Global Shifts: Why is So Much Money Moving Into This Country?

Hey Welcome to another episode of Making Billions, I'm your host Ryan Miller and today I have my dear friend Kevin Carter.

Kevin is the founder and CIO of EMQQ Global. Kevin specializes in emerging markets and has collaborated with the famous Princeton economist and indexing legend Dr. Burton Malkiel, author of the bestselling book  A Random Walk Down Wall Street.

What this means is that Kevin understands emerging markets and he’s about to fill us in on where the next hottest country will be for the next decade.

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[THE GUEST]:  Kevin is the founder and CIO of EMQQ Global. Kevin specializes in emerging markets and has collaborated with the famous Princeton economist and indexing legend Dr. Burton Malkiel, author of the bestselling book  A Random Walk Down Wall Street.

[THE HOST]: Ryan is a Venture Capital & Angel investor in technology and energy. He achieved market-beating placement growth in his first 5 years in the industry.

Transcript

Ryan Miller  0:00 
My name is Ryan Miller and for the past 15 years have helped hundreds of people to raise millions of dollars for their funds, and for their startups. If you're serious about raising money, launching your business or taking your life to the next level, and the show will give you the answers, so that you too can enjoy your pursuit of making billions. Let's get into it.

Ryan Miller  0:22 
So picture this, you're a Wall Street investment advisor seeking to bring quality investments to investors. What do you do? Well, my next guest is about to tell you tune in where he describes the next hot market and why the CEO of McKinsey called the next century of prosperity to go to this country due to its red hot economy. All this and more coming right now. Let's get into it.

Hey, welcome to another episode of making billions. I'm your host, Ryan Miller. And today I have my dear friend Kevin Carter. Kevin is the founder and chief investment officer of EMQQ Global. Kevin specializes in emerging markets and has collaborated with the famous Princeton economist and indexing legend, Dr. Burton Malkiel. He's the author of the best selling book, A Random Walk Down Wall Street. So what this means is that Kevin understands emerging markets, and he's about to fill us in on where the next hottest country will be for the next decade. So Kevin, welcome to the show, man.

Kevin Carter  1:14 
Thanks, Ryan. Glad to be here. Love the show.

Ryan Miller  1:17 
Yeah, it's great to have you been very fortunate. You're very kind. We're in 100 countries around the world. And we are continuing to grow because of wonderful guests like you. So you know, we've talked briefly offline. And I gotta say, Man, I am really impressed with all the work that you've done, not only starting a company that you sold to E trade, but building your new company now and indexing and all of these things that you've done, the speeches you've given on emerging markets, I mean, you are on fire brother. So before we get into all of that, maybe just bring us up to speed EMQQ brings us up to speed on what that's all about.

Kevin Carter  1:45 
Sure. well, EMQQ is an emerging markets ETF, which is a mutual fund that trades on the New York Stock Exchange, and it tracks the emerging markets internet sector. So, you know, as we have Amazon, Netflix, these types of businesses here, what we're investing in is the, you know, the Uber of Indonesia and the amazon.com of Brazil and the Pay Pal of India, this is what we do, which is I think, frankly, I think the not just the best way to invest in emerging markets, but I think it's the fastest growing sector on the world, at least over the last decade and a half.

Ryan Miller  2:18 
I love that. Why would you get into emerging markets? And the reason why I asked that is, why would somebody else get, I think you very clearly know why you get into emerging markets. But what advice can you give to someone of why emerging markets is the place to be?

Kevin Carter  2:31 
Well, actually, I got involved with emerging markets very randomly. It was about 20 years ago, when my my partner, Burt Malkiel, who you referenced, he was the author of A Random Walk Down Wall Street, and the guy that really suggested that people make an index fund before there was an index fund. So I, I've worked with him for a long time. And he got interested in China 20 years ago, and he started going to China once a month for a little while. And at the same time, I was going back and forth to Google after the Google IPO, I was working with a number of Google people on their investment portfolios. And he ended up writing a white paper about investing in China in 2005. And the people at Google called me and said, hey, convert, and come talk about China. And I said, okay, and we drove down to Mountain View one day, and he gave a talk about China. And then everyone looked at me and said, they wanted to invest in China. So that's, that's how I specifically got involved. But I was very interested in emerging markets before and it traveled a bit in emerging markets. So I'm glad I'm in emerging markets. And it's an exciting area and diverse area and a lot of fun. It's been also volatile from time to time, but this is the nature of investing anywhere, let alone in emerging markets.

