startTime":291.09,"endTime":294.746,"body":"We are going to see a debt crisis"},{"speaker":"Ravi Sood","startTime":291.09,"endTime":294.746,"body":"that would make the global financial"},{"speaker":"Ravi Sood","startTime":294.746,"endTime":299.966,"body":"crisis of 08 look, puny by comparison"},{"speaker":"Ravi Sood","startTime":294.746,"endTime":299.966,"body":"would really amount to a financial"},{"speaker":"Ravi Sood","startTime":299.966,"endTime":301.466,"body":"reset of the system as we know."},{"speaker":"Ravi Sood","startTime":302.736,"endTime":305.821,"body":"And that real assets real"},{"speaker":"Ravi Sood","startTime":302.736,"endTime":305.821,"body":"assets can be different things."},{"speaker":"Ravi Sood","startTime":305.821,"endTime":306.841,"body":"It can be real estate."},{"speaker":"Ravi Sood","startTime":306.853,"endTime":308.143,"body":"It could be lumber."},{"speaker":"Ravi Sood","startTime":308.143,"endTime":309.644,"body":"It could be a beanie babies."},{"speaker":"Ravi Sood","startTime":309.644,"endTime":313.479,"body":"It could be NFTs now different"},{"speaker":"Ravi Sood","startTime":309.644,"endTime":313.479,"body":"digital forms of real assets."},{"speaker":"Ravi Sood","startTime":314.109,"endTime":319.352,"body":"And could it also be goals that, that sort"},{"speaker":"Ravi Sood","startTime":314.109,"endTime":319.352,"body":"of a Relic of days of your is there an"},{"speaker":"Ravi Sood","startTime":319.352,"endTime":326.557,"body":"opportunity in that and after many years"},{"speaker":"Ravi Sood","startTime":319.352,"endTime":326.557,"body":"on this journey, I have I've become a"},{"speaker":"Ravi Sood","startTime":326.557,"endTime":332.16,"body":"firm believer that in the monetary system"},{"speaker":"Ravi Sood","startTime":326.557,"endTime":332.16,"body":"the global monetary system going forward,"},{"speaker":"Ravi Sood","startTime":332.64,"endTime":334.83,"body":"we will see what amounts to a reset."},{"speaker":"Ravi Sood","startTime":334.89,"endTime":335.76,"body":"It might be gradual."},{"speaker":"Ravi Sood","startTime":335.76,"endTime":339.203,"body":"It might be sudden but that system"},{"speaker":"Ravi Sood","startTime":335.76,"endTime":339.203,"body":"needs an anchor and there's some new"},{"speaker":"Ravi Sood","startTime":339.203,"endTime":343.807,"body":"arguments in recent years convincing"},{"speaker":"Ravi Sood","startTime":339.203,"endTime":343.807,"body":"arguments, compelling arguments,"},{"speaker":"Ravi Sood","startTime":343.807,"endTime":345.587,"body":"where it could be a digital assets."},{"speaker":"Ravi Sood","startTime":345.587,"endTime":346.793,"body":"And that is a possibility."},{"speaker":"Ravi Sood","startTime":346.793,"endTime":349.523,"body":"And that's something that anybody"},{"speaker":"Ravi Sood","startTime":346.793,"endTime":349.523,"body":"is considering presser, precious"},{"speaker":"Ravi Sood","startTime":349.523,"endTime":352.403,"body":"metals needs to also consider"},{"speaker":"Ravi Sood","startTime":349.523,"endTime":352.403,"body":"and wrap their mind around."},{"speaker":"Ravi Sood","startTime":353.033,"endTime":357.893,"body":"But even as that sector evolves"},{"speaker":"Ravi Sood","startTime":353.033,"endTime":357.893,"body":"and becomes more important to the"},{"speaker":"Ravi Sood","startTime":357.893,"endTime":361.673,"body":"two global capital markets and to"},{"speaker":"Ravi Sood","startTime":357.893,"endTime":361.673,"body":"individuals and how we conduct our lives."},{"speaker":"Ravi Sood","startTime":362.343,"endTime":365.273,"body":"And by the way, I'm a firm"},{"speaker":"Ravi Sood","startTime":362.343,"endTime":365.273,"body":"believer in active participant."},{"speaker":"Ravi Sood","startTime":365.423,"endTime":365.513,"body":"Yes."},{"speaker":"Ravi Sood","startTime":366.298,"endTime":369.958,"body":"In those opportunities and hopefully"},{"speaker":"Ravi Sood","startTime":366.298,"endTime":369.958,"body":"more active in the coming years."},{"speaker":"Ravi Sood","startTime":370.025,"endTime":374.358,"body":"I still come back which I can go into"},{"speaker":"Ravi Sood","startTime":370.025,"endTime":374.358,"body":"in greater detail at some other time."},{"speaker":"Ravi Sood","startTime":375.298,"endTime":379.258,"body":"Two goals in particular as an"},{"speaker":"Ravi Sood","startTime":375.298,"endTime":379.258,"body":"anchor for the financial system"},{"speaker":"Ravi Sood","startTime":379.298,"endTime":382.378,"body":"and for a long list of reasons."},{"speaker":"Ravi Sood","startTime":382.378,"endTime":384.329,"body":"But there's probably a few"},{"speaker":"Ravi Sood","startTime":382.378,"endTime":384.329,"body":"that are most critical."},{"speaker":"Ravi Sood","startTime":384.329,"endTime":386.579,"body":"So just, you asked a very simple question."},{"speaker":"Ravi Sood","startTime":386.579,"endTime":391.182,"body":"I give you a bit of a rambling, a overly"},{"speaker":"Ravi Sood","startTime":386.579,"endTime":391.182,"body":"detailed answer, but for me it was"},{"speaker":"Ravi Sood","startTime":391.226,"endTime":395.336,"body":"it was really a 15 plus year journey"},{"speaker":"Ravi Sood","startTime":391.226,"endTime":395.336,"body":"to go from not knowing what gold was."},{"speaker":"Ravi Sood","startTime":395.976,"endTime":400.991,"body":"To knowing what its role was in somewhat"},{"speaker":"Ravi Sood","startTime":395.976,"endTime":400.991,"body":"marking it at least to myself certainly"},{"speaker":"Ravi Sood","startTime":400.991,"endTime":405.449,"body":"having no interest in it too, getting"},{"speaker":"Ravi Sood","startTime":400.991,"endTime":405.449,"body":"interested in then ultimately going as"},{"speaker":"Ravi Sood","startTime":405.449,"endTime":409.979,"body":"far in the other extreme as possible"},{"speaker":"Ravi Sood","startTime":405.449,"endTime":409.979,"body":"and actually starting a company."},{"speaker":"Ravi Sood","startTime":410.399,"endTime":413.064,"body":"And now that owns and"},{"speaker":"Ravi Sood","startTime":410.399,"endTime":413.064,"body":"operates three gold mines."},{"speaker":"Ravi Sood","startTime":413.064,"endTime":417.111,"body":"And really that's my principle investment"},{"speaker":"Ravi Sood","startTime":413.064,"endTime":417.111,"body":"in precious metals is through that."},{"speaker":"Ravi Sood","startTime":417.111,"endTime":418.693,"body":"Although I do have many others that is."},{"speaker":"Ravi Sood","startTime":419.343,"endTime":420.423,"body":"That is the primary one."},{"speaker":"Ravi Sood","startTime":420.813,"endTime":425.164,"body":"So long journey in going from, I think"},{"speaker":"Ravi Sood","startTime":420.813,"endTime":425.164,"body":"almost one one bookend to the other"},{"speaker":"Ravi Sood","startTime":425.164,"endTime":428.724,"body":"in terms of extremes, in terms of"},{"speaker":"Ravi Sood","startTime":425.164,"endTime":428.724,"body":"interest in gold and precious metals."},{"speaker":"Average Joe Finances","startTime":428.991,"endTime":429.481,"body":"Right on."},{"speaker":"Average Joe Finances","startTime":429.506,"endTime":429.686,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":429.686,"endTime":433.488,"body":"I want dive into that a little"},{"speaker":"Average Joe Finances","startTime":429.686,"endTime":433.488,"body":"bit because, and first of all I"},{"speaker":"Average Joe Finances","startTime":433.488,"endTime":434.928,"body":"liked the answer to that question."},{"speaker":"Average Joe Finances","startTime":434.956,"endTime":435.787,"body":"It wasn't too much."},{"speaker":"Average Joe Finances","startTime":435.787,"endTime":438.997,"body":"I liked the detail because it's"},{"speaker":"Average Joe Finances","startTime":435.787,"endTime":438.997,"body":"important to know the background"},{"speaker":"Average Joe Finances","startTime":438.997,"endTime":441.523,"body":"of what, what got you into this"},{"speaker":"Average Joe Finances","startTime":438.997,"endTime":441.523,"body":"position where you're at right now"},{"speaker":"Average Joe Finances","startTime":441.523,"endTime":443.172,"body":"with being interested in mining gold."},{"speaker":"Average Joe Finances","startTime":443.202,"endTime":445.006,"body":"So that's, looking at"},{"speaker":"Average Joe Finances","startTime":443.202,"endTime":445.006,"body":"everything else that happened."},{"speaker":"Average Joe Finances","startTime":445.006,"endTime":448.576,"body":"And you're looking at this gradual reset"},{"speaker":"Average Joe Finances","startTime":445.006,"endTime":448.576,"body":"that might come well, it could be gradual."},{"speaker":"Average Joe Finances","startTime":448.576,"endTime":453.419,"body":"It could be sudden, like you said, but"},{"speaker":"Average Joe Finances","startTime":448.576,"endTime":453.419,"body":"it is very likely to happen, because at"},{"speaker":"Average Joe Finances","startTime":453.419,"endTime":457.109,"body":"the rate, things are going, if it doesn't"},{"speaker":"Average Joe Finances","startTime":453.419,"endTime":457.109,"body":"happen, then we're going to see inflation"},{"speaker":"Average Joe Finances","startTime":457.109,"endTime":460.149,"body":"through the roof, which we're already"},{"speaker":"Average Joe Finances","startTime":457.109,"endTime":460.149,"body":"starting to feel some of that right now."},{"speaker":"Average Joe Finances","startTime":460.161,"endTime":463.111,"body":"So I want talk to the hot topic nowadays."},{"speaker":"Average Joe Finances","startTime":464.151,"endTime":465.411,"body":"Is crypto mining, right?"},{"speaker":"Average Joe Finances","startTime":465.411,"endTime":468.891,"body":"So you had brought up, you had"},{"speaker":"Average Joe Finances","startTime":465.411,"endTime":468.891,"body":"also brought up NFTs too, right?"},{"speaker":"Average Joe Finances","startTime":468.891,"endTime":470.829,"body":"And that's very popular"},{"speaker":"Average Joe Finances","startTime":468.891,"endTime":470.829,"body":"in the crypto community."},{"speaker":"Average Joe Finances","startTime":470.829,"endTime":473.829,"body":"So you were talking about"},{"speaker":"Average Joe Finances","startTime":470.829,"endTime":473.829,"body":"both collectibles as real"},{"speaker":"Average Joe Finances","startTime":473.829,"endTime":475.392,"body":"assets and then also NFTs."},{"speaker":"Average Joe Finances","startTime":475.392,"endTime":479.632,"body":"With that being said, crypto"},{"speaker":"Average Joe Finances","startTime":475.392,"endTime":479.632,"body":"mining versus, mining gold, right?"},{"speaker":"Average Joe Finances","startTime":479.632,"endTime":482.602,"body":"So crypto mining is like the hot"},{"speaker":"Average Joe Finances","startTime":479.632,"endTime":482.602,"body":"thing, but right now you don't do that."},{"speaker":"Average Joe Finances","startTime":482.602,"endTime":483.502,"body":"You mine gold."},{"speaker":"Average Joe Finances","startTime":483.922,"endTime":489.147,"body":"So why gold and not a digital asset"},{"speaker":"Average Joe Finances","startTime":483.922,"endTime":489.147,"body":"such as another cryptocurrency."},{"speaker":"Ravi Sood","startTime":489.897,"endTime":490.167,"body":"Yep."},{"speaker":"Ravi Sood","startTime":490.257,"endTime":492.328,"body":"And I'll answer that in"},{"speaker":"Ravi Sood","startTime":490.257,"endTime":492.328,"body":"a few different ways."},{"speaker":"Ravi Sood","startTime":492.328,"endTime":492.838,"body":"First off."},{"speaker":"Ravi Sood","startTime":492.924,"endTime":495.857,"body":"I have mine d crypto specifically Bitcoin."},{"speaker":"Ravi Sood","startTime":495.857,"endTime":500.447,"body":"I also started a renewable energy company"},{"speaker":"Ravi Sood","startTime":495.857,"endTime":500.447,"body":"about eight yeah eight years ago now."},{"speaker":"Ravi Sood","startTime":500.987,"endTime":507.243,"body":"And in 2018, I, we allocated a part of"},{"speaker":"Ravi Sood","startTime":500.987,"endTime":507.243,"body":"our energy production and so a hundred"},{"speaker":"Ravi Sood","startTime":507.243,"endTime":510.424,"body":"percent renewable energy but three"},{"speaker":"Ravi Sood","startTime":507.243,"endTime":510.424,"body":"quarters of it from wind and most of the"},{"speaker":"Ravi Sood","startTime":510.424,"endTime":512.124,"body":"restrooms, solar a little bit from hydro."},{"speaker":"Ravi Sood","startTime":512.21,"endTime":517.138,"body":"To powering Bitcoin mining and the,"},{"speaker":"Ravi Sood","startTime":512.21,"endTime":517.138,"body":"as I started to learn about it,"},{"speaker":"Ravi Sood","startTime":517.207,"endTime":521.912,"body":"casually interested in Bitcoin and"},{"speaker":"Ravi Sood","startTime":517.207,"endTime":521.912,"body":"those sorts of tech kind of thing"},{"speaker":"Ravi Sood","startTime":521.912,"endTime":524.437,"body":"and new and cutting edge things."},{"speaker":"Ravi Sood","startTime":524.459,"endTime":527.759,"body":"So I had a bit of a casual interest"},{"speaker":"Ravi Sood","startTime":524.459,"endTime":527.759,"body":"in it, but then as I started to learn"},{"speaker":"Ravi Sood","startTime":527.759,"endTime":532.281,"body":"more about it being a mathematician by"},{"speaker":"Ravi Sood","startTime":527.759,"endTime":532.281,"body":"training and also somebody interested"},{"speaker":"Ravi Sood","startTime":532.281,"endTime":535.971,"body":"in monetary policy, it just was like"},{"speaker":"Ravi Sood","startTime":532.281,"endTime":535.971,"body":"my, all my world coming together into"},{"speaker":"Ravi Sood","startTime":535.971,"endTime":537.741,"body":"one magical thing called Bitcoin."},{"speaker":"Ravi Sood","startTime":538.281,"endTime":541.821,"body":"And it is just absolutely"},{"speaker":"Ravi Sood","startTime":538.281,"endTime":541.821,"body":"breathtakingly elegant."},{"speaker":"Ravi Sood","startTime":541.941,"endTime":544.431,"body":"And I'm a, both a fan"},{"speaker":"Ravi Sood","startTime":541.941,"endTime":544.431,"body":"and a critic of Bitcoin."},{"speaker":"Ravi Sood","startTime":545.136,"endTime":549.912,"body":"But one part I just can't be critical"},{"speaker":"Ravi Sood","startTime":545.136,"endTime":549.912,"body":"of is just the blueprint of how it's"},{"speaker":"Ravi Sood","startTime":549.912,"endTime":556.653,"body":"designed and a lot of it's so many in"},{"speaker":"Ravi Sood","startTime":549.912,"endTime":556.653,"body":"so many ways, Bitcoin, including the the"},{"speaker":"Ravi Sood","startTime":556.683,"endTime":559.953,"body":"proof of work aspect to mining Bitcoin."},{"speaker":"Ravi Sood","startTime":560.688,"endTime":565.126,"body":"Is it's almost as though it was"},{"speaker":"Ravi Sood","startTime":560.688,"endTime":565.126,"body":"patterned exactly after gold is."},{"speaker":"Ravi Sood","startTime":565.126,"endTime":570.136,"body":"So there's one, one difference"},{"speaker":"Ravi Sood","startTime":565.126,"endTime":570.136,"body":"where there's a hard cap on the"},{"speaker":"Ravi Sood","startTime":570.136,"endTime":572.21,"body":"number of Bitcoin that will be mine."},{"speaker":"Ravi Sood","startTime":572.21,"endTime":573.659,"body":"That's, it's possible for that to change."},{"speaker":"Ravi Sood","startTime":573.659,"endTime":577.756,"body":"But it was designed with that hard cap,"},{"speaker":"Ravi Sood","startTime":573.659,"endTime":577.756,"body":"whereas gold does have a very slight"},{"speaker":"Ravi Sood","startTime":577.756,"endTime":579.778,"body":"increase every year in the amounts."},{"speaker":"Ravi Sood","startTime":579.799,"endTime":580.619,"body":"That's above ground."},{"speaker":"Ravi Sood","startTime":580.672,"endTime":582.442,"body":"It's typically been about 2%."},{"speaker":"Ravi Sood","startTime":583.422,"endTime":588.093,"body":"And in recent years, it's dipped below"},{"speaker":"Ravi Sood","startTime":583.422,"endTime":588.093,"body":"that for a variety of reasons, but"},{"speaker":"Ravi Sood","startTime":588.123,"endTime":593.44,"body":"the way a Bitcoin grows its supply"},{"speaker":"Ravi Sood","startTime":588.123,"endTime":593.44,"body":"base, the way it's mind the nature"},{"speaker":"Ravi Sood","startTime":593.56,"endTime":598.48,"body":"of how the algorithm works or how it"},{"speaker":"Ravi Sood","startTime":593.56,"endTime":598.48,"body":"plots it out with the difficulties."},{"speaker":"Ravi Sood","startTime":599.485,"endTime":604.015,"body":"It really mimics some of the aspects of"},{"speaker":"Ravi Sood","startTime":599.485,"endTime":604.015,"body":"the gold mining industry and that those"},{"speaker":"Ravi Sood","startTime":604.015,"endTime":606.115,"body":"aspects or characteristics of gold mining."},{"speaker":"Ravi Sood","startTime":606.565,"endTime":609.369,"body":"Aren't something that applied"},{"speaker":"Ravi Sood","startTime":606.565,"endTime":609.369,"body":"to modern day gold buying."},{"speaker":"Ravi Sood","startTime":609.369,"endTime":613.539,"body":"It's probably to gold mining for"},{"speaker":"Ravi Sood","startTime":609.369,"endTime":613.539,"body":"thousands of years as your monetary base."},{"speaker":"Ravi Sood","startTime":614.479,"endTime":618.91,"body":"Expands as your society or"},{"speaker":"Ravi Sood","startTime":614.479,"endTime":618.91,"body":"economy experiences, inflation."},{"speaker":"Ravi Sood","startTime":619.27,"endTime":623.41,"body":"The cost of doing things in"},{"speaker":"Ravi Sood","startTime":619.27,"endTime":623.41,"body":"that economy go up and gold."},{"speaker":"Ravi Sood","startTime":623.41,"endTime":624.31,"body":"Mining's no different."},{"speaker":"Ravi Sood","startTime":624.4,"endTime":630.55,"body":"So as a societies or economies grew and"},{"speaker":"Ravi Sood","startTime":624.4,"endTime":630.55,"body":"evolved, they experienced inflation."},{"speaker":"Ravi Sood","startTime":630.61,"endTime":634.639,"body":"That's just, that's been a universal truth"},{"speaker":"Ravi Sood","startTime":630.61,"endTime":634.639,"body":"for the several thousand years of human."},{"speaker":"Ravi Sood","startTime":635.979,"endTime":638.599,"body":"And the cost for industries,"},{"speaker":"Ravi Sood","startTime":635.979,"endTime":638.599,"body":"including gold mining go up."},{"speaker":"Ravi Sood","startTime":638.608,"endTime":641.915,"body":"There are also sticky downwards"},{"speaker":"Ravi Sood","startTime":638.608,"endTime":641.915,"body":"particular for gold mining."},{"speaker":"Ravi Sood","startTime":642.003,"endTime":644.403,"body":"I'll tell you, I'll give you"},{"speaker":"Ravi Sood","startTime":642.003,"endTime":644.403,"body":"a specific example and we can"},{"speaker":"Ravi Sood","startTime":644.403,"endTime":645.903,"body":"apply that to Bitcoin as well."},{"speaker":"Ravi Sood","startTime":646.383,"endTime":649.023,"body":"And it's very interesting when"},{"speaker":"Ravi Sood","startTime":646.383,"endTime":649.023,"body":"Bitcoin has these radical moves"},{"speaker":"Ravi Sood","startTime":649.023,"endTime":650.443,"body":"is a really comes into play."},{"speaker":"Ravi Sood","startTime":650.443,"endTime":653.61,"body":"The price of gold in 2000"},{"speaker":"Ravi Sood","startTime":650.443,"endTime":653.61,"body":"was a bit, $250 a day."},{"speaker":"Ravi Sood","startTime":654.195,"endTime":660.555,"body":"And some gold miners were profitably"},{"speaker":"Ravi Sood","startTime":654.195,"endTime":660.555,"body":"operating their goals about $71,750"},{"speaker":"Ravi Sood","startTime":660.555,"endTime":665.925,"body":"an ounce size of the day of this"},{"speaker":"Ravi Sood","startTime":660.555,"endTime":665.925,"body":"recording and the profit margins for"},{"speaker":"Ravi Sood","startTime":665.955,"endTime":670.305,"body":"even the best gold miners, aren't much"},{"speaker":"Ravi Sood","startTime":665.955,"endTime":670.305,"body":"different than they were when it was"},{"speaker":"Ravi Sood","startTime":670.305,"endTime":672.52,"body":"$250 an ounce a little bit better."},{"speaker":"Ravi Sood","startTime":672.55,"endTime":675.4,"body":"So how on earth is that possible?"},{"speaker":"Ravi Sood","startTime":675.43,"endTime":676.79,"body":"That was just 20 years ago."},{"speaker":"Ravi Sood","startTime":676.79,"endTime":678.243,"body":"What's happened to those gold miners?"