{"version":"1.0.0","segments":[{"speaker":"Nick Lincoln","startTime":41.999,"endTime":43.829,"body":"Welcome back,"},{"speaker":"Nick Lincoln","startTime":41.999,"endTime":43.829,"body":"ladies and gentlemen to episode"},{"speaker":"Nick Lincoln","startTime":43.829,"endTime":49.049,"body":"three of the real advisor"},{"speaker":"Nick Lincoln","startTime":43.829,"endTime":49.049,"body":"podcast. Te R A P trap. My name"},{"speaker":"Nick Lincoln","startTime":49.049,"endTime":51.719,"body":"is Nick Lincoln. Joining me as"},{"speaker":"Nick Lincoln","startTime":49.049,"endTime":51.719,"body":"ever in the studio are the three"},{"speaker":"Nick Lincoln","startTime":51.719,"endTime":55.709,"body":"other Horsemen of the Apocalypse"},{"speaker":"Nick Lincoln","startTime":51.719,"endTime":55.709,"body":"and the heart. I'm Smith and"},{"speaker":"Nick Lincoln","startTime":55.709,"endTime":60.149,"body":"Carl widger. Hi, guys, nice to"},{"speaker":"Nick Lincoln","startTime":55.709,"endTime":60.149,"body":"see you all. We we live in"},{"speaker":"Nick Lincoln","startTime":60.149,"endTime":64.349,"body":"large. We Hi guys, we live in"},{"speaker":"Nick Lincoln","startTime":60.149,"endTime":64.349,"body":"tumultuous times. As we're"},{"speaker":"Nick Lincoln","startTime":64.349,"endTime":67.859,"body":"recording this this morning, I"},{"speaker":"Nick Lincoln","startTime":64.349,"endTime":67.859,"body":"believe the this this month"},{"speaker":"Nick Lincoln","startTime":67.859,"endTime":71.549,"body":"chancellor has reversed the not"},{"speaker":"Nick Lincoln","startTime":67.859,"endTime":71.549,"body":"budget of a week or so ago"},{"speaker":"Nick Lincoln","startTime":71.579,"endTime":74.489,"body":"disastrous evidence that the"},{"speaker":"Nick Lincoln","startTime":71.579,"endTime":74.489,"body":"markets are very scary,"},{"speaker":"Nick Lincoln","startTime":74.489,"endTime":77.759,"body":"especially the fixed income side"},{"speaker":"Nick Lincoln","startTime":74.489,"endTime":77.759,"body":"of things, bonds, and so forth."},{"speaker":"Nick Lincoln","startTime":78.149,"endTime":80.789,"body":"And this will be impacting all"},{"speaker":"Nick Lincoln","startTime":78.149,"endTime":80.789,"body":"of us, and certainly our clients"},{"speaker":"Nick Lincoln","startTime":80.789,"endTime":83.189,"body":"and their behaviours, which is"},{"speaker":"Nick Lincoln","startTime":80.789,"endTime":83.189,"body":"why we're the real advisor"},{"speaker":"Nick Lincoln","startTime":83.189,"endTime":86.339,"body":"podcast because we focus on what"},{"speaker":"Nick Lincoln","startTime":83.189,"endTime":86.339,"body":"actually matters. The investor"},{"speaker":"Nick Lincoln","startTime":86.339,"endTime":90.449,"body":"was not the investments, car,"},{"speaker":"Nick Lincoln","startTime":86.339,"endTime":90.449,"body":"what's happening with you, and"},{"speaker":"Nick Lincoln","startTime":90.449,"endTime":92.429,"body":"how are you approaching the"},{"speaker":"Nick Lincoln","startTime":90.449,"endTime":92.429,"body":"scary markets? Just talk us"},{"speaker":"Nick Lincoln","startTime":92.429,"endTime":95.189,"body":"through your your your point of"},{"speaker":"Nick Lincoln","startTime":92.429,"endTime":95.189,"body":"view on this?"},{"speaker":"Carl Widger","startTime":96.989,"endTime":100.559,"body":"Yeah, thanks, Nick."},{"speaker":"Carl Widger","startTime":96.989,"endTime":100.559,"body":"Look behind me, we have our"},{"speaker":"Carl Widger","startTime":100.559,"endTime":104.009,"body":"mantra, which has been our"},{"speaker":"Carl Widger","startTime":100.559,"endTime":104.009,"body":"mantra since we set up mentors,"},{"speaker":"Carl Widger","startTime":104.039,"endTime":110.579,"body":"which is stick with the plan. So"},{"speaker":"Carl Widger","startTime":104.039,"endTime":110.579,"body":"look, it's probably easy for us"},{"speaker":"Carl Widger","startTime":110.579,"endTime":113.579,"body":"to you know, keep putting out"},{"speaker":"Carl Widger","startTime":110.579,"endTime":113.579,"body":"this mantra stick to the plan,"},{"speaker":"Carl Widger","startTime":113.579,"endTime":117.059,"body":"stick with the plan. But I don't"},{"speaker":"Carl Widger","startTime":113.579,"endTime":117.059,"body":"think it's enough. Right now. I"},{"speaker":"Carl Widger","startTime":117.059,"endTime":120.389,"body":"think there are certain times"},{"speaker":"Carl Widger","startTime":117.059,"endTime":120.389,"body":"where we need to get out there."},{"speaker":"Carl Widger","startTime":120.419,"endTime":123.809,"body":"And we need to, I suppose give"},{"speaker":"Carl Widger","startTime":120.419,"endTime":123.809,"body":"some comfort to our clients that"},{"speaker":"Carl Widger","startTime":124.109,"endTime":129.869,"body":"number one, it's okay to feel"},{"speaker":"Carl Widger","startTime":124.109,"endTime":129.869,"body":"worried. Number two to reinforce"},{"speaker":"Carl Widger","startTime":130.769,"endTime":135.359,"body":"and talk again about exactly why"},{"speaker":"Carl Widger","startTime":130.769,"endTime":135.359,"body":"we set up our investments our"},{"speaker":"Carl Widger","startTime":135.359,"endTime":142.379,"body":"pensions the way we did. And"},{"speaker":"Carl Widger","startTime":135.359,"endTime":142.379,"body":"yeah, look, I think back to"},{"speaker":"Carl Widger","startTime":142.379,"endTime":147.149,"body":"Alan's point at the previous"},{"speaker":"Carl Widger","startTime":142.379,"endTime":147.149,"body":"episode, you know, to maybe talk"},{"speaker":"Carl Widger","startTime":147.149,"endTime":149.909,"body":"about investments a little bit"},{"speaker":"Carl Widger","startTime":147.149,"endTime":149.909,"body":"more than we normally would. And"},{"speaker":"Carl Widger","startTime":149.909,"endTime":153.059,"body":"I think that that's important"},{"speaker":"Carl Widger","startTime":149.909,"endTime":153.059,"body":"right now. So what what I'm"},{"speaker":"Carl Widger","startTime":153.059,"endTime":157.829,"body":"doing and what we're doing here"},{"speaker":"Carl Widger","startTime":153.059,"endTime":157.829,"body":"at Mattis is, I have throughout"},{"speaker":"Carl Widger","startTime":157.829,"endTime":160.229,"body":"this year, actually, I've done a"},{"speaker":"Carl Widger","startTime":157.829,"endTime":160.229,"body":"couple of videos, which we sent"},{"speaker":"Carl Widger","startTime":160.229,"endTime":164.009,"body":"out directly to our clients, to"},{"speaker":"Carl Widger","startTime":160.229,"endTime":164.009,"body":"our to our Newsletter Lists and"},{"speaker":"Carl Widger","startTime":164.009,"endTime":168.899,"body":"all sorts of lists. Just to talk"},{"speaker":"Carl Widger","startTime":164.009,"endTime":168.899,"body":"about, you know, look, we've"},{"speaker":"Carl Widger","startTime":168.899,"endTime":171.569,"body":"been here before, this isn't"},{"speaker":"Carl Widger","startTime":168.899,"endTime":171.569,"body":"new, it won't be different this"},{"speaker":"Carl Widger","startTime":171.569,"endTime":176.699,"body":"time. And I use actually Andy's"},{"speaker":"Carl Widger","startTime":171.569,"endTime":176.699,"body":"wall of worry chart, I think"},{"speaker":"Carl Widger","startTime":176.699,"endTime":180.059,"body":"it's really, really good. And"},{"speaker":"Carl Widger","startTime":176.699,"endTime":180.059,"body":"he's updated as well, you know,"},{"speaker":"Carl Widger","startTime":180.059,"endTime":183.509,"body":"for this year. And I think it"},{"speaker":"Carl Widger","startTime":180.059,"endTime":183.509,"body":"just goes to show that if you"},{"speaker":"Carl Widger","startTime":184.469,"endTime":187.649,"body":"look to the long term all at the"},{"speaker":"Carl Widger","startTime":184.469,"endTime":187.649,"body":"time, then, you know, that will"},{"speaker":"Carl Widger","startTime":187.649,"endTime":190.229,"body":"give you some comfort that yeah,"},{"speaker":"Carl Widger","startTime":187.649,"endTime":190.229,"body":"we have been here before, it's"},{"speaker":"Carl Widger","startTime":190.229,"endTime":193.559,"body":"not going to be different this"},{"speaker":"Carl Widger","startTime":190.229,"endTime":193.559,"body":"time. But actually, what we've"},{"speaker":"Carl Widger","startTime":193.559,"endTime":196.199,"body":"done as well as we've done two"},{"speaker":"Carl Widger","startTime":193.559,"endTime":196.199,"body":"other things as well as the wall"},{"speaker":"Carl Widger","startTime":196.199,"endTime":201.419,"body":"of worry. And we've just, we're"},{"speaker":"Carl Widger","startTime":196.199,"endTime":201.419,"body":"going to put up the dimensional"},{"speaker":"Carl Widger","startTime":201.839,"endTime":208.289,"body":"chart whereby they show the word"},{"speaker":"Carl Widger","startTime":201.839,"endTime":208.289,"body":"allocation funds and the various"},{"speaker":"Carl Widger","startTime":208.289,"endTime":213.539,"body":"returns over one over three over"},{"speaker":"Carl Widger","startTime":208.289,"endTime":213.539,"body":"five over 10, over 20 years. But"},{"speaker":"Carl Widger","startTime":213.539,"endTime":219.269,"body":"also they show, you know, what's"},{"speaker":"Carl Widger","startTime":213.539,"endTime":219.269,"body":"the largest one year loss from a"},{"speaker":"Carl Widger","startTime":219.269,"endTime":222.629,"body":"6040 phone or a 4060 phone or"},{"speaker":"Carl Widger","startTime":219.269,"endTime":222.629,"body":"whatever. And I think it's"},{"speaker":"Carl Widger","startTime":222.629,"endTime":226.229,"body":"important, you know, to show"},{"speaker":"Carl Widger","startTime":222.629,"endTime":226.229,"body":"people that this has happened"},{"speaker":"Carl Widger","startTime":226.229,"endTime":229.469,"body":"before. And look what's happened"},{"speaker":"Carl Widger","startTime":226.229,"endTime":229.469,"body":"since then if you look at, you"},{"speaker":"Carl Widger","startTime":229.469,"endTime":233.489,"body":"know what happens over, when you"},{"speaker":"Carl Widger","startTime":229.469,"endTime":233.489,"body":"look to a 10 year time horizon,"},{"speaker":"Carl Widger","startTime":234.539,"endTime":238.079,"body":"you know, that the results will"},{"speaker":"Carl Widger","startTime":234.539,"endTime":238.079,"body":"kind of come through in the end."},{"speaker":"Carl Widger","startTime":239.219,"endTime":241.619,"body":"So really, I suppose what we're"},{"speaker":"Carl Widger","startTime":239.219,"endTime":241.619,"body":"trying to do is we're trying to"},{"speaker":"Carl Widger","startTime":243.029,"endTime":246.809,"body":"encourage people as much as we"},{"speaker":"Carl Widger","startTime":243.029,"endTime":246.809,"body":"possibly can just just sit in"},{"speaker":"Carl Widger","startTime":246.809,"endTime":251.849,"body":"their seat, do nothing and just"},{"speaker":"Carl Widger","startTime":246.809,"endTime":251.849,"body":"stay the course and stick with"},{"speaker":"Carl Widger","startTime":251.849,"endTime":254.819,"body":"the plan. As we say. The other"},{"speaker":"Carl Widger","startTime":251.849,"endTime":254.819,"body":"thing is, we came across a"},{"speaker":"Carl Widger","startTime":254.819,"endTime":258.059,"body":"really good chart, which we"},{"speaker":"Carl Widger","startTime":254.819,"endTime":258.059,"body":"might put in the show notes,"},{"speaker":"Carl Widger","startTime":259.079,"endTime":265.859,"body":"which is the the average returns"},{"speaker":"Carl Widger","startTime":259.079,"endTime":265.859,"body":"for the stock markets, when you"},{"speaker":"Carl Widger","startTime":265.859,"endTime":269.879,"body":"know markets have declined by"},{"speaker":"Carl Widger","startTime":265.859,"endTime":269.879,"body":"20% by 30%. And I'm just looking"},{"speaker":"Carl Widger","startTime":269.879,"endTime":274.139,"body":"at the numbers here. The the"},{"speaker":"Carl Widger","startTime":269.879,"endTime":274.139,"body":"average return the year after"},{"speaker":"Carl Widger","startTime":274.139,"endTime":280.559,"body":"20% decline is 22%. And the"},{"speaker":"Carl Widger","startTime":274.139,"endTime":280.559,"body":"average return and the year"},{"speaker":"Carl Widger","startTime":280.559,"endTime":287.069,"body":"after a 30% decline is 23.8%. So"},{"speaker":"Carl Widger","startTime":280.559,"endTime":287.069,"body":"I think it's really really"},{"speaker":"Carl Widger","startTime":287.069,"endTime":291.509,"body":"important to be you know, giving"},{"speaker":"Carl Widger","startTime":287.069,"endTime":291.509,"body":"people these, this kind of data"},{"speaker":"Carl Widger","startTime":291.659,"endTime":295.949,"body":"and for us and I did say it last"},{"speaker":"Carl Widger","startTime":291.659,"endTime":295.949,"body":"time, you know, it's definitely"},{"speaker":"Carl Widger","startTime":295.949,"endTime":299.759,"body":"getting a lot more into the"},{"speaker":"Carl Widger","startTime":295.949,"endTime":299.759,"body":"nitty gritty of investments of"},{"speaker":"Carl Widger","startTime":299.759,"endTime":306.809,"body":"mine. Kids have, I suppose have"},{"speaker":"Carl Widger","startTime":299.759,"endTime":306.809,"body":"given given people content to"},{"speaker":"Carl Widger","startTime":306.899,"endTime":309.269,"body":"give them some comfort. And I"},{"speaker":"Carl Widger","startTime":306.899,"endTime":309.269,"body":"think that's really, really"},{"speaker":"Carl Widger","startTime":309.269,"endTime":312.959,"body":"important. But look, I just"},{"speaker":"Carl Widger","startTime":309.269,"endTime":312.959,"body":"wanted to, I suppose, bring this"},{"speaker":"Carl Widger","startTime":312.959,"endTime":317.309,"body":"point up this morning to, to"},{"speaker":"Carl Widger","startTime":312.959,"endTime":317.309,"body":"acknowledge that it's scary."