Ryan Miller  3:40 
Yeah, I love that. Now, I've followed your work for a while now. And something I find interesting, and I think our fans around the world will really love to hear is that you have noticed as you've poured through mountains of data in emerging markets, you've noticed something that you've summarized into the three mega trends that are rolling out, maybe you can walk us through a little bit on the three mega trends that you see happening in the emerging markets.

Kevin Carter  4:02 
Let me go back one step before that, and tell you what emerging markets are specifically.

Ryan Miller  4:06 
Yeah.

Kevin Carter  4:09 
And then I'll tell you why those three things are so important. So emerging markets are basically this 46 countries, they are in general, they have lower incomes than the developed world. So GDP per capita have less than call it $25,000 A year. And there's a lot of people this is where 85% of the world's population is their younger, the demographics are better. So it's actually about 90% of the future in terms of people under the age of 30. Their economies are growing about twice as fast as the US and other developed markets and, and ultimately within that the thing that's emerging are six and a half billion people and they want stuff.

They want more and better food, more and better clothing, they want appliances they want, uh they want to go to a movie, take a vacation, get a vehicle that's motorized, so they want their kids to go to college and this is very well documented, even 20 years ago, I didn't have to figure this out. So so that's, you know, what we're talking about when we talk about emerging markets and the opportunity set and so basically, for 20 years, I've been focused on this emerging market consumer story.

And and for the, you know, the first 10 years of that it was about the food companies, clothing companies, other ways to invest, you know, indirectly via Nike or Starbucks or, or yum brands, for example. But about a decade ago, I saw something happening in my own life, that was changing consumption, and it was changing the way my family consumed, then it was called the smartphone. And so you know, I had a computer for 20 years before I got my first iPhone, but but it was pretty clear to me that the smartphone was changing consumption. And then it was also clear, when I looked at my own personal portfolio and the stocks I was investing in I, I own some food and clothing companies, but I also owned the Craigslist of China and the amazon.com of Brazil, which, while they were clearly part of the consumer story, the database didn't say that the database had them in a different box, which was called technology.

So so that's really what led to, you know, the creation of EMQQ and there are other versions, the X China version, the India only version, but basically, you've got billions of people getting their first ever computer, it's a smartphone, it's not an Apple phone, it's an Android based smartphone that you can now buy for $12 brand new in India, you can now buy a $12 brand new smartphone. So those billions of consumers getting their first computer and they're getting the internet at the same time. And because they don't have a bank account, they don't have a credit card. These people are leapfrogging and going right to the front of the line, if you will, in terms of digital consumption, and no place represents that as much now and going forward as India does.

Ryan Miller  6:50 
I love that. So the three mega trends are smartphones are starting that access to smartphones in emerging markets, which therefore also gives likely not always but likely gives access to the internet, and then the access to internet. Then the third mega trend is there's this billions of new customers that are coming online. So access to this, this whole ecommerce world and everything behind it's not just ecommerce, it's the payments, its e everything. Is that a fair summary?

Kevin Carter  7:14 
It is, but in many ways, it's so much more dramatic and we've had such an evolutionary relationship with information and with technology. We have libraries, we have encyclopedias, I mean, even before I had the internet, either way, you know, I can I mean, I had to go find the actual book and lay down on the floor. And you know, open to the section I wanted, but we had access to information. These people are getting their first ever Internet access their first ever camera, their first ever calculator their, I mean, if all of these things we take for granted, they're getting for the first time. So they go from zero to 100 in an instant, and it's happening at an incredible rate in India, now you have about 7 million people a month that are getting their first ever smartphone and some of them have said it's like they're falling into a sea of information. It's such a powerful thing for the emerging market consumer that they frequently call it, it's a magic device to them. I mean, they're literally the first time they've ever had any of so many things that we take for granted. And importantly, now it can be done for as little as $12. It's not an apple, you know, iPhone 15, but it gets the video done and it makes payments, which is what the Indian consumer, especially is looking for.

Ryan Miller  8:28 
Yeah, it gets the job done. Now, you hear a lot of people for the for the last little while they said in emerging markets, a lot of people were focused on China for say, last 10-20 years, and that sentiment is still there. But you have a different perspective, because you're starting to see some breakout patterns. Maybe according to these people to break out to you. You're probably not surprised. But where are you seeing, you know, China was this big sexy investment. But I think you have a different perspective and you're seeing in new emerging power arise, maybe can walk us through who that emerging power is? And what are you seeing out there?