},{"speaker":"Ravi Sood","startTime":678.253,"endTime":679.813,"body":"They're making money at two 50."},{"speaker":"Ravi Sood","startTime":680.083,"endTime":684.373,"body":"How are they not making absolute"},{"speaker":"Ravi Sood","startTime":680.083,"endTime":684.373,"body":"windfall profits at 1,750?"},{"speaker":"Ravi Sood","startTime":684.823,"endTime":688.812,"body":"The answer is inflation and costs"},{"speaker":"Ravi Sood","startTime":684.823,"endTime":688.812,"body":"just inflation in everything."},{"speaker":"Ravi Sood","startTime":688.872,"endTime":693.133,"body":"And as the price went up in"},{"speaker":"Ravi Sood","startTime":688.872,"endTime":693.133,"body":"2011, it hit it went over $1,900."},{"speaker":"Ravi Sood","startTime":693.133,"endTime":693.583,"body":"Briefly."},{"speaker":"Ravi Sood","startTime":694.273,"endTime":697.243,"body":"Those operating costs"},{"speaker":"Ravi Sood","startTime":694.273,"endTime":697.243,"body":"specific to that industry."},{"speaker":"Ravi Sood","startTime":699.003,"endTime":702.603,"body":"They went up and up faster than the"},{"speaker":"Ravi Sood","startTime":699.003,"endTime":702.603,"body":"rate of inflation, the broader economy,"},{"speaker":"Ravi Sood","startTime":702.873,"endTime":706.503,"body":"then the price of the commodity"},{"speaker":"Ravi Sood","startTime":702.873,"endTime":706.503,"body":"came down and the price cost of"},{"speaker":"Ravi Sood","startTime":706.503,"endTime":709.143,"body":"production came down a little bit,"},{"speaker":"Ravi Sood","startTime":706.503,"endTime":709.143,"body":"but it didn't follow it all the way."},{"speaker":"Ravi Sood","startTime":709.213,"endTime":711.673,"body":"Certainly didn't plummet"},{"speaker":"Ravi Sood","startTime":709.213,"endTime":711.673,"body":"it back to $200 an hour."},{"speaker":"Ravi Sood","startTime":711.724,"endTime":717.38,"body":"So it was sticky downwards to use the"},{"speaker":"Ravi Sood","startTime":711.724,"endTime":717.38,"body":"macro economic term and that helped."},{"speaker":"Ravi Sood","startTime":718.245,"endTime":723.375,"body":"Reduce the supply of goals when the"},{"speaker":"Ravi Sood","startTime":718.245,"endTime":723.375,"body":"price is going down helps mimic also"},{"speaker":"Ravi Sood","startTime":723.375,"endTime":727.425,"body":"the general characteristics of the"},{"speaker":"Ravi Sood","startTime":723.375,"endTime":727.425,"body":"economy of inflation deflation, and"},{"speaker":"Ravi Sood","startTime":727.425,"endTime":728.955,"body":"the same is true for Bitcoin mining."},{"speaker":"Ravi Sood","startTime":728.955,"endTime":733.551,"body":"So as we saw Bitcoin rallied over"},{"speaker":"Ravi Sood","startTime":728.955,"endTime":733.551,"body":"$60,000 a coin and then fell off"},{"speaker":"Ravi Sood","startTime":733.551,"endTime":735.891,"body":"sharply to briefly below 30,000."},{"speaker":"Ravi Sood","startTime":736.401,"endTime":740.451,"body":"The, of course, as it's going rocketing"},{"speaker":"Ravi Sood","startTime":736.401,"endTime":740.451,"body":"up to 60,000 more miners are joining"},{"speaker":"Ravi Sood","startTime":740.451,"endTime":743.605,"body":"the network, the difficulty rates"},{"speaker":"Ravi Sood","startTime":740.451,"endTime":743.605,"body":"going up the margins are getting"},{"speaker":"Ravi Sood","startTime":743.605,"endTime":745.815,"body":"squeezed even as the price is going."},{"speaker":"Ravi Sood","startTime":746.62,"endTime":750.122,"body":"And then as the price plummets, a lot"},{"speaker":"Ravi Sood","startTime":746.62,"endTime":750.122,"body":"of those miners were no longer problem."},{"speaker":"Ravi Sood","startTime":750.122,"endTime":754.484,"body":"Because of the cost of production to"},{"speaker":"Ravi Sood","startTime":750.122,"endTime":754.484,"body":"mine, a Bitcoin had gone up so much"},{"speaker":"Ravi Sood","startTime":754.55,"endTime":759.38,"body":"exactly mimicking the gold industry,"},{"speaker":"Ravi Sood","startTime":754.55,"endTime":759.38,"body":"but with on steroids or on nitrous oxide"},{"speaker":"Ravi Sood","startTime":759.38,"endTime":762.795,"body":"or something because the percentage"},{"speaker":"Ravi Sood","startTime":759.38,"endTime":762.795,"body":"moves and the magnitude of the moves"},{"speaker":"Ravi Sood","startTime":762.795,"endTime":766.185,"body":"and Bitcoin are just have just been"},{"speaker":"Ravi Sood","startTime":762.795,"endTime":766.185,"body":"so dramatic by comparison to anything"},{"speaker":"Ravi Sood","startTime":766.185,"endTime":770.925,"body":"we've ever seen in precious metals,"},{"speaker":"Ravi Sood","startTime":766.185,"endTime":770.925,"body":"but he just a tremendous analogy there."},{"speaker":"Ravi Sood","startTime":770.925,"endTime":776.751,"body":"So I really think that That Bitcoin and"},{"speaker":"Ravi Sood","startTime":770.925,"endTime":776.751,"body":"several others, but just the Bitcoin is"},{"speaker":"Ravi Sood","startTime":776.754,"endTime":778.687,"body":"the standard that everybody looks to."},{"speaker":"Ravi Sood","startTime":779.077,"endTime":782.105,"body":"Just absolutely elegantly"},{"speaker":"Ravi Sood","startTime":779.077,"endTime":782.105,"body":"designed what a creation."},{"speaker":"Ravi Sood","startTime":782.138,"endTime":784.851,"body":"But a lot of it has been"},{"speaker":"Ravi Sood","startTime":782.138,"endTime":784.851,"body":"borrowed from gold mining."},{"speaker":"Ravi Sood","startTime":784.881,"endTime":788.761,"body":"It is any gold miner who takes the time"},{"speaker":"Ravi Sood","startTime":784.881,"endTime":788.761,"body":"to learn how Bitcoin actually works."},{"speaker":"Ravi Sood","startTime":788.881,"endTime":791.701,"body":"We would just shake their head"},{"speaker":"Ravi Sood","startTime":788.881,"endTime":791.701,"body":"and say, Hey, I know this story."},{"speaker":"Ravi Sood","startTime":793.651,"endTime":795.181,"body":"This is something I live"},{"speaker":"Ravi Sood","startTime":793.651,"endTime":795.181,"body":"and breath everyday."},{"speaker":"Average Joe Finances","startTime":795.379,"endTime":795.799,"body":"Right on."},{"speaker":"Average Joe Finances","startTime":795.799,"endTime":795.979,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":795.979,"endTime":797.512,"body":"I want to touch a little bit more on."},{"speaker":"Average Joe Finances","startTime":798.217,"endTime":798.847,"body":"Inflation."},{"speaker":"Average Joe Finances","startTime":798.883,"endTime":803.835,"body":"Cause you're talking about how that"},{"speaker":"Average Joe Finances","startTime":798.883,"endTime":803.835,"body":"affected, what, with the price going from,"},{"speaker":"Average Joe Finances","startTime":803.88,"endTime":808.68,"body":"$250 an ounce up to where it's at now,"},{"speaker":"Average Joe Finances","startTime":803.88,"endTime":808.68,"body":"you said just worried about 1750, right?"},{"speaker":"Average Joe Finances","startTime":808.68,"endTime":810.48,"body":"1,750 announced right now."},{"speaker":"Average Joe Finances","startTime":810.576,"endTime":813.756,"body":"You're not seeing these windfall"},{"speaker":"Average Joe Finances","startTime":810.576,"endTime":813.756,"body":"profits and that's thanks to inflation."},{"speaker":"Average Joe Finances","startTime":813.756,"endTime":816.936,"body":"So with like our current inflation"},{"speaker":"Average Joe Finances","startTime":813.756,"endTime":816.936,"body":"rate, like this year, right now,"},{"speaker":"Average Joe Finances","startTime":816.936,"endTime":820.326,"body":"they're saying we're sitting at"},{"speaker":"Average Joe Finances","startTime":816.936,"endTime":820.326,"body":"5.4% in the United States, at least."},{"speaker":"Average Joe Finances","startTime":820.328,"endTime":824.601,"body":"So what sh what does that rate mean"},{"speaker":"Average Joe Finances","startTime":820.328,"endTime":824.601,"body":"to you or essentially any other"},{"speaker":"Average Joe Finances","startTime":824.601,"endTime":826.761,"body":"investor, especially in precious metals?"},{"speaker":"Average Joe Finances","startTime":827.061,"endTime":828.561,"body":"What is, why does that matter?"},{"speaker":"Average Joe Finances","startTime":828.591,"endTime":829.671,"body":"Why does that number matter?"},{"speaker":"Ravi Sood","startTime":829.829,"endTime":832.811,"body":"Let me broaden that a"},{"speaker":"Ravi Sood","startTime":829.829,"endTime":832.811,"body":"little bit is that I think, spend my"},{"speaker":"Ravi Sood","startTime":832.811,"endTime":838.702,"body":"career speaking to various people,"},{"speaker":"Ravi Sood","startTime":832.811,"endTime":838.702,"body":"to clients to to, to various media"},{"speaker":"Ravi Sood","startTime":838.723,"endTime":840.253,"body":"discussing different investment themes."},{"speaker":"Ravi Sood","startTime":840.253,"endTime":841.423,"body":"Here's one that we can talk about."},{"speaker":"Ravi Sood","startTime":842.213,"endTime":844.253,"body":"That hits absolutely everybody."},{"speaker":"Ravi Sood","startTime":844.433,"endTime":846.443,"body":"And it's just an"},{"speaker":"Ravi Sood","startTime":844.433,"endTime":846.443,"body":"absolutely critical issue."},{"speaker":"Ravi Sood","startTime":846.863,"endTime":850.913,"body":"And when I say everybody, it's not"},{"speaker":"Ravi Sood","startTime":846.863,"endTime":850.913,"body":"just people who own stocks or invest"},{"speaker":"Ravi Sood","startTime":850.913,"endTime":852.893,"body":"in real estate or have mutual funds."},{"speaker":"Ravi Sood","startTime":853.373,"endTime":854.183,"body":"It's everybody."},{"speaker":"Ravi Sood","startTime":854.183,"endTime":857.903,"body":"It's 100.0% of people are"},{"speaker":"Ravi Sood","startTime":854.183,"endTime":857.903,"body":"infected by inflation."},{"speaker":"Ravi Sood","startTime":858.233,"endTime":861.383,"body":"Nobody much notices or cares"},{"speaker":"Ravi Sood","startTime":858.233,"endTime":861.383,"body":"much about inflation when it's a"},{"speaker":"Ravi Sood","startTime":861.383,"endTime":863.603,"body":"half a point or 1% and inflation."},{"speaker":"Ravi Sood","startTime":864.498,"endTime":868.758,"body":"We could argue that the statistics"},{"speaker":"Ravi Sood","startTime":864.498,"endTime":868.758,"body":"have really underrepresented, actual"},{"speaker":"Ravi Sood","startTime":868.758,"endTime":872.935,"body":"inflation for many years now, but it's"},{"speaker":"Ravi Sood","startTime":868.758,"endTime":872.935,"body":"been benign whatever, even the most"},{"speaker":"Ravi Sood","startTime":873.795,"endTime":877.809,"body":"critical analysis looking back or the"},{"speaker":"Ravi Sood","startTime":873.795,"endTime":877.809,"body":"last several decades we haven't seen"},{"speaker":"Ravi Sood","startTime":877.809,"endTime":879.759,"body":"that kind of an or for generations."},{"speaker":"Ravi Sood","startTime":879.759,"endTime":880.109,"body":"Really."},{"speaker":"Ravi Sood","startTime":880.149,"endTime":882.086,"body":"You have to go back to the"},{"speaker":"Ravi Sood","startTime":880.149,"endTime":882.086,"body":"seventies to see the kind of"},{"speaker":"Ravi Sood","startTime":882.086,"endTime":883.566,"body":"inflation that's really worrisome."},{"speaker":"Ravi Sood","startTime":883.587,"endTime":887.397,"body":"But when inflation does pop its head"},{"speaker":"Ravi Sood","startTime":883.587,"endTime":887.397,"body":"up, like it did in the seventies and"},{"speaker":"Ravi Sood","startTime":887.397,"endTime":889.167,"body":"has at various times throughout his."},{"speaker":"Ravi Sood","startTime":890.537,"endTime":891.227,"body":"Repeatedly."},{"speaker":"Ravi Sood","startTime":892.127,"endTime":895.277,"body":"It is something that affects"},{"speaker":"Ravi Sood","startTime":892.127,"endTime":895.277,"body":"everyone and in dramatically."},{"speaker":"Ravi Sood","startTime":895.302,"endTime":900.462,"body":"And how has that, so if I'm a"},{"speaker":"Ravi Sood","startTime":895.302,"endTime":900.462,"body":"a wealthy investor in, I own a"},{"speaker":"Ravi Sood","startTime":900.462,"endTime":904.032,"body":"number of investments, including"},{"speaker":"Ravi Sood","startTime":900.462,"endTime":904.032,"body":"a lot of real assets, they tend"},{"speaker":"Ravi Sood","startTime":904.032,"endTime":907.242,"body":"to benefit from inflation or at"},{"speaker":"Ravi Sood","startTime":904.032,"endTime":907.242,"body":"least protect me from inflation."},{"speaker":"Ravi Sood","startTime":907.265,"endTime":912.08,"body":"If I'm average Joe investor or just"},{"speaker":"Ravi Sood","startTime":907.265,"endTime":912.08,"body":"average, Joe, take away the investor."},{"speaker":"Ravi Sood","startTime":912.119,"endTime":913.089,"body":"I have a salary."},{"speaker":"Ravi Sood","startTime":913.089,"endTime":914.529,"body":"That's probably not changing it."},{"speaker":"Ravi Sood","startTime":914.559,"endTime":919.359,"body":"Anything like the rate of inflation"},{"speaker":"Ravi Sood","startTime":914.559,"endTime":919.359,"body":"and the cost of everything in my"},{"speaker":"Ravi Sood","startTime":919.359,"endTime":921.909,"body":"life is going up dramatically."},{"speaker":"Ravi Sood","startTime":922.089,"endTime":924.129,"body":"So the cost of food goes up dramatically."},{"speaker":"Ravi Sood","startTime":924.129,"endTime":928.689,"body":"Costs housing goes up dramatically"},{"speaker":"Ravi Sood","startTime":924.129,"endTime":928.689,"body":"and I'm effectively becoming poor"},{"speaker":"Ravi Sood","startTime":928.689,"endTime":933.117,"body":"by the minute the 0.1% are becoming"},{"speaker":"Ravi Sood","startTime":928.689,"endTime":933.117,"body":"wealthier at an accelerating pace."},{"speaker":"Ravi Sood","startTime":933.597,"endTime":935.817,"body":"So you cannot ignore this issue."},{"speaker":"Ravi Sood","startTime":935.847,"endTime":939.831,"body":"It is the single most important"},{"speaker":"Ravi Sood","startTime":935.847,"endTime":939.831,"body":"economic issue of our day."},{"speaker":"Ravi Sood","startTime":940.191,"endTime":942.861,"body":"And it's something that everybody"},{"speaker":"Ravi Sood","startTime":940.191,"endTime":942.861,"body":"should be talking about and thinking"},{"speaker":"Ravi Sood","startTime":942.861,"endTime":945.441,"body":"about how does this affect me and"},{"speaker":"Ravi Sood","startTime":942.861,"endTime":945.441,"body":"what am I going to do about it?"},{"speaker":"Average Joe Finances","startTime":945.618,"endTime":946.338,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":946.338,"endTime":949.704,"body":"Cause if you're not investing in"},{"speaker":"Average Joe Finances","startTime":946.338,"endTime":949.704,"body":"something, some type of vehicle that"},{"speaker":"Average Joe Finances","startTime":949.704,"endTime":953.004,"body":"is at least beating the inflation"},{"speaker":"Average Joe Finances","startTime":949.704,"endTime":953.004,"body":"rate, you're losing money every year."},{"speaker":"Average Joe Finances","startTime":953.044,"endTime":956.824,"body":"And I appreciate the tie in to, to"},{"speaker":"Average Joe Finances","startTime":953.044,"endTime":956.824,"body":"average Joe there I caught that."},{"speaker":"Average Joe Finances","startTime":956.824,"endTime":957.154,"body":"Thank you."},{"speaker":"Average Joe Finances","startTime":957.844,"endTime":958.774,"body":"So yeah."},{"speaker":"Average Joe Finances","startTime":958.804,"endTime":959.284,"body":"Good stuff."},{"speaker":"Average Joe Finances","startTime":959.348,"endTime":959.548,"body":"All right."},{"speaker":"Ravi Sood","startTime":959.548,"endTime":963.544,"body":"What, let me add one thing,"},{"speaker":"Ravi Sood","startTime":959.548,"endTime":963.544,"body":"paradoxically, the, what we generally"},{"speaker":"Ravi Sood","startTime":963.544,"endTime":965.109,"body":"say what's the safe investment?"},{"speaker":"Ravi Sood","startTime":965.499,"endTime":966.489,"body":"Where do I put my money?"},{"speaker":"Ravi Sood","startTime":966.489,"endTime":969.069,"body":"I don't want to take much risk,"},{"speaker":"Ravi Sood","startTime":966.489,"endTime":969.069,"body":"but I want to grow it over time."},{"speaker":"Ravi Sood","startTime":969.093,"endTime":972.403,"body":"You invest in bonds or fixed income"},{"speaker":"Ravi Sood","startTime":969.093,"endTime":972.403,"body":"instruments they're safe, right."},{"speaker":"Ravi Sood","startTime":972.433,"endTime":972.703,"body":"Then,"},{"speaker":"Average Joe Finances","startTime":972.703,"endTime":974.983,"body":"especially"},{"speaker":"Average Joe Finances","startTime":972.703,"endTime":974.983,"body":"if they're not even going to"},{"speaker":"Average Joe Finances","startTime":974.983,"endTime":977.353,"body":"give you the return, that's"},{"speaker":"Average Joe Finances","startTime":974.983,"endTime":977.353,"body":"going to keep up with inflation."},{"speaker":"Ravi Sood","startTime":977.713,"endTime":978.223,"body":"The most."},{"speaker":"Ravi Sood","startTime":978.223,"endTime":978.853,"body":"Exactly."},{"speaker":"Ravi Sood","startTime":978.853,"endTime":984.313,"body":"They're actually possibly the single"},{"speaker":"Ravi Sood","startTime":978.853,"endTime":984.313,"body":"worst investment in the most dangerous"},{"speaker":"Ravi Sood","startTime":984.313,"endTime":988.33,"body":"investments you can make right now,"},{"speaker":"Ravi Sood","startTime":984.313,"endTime":988.33,"body":"because you're not, fixed income."},{"speaker":"Ravi Sood","startTime":988.36,"endTime":990.58,"body":"You're not going to get back"},{"speaker":"Ravi Sood","startTime":988.36,"endTime":990.58,"body":"more than what you invested in."},{"speaker":"Ravi Sood","startTime":990.58,"endTime":992.19,"body":"You're delegating getting interest now."},{"speaker":"Ravi Sood","startTime":993.61,"endTime":997.996,"body":"Pretty close to zero unless you're in"},{"speaker":"Ravi Sood","startTime":993.61,"endTime":997.996,"body":"a super risky underlying credit risk."},{"speaker":"Ravi Sood","startTime":998.081,"endTime":1002.645,"body":"And if I'm right about what inflation"},{"speaker":"Ravi Sood","startTime":998.081,"endTime":1002.645,"body":"is going to look like over the next"},{"speaker":"Ravi Sood","startTime":1002.645,"endTime":1006.41,"body":"10 years you're effectively going"},{"speaker":"Ravi Sood","startTime":1002.645,"endTime":1006.41,"body":"to lose all your money by owning"},{"speaker":"Ravi Sood","startTime":1006.56,"endTime":1008.27,"body":"long-term fixed income investments."},{"speaker":"Ravi Sood","startTime":1008.3,"endTime":1012.05,"body":"So it's paradoxically the"},{"speaker":"Ravi Sood","startTime":1008.3,"endTime":1012.05,"body":"worst, and I would argue most"},{"speaker":"Ravi Sood","startTime":1012.05,"endTime":1013.31,"body":"dangerous thing to be invested in."},{"speaker":"Average Joe Finances","startTime":1014.655,"endTime":1014.955,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1014.975,"endTime":1015.805,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1015.875,"endTime":1016.205,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1016.252,"endTime":1017.554,"body":"So yeah speaking on that, right?"},{"speaker":"Average Joe Finances","startTime":1017.554,"endTime":1020.832,"body":"So we're talking about, you have to,"},{"speaker":"Average Joe Finances","startTime":1017.554,"endTime":1020.832,"body":"whatever you invest in, it has to"},{"speaker":"Average Joe Finances","startTime":1020.832,"endTime":1025.438,"body":"beat the inflation rate and, right"},{"speaker":"Average Joe Finances","startTime":1020.832,"endTime":1025.438,"body":"now it's shown to be this year 5.4%"},{"speaker":"Average Joe Finances","startTime":1025.448,"endTime":1028.928,"body":"of the, you have to have a significant"},{"speaker":"Average Joe Finances","startTime":1025.448,"endTime":1028.928,"body":"return, to be able to beat that now."},{"speaker":"Average Joe Finances","startTime":1028.995,"endTime":1031.089,"body":"When you're mining gold."