},{"speaker":"Carl Widger","startTime":317.759,"endTime":320.609,"body":"It's scary for us too. And every"},{"speaker":"Carl Widger","startTime":317.759,"endTime":320.609,"body":"morning, I come in, and I look"},{"speaker":"Carl Widger","startTime":320.609,"endTime":324.269,"body":"at the assets under management,"},{"speaker":"Carl Widger","startTime":320.609,"endTime":324.269,"body":"and it's just going one way at"},{"speaker":"Carl Widger","startTime":324.269,"endTime":327.389,"body":"the moment. But to understand"},{"speaker":"Carl Widger","startTime":324.269,"endTime":327.389,"body":"and appreciate it's a temporary"},{"speaker":"Carl Widger","startTime":327.389,"endTime":330.089,"body":"market decline, and it's easy"},{"speaker":"Carl Widger","startTime":327.389,"endTime":330.089,"body":"for us as professionals dealing"},{"speaker":"Carl Widger","startTime":330.089,"endTime":332.879,"body":"with it. And I suppose within"},{"speaker":"Carl Widger","startTime":330.089,"endTime":332.879,"body":"Metis, for me to talk to my"},{"speaker":"Carl Widger","startTime":332.879,"endTime":335.189,"body":"teammates, and we kind of"},{"speaker":"Carl Widger","startTime":332.879,"endTime":335.189,"body":"reassure each other, but if"},{"speaker":"Carl Widger","startTime":335.189,"endTime":338.309,"body":"we're feeling like that, well,"},{"speaker":"Carl Widger","startTime":335.189,"endTime":338.309,"body":"what are the what are the the"},{"speaker":"Carl Widger","startTime":338.339,"endTime":340.829,"body":"unprofessional? So the people"},{"speaker":"Carl Widger","startTime":338.339,"endTime":340.829,"body":"who are running their business,"},{"speaker":"Carl Widger","startTime":340.829,"endTime":343.679,"body":"our clients, right? What how are"},{"speaker":"Carl Widger","startTime":340.829,"endTime":343.679,"body":"they feeling and just to"},{"speaker":"Carl Widger","startTime":343.889,"endTime":347.729,"body":"acknowledge that it's okay, but"},{"speaker":"Carl Widger","startTime":343.889,"endTime":347.729,"body":"very, very interested to hear"},{"speaker":"Carl Widger","startTime":348.719,"endTime":351.719,"body":"what you guys might be doing."},{"speaker":"Carl Widger","startTime":348.719,"endTime":351.719,"body":"And I'm sure all of our"},{"speaker":"Carl Widger","startTime":351.719,"endTime":356.669,"body":"listeners and viewers will be"},{"speaker":"Carl Widger","startTime":351.719,"endTime":356.669,"body":"interested to hear wash, you"},{"speaker":"Carl Widger","startTime":356.669,"endTime":360.329,"body":"know, what other tactics can be"},{"speaker":"Carl Widger","startTime":356.669,"endTime":360.329,"body":"employed, to try and keep our"},{"speaker":"Carl Widger","startTime":360.329,"endTime":363.239,"body":"clients. You know, give them"},{"speaker":"Carl Widger","startTime":360.329,"endTime":363.239,"body":"some comfort, but keep them in"},{"speaker":"Carl Widger","startTime":363.239,"endTime":365.999,"body":"their seats so that they don't"},{"speaker":"Carl Widger","startTime":363.239,"endTime":365.999,"body":"make that big mistake, which is"},{"speaker":"Carl Widger","startTime":365.999,"endTime":369.719,"body":"basically bailing out when there"},{"speaker":"Carl Widger","startTime":365.999,"endTime":369.719,"body":"are temporary market declines"},{"speaker":"Carl Widger","startTime":369.719,"endTime":372.809,"body":"like this. Andy, what what what"},{"speaker":"Carl Widger","startTime":369.719,"endTime":372.809,"body":"are your thoughts on this?"},{"speaker":"Andy Hart","startTime":376.02,"endTime":379.95,"body":"Well, yeah, this is"},{"speaker":"Andy Hart","startTime":376.02,"endTime":379.95,"body":"very, obviously current. Just"},{"speaker":"Andy Hart","startTime":379.95,"endTime":382.14,"body":"looking at the numbers today,"},{"speaker":"Andy Hart","startTime":379.95,"endTime":382.14,"body":"actually, we're looking at the"},{"speaker":"Andy Hart","startTime":382.14,"endTime":385.11,"body":"September numbers. So the month"},{"speaker":"Andy Hart","startTime":382.14,"endTime":385.11,"body":"of September, global equities"},{"speaker":"Andy Hart","startTime":385.11,"endTime":390.33,"body":"were down 8.3%, just the month"},{"speaker":"Andy Hart","startTime":385.11,"endTime":390.33,"body":"of September, US equities were"},{"speaker":"Andy Hart","startTime":390.33,"endTime":393.78,"body":"down 9.3. Obviously, they're the"},{"speaker":"Andy Hart","startTime":390.33,"endTime":393.78,"body":"very unimportant numbers, but"},{"speaker":"Andy Hart","startTime":393.78,"endTime":399.0,"body":"they're the numbers that our"},{"speaker":"Andy Hart","startTime":393.78,"endTime":399.0,"body":"clients, you know, a told,"},{"speaker":"Andy Hart","startTime":399.06,"endTime":401.19,"body":"obviously, during these times,"},{"speaker":"Andy Hart","startTime":399.06,"endTime":401.19,"body":"because they have to report"},{"speaker":"Andy Hart","startTime":401.22,"endTime":405.06,"body":"obviously, the recent numbers, I"},{"speaker":"Andy Hart","startTime":401.22,"endTime":405.06,"body":"think it's everything we do is,"},{"speaker":"Andy Hart","startTime":405.6,"endTime":408.0,"body":"you know, client focused"},{"speaker":"Andy Hart","startTime":405.6,"endTime":408.0,"body":"financial advisors, it's not as"},{"speaker":"Andy Hart","startTime":408.0,"endTime":411.33,"body":"if we're reacting to this stuff."},{"speaker":"Andy Hart","startTime":408.0,"endTime":411.33,"body":"I mean, we've got to live sleep"},{"speaker":"Andy Hart","startTime":411.33,"endTime":413.82,"body":"and breathe this the moment we"},{"speaker":"Andy Hart","startTime":411.33,"endTime":413.82,"body":"take the clients on, you know,"},{"speaker":"Andy Hart","startTime":413.82,"endTime":416.22,"body":"Tee them up for it during the"},{"speaker":"Andy Hart","startTime":413.82,"endTime":416.22,"body":"good times and the bad times."},{"speaker":"Andy Hart","startTime":417.39,"endTime":422.01,"body":"But yeah, 2022 is certainly"},{"speaker":"Andy Hart","startTime":417.39,"endTime":422.01,"body":"turning out to be an interesting"},{"speaker":"Andy Hart","startTime":422.01,"endTime":425.22,"body":"year. It's great news,"},{"speaker":"Andy Hart","startTime":422.01,"endTime":425.22,"body":"obviously, for our clients that"},{"speaker":"Andy Hart","startTime":425.22,"endTime":428.52,"body":"are investing every single"},{"speaker":"Andy Hart","startTime":425.22,"endTime":428.52,"body":"month. Again, they can't process"},{"speaker":"Andy Hart","startTime":428.52,"endTime":431.97,"body":"this, they can't intellectualize"},{"speaker":"Andy Hart","startTime":428.52,"endTime":431.97,"body":"this, but again, they're buying"},{"speaker":"Andy Hart","startTime":431.97,"endTime":434.85,"body":"units, they're not buying stock"},{"speaker":"Andy Hart","startTime":431.97,"endTime":434.85,"body":"market prices, but all they are"},{"speaker":"Andy Hart","startTime":434.85,"endTime":437.28,"body":"told is the prices that they"},{"speaker":"Andy Hart","startTime":434.85,"endTime":437.28,"body":"never look at the units that"},{"speaker":"Andy Hart","startTime":437.28,"endTime":439.59,"body":"they're buying. So it's good"},{"speaker":"Andy Hart","startTime":437.28,"endTime":439.59,"body":"news for people that are"},{"speaker":"Andy Hart","startTime":439.59,"endTime":442.44,"body":"investing every single month, I"},{"speaker":"Andy Hart","startTime":439.59,"endTime":442.44,"body":"believe, as a financial advisor,"},{"speaker":"Andy Hart","startTime":442.47,"endTime":444.63,"body":"you need to be invested in the"},{"speaker":"Andy Hart","startTime":442.47,"endTime":444.63,"body":"same portfolio, you're telling"},{"speaker":"Andy Hart","startTime":444.63,"endTime":448.35,"body":"your clients to stick with, I'm"},{"speaker":"Andy Hart","startTime":444.63,"endTime":448.35,"body":"invested in my most highly"},{"speaker":"Andy Hart","startTime":448.35,"endTime":452.22,"body":"volatile portfolio that made an"},{"speaker":"Andy Hart","startTime":448.35,"endTime":452.22,"body":"investor 100. I think it's an"},{"speaker":"Andy Hart","startTime":452.22,"endTime":455.28,"body":"absolute, you know, professional"},{"speaker":"Andy Hart","startTime":452.22,"endTime":455.28,"body":"crime to not be invested in the"},{"speaker":"Andy Hart","startTime":455.28,"endTime":458.46,"body":"same portfolios as your clients."},{"speaker":"Andy Hart","startTime":455.28,"endTime":458.46,"body":"And I believe you should be"},{"speaker":"Andy Hart","startTime":458.46,"endTime":462.48,"body":"invested in the most volatile"},{"speaker":"Andy Hart","startTime":458.46,"endTime":462.48,"body":"portfolio that your clients are"},{"speaker":"Andy Hart","startTime":462.48,"endTime":466.47,"body":"invested in as well. So yeah, a"},{"speaker":"Andy Hart","startTime":462.48,"endTime":466.47,"body":"couple of points there. I do"},{"speaker":"Andy Hart","startTime":466.47,"endTime":469.35,"body":"share as much as I can with"},{"speaker":"Andy Hart","startTime":466.47,"endTime":469.35,"body":"clients in terms of data and a"},{"speaker":"Andy Hart","startTime":469.35,"endTime":471.99,"body":"few other things that you"},{"speaker":"Andy Hart","startTime":469.35,"endTime":471.99,"body":"mentioned, Carl, but is about"},{"speaker":"Andy Hart","startTime":471.99,"endTime":474.63,"body":"having grown up conversations"},{"speaker":"Andy Hart","startTime":471.99,"endTime":474.63,"body":"with clients. Fortunately, I"},{"speaker":"Andy Hart","startTime":474.63,"endTime":477.39,"body":"haven't got any grenades that"},{"speaker":"Andy Hart","startTime":474.63,"endTime":477.39,"body":"have been thrown into my"},{"speaker":"Andy Hart","startTime":477.39,"endTime":480.3,"body":"business, which usually take the"},{"speaker":"Andy Hart","startTime":477.39,"endTime":480.3,"body":"form of an email that's been"},{"speaker":"Andy Hart","startTime":480.3,"endTime":483.57,"body":"sent on a on a cold Sunday"},{"speaker":"Andy Hart","startTime":480.3,"endTime":483.57,"body":"evening from a client who just"},{"speaker":"Andy Hart","startTime":483.57,"endTime":487.41,"body":"takes one second to press"},{"speaker":"Andy Hart","startTime":483.57,"endTime":487.41,"body":"compose, and then says something"},{"speaker":"Andy Hart","startTime":487.41,"endTime":490.98,"body":"like, Andy, I'm concerned about"},{"speaker":"Andy Hart","startTime":487.41,"endTime":490.98,"body":"my portfolio, what are you doing"},{"speaker":"Andy Hart","startTime":490.98,"endTime":495.57,"body":"about it? Potentially, which is"},{"speaker":"Andy Hart","startTime":490.98,"endTime":495.57,"body":"a huge yellow card in my"},{"speaker":"Andy Hart","startTime":495.57,"endTime":501.75,"body":"business. So yeah, I suppose"},{"speaker":"Andy Hart","startTime":495.57,"endTime":501.75,"body":"I've been educating clients"},{"speaker":"Andy Hart","startTime":501.78,"endTime":505.86,"body":"teaching them ever since I've"},{"speaker":"Andy Hart","startTime":501.78,"endTime":505.86,"body":"taken them on. We tell them the"},{"speaker":"Andy Hart","startTime":505.86,"endTime":509.31,"body":"numbers going in the put the"},{"speaker":"Andy Hart","startTime":505.86,"endTime":509.31,"body":"markets generally rise about 75%"},{"speaker":"Andy Hart","startTime":509.31,"endTime":513.03,"body":"of the time and decline about"},{"speaker":"Andy Hart","startTime":509.31,"endTime":513.03,"body":"25% of the time, every year, the"},{"speaker":"Andy Hart","startTime":513.03,"endTime":515.52,"body":"markets going to go from a high"},{"speaker":"Andy Hart","startTime":513.03,"endTime":515.52,"body":"point to a low point of on"},{"speaker":"Andy Hart","startTime":515.52,"endTime":519.15,"body":"average about minus 14%. Every"},{"speaker":"Andy Hart","startTime":515.52,"endTime":519.15,"body":"three to five years expect at"},{"speaker":"Andy Hart","startTime":519.15,"endTime":523.86,"body":"least double that. So yeah,"},{"speaker":"Andy Hart","startTime":519.15,"endTime":523.86,"body":"that's it really. Back to you,"},{"speaker":"Andy Hart","startTime":523.86,"endTime":525.09,"body":"Carl, over to you, Nick."