Kevin Carter  9:00 
Sure, well, look, I mean, it's no secret to any buddy listening that China's a controversial place. And there it this morning, you know, I can't remember the exact headlines, I probably could remember that if I wanted but, you know, many, many mornings, you'll see headlines that are somehow negative about China and, and that's, that's really not a new thing. I mean, when I got involved with China, you know, almost 20 years ago now, I mean, the the two things that have been most consistent is that nobody's been to China before, you know, maybe 5%. And so it's very, it's foreign to them. It's it's abstract, it's different and so because they haven't actually been there, they've heard a lot of negative things and so they sort of believe all of these negative things about China that making up the numbers, you know, they're communists and nobody has the freedom and these are almost everything you think you know about China is probably wrong.

China is an amazing place. It's the second largest economy in the world in many ways. It's me were developed and we are infrastructure, electric cars. I mean, you know, this, this is in many ways the most developed country on the planet, and it is an emerging market and it will be that way for a long time. There's a lot of rich people in China, there's a several 100 million rich people along the eastern coast of China. But you know, there's another billion people that are not as rich and not rich, really at all. And so it is an emerging market. You know, what in the world China has done in the last three decades, and especially the last few decades is they've built the world's greatest infrastructure and become the, you know, the manufacturing center of the planet, because they can make stuff better than anybody and get it on a boat and send it off. And what that economic growth, which has been about 400% of GDP is up about 400%. In the last 15 years, that's led to an enormous amount of consumption growth, and the China consumer is now a major force on the planet.

And so while China might be an emerging market in a traditional sense, when it comes to the internet, and ecommerce, China is actually the most developed country in the world. And its ecommerce market is multiple times bigger than ours. China's ecommerce market is four times bigger than all of the other emerging markets combined. So you know, China might be an emerging market in its traditional sense, but in a digital sense, a smartphone sense China's like the Jetsons. So that's happened. China's, again, a great place, but this full of controversy, including a largely US led trade war, US initiated trade war, which is led to them, I think, retreating a little bit and becoming, you know, we were very much at odds with them on technology and technological advancement.

India is just getting started. So if you look at China's ecommerce penetration, 25% and growing of total retail, India is only 5%. So India looks a lot like China did 15-20 years ago, but in many ways, it looks a lot better. And and so, you know, for we're going to look at why did you want to invest in China 15-20 years ago, why do you want to invest in India now? Maybe you've got every if you made a checklist, like why emerging markets, India checks the box on all of the main things, but not just checking the box? It doesn't emphatically, so what are you looking for? A lot of people, India has the most people on the planet, India passed China last April. And if you look at a chart of this, you'll see that India is going to get bigger today, tomorrow, the next day, the next day, for many, many years, the Indian population is going to be growing. And it's the biggest country ever today, there'll be the biggest country ever tomorrow. And that's gonna go on for a long time.

China, meanwhile, has had its population age. And so which demographics look more like a European country. So you've got the biggest population in India, if you left out China, you'd have to combine every single other emerging market to almost equal the population of India. So leaving out China, India is more than half of the emerging market population. So it's big. It's young. If you look at the demographics, again, China's average age is in the 30s. India is in the 20s. So demographics are very important. The dependency ratio going forward. India has the youngest population. So it's the biggest, it's the youngest, India has the fastest growing major economy, right, which is what you're ultimately looking for, because that leads to faster growing wages and disposable income for this new consumer wave. India not only has the fastest growing major economy, which is estimated to grow about six and a half percent this year, but each of the last two quarters, they grew at over 7%. So again, a lot like China 15 to 20 years ago, they were growing fast India, big, young, fast growing, and the consumption numbers are doing the same thing we saw in China, which is basically exploding and building up a giant middle class of Indian consumers, which will be larger than China's within a decade.

Ryan Miller  14:07 
Man, so, so we've got a young population, a growing population. My understanding is it's not just young and growing, but it's also a very deep talent pool is my impression. Any, any thoughts on that? Like how qualified so skilled labor versus unskilled labor, this might take into a play as as macro trends and geopolitical shifts happen and supply chains moved from China to elsewhere, skilled labor is gonna matter. Anything, any insight on that?