},{"speaker":"Average Joe Finances","startTime":1031.117,"endTime":1034.875,"body":"So in particular like you, you"},{"speaker":"Average Joe Finances","startTime":1031.117,"endTime":1034.875,"body":"specifically mined gold now, do you mine"},{"speaker":"Average Joe Finances","startTime":1034.895,"endTime":1040.775,"body":"it in efforts to sell it to investors and"},{"speaker":"Average Joe Finances","startTime":1034.895,"endTime":1040.775,"body":"folks that want to buy precious metals?"},{"speaker":"Average Joe Finances","startTime":1040.775,"endTime":1042.755,"body":"Is that the whole point or are you mining?"},{"speaker":"Average Joe Finances","startTime":1042.755,"endTime":1045.849,"body":"It is the company mining it"},{"speaker":"Average Joe Finances","startTime":1042.755,"endTime":1045.849,"body":"for its own investment on."},{"speaker":"Average Joe Finances","startTime":1045.849,"endTime":1049.46,"body":"Like investing in your own self"},{"speaker":"Average Joe Finances","startTime":1045.849,"endTime":1049.46,"body":"because you're mining the gold and"},{"speaker":"Average Joe Finances","startTime":1049.46,"endTime":1053.39,"body":"you're holding it, or do you mind the"},{"speaker":"Average Joe Finances","startTime":1049.46,"endTime":1053.39,"body":"golden and you sell it to investors?"},{"speaker":"Average Joe Finances","startTime":1053.423,"endTime":1053.964,"body":"How does that work?"},{"speaker":"Ravi Sood","startTime":1054.594,"endTime":1058.074,"body":"We were a smaller company and"},{"speaker":"Ravi Sood","startTime":1054.594,"endTime":1058.074,"body":"we sell all the gold that we produce."},{"speaker":"Ravi Sood","startTime":1058.092,"endTime":1063.563,"body":"So some larger gold mining companies"},{"speaker":"Ravi Sood","startTime":1058.092,"endTime":1063.563,"body":"do keep a percentage of their gold"},{"speaker":"Ravi Sood","startTime":1063.983,"endTime":1068.222,"body":"effectively betting on their underlying"},{"speaker":"Ravi Sood","startTime":1063.983,"endTime":1068.222,"body":"Unit of economy as well as mining it."},{"speaker":"Ravi Sood","startTime":1068.273,"endTime":1071.174,"body":"But for the most part, gold miners"},{"speaker":"Ravi Sood","startTime":1068.273,"endTime":1071.174,"body":"mine, the gold and they sell it"},{"speaker":"Ravi Sood","startTime":1071.594,"endTime":1076.484,"body":"and they give investors exposure"},{"speaker":"Ravi Sood","startTime":1071.594,"endTime":1076.484,"body":"to gold because their profit margin"},{"speaker":"Ravi Sood","startTime":1076.754,"endTime":1078.384,"body":"goes up as gold price goes up."},{"speaker":"Ravi Sood","startTime":1078.477,"endTime":1081.717,"body":"Not one-to-one because you have that"},{"speaker":"Ravi Sood","startTime":1078.477,"endTime":1081.717,"body":"inflationary effect that I discussed."},{"speaker":"Ravi Sood","startTime":1082.287,"endTime":1085.707,"body":"And also there's a secondary effect"},{"speaker":"Ravi Sood","startTime":1082.287,"endTime":1085.707,"body":"as gold goes in and out of favor of"},{"speaker":"Ravi Sood","startTime":1085.707,"endTime":1087.687,"body":"the multiple and gold stocks changes."},{"speaker":"Ravi Sood","startTime":1088.197,"endTime":1092.577,"body":"So as gold is out of favor, you have"},{"speaker":"Ravi Sood","startTime":1088.197,"endTime":1092.577,"body":"gold stocks trading at literally"},{"speaker":"Ravi Sood","startTime":1092.727,"endTime":1097.777,"body":"three to five times earnings just"},{"speaker":"Ravi Sood","startTime":1092.727,"endTime":1097.777,"body":"absolutely miserable multiples."},{"speaker":"Ravi Sood","startTime":1097.801,"endTime":1099.301,"body":"As the gold price goes up."},{"speaker":"Ravi Sood","startTime":1100.186,"endTime":1102.766,"body":"And people start to pile into the sector."},{"speaker":"Ravi Sood","startTime":1103.466,"endTime":1107.746,"body":"Experience shows us that not only do"},{"speaker":"Ravi Sood","startTime":1103.466,"endTime":1107.746,"body":"your profit margin increase in that can"},{"speaker":"Ravi Sood","startTime":1107.746,"endTime":1111.976,"body":"be quite dramatic, which I'll explain"},{"speaker":"Ravi Sood","startTime":1107.746,"endTime":1111.976,"body":"in a second, but the multiples increase."},{"speaker":"Ravi Sood","startTime":1112.486,"endTime":1114.556,"body":"So what's that double whammy there."},{"speaker":"Ravi Sood","startTime":1114.556,"endTime":1118.216,"body":"So let's say you're a gold producer"},{"speaker":"Ravi Sood","startTime":1114.556,"endTime":1118.216,"body":"and your average cost of production."},{"speaker":"Ravi Sood","startTime":1118.336,"endTime":1119.236,"body":"Like my company is."},{"speaker":"Ravi Sood","startTime":1119.341,"endTime":1126.553,"body":"$1,100 an ounce gold for the time period"},{"speaker":"Ravi Sood","startTime":1119.341,"endTime":1126.553,"body":"from 2013 to 2000 18 spent a lot of"},{"speaker":"Ravi Sood","startTime":1126.553,"endTime":1129.163,"body":"time around 1100 to $1,300 an ounce."},{"speaker":"Ravi Sood","startTime":1129.643,"endTime":1133.993,"body":"So at times we were breaking even losing"},{"speaker":"Ravi Sood","startTime":1129.643,"endTime":1133.993,"body":"a little bit of money and on the good"},{"speaker":"Ravi Sood","startTime":1133.993,"endTime":1135.803,"body":"days, we were making $200 an ounce."},{"speaker":"Ravi Sood","startTime":1135.834,"endTime":1137.044,"body":"And that was our profit margin."},{"speaker":"Ravi Sood","startTime":1137.094,"endTime":1140.784,"body":"Fast forward a couple of"},{"speaker":"Ravi Sood","startTime":1137.094,"endTime":1140.784,"body":"years and gold hits $2,000."},{"speaker":"Ravi Sood","startTime":1140.784,"endTime":1143.138,"body":"Now our costs started"},{"speaker":"Ravi Sood","startTime":1140.784,"endTime":1143.138,"body":"to creep up maybe $50."},{"speaker":"Ravi Sood","startTime":1144.038,"endTime":1148.508,"body":"But now instead of getting 1100, 1200"},{"speaker":"Ravi Sood","startTime":1144.038,"endTime":1148.508,"body":"or $1,300 an ounce, we're getting 2000."},{"speaker":"Ravi Sood","startTime":1148.898,"endTime":1154.293,"body":"So let's say an average, we had $150"},{"speaker":"Ravi Sood","startTime":1148.898,"endTime":1154.293,"body":"announced the profit margin from 2013"},{"speaker":"Ravi Sood","startTime":1154.293,"endTime":1160.983,"body":"to 2018, we now have $800 of profit"},{"speaker":"Ravi Sood","startTime":1154.293,"endTime":1160.983,"body":"margin for the exact same business."},{"speaker":"Ravi Sood","startTime":1161.223,"endTime":1165.933,"body":"So our profits have quadrupled over"},{"speaker":"Ravi Sood","startTime":1161.223,"endTime":1165.933,"body":"that time period at the same time."},{"speaker":"Ravi Sood","startTime":1167.228,"endTime":1172.518,"body":"As interesting gold stocks goes from"},{"speaker":"Ravi Sood","startTime":1167.228,"endTime":1172.518,"body":"zero to something to very interested."},{"speaker":"Ravi Sood","startTime":1172.518,"endTime":1174.122,"body":"It goes out of favor to, into favor."},{"speaker":"Ravi Sood","startTime":1174.272,"endTime":1176.492,"body":"Your multiple might go from"},{"speaker":"Ravi Sood","startTime":1174.272,"endTime":1176.492,"body":"four times earnings to."},{"speaker":"Average Joe Finances","startTime":1179.067,"endTime":1180.351,"body":"So"},{"speaker":"Average Joe Finances","startTime":1179.067,"endTime":1180.351,"body":"want to ask about that."},{"speaker":"Average Joe Finances","startTime":1180.351,"endTime":1183.984,"body":"So how does there's a lot of people"},{"speaker":"Average Joe Finances","startTime":1180.351,"endTime":1183.984,"body":"that will invest in gold stocks, right?"},{"speaker":"Average Joe Finances","startTime":1183.984,"endTime":1189.624,"body":"So in a paper asset, but it's not the"},{"speaker":"Average Joe Finances","startTime":1183.984,"endTime":1189.624,"body":"same as actually buying gold itself."},{"speaker":"Average Joe Finances","startTime":1189.673,"endTime":1194.803,"body":"So how does that affect, I guess like the"},{"speaker":"Average Joe Finances","startTime":1189.673,"endTime":1194.803,"body":"price of the actual precious metal it's."},{"speaker":"Average Joe Finances","startTime":1195.558,"endTime":1200.976,"body":"When you have like this I guess paper"},{"speaker":"Average Joe Finances","startTime":1195.558,"endTime":1200.976,"body":"asset that is tied to a piece of gold."},{"speaker":"Average Joe Finances","startTime":1201.001,"endTime":1204.346,"body":"I'm not exactly sure how it maybe as"},{"speaker":"Average Joe Finances","startTime":1201.001,"endTime":1204.346,"body":"a, is it like, is it similar to a bond?"},{"speaker":"Average Joe Finances","startTime":1204.496,"endTime":1205.788,"body":"Like H how does that work?"},{"speaker":"Average Joe Finances","startTime":1205.86,"endTime":1206.49,"body":"Like gold stocks."},{"speaker":"Ravi Sood","startTime":1207.28,"endTime":1209.29,"body":"Yeah, you've raised"},{"speaker":"Ravi Sood","startTime":1207.28,"endTime":1209.29,"body":"a really subtle issue here."},{"speaker":"Ravi Sood","startTime":1209.29,"endTime":1210.97,"body":"So I'll distinguish, there's two things."},{"speaker":"Ravi Sood","startTime":1210.97,"endTime":1211.93,"body":"There's bold socks."},{"speaker":"Ravi Sood","startTime":1212.38,"endTime":1214.75,"body":"And there you have specific company risks."},{"speaker":"Ravi Sood","startTime":1214.78,"endTime":1220.69,"body":"So for example, my company operates"},{"speaker":"Ravi Sood","startTime":1214.78,"endTime":1220.69,"body":"in Botswana and so Africa, which are"},{"speaker":"Ravi Sood","startTime":1220.69,"endTime":1224.83,"body":"in both in Africa and New Mexico,"},{"speaker":"Ravi Sood","startTime":1220.69,"endTime":1224.83,"body":"obviously in the United States."},{"speaker":"Ravi Sood","startTime":1225.4,"endTime":1228.31,"body":"So we have risks specific to"},{"speaker":"Ravi Sood","startTime":1225.4,"endTime":1228.31,"body":"each of those jurisdictions."},{"speaker":"Ravi Sood","startTime":1228.31,"endTime":1231.64,"body":"We have risks inherent"},{"speaker":"Ravi Sood","startTime":1228.31,"endTime":1231.64,"body":"to the geology, Vermont."},{"speaker":"Ravi Sood","startTime":1232.645,"endTime":1234.115,"body":"We have HR risks."},{"speaker":"Ravi Sood","startTime":1234.182,"endTime":1237.95,"body":"COVID all those sorts of things, a bar"},{"speaker":"Ravi Sood","startTime":1234.182,"endTime":1237.95,"body":"of gold itself has none of these risks."},{"speaker":"Ravi Sood","startTime":1238.61,"endTime":1243.74,"body":"It's riskless, it's just a bar of gold and"},{"speaker":"Ravi Sood","startTime":1238.61,"endTime":1243.74,"body":"10,000 years from now, if less sitting on"},{"speaker":"Ravi Sood","startTime":1243.74,"endTime":1248.06,"body":"your desk, it will still be the exact same"},{"speaker":"Ravi Sood","startTime":1243.74,"endTime":1248.06,"body":"bar of gold with absolutely no physical"},{"speaker":"Ravi Sood","startTime":1248.06,"endTime":1249.98,"body":"or chemical change, a appreciable change."},{"speaker":"Ravi Sood","startTime":1250.038,"endTime":1251.085,"body":"So that's different."},{"speaker":"Ravi Sood","startTime":1251.115,"endTime":1254.196,"body":"You're investing in a company that"},{"speaker":"Ravi Sood","startTime":1251.115,"endTime":1254.196,"body":"calls out company specific risks and"},{"speaker":"Ravi Sood","startTime":1254.196,"endTime":1257.678,"body":"there's manifold risks and investing in"},{"speaker":"Ravi Sood","startTime":1254.196,"endTime":1257.678,"body":"any company investing in a bar of gold."},{"speaker":"Ravi Sood","startTime":1257.798,"endTime":1259.658,"body":"You have no particular upside."},{"speaker":"Ravi Sood","startTime":1259.658,"endTime":1261.458,"body":"The bar will just going"},{"speaker":"Ravi Sood","startTime":1259.658,"endTime":1261.458,"body":"to be in the bar of gold."},{"speaker":"Ravi Sood","startTime":1261.818,"endTime":1265.118,"body":"You're doing that to hedge"},{"speaker":"Ravi Sood","startTime":1261.818,"endTime":1265.118,"body":"your risks to other factors."},{"speaker":"Ravi Sood","startTime":1265.798,"endTime":1269.548,"body":"Hopefully protect your wealth and"},{"speaker":"Ravi Sood","startTime":1265.798,"endTime":1269.548,"body":"perhaps even grow it on a relative basis."},{"speaker":"Ravi Sood","startTime":1269.638,"endTime":1274.258,"body":"If you believe that gold is going to go"},{"speaker":"Ravi Sood","startTime":1269.638,"endTime":1274.258,"body":"up in value in us dollar or whatever your"},{"speaker":"Ravi Sood","startTime":1274.258,"endTime":1277.018,"body":"prevailing currency terms are, the issue."},{"speaker":"Ravi Sood","startTime":1277.018,"endTime":1278.458,"body":"I think it's really important."},{"speaker":"Ravi Sood","startTime":1278.458,"endTime":1281.818,"body":"One that you've touched upon is"},{"speaker":"Ravi Sood","startTime":1278.458,"endTime":1281.818,"body":"what about buying paper goals?"},{"speaker":"Ravi Sood","startTime":1281.968,"endTime":1282.928,"body":"Not so much stocks."},{"speaker":"Ravi Sood","startTime":1282.928,"endTime":1284.098,"body":"That's a totally different beast."},{"speaker":"Ravi Sood","startTime":1284.143,"endTime":1288.193,"body":"Like my money company, for example,"},{"speaker":"Ravi Sood","startTime":1284.143,"endTime":1288.193,"body":"there are various ETFs and instruments"},{"speaker":"Ravi Sood","startTime":1288.193,"endTime":1291.973,"body":"that are listed on exchanges are"},{"speaker":"Ravi Sood","startTime":1288.193,"endTime":1291.973,"body":"available through whatever broken."},{"speaker":"Ravi Sood","startTime":1293.233,"endTime":1294.763,"body":"That gives you exposure to gold."},{"speaker":"Ravi Sood","startTime":1295.243,"endTime":1298.753,"body":"And some of these are"},{"speaker":"Ravi Sood","startTime":1295.243,"endTime":1298.753,"body":"literally direct exposure."},{"speaker":"Ravi Sood","startTime":1298.753,"endTime":1302.553,"body":"They have one for one, the exact same"},{"speaker":"Ravi Sood","startTime":1298.753,"endTime":1302.553,"body":"amount of gold sitting in a vault."},{"speaker":"Ravi Sood","startTime":1303.088,"endTime":1304.198,"body":"They don't lend it out."},{"speaker":"Ravi Sood","startTime":1304.288,"endTime":1305.518,"body":"They don't borrow against it."},{"speaker":"Ravi Sood","startTime":1305.548,"endTime":1309.314,"body":"They don't do any, they fight"},{"speaker":"Ravi Sood","startTime":1305.548,"endTime":1309.314,"body":"financial chicanery or a skullduggery"},{"speaker":"Ravi Sood","startTime":1309.323,"endTime":1311.753,"body":"derivatives and options and all"},{"speaker":"Ravi Sood","startTime":1309.323,"endTime":1311.753,"body":"that sort of stuff around it."},{"speaker":"Ravi Sood","startTime":1311.82,"endTime":1314.28,"body":"And those are really good"},{"speaker":"Ravi Sood","startTime":1311.82,"endTime":1314.28,"body":"ways to get exposure to it."},{"speaker":"Ravi Sood","startTime":1314.31,"endTime":1318.173,"body":"You still have the fatalist would say"},{"speaker":"Ravi Sood","startTime":1314.31,"endTime":1318.173,"body":"you still have risks because you hold"},{"speaker":"Ravi Sood","startTime":1318.623,"endTime":1320.423,"body":"those shares in a brokerage account."},{"speaker":"Ravi Sood","startTime":1321.368,"endTime":1324.818,"body":"And if the world explode that"},{"speaker":"Ravi Sood","startTime":1321.368,"endTime":1324.818,"body":"brokerage may go bankrupt and you"},{"speaker":"Ravi Sood","startTime":1324.818,"endTime":1327.428,"body":"may never get those shares, you"},{"speaker":"Ravi Sood","startTime":1324.818,"endTime":1327.428,"body":"certainly won't get that goals."},{"speaker":"Ravi Sood","startTime":1327.496,"endTime":1329.784,"body":"But that's a pretty good"},{"speaker":"Ravi Sood","startTime":1327.496,"endTime":1329.784,"body":"way to participate in gold."},{"speaker":"Ravi Sood","startTime":1329.784,"endTime":1332.842,"body":"If you don't believe the world,"},{"speaker":"Ravi Sood","startTime":1329.784,"endTime":1332.842,"body":"go into thermonuclear war there"},{"speaker":"Ravi Sood","startTime":1332.842,"endTime":1337.072,"body":"are many other goals, instruments"},{"speaker":"Ravi Sood","startTime":1332.842,"endTime":1337.072,"body":"issued by reputable entities."},{"speaker":"Ravi Sood","startTime":1337.243,"endTime":1341.563,"body":"ETFs and different tracking instruments,"},{"speaker":"Ravi Sood","startTime":1337.243,"endTime":1341.563,"body":"which actually don't hold any goals."},{"speaker":"Ravi Sood","startTime":1341.713,"endTime":1344.473,"body":"They just hold more paper"},{"speaker":"Ravi Sood","startTime":1341.713,"endTime":1344.473,"body":"instruments to mimic goals."},{"speaker":"Ravi Sood","startTime":1344.833,"endTime":1348.313,"body":"And those are particularly dangerous"},{"speaker":"Ravi Sood","startTime":1344.833,"endTime":1348.313,"body":"because a lot of the reason you own"},{"speaker":"Ravi Sood","startTime":1348.313,"endTime":1352.693,"body":"goal presumably, is you think there"},{"speaker":"Ravi Sood","startTime":1348.313,"endTime":1352.693,"body":"are issues with the financial system,"},{"speaker":"Ravi Sood","startTime":1353.053,"endTime":1355.273,"body":"monetary policy, the world in general."},{"speaker":"Ravi Sood","startTime":1355.873,"endTime":1357.733,"body":"And if it really hits the fan."},{"speaker":"Ravi Sood","startTime":1358.933,"endTime":1360.343,"body":"Those paper instruments."},{"speaker":"Ravi Sood","startTime":1360.343,"endTime":1362.505,"body":"You may have a Lehman"},{"speaker":"Ravi Sood","startTime":1360.343,"endTime":1362.505,"body":"brothers type situation."},{"speaker":"Ravi Sood","startTime":1362.865,"endTime":1366.165,"body":"Lehman brothers, actually, by the"},{"speaker":"Ravi Sood","startTime":1362.865,"endTime":1366.165,"body":"time it was finally liquidated years"},{"speaker":"Ravi Sood","startTime":1366.165,"endTime":1369.706,"body":"later was worth a lot more than"},{"speaker":"Ravi Sood","startTime":1366.165,"endTime":1369.706,"body":"it was before it encountered any."},{"speaker":"Ravi Sood","startTime":1370.931,"endTime":1375.445,"body":"But what happened in between it was a"},{"speaker":"Ravi Sood","startTime":1370.931,"endTime":1375.445,"body":"liquidity crisis caused by counterparty"},{"speaker":"Ravi Sood","startTime":1375.445,"endTime":1379.594,"body":"risk and the liquidation value or"},{"speaker":"Ravi Sood","startTime":1375.445,"endTime":1379.594,"body":"the mark to market value of those"},{"speaker":"Ravi Sood","startTime":1379.594,"endTime":1383.458,"body":"assets went to negative for some"},{"speaker":"Ravi Sood","startTime":1379.594,"endTime":1383.458,"body":"period of time, which was the issue"},{"speaker":"Ravi Sood","startTime":1383.818,"endTime":1385.078,"body":"you have that kind of issue again."},{"speaker":"Ravi Sood","startTime":1385.933,"endTime":1389.443,"body":"Maybe your counterparty on your"},{"speaker":"Ravi Sood","startTime":1385.933,"endTime":1389.443,"body":"gold, your paper instruments"},{"speaker":"Ravi Sood","startTime":1389.443,"endTime":1393.043,"body":"inside your gold investment vehicle"},{"speaker":"Ravi Sood","startTime":1389.443,"endTime":1393.043,"body":"is the next Lehman brothers."},{"speaker":"Ravi Sood","startTime":1393.403,"endTime":1396.823,"body":"And you may never see any return from"},{"speaker":"Ravi Sood","startTime":1393.403,"endTime":1396.823,"body":"you may have been just absolutely"},{"speaker":"Ravi Sood","startTime":1396.823,"endTime":1400.903,"body":"bang on and did the right thing, but"},{"speaker":"Ravi Sood","startTime":1396.823,"endTime":1400.903,"body":"you bought the wrong piece of paper."},{"speaker":"Ravi Sood","startTime":1401.533,"endTime":1405.223,"body":"So that's another, it's a very subtle"},{"speaker":"Ravi Sood","startTime":1401.533,"endTime":1405.223,"body":"point you brought up, but it's extremely"},{"speaker":"Ravi Sood","startTime":1405.223,"endTime":1409.762,"body":"important when talking about goal, which"},{"speaker":"Ravi Sood","startTime":1405.223,"endTime":1409.762,"body":"is, it comes back to gold is interesting"},{"speaker":"Ravi Sood","startTime":1409.762,"endTime":1412.472,"body":"for catastrophic circumstances."