},{"speaker":"Carl Widger","startTime":525.3,"endTime":528.75,"body":"Yeah. Thanks for"},{"speaker":"Carl Widger","startTime":525.3,"endTime":528.75,"body":"that. Andy, I suppose we'll just"},{"speaker":"Carl Widger","startTime":528.75,"endTime":532.14,"body":"have one point that you made"},{"speaker":"Carl Widger","startTime":528.75,"endTime":532.14,"body":"there, it's, you know, stick"},{"speaker":"Carl Widger","startTime":532.14,"endTime":534.75,"body":"with the plan is our mantra,"},{"speaker":"Carl Widger","startTime":532.14,"endTime":534.75,"body":"which is very similar to what"},{"speaker":"Carl Widger","startTime":534.75,"endTime":538.02,"body":"you're saying. I do think,"},{"speaker":"Carl Widger","startTime":534.75,"endTime":538.02,"body":"though, that we've got to be"},{"speaker":"Carl Widger","startTime":538.02,"endTime":542.67,"body":"cognizant of human beings and"},{"speaker":"Carl Widger","startTime":538.02,"endTime":542.67,"body":"feelings and emotions and have"},{"speaker":"Carl Widger","startTime":542.67,"endTime":546.15,"body":"been okay to, you know, if"},{"speaker":"Carl Widger","startTime":542.67,"endTime":546.15,"body":"you've got a significant part of"},{"speaker":"Carl Widger","startTime":546.15,"endTime":550.14,"body":"your wealth invested in a 6040"},{"speaker":"Carl Widger","startTime":546.15,"endTime":550.14,"body":"portfolio and you're looking at,"},{"speaker":"Carl Widger","startTime":550.14,"endTime":555.03,"body":"you know, a pretty sizable euro"},{"speaker":"Carl Widger","startTime":550.14,"endTime":555.03,"body":"or Sterling, whatever, it may be"},{"speaker":"Carl Widger","startTime":555.03,"endTime":560.97,"body":"dropped, as in, you know, that"},{"speaker":"Carl Widger","startTime":555.03,"endTime":560.97,"body":"looks to the amateur investor,"},{"speaker":"Carl Widger","startTime":561.45,"endTime":565.35,"body":"which all our clients are like,"},{"speaker":"Carl Widger","startTime":561.45,"endTime":565.35,"body":"the money has gone and I"},{"speaker":"Carl Widger","startTime":565.35,"endTime":570.24,"body":"suppose, yes, of course, we have"},{"speaker":"Carl Widger","startTime":565.35,"endTime":570.24,"body":"discussed at length at the"},{"speaker":"Carl Widger","startTime":570.27,"endTime":574.44,"body":"outset. And every other time we"},{"speaker":"Carl Widger","startTime":570.27,"endTime":574.44,"body":"have the review meetings that"},{"speaker":"Carl Widger","startTime":574.44,"endTime":578.55,"body":"look, these are temporary market"},{"speaker":"Carl Widger","startTime":574.44,"endTime":578.55,"body":"declines. I think it's okay to"},{"speaker":"Carl Widger","startTime":578.58,"endTime":582.81,"body":"for our clients to approach it"},{"speaker":"Carl Widger","startTime":578.58,"endTime":582.81,"body":"like that. And therefore, we"},{"speaker":"Carl Widger","startTime":582.81,"endTime":585.93,"body":"need to approach our clients a"},{"speaker":"Carl Widger","startTime":582.81,"endTime":585.93,"body":"little bit differently, and to,"},{"speaker":"Carl Widger","startTime":585.96,"endTime":588.93,"body":"you know, talk them through it"},{"speaker":"Carl Widger","startTime":585.96,"endTime":588.93,"body":"and be very patient about it."},{"speaker":"Carl Widger","startTime":588.96,"endTime":593.94,"body":"Because I've found in the past"},{"speaker":"Carl Widger","startTime":588.96,"endTime":593.94,"body":"if you're, if you don't take a"},{"speaker":"Carl Widger","startTime":593.94,"endTime":597.51,"body":"very empathetic view, you know,"},{"speaker":"Carl Widger","startTime":593.94,"endTime":597.51,"body":"you're gonna find yourself in"},{"speaker":"Carl Widger","startTime":597.51,"endTime":599.85,"body":"trouble and you might lose a"},{"speaker":"Carl Widger","startTime":597.51,"endTime":599.85,"body":"little bit of trust with the"},{"speaker":"Carl Widger","startTime":599.85,"endTime":603.75,"body":"fact So I think you've just got"},{"speaker":"Carl Widger","startTime":599.85,"endTime":603.75,"body":"to be in massive listening mode"},{"speaker":"Carl Widger","startTime":603.75,"endTime":606.69,"body":"right now, and then have a"},{"speaker":"Carl Widger","startTime":603.75,"endTime":606.69,"body":"couple of key messages that you"},{"speaker":"Carl Widger","startTime":606.69,"endTime":609.3,"body":"want to deliver. Alan, what are"},{"speaker":"Carl Widger","startTime":606.69,"endTime":609.3,"body":"your thoughts on this?"},{"speaker":"Alan Smith","startTime":610.41,"endTime":615.36,"body":"Yeah, all good"},{"speaker":"Alan Smith","startTime":610.41,"endTime":615.36,"body":"points, guys. My thoughts are"},{"speaker":"Alan Smith","startTime":615.39,"endTime":619.11,"body":"that what we what we don't want"},{"speaker":"Alan Smith","startTime":615.39,"endTime":619.11,"body":"to do this time around, what"},{"speaker":"Alan Smith","startTime":619.11,"endTime":622.92,"body":"you've done in the past is"},{"speaker":"Alan Smith","startTime":619.11,"endTime":622.92,"body":"bombard clients with stats and"},{"speaker":"Alan Smith","startTime":622.92,"endTime":627.99,"body":"data and charts to kind of seen"},{"speaker":"Alan Smith","startTime":622.92,"endTime":627.99,"body":"it all before, really, my view"},{"speaker":"Alan Smith","startTime":627.99,"endTime":632.04,"body":"is, what clients are looking for"},{"speaker":"Alan Smith","startTime":627.99,"endTime":632.04,"body":"is empathy. And just to wrap up"},{"speaker":"Alan Smith","startTime":632.04,"endTime":635.55,"body":"a couple of points that you guys"},{"speaker":"Alan Smith","startTime":632.04,"endTime":635.55,"body":"have already said, it remains"},{"speaker":"Alan Smith","startTime":635.55,"endTime":638.4,"body":"the fact that, you know, I, and"},{"speaker":"Alan Smith","startTime":635.55,"endTime":638.4,"body":"I'm sure you guys and my"},{"speaker":"Alan Smith","startTime":638.4,"endTime":642.75,"body":"colleagues are all invested, we"},{"speaker":"Alan Smith","startTime":638.4,"endTime":642.75,"body":"have our own family's wealth,"},{"speaker":"Alan Smith","startTime":642.78,"endTime":646.59,"body":"you know, liquid investments"},{"speaker":"Alan Smith","startTime":642.78,"endTime":646.59,"body":"invested exactly the same way. I"},{"speaker":"Alan Smith","startTime":646.59,"endTime":648.99,"body":"don't know how this is going to"},{"speaker":"Alan Smith","startTime":646.59,"endTime":648.99,"body":"turn out. It's a very"},{"speaker":"Alan Smith","startTime":648.99,"endTime":653.04,"body":"unpredictable market right now,"},{"speaker":"Alan Smith","startTime":648.99,"endTime":653.04,"body":"as Nick has already alluded to,"},{"speaker":"Alan Smith","startTime":653.07,"endTime":656.01,"body":"you've got politicians sort of"},{"speaker":"Alan Smith","startTime":653.07,"endTime":656.01,"body":"making decisions, then you"},{"speaker":"Alan Smith","startTime":656.01,"endTime":658.83,"body":"turning back and forwards. So"},{"speaker":"Alan Smith","startTime":656.01,"endTime":658.83,"body":"you know, we all know, this"},{"speaker":"Alan Smith","startTime":658.83,"endTime":662.07,"body":"stuff is unpredictable. So I"},{"speaker":"Alan Smith","startTime":658.83,"endTime":662.07,"body":"think the message and the"},{"speaker":"Alan Smith","startTime":662.07,"endTime":665.67,"body":"message that we have actually"},{"speaker":"Alan Smith","startTime":662.07,"endTime":665.67,"body":"given to clients is that we're"},{"speaker":"Alan Smith","startTime":665.67,"endTime":669.63,"body":"not certain we're unsure. We're"},{"speaker":"Alan Smith","startTime":665.67,"endTime":669.63,"body":"exactly in the same boat as you"},{"speaker":"Alan Smith","startTime":669.63,"endTime":674.07,"body":"are, personally. But we've got"},{"speaker":"Alan Smith","startTime":669.63,"endTime":674.07,"body":"your back, we're looking out for"},{"speaker":"Alan Smith","startTime":674.07,"endTime":676.41,"body":"you. I think one of the biggest"},{"speaker":"Alan Smith","startTime":674.07,"endTime":676.41,"body":"things if this goes into the"},{"speaker":"Alan Smith","startTime":676.41,"endTime":680.7,"body":"deep behavioral stuff, human"},{"speaker":"Alan Smith","startTime":676.41,"endTime":680.7,"body":"beings don't like uncertainty,"},{"speaker":"Alan Smith","startTime":680.97,"endTime":682.95,"body":"when it's things beyond our"},{"speaker":"Alan Smith","startTime":680.97,"endTime":682.95,"body":"control, particularly things"},{"speaker":"Alan Smith","startTime":682.95,"endTime":686.55,"body":"that we don't really understand."},{"speaker":"Alan Smith","startTime":682.95,"endTime":686.55,"body":"And this is this is what's made"},{"speaker":"Alan Smith","startTime":686.55,"endTime":690.63,"body":"this current period of"},{"speaker":"Alan Smith","startTime":686.55,"endTime":690.63,"body":"volatility, a bit different,"},{"speaker":"Alan Smith","startTime":690.63,"endTime":692.7,"body":"they're always a bit different"},{"speaker":"Alan Smith","startTime":690.63,"endTime":692.7,"body":"to the previous ones underlying"},{"speaker":"Alan Smith","startTime":692.7,"endTime":695.58,"body":"things, which are actually the"},{"speaker":"Alan Smith","startTime":692.7,"endTime":695.58,"body":"same, but we know that, you"},{"speaker":"Alan Smith","startTime":695.58,"endTime":697.68,"body":"know, stocks and shares,"},{"speaker":"Alan Smith","startTime":695.58,"endTime":697.68,"body":"equities can go up and down and"},{"speaker":"Alan Smith","startTime":697.68,"endTime":700.74,"body":"do go up, up and down quite"},{"speaker":"Alan Smith","startTime":697.68,"endTime":700.74,"body":"regularly. But we had all felt"},{"speaker":"Alan Smith","startTime":700.74,"endTime":703.89,"body":"that maybe having having bonds"},{"speaker":"Alan Smith","startTime":700.74,"endTime":703.89,"body":"in your portfolio was going to"},{"speaker":"Alan Smith","startTime":703.89,"endTime":707.13,"body":"dampen down that volatility."},{"speaker":"Alan Smith","startTime":703.89,"endTime":707.13,"body":"Well, current crisis meant that"},{"speaker":"Alan Smith","startTime":707.13,"endTime":711.3,"body":"it it hasn't done in fact, it's"},{"speaker":"Alan Smith","startTime":707.13,"endTime":711.3,"body":"added to it. So we've certainly"},{"speaker":"Alan Smith","startTime":711.3,"endTime":713.73,"body":"got clients who are at the sort"},{"speaker":"Alan Smith","startTime":711.3,"endTime":713.73,"body":"of"},{"speaker":"Andy Hart","startTime":715.02,"endTime":716.82,"body":"global equity"},{"speaker":"Andy Hart","startTime":715.02,"endTime":716.82,"body":"superfans."},{"speaker":"Alan Smith","startTime":718.11,"endTime":719.73,"body":"Right, okay, and"},{"speaker":"Alan Smith","startTime":718.11,"endTime":719.73,"body":"well, I think we're gonna come"},{"speaker":"Alan Smith","startTime":719.73,"endTime":722.7,"body":"on to that one of the, one of"},{"speaker":"Alan Smith","startTime":719.73,"endTime":722.7,"body":"the questions we've had coming"},{"speaker":"Alan Smith","startTime":722.7,"endTime":725.37,"body":"in from from a listener just"},{"speaker":"Alan Smith","startTime":722.7,"endTime":725.37,"body":"mentioned that we'll come on to"},{"speaker":"Alan Smith","startTime":725.37,"endTime":728.31,"body":"that in a moment, I have a"},{"speaker":"Alan Smith","startTime":725.37,"endTime":728.31,"body":"listen, unless we have a"},{"speaker":"Alan Smith","startTime":728.31,"endTime":731.61,"body":"listener, we've got what I think"},{"speaker":"Alan Smith","startTime":728.31,"endTime":731.61,"body":"we've got to suddenly go one."},{"speaker":"Alan Smith","startTime":733.44,"endTime":736.14,"body":"That that you know, so it's"},{"speaker":"Alan Smith","startTime":733.44,"endTime":736.14,"body":"those people who have said, I"},{"speaker":"Alan Smith","startTime":736.14,"endTime":740.16,"body":"really don't like volatility,"},{"speaker":"Alan Smith","startTime":736.14,"endTime":740.16,"body":"and this up 20%, down 20% stuff"},{"speaker":"Alan Smith","startTime":740.19,"endTime":742.89,"body":"the stock market does, I want to"},{"speaker":"Alan Smith","startTime":740.19,"endTime":742.89,"body":"avoid, I want to minimize that."