Kevin Carter  14:35 
Oh, absolutely. I think that, you know, India will have a ways to go up the skill ladder, if you will. But in terms of a talent pool for technology, again, there's nothing else like it. I mean, India's got a talent pool that's unmatched. First of all, we have a technology sector in India that's 50 years old, right? So India, some of the listeners know this that you India has been the outsourcing center of the business processes for the world. So fortune 500 companies s&p 500 companies, they've outsourced a lot of their call it tech 1.0 You know, functions to India going back 30-40 years, and Infosys Tata. These are large publicly traded for 30 years publicly traded tech companies in India that have again provided technology and process outsourcing for US, another fortune 500 company. So India's Got a tech sector that's older than I am and you have the self made billionaires, the ecosystem, the venture capital. And so, again, no other country in emerging markets or anywhere on the planet has that.

India also has an incredibly well educated population, India, students fill a lot of spots at the best Ivy League schools, about half of the deans now, at the best colleges are of Indian descent. I went to the University of Arizona, which I can't hold up as one of the best colleges but we, our business school has a an Indian Dean. 25 s&p 500 companies have Indian CEOs, including the CEO of Microsoft and Google, our two biggest technology companies have Indian CEOs, both of whom came to United States originally on temporary work visas. So the Indian Institutes of Technology which are modeled after IT the after MIT, you know, these are world class organizations. And so you have a talent pool that really can't be matched.

If you look at the various diaspora that live in the United States, for example, and you stratify them by income, the Indian American has three times the income of the national average, let alone the highest of all of the other countries. So India, talent wise, can't be matched. And this is very important. And I think it's, it's one of the reasons they have another big advantage, which I think we talked about, and maybe will, again, but their digital public infrastructure is beyond compare.

Ryan Miller  17:05 
Yeah. Tell me about that. So you mentioned you use the term the India stack, maybe you can unpack that a little bit India stack and how that relates to the infrastructure.

Kevin Carter  17:13 
Okay, well, just for the record, I didn't come up with the name of the India stack, it's a good way to think about it, you know, it's a bunch of programs that can layer on top of each other. But frankly, in my entrepreneurial experience, anytime the word stack was used, I usually, you know, I got the dumb shells from whoever said it. So you know, as a tech entrepreneur, my first exposure to the stack were the so called full stack developers, which obviously, they made all obviously, that they could do the database all the way up to the the GUI, the front end. And that was the full stack developer.

And then, in my early days, investment management business, I spent a lot of time in Boston and New York, and there were frequently young people in Patagonia vest that would tell me about how they were they invested up and down the capital stack, which as far as I could translate, that meant stocks and bonds.

But so I never loved the stack is a description, but it's the right description. I didn't make it up for this. But let me tell you what the India stack is because it's, it's really quite important to the story. And it's unique on the planet. So basically, here's what the the the India stack is. India stack is a series of programs of digital public infrastructure that India has created for itself and for its population and for its economy. Now, I knew about parts of this over the last decade plus, but I didn't really pay detailed attention to this until about a year ago. And this is this is something again, that if any investor should know about this, whether you're focused on emerging markets or not, this is something that I think is really making India a special place. And we'll continue to do that. But basically, the India stack is a bunch of public infrastructure, digital public infrastructure.

The two best examples of digital public infrastructure, because that's I'm sure it sounds very abstract to people. The internet is digital public infrastructure, you're using it every day, it's there, but you don't really see it. You don't have to turn it on. It's just operating behind the seats. That's one example. Another example is GPS. Right? I didn't launch a satellite. But somehow, if I need an Uber or a late night, Taco Bell order or whatever, they can find me because this GPS thing exists. So So those are examples of digital public infrastructure that most people will be familiar with in us.

India has built its own additional digital public infrastructure, and it started in Well, it started in 2009. And this was the issue as China was pulling away and booming India was was really sitting on its hands for a decade and the infrastructure was lagging significantly the that's an understatement. But the other kind of issue they had was Nobody had identification. Less than half of the babies even got birth certificates. And as you can imagine, it's hard to modernize an economy when nobody has a form of official identification. Whether that meant get a loan by something. It was very difficult. And so they wanted to start a national identity card system, where everybody in the country would get their own physical card with a photo and their unique 12 digit identity number. And they had talked about this for a few years. But in 2009, they finally got it started. And they asked a man named Nandan Nilekani to be in charge of the program.