},{"speaker":"Ravi Sood","startTime":1412.722,"endTime":1414.667,"body":"And if there's catastrophic"},{"speaker":"Ravi Sood","startTime":1412.722,"endTime":1414.667,"body":"circumstances, you've got to"},{"speaker":"Ravi Sood","startTime":1414.667,"endTime":1416.107,"body":"think about catastrophic thing."},{"speaker":"Ravi Sood","startTime":1416.137,"endTime":1420.007,"body":"Like maybe a bank doesn't"},{"speaker":"Ravi Sood","startTime":1416.137,"endTime":1420.007,"body":"exist that exists today."},{"speaker":"Ravi Sood","startTime":1420.137,"endTime":1421.447,"body":"It may not be there tomorrow."},{"speaker":"Ravi Sood","startTime":1421.777,"endTime":1423.647,"body":"And does my investments still exist then?"},{"speaker":"Average Joe Finances","startTime":1423.647,"endTime":1425.812,"body":"I don't like"},{"speaker":"Average Joe Finances","startTime":1423.647,"endTime":1425.812,"body":"thinking about stuff like that, man."},{"speaker":"Average Joe Finances","startTime":1425.812,"endTime":1429.602,"body":"That's scary stuff, but yeah,"},{"speaker":"Average Joe Finances","startTime":1425.812,"endTime":1429.602,"body":"no that's a very good point."},{"speaker":"Average Joe Finances","startTime":1429.632,"endTime":1430.822,"body":"that's why I wanted to ask that question."},{"speaker":"Average Joe Finances","startTime":1430.822,"endTime":1433.342,"body":"So I guess there's essentially"},{"speaker":"Average Joe Finances","startTime":1430.822,"endTime":1433.342,"body":"three different ways, right?"},{"speaker":"Average Joe Finances","startTime":1433.358,"endTime":1437.578,"body":"Is one you can invest in the metal"},{"speaker":"Average Joe Finances","startTime":1433.358,"endTime":1437.578,"body":"itself and actually buy physical gold."},{"speaker":"Average Joe Finances","startTime":1438.088,"endTime":1442.138,"body":"Two is investing in a gold company,"},{"speaker":"Average Joe Finances","startTime":1438.088,"endTime":1442.138,"body":"like a gold mining company, right?"},{"speaker":"Average Joe Finances","startTime":1442.138,"endTime":1445.858,"body":"Buying the paper stocks of"},{"speaker":"Average Joe Finances","startTime":1442.138,"endTime":1445.858,"body":"that particular company."},{"speaker":"Average Joe Finances","startTime":1445.858,"endTime":1448.138,"body":"Then three is buying"},{"speaker":"Average Joe Finances","startTime":1445.858,"endTime":1448.138,"body":"actual certificates, right?"},{"speaker":"Average Joe Finances","startTime":1448.138,"endTime":1449.648,"body":"Like you said, like the ETFs that have."},{"speaker":"Average Joe Finances","startTime":1449.686,"endTime":1452.276,"body":"Pieces like that have gold"},{"speaker":"Average Joe Finances","startTime":1449.686,"endTime":1452.276,"body":"in it, like they own gold."},{"speaker":"Average Joe Finances","startTime":1452.283,"endTime":1453.211,"body":"And that's part of it."},{"speaker":"Average Joe Finances","startTime":1453.211,"endTime":1454.711,"body":"So three different ways to do it."},{"speaker":"Average Joe Finances","startTime":1454.981,"endTime":1457.813,"body":"Probably the safest way though,"},{"speaker":"Average Joe Finances","startTime":1454.981,"endTime":1457.813,"body":"is to buy the actual metal itself,"},{"speaker":"Average Joe Finances","startTime":1457.84,"endTime":1460.778,"body":"get those bars and you don't have"},{"speaker":"Average Joe Finances","startTime":1457.84,"endTime":1460.778,"body":"to worry about if the world ends,"},{"speaker":"Average Joe Finances","startTime":1460.778,"endTime":1461.864,"body":"those bars will still be there."},{"speaker":"Average Joe Finances","startTime":1461.864,"endTime":1464.613,"body":"Unless like an asteroid hits the"},{"speaker":"Average Joe Finances","startTime":1461.864,"endTime":1464.613,"body":"planet and it's so hot and melts"},{"speaker":"Average Joe Finances","startTime":1464.613,"endTime":1466.263,"body":"it all down and we're all dead."},{"speaker":"Average Joe Finances","startTime":1466.263,"endTime":1466.713,"body":"Anyway."},{"speaker":"Average Joe Finances","startTime":1466.713,"endTime":1467.043,"body":"So"},{"speaker":"Ravi Sood","startTime":1468.333,"endTime":1473.135,"body":"at that point, W"},{"speaker":"Ravi Sood","startTime":1468.333,"endTime":1473.135,"body":"we've also seen it's happened."},{"speaker":"Ravi Sood","startTime":1473.255,"endTime":1475.16,"body":"It's happened in in living memory."},{"speaker":"Ravi Sood","startTime":1475.16,"endTime":1478.955,"body":"I might get my dates wrong, but"},{"speaker":"Ravi Sood","startTime":1475.16,"endTime":1478.955,"body":"I'm going to say 1933, the United"},{"speaker":"Ravi Sood","startTime":1478.955,"endTime":1481.42,"body":"States confiscated all citizens gold."},{"speaker":"Ravi Sood","startTime":1481.91,"endTime":1482.75,"body":"You had to turn it in."},{"speaker":"Ravi Sood","startTime":1482.78,"endTime":1483.8,"body":"They gave you money for it."},{"speaker":"Ravi Sood","startTime":1483.83,"endTime":1487.19,"body":"They gave you the fair price, prevailing"},{"speaker":"Ravi Sood","startTime":1483.83,"endTime":1487.19,"body":"price, but they took everybody's goals."},{"speaker":"Ravi Sood","startTime":1488.075,"endTime":1491.623,"body":"And you're really going to be"},{"speaker":"Ravi Sood","startTime":1488.075,"endTime":1491.623,"body":"victimized most easily if you have those"},{"speaker":"Ravi Sood","startTime":1491.623,"endTime":1493.656,"body":"paper instruments in that scenario."},{"speaker":"Ravi Sood","startTime":1493.656,"endTime":1497.147,"body":"Having some silver Eagles or"},{"speaker":"Ravi Sood","startTime":1493.656,"endTime":1497.147,"body":"some some Krugerrands or other"},{"speaker":"Ravi Sood","startTime":1497.225,"endTime":1500.773,"body":"physical gold instrument great"},{"speaker":"Ravi Sood","startTime":1497.225,"endTime":1500.773,"body":"gift, a great store of value."},{"speaker":"Ravi Sood","startTime":1501.163,"endTime":1505.475,"body":"And culturally, it's not something that"},{"speaker":"Ravi Sood","startTime":1501.163,"endTime":1505.475,"body":"people in Western Europe or in north"},{"speaker":"Ravi Sood","startTime":1505.475,"endTime":1510.1,"body":"America, if every really had, but for"},{"speaker":"Ravi Sood","startTime":1505.475,"endTime":1510.1,"body":"much of the world majority of the world"},{"speaker":"Ravi Sood","startTime":1510.22,"endTime":1516.221,"body":"and Ohio highlight India in particular,"},{"speaker":"Ravi Sood","startTime":1510.22,"endTime":1516.221,"body":"it has been for thousands of years and is"},{"speaker":"Ravi Sood","startTime":1516.221,"endTime":1522.431,"body":"still a storage unit of storage of well,"},{"speaker":"Ravi Sood","startTime":1516.221,"endTime":1522.431,"body":"and it's, that's why it's a wedding gift."},{"speaker":"Ravi Sood","startTime":1522.461,"endTime":1527.081,"body":"That's why it's something that every,"},{"speaker":"Ravi Sood","startTime":1522.461,"endTime":1527.081,"body":"everybody keeps is some amount of gold."},{"speaker":"Ravi Sood","startTime":1527.081,"endTime":1529.241,"body":"Or if you can't have"},{"speaker":"Ravi Sood","startTime":1527.081,"endTime":1529.241,"body":"gold, then it's silver."},{"speaker":"Ravi Sood","startTime":1529.241,"endTime":1531.881,"body":"And if you can't have silver at some"},{"speaker":"Ravi Sood","startTime":1529.241,"endTime":1531.881,"body":"other metals or something of value,"},{"speaker":"Average Joe Finances","startTime":1531.881,"endTime":1533.231,"body":"it's the gold standard."},{"speaker":"Ravi Sood","startTime":1533.851,"endTime":1534.391,"body":"It's the gold."},{"speaker":"Ravi Sood","startTime":1534.421,"endTime":1535.651,"body":"That's why we have the expression."},{"speaker":"Average Joe Finances","startTime":1537.976,"endTime":1538.276,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1538.606,"endTime":1539.206,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":1539.206,"endTime":1539.506,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1539.506,"endTime":1542.434,"body":"So I want to talk a little bit"},{"speaker":"Average Joe Finances","startTime":1539.506,"endTime":1542.434,"body":"about, like, how do you personally"},{"speaker":"Average Joe Finances","startTime":1542.434,"endTime":1547.204,"body":"feel about like the traditional"},{"speaker":"Average Joe Finances","startTime":1542.434,"endTime":1547.204,"body":"stock market about paper assets,"},{"speaker":"Average Joe Finances","startTime":1547.204,"endTime":1548.494,"body":"especially being  a gold miner?"},{"speaker":"Average Joe Finances","startTime":1548.499,"endTime":1552.793,"body":"What's your thoughts on, somebody"},{"speaker":"Average Joe Finances","startTime":1548.499,"endTime":1552.793,"body":"who's just investing solely in stocks"},{"speaker":"Ravi Sood","startTime":1553.048,"endTime":1556.552,"body":"I think let me go"},{"speaker":"Ravi Sood","startTime":1553.048,"endTime":1556.552,"body":"back to my thesis is that we"},{"speaker":"Ravi Sood","startTime":1556.552,"endTime":1559.582,"body":"have so much debt in the system."},{"speaker":"Ravi Sood","startTime":1560.092,"endTime":1560.212,"body":"Yeah."},{"speaker":"Ravi Sood","startTime":1561.092,"endTime":1565.222,"body":"In particular at the sovereign"},{"speaker":"Ravi Sood","startTime":1561.092,"endTime":1565.222,"body":"level that I'll use a word"},{"speaker":"Ravi Sood","startTime":1565.222,"endTime":1566.672,"body":"from my mathematician days."},{"speaker":"Ravi Sood","startTime":1566.672,"endTime":1568.252,"body":"It's an intractable problem."},{"speaker":"Ravi Sood","startTime":1568.682,"endTime":1570.682,"body":"There is no solution to this."},{"speaker":"Ravi Sood","startTime":1570.782,"endTime":1576.572,"body":"So there is no plausible way to grow"},{"speaker":"Ravi Sood","startTime":1570.782,"endTime":1576.572,"body":"our economy and our economy means"},{"speaker":"Ravi Sood","startTime":1576.572,"endTime":1580.872,"body":"a rural economy and it applies in"},{"speaker":"Ravi Sood","startTime":1576.572,"endTime":1580.872,"body":"particular to China, Japan, Europe"},{"speaker":"Ravi Sood","startTime":1580.877,"endTime":1585.576,"body":"and in north America, in terms of the"},{"speaker":"Ravi Sood","startTime":1580.877,"endTime":1585.576,"body":"sovereign states with this amount of."},{"speaker":"Ravi Sood","startTime":1586.416,"endTime":1588.606,"body":"That any plausible growth scenario?"},{"speaker":"Ravi Sood","startTime":1588.674,"endTime":1590.126,"body":"There's no way to pay that down."},{"speaker":"Ravi Sood","startTime":1590.891,"endTime":1595.688,"body":"And do I expect the United States to"},{"speaker":"Ravi Sood","startTime":1590.891,"endTime":1595.688,"body":"therefore or the EU or Japan to say,"},{"speaker":"Ravi Sood","startTime":1595.688,"endTime":1599.078,"body":"okay, sorry, we're not making our"},{"speaker":"Ravi Sood","startTime":1595.688,"endTime":1599.078,"body":"interest payment on our treasuries."},{"speaker":"Ravi Sood","startTime":1599.16,"endTime":1599.85,"body":"Apologize."},{"speaker":"Ravi Sood","startTime":1599.917,"endTime":1601.149,"body":"We'll get back to you when we can."},{"speaker":"Ravi Sood","startTime":1601.419,"endTime":1603.063,"body":"No, that would be the system."},{"speaker":"Ravi Sood","startTime":1603.114,"endTime":1605.454,"body":"The planes would be falling"},{"speaker":"Ravi Sood","startTime":1603.114,"endTime":1605.454,"body":"from the sky and that scenario,"},{"speaker":"Ravi Sood","startTime":1605.454,"endTime":1606.832,"body":"it just it's it can't happen."},{"speaker":"Ravi Sood","startTime":1606.868,"endTime":1610.899,"body":"Do I expect the United States to"},{"speaker":"Ravi Sood","startTime":1606.868,"endTime":1610.899,"body":"default on entitlements such as"},{"speaker":"Ravi Sood","startTime":1611.409,"endTime":1616.064,"body":"government pensions or other programs"},{"speaker":"Ravi Sood","startTime":1611.409,"endTime":1616.064,"body":"that people really don't ascribe any"},{"speaker":"Ravi Sood","startTime":1616.064,"endTime":1618.459,"body":"risk to receiving those benefits?"},{"speaker":"Ravi Sood","startTime":1618.536,"endTime":1621.736,"body":"In future years, I don't"},{"speaker":"Ravi Sood","startTime":1618.536,"endTime":1621.736,"body":"expect that either."},{"speaker":"Ravi Sood","startTime":1621.736,"endTime":1622.786,"body":"It's politically completely."},{"speaker":"Ravi Sood","startTime":1622.835,"endTime":1623.589,"body":"Unpalatable."},{"speaker":"Ravi Sood","startTime":1624.009,"endTime":1624.769,"body":"It won't happen."},{"speaker":"Ravi Sood","startTime":1624.769,"endTime":1629.401,"body":"The road route out is not through"},{"speaker":"Ravi Sood","startTime":1624.769,"endTime":1629.401,"body":"default it's through inflation."},{"speaker":"Ravi Sood","startTime":1630.031,"endTime":1635.671,"body":"And if you want to see what the playbook"},{"speaker":"Ravi Sood","startTime":1630.031,"endTime":1635.671,"body":"is for the elites and for the powers"},{"speaker":"Ravi Sood","startTime":1635.671,"endTime":1639.421,"body":"that be in governments in power,"},{"speaker":"Ravi Sood","startTime":1635.671,"endTime":1639.421,"body":"and even on an elected officials."},{"speaker":"Ravi Sood","startTime":1639.421,"endTime":1641.729,"body":"And I'm talking about things"},{"speaker":"Ravi Sood","startTime":1639.421,"endTime":1641.729,"body":"like the federal reserve who"},{"speaker":"Ravi Sood","startTime":1641.729,"endTime":1642.809,"body":"voted for them by the way."},{"speaker":"Ravi Sood","startTime":1642.884,"endTime":1645.284,"body":"If you want to figure out"},{"speaker":"Ravi Sood","startTime":1642.884,"endTime":1645.284,"body":"what their playbook is."},{"speaker":"Ravi Sood","startTime":1645.464,"endTime":1648.059,"body":"They're telling us, they tell"},{"speaker":"Ravi Sood","startTime":1645.464,"endTime":1648.059,"body":"us what their playbook is."},{"speaker":"Ravi Sood","startTime":1648.059,"endTime":1651.209,"body":"And for the last several years, they"},{"speaker":"Ravi Sood","startTime":1648.059,"endTime":1651.209,"body":"said they've targeted higher inflation."},{"speaker":"Ravi Sood","startTime":1651.689,"endTime":1654.209,"body":"And to have that higher"},{"speaker":"Ravi Sood","startTime":1651.689,"endTime":1654.209,"body":"inflation rate for longer."},{"speaker":"Ravi Sood","startTime":1655.319,"endTime":1658.919,"body":"And if you look at what they"},{"speaker":"Ravi Sood","startTime":1655.319,"endTime":1658.919,"body":"do and what they've done, the"},{"speaker":"Ravi Sood","startTime":1658.919,"endTime":1662.519,"body":"policies they've enacted, it"},{"speaker":"Ravi Sood","startTime":1658.919,"endTime":1662.519,"body":"matches exactly what they said."},{"speaker":"Ravi Sood","startTime":1662.984,"endTime":1666.43,"body":"Now they've temporary and say"},{"speaker":"Ravi Sood","startTime":1662.984,"endTime":1666.43,"body":"this inflation was very high, but"},{"speaker":"Ravi Sood","startTime":1666.97,"endTime":1668.614,"body":"privately and I, but it's transitory."},{"speaker":"Ravi Sood","startTime":1668.62,"endTime":1670.27,"body":"So don't worry about it too much."},{"speaker":"Ravi Sood","startTime":1670.312,"endTime":1677.422,"body":"But all the actual actions that they've"},{"speaker":"Ravi Sood","startTime":1670.312,"endTime":1677.422,"body":"taken are supportive of continued in"},{"speaker":"Ravi Sood","startTime":1677.602,"endTime":1681.922,"body":"very high levels of inflation and it's,"},{"speaker":"Ravi Sood","startTime":1677.602,"endTime":1681.922,"body":"again, it matches what they've seen."},{"speaker":"Ravi Sood","startTime":1682.672,"endTime":1686.048,"body":"There are actions are more important"},{"speaker":"Ravi Sood","startTime":1682.672,"endTime":1686.048,"body":"than their words in the short term."},{"speaker":"Ravi Sood","startTime":1686.618,"endTime":1689.291,"body":"And it is the path out of this debt load."},{"speaker":"Ravi Sood","startTime":1689.291,"endTime":1691.293,"body":"So just let's put some numbers on it."},{"speaker":"Ravi Sood","startTime":1691.293,"endTime":1693.571,"body":"Let's say we're at 140%."},{"speaker":"Ravi Sood","startTime":1693.622,"endTime":1697.177,"body":"Debt to GDP, the ratio of the total"},{"speaker":"Ravi Sood","startTime":1693.622,"endTime":1697.177,"body":"amount of federal debt in the United"},{"speaker":"Ravi Sood","startTime":1697.177,"endTime":1701.628,"body":"States to the size of the economy, the"},{"speaker":"Ravi Sood","startTime":1697.177,"endTime":1701.628,"body":"GDP, and the economists would tell you're"},{"speaker":"Ravi Sood","startTime":1701.628,"endTime":1703.398,"body":"past the point of no return at that."},{"speaker":"Ravi Sood","startTime":1703.428,"endTime":1706.376,"body":"You're hit escape, velocity index"},{"speaker":"Ravi Sood","startTime":1703.428,"endTime":1706.376,"body":"with a spiral out of control."},{"speaker":"Ravi Sood","startTime":1706.766,"endTime":1709.885,"body":"How do you get that back to something"},{"speaker":"Ravi Sood","startTime":1706.766,"endTime":1709.885,"body":"sustainable, say let's make the"},{"speaker":"Ravi Sood","startTime":1709.885,"endTime":1713.425,"body":"math easier and say, let's say"},{"speaker":"Ravi Sood","startTime":1709.885,"endTime":1713.425,"body":"we're at 150% debt to GDP and we"},{"speaker":"Ravi Sood","startTime":1713.425,"endTime":1715.315,"body":"want to get to 50% that's GDP."},{"speaker":"Ravi Sood","startTime":1715.384,"endTime":1716.824,"body":"You're not going to do"},{"speaker":"Ravi Sood","startTime":1715.384,"endTime":1716.824,"body":"it through austerity."},{"speaker":"Ravi Sood","startTime":1716.824,"endTime":1720.214,"body":"You're not going to cut, spending so"},{"speaker":"Ravi Sood","startTime":1716.824,"endTime":1720.214,"body":"dramatically that you could have spent"},{"speaker":"Ravi Sood","startTime":1720.244,"endTime":1722.584,"body":"to pay off a $30 trillion of debt."},{"speaker":"Ravi Sood","startTime":1722.584,"endTime":1724.984,"body":"And that's literally the"},{"speaker":"Ravi Sood","startTime":1722.584,"endTime":1724.984,"body":"numbers then that are at stake."},{"speaker":"Ravi Sood","startTime":1725.464,"endTime":1726.334,"body":"It's impossible."},{"speaker":"Ravi Sood","startTime":1726.364,"endTime":1728.854,"body":"Politically in powder"},{"speaker":"Ravi Sood","startTime":1726.364,"endTime":1728.854,"body":"would just be impossible."},{"speaker":"Ravi Sood","startTime":1729.814,"endTime":1730.294,"body":"You're not going to."},{"speaker":"Ravi Sood","startTime":1730.309,"endTime":1733.79,"body":"That fast, like legitimate growth, you"},{"speaker":"Ravi Sood","startTime":1730.309,"endTime":1733.79,"body":"can have all the productivity gains"},{"speaker":"Ravi Sood","startTime":1733.79,"endTime":1737.93,"body":"from the internet that we saw now,"},{"speaker":"Ravi Sood","startTime":1733.79,"endTime":1737.93,"body":"AI robotics, machine learning, all"},{"speaker":"Ravi Sood","startTime":1737.93,"endTime":1739.03,"body":"sorts of great things are happening."},{"speaker":"Ravi Sood","startTime":1739.06,"endTime":1740.87,"body":"They are driving real productivity gains."},{"speaker":"Ravi Sood","startTime":1741.02,"endTime":1742.13,"body":"You can't grow that fast."},{"speaker":"Ravi Sood","startTime":1742.25,"endTime":1743.39,"body":"It's just not possible."},{"speaker":"Ravi Sood","startTime":1743.99,"endTime":1748.165,"body":"But if you had inflation, if"},{"speaker":"Ravi Sood","startTime":1743.99,"endTime":1748.165,"body":"you had huge inflation so you're"},{"speaker":"Ravi Sood","startTime":1748.165,"endTime":1749.305,"body":"just growing the denominator."},{"speaker":"Ravi Sood","startTime":1749.965,"endTime":1751.735,"body":"That debt number is relatively fixed."},{"speaker":"Ravi Sood","startTime":1751.735,"endTime":1755.927,"body":"If you can keep borrowing on these"},{"speaker":"Ravi Sood","startTime":1751.735,"endTime":1755.927,"body":"incredibly incredibly miserly terms,"},{"speaker":"Ravi Sood","startTime":1756.317,"endTime":1760.427,"body":"paying a percent interest or 2% interest"},{"speaker":"Ravi Sood","startTime":1756.317,"endTime":1760.427,"body":"or less for short-term instruments,"},{"speaker":"Ravi Sood","startTime":1761.117,"endTime":1766.029,"body":"and you're growing your GDP number"},{"speaker":"Ravi Sood","startTime":1761.117,"endTime":1766.029,"body":"through inflation, you can get it back."