},{"speaker":"Alan Smith","startTime":742.89,"endTime":746.43,"body":"So they've been whipsawed"},{"speaker":"Alan Smith","startTime":742.89,"endTime":746.43,"body":"somewhat as well. So, the thing"},{"speaker":"Alan Smith","startTime":746.43,"endTime":750.66,"body":"that we've done pulling this"},{"speaker":"Alan Smith","startTime":746.43,"endTime":750.66,"body":"together is we have I do live"},{"speaker":"Alan Smith","startTime":750.66,"endTime":753.57,"body":"video as a medium. So we have"},{"speaker":"Alan Smith","startTime":750.66,"endTime":753.57,"body":"been able to do all these"},{"speaker":"Alan Smith","startTime":753.57,"endTime":756.33,"body":"things, you know, relatively"},{"speaker":"Alan Smith","startTime":753.57,"endTime":756.33,"body":"simply, nowadays, we've had our"},{"speaker":"Alan Smith","startTime":756.36,"endTime":760.17,"body":"my colleagues, putting together"},{"speaker":"Alan Smith","startTime":756.36,"endTime":760.17,"body":"very simple videos, Hi, we're"},{"speaker":"Alan Smith","startTime":760.17,"endTime":763.14,"body":"here, a lot of uncertainty"},{"speaker":"Alan Smith","startTime":760.17,"endTime":763.14,"body":"around, we're in the same boat"},{"speaker":"Alan Smith","startTime":763.14,"endTime":765.66,"body":"as you are, we're paying"},{"speaker":"Alan Smith","startTime":763.14,"endTime":765.66,"body":"attention to this 100% of the"},{"speaker":"Alan Smith","startTime":765.66,"endTime":768.72,"body":"time, we've got your back, we'll"},{"speaker":"Alan Smith","startTime":765.66,"endTime":768.72,"body":"get through this, this too shall"},{"speaker":"Alan Smith","startTime":768.72,"endTime":771.75,"body":"pass. If you want to jump on a"},{"speaker":"Alan Smith","startTime":768.72,"endTime":771.75,"body":"call video or wanna meet me face"},{"speaker":"Alan Smith","startTime":771.75,"endTime":775.2,"body":"to face anytime you want. I'm"},{"speaker":"Alan Smith","startTime":771.75,"endTime":775.2,"body":"here, this is the time for"},{"speaker":"Alan Smith","startTime":775.2,"endTime":778.95,"body":"advisors to be visible. This is"},{"speaker":"Alan Smith","startTime":775.2,"endTime":778.95,"body":"this is the key point. So that's"},{"speaker":"Alan Smith","startTime":779.52,"endTime":782.58,"body":"the reason there is no from"},{"speaker":"Alan Smith","startTime":779.52,"endTime":782.58,"body":"answer to this. There's no"},{"speaker":"Alan Smith","startTime":782.58,"endTime":784.86,"body":"answer to this is no, I've got"},{"speaker":"Alan Smith","startTime":782.58,"endTime":784.86,"body":"all the solutions because no one"},{"speaker":"Alan Smith","startTime":784.86,"endTime":787.14,"body":"has got the solutions if if"},{"speaker":"Alan Smith","startTime":784.86,"endTime":787.14,"body":"someone tells you that then run"},{"speaker":"Alan Smith","startTime":787.14,"endTime":789.96,"body":"a mile away from them. But what"},{"speaker":"Alan Smith","startTime":787.14,"endTime":789.96,"body":"people want is to know, all"},{"speaker":"Alan Smith","startTime":789.96,"endTime":791.97,"body":"right, I know I can get on a"},{"speaker":"Alan Smith","startTime":789.96,"endTime":791.97,"body":"call with you anytime you want."},{"speaker":"Alan Smith","startTime":792.24,"endTime":795.03,"body":"Me raising this as a question"},{"speaker":"Alan Smith","startTime":792.24,"endTime":795.03,"body":"isn't a dumb thing to do? No,"},{"speaker":"Alan Smith","startTime":795.03,"endTime":798.33,"body":"it's not, we're all feel the"},{"speaker":"Alan Smith","startTime":795.03,"endTime":798.33,"body":"same way. So having authentic"},{"speaker":"Alan Smith","startTime":798.39,"endTime":801.09,"body":"empathy, when the moment will"},{"speaker":"Alan Smith","startTime":798.39,"endTime":801.09,"body":"make the difference right now"},{"speaker":"Alan Smith","startTime":801.09,"endTime":804.15,"body":"get on the front foot, use video"},{"speaker":"Alan Smith","startTime":801.09,"endTime":804.15,"body":"if you can, and say if you'd"},{"speaker":"Alan Smith","startTime":804.15,"endTime":805.77,"body":"like to have a meeting, you"},{"speaker":"Alan Smith","startTime":804.15,"endTime":805.77,"body":"wanna grab a cup of cup of"},{"speaker":"Alan Smith","startTime":805.77,"endTime":808.44,"body":"coffee and have a conversation."},{"speaker":"Alan Smith","startTime":805.77,"endTime":808.44,"body":"Anytime you want. I'm here."},{"speaker":"Carl Widger","startTime":809.19,"endTime":815.22,"body":"So, Nick, before I"},{"speaker":"Carl Widger","startTime":809.19,"endTime":815.22,"body":"get your views? Yeah, can I just"},{"speaker":"Carl Widger","startTime":815.22,"endTime":819.63,"body":"ask Alan, the videos that you're"},{"speaker":"Carl Widger","startTime":815.22,"endTime":819.63,"body":"doing clients? Are they? Are you"},{"speaker":"Carl Widger","startTime":819.63,"endTime":822.42,"body":"doing kind of a generic video"},{"speaker":"Carl Widger","startTime":819.63,"endTime":822.42,"body":"and sending it to everybody? Are"},{"speaker":"Carl Widger","startTime":822.42,"endTime":825.84,"body":"you doing very much client"},{"speaker":"Carl Widger","startTime":822.42,"endTime":825.84,"body":"specific one on one videos? Or"},{"speaker":"Carl Widger","startTime":825.84,"endTime":826.77,"body":"how are you doing it?"},{"speaker":"Alan Smith","startTime":826.89,"endTime":829.98,"body":"Yeah, good question."},{"speaker":"Alan Smith","startTime":826.89,"endTime":829.98,"body":"I've spoken in the past about"},{"speaker":"Alan Smith","startTime":830.01,"endTime":834.27,"body":"making much more specific videos"},{"speaker":"Alan Smith","startTime":830.01,"endTime":834.27,"body":"and doing kind of one on one in"},{"speaker":"Alan Smith","startTime":834.27,"endTime":837.93,"body":"the interests and that that is"},{"speaker":"Alan Smith","startTime":834.27,"endTime":837.93,"body":"an ideal thing to do. Go through"},{"speaker":"Alan Smith","startTime":837.93,"endTime":842.52,"body":"in the interest of speed, what"},{"speaker":"Alan Smith","startTime":837.93,"endTime":842.52,"body":"we've done is we've broken it in"},{"speaker":"Alan Smith","startTime":842.52,"endTime":844.56,"body":"the past, I've been the one"},{"speaker":"Alan Smith","startTime":842.52,"endTime":844.56,"body":"who'd been in the front for kind"},{"speaker":"Alan Smith","startTime":844.56,"endTime":847.53,"body":"of the the the voice or the face"},{"speaker":"Alan Smith","startTime":844.56,"endTime":847.53,"body":"of the company, but we felt is"},{"speaker":"Alan Smith","startTime":847.53,"endTime":850.56,"body":"far better and more authentic to"},{"speaker":"Alan Smith","startTime":847.53,"endTime":850.56,"body":"come from individual advisors."},{"speaker":"Alan Smith","startTime":850.89,"endTime":853.41,"body":"So my colleagues who are the"},{"speaker":"Alan Smith","startTime":850.89,"endTime":853.41,"body":"ones who really are, you know,"},{"speaker":"Alan Smith","startTime":853.86,"endTime":856.17,"body":"client facing have the"},{"speaker":"Alan Smith","startTime":853.86,"endTime":856.17,"body":"individual relationships with"},{"speaker":"Alan Smith","startTime":856.17,"endTime":860.4,"body":"the clients. They're the ones"},{"speaker":"Alan Smith","startTime":856.17,"endTime":860.4,"body":"who have created videos, and"},{"speaker":"Alan Smith","startTime":860.4,"endTime":862.2,"body":"they've done them to all"},{"speaker":"Alan Smith","startTime":860.4,"endTime":862.2,"body":"clients. We've sent them out to"},{"speaker":"Alan Smith","startTime":862.2,"endTime":866.37,"body":"all clients. Just and it really"},{"speaker":"Alan Smith","startTime":862.2,"endTime":866.37,"body":"is just a, you're putting your"},{"speaker":"Alan Smith","startTime":866.37,"endTime":869.88,"body":"hand up, say I'm here. And I"},{"speaker":"Alan Smith","startTime":866.37,"endTime":869.88,"body":"think after that, we're also"},{"speaker":"Alan Smith","startTime":869.88,"endTime":872.73,"body":"looking at where we've"},{"speaker":"Alan Smith","startTime":869.88,"endTime":872.73,"body":"identified clients that are"},{"speaker":"Alan Smith","startTime":872.88,"endTime":876.09,"body":"you're more concerned, as I"},{"speaker":"Alan Smith","startTime":872.88,"endTime":876.09,"body":"mentioned before, those that"},{"speaker":"Alan Smith","startTime":876.09,"endTime":880.2,"body":"have engaged with us more"},{"speaker":"Alan Smith","startTime":876.09,"endTime":880.2,"body":"recently, that yeah, there's a"},{"speaker":"Alan Smith","startTime":880.2,"endTime":887.52,"body":"big 12 I would say first 36"},{"speaker":"Alan Smith","startTime":880.2,"endTime":887.52,"body":"months. Yeah, yeah, they're the"},{"speaker":"Alan Smith","startTime":887.52,"endTime":889.5,"body":"ones that have bought hang on a"},{"speaker":"Alan Smith","startTime":887.52,"endTime":889.5,"body":"minute. I didn't realize this"},{"speaker":"Alan Smith","startTime":889.5,"endTime":891.78,"body":"was going to go against me that"},{"speaker":"Alan Smith","startTime":889.5,"endTime":891.78,"body":"I've just I've just hired you"},{"speaker":"Alan Smith","startTime":891.78,"endTime":893.19,"body":"guys. And now I'm losing. I'm"},{"speaker":"Alan Smith","startTime":891.78,"endTime":893.19,"body":"losing."},{"speaker":"Andy Hart","startTime":894.9,"endTime":897.09,"body":"It's now Yeah."},{"speaker":"Carl Widger","startTime":898.08,"endTime":900.36,"body":"Even though you"},{"speaker":"Carl Widger","startTime":898.08,"endTime":900.36,"body":"told me I wasn't true. really"},{"speaker":"Carl Widger","startTime":900.36,"endTime":906.66,"body":"expecting it and even though my"},{"speaker":"Carl Widger","startTime":900.36,"endTime":906.66,"body":"profile even though I said I was"},{"speaker":"Carl Widger","startTime":906.66,"endTime":910.53,"body":"5x"},{"speaker":"Alan Smith","startTime":910.53,"endTime":913.68,"body":"pounds, you've"},{"speaker":"Alan Smith","startTime":910.53,"endTime":913.68,"body":"you've lost me x pounds. Yeah,"},{"speaker":"Alan Smith","startTime":913.68,"endTime":914.13,"body":"so those"},{"speaker":"Carl Widger","startTime":914.13,"endTime":916.47,"body":"are that's buyer's"},{"speaker":"Carl Widger","startTime":914.13,"endTime":916.47,"body":"remorse. That's That's"},{"speaker":"Andy Hart","startTime":916.829,"endTime":919.469,"body":"exactly like they"},{"speaker":"Andy Hart","startTime":916.829,"endTime":919.469,"body":"made a mistake really, really"},{"speaker":"Andy Hart","startTime":919.529,"endTime":921.209,"body":"firm. They've made a mistake."},{"speaker":"Andy Hart","startTime":919.529,"endTime":921.209,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":921.24,"endTime":923.49,"body":"it is. And I don't"},{"speaker":"Alan Smith","startTime":921.24,"endTime":923.49,"body":"think there's much you can do"},{"speaker":"Alan Smith","startTime":923.49,"endTime":925.65,"body":"about that because I often"},{"speaker":"Alan Smith","startTime":923.49,"endTime":925.65,"body":"talked about the but this"},{"speaker":"Andy Hart","startTime":925.65,"endTime":929.7,"body":"is why the world in"},{"speaker":"Andy Hart","startTime":925.65,"endTime":929.7,"body":"life and hang on having episode"},{"speaker":"Andy Hart","startTime":929.76,"endTime":932.37,"body":"is so important. I'm gonna"},{"speaker":"Andy Hart","startTime":929.76,"endTime":932.37,"body":"continue talking over you. Did"},{"speaker":"Andy Hart","startTime":932.37,"endTime":933.75,"body":"you were the jump when you did"},{"speaker":"Andy Hart","startTime":932.37,"endTime":933.75,"body":"the video?"},{"speaker":"Carl Widger","startTime":935.49,"endTime":938.46,"body":"No, I didn't do the"},{"speaker":"Carl Widger","startTime":935.49,"endTime":938.46,"body":"video. Anyway, moving swiftly"},{"speaker":"Carl Widger","startTime":938.46,"endTime":942.75,"body":"along, Nick, Nick Lincoln, can I"},{"speaker":"Carl Widger","startTime":938.46,"endTime":942.75,"body":"ask you? I think I might know"},{"speaker":"Carl Widger","startTime":942.75,"endTime":946.23,"body":"the answer to this question. But"},{"speaker":"Carl Widger","startTime":942.75,"endTime":946.23,"body":"are you doing anything specific"},{"speaker":"Carl Widger","startTime":946.23,"endTime":950.97,"body":"for your clients? Or how are you"},{"speaker":"Carl Widger","startTime":946.23,"endTime":950.97,"body":"dealing with the the most recent"},{"speaker":"Carl Widger","startTime":951.0,"endTime":953.16,"body":"temporary market declines?"