Now, Nandan is well known in India. He's one of the founders of Infosys, which is the original Indian startup and a billionaire. And he's also currently the chairman of Infosys. So he's still on the job there and they asked him if he would lead this program to give everyone a physical 12 digit identity card, and he agreed to take the job. But he was very insistent that if they if he did the job, they were going to use a lot of technology. And not only would everybody get an actual physical card with a 12 digit number, but that in addition to that every person would have their, the person would be tied to the number with biometric information, a fingerprint scan, and an eyeball scan,this is in 2009.  Now, this was totally voluntary, this wasn't a big brother, you know, forcing you to sign up for this, it was completely voluntary. They launched it in 2010. Now, again, I knew about this program, it was important that they give everybody identification to modernize. But I don't remember the biometric element. I don't remember that they tie the eyeballs and the fingerprints to the to the side. Yep, I probably did know about that. But biometric was probably abstract enough that I didn't even really think about that. But so this is the first layer of the stack. This is the foundation, it's literally called Aadhar, which translates to foundation. So they launched this database in 2010, totally voluntary.

And what I, I didn't remember was that about three years later, so you know, back to 2013, 2014, they added the second layer, which was a know your customer layer, KYC layer and these are all open API's. So commercial enterprises can use these for their own purposes, of course, of course with security layers, but the Know Your Customer layer was introduced in 2014. And the government initiated a program whereby, if you were in the database, if you had signed up for Aadhar and gotten scanned, you could walk into a bank and open a bank account instantly, with no paperwork, just your fingers, and an eyeball scan. And I don't remember them doing that, but it did happen. And now if you fast forward to today, there's over 1.3 billion people in this database. So essentially, the entire country is identifiable in an official way, with just their fingerprints and arrivals. I just had to get my new REAL ID driver's license last month, and I had to bring copies of my paper, my power bill from the Pacific Gas and Electric Company. So India, everybody in India doesn't, there's nothing like that they prove who they are now, with their fingerprints. And they've opened up using that platform, they've opened up 800 million bank accounts. So you've taken a population of people that were largely not included in the formal financial system, and you've included them and you've done it with a digital bank account. So you now have 800 million new digital bank accounts, bringing those people into the population.

And then in 2016, when the smartphones were starting to sell Reliance Jio, which is a private company, one of our holdings at EMQQ they launched the first 4g network in the country. And what they did was, you know, back then it took about three hours to get a new mobile phone. If you went into the Vodafone store, the aerotel store and geo which had the first and only 4g network, then they cut the whole the whole timeframe, down to 10 minutes to get a phone by using, again, the open API so that if you wanted to get a brand new phone from Jio, that affordable smartphone, you walk into the store, you put your fingers down, prove who you are, you walk out in 10 minutes, so they took a business process, it took three hours shrunk it to 10 minutes, they signed up 100 million people in four months, and they brought now 500 million people connected now to the internet with a pocket size supercomputer that you can now buy brand new from Jio for $12.

So you've taken an economy that was not another the information age, not in the financial system and in seven years changed all of that and put themselves out at the very front and cutting edge of of this. And the third layer of the stack was the payments layer. So you've given everybody a bank account, you've got them holding a supercomputer in their pocket. And then in 2016, that same year as geo launched, they launched a UPI, which is unified payments interface, which is the third layer of the stack, which got a lot of hype at the time. And essentially, it's QR code QR code based payments, which, you know, and that was sort of underwhelming to me, because having spent a lot of time in China, you know, the beggars literally have QR codes. They have had QR codes for a long time, everything is paid for that way and in China, and now it is in India, but when they launched the program, I thought, well, that's kind of a snoozer, right? Of course, they're gonna have QR code based payments. But what I didn't realize or appreciate was that the Indian payments platform, this UPI they've built is instantaneous transfer of money with zero friction or cost, which are important elements in the payments part of the world like it like you. And I could send $10 to each other a million times, and it would still be $10, it wouldn't degrade, it wouldn't be $9.80, it would always be $10.

And so when they launched this, I knew about it, frankly, I was a little worried, because some of the unicorns that we had were payments companies. And I thought, Well, gee if payments are free, how will they make any money, but that's the only thing I thought when they launched it in 2016, right when Jio launched, and this is the front line. If you want to see an explosion of capitalism and of digitization, the monthly payments, numbers for the UPI are exploding. And the slope of the chart is at a basically a 45 degree angle. India's real time mobile payments market is about half of the entire world's real time mobile payments market. And that's happened in seven years, and you've taken an economy and that same period that seven years ago was 95%, paper based cash and 5% digital and now it's almost 80% Digital, the whole economy is basically digital, people are paying their taxes. And that's feeding the infrastructure growth. So this digital platform that India has built this digital saying no other country on the planet has anything like this, except for a Estonia. But side note, I'm not sure why I haven't dug into the details. But I see a Estonia reference as having done a lot of the same things. But this is really something special. And you know, we'll never have a biometric identification system in the United States, as far as I can tell. But it's got a lot of advantages. And you can already see what they've done with that, in terms of digitizing the economy. So this is really something No, doesn't matter developed or emerging. Nobody else really has anything like this.