},{"speaker":"Ravi Sood","startTime":1766.599,"endTime":1769.689,"body":"So let's say you have a, I'll"},{"speaker":"Ravi Sood","startTime":1766.599,"endTime":1769.689,"body":"put it in very real terms."},{"speaker":"Ravi Sood","startTime":1771.024,"endTime":1776.484,"body":"That's it costs you $1 million today and"},{"speaker":"Ravi Sood","startTime":1771.024,"endTime":1776.484,"body":"you say, I can keep my $1 million of cash,"},{"speaker":"Ravi Sood","startTime":1776.496,"endTime":1778.296,"body":"to buy this house for a million dollars."},{"speaker":"Ravi Sood","startTime":1778.896,"endTime":1782.496,"body":"And I have this huge amount of inflation"},{"speaker":"Ravi Sood","startTime":1778.896,"endTime":1782.496,"body":"going on in the economy and the central"},{"speaker":"Ravi Sood","startTime":1782.496,"endTime":1787.4,"body":"bankers and the powers that be are driving"},{"speaker":"Ravi Sood","startTime":1782.496,"endTime":1787.4,"body":"us to this long trend of inflation."},{"speaker":"Ravi Sood","startTime":1787.91,"endTime":1790.88,"body":"And in 10 years, they've succeeded."},{"speaker":"Ravi Sood","startTime":1791.18,"endTime":1793.43,"body":"We've had huge inflation and now."},{"speaker":"Ravi Sood","startTime":1794.36,"endTime":1799.19,"body":"My one friend decided to keep his million"},{"speaker":"Ravi Sood","startTime":1794.36,"endTime":1799.19,"body":"dollars and put it in T-bills he now"},{"speaker":"Ravi Sood","startTime":1799.19,"endTime":1803.15,"body":"has $1 million and 50 bucks or whatever."},{"speaker":"Ravi Sood","startTime":1803.15,"endTime":1805.76,"body":"It was some nominal amount of"},{"speaker":"Ravi Sood","startTime":1803.15,"endTime":1805.76,"body":"interest earned over those 10 years."},{"speaker":"Ravi Sood","startTime":1806.15,"endTime":1806.99,"body":"Almost nothing."},{"speaker":"Ravi Sood","startTime":1807.35,"endTime":1808.724,"body":"We still still has a million bucks."},{"speaker":"Ravi Sood","startTime":1809.534,"endTime":1813.884,"body":"The other friend took that million"},{"speaker":"Ravi Sood","startTime":1809.534,"endTime":1813.884,"body":"dollars and bought a house and enjoy"},{"speaker":"Ravi Sood","startTime":1813.914,"endTime":1815.294,"body":"living in it for those 10 years."},{"speaker":"Ravi Sood","startTime":1815.624,"endTime":1816.494,"body":"And that same house."},{"speaker":"Ravi Sood","startTime":1817.004,"endTime":1817.784,"body":"I had a nicer house."},{"speaker":"Ravi Sood","startTime":1818.714,"endTime":1819.884,"body":"It's not on a better street."},{"speaker":"Ravi Sood","startTime":1820.154,"endTime":1823.364,"body":"It's exactly the same house that it"},{"speaker":"Ravi Sood","startTime":1820.154,"endTime":1823.364,"body":"was 10 years older, but same house they"},{"speaker":"Ravi Sood","startTime":1823.364,"endTime":1828.844,"body":"bought today is now where $3 million is"},{"speaker":"Ravi Sood","startTime":1823.364,"endTime":1828.844,"body":"that person who has a $1 million house."},{"speaker":"Ravi Sood","startTime":1828.864,"endTime":1830.304,"body":"That's now worth $3 million."},{"speaker":"Ravi Sood","startTime":1830.514,"endTime":1833.124,"body":"That person richer, probably not."},{"speaker":"Ravi Sood","startTime":1833.154,"endTime":1837.054,"body":"If that growth was caused by inflation,"},{"speaker":"Ravi Sood","startTime":1833.154,"endTime":1837.054,"body":"but they've protected their wealth."},{"speaker":"Ravi Sood","startTime":1837.594,"endTime":1840.864,"body":"What about the person who had the million"},{"speaker":"Ravi Sood","startTime":1837.594,"endTime":1840.864,"body":"dollars in T-bills and now has the million"},{"speaker":"Ravi Sood","startTime":1840.864,"endTime":1842.464,"body":"dollars in a hundred dollars interest."},{"speaker":"Ravi Sood","startTime":1842.465,"endTime":1843.755,"body":"They still have their million dollars."},{"speaker":"Ravi Sood","startTime":1843.935,"endTime":1845.975,"body":"They're legitimately poor."},{"speaker":"Ravi Sood","startTime":1846.305,"endTime":1849.049,"body":"They've lost two thirds of their wealth."},{"speaker":"Ravi Sood","startTime":1849.139,"endTime":1851.269,"body":"That's been wiped out through inflation."},{"speaker":"Ravi Sood","startTime":1851.699,"endTime":1854.569,"body":"Inflation is slowly"},{"speaker":"Ravi Sood","startTime":1851.699,"endTime":1854.569,"body":"robbing everybody's wealth."},{"speaker":"Ravi Sood","startTime":1854.689,"endTime":1855.529,"body":"Every single day."},{"speaker":"Ravi Sood","startTime":1855.919,"endTime":1859.189,"body":"It's robbing your it's"},{"speaker":"Ravi Sood","startTime":1855.919,"endTime":1859.189,"body":"shrinking your salary and it's"},{"speaker":"Ravi Sood","startTime":1859.189,"endTime":1860.599,"body":"robbing you of your savings."},{"speaker":"Ravi Sood","startTime":1860.666,"endTime":1861.319,"body":"Day by day."},{"speaker":"Ravi Sood","startTime":1861.649,"endTime":1864.709,"body":"The only way to protect yourself"},{"speaker":"Ravi Sood","startTime":1861.649,"endTime":1864.709,"body":"is with real assets that mimic"},{"speaker":"Ravi Sood","startTime":1864.709,"endTime":1866.239,"body":"or participate in inflation."},{"speaker":"Ravi Sood","startTime":1866.239,"endTime":1869.809,"body":"And maybe if you do a really good job"},{"speaker":"Ravi Sood","startTime":1866.239,"endTime":1869.809,"body":"of it, you can actually beat in place."},{"speaker":"Ravi Sood","startTime":1870.604,"endTime":1874.474,"body":"And participate in inflation in a"},{"speaker":"Ravi Sood","startTime":1870.604,"endTime":1874.474,"body":"lever way and actually grow your way."},{"speaker":"Average Joe Finances","startTime":1875.614,"endTime":1875.854,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1875.868,"endTime":1877.352,"body":"I'm a big fan of real assets."},{"speaker":"Average Joe Finances","startTime":1877.352,"endTime":1881.082,"body":"It's why I'm a big fan of real"},{"speaker":"Average Joe Finances","startTime":1877.352,"endTime":1881.082,"body":"estate because it's a tangible asset."},{"speaker":"Average Joe Finances","startTime":1881.107,"endTime":1882.367,"body":"It's something that's a need."},{"speaker":"Average Joe Finances","startTime":1882.367,"endTime":1883.219,"body":"There'll always be a need."},{"speaker":"Average Joe Finances","startTime":1883.249,"endTime":1884.689,"body":"Somebody will always need a place to live."},{"speaker":"Average Joe Finances","startTime":1884.782,"endTime":1887.992,"body":"And it's a, it's something that"},{"speaker":"Average Joe Finances","startTime":1884.782,"endTime":1887.992,"body":"does go up in value over time."},{"speaker":"Average Joe Finances","startTime":1887.992,"endTime":1891.033,"body":"Like perfect example that you"},{"speaker":"Average Joe Finances","startTime":1887.992,"endTime":1891.033,"body":"gave there, with the person that"},{"speaker":"Average Joe Finances","startTime":1891.363,"endTime":1894.693,"body":"bought the million dollar home 10"},{"speaker":"Average Joe Finances","startTime":1891.363,"endTime":1894.693,"body":"years later, it's worth 3 million."},{"speaker":"Average Joe Finances","startTime":1894.993,"endTime":1895.263,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":1895.263,"endTime":1896.373,"body":"You have appreciation."},{"speaker":"Average Joe Finances","startTime":1896.418,"endTime":1899.193,"body":"But the thing is, did that appreciation"},{"speaker":"Average Joe Finances","startTime":1896.418,"endTime":1899.193,"body":"keep up with inflation, but most"},{"speaker":"Average Joe Finances","startTime":1899.193,"endTime":1901.98,"body":"of the time like an in pretty good"},{"speaker":"Average Joe Finances","startTime":1899.193,"endTime":1901.98,"body":"markets, you're going to see like the"},{"speaker":"Average Joe Finances","startTime":1902.22,"endTime":1906.69,"body":"appreciation between two and a half to"},{"speaker":"Average Joe Finances","startTime":1902.22,"endTime":1906.69,"body":"3%, which is around the target inflation."},{"speaker":"Average Joe Finances","startTime":1907.145,"endTime":1911.735,"body":"But then you look at years, like right now"},{"speaker":"Average Joe Finances","startTime":1907.145,"endTime":1911.735,"body":"where inflation's at 5.4% for this year."},{"speaker":"Average Joe Finances","startTime":1912.305,"endTime":1918.373,"body":"And if you appreciated, 3% while"},{"speaker":"Average Joe Finances","startTime":1912.305,"endTime":1918.373,"body":"you actually lost 2.4% of value,"},{"speaker":"Average Joe Finances","startTime":1918.643,"endTime":1921.403,"body":"realistically, when you compare it to"},{"speaker":"Average Joe Finances","startTime":1918.643,"endTime":1921.403,"body":"what the inflation rate looks like."},{"speaker":"Average Joe Finances","startTime":1921.853,"endTime":1924.635,"body":"And I think a lot of people don't really"},{"speaker":"Average Joe Finances","startTime":1921.853,"endTime":1924.635,"body":"look at it that way, but especially"},{"speaker":"Average Joe Finances","startTime":1924.635,"endTime":1927.455,"body":"with like, when you look at your, if"},{"speaker":"Average Joe Finances","startTime":1924.635,"endTime":1927.455,"body":"you're a salary worker, especially"},{"speaker":"Average Joe Finances","startTime":1927.455,"endTime":1929.105,"body":"federal workers like myself right now."},{"speaker":"Average Joe Finances","startTime":1929.154,"endTime":1929.814,"body":"Cost of living."},{"speaker":"Average Joe Finances","startTime":1929.844,"endTime":1931.494,"body":"We get cost increases every year."},{"speaker":"Average Joe Finances","startTime":1931.554,"endTime":1935.634,"body":"We get our pay raises in January,"},{"speaker":"Average Joe Finances","startTime":1931.554,"endTime":1935.634,"body":"and it's typically between two"},{"speaker":"Average Joe Finances","startTime":1935.634,"endTime":1939.624,"body":"and a half to 3%, sometimes as"},{"speaker":"Average Joe Finances","startTime":1935.634,"endTime":1939.624,"body":"low as one and a half percent."},{"speaker":"Average Joe Finances","startTime":1939.624,"endTime":1944.184,"body":"I've seen sometimes now I think this"},{"speaker":"Average Joe Finances","startTime":1939.624,"endTime":1944.184,"body":"year, this January, we're getting"},{"speaker":"Average Joe Finances","startTime":1944.184,"endTime":1946.734,"body":"a 3.1% or something like that."},{"speaker":"Average Joe Finances","startTime":1947.874,"endTime":1952.284,"body":"But as you can see, that"},{"speaker":"Average Joe Finances","startTime":1947.874,"endTime":1952.284,"body":"does not equate to 5.4%."},{"speaker":"Average Joe Finances","startTime":1952.284,"endTime":1953.214,"body":"So we are slowly."},{"speaker":"Average Joe Finances","startTime":1953.554,"endTime":1955.675,"body":"Getting less money as the years go on."},{"speaker":"Average Joe Finances","startTime":1955.675,"endTime":1957.755,"body":"So yes, totally understand that."},{"speaker":"Average Joe Finances","startTime":1957.755,"endTime":1960.415,"body":"And so I'm trying to explain it in a"},{"speaker":"Average Joe Finances","startTime":1957.755,"endTime":1960.415,"body":"way that if somebody who's a little"},{"speaker":"Average Joe Finances","startTime":1960.415,"endTime":1962.942,"body":"bit confused while they're listening,"},{"speaker":"Average Joe Finances","startTime":1960.415,"endTime":1962.942,"body":"that's just, one of the ways to just"},{"speaker":"Average Joe Finances","startTime":1962.942,"endTime":1966.874,"body":"show how like Ravi was saying you're"},{"speaker":"Average Joe Finances","startTime":1962.942,"endTime":1966.874,"body":"slowly getting robbed of your wealth,"},{"speaker":"Average Joe Finances","startTime":1966.897,"endTime":1970.268,"body":"slowly getting robbed of your wages and"},{"speaker":"Average Joe Finances","startTime":1966.897,"endTime":1970.268,"body":"your salary and things of that nature."},{"speaker":"Average Joe Finances","startTime":1970.268,"endTime":1971.888,"body":"So it's important that no matter."},{"speaker":"Average Joe Finances","startTime":1972.488,"endTime":1976.308,"body":"What asset class year you're in that"},{"speaker":"Average Joe Finances","startTime":1972.488,"endTime":1976.308,"body":"you're beating that inflation rate"},{"speaker":"Average Joe Finances","startTime":1976.308,"endTime":1980.112,"body":"that you're beating that this year"},{"speaker":"Average Joe Finances","startTime":1976.308,"endTime":1980.112,"body":"5.4% who knows what next year could be."},{"speaker":"Average Joe Finances","startTime":1980.112,"endTime":1982.542,"body":"It could be higher,"},{"speaker":"Average Joe Finances","startTime":1980.112,"endTime":1982.542,"body":"maybe lower, who knows."},{"speaker":"Average Joe Finances","startTime":1982.745,"endTime":1985.982,"body":"But, that is one of"},{"speaker":"Average Joe Finances","startTime":1982.745,"endTime":1985.982,"body":"the ways to to keep up."},{"speaker":"Average Joe Finances","startTime":1985.982,"endTime":1990.494,"body":"And I guess for the the government to buy"},{"speaker":"Average Joe Finances","startTime":1985.982,"endTime":1990.494,"body":"back some of their debt, in, in that way."},{"speaker":"Average Joe Finances","startTime":1990.494,"endTime":1990.794,"body":"But"},{"speaker":"Ravi Sood","startTime":1990.817,"endTime":1995.858,"body":"They're shrinking their debts"},{"speaker":"Ravi Sood","startTime":1990.817,"endTime":1995.858,"body":"in real terms by by bike driving that"},{"speaker":"Ravi Sood","startTime":1995.858,"endTime":1997.84,"body":"inflation that's how you shrink it in."},{"speaker":"Ravi Sood","startTime":1998.14,"endTime":2003.742,"body":"It's just a, masterstroke like if all"},{"speaker":"Ravi Sood","startTime":1998.14,"endTime":2003.742,"body":"goes according to Hoyle, And if you"},{"speaker":"Ravi Sood","startTime":2003.742,"endTime":2008.542,"body":"bought a piece of real estate that"},{"speaker":"Ravi Sood","startTime":2003.742,"endTime":2008.542,"body":"trust just matched inflation, but"},{"speaker":"Ravi Sood","startTime":2008.542,"endTime":2011.602,"body":"you did it with the reasonable amount"},{"speaker":"Ravi Sood","startTime":2008.542,"endTime":2011.602,"body":"of leverage and you're able to lock"},{"speaker":"Ravi Sood","startTime":2011.602,"endTime":2015.427,"body":"in rates at today's prevailing rates"},{"speaker":"Ravi Sood","startTime":2011.602,"endTime":2015.427,"body":"for a long enough period of time."},{"speaker":"Ravi Sood","startTime":2015.427,"endTime":2017.976,"body":"You can really do dramatic"},{"speaker":"Ravi Sood","startTime":2015.427,"endTime":2017.976,"body":"things for yourself financially."},{"speaker":"Average Joe Finances","startTime":2019.176,"endTime":2020.836,"body":"You can"},{"speaker":"Average Joe Finances","startTime":2019.176,"endTime":2020.836,"body":"essentially beat inflation."},{"speaker":"Ravi Sood","startTime":2021.426,"endTime":2022.146,"body":"Exactly."},{"speaker":"Ravi Sood","startTime":2022.222,"endTime":2025.762,"body":"It's very hard for all of us today to"},{"speaker":"Ravi Sood","startTime":2022.222,"endTime":2025.762,"body":"wrap our heads around the concept of"},{"speaker":"Ravi Sood","startTime":2025.762,"endTime":2027.041,"body":"inflation, because we haven't seen it."},{"speaker":"Ravi Sood","startTime":2027.083,"endTime":2031.295,"body":"Unless you were a homeowner are"},{"speaker":"Ravi Sood","startTime":2027.083,"endTime":2031.295,"body":"trying to raise a family in the 1970s."},{"speaker":"Ravi Sood","startTime":2032.015,"endTime":2036.545,"body":"You've never experienced real significant"},{"speaker":"Ravi Sood","startTime":2032.015,"endTime":2036.545,"body":"or you're in Venezuela or Zimbabwe"},{"speaker":"Ravi Sood","startTime":2036.545,"endTime":2041.241,"body":"or some other, a country that's"},{"speaker":"Ravi Sood","startTime":2036.545,"endTime":2041.241,"body":"experienced the inflation at levels"},{"speaker":"Ravi Sood","startTime":2041.241,"endTime":2043.471,"body":"that we just haven't ever experienced."},{"speaker":"Ravi Sood","startTime":2043.583,"endTime":2047.083,"body":"It's hard for us, but the other"},{"speaker":"Ravi Sood","startTime":2043.583,"endTime":2047.083,"body":"thing that to wrap your head around"},{"speaker":"Ravi Sood","startTime":2047.083,"endTime":2050.443,"body":"is a term negative real rates."},{"speaker":"Ravi Sood","startTime":2050.743,"endTime":2056.322,"body":"And your real rate is your your"},{"speaker":"Ravi Sood","startTime":2050.743,"endTime":2056.322,"body":"interest rate that you're getting and"},{"speaker":"Ravi Sood","startTime":2056.322,"endTime":2058.092,"body":"you got to subtract inflation from it."},{"speaker":"Ravi Sood","startTime":2058.092,"endTime":2062.659,"body":"So if you're getting 2% on your fixed"},{"speaker":"Ravi Sood","startTime":2058.092,"endTime":2062.659,"body":"income investment, whether it's T-bills or"},{"speaker":"Ravi Sood","startTime":2062.869,"endTime":2064.992,"body":"corporate bonds or what other investments."},{"speaker":"Ravi Sood","startTime":2064.992,"endTime":2065.472,"body":"Yeah."},{"speaker":"Ravi Sood","startTime":2066.072,"endTime":2066.912,"body":"But inflation is."},{"speaker":"Ravi Sood","startTime":2067.612,"endTime":2072.382,"body":"12%, then you have a"},{"speaker":"Ravi Sood","startTime":2067.612,"endTime":2072.382,"body":"negative 10% real return."},{"speaker":"Ravi Sood","startTime":2072.642,"endTime":2075.862,"body":"You still earning a positive"},{"speaker":"Ravi Sood","startTime":2072.642,"endTime":2075.862,"body":"return in absolute terms, but your"},{"speaker":"Ravi Sood","startTime":2075.862,"endTime":2077.422,"body":"real return is actually negative."},{"speaker":"Ravi Sood","startTime":2077.932,"endTime":2083.392,"body":"And we saw a deeply negative"},{"speaker":"Ravi Sood","startTime":2077.932,"endTime":2083.392,"body":"real yields during world war II."},{"speaker":"Ravi Sood","startTime":2083.843,"endTime":2087.354,"body":"We also saw during the civil war"},{"speaker":"Ravi Sood","startTime":2083.843,"endTime":2087.354,"body":"although the data is harder to really"},{"speaker":"Ravi Sood","startTime":2087.354,"endTime":2091.73,"body":"accept to given the the timeline"},{"speaker":"Ravi Sood","startTime":2087.354,"endTime":2091.73,"body":"involved there, but certainly rates"},{"speaker":"Ravi Sood","startTime":2091.73,"endTime":2095.409,"body":"went wildly negative there negative"},{"speaker":"Ravi Sood","startTime":2091.73,"endTime":2095.409,"body":"double digits during world war II."},{"speaker":"Ravi Sood","startTime":2095.799,"endTime":2100.729,"body":"And that's how the United States got"},{"speaker":"Ravi Sood","startTime":2095.799,"endTime":2100.729,"body":"out of debt to GDP in excess of 100%."},{"speaker":"Ravi Sood","startTime":2100.752,"endTime":2101.202,"body":"In that time."},{"speaker":"Ravi Sood","startTime":2102.012,"endTime":2105.502,"body":"We had several other tail back then"},{"speaker":"Ravi Sood","startTime":2102.012,"endTime":2105.502,"body":"too, coming out of world war II."},{"speaker":"Ravi Sood","startTime":2105.522,"endTime":2109.025,"body":"He had a legitimate peace dividends were"},{"speaker":"Ravi Sood","startTime":2105.522,"endTime":2109.025,"body":"coming out of a world war against COVID"},{"speaker":"Ravi Sood","startTime":2109.025,"endTime":2110.765,"body":"now, but there's no real peace dividend."},{"speaker":"Ravi Sood","startTime":2110.765,"endTime":2113.245,"body":"We're just going back to"},{"speaker":"Ravi Sood","startTime":2110.765,"endTime":2113.245,"body":"normal, hopefully, maybe."},{"speaker":"Ravi Sood","startTime":2113.257,"endTime":2117.643,"body":"And you also had a demographic tailwind"},{"speaker":"Ravi Sood","startTime":2113.257,"endTime":2117.643,"body":"there yet, a huge the baby boom."},{"speaker":"Ravi Sood","startTime":2117.65,"endTime":2118.59,"body":"We don't have that."},{"speaker":"Ravi Sood","startTime":2118.613,"endTime":2120.773,"body":"Certainly not in any of the"},{"speaker":"Ravi Sood","startTime":2118.613,"endTime":2120.773,"body":"major economies right now."