},{"speaker":"Nick Lincoln","startTime":953.85,"endTime":955.5,"body":"Yeah, I'm on the"},{"speaker":"Nick Lincoln","startTime":953.85,"endTime":955.5,"body":"cusp of thinking I should be"},{"speaker":"Nick Lincoln","startTime":955.5,"endTime":957.75,"body":"doing something this is so"},{"speaker":"Nick Lincoln","startTime":955.5,"endTime":957.75,"body":"different from two years ago,"},{"speaker":"Nick Lincoln","startTime":957.75,"endTime":962.13,"body":"when we had the Wu Han crisis,"},{"speaker":"Nick Lincoln","startTime":957.75,"endTime":962.13,"body":"you know, and markets, equity"},{"speaker":"Nick Lincoln","startTime":962.13,"endTime":964.56,"body":"markets fell off a cliff, didn't"},{"speaker":"Nick Lincoln","startTime":962.13,"endTime":964.56,"body":"they in a month by record"},{"speaker":"Nick Lincoln","startTime":964.56,"endTime":968.16,"body":"amount. And then I think all of"},{"speaker":"Nick Lincoln","startTime":964.56,"endTime":968.16,"body":"us were doing I was we were all"},{"speaker":"Nick Lincoln","startTime":968.16,"endTime":971.04,"body":"doing videos on newsletters, not"},{"speaker":"Nick Lincoln","startTime":968.16,"endTime":971.04,"body":"the kind of thing we normally"},{"speaker":"Nick Lincoln","startTime":971.04,"endTime":973.53,"body":"do, because we don't want to, we"},{"speaker":"Nick Lincoln","startTime":971.04,"endTime":973.53,"body":"don't want to give our clients"},{"speaker":"Nick Lincoln","startTime":973.53,"endTime":975.93,"body":"extra cause for concern. So we"},{"speaker":"Nick Lincoln","startTime":973.53,"endTime":975.93,"body":"make our communication when we"},{"speaker":"Nick Lincoln","startTime":975.93,"endTime":978.78,"body":"do them. Very pressing and on"},{"speaker":"Nick Lincoln","startTime":975.93,"endTime":978.78,"body":"point. And when that happened"},{"speaker":"Nick Lincoln","startTime":978.78,"endTime":981.21,"body":"two years ago, two and a half"},{"speaker":"Nick Lincoln","startTime":978.78,"endTime":981.21,"body":"years ago, we were doing I"},{"speaker":"Nick Lincoln","startTime":981.21,"endTime":984.12,"body":"haven't done it for this one, a"},{"speaker":"Nick Lincoln","startTime":981.21,"endTime":984.12,"body":"couple of reasons. Really. The"},{"speaker":"Nick Lincoln","startTime":984.12,"endTime":987.27,"body":"fact that Sterling and the euro"},{"speaker":"Nick Lincoln","startTime":984.12,"endTime":987.27,"body":"has devalued so much against the"},{"speaker":"Nick Lincoln","startTime":987.27,"endTime":990.45,"body":"dollar, which is still the"},{"speaker":"Nick Lincoln","startTime":987.27,"endTime":990.45,"body":"world's currency reserve means"},{"speaker":"Nick Lincoln","startTime":990.45,"endTime":992.73,"body":"actually, the equity market"},{"speaker":"Nick Lincoln","startTime":990.45,"endTime":992.73,"body":"falls have been kind of offset."},{"speaker":"Nick Lincoln","startTime":993.03,"endTime":995.79,"body":"What's different this time is"},{"speaker":"Nick Lincoln","startTime":993.03,"endTime":995.79,"body":"that its bond markets have"},{"speaker":"Nick Lincoln","startTime":995.79,"endTime":998.52,"body":"really had a had a pummeling, no"},{"speaker":"Nick Lincoln","startTime":995.79,"endTime":998.52,"body":"matter what we think about"},{"speaker":"Nick Lincoln","startTime":998.52,"endTime":1003.26,"body":"bonds, and I'll come on to that"},{"speaker":"Nick Lincoln","startTime":998.52,"endTime":1003.26,"body":"in a second. They dominate in"},{"speaker":"Nick Lincoln","startTime":1003.26,"endTime":1006.2,"body":"terms of their influence of"},{"speaker":"Nick Lincoln","startTime":1003.26,"endTime":1006.2,"body":"equity markets fall, yes, it's"},{"speaker":"Nick Lincoln","startTime":1006.2,"endTime":1009.41,"body":"unpleasant to count. But when"},{"speaker":"Nick Lincoln","startTime":1006.2,"endTime":1009.41,"body":"bond markets fall, it has"},{"speaker":"Nick Lincoln","startTime":1009.41,"endTime":1012.32,"body":"ramifications right through the"},{"speaker":"Nick Lincoln","startTime":1009.41,"endTime":1012.32,"body":"system through the banking"},{"speaker":"Nick Lincoln","startTime":1012.32,"endTime":1016.7,"body":"system, through pension fund"},{"speaker":"Nick Lincoln","startTime":1012.32,"endTime":1016.7,"body":"liabilities. So interest rate"},{"speaker":"Nick Lincoln","startTime":1016.7,"endTime":1019.13,"body":"setting and everything else. And"},{"speaker":"Nick Lincoln","startTime":1016.7,"endTime":1019.13,"body":"of course, bonds have absolutely"},{"speaker":"Nick Lincoln","startTime":1019.13,"endTime":1022.37,"body":"fallen off a cliff. As I'm sure"},{"speaker":"Nick Lincoln","startTime":1019.13,"endTime":1022.37,"body":"with you guys, most of my"},{"speaker":"Nick Lincoln","startTime":1022.37,"endTime":1024.65,"body":"clients don't have great"},{"speaker":"Nick Lincoln","startTime":1022.37,"endTime":1024.65,"body":"exposure to bonds anyway. So"},{"speaker":"Nick Lincoln","startTime":1024.65,"endTime":1027.86,"body":"thankfully, they've been inured"},{"speaker":"Nick Lincoln","startTime":1024.65,"endTime":1027.86,"body":"to that in terms of their"},{"speaker":"Nick Lincoln","startTime":1027.86,"endTime":1031.73,"body":"portfolio having having any"},{"speaker":"Nick Lincoln","startTime":1027.86,"endTime":1031.73,"body":"problems. But there are horror"},{"speaker":"Nick Lincoln","startTime":1031.73,"endTime":1035.99,"body":"stories out there. There's a and"},{"speaker":"Nick Lincoln","startTime":1031.73,"endTime":1035.99,"body":"I'm talking soon I'm going to"},{"speaker":"Nick Lincoln","startTime":1035.99,"endTime":1039.5,"body":"South Africa with Andy, for his"},{"speaker":"Nick Lincoln","startTime":1035.99,"endTime":1039.5,"body":"humans under management in in"},{"speaker":"Nick Lincoln","startTime":1039.5,"endTime":1042.59,"body":"Cape Town in next week,"},{"speaker":"Nick Lincoln","startTime":1039.5,"endTime":1042.59,"body":"actually, and I'm talking about"},{"speaker":"Nick Lincoln","startTime":1042.59,"endTime":1045.05,"body":"this has been the chance for us"},{"speaker":"Nick Lincoln","startTime":1042.59,"endTime":1045.05,"body":"to finally cleanse ourselves of"},{"speaker":"Nick Lincoln","startTime":1045.05,"endTime":1047.57,"body":"bonds in client portfolios, they"},{"speaker":"Nick Lincoln","startTime":1045.05,"endTime":1047.57,"body":"were there for one reason to"},{"speaker":"Nick Lincoln","startTime":1047.57,"endTime":1051.08,"body":"dampen volatility. Turns out"},{"speaker":"Nick Lincoln","startTime":1047.57,"endTime":1051.08,"body":"they couldn't even do that. I"},{"speaker":"Nick Lincoln","startTime":1051.08,"endTime":1053.06,"body":"think there's going to be"},{"speaker":"Nick Lincoln","startTime":1051.08,"endTime":1053.06,"body":"massive ramifications for the"},{"speaker":"Nick Lincoln","startTime":1053.06,"endTime":1056.6,"body":"attitude to risk industry that"},{"speaker":"Nick Lincoln","startTime":1053.06,"endTime":1056.6,"body":"has made a fortune over the past"},{"speaker":"Nick Lincoln","startTime":1056.6,"endTime":1059.57,"body":"20 years or so putting people"},{"speaker":"Nick Lincoln","startTime":1056.6,"endTime":1059.57,"body":"into totally inappropriate"},{"speaker":"Nick Lincoln","startTime":1059.57,"endTime":1063.83,"body":"portfolios. They've been found"},{"speaker":"Nick Lincoln","startTime":1059.57,"endTime":1063.83,"body":"wanting. There's a and this is"},{"speaker":"Nick Lincoln","startTime":1063.83,"endTime":1067.73,"body":"an extreme example. And it's"},{"speaker":"Nick Lincoln","startTime":1063.83,"endTime":1067.73,"body":"it's it's not the kind of bonds"},{"speaker":"Nick Lincoln","startTime":1067.73,"endTime":1069.62,"body":"that we will put our clients"},{"speaker":"Nick Lincoln","startTime":1067.73,"endTime":1069.62,"body":"into which will typically be"},{"speaker":"Nick Lincoln","startTime":1069.62,"endTime":1073.22,"body":"shorter duration, which are more"},{"speaker":"Nick Lincoln","startTime":1069.62,"endTime":1073.22,"body":"limited on the downside. The"},{"speaker":"Nick Lincoln","startTime":1073.22,"endTime":1077.84,"body":"ticker for it is Tango golf 73."},{"speaker":"Nick Lincoln","startTime":1073.22,"endTime":1077.84,"body":"This is a UK index linked gilt."},{"speaker":"Nick Lincoln","startTime":1078.17,"endTime":1080.78,"body":"Now index linked gilts are"},{"speaker":"Nick Lincoln","startTime":1078.17,"endTime":1080.78,"body":"different from your average guy,"},{"speaker":"Nick Lincoln","startTime":1080.78,"endTime":1083.24,"body":"no one really understands how"},{"speaker":"Nick Lincoln","startTime":1080.78,"endTime":1083.24,"body":"their prices work. I know there"},{"speaker":"Nick Lincoln","startTime":1083.24,"endTime":1086.45,"body":"are some index big deal there"},{"speaker":"Nick Lincoln","startTime":1083.24,"endTime":1086.45,"body":"are so many moving parts. This"},{"speaker":"Nick Lincoln","startTime":1086.45,"endTime":1089.78,"body":"is a long dated index linked"},{"speaker":"Nick Lincoln","startTime":1086.45,"endTime":1089.78,"body":"gilts, but when I say long dated"},{"speaker":"Nick Lincoln","startTime":1089.81,"endTime":1094.1,"body":"its redemption date is I think,"},{"speaker":"Nick Lincoln","startTime":1089.81,"endTime":1094.1,"body":"march 2073. So it's right out"},{"speaker":"Nick Lincoln","startTime":1094.1,"endTime":1100.49,"body":"there in two days. Last week,"},{"speaker":"Nick Lincoln","startTime":1094.1,"endTime":1100.49,"body":"this safe in quotes government"},{"speaker":"Nick Lincoln","startTime":1100.49,"endTime":1106.13,"body":"gilt fell by 59% it's that's the"},{"speaker":"Nick Lincoln","startTime":1100.49,"endTime":1106.13,"body":"kind of volunteer that if that"},{"speaker":"Nick Lincoln","startTime":1106.13,"endTime":1108.44,"body":"was Kathy Woods Ark fund, we'd"},{"speaker":"Nick Lincoln","startTime":1106.13,"endTime":1108.44,"body":"be saying, well, that's that's"},{"speaker":"Nick Lincoln","startTime":1108.44,"endTime":1109.88,"body":"even better. That's a bad day at"},{"speaker":"Nick Lincoln","startTime":1108.44,"endTime":1109.88,"body":"the office."},{"speaker":"Carl Widger","startTime":1113.24,"endTime":1115.97,"body":"Am I right in"},{"speaker":"Carl Widger","startTime":1113.24,"endTime":1115.97,"body":"saying that it was down 59% But"},{"speaker":"Carl Widger","startTime":1115.97,"endTime":1120.59,"body":"that consisted of down 80% And"},{"speaker":"Carl Widger","startTime":1115.97,"endTime":1120.59,"body":"then kind of back up 20% over"},{"speaker":"Carl Widger","startTime":1120.59,"endTime":1122.75,"body":"two days, I think was nothing I"},{"speaker":"Carl Widger","startTime":1120.59,"endTime":1122.75,"body":"wonder."},{"speaker":"Nick Lincoln","startTime":1123.14,"endTime":1126.02,"body":"One day is down?"},{"speaker":"Nick Lincoln","startTime":1123.14,"endTime":1126.02,"body":"49% And then it's been a 44%"},{"speaker":"Nick Lincoln","startTime":1126.17,"endTime":1129.29,"body":"loss another 15% The next day,"},{"speaker":"Nick Lincoln","startTime":1126.17,"endTime":1129.29,"body":"okay. Anyway, over two days,"},{"speaker":"Nick Lincoln","startTime":1129.29,"endTime":1133.22,"body":"it's unit price fell by not unit"},{"speaker":"Nick Lincoln","startTime":1129.29,"endTime":1133.22,"body":"price. It's its sale price, if"},{"speaker":"Nick Lincoln","startTime":1133.22,"endTime":1136.1,"body":"you went to a broker fell by"},{"speaker":"Nick Lincoln","startTime":1133.22,"endTime":1136.1,"body":"59%. And that's a guilt. Okay,"},{"speaker":"Nick Lincoln","startTime":1136.1,"endTime":1139.04,"body":"long dated. Okay, index link."},{"speaker":"Nick Lincoln","startTime":1136.1,"endTime":1139.04,"body":"But and that's, that's, that's"},{"speaker":"Nick Lincoln","startTime":1139.04,"endTime":1142.79,"body":"what's different from 2008 Nine,"},{"speaker":"Nick Lincoln","startTime":1139.04,"endTime":1142.79,"body":"and from the two and a half"},{"speaker":"Nick Lincoln","startTime":1142.79,"endTime":1146.54,"body":"years ago, is this is this, this"},{"speaker":"Nick Lincoln","startTime":1142.79,"endTime":1146.54,"body":"this this just collapse in bond"},{"speaker":"Nick Lincoln","startTime":1146.54,"endTime":1150.53,"body":"prices? Which which are really,"},{"speaker":"Nick Lincoln","startTime":1146.54,"endTime":1150.53,"body":"they ripple out that kind of"},{"speaker":"Nick Lincoln","startTime":1150.59,"endTime":1152.39,"body":"ripples out through the"},{"speaker":"Nick Lincoln","startTime":1150.59,"endTime":1152.39,"body":"financial markets?"