Ryan Miller  27:42 
Well, brilliant. So, you know, as we round third base, and we take it home for those people who are really inspired by your message, and all of the things that you're teaching us today about India and the things that are happening and and all the the growth that's happening and why it's happening for people who do want to look at and maybe expand their own investment these to include parts of India, where would you say they look? What would be some of the in your opinions, just opinion folks? Not financial advice. But in your opinion, Kevin, where do you think capital will be best treated in India?

Kevin Carter  28:13 
Well, I'm the belief that in emerging markets, the best companies, for many reasons are the internet company. So this is why we've launched EMQQ to capture the digital part of the growth of India. And so I really think that again, this is this is shouldn't be a surprise to most people. If you look at like, Okay, well, let's go back 20 years, the United States, what should I have bought? Right? Exactly. Buy the s&p, you did really well, you get by the NASDAQ, you did really, really well. If you just bought the internet companies, you did really, really, really, really well.

Same thing in China. Now China has done well. I mean, its fundamentals have grown considerably. But the multiples have been squeezed pretty tight, but still, the, you know, the best returns were in the internet companies. And so I think you're gonna see the same thing in India. Now this of course, you know, valuations are important. And I will point out that the Indian stock market broadly, the broad indexes are the cheapest in the world, they're closer to the most expensive, but the internet companies in India are actually reasonably priced.

In terms of learning about the Indian opportunity. There's, well, there's a lot out there. I mean, there's no shortage of bullish reports on India, I think. And maybe you can make this available through a link or something. But one of the one of the best pieces on India's a 12 minute interview that Morgan Stanley did with the man who I referenced that built this India stack, and he'll tell you the same thing I did, but he did it and he'll tell you the same thing in 12 minutes and how it started and importantly, where he sees it going because there's a few more layers coming to the stack, which he thinks might actually be the most or amongst the most important layer. So you can learn about the India stack by seeing Nandan Nilekani talk but...

I fed a lot of time in the last 14 months of going very, very deep into the India story, as India became a bigger and bigger part of our investable universe. There were only two publicly traded Indian internet companies three years ago. Now there's 25. So we finally, were able to get a meaningful number of stocks for allocation. But the history of India is amazing. I mean, it says one of the most diverse and chaotic places on the planet, the history is amazing, I suggest you again, if you're interested in this, learn the history of India learn about the British East India Company and what transpired starting with their arrival in India, because this is a just an amazing place. And the history is, again, chaotic, diverse, and frankly, kind of awful. I mean, what the British did to India over to a private company, by the way, this is, you know, the British East India Company was, you know, call it the Google of the year 1600. And they ran the entire South Asian area, and they ran India as a private company that apparently paid over that 250 year period a dividend that average 18% by basically looting India for its shareholders. And it's it's really fascinating what happened, but the country, you know, they they've been independent for 75 years. And now, I think they're shaking their, you know, socialist early leanings and are really hitting full stride. And I really do think this is India's time and I think the next 10-20 years plus India's going to have an amazing amount of growth.

Ryan Miller 31:29 
Yeah, absolutely. And we even had the CEO of McKinsey, I believe called this the India sentry, right. So we're, you're not alone. A lot of people are starting to the worst kept secret of finances India is on its way. So you know, just just to just to summarize everything that Kevin and I spoke about looking is India a great investment. Well, according to this information, you might side yeah, it is in the reasons why it has one of the youngest populations in emerging markets, one of the fastest growing biggest populations, high growth of middle class, a deep talent pool, and of course, the India stack and public infrastructure. So following these things in the economic trends will help you to be well on your way in your pursuit of making billions.

Wow, what a show. I hope you enjoyed this episode as much as I did. Now, if you haven't done so already, be sure to leave a comment and review on new ideas and guests you want me to bring on for future episodes. Plus, once you head over to YouTube and see extra takes while you get to know our guests even better. And make sure to come back for our next episode where we dive even deeper into the people the process and the perspectives of both investors and founders. Until then, my friends stay hungry, focus on your goals and keep grinding towards your dream of making billions.