},{"speaker":"Ravi Sood","startTime":2120.779,"endTime":2123.666,"body":"We don't have this big demographic,"},{"speaker":"Ravi Sood","startTime":2120.779,"endTime":2123.666,"body":"boom, that's driving consumption"},{"speaker":"Ravi Sood","startTime":2123.666,"endTime":2125.106,"body":"and driving economic growth."},{"speaker":"Ravi Sood","startTime":2125.346,"endTime":2129.906,"body":"In fact, in several key economies,"},{"speaker":"Ravi Sood","startTime":2125.346,"endTime":2129.906,"body":"China and Japan, most notably you"},{"speaker":"Ravi Sood","startTime":2129.906,"endTime":2133.146,"body":"have a demographic contraction and"},{"speaker":"Ravi Sood","startTime":2129.906,"endTime":2133.146,"body":"you have a real tailwind there."},{"speaker":"Ravi Sood","startTime":2133.233,"endTime":2139.083,"body":"The only path out of this otherwise"},{"speaker":"Ravi Sood","startTime":2133.233,"endTime":2139.083,"body":"intractable situation is inflation."},{"speaker":"Ravi Sood","startTime":2139.233,"endTime":2142.413,"body":"So we have the policy makers"},{"speaker":"Ravi Sood","startTime":2139.233,"endTime":2142.413,"body":"telling us they want inflation."},{"speaker":"Ravi Sood","startTime":2142.803,"endTime":2147.723,"body":"We have the policymakers enacting policy"},{"speaker":"Ravi Sood","startTime":2142.803,"endTime":2147.723,"body":"that creates inflation and continuing to."},{"speaker":"Ravi Sood","startTime":2147.823,"endTime":2150.943,"body":"And mathematically, the only"},{"speaker":"Ravi Sood","startTime":2147.823,"endTime":2150.943,"body":"path forward is inflation."},{"speaker":"Ravi Sood","startTime":2151.093,"endTime":2154.663,"body":"So I think we should inspect,"},{"speaker":"Ravi Sood","startTime":2151.093,"endTime":2154.663,"body":"expect continued inflation"},{"speaker":"Ravi Sood","startTime":2154.723,"endTime":2156.013,"body":"and try to invest accordingly."},{"speaker":"Average Joe Finances","startTime":2156.411,"endTime":2157.658,"body":"Yeah, no I agree with that."},{"speaker":"Average Joe Finances","startTime":2157.658,"endTime":2160.126,"body":"I think that's solid"},{"speaker":"Average Joe Finances","startTime":2157.658,"endTime":2160.126,"body":"advice because, again, you."},{"speaker":"Average Joe Finances","startTime":2161.041,"endTime":2162.451,"body":"You really can't say this too much."},{"speaker":"Average Joe Finances","startTime":2162.451,"endTime":2165.929,"body":"Like the that's the goal to beat, no"},{"speaker":"Average Joe Finances","startTime":2162.451,"endTime":2165.929,"body":"matter what the inflation rate is,"},{"speaker":"Average Joe Finances","startTime":2165.929,"endTime":2169.499,"body":"pay attention to that, because that"},{"speaker":"Average Joe Finances","startTime":2165.929,"endTime":2169.499,"body":"is what you want to strive to beat"},{"speaker":"Average Joe Finances","startTime":2169.499,"endTime":2171.869,"body":"no matter what you're investing in,"},{"speaker":"Average Joe Finances","startTime":2169.499,"endTime":2171.869,"body":"no matter what your vehicle is in."},{"speaker":"Average Joe Finances","startTime":2171.884,"endTime":2175.124,"body":"Like you're saying, there, there are"},{"speaker":"Average Joe Finances","startTime":2171.884,"endTime":2175.124,"body":"safer assets to invest in like real"},{"speaker":"Average Joe Finances","startTime":2175.124,"endTime":2178.901,"body":"assets that will last, if something"},{"speaker":"Average Joe Finances","startTime":2175.124,"endTime":2178.901,"body":"happens and then, you have your"},{"speaker":"Average Joe Finances","startTime":2178.901,"endTime":2180.581,"body":"paper assets where you do run risk."},{"speaker":"Average Joe Finances","startTime":2180.581,"endTime":2183.731,"body":"If something was to happen to the company"},{"speaker":"Average Joe Finances","startTime":2180.581,"endTime":2183.731,"body":"or anything like that, which is why."},{"speaker":"Average Joe Finances","startTime":2184.301,"endTime":2185.501,"body":"It is super important."},{"speaker":"Average Joe Finances","startTime":2185.501,"endTime":2189.641,"body":"We talk about on this show a lot is"},{"speaker":"Average Joe Finances","startTime":2185.501,"endTime":2189.641,"body":"diversification and making sure that"},{"speaker":"Average Joe Finances","startTime":2189.641,"endTime":2192.503,"body":"you're not, you don't have all your"},{"speaker":"Average Joe Finances","startTime":2189.641,"endTime":2192.503,"body":"money dipped into one pot, right?"},{"speaker":"Average Joe Finances","startTime":2192.503,"endTime":2195.323,"body":"You don't have all your eggs in one"},{"speaker":"Average Joe Finances","startTime":2192.503,"endTime":2195.323,"body":"basket because if you drop that basket"},{"speaker":"Average Joe Finances","startTime":2195.653,"endTime":2199.493,"body":"and they all crack, or you're just left"},{"speaker":"Average Joe Finances","startTime":2195.653,"endTime":2199.493,"body":"with one, then you're down a whole lot of"},{"speaker":"Average Joe Finances","startTime":2199.523,"endTime":2200.753,"body":"eggs and people are going to be hungry."},{"speaker":"Average Joe Finances","startTime":2200.753,"endTime":2205.846,"body":"It's important to definitely diversify, no"},{"speaker":"Average Joe Finances","startTime":2200.753,"endTime":2205.846,"body":"matter what route you go, but again I like"},{"speaker":"Average Joe Finances","startTime":2205.846,"endTime":2209.437,"body":"what you're talking about too, with having"},{"speaker":"Average Joe Finances","startTime":2205.846,"endTime":2209.437,"body":"these real assets it's super important."},{"speaker":"Average Joe Finances","startTime":2209.617,"endTime":2213.791,"body":"And so speaking of real assets, I want"},{"speaker":"Average Joe Finances","startTime":2209.617,"endTime":2213.791,"body":"when you talked about collectibles earlier"},{"speaker":"Average Joe Finances","startTime":2213.88,"endTime":2218.38,"body":"you had lumped in NFTs with those and you"},{"speaker":"Average Joe Finances","startTime":2213.88,"endTime":2218.38,"body":"were talking about them as real assets."},{"speaker":"Average Joe Finances","startTime":2218.38,"endTime":2222.64,"body":"I'm curious as to why you think an"},{"speaker":"Average Joe Finances","startTime":2218.38,"endTime":2222.64,"body":"NFT could be considered a real asset."},{"speaker":"Ravi Sood","startTime":2222.707,"endTime":2224.73,"body":"I'm changing the"},{"speaker":"Ravi Sood","startTime":2222.707,"endTime":2224.73,"body":"definition of a real asset."},{"speaker":"Ravi Sood","startTime":2224.76,"endTime":2228.714,"body":"So somebody might just say like in"},{"speaker":"Ravi Sood","startTime":2224.76,"endTime":2228.714,"body":"that's not a real asset, the digital"},{"speaker":"Ravi Sood","startTime":2228.714,"endTime":2232.386,"body":"asset, but I think what we really"},{"speaker":"Ravi Sood","startTime":2228.714,"endTime":2232.386,"body":"meant when the term was defined,"},{"speaker":"Ravi Sood","startTime":2232.386,"endTime":2233.856,"body":"certainly it meant something physical."},{"speaker":"Ravi Sood","startTime":2233.856,"endTime":2237.186,"body":"You could wrap your arms around"},{"speaker":"Ravi Sood","startTime":2233.856,"endTime":2237.186,"body":"when the term was coined and"},{"speaker":"Ravi Sood","startTime":2237.186,"endTime":2238.726,"body":"that's why it's a real asset."},{"speaker":"Ravi Sood","startTime":2238.726,"endTime":2239.848,"body":"But it's really something that."},{"speaker":"Ravi Sood","startTime":2241.138,"endTime":2244.408,"body":"So let's start with the basic"},{"speaker":"Ravi Sood","startTime":2241.138,"endTime":2244.408,"body":"markers, like a bar goals."},{"speaker":"Ravi Sood","startTime":2244.678,"endTime":2249.01,"body":"So at the same bar gold in 10"},{"speaker":"Ravi Sood","startTime":2244.678,"endTime":2249.01,"body":"years, a piece of real estate okay."},{"speaker":"Ravi Sood","startTime":2249.01,"endTime":2251.87,"body":"A building does depreciate"},{"speaker":"Ravi Sood","startTime":2249.01,"endTime":2251.87,"body":"and change over time."},{"speaker":"Ravi Sood","startTime":2251.87,"endTime":2254.54,"body":"But a building now is"},{"speaker":"Ravi Sood","startTime":2251.87,"endTime":2254.54,"body":"a building in 10 years."},{"speaker":"Ravi Sood","startTime":2254.658,"endTime":2255.708,"body":"Maybe it's appreciated."},{"speaker":"Ravi Sood","startTime":2255.738,"endTime":2259.218,"body":"Maybe it's not still building"},{"speaker":"Ravi Sood","startTime":2255.738,"endTime":2259.218,"body":"a piece of land, still a piece"},{"speaker":"Ravi Sood","startTime":2259.218,"endTime":2261.483,"body":"of land NFT, still an animal."},{"speaker":"Ravi Sood","startTime":2262.323,"endTime":2266.245,"body":"That doesn't mean they're good investments"},{"speaker":"Ravi Sood","startTime":2262.323,"endTime":2266.245,"body":"and they won't be wildly volatile."},{"speaker":"Ravi Sood","startTime":2266.323,"endTime":2267.493,"body":"They may be great investments."},{"speaker":"Ravi Sood","startTime":2267.493,"endTime":2269.023,"body":"There's going to be some disastrous ones."},{"speaker":"Ravi Sood","startTime":2269.023,"endTime":2273.939,"body":"I suspect most of the energy is created"},{"speaker":"Ravi Sood","startTime":2269.023,"endTime":2273.939,"body":"now in this sort of experimental growth"},{"speaker":"Ravi Sood","startTime":2273.939,"endTime":2277.888,"body":"space are going to be disasters minus"},{"speaker":"Ravi Sood","startTime":2273.939,"endTime":2277.888,"body":"into, a hundred percent kind of thing."},{"speaker":"Ravi Sood","startTime":2278.428,"endTime":2278.668,"body":"But."},{"speaker":"Ravi Sood","startTime":2279.793,"endTime":2281.503,"body":"Fast forward 10 years from now."},{"speaker":"Ravi Sood","startTime":2281.833,"endTime":2285.24,"body":"I think we'll see all sorts of"},{"speaker":"Ravi Sood","startTime":2281.833,"endTime":2285.24,"body":"things that you know unitized"},{"speaker":"Ravi Sood","startTime":2285.3,"endTime":2287.85,"body":"as NFTs that are real assets."},{"speaker":"Ravi Sood","startTime":2288.03,"endTime":2291.391,"body":"Some of them actually won't be real"},{"speaker":"Ravi Sood","startTime":2288.03,"endTime":2291.391,"body":"assets either, but collectibles it's it's"},{"speaker":"Ravi Sood","startTime":2291.391,"endTime":2293.101,"body":"creating a whole new genre of collectible."},{"speaker":"Ravi Sood","startTime":2293.161,"endTime":2293.81,"body":"Like I can say."},{"speaker":"Ravi Sood","startTime":2293.814,"endTime":2294.624,"body":"Ken Griffey Jr."},{"speaker":"Ravi Sood","startTime":2294.624,"endTime":2298.273,"body":"Rookie card, or insert your"},{"speaker":"Ravi Sood","startTime":2294.624,"endTime":2298.273,"body":"favorite sports team Canadian."},{"speaker":"Ravi Sood","startTime":2298.273,"endTime":2302.589,"body":"So Wayne Gretzky rookie card that is that"},{"speaker":"Ravi Sood","startTime":2298.273,"endTime":2302.589,"body":"a real absence that's pre piece of paper?"},{"speaker":"Ravi Sood","startTime":2302.739,"endTime":2303.459,"body":"How is that worth?"},{"speaker":"Ravi Sood","startTime":2303.699,"endTime":2305.049,"body":"Hundreds of thousands of dollars."},{"speaker":"Ravi Sood","startTime":2305.049,"endTime":2307.239,"body":"It is because somebody"},{"speaker":"Ravi Sood","startTime":2305.049,"endTime":2307.239,"body":"is willing to pay for it."},{"speaker":"Ravi Sood","startTime":2307.689,"endTime":2310.089,"body":"And it's Wayne Gretzky rookie cards."},{"speaker":"Ravi Sood","startTime":2310.509,"endTime":2316.023,"body":"So if I have an annex of the"},{"speaker":"Ravi Sood","startTime":2310.509,"endTime":2316.023,"body":"first tweet from Atlanta, That"},{"speaker":"Ravi Sood","startTime":2316.113,"endTime":2317.433,"body":"I think that's pretty cool."},{"speaker":"Ravi Sood","startTime":2317.433,"endTime":2318.363,"body":"I'd love to own that."},{"speaker":"Ravi Sood","startTime":2318.573,"endTime":2321.663,"body":"If I was a crazy zillionaire, I'd"},{"speaker":"Ravi Sood","startTime":2318.573,"endTime":2321.663,"body":"love to own a few of those things."},{"speaker":"Ravi Sood","startTime":2321.693,"endTime":2325.743,"body":"Like those are worth something and I"},{"speaker":"Ravi Sood","startTime":2321.693,"endTime":2325.743,"body":"have no idea what will be worth in the"},{"speaker":"Ravi Sood","startTime":2325.743,"endTime":2329.469,"body":"future, but it's also immediately, it's"},{"speaker":"Ravi Sood","startTime":2325.743,"endTime":2329.469,"body":"not, if I'm right in the denominators"},{"speaker":"Ravi Sood","startTime":2329.469,"endTime":2333.68,"body":"changing and we have this wild inflation"},{"speaker":"Ravi Sood","startTime":2329.469,"endTime":2333.68,"body":"and it's somebody is willing to"},{"speaker":"Ravi Sood","startTime":2333.68,"endTime":2335.03,"body":"pay a million dollars for it today."},{"speaker":"Ravi Sood","startTime":2335.04,"endTime":2338.36,"body":"Maybe in 10 years, there'll be willing"},{"speaker":"Ravi Sood","startTime":2335.04,"endTime":2338.36,"body":"to pay 10 million or 20 million for it."},{"speaker":"Ravi Sood","startTime":2338.69,"endTime":2342.144,"body":"And maybe in, in a hundred years"},{"speaker":"Ravi Sood","startTime":2338.69,"endTime":2342.144,"body":"it might be absolutely priceless."},{"speaker":"Ravi Sood","startTime":2342.654,"endTime":2347.015,"body":"So I think I think there's a whole"},{"speaker":"Ravi Sood","startTime":2342.654,"endTime":2347.015,"body":"new genre of real assets in this sort"},{"speaker":"Ravi Sood","startTime":2347.015,"endTime":2351.125,"body":"of definition of the term is going to"},{"speaker":"Ravi Sood","startTime":2347.015,"endTime":2351.125,"body":"change with the advent of a digital"},{"speaker":"Ravi Sood","startTime":2351.125,"endTime":2353.715,"body":"way of capturing real immutable asset."},{"speaker":"Average Joe Finances","startTime":2353.875,"endTime":2354.205,"body":"That's fair."},{"speaker":"Average Joe Finances","startTime":2354.205,"endTime":2354.295,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2354.445,"endTime":2356.726,"body":"I just, I want to get"},{"speaker":"Average Joe Finances","startTime":2354.445,"endTime":2356.726,"body":"a better understanding."},{"speaker":"Average Joe Finances","startTime":2356.726,"endTime":2359.246,"body":"Cause when you said that I"},{"speaker":"Average Joe Finances","startTime":2356.726,"endTime":2359.246,"body":"kinda, I wrote that down too."},{"speaker":"Average Joe Finances","startTime":2359.246,"endTime":2360.266,"body":"I was like, wait a second."},{"speaker":"Average Joe Finances","startTime":2360.266,"endTime":2361.226,"body":"He sees it NFTs."},{"speaker":"Average Joe Finances","startTime":2361.226,"endTime":2362.576,"body":"And he's tying that in with real assets."},{"speaker":"Average Joe Finances","startTime":2362.576,"endTime":2364.603,"body":"I want, I I wanna get down"},{"speaker":"Average Joe Finances","startTime":2362.576,"endTime":2364.603,"body":"to the nitty gritty of this"},{"speaker":"Average Joe Finances","startTime":2364.603,"endTime":2365.586,"body":"what's he talking about here?"},{"speaker":"Average Joe Finances","startTime":2365.616,"endTime":2366.726,"body":"That, that makes perfect sense."},{"speaker":"Average Joe Finances","startTime":2366.758,"endTime":2367.538,"body":"That makes perfect sense."},{"speaker":"Average Joe Finances","startTime":2367.538,"endTime":2369.808,"body":"That it's something that will"},{"speaker":"Average Joe Finances","startTime":2367.538,"endTime":2369.808,"body":"you know, It could just continue"},{"speaker":"Average Joe Finances","startTime":2369.808,"endTime":2372.568,"body":"to retain a value, right?"},{"speaker":"Average Joe Finances","startTime":2372.623,"endTime":2373.84,"body":"Maybe not the same value."},{"speaker":"Average Joe Finances","startTime":2373.99,"endTime":2377.553,"body":"It'll probably go up in value, especially"},{"speaker":"Average Joe Finances","startTime":2373.99,"endTime":2377.553,"body":"with, as years go on and it becomes a"},{"speaker":"Average Joe Finances","startTime":2377.553,"endTime":2382.926,"body":"little more rare or more of a historical"},{"speaker":"Average Joe Finances","startTime":2377.553,"endTime":2382.926,"body":"piece, as we start to age just like"},{"speaker":"Average Joe Finances","startTime":2382.926,"endTime":2386.209,"body":"we look at precious artwork and the"},{"speaker":"Average Joe Finances","startTime":2382.926,"endTime":2386.209,"body":"way artwork is traded nowadays, right?"},{"speaker":"Average Joe Finances","startTime":2386.209,"endTime":2388.079,"body":"You can look at NFTs the, in the same."},{"speaker":"Average Joe Finances","startTime":2388.689,"endTime":2390.454,"body":"Kind of light, I guess you could say,"},{"speaker":"Ravi Sood","startTime":2390.454,"endTime":2392.125,"body":"Give me some rare piece of art."},{"speaker":"Ravi Sood","startTime":2392.125,"endTime":2397.869,"body":"And it is going to be worth a huge amount"},{"speaker":"Ravi Sood","startTime":2392.125,"endTime":2397.869,"body":"of money and it is not worth that on any"},{"speaker":"Ravi Sood","startTime":2397.869,"endTime":2399.939,"body":"sort of traditional economic measure."},{"speaker":"Ravi Sood","startTime":2399.939,"endTime":2403.599,"body":"There's no NPV or discounted cashflow"},{"speaker":"Ravi Sood","startTime":2399.939,"endTime":2403.599,"body":"that says the Mona Lisa is worth"},{"speaker":"Ravi Sood","startTime":2404.409,"endTime":2409.359,"body":"$500 million, but it may actually be"},{"speaker":"Ravi Sood","startTime":2404.409,"endTime":2409.359,"body":"worth $500 million because there'll"},{"speaker":"Ravi Sood","startTime":2409.359,"endTime":2410.949,"body":"be a lineup of people willing to pay."},{"speaker":"Ravi Sood","startTime":2411.794,"endTime":2417.644,"body":"Because they know that in a hundred"},{"speaker":"Ravi Sood","startTime":2411.794,"endTime":2417.644,"body":"years it'll be worth $500 billion or,"},{"speaker":"Ravi Sood","startTime":2417.739,"endTime":2423.589,"body":"in certain higher price here, similarly"},{"speaker":"Ravi Sood","startTime":2417.739,"endTime":2423.589,"body":"is an NFT of a tweet or of a moment."},{"speaker":"Ravi Sood","startTime":2424.354,"endTime":2430.894,"body":"In time or a video, whatever, is that any"},{"speaker":"Ravi Sood","startTime":2424.354,"endTime":2430.894,"body":"less real than a painting or a Spiderman"},{"speaker":"Ravi Sood","startTime":2430.894,"endTime":2435.334,"body":"number one comic or what's the difference?"},{"speaker":"Ravi Sood","startTime":2435.604,"endTime":2439.804,"body":"It's not a piece of land, but a there's"},{"speaker":"Ravi Sood","startTime":2435.604,"endTime":2439.804,"body":"real, there are real assets that have"},{"speaker":"Ravi Sood","startTime":2439.804,"endTime":2441.574,"body":"utility, like land or a building."},{"speaker":"Ravi Sood","startTime":2441.964,"endTime":2444.994,"body":"And they're real assets that are"},{"speaker":"Ravi Sood","startTime":2441.964,"endTime":2444.994,"body":"effectively collectible that are"},{"speaker":"Ravi Sood","startTime":2445.444,"endTime":2448.864,"body":"really the, something that people are"},{"speaker":"Ravi Sood","startTime":2445.444,"endTime":2448.864,"body":"owning because they know there'll be"},{"speaker":"Ravi Sood","startTime":2448.864,"endTime":2450.214,"body":"somebody who's interested in buying."},{"speaker":"Ravi Sood","startTime":2451.114,"endTime":2456.664,"body":"In 10 50 or a thousand years and NFT,"},{"speaker":"Ravi Sood","startTime":2451.114,"endTime":2456.664,"body":"you can certainly check that box."},{"speaker":"Average Joe Finances","startTime":2457.109,"endTime":2457.769,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":2457.799,"endTime":2458.459,"body":"No, that's awesome."},{"speaker":"Average Joe Finances","startTime":2458.508,"endTime":2460.268,"body":"I appreciate that explanation too."},{"speaker":"Average Joe Finances","startTime":2460.287,"endTime":2463.783,"body":"Because when you think about that,"},{"speaker":"Average Joe Finances","startTime":2460.287,"endTime":2463.783,"body":"it's just something that, any type of"},{"speaker":"Average Joe Finances","startTime":2463.783,"endTime":2466.507,"body":"collectible, like you had mentioned the"},{"speaker":"Average Joe Finances","startTime":2463.783,"endTime":2466.507,"body":"Wayne Gretzky card and things like that."