},{"speaker":"Carl Widger","startTime":1154.13,"endTime":1157.28,"body":"So is that what"},{"speaker":"Carl Widger","startTime":1154.13,"endTime":1157.28,"body":"you're saying is that normally"},{"speaker":"Carl Widger","startTime":1157.28,"endTime":1161.72,"body":"you wouldn't necessarily go out"},{"speaker":"Carl Widger","startTime":1157.28,"endTime":1161.72,"body":"to your clients with something"},{"speaker":"Carl Widger","startTime":1161.72,"endTime":1164.15,"body":"specific, but you feel that this"},{"speaker":"Carl Widger","startTime":1161.72,"endTime":1164.15,"body":"is a little bit different this"},{"speaker":"Carl Widger","startTime":1164.15,"endTime":1167.48,"body":"time so that maybe it's"},{"speaker":"Carl Widger","startTime":1164.15,"endTime":1167.48,"body":"justifiable at this stage? Well,"},{"speaker":"Carl Widger","startTime":1167.48,"endTime":1167.81,"body":"no,"},{"speaker":"Nick Lincoln","startTime":1167.81,"endTime":1169.37,"body":"I'm not I'm not"},{"speaker":"Nick Lincoln","startTime":1167.81,"endTime":1169.37,"body":"you're saying that you're right."},{"speaker":"Nick Lincoln","startTime":1169.37,"endTime":1171.32,"body":"I wouldn't really go to my"},{"speaker":"Nick Lincoln","startTime":1169.37,"endTime":1171.32,"body":"clients, but I do do when their"},{"speaker":"Nick Lincoln","startTime":1171.32,"endTime":1174.41,"body":"equity portfolios collapse"},{"speaker":"Nick Lincoln","startTime":1171.32,"endTime":1174.41,"body":"because or temporarily decline"},{"speaker":"Nick Lincoln","startTime":1174.41,"endTime":1176.99,"body":"rather. Because that's what most"},{"speaker":"Nick Lincoln","startTime":1174.41,"endTime":1176.99,"body":"of my clients are. That's what"},{"speaker":"Nick Lincoln","startTime":1176.99,"endTime":1179.48,"body":"I'm in and as Andy said, I take"},{"speaker":"Nick Lincoln","startTime":1176.99,"endTime":1179.48,"body":"this out of the same medicines I"},{"speaker":"Nick Lincoln","startTime":1179.48,"endTime":1182.99,"body":"prescribe I'm in exactly the"},{"speaker":"Nick Lincoln","startTime":1179.48,"endTime":1182.99,"body":"same portfolio as my clients are"},{"speaker":"Nick Lincoln","startTime":1182.99,"endTime":1186.92,"body":"and and to hammer home Andy's"},{"speaker":"Nick Lincoln","startTime":1182.99,"endTime":1186.92,"body":"point. Advisors who recommend"},{"speaker":"Nick Lincoln","startTime":1186.92,"endTime":1188.48,"body":"something for themselves and"},{"speaker":"Nick Lincoln","startTime":1186.92,"endTime":1188.48,"body":"somebody different for their"},{"speaker":"Nick Lincoln","startTime":1188.48,"endTime":1192.62,"body":"clients or that are the spawn of"},{"speaker":"Nick Lincoln","startTime":1188.48,"endTime":1192.62,"body":"Satan. And that's, that's a"},{"speaker":"Nick Lincoln","startTime":1192.62,"endTime":1195.92,"body":"technical definition. So, so"},{"speaker":"Nick Lincoln","startTime":1192.62,"endTime":1195.92,"body":"when the equity markets plot, I"},{"speaker":"Nick Lincoln","startTime":1196.79,"endTime":1199.7,"body":"say most of my clients don't"},{"speaker":"Nick Lincoln","startTime":1196.79,"endTime":1199.7,"body":"have their big exposure to bonds"},{"speaker":"Nick Lincoln","startTime":1199.7,"endTime":1203.06,"body":"really. So I haven't yet reached"},{"speaker":"Nick Lincoln","startTime":1199.7,"endTime":1203.06,"body":"out to and I've got I've said it"},{"speaker":"Nick Lincoln","startTime":1203.06,"endTime":1205.85,"body":"sorry. Yeah, what but one"},{"speaker":"Alan Smith","startTime":1205.85,"endTime":1209.06,"body":"of the issues is"},{"speaker":"Alan Smith","startTime":1205.85,"endTime":1209.06,"body":"this is translating media and"},{"speaker":"Alan Smith","startTime":1209.06,"endTime":1213.05,"body":"news reports, because all over"},{"speaker":"Alan Smith","startTime":1209.06,"endTime":1213.05,"body":"the news recently was your"},{"speaker":"Alan Smith","startTime":1213.05,"endTime":1215.93,"body":"pension funds are in trouble."},{"speaker":"Alan Smith","startTime":1213.05,"endTime":1215.93,"body":"Now, the average client doesn't"},{"speaker":"Alan Smith","startTime":1215.93,"endTime":1218.63,"body":"know that what does that mean"},{"speaker":"Alan Smith","startTime":1215.93,"endTime":1218.63,"body":"their pension fund, they think,"},{"speaker":"Alan Smith","startTime":1218.63,"endTime":1221.36,"body":"Well, my opinion was probably a"},{"speaker":"Alan Smith","startTime":1218.63,"endTime":1221.36,"body":"normal money purchase, you know,"},{"speaker":"Alan Smith","startTime":1221.57,"endTime":1224.54,"body":"self invested personal pension"},{"speaker":"Alan Smith","startTime":1221.57,"endTime":1224.54,"body":"or somebody, Oh, does that mean"},{"speaker":"Alan Smith","startTime":1224.54,"endTime":1227.18,"body":"my pension is gonna get hit, as"},{"speaker":"Alan Smith","startTime":1224.54,"endTime":1227.18,"body":"opposed to is really focusing on"},{"speaker":"Alan Smith","startTime":1227.18,"endTime":1229.76,"body":"institutional defined benefit"},{"speaker":"Alan Smith","startTime":1227.18,"endTime":1229.76,"body":"schemes which are coming under"},{"speaker":"Alan Smith","startTime":1229.76,"endTime":1233.42,"body":"pressure. So just being on the"},{"speaker":"Alan Smith","startTime":1229.76,"endTime":1233.42,"body":"front foot with that and and"},{"speaker":"Alan Smith","startTime":1233.42,"endTime":1236.45,"body":"articulating and explaining, you"},{"speaker":"Alan Smith","startTime":1233.42,"endTime":1236.45,"body":"know, although it says pension"},{"speaker":"Alan Smith","startTime":1236.45,"endTime":1240.95,"body":"funds, generic is unlikely to be"},{"speaker":"Alan Smith","startTime":1236.45,"endTime":1240.95,"body":"your own pension fund. But that"},{"speaker":"Alan Smith","startTime":1240.95,"endTime":1244.82,"body":"leads me to the other thing"},{"speaker":"Alan Smith","startTime":1240.95,"endTime":1244.82,"body":"around the media communication"},{"speaker":"Alan Smith","startTime":1244.82,"endTime":1249.2,"body":"by its very nature, markets and"},{"speaker":"Alan Smith","startTime":1244.82,"endTime":1249.2,"body":"media are super, super short"},{"speaker":"Alan Smith","startTime":1249.2,"endTime":1253.1,"body":"term, the they're talking in"},{"speaker":"Alan Smith","startTime":1249.2,"endTime":1253.1,"body":"terms of hours, days, weeks,"},{"speaker":"Alan Smith","startTime":1253.64,"endTime":1256.07,"body":"whereas this is this is a"},{"speaker":"Alan Smith","startTime":1253.64,"endTime":1256.07,"body":"disconnect, because we're all"},{"speaker":"Alan Smith","startTime":1256.07,"endTime":1259.01,"body":"kind of reporting in a an"},{"speaker":"Alan Smith","startTime":1256.07,"endTime":1259.01,"body":"operating in a financial"},{"speaker":"Alan Smith","startTime":1259.01,"endTime":1265.43,"body":"services world. But our our mode"},{"speaker":"Alan Smith","startTime":1259.01,"endTime":1265.43,"body":"of operating is multi decade,"},{"speaker":"Alan Smith","startTime":1265.94,"endTime":1268.7,"body":"we're speaking to our clients"},{"speaker":"Alan Smith","startTime":1265.94,"endTime":1268.7,"body":"for, you know, 10s and 10s. of"},{"speaker":"Alan Smith","startTime":1268.7,"endTime":1270.92,"body":"years. And, you know,"},{"speaker":"Alan Smith","startTime":1268.7,"endTime":1270.92,"body":"potentially more if you're"},{"speaker":"Alan Smith","startTime":1270.92,"endTime":1273.17,"body":"talking about intergenerational"},{"speaker":"Alan Smith","startTime":1270.92,"endTime":1273.17,"body":"wealth and passing wealth down."},{"speaker":"Alan Smith","startTime":1273.71,"endTime":1277.55,"body":"So all this stuff, eventually,"},{"speaker":"Alan Smith","startTime":1273.71,"endTime":1277.55,"body":"it all settles down, doesn't it?"},{"speaker":"Alan Smith","startTime":1277.55,"endTime":1280.64,"body":"If you're talking about a 30"},{"speaker":"Alan Smith","startTime":1277.55,"endTime":1280.64,"body":"year time horizon, your bond"},{"speaker":"Alan Smith","startTime":1280.64,"endTime":1283.88,"body":"markets settled down equity"},{"speaker":"Alan Smith","startTime":1280.64,"endTime":1283.88,"body":"markets, things tend to behave"},{"speaker":"Alan Smith","startTime":1284.36,"endTime":1290.51,"body":"fairly predictable ways over"},{"speaker":"Alan Smith","startTime":1284.36,"endTime":1290.51,"body":"multi decade time periods. And"},{"speaker":"Alan Smith","startTime":1290.51,"endTime":1292.88,"body":"what we've got to deal with the"},{"speaker":"Alan Smith","startTime":1290.51,"endTime":1292.88,"body":"communications over literally"},{"speaker":"Alan Smith","startTime":1292.91,"endTime":1296.87,"body":"hour by hour, day by day, so"},{"speaker":"Alan Smith","startTime":1292.91,"endTime":1296.87,"body":"communication and sort of just"},{"speaker":"Alan Smith","startTime":1296.87,"endTime":1299.9,"body":"bridging that gap, I think is a"},{"speaker":"Alan Smith","startTime":1296.87,"endTime":1299.9,"body":"challenge for us. Just to remind"},{"speaker":"Alan Smith","startTime":1299.9,"endTime":1302.39,"body":"clients, yes, it's crazy. Yes,"},{"speaker":"Alan Smith","startTime":1299.9,"endTime":1302.39,"body":"it's up and down all over the"},{"speaker":"Alan Smith","startTime":1302.39,"endTime":1305.21,"body":"place. But we were never"},{"speaker":"Alan Smith","startTime":1302.39,"endTime":1305.21,"body":"investing for a week or a month."},{"speaker":"Carl Widger","startTime":1306.11,"endTime":1308.36,"body":"Yeah, and I think"},{"speaker":"Carl Widger","startTime":1306.11,"endTime":1308.36,"body":"the proof from that just Alan,"},{"speaker":"Carl Widger","startTime":1308.36,"endTime":1311.42,"body":"maybe that we're recording this"},{"speaker":"Carl Widger","startTime":1308.36,"endTime":1311.42,"body":"on the third of October, and it"},{"speaker":"Carl Widger","startTime":1311.42,"endTime":1315.35,"body":"won't be out for I don't know, a"},{"speaker":"Carl Widger","startTime":1311.42,"endTime":1315.35,"body":"couple of weeks. A lot of a lot"},{"speaker":"Carl Widger","startTime":1315.35,"endTime":1317.81,"body":"of what we're discussing now may"},{"speaker":"Carl Widger","startTime":1315.35,"endTime":1317.81,"body":"well be able to date by the time"},{"speaker":"Carl Widger","startTime":1317.81,"endTime":1320.33,"body":"this comes out, which just goes"},{"speaker":"Carl Widger","startTime":1317.81,"endTime":1320.33,"body":"to show how quickly things can"},{"speaker":"Carl Widger","startTime":1320.33,"endTime":1325.82,"body":"move. So, you know, I think it's"},{"speaker":"Carl Widger","startTime":1320.33,"endTime":1325.82,"body":"I think it's mostly just to be"},{"speaker":"Carl Widger","startTime":1325.82,"endTime":1328.04,"body":"out there, and to make sure your"},{"speaker":"Carl Widger","startTime":1325.82,"endTime":1328.04,"body":"clients know that you're"},{"speaker":"Carl Widger","startTime":1328.04,"endTime":1329.27,"body":"available. Sorry, Andy,"},{"speaker":"Andy Hart","startTime":1330.08,"endTime":1332.3,"body":"a couple of other"},{"speaker":"Andy Hart","startTime":1330.08,"endTime":1332.3,"body":"data points. I mean, we moved"},{"speaker":"Andy Hart","startTime":1332.3,"endTime":1335.21,"body":"into a bear market, I think in"},{"speaker":"Andy Hart","startTime":1332.3,"endTime":1335.21,"body":"July 2022, I think the market"},{"speaker":"Andy Hart","startTime":1335.21,"endTime":1337.91,"body":"was down the s\u0026p 500. If we're"},{"speaker":"Andy Hart","startTime":1335.21,"endTime":1337.91,"body":"using that as a proxy, I think"},{"speaker":"Andy Hart","startTime":1337.91,"endTime":1342.29,"body":"it was down about 24%. I think"},{"speaker":"Andy Hart","startTime":1337.91,"endTime":1342.29,"body":"now in October, it just sort of"},{"speaker":"Andy Hart","startTime":1342.29,"endTime":1345.71,"body":"breached about 26%. So the new"},{"speaker":"Andy Hart","startTime":1342.29,"endTime":1345.71,"body":"lows have been found sort of"},{"speaker":"Andy Hart","startTime":1345.71,"endTime":1349.55,"body":"three months later, which is"},{"speaker":"Andy Hart","startTime":1345.71,"endTime":1349.55,"body":"unusual, not you know, until you"},{"speaker":"Andy Hart","startTime":1349.55,"endTime":1352.13,"body":"see it, you know, it's quite"},{"speaker":"Andy Hart","startTime":1349.55,"endTime":1352.13,"body":"rare. And so you see it. The"},{"speaker":"Andy Hart","startTime":1352.13,"endTime":1354.59,"body":"other thing as well, we've got"},{"speaker":"Andy Hart","startTime":1352.13,"endTime":1354.59,"body":"globally well diversified"},{"speaker":"Andy Hart","startTime":1354.59,"endTime":1357.8,"body":"portfolio, so they're not, you"},{"speaker":"Andy Hart","startTime":1354.59,"endTime":1357.8,"body":"know, about 50% In the US, and"},{"speaker":"Andy Hart","startTime":1357.8,"endTime":1361.37,"body":"they've got a chunk in Europe"},{"speaker":"Andy Hart","startTime":1357.8,"endTime":1361.37,"body":"and Far East, etc. So I think my"},{"speaker":"Andy Hart","startTime":1361.82,"endTime":1366.17,"body":"most volatile 100% global equity"},{"speaker":"Andy Hart","startTime":1361.82,"endTime":1366.17,"body":"portfolio is only down by about"},{"speaker":"Andy Hart","startTime":1366.17,"endTime":1370.22,"body":"sort of minus 12 or something"},{"speaker":"Andy Hart","startTime":1366.17,"endTime":1370.22,"body":"like that, which in the grand"},{"speaker":"Andy Hart","startTime":1370.22,"endTime":1373.19,"body":"scheme of things is not much."},{"speaker":"Andy Hart","startTime":1370.22,"endTime":1373.19,"body":"But you know, depending on what"},{"speaker":"Andy Hart","startTime":1373.19,"endTime":1376.76,"body":"headlines they see, you know,"},{"speaker":"Andy Hart","startTime":1373.19,"endTime":1376.76,"body":"depends on on how they're going"},{"speaker":"Andy Hart","startTime":1376.76,"endTime":1380.75,"body":"to react. So yeah, just a couple"},{"speaker":"Andy Hart","startTime":1376.76,"endTime":1380.75,"body":"of other sort of data points."},{"speaker":"Nick Lincoln","startTime":1382.609,"endTime":1384.769,"body":"I mean, I'll just"},{"speaker":"Nick Lincoln","startTime":1382.609,"endTime":1384.769,"body":"to bring home some sort of real"},{"speaker":"Nick Lincoln","startTime":1384.769,"endTime":1388.699,"body":"life. How are our clients"},{"speaker":"Nick Lincoln","startTime":1384.769,"endTime":1388.699,"body":"reacting? How are my clients we"},{"speaker":"Nick Lincoln","startTime":1388.699,"endTime":1390.709,"body":"have to do is I've got this"},{"speaker":"Nick Lincoln","startTime":1388.699,"endTime":1390.709,"body":"habit now, which I think is a"},{"speaker":"Nick Lincoln","startTime":1390.709,"endTime":1394.429,"body":"good habit on a Friday night, I"},{"speaker":"Nick Lincoln","startTime":1390.709,"endTime":1394.429,"body":"turn off incoming emails to my"},{"speaker":"Nick Lincoln","startTime":1394.429,"endTime":1397.609,"body":"work email account, okay, I kind"},{"speaker":"Nick Lincoln","startTime":1394.429,"endTime":1397.609,"body":"of snooze it. Because I just"},{"speaker":"Nick Lincoln","startTime":1397.609,"endTime":1400.219,"body":"don't want that headspace of"},{"speaker":"Nick Lincoln","startTime":1397.609,"endTime":1400.219,"body":"reading an email on a Saturday"},{"speaker":"Nick Lincoln","startTime":1400.219,"endTime":1403.339,"body":"afternoon or something."},{"speaker":"Nick Lincoln","startTime":1400.219,"endTime":1403.339,"body":"Likewise, my Sunday, and then"},{"speaker":"Nick Lincoln","startTime":1403.369,"endTime":1406.969,"body":"Sunday nights, I turn it back on"},{"speaker":"Nick Lincoln","startTime":1403.369,"endTime":1406.969,"body":"and the emails come in. And I"},{"speaker":"Nick Lincoln","startTime":1406.969,"endTime":1410.449,"body":"had eight, eight emails come in"},{"speaker":"Nick Lincoln","startTime":1406.969,"endTime":1410.449,"body":"over the weekend. Most of them"},{"speaker":"Nick Lincoln","startTime":1410.449,"endTime":1412.729,"body":"were DocuSign people signing"},{"speaker":"Nick Lincoln","startTime":1410.449,"endTime":1412.729,"body":"DocuSign stuff is all that"},{"speaker":"Nick Lincoln","startTime":1412.729,"endTime":1415.999,"body":"comes, there wasn't a single"},{"speaker":"Nick Lincoln","startTime":1412.729,"endTime":1415.999,"body":"one. I thought I was expecting I"},{"speaker":"Nick Lincoln","startTime":1415.999,"endTime":1417.739,"body":"think this is gonna be a weekend"},{"speaker":"Nick Lincoln","startTime":1415.999,"endTime":1417.739,"body":"where I'm gonna get one or two"},{"speaker":"Nick Lincoln","startTime":1417.739,"endTime":1419.599,"body":"clients saying I've read"},{"speaker":"Nick Lincoln","startTime":1417.739,"endTime":1419.599,"body":"something in the Sunday Times"},{"speaker":"Nick Lincoln","startTime":1419.599,"endTime":1423.529,"body":"comic supplements, sorry, the"},{"speaker":"Nick Lincoln","startTime":1419.599,"endTime":1423.529,"body":"money section. You know, I'm"},{"speaker":"Nick Lincoln","startTime":1423.529,"endTime":1427.339,"body":"spooked. And there was nothing."},{"speaker":"Nick Lincoln","startTime":1423.529,"endTime":1427.339,"body":"But you know, that maybe that's"},{"speaker":"Nick Lincoln","startTime":1427.339,"endTime":1431.179,"body":"because I haven't gotten an"},{"speaker":"Nick Lincoln","startTime":1427.339,"endTime":1431.179,"body":"enormous client bank. It's"},{"speaker":"Carl Widger","startTime":1432.169,"endTime":1434.809,"body":"once you once you"},{"speaker":"Carl Widger","startTime":1432.169,"endTime":1434.809,"body":"get beyond the 10 lines is"},{"speaker":"Carl Widger","startTime":1434.809,"endTime":1435.139,"body":"probably"},{"speaker":"Andy Hart","startTime":1438.29,"endTime":1442.97,"body":"gonna be a barrage. I"},{"speaker":"Andy Hart","startTime":1438.29,"endTime":1442.97,"body":"I don't think I don't think the"},{"speaker":"Andy Hart","startTime":1442.97,"endTime":1446.48,"body":"bad news is really started yet."},{"speaker":"Andy Hart","startTime":1442.97,"endTime":1446.48,"body":"I mean, this contagion effect is"},{"speaker":"Andy Hart","startTime":1446.48,"endTime":1448.37,"body":"going to be you know, again, I"},{"speaker":"Andy Hart","startTime":1446.48,"endTime":1448.37,"body":"don't want to make any"},{"speaker":"Andy Hart","startTime":1448.37,"endTime":1451.28,"body":"predictions. I think this is my"},{"speaker":"Andy Hart","startTime":1448.37,"endTime":1451.28,"body":"third crisis on going into it."},{"speaker":"Andy Hart","startTime":1451.55,"endTime":1455.12,"body":"The great financial crisis, I"},{"speaker":"Andy Hart","startTime":1451.55,"endTime":1455.12,"body":"was a little bit fresh into this"},{"speaker":"Andy Hart","startTime":1455.12,"endTime":1458.45,"body":"business COVID I was very much"},{"speaker":"Andy Hart","startTime":1455.12,"endTime":1458.45,"body":"involved in on the front foot,"},{"speaker":"Andy Hart","startTime":1458.93,"endTime":1460.88,"body":"both from the sort of health"},{"speaker":"Andy Hart","startTime":1458.93,"endTime":1460.88,"body":"standpoint, obviously,"},{"speaker":"Andy Hart","startTime":1460.88,"endTime":1463.67,"body":"everyone's going through it but"},{"speaker":"Andy Hart","startTime":1460.88,"endTime":1463.67,"body":"also financially with all my"},{"speaker":"Andy Hart","startTime":1463.67,"endTime":1467.18,"body":"clients. And this one, I'm going"},{"speaker":"Andy Hart","startTime":1463.67,"endTime":1467.18,"body":"into this, you know, eyes wide"},{"speaker":"Andy Hart","startTime":1467.18,"endTime":1470.96,"body":"open and somewhat experienced,"},{"speaker":"Andy Hart","startTime":1467.18,"endTime":1470.96,"body":"but I think there's a lot of bad"},{"speaker":"Andy Hart","startTime":1470.96,"endTime":1476.15,"body":"news to come down down the"},{"speaker":"Andy Hart","startTime":1470.96,"endTime":1476.15,"body":"track, but then how will that"},{"speaker":"Andy Hart","startTime":1476.63,"endTime":1478.46,"body":"but you know, obviously the"},{"speaker":"Andy Hart","startTime":1476.63,"endTime":1478.46,"body":"markets usually ahead of the"},{"speaker":"Andy Hart","startTime":1478.46,"endTime":1481.01,"body":"economy, we all know that. But"},{"speaker":"Andy Hart","startTime":1478.46,"endTime":1481.01,"body":"again, we're gonna get this"},{"speaker":"Andy Hart","startTime":1481.01,"endTime":1483.8,"body":"horrendous, you know, economic"},{"speaker":"Andy Hart","startTime":1481.01,"endTime":1483.8,"body":"news at the same time. So has"},{"speaker":"Andy Hart","startTime":1483.8,"endTime":1487.13,"body":"the market recovered again, we"},{"speaker":"Andy Hart","startTime":1483.8,"endTime":1487.13,"body":"just don't know. So yeah, I"},{"speaker":"Andy Hart","startTime":1487.13,"endTime":1490.43,"body":"think there's some some some"},{"speaker":"Andy Hart","startTime":1487.13,"endTime":1490.43,"body":"some pretty bad financial news"},{"speaker":"Andy Hart","startTime":1490.43,"endTime":1491.48,"body":"to come down the track."},{"speaker":"Carl Widger","startTime":1492.619,"endTime":1495.829,"body":"Yeah, I do. I do"},{"speaker":"Carl Widger","startTime":1492.619,"endTime":1495.829,"body":"think you guys are getting it"},{"speaker":"Carl Widger","startTime":1495.829,"endTime":1499.849,"body":"kind of worse because obviously"},{"speaker":"Carl Widger","startTime":1495.829,"endTime":1499.849,"body":"the UK has its own very specific"},{"speaker":"Carl Widger","startTime":1499.849,"endTime":1503.419,"body":"price. OBLEMS of which I'm okay"},{"speaker":"Carl Widger","startTime":1499.849,"endTime":1503.419,"body":"with some and not with others,"},{"speaker":"Carl Widger","startTime":1503.449,"endTime":1506.479,"body":"other than it looks like total"},{"speaker":"Carl Widger","startTime":1503.449,"endTime":1506.479,"body":"another shitshow over there."},{"speaker":"Carl Widger","startTime":1508.009,"endTime":1512.089,"body":"And, yeah, okay, as, as your"},{"speaker":"Carl Widger","startTime":1508.009,"endTime":1512.089,"body":"closest neighbors, we are kind"},{"speaker":"Carl Widger","startTime":1512.089,"endTime":1516.109,"body":"of interested as to what's going"},{"speaker":"Carl Widger","startTime":1512.089,"endTime":1516.109,"body":"on. But at the same time, you"},{"speaker":"Carl Widger","startTime":1516.109,"endTime":1519.439,"body":"know, an answer to a question"},{"speaker":"Carl Widger","startTime":1516.109,"endTime":1519.439,"body":"from a client of ours will be"},{"speaker":"Carl Widger","startTime":1520.279,"endTime":1524.089,"body":"exactly the point that Alan"},{"speaker":"Carl Widger","startTime":1520.279,"endTime":1524.089,"body":"Anandi made, you're in a"},{"speaker":"Carl Widger","startTime":1524.089,"endTime":1528.259,"body":"globally diversified portfolio."},{"speaker":"Carl Widger","startTime":1524.089,"endTime":1528.259,"body":"The UK makes up about 4% of"},{"speaker":"Carl Widger","startTime":1528.259,"endTime":1532.639,"body":"that. So you know, while yeah,"},{"speaker":"Carl Widger","startTime":1528.259,"endTime":1532.639,"body":"we'll be keeping an eye it's not"},{"speaker":"Carl Widger","startTime":1532.639,"endTime":1540.349,"body":"the be all and isn't on that"},{"speaker":"Carl Widger","startTime":1532.639,"endTime":1540.349,"body":"point. Like, what is going on"},{"speaker":"Carl Widger","startTime":1540.349,"endTime":1543.229,"body":"over there voice can somebody"},{"speaker":"Carl Widger","startTime":1540.349,"endTime":1543.229,"body":"can somebody can you summarize"},{"speaker":"Carl Widger","startTime":1543.229,"endTime":1545.509,"body":"it in in in Wireshark? You"},{"speaker":"Nick Lincoln","startTime":1545.51,"endTime":1548.51,"body":"know what I want"},{"speaker":"Nick Lincoln","startTime":1545.51,"endTime":1548.51,"body":"to be ranty? I am so I thought"},{"speaker":"Nick Lincoln","startTime":1548.51,"endTime":1551.36,"body":"last week, I thought, You know"},{"speaker":"Nick Lincoln","startTime":1548.51,"endTime":1551.36,"body":"what, maybe we've actually got a"},{"speaker":"Nick Lincoln","startTime":1551.36,"endTime":1557.21,"body":"tax reducing capitalist focused,"},{"speaker":"Nick Lincoln","startTime":1551.36,"endTime":1557.21,"body":"real growth funded by commerce,"},{"speaker":"Nick Lincoln","startTime":1557.45,"endTime":1559.94,"body":"and businesses as opposed to"},{"speaker":"Nick Lincoln","startTime":1557.45,"endTime":1559.94,"body":"funding by borrowing by"},{"speaker":"Nick Lincoln","startTime":1559.94,"endTime":1563.09,"body":"governments with it with a tax."},{"speaker":"Nick Lincoln","startTime":1559.94,"endTime":1563.09,"body":"And now they're just it's, I"},{"speaker":"Nick Lincoln","startTime":1563.09,"endTime":1568.91,"body":"mean, it defies belief that we"},{"speaker":"Nick Lincoln","startTime":1563.09,"endTime":1568.91,"body":"spent 370 billion pounds on"},{"speaker":"Nick Lincoln","startTime":1568.91,"endTime":1570.95,"body":"lockdown in total, including"},{"speaker":"Nick Lincoln","startTime":1568.91,"endTime":1570.95,"body":"furloughs and everything else"},{"speaker":"Nick Lincoln","startTime":1570.95,"endTime":1575.51,"body":"370 billion. And the chancellor"},{"speaker":"Nick Lincoln","startTime":1570.95,"endTime":1575.51,"body":"fiddled around with a top rate"},{"speaker":"Nick Lincoln","startTime":1575.51,"endTime":1577.67,"body":"of tax and brought it down to"},{"speaker":"Nick Lincoln","startTime":1575.51,"endTime":1577.67,"body":"the same as it was under the"},{"speaker":"Nick Lincoln","startTime":1577.67,"endTime":1582.35,"body":"last Labour government down to"},{"speaker":"Nick Lincoln","startTime":1577.67,"endTime":1582.35,"body":"40%. That costs 2 billion, and"},{"speaker":"Nick Lincoln","startTime":1582.35,"endTime":1585.32,"body":"his government has just backed"},{"speaker":"Nick Lincoln","startTime":1582.35,"endTime":1585.32,"body":"down in the face of criticism."