},{"speaker":"Average Joe Finances","startTime":2466.516,"endTime":2469.126,"body":"I remember as a kid, like that was"},{"speaker":"Average Joe Finances","startTime":2466.516,"endTime":2469.126,"body":"the biggest thing, like when we were"},{"speaker":"Average Joe Finances","startTime":2469.126,"endTime":2470.866,"body":"trading like baseball cards and."},{"speaker":"Average Joe Finances","startTime":2471.351,"endTime":2473.509,"body":"And and basketball cards"},{"speaker":"Average Joe Finances","startTime":2471.351,"endTime":2473.509,"body":"and stuff like that."},{"speaker":"Average Joe Finances","startTime":2473.509,"endTime":2476.504,"body":"That was always like the big thing, trying"},{"speaker":"Average Joe Finances","startTime":2473.509,"endTime":2476.504,"body":"to make sure, try to get the rookie cards,"},{"speaker":"Average Joe Finances","startTime":2476.774,"endTime":2480.614,"body":"try to get Michael Jordan's rookie card or"},{"speaker":"Average Joe Finances","startTime":2476.774,"endTime":2480.614,"body":"Shaq's rookie card and things like that."},{"speaker":"Average Joe Finances","startTime":2481.004,"endTime":2485.504,"body":"And that was like always the big thing"},{"speaker":"Average Joe Finances","startTime":2481.004,"endTime":2485.504,"body":"to try to get, or like a college card,"},{"speaker":"Average Joe Finances","startTime":2485.565,"endTime":2488.569,"body":"and some of those things are worth"},{"speaker":"Average Joe Finances","startTime":2485.565,"endTime":2488.569,"body":"like a ridiculous amount of money."},{"speaker":"Average Joe Finances","startTime":2488.569,"endTime":2491.569,"body":"I used to play this game back in high"},{"speaker":"Average Joe Finances","startTime":2488.569,"endTime":2491.569,"body":"school called magic, the gathering."},{"speaker":"Average Joe Finances","startTime":2491.579,"endTime":2495.149,"body":"And I used to have this set this"},{"speaker":"Average Joe Finances","startTime":2491.579,"endTime":2495.149,"body":"one card and I sold it a long time"},{"speaker":"Average Joe Finances","startTime":2495.149,"endTime":2497.016,"body":"ago for 900 bucks or whatever, but."},{"speaker":"Average Joe Finances","startTime":2497.016,"endTime":2498.939,"body":"Today can get you six figures."},{"speaker":"Average Joe Finances","startTime":2499.329,"endTime":2500.889,"body":"It's absolutely insane."},{"speaker":"Average Joe Finances","startTime":2501.039,"endTime":2505.064,"body":"And I'm really disappointed that"},{"speaker":"Average Joe Finances","startTime":2501.039,"endTime":2505.064,"body":"I don't have that anymore, but so"},{"speaker":"Average Joe Finances","startTime":2505.064,"endTime":2508.637,"body":"there's things like that, that just"},{"speaker":"Average Joe Finances","startTime":2505.064,"endTime":2508.637,"body":"the value goes up because they're rare."},{"speaker":"Average Joe Finances","startTime":2508.697,"endTime":2510.137,"body":"They're, there's less of them around."},{"speaker":"Average Joe Finances","startTime":2510.137,"endTime":2515.44,"body":"And then as time goes by, there's even"},{"speaker":"Average Joe Finances","startTime":2510.137,"endTime":2515.44,"body":"less of those pieces because they start to"},{"speaker":"Average Joe Finances","startTime":2515.44,"endTime":2519.803,"body":"dissipate, get damaged, ruined whatever,"},{"speaker":"Average Joe Finances","startTime":2515.44,"endTime":2519.803,"body":"or, they just start to disappear and."},{"speaker":"Average Joe Finances","startTime":2519.882,"endTime":2523.548,"body":"So I guess you could look at, NFT"},{"speaker":"Average Joe Finances","startTime":2519.882,"endTime":2523.548,"body":"is the same way and there's multiple"},{"speaker":"Average Joe Finances","startTime":2523.548,"endTime":2524.538,"body":"things that can be looked at that way."},{"speaker":"Average Joe Finances","startTime":2524.538,"endTime":2525.858,"body":"It doesn't just have to be NFTs."},{"speaker":"Average Joe Finances","startTime":2525.885,"endTime":2529.365,"body":"Like we talked about artwork and other"},{"speaker":"Average Joe Finances","startTime":2525.885,"endTime":2529.365,"body":"things yeah so real assets not just has"},{"speaker":"Average Joe Finances","startTime":2529.365,"endTime":2532.725,"body":"to be tangible, not something you can"},{"speaker":"Average Joe Finances","startTime":2529.365,"endTime":2532.725,"body":"hold and touch, but just real assets"},{"speaker":"Average Joe Finances","startTime":2532.725,"endTime":2536.784,"body":"in general is something that's gonna,"},{"speaker":"Average Joe Finances","startTime":2532.725,"endTime":2536.784,"body":"keep you safe from, I guess end of"},{"speaker":"Average Joe Finances","startTime":2536.784,"endTime":2540.875,"body":"world events or catastrophic events"},{"speaker":"Average Joe Finances","startTime":2536.784,"endTime":2540.875,"body":"if you survive and things like that."},{"speaker":"Average Joe Finances","startTime":2540.945,"endTime":2544.456,"body":"Or, economic meltdowns or companies"},{"speaker":"Average Joe Finances","startTime":2540.945,"endTime":2544.456,"body":"going bankrupt and things like that."},{"speaker":"Average Joe Finances","startTime":2544.456,"endTime":2546.796,"body":"There's other emergency things"},{"speaker":"Average Joe Finances","startTime":2544.456,"endTime":2546.796,"body":"that don't have to be so dark."},{"speaker":"Average Joe Finances","startTime":2546.796,"endTime":2549.443,"body":"Like I I keep bringing up, you talk"},{"speaker":"Average Joe Finances","startTime":2546.796,"endTime":2549.443,"body":"about companies going bankrupt that"},{"speaker":"Average Joe Finances","startTime":2549.443,"endTime":2553.048,"body":"talk about an asteroid, destroying"},{"speaker":"Average Joe Finances","startTime":2549.443,"endTime":2553.048,"body":"the planet, it's so yeah, I guess I"},{"speaker":"Average Joe Finances","startTime":2553.048,"endTime":2554.278,"body":"know where my mind's at right now."},{"speaker":"Average Joe Finances","startTime":2554.278,"endTime":2557.379,"body":"I don't know, but at least you're"},{"speaker":"Average Joe Finances","startTime":2554.278,"endTime":2557.379,"body":"keeping it within the the finance realm."},{"speaker":"Average Joe Finances","startTime":2557.379,"endTime":2558.729,"body":"And I'm just talking"},{"speaker":"Average Joe Finances","startTime":2557.379,"endTime":2558.729,"body":"about the end of the days."},{"speaker":"Average Joe Finances","startTime":2558.729,"endTime":2559.239,"body":"It's crazy."},{"speaker":"Average Joe Finances","startTime":2559.316,"endTime":2561.063,"body":"But, Hey man, this is super cool."},{"speaker":"Average Joe Finances","startTime":2561.112,"endTime":2564.419,"body":"I was definitely interested in"},{"speaker":"Average Joe Finances","startTime":2561.112,"endTime":2564.419,"body":"learning like how do this and why"},{"speaker":"Average Joe Finances","startTime":2564.419,"endTime":2567.923,"body":"mining gold versus mining Bitcoin"},{"speaker":"Average Joe Finances","startTime":2564.419,"endTime":2567.923,"body":"and and then you did it too."},{"speaker":"Average Joe Finances","startTime":2567.923,"endTime":2569.353,"body":"So you also mined Bitcoin."},{"speaker":"Average Joe Finances","startTime":2569.393,"endTime":2571.803,"body":"Was there any other cryptos"},{"speaker":"Average Joe Finances","startTime":2569.393,"endTime":2571.803,"body":"that you mind just curious?"},{"speaker":"Ravi Sood","startTime":2572.373,"endTime":2572.803,"body":"No."},{"speaker":"Ravi Sood","startTime":2572.806,"endTime":2576.219,"body":"The specifics to mining it's"},{"speaker":"Ravi Sood","startTime":2572.806,"endTime":2576.219,"body":"like any other industry it's"},{"speaker":"Ravi Sood","startTime":2576.219,"endTime":2577.429,"body":"really institutionalized."},{"speaker":"Ravi Sood","startTime":2578.424,"endTime":2581.334,"body":"Of course, when you have these price"},{"speaker":"Ravi Sood","startTime":2578.424,"endTime":2581.334,"body":"spikes, anybody can make money at it."},{"speaker":"Ravi Sood","startTime":2581.844,"endTime":2585.265,"body":"But I'd say to be consistently"},{"speaker":"Ravi Sood","startTime":2581.844,"endTime":2585.265,"body":"profitable in crypto mining."},{"speaker":"Ravi Sood","startTime":2585.265,"endTime":2590.018,"body":"Now you have to have laser beam"},{"speaker":"Ravi Sood","startTime":2585.265,"endTime":2590.018,"body":"focused on being in a jurisdiction"},{"speaker":"Ravi Sood","startTime":2590.018,"endTime":2592.208,"body":"where you have stable, low cost power."},{"speaker":"Ravi Sood","startTime":2592.209,"endTime":2596.099,"body":"You have to have access"},{"speaker":"Ravi Sood","startTime":2592.209,"endTime":2596.099,"body":"and the liquidity to buy."},{"speaker":"Ravi Sood","startTime":2596.964,"endTime":2600.294,"body":"The hardware required and"},{"speaker":"Ravi Sood","startTime":2596.964,"endTime":2600.294,"body":"continuously replenish that because"},{"speaker":"Ravi Sood","startTime":2600.454,"endTime":2602.254,"body":"the life of it is very short."},{"speaker":"Ravi Sood","startTime":2602.254,"endTime":2604.807,"body":"Your chips get out at your"},{"speaker":"Ravi Sood","startTime":2602.254,"endTime":2604.807,"body":"mining equipment becomes"},{"speaker":"Ravi Sood","startTime":2604.807,"endTime":2606.397,"body":"obsolescent very quickly."},{"speaker":"Ravi Sood","startTime":2606.907,"endTime":2610.297,"body":"And so you really need to also have"},{"speaker":"Ravi Sood","startTime":2606.907,"endTime":2610.297,"body":"the liquidity to keep buying it and"},{"speaker":"Ravi Sood","startTime":2610.297,"endTime":2614.597,"body":"replacing it, even though the price"},{"speaker":"Ravi Sood","startTime":2610.297,"endTime":2614.597,"body":"of your underlying coins might be low"},{"speaker":"Ravi Sood","startTime":2614.597,"endTime":2616.735,"body":"because the price of that hardware tracks."},{"speaker":"Ravi Sood","startTime":2616.799,"endTime":2619.939,"body":"With with leverage the price"},{"speaker":"Ravi Sood","startTime":2616.799,"endTime":2619.939,"body":"of the underlying point."},{"speaker":"Ravi Sood","startTime":2620.269,"endTime":2625.129,"body":"So if you're trying to buy the coin"},{"speaker":"Ravi Sood","startTime":2620.269,"endTime":2625.129,"body":"mining hardware with Bitcoins at $66,000"},{"speaker":"Ravi Sood","startTime":2625.129,"endTime":2629.719,"body":"a coin, you are going to be paying"},{"speaker":"Ravi Sood","startTime":2625.129,"endTime":2629.719,"body":"through the nose and you will be very"},{"speaker":"Ravi Sood","startTime":2629.719,"endTime":2634.219,"body":"hard-pressed to cover your costs if"},{"speaker":"Ravi Sood","startTime":2629.719,"endTime":2634.219,"body":"you're just continuously buying it,"},{"speaker":"Ravi Sood","startTime":2634.219,"endTime":2636.659,"body":"whether Bitcoin's at 10,000 or at 60,000."},{"speaker":"Ravi Sood","startTime":2636.689,"endTime":2637.629,"body":"You can do that."},{"speaker":"Ravi Sood","startTime":2637.629,"endTime":2640.179,"body":"So you have to have all these"},{"speaker":"Ravi Sood","startTime":2637.629,"endTime":2640.179,"body":"things working for you and"},{"speaker":"Ravi Sood","startTime":2640.239,"endTime":2641.649,"body":"have laser beam focused on it."},{"speaker":"Ravi Sood","startTime":2642.039,"endTime":2645.109,"body":"Of course, the large-scale miners"},{"speaker":"Ravi Sood","startTime":2642.039,"endTime":2645.109,"body":"have diversified that you have,"},{"speaker":"Ravi Sood","startTime":2645.129,"endTime":2648.789,"body":"some capacity dedicated towards"},{"speaker":"Ravi Sood","startTime":2645.129,"endTime":2648.789,"body":"different coins, different strategies,"},{"speaker":"Ravi Sood","startTime":2649.299,"endTime":2650.308,"body":"and that's the right way to."},{"speaker":"Ravi Sood","startTime":2650.327,"endTime":2653.657,"body":"My, my dalliance Intuit"},{"speaker":"Ravi Sood","startTime":2650.327,"endTime":2653.657,"body":"extended only to Bitcoin."},{"speaker":"Ravi Sood","startTime":2654.167,"endTime":2657.62,"body":"And I unfortunately I could say"},{"speaker":"Ravi Sood","startTime":2654.167,"endTime":2657.62,"body":"I started mining Bitcoin when it"},{"speaker":"Ravi Sood","startTime":2657.62,"endTime":2662.387,"body":"was in the mid teens and then it"},{"speaker":"Ravi Sood","startTime":2657.62,"endTime":2662.387,"body":"attracted to sub 10,000 and I found"},{"speaker":"Ravi Sood","startTime":2662.387,"endTime":2666.346,"body":"that I could not earn a positive"},{"speaker":"Ravi Sood","startTime":2662.387,"endTime":2666.346,"body":"margin with the operating costs that."},{"speaker":"Ravi Sood","startTime":2666.38,"endTime":2667.31,"body":"I wasn't able to do it."},{"speaker":"Ravi Sood","startTime":2667.31,"endTime":2670.04,"body":"So I had to stop mining"},{"speaker":"Ravi Sood","startTime":2667.31,"endTime":2670.04,"body":"Bitcoin or otherwise continue"},{"speaker":"Ravi Sood","startTime":2670.04,"endTime":2671.673,"body":"incurring losses of interest."},{"speaker":"Ravi Sood","startTime":2671.74,"endTime":2673.69,"body":"And this was about three months old."},{"speaker":"Ravi Sood","startTime":2674.08,"endTime":2677.71,"body":"I looked at restarting the"},{"speaker":"Ravi Sood","startTime":2674.08,"endTime":2677.71,"body":"equipment that I had in 2008."},{"speaker":"Ravi Sood","startTime":2678.82,"endTime":2682.12,"body":"And was no longer profitable"},{"speaker":"Ravi Sood","startTime":2678.82,"endTime":2682.12,"body":"with operating at."},{"speaker":"Ravi Sood","startTime":2682.12,"endTime":2686.47,"body":"And if I, while Bitcoin moved up,"},{"speaker":"Ravi Sood","startTime":2682.12,"endTime":2686.47,"body":"sharply can restart mining capital"},{"speaker":"Ravi Sood","startTime":2686.47,"endTime":2688.51,"body":"expenditure for new mining equipment."},{"speaker":"Ravi Sood","startTime":2689.14,"endTime":2694.243,"body":"And I worked out a, an operating"},{"speaker":"Ravi Sood","startTime":2689.14,"endTime":2694.243,"body":"cost of $120,000 per Bitcoin."},{"speaker":"Ravi Sood","startTime":2694.753,"endTime":2697.873,"body":"And this was when Bitcoin was"},{"speaker":"Ravi Sood","startTime":2694.753,"endTime":2697.873,"body":"at about $40,000 on the way up."},{"speaker":"Ravi Sood","startTime":2698.563,"endTime":2703.437,"body":"So what had happened there is my equipment"},{"speaker":"Ravi Sood","startTime":2698.563,"endTime":2703.437,"body":"was just so old, it was about 36 months"},{"speaker":"Ravi Sood","startTime":2703.437,"endTime":2709.289,"body":"old that it was no longer competitive in"},{"speaker":"Ravi Sood","startTime":2703.437,"endTime":2709.289,"body":"that's a calculation on a piece of paper."},{"speaker":"Ravi Sood","startTime":2709.289,"endTime":2710.849,"body":"Would I actually have one any blocks?"},{"speaker":"Ravi Sood","startTime":2710.849,"endTime":2715.523,"body":"It probably would have been zero"},{"speaker":"Ravi Sood","startTime":2710.849,"endTime":2715.523,"body":"blocks, one due to a variety of issues."},{"speaker":"Ravi Sood","startTime":2715.523,"endTime":2720.291,"body":"So I would have noted, but if it all"},{"speaker":"Ravi Sood","startTime":2715.523,"endTime":2720.291,"body":"goes on, according to the calculation, it"},{"speaker":"Ravi Sood","startTime":2720.301,"endTime":2722.031,"body":"still would have been a huge money losers."},{"speaker":"Ravi Sood","startTime":2722.098,"endTime":2724.68,"body":"Underscoring the point that to"},{"speaker":"Ravi Sood","startTime":2722.098,"endTime":2724.68,"body":"be competitive in it, like any"},{"speaker":"Ravi Sood","startTime":2724.68,"endTime":2728.013,"body":"other industry that's matured and"},{"speaker":"Ravi Sood","startTime":2724.68,"endTime":2728.013,"body":"grown up you've gotta be low cost."},{"speaker":"Ravi Sood","startTime":2728.013,"endTime":2729.723,"body":"You gotta be laser beam focused on it."},{"speaker":"Ravi Sood","startTime":2729.723,"endTime":2733.353,"body":"You have to have critical mass and"},{"speaker":"Ravi Sood","startTime":2729.723,"endTime":2733.353,"body":"scale, and you have to have costs that"},{"speaker":"Ravi Sood","startTime":2733.353,"endTime":2734.883,"body":"are competitive on a global basis."},{"speaker":"Ravi Sood","startTime":2734.943,"endTime":2736.814,"body":"It's a truly a global industry."},{"speaker":"Ravi Sood","startTime":2737.294,"endTime":2740.779,"body":"And and so again, long answer"},{"speaker":"Ravi Sood","startTime":2737.294,"endTime":2740.779,"body":"to a very simple question."},{"speaker":"Ravi Sood","startTime":2740.779,"endTime":2742.459,"body":"No, that was just focused on Bitcoin."},{"speaker":"Ravi Sood","startTime":2742.459,"endTime":2743.645,"body":"Didn't try any other coins."},{"speaker":"Ravi Sood","startTime":2743.694,"endTime":2746.111,"body":"So similar argument applies"},{"speaker":"Ravi Sood","startTime":2743.694,"endTime":2746.111,"body":"to all of them, but I only"},{"speaker":"Ravi Sood","startTime":2746.111,"endTime":2747.161,"body":"ever ventured to the Bitcoin."},{"speaker":"Average Joe Finances","startTime":2747.854,"endTime":2748.184,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":2748.184,"endTime":2751.912,"body":"Yeah, so it reminds me of every time you"},{"speaker":"Average Joe Finances","startTime":2748.184,"endTime":2751.912,"body":"hear about when the gold rush happened"},{"speaker":"Average Joe Finances","startTime":2751.942,"endTime":2753.112,"body":"in California, everything like that."},{"speaker":"Average Joe Finances","startTime":2753.112,"endTime":2756.592,"body":"And everybody was like, so focused"},{"speaker":"Average Joe Finances","startTime":2753.112,"endTime":2756.592,"body":"on getting gold, but the guy who"},{"speaker":"Average Joe Finances","startTime":2756.592,"endTime":2759.862,"body":"really made the money was the"},{"speaker":"Average Joe Finances","startTime":2756.592,"endTime":2759.862,"body":"guy, someone shovels and pickaxes."},{"speaker":"Average Joe Finances","startTime":2759.895,"endTime":2761.302,"body":"So it's a, having those supplies."},{"speaker":"Average Joe Finances","startTime":2761.302,"endTime":2765.368,"body":"So it brings me back to it was actually a"},{"speaker":"Average Joe Finances","startTime":2761.302,"endTime":2765.368,"body":"couple of weeks ago I was driving to work."},{"speaker":"Average Joe Finances","startTime":2765.398,"endTime":2768.938,"body":"And when I drove by best buy,"},{"speaker":"Average Joe Finances","startTime":2765.398,"endTime":2768.938,"body":"there was like this line out the"},{"speaker":"Average Joe Finances","startTime":2768.938,"endTime":2770.498,"body":"door tents, like people can't."},{"speaker":"Average Joe Finances","startTime":2770.621,"endTime":2771.971,"body":"I was like, what game came out?"},{"speaker":"Average Joe Finances","startTime":2771.971,"endTime":2773.227,"body":"Or What's coming out right now."},{"speaker":"Average Joe Finances","startTime":2773.227,"endTime":2775.669,"body":"That is and they were selling GPU's right."},{"speaker":"Average Joe Finances","startTime":2775.699,"endTime":2779.418,"body":"And and I guess there were these systems"},{"speaker":"Average Joe Finances","startTime":2775.699,"endTime":2779.418,"body":"that they were selling for 1500 bucks."},{"speaker":"Average Joe Finances","startTime":2779.418,"endTime":2782.028,"body":"And then next thing you know, you"},{"speaker":"Average Joe Finances","startTime":2779.418,"endTime":2782.028,"body":"see them all for sale, like on"},{"speaker":"Average Joe Finances","startTime":2782.028,"endTime":2785.898,"body":"the local marketplace, on Facebook"},{"speaker":"Average Joe Finances","startTime":2782.028,"endTime":2785.898,"body":"and local groups for 2,500 plus."},{"speaker":"Average Joe Finances","startTime":2785.898,"endTime":2786.958,"body":"And it's oh my goodness."},{"speaker":"Average Joe Finances","startTime":2787.378,"endTime":2789.748,"body":"And people were buying them,"},{"speaker":"Average Joe Finances","startTime":2787.378,"endTime":2789.748,"body":"like buying them up because"},{"speaker":"Average Joe Finances","startTime":2789.748,"endTime":2790.888,"body":"they were using that for mining."},{"speaker":"Average Joe Finances","startTime":2790.888,"endTime":2794.338,"body":"And it's just absolutely mind boggling,"},{"speaker":"Average Joe Finances","startTime":2790.888,"endTime":2794.338,"body":"especially out here in Hawaii where"},{"speaker":"Average Joe Finances","startTime":2794.338,"endTime":2796.544,"body":"electric prices are pretty high."},{"speaker":"Average Joe Finances","startTime":2796.564,"endTime":2796.924,"body":"But a lot of."},{"speaker":"Average Joe Finances","startTime":2797.424,"endTime":2800.694,"body":"Places out here, like including my house,"},{"speaker":"Average Joe Finances","startTime":2797.424,"endTime":2800.694,"body":"I have solar power and stuff like that."},{"speaker":"Average Joe Finances","startTime":2800.694,"endTime":2802.951,"body":"So it's definitely something"},{"speaker":"Average Joe Finances","startTime":2800.694,"endTime":2802.951,"body":"you want to have out here, but"},{"speaker":"Average Joe Finances","startTime":2802.951,"endTime":2804.008,"body":"yeah I couldn't believe it."},{"speaker":"Average Joe Finances","startTime":2804.008,"endTime":2804.808,"body":"I was like, what the heck of it?"},{"speaker":"Average Joe Finances","startTime":2804.836,"endTime":2805.472,"body":"What's going on?"},{"speaker":"Average Joe Finances","startTime":2805.502,"endTime":2807.162,"body":"I was asking somebody at work"},{"speaker":"Average Joe Finances","startTime":2805.502,"endTime":2807.162,"body":"and they said, oh yeah, they"},{"speaker":"Average Joe Finances","startTime":2807.162,"endTime":2808.455,"body":"were selling GPU's today."},{"speaker":"Average Joe Finances","startTime":2808.505,"endTime":2809.665,"body":"And they were selling them at this price."},{"speaker":"Average Joe Finances","startTime":2809.665,"endTime":2811.075,"body":"And this is what I was"},{"speaker":"Average Joe Finances","startTime":2809.665,"endTime":2811.075,"body":"like, oh my goodness."},{"speaker":"Average Joe Finances","startTime":2811.075,"endTime":2814.744,"body":"So yeah, it definitely reminds me of"},{"speaker":"Average Joe Finances","startTime":2811.075,"endTime":2814.744,"body":"the whole like gold rush thing with"},{"speaker":"Average Joe Finances","startTime":2814.764,"endTime":2818.298,"body":"the, the shovels and the pickaxes versus"},{"speaker":"Average Joe Finances","startTime":2814.764,"endTime":2818.298,"body":"who was actually out there mining it."},{"speaker":"Average Joe Finances","startTime":2818.868,"endTime":2821.398,"body":"And then you had to dig in the right spot."},{"speaker":"Average Joe Finances","startTime":2821.398,"endTime":2824.792,"body":"You had to find the right spot to"},{"speaker":"Average Joe Finances","startTime":2821.398,"endTime":2824.792,"body":"find the gold and you see the same"},{"speaker":"Average Joe Finances","startTime":2824.792,"endTime":2825.932,"body":"thing in crypto right now, too."},{"speaker":"Average Joe Finances","startTime":2826.002,"endTime":2828.372,"body":"If you're not doing it the right"},{"speaker":"Average Joe Finances","startTime":2826.002,"endTime":2828.372,"body":"way, you're not gonna find anything."},{"speaker":"Average Joe Finances","startTime":2828.372,"endTime":2829.502,"body":"You're not going to get your coins."},{"speaker":"Average Joe Finances","startTime":2829.535,"endTime":2830.525,"body":"And it's a lot of work."},{"speaker":"Average Joe Finances","startTime":2830.595,"endTime":2832.415,"body":"It's a lot more work"},{"speaker":"Average Joe Finances","startTime":2830.595,"endTime":2832.415,"body":"than people think it is."},{"speaker":"Average Joe Finances","startTime":2832.415,"endTime":2833.808,"body":"I'm glad you pointed that out."},{"speaker":"Average Joe Finances","startTime":2834.114,"endTime":2835.944,"body":"So Ravi, this is, this has been awesome."},{"speaker":"Average Joe Finances","startTime":2836.002,"endTime":2837.582,"body":"I feel like I learned so much today."},{"speaker":"Average Joe Finances","startTime":2837.582,"endTime":2838.972,"body":"I got a whole page of notes here."},{"speaker":"Average Joe Finances","startTime":2839.042,"endTime":2843.564,"body":"I really appreciate you educating me"},{"speaker":"Average Joe Finances","startTime":2839.042,"endTime":2843.564,"body":"and educating our listeners on, gold"},{"speaker":"Average Joe Finances","startTime":2843.564,"endTime":2847.458,"body":"mining and how it works and why it's"},{"speaker":"Average Joe Finances","startTime":2843.564,"endTime":2847.458,"body":"important to have these real assets"},{"speaker":"Average Joe Finances","startTime":2847.505,"endTime":2850.91,"body":"to, to combat you know what we're"},{"speaker":"Average Joe Finances","startTime":2847.505,"endTime":2850.91,"body":"combating right now with inflation."},{"speaker":"Average Joe Finances","startTime":2850.968,"endTime":2854.402,"body":"Think it's super important topic for"},{"speaker":"Average Joe Finances","startTime":2850.968,"endTime":2854.402,"body":"people to understand it and learn."},{"speaker":"Average Joe Finances","startTime":2854.402,"endTime":2859.616,"body":"With that being said, do you have any last"},{"speaker":"Average Joe Finances","startTime":2854.402,"endTime":2859.616,"body":"tips or tricks that you would recommend to"},{"speaker":"Average Joe Finances","startTime":2859.616,"endTime":2863.111,"body":"somebody who is, they just got themselves"},{"speaker":"Average Joe Finances","startTime":2859.616,"endTime":2863.111,"body":"out of debt and they want to start"},{"speaker":"Average Joe Finances","startTime":2863.111,"endTime":2867.361,"body":"investing and they want to play it safe"},{"speaker":"Average Joe Finances","startTime":2863.111,"endTime":2867.361,"body":"and start investing in maybe precious"},{"speaker":"Average Joe Finances","startTime":2867.361,"endTime":2869.516,"body":"metals and gold and things like that."},{"speaker":"Average Joe Finances","startTime":2869.531,"endTime":2871.331,"body":"What kind of recommendations"},{"speaker":"Average Joe Finances","startTime":2869.531,"endTime":2871.331,"body":"would you have for somebody."},{"speaker":"Ravi Sood","startTime":2872.103,"endTime":2875.863,"body":"Yeah, I'll broaden that to a"},{"speaker":"Ravi Sood","startTime":2872.103,"endTime":2875.863,"body":"real asset investing that can protect you"},{"speaker":"Ravi Sood","startTime":2875.863,"endTime":2881.173,"body":"and maybe even grow your wealth during a,"},{"speaker":"Ravi Sood","startTime":2875.863,"endTime":2881.173,"body":"this what I expect to be a long period of"},{"speaker":"Ravi Sood","startTime":2881.173,"endTime":2882.993,"body":"inflation real estate investment trusts."},{"speaker":"Ravi Sood","startTime":2883.503,"endTime":2887.36,"body":"So not every investor can By"},{"speaker":"Ravi Sood","startTime":2883.503,"endTime":2887.36,"body":"their own investments, their"},{"speaker":"Ravi Sood","startTime":2887.36,"endTime":2888.62,"body":"own real estate directly."},{"speaker":"Ravi Sood","startTime":2888.95,"endTime":2890.51,"body":"It's a big numbers game."},{"speaker":"Ravi Sood","startTime":2891.02,"endTime":2894.285,"body":"Even if you're making a personal level"},{"speaker":"Ravi Sood","startTime":2891.02,"endTime":2894.285,"body":"of real estate investments, bigger"},{"speaker":"Ravi Sood","startTime":2894.285,"endTime":2895.905,"body":"numbers than many people can handle."},{"speaker":"Ravi Sood","startTime":2896.205,"endTime":2899.112,"body":"So real estate investment trusts"},{"speaker":"Ravi Sood","startTime":2896.205,"endTime":2899.112,"body":"by investing in something, and can"},{"speaker":"Ravi Sood","startTime":2899.112,"endTime":2901.344,"body":"understand buying something that's like a."},{"speaker":"Ravi Sood","startTime":2902.589,"endTime":2905.019,"body":"A strip mall, real"},{"speaker":"Ravi Sood","startTime":2902.589,"endTime":2905.019,"body":"estate investment trust."},{"speaker":"Ravi Sood","startTime":2905.049,"endTime":2906.399,"body":"Maybe that's not a good idea."},{"speaker":"Ravi Sood","startTime":2906.399,"endTime":2908.229,"body":"There's obviously going to be sub sector."},{"speaker":"Ravi Sood","startTime":2908.229,"endTime":2911.679,"body":"Who've been real estate that are"},{"speaker":"Ravi Sood","startTime":2908.229,"endTime":2911.679,"body":"going to get disrupted and Amazon"},{"speaker":"Ravi Sood","startTime":2911.679,"endTime":2913.393,"body":"effect and different things happening."},{"speaker":"Ravi Sood","startTime":2913.753,"endTime":2916.123,"body":"But generally speaking real"},{"speaker":"Ravi Sood","startTime":2913.753,"endTime":2916.123,"body":"estate investment trusts can be"},{"speaker":"Ravi Sood","startTime":2916.123,"endTime":2919.633,"body":"a great opportunity to get that"},{"speaker":"Ravi Sood","startTime":2916.123,"endTime":2919.633,"body":"fractional ownership in real estate."},{"speaker":"Ravi Sood","startTime":2919.903,"endTime":2923.543,"body":"That's going to pay you a return"},{"speaker":"Ravi Sood","startTime":2919.903,"endTime":2923.543,"body":"and participate in inflation."},{"speaker":"Ravi Sood","startTime":2923.543,"endTime":2926.915,"body":"Buying a basket of gold mining"},{"speaker":"Ravi Sood","startTime":2923.543,"endTime":2926.915,"body":"shares by buying an ETF that."},{"speaker":"Ravi Sood","startTime":2927.725,"endTime":2931.145,"body":"That's a good way to participate"},{"speaker":"Ravi Sood","startTime":2927.725,"endTime":2931.145,"body":"without having so much one"},{"speaker":"Ravi Sood","startTime":2931.145,"endTime":2932.795,"body":"company specific company risks."},{"speaker":"Ravi Sood","startTime":2932.876,"endTime":2937.046,"body":"I like to think my company is great, but"},{"speaker":"Ravi Sood","startTime":2932.876,"endTime":2937.046,"body":"again, every company has its own risks."},{"speaker":"Ravi Sood","startTime":2937.106,"endTime":2941.096,"body":"And if you're a new investor, you've"},{"speaker":"Ravi Sood","startTime":2937.106,"endTime":2941.096,"body":"got to diversify as much as possible."},{"speaker":"Ravi Sood","startTime":2941.096,"endTime":2945.284,"body":"It's very hard to do that with"},{"speaker":"Ravi Sood","startTime":2941.096,"endTime":2945.284,"body":"shares yourself very easy to do it."},{"speaker":"Ravi Sood","startTime":2945.284,"endTime":2947.894,"body":"So gold mining ETF is a"},{"speaker":"Ravi Sood","startTime":2945.284,"endTime":2947.894,"body":"great opportunity there."},{"speaker":"Ravi Sood","startTime":2948.284,"endTime":2949.184,"body":"And the last one is."},{"speaker":"Ravi Sood","startTime":2949.248,"endTime":2951.809,"body":"Get some American Eagles"},{"speaker":"Ravi Sood","startTime":2949.248,"endTime":2951.809,"body":"get it, get a few coins."},{"speaker":"Ravi Sood","startTime":2951.899,"endTime":2953.012,"body":"And Anybody."},{"speaker":"Ravi Sood","startTime":2953.012,"endTime":2954.162,"body":"I know who's done that."},{"speaker":"Ravi Sood","startTime":2954.193,"endTime":2955.003,"body":"Nobody's regretted."},{"speaker":"Ravi Sood","startTime":2955.003,"endTime":2958.993,"body":"As long as you, you can park that you"},{"speaker":"Ravi Sood","startTime":2955.003,"endTime":2958.993,"body":"can put in a safe or safety deposit box"},{"speaker":"Ravi Sood","startTime":2959.533,"endTime":2961.273,"body":"and be comfortable with that investment."},{"speaker":"Ravi Sood","startTime":2961.381,"endTime":2965.311,"body":"Particularly if you can have access"},{"speaker":"Ravi Sood","startTime":2961.381,"endTime":2965.311,"body":"to just that, for those of the people"},{"speaker":"Ravi Sood","startTime":2965.311,"endTime":2968.551,"body":"are who are, who seem the, seen"},{"speaker":"Ravi Sood","startTime":2965.311,"endTime":2968.551,"body":"them and held it in their hand, it's"},{"speaker":"Ravi Sood","startTime":2968.551,"endTime":2972.151,"body":"a great feeling and it's going to"},{"speaker":"Ravi Sood","startTime":2968.551,"endTime":2972.151,"body":"be a great investment for people."},{"speaker":"Ravi Sood","startTime":2972.151,"endTime":2976.396,"body":"So that'd be my my final recommendation"},{"speaker":"Ravi Sood","startTime":2972.151,"endTime":2976.396,"body":"for people to dip their toe in the water."},{"speaker":"Average Joe Finances","startTime":2976.619,"endTime":2976.869,"body":".Yeah."},{"speaker":"Average Joe Finances","startTime":2976.875,"endTime":2977.565,"body":"Great advice."},{"speaker":"Average Joe Finances","startTime":2977.565,"endTime":2979.083,"body":"I definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":2979.083,"endTime":2981.086,"body":"So I've got one more"},{"speaker":"Average Joe Finances","startTime":2979.083,"endTime":2981.086,"body":"question I have to ask you."},{"speaker":"Average Joe Finances","startTime":2981.126,"endTime":2982.506,"body":"This is a pretty important one, right?"},{"speaker":"Average Joe Finances","startTime":2982.506,"endTime":2986.424,"body":"Especially for the listeners that are,"},{"speaker":"Average Joe Finances","startTime":2982.506,"endTime":2986.424,"body":"listening and saying, Hey, I want to"},{"speaker":"Average Joe Finances","startTime":2986.424,"endTime":2990.234,"body":"know more about Ravi and where can I"},{"speaker":"Average Joe Finances","startTime":2986.424,"endTime":2990.234,"body":"find out more information about them?"},{"speaker":"Average Joe Finances","startTime":2990.234,"endTime":2993.203,"body":"So with that said where can people"},{"speaker":"Average Joe Finances","startTime":2990.234,"endTime":2993.203,"body":"find more information about you?"},{"speaker":"Average Joe Finances","startTime":2993.203,"endTime":2995.933,"body":"Do you have a website and you can"},{"speaker":"Average Joe Finances","startTime":2993.203,"endTime":2995.933,"body":"share with us any social media people"},{"speaker":"Average Joe Finances","startTime":2995.933,"endTime":2997.343,"body":"can follow in and check you out"},{"speaker":"Ravi Sood","startTime":2997.602,"endTime":3000.112,"body":"I'm pretty invisible on"},{"speaker":"Ravi Sood","startTime":2997.602,"endTime":3000.112,"body":"social media with the exception of"},{"speaker":"Ravi Sood","startTime":3000.112,"endTime":3002.309,"body":"LinkedIn where I'm quite active."},{"speaker":"Ravi Sood","startTime":3002.309,"endTime":3006.834,"body":"And I point out to people with my"},{"speaker":"Ravi Sood","startTime":3002.309,"endTime":3006.834,"body":"renewable energy company as an example"},{"speaker":"Ravi Sood","startTime":3006.868,"endTime":3010.978,"body":"I think we've done six acquisitions in"},{"speaker":"Ravi Sood","startTime":3006.868,"endTime":3010.978,"body":"our eight years of existence, but one of"},{"speaker":"Ravi Sood","startTime":3010.978,"endTime":3012.958,"body":"them makes up about 50% of the business."},{"speaker":"Ravi Sood","startTime":3013.528,"endTime":3018.927,"body":"And the idea for that originally came"},{"speaker":"Ravi Sood","startTime":3013.528,"endTime":3018.927,"body":"through a cold outreach through LinkedIn."},{"speaker":"Ravi Sood","startTime":3019.024,"endTime":3020.344,"body":"You just got to keep showing up."},{"speaker":"Ravi Sood","startTime":3020.344,"endTime":3023.296,"body":"So I love when people"},{"speaker":"Ravi Sood","startTime":3020.344,"endTime":3023.296,"body":"reach out with ideas sure."},{"speaker":"Ravi Sood","startTime":3023.296,"endTime":3024.416,"body":"A lot of them are crazy."},{"speaker":"Ravi Sood","startTime":3024.416,"endTime":3027.864,"body":"Some of them are scans in"},{"speaker":"Ravi Sood","startTime":3024.416,"endTime":3027.864,"body":"fact, but a lot of great stuff"},{"speaker":"Ravi Sood","startTime":3028.104,"endTime":3029.424,"body":"happened over those connections."},{"speaker":"Ravi Sood","startTime":3029.454,"endTime":3031.764,"body":"So I love to hear from people that way."},{"speaker":"Ravi Sood","startTime":3032.154,"endTime":3036.227,"body":"And and of course my company Golani gold"},{"speaker":"Ravi Sood","startTime":3032.154,"endTime":3036.227,"body":"you can find out more about us at our"},{"speaker":"Ravi Sood","startTime":3036.227,"endTime":3040.517,"body":"website, but the best way to interact"},{"speaker":"Ravi Sood","startTime":3036.227,"endTime":3040.517,"body":"near or anything, I'm doing LinkedIn."},{"speaker":"Average Joe Finances","startTime":3040.897,"endTime":3041.137,"body":"All right."},{"speaker":"Average Joe Finances","startTime":3041.137,"endTime":3041.737,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":3041.737,"endTime":3044.737,"body":"So I'll make sure we have a"},{"speaker":"Average Joe Finances","startTime":3041.737,"endTime":3044.737,"body":"link to your website and your"},{"speaker":"Average Joe Finances","startTime":3044.737,"endTime":3045.967,"body":"LinkedIn and the show notes."},{"speaker":"Average Joe Finances","startTime":3046.507,"endTime":3048.997,"body":"So everybody can go and check"},{"speaker":"Average Joe Finances","startTime":3046.507,"endTime":3048.997,"body":"that out and get connected with"},{"speaker":"Average Joe Finances","startTime":3048.997,"endTime":3050.227,"body":"you and have those conversations."},{"speaker":"Average Joe Finances","startTime":3050.227,"endTime":3050.797,"body":"I agree."},{"speaker":"Average Joe Finances","startTime":3050.797,"endTime":3051.937,"body":"LinkedIn's a powerhouse."},{"speaker":"Average Joe Finances","startTime":3052.001,"endTime":3052.871,"body":"Absolutely love it."},{"speaker":"Average Joe Finances","startTime":3052.951,"endTime":3057.161,"body":"I've actually found podcasts guests"},{"speaker":"Average Joe Finances","startTime":3052.951,"endTime":3057.161,"body":"on there and it's just been, it's been"},{"speaker":"Average Joe Finances","startTime":3057.161,"endTime":3060.701,"body":"super fun to just interact and network"},{"speaker":"Average Joe Finances","startTime":3057.161,"endTime":3060.701,"body":"with people there, because that is"},{"speaker":"Average Joe Finances","startTime":3060.701,"endTime":3063.819,"body":"definitely one of those social media"},{"speaker":"Average Joe Finances","startTime":3060.701,"endTime":3063.819,"body":"apps where you build a network that is"},{"speaker":"Average Joe Finances","startTime":3063.819,"endTime":3068.246,"body":"more towards building your net worth"},{"speaker":"Average Joe Finances","startTime":3063.819,"endTime":3068.246,"body":"versus, like all the stuff on Instagram"},{"speaker":"Average Joe Finances","startTime":3068.246,"endTime":3069.506,"body":"and Facebook and all that other stuff."},{"speaker":"Average Joe Finances","startTime":3069.536,"endTime":3072.266,"body":"LinkedIn's a whole different animal."},{"speaker":"Average Joe Finances","startTime":3072.266,"endTime":3075.442,"body":"And it's all about professional being"},{"speaker":"Average Joe Finances","startTime":3072.266,"endTime":3075.442,"body":"professional and professionalism"},{"speaker":"Average Joe Finances","startTime":3075.442,"endTime":3076.443,"body":"and I really enjoy it."},{"speaker":"Average Joe Finances","startTime":3076.443,"endTime":3079.233,"body":"So definitely a powerhouse"},{"speaker":"Average Joe Finances","startTime":3076.443,"endTime":3079.233,"body":"to check out if you're not on"},{"speaker":"Average Joe Finances","startTime":3079.233,"endTime":3080.503,"body":"there, definitely get on there."},{"speaker":"Average Joe Finances","startTime":3080.503,"endTime":3084.421,"body":"But Ravi it's been an absolute"},{"speaker":"Average Joe Finances","startTime":3080.503,"endTime":3084.421,"body":"pleasure having you on the show."},{"speaker":"Average Joe Finances","startTime":3084.421,"endTime":3087.191,"body":"I really appreciate you taking"},{"speaker":"Average Joe Finances","startTime":3084.421,"endTime":3087.191,"body":"some time to chat with me today."},{"speaker":"Average Joe Finances","startTime":3087.242,"endTime":3087.782,"body":"Thank you so much."},{"speaker":"Ravi Sood","startTime":3088.282,"endTime":3088.852,"body":"It's been great."}]}