},{"speaker":"Nick Lincoln","startTime":1585.35,"endTime":1590.03,"body":"It's, it's, um, the message it"},{"speaker":"Nick Lincoln","startTime":1585.35,"endTime":1590.03,"body":"sends out is absolutely the"},{"speaker":"Nick Lincoln","startTime":1590.03,"endTime":1593.09,"body":"turmoil in the bond market has"},{"speaker":"Nick Lincoln","startTime":1590.03,"endTime":1593.09,"body":"nothing to do with that 45% tax"},{"speaker":"Nick Lincoln","startTime":1593.78,"endTime":1596.09,"body":"fiddling the 2 billion is"},{"speaker":"Nick Lincoln","startTime":1593.78,"endTime":1596.09,"body":"neither here nor there for the"},{"speaker":"Nick Lincoln","startTime":1596.09,"endTime":1599.18,"body":"government, it isn't. The bond"},{"speaker":"Nick Lincoln","startTime":1596.09,"endTime":1599.18,"body":"markets are spooked by"},{"speaker":"Nick Lincoln","startTime":1599.18,"endTime":1601.67,"body":"inflation, they're spooked by"},{"speaker":"Nick Lincoln","startTime":1599.18,"endTime":1601.67,"body":"the energy subsidy that is also"},{"speaker":"Nick Lincoln","startTime":1601.67,"endTime":1604.55,"body":"given away in that budget far"},{"speaker":"Nick Lincoln","startTime":1601.67,"endTime":1604.55,"body":"bigger. And the government"},{"speaker":"Nick Lincoln","startTime":1604.55,"endTime":1610.31,"body":"should have said that, and I am,"},{"speaker":"Nick Lincoln","startTime":1604.55,"endTime":1610.31,"body":"I am just beyond. I cannot"},{"speaker":"Nick Lincoln","startTime":1610.31,"endTime":1612.71,"body":"believe what they've done there."},{"speaker":"Nick Lincoln","startTime":1610.31,"endTime":1612.71,"body":"Already. She has lost her"},{"speaker":"Nick Lincoln","startTime":1612.71,"endTime":1615.14,"body":"credibility. She'd been the"},{"speaker":"Nick Lincoln","startTime":1612.71,"endTime":1615.14,"body":"prime minister lose trust, or"},{"speaker":"Nick Lincoln","startTime":1615.14,"endTime":1619.19,"body":"really kwarteng has lost his"},{"speaker":"Nick Lincoln","startTime":1615.14,"endTime":1619.19,"body":"credibility. I don't know what I"},{"speaker":"Nick Lincoln","startTime":1619.49,"endTime":1621.83,"body":"but what do you do? who's who?"},{"speaker":"Nick Lincoln","startTime":1619.49,"endTime":1621.83,"body":"What's the alternative? That you"},{"speaker":"Nick Lincoln","startTime":1621.83,"endTime":1624.23,"body":"know, it's at the least worse? I"},{"speaker":"Nick Lincoln","startTime":1621.83,"endTime":1624.23,"body":"don't know. Alan, what do you"},{"speaker":"Nick Lincoln","startTime":1624.23,"endTime":1624.59,"body":"think?"},{"speaker":"Alan Smith","startTime":1656.1589999999999,"endTime":1659.999,"body":"I try to stay out of"},{"speaker":"Alan Smith","startTime":1656.1589999999999,"endTime":1659.999,"body":"politics. It's very difficult."},{"speaker":"Alan Smith","startTime":1659.999,"endTime":1664.259,"body":"But you're right, Nick, I was"},{"speaker":"Alan Smith","startTime":1659.999,"endTime":1664.259,"body":"broadly in favor of this. The"},{"speaker":"Alan Smith","startTime":1664.349,"endTime":1668.519,"body":"the kind of austerity style of"},{"speaker":"Alan Smith","startTime":1664.349,"endTime":1668.519,"body":"higher taxes that had been"},{"speaker":"Alan Smith","startTime":1668.519,"endTime":1670.739,"body":"adopted by the government for"},{"speaker":"Alan Smith","startTime":1668.519,"endTime":1670.739,"body":"the last however, many dozen"},{"speaker":"Alan Smith","startTime":1670.739,"endTime":1675.029,"body":"years or so certainly didn't"},{"speaker":"Alan Smith","startTime":1670.739,"endTime":1675.029,"body":"seem to be working. So a let's"},{"speaker":"Alan Smith","startTime":1675.029,"endTime":1677.759,"body":"get enterprise, let's get"},{"speaker":"Alan Smith","startTime":1675.029,"endTime":1677.759,"body":"business, let's make things more"},{"speaker":"Alan Smith","startTime":1677.759,"endTime":1682.739,"body":"productive, we can sort of use"},{"speaker":"Alan Smith","startTime":1677.759,"endTime":1682.739,"body":"that as a method of improving"},{"speaker":"Alan Smith","startTime":1682.739,"endTime":1686.309,"body":"the economy, it seemed like the,"},{"speaker":"Alan Smith","startTime":1682.739,"endTime":1686.309,"body":"you know, it was a step in the"},{"speaker":"Alan Smith","startTime":1686.309,"endTime":1689.759,"body":"right direction I felt. And"},{"speaker":"Alan Smith","startTime":1686.309,"endTime":1689.759,"body":"you're right, Nick is just a"},{"speaker":"Alan Smith","startTime":1689.789,"endTime":1692.549,"body":"garden, a bit of a bit of"},{"speaker":"Alan Smith","startTime":1689.789,"endTime":1692.549,"body":"pushback, a bit of negativity,"},{"speaker":"Alan Smith","startTime":1692.999,"endTime":1695.309,"body":"I'm sorry, I will change it and"},{"speaker":"Alan Smith","startTime":1692.999,"endTime":1695.309,"body":"only change one thing. And as"},{"speaker":"Alan Smith","startTime":1695.309,"endTime":1697.379,"body":"you say, of all the things it"},{"speaker":"Alan Smith","startTime":1695.309,"endTime":1697.379,"body":"was it was kind of neither here"},{"speaker":"Alan Smith","startTime":1697.379,"endTime":1700.229,"body":"nor there, really. So it's"},{"speaker":"Alan Smith","startTime":1697.379,"endTime":1700.229,"body":"disappointing. It shows you"},{"speaker":"Alan Smith","startTime":1700.229,"endTime":1703.469,"body":"though, that this is it's we are"},{"speaker":"Alan Smith","startTime":1700.229,"endTime":1703.469,"body":"in a kind of personality,"},{"speaker":"Alan Smith","startTime":1703.469,"endTime":1707.249,"body":"politics, environment where you"},{"speaker":"Alan Smith","startTime":1703.469,"endTime":1707.249,"body":"know, tough economic decisions"},{"speaker":"Alan Smith","startTime":1707.279,"endTime":1709.769,"body":"are being watered down because"},{"speaker":"Alan Smith","startTime":1707.279,"endTime":1709.769,"body":"people want to stay in power."},{"speaker":"Alan Smith","startTime":1710.099,"endTime":1712.199,"body":"We're only what, two and a bit"},{"speaker":"Alan Smith","startTime":1710.099,"endTime":1712.199,"body":"years away from another general"},{"speaker":"Alan Smith","startTime":1712.199,"endTime":1714.539,"body":"election. So people are thinking"},{"speaker":"Alan Smith","startTime":1712.199,"endTime":1714.539,"body":"ahead to that we've got a brand"},{"speaker":"Alan Smith","startTime":1714.539,"endTime":1717.809,"body":"new prime minister. And so"},{"speaker":"Alan Smith","startTime":1714.539,"endTime":1717.809,"body":"people are making decisions to"},{"speaker":"Alan Smith","startTime":1717.809,"endTime":1721.289,"body":"keep, you know, maintain"},{"speaker":"Alan Smith","startTime":1717.809,"endTime":1721.289,"body":"popularity, I don't think he's"},{"speaker":"Alan Smith","startTime":1721.289,"endTime":1725.009,"body":"done it. You know, they've lost"},{"speaker":"Alan Smith","startTime":1721.289,"endTime":1725.009,"body":"credibility. So, yeah, it's"},{"speaker":"Alan Smith","startTime":1725.009,"endTime":1728.489,"body":"disappointing. I'm just off the"},{"speaker":"Alan Smith","startTime":1725.009,"endTime":1728.489,"body":"mind, that is one of those"},{"speaker":"Alan Smith","startTime":1728.519,"endTime":1731.699,"body":"things, you know, control the"},{"speaker":"Alan Smith","startTime":1728.519,"endTime":1731.699,"body":"things you can control, focus on"},{"speaker":"Alan Smith","startTime":1731.699,"endTime":1734.279,"body":"those and let go of the rest. So"},{"speaker":"Alan Smith","startTime":1731.699,"endTime":1734.279,"body":"it's all a lot of nonsense,"},{"speaker":"Alan Smith","startTime":1734.279,"endTime":1739.049,"body":"really, what I can control as"},{"speaker":"Alan Smith","startTime":1734.279,"endTime":1739.049,"body":"best I can, is our the way we"},{"speaker":"Alan Smith","startTime":1739.049,"endTime":1742.019,"body":"operate as a business, the way"},{"speaker":"Alan Smith","startTime":1739.049,"endTime":1742.019,"body":"we communicate with our clients,"},{"speaker":"Alan Smith","startTime":1742.019,"endTime":1744.6889999999999,"body":"the way we engage the way we"},{"speaker":"Alan Smith","startTime":1742.019,"endTime":1744.6889999999999,"body":"support them the way that our"},{"speaker":"Alan Smith","startTime":1744.6889999999999,"endTime":1748.589,"body":"team operates. And just focus on"},{"speaker":"Alan Smith","startTime":1744.6889999999999,"endTime":1748.589,"body":"that, like I think all business"},{"speaker":"Alan Smith","startTime":1748.589,"endTime":1751.019,"body":"owners are trying to do whether"},{"speaker":"Alan Smith","startTime":1748.589,"endTime":1751.019,"body":"working in financial services or"},{"speaker":"Alan Smith","startTime":1751.019,"endTime":1754.229,"body":"not focus on the matter in hand"},{"speaker":"Alan Smith","startTime":1751.019,"endTime":1754.229,"body":"where you can influence and make"},{"speaker":"Alan Smith","startTime":1754.229,"endTime":1757.529,"body":"decisions. The politicians are"},{"speaker":"Alan Smith","startTime":1754.229,"endTime":1757.529,"body":"always going to be politicians,"},{"speaker":"Alan Smith","startTime":1757.769,"endTime":1759.809,"body":"unfortunately, and they've got a"},{"speaker":"Alan Smith","startTime":1757.769,"endTime":1759.809,"body":"different agenda and different"},{"speaker":"Alan Smith","startTime":1759.809,"endTime":1764.489,"body":"time horizon to us. So I'm just"},{"speaker":"Alan Smith","startTime":1759.809,"endTime":1764.489,"body":"getting on with things. I do"},{"speaker":"Alan Smith","startTime":1764.489,"endTime":1768.629,"body":"have one, one thing to throw"},{"speaker":"Alan Smith","startTime":1764.489,"endTime":1768.629,"body":"into the mix here in terms of"},{"speaker":"Alan Smith","startTime":1769.139,"endTime":1772.979,"body":"client communications, and how"},{"speaker":"Alan Smith","startTime":1769.139,"endTime":1772.979,"body":"you position all you guys will"},{"speaker":"Alan Smith","startTime":1772.979,"endTime":1779.699,"body":"be familiar with a statement or"},{"speaker":"Alan Smith","startTime":1772.979,"endTime":1779.699,"body":"a sort of a summary offering"},{"speaker":"Alan Smith","startTime":1779.699,"endTime":1783.1789999999999,"body":"from Nick Murray, Nick Murray,"},{"speaker":"Alan Smith","startTime":1779.699,"endTime":1783.1789999999999,"body":"being the kind of financial"},{"speaker":"Alan Smith","startTime":1783.1789999999999,"endTime":1785.9089999999999,"body":"advisors advisor he's got"},{"speaker":"Alan Smith","startTime":1783.1789999999999,"endTime":1785.9089999999999,"body":"something"},{"speaker":"Unknown","startTime":1789.27,"endTime":1794.1299999999999,"body":"grab yourself a drink,"},{"speaker":"Unknown","startTime":1789.27,"endTime":1794.1299999999999,"body":"a very long drink. It's story"},{"speaker":"Unknown","startTime":1794.1299999999999,"endTime":1795.3,"body":"time with"},{"speaker":"Andy Hart","startTime":1795.33,"endTime":1797.22,"body":"Ellen's really played"},{"speaker":"Andy Hart","startTime":1795.33,"endTime":1797.22,"body":"it."},{"speaker":"Nick Lincoln","startTime":1797.52,"endTime":1800.28,"body":"Oh, dear listener,"},{"speaker":"Nick Lincoln","startTime":1797.52,"endTime":1800.28,"body":"if you're not new to I just got,"},{"speaker":"Nick Lincoln","startTime":1800.58,"endTime":1802.23,"body":"Alan just gave me a very pretty"},{"speaker":"Nick Lincoln","startTime":1800.58,"endTime":1802.23,"body":"hand signal when"},{"speaker":"Alan Smith","startTime":1802.23,"endTime":1803.76,"body":"I play that sorry,"},{"speaker":"Alan Smith","startTime":1802.23,"endTime":1803.76,"body":"Alan, Krakow is the V for"},{"speaker":"Alan Smith","startTime":1803.76,"endTime":1806.82,"body":"victory, wasn't it? This is"},{"speaker":"Alan Smith","startTime":1803.76,"endTime":1806.82,"body":"this. This is a very short is a"},{"speaker":"Alan Smith","startTime":1806.82,"endTime":1809.97,"body":"very, very short story, because"},{"speaker":"Alan Smith","startTime":1806.82,"endTime":1809.97,"body":"I'm just setting people in the"},{"speaker":"Alan Smith","startTime":1809.97,"endTime":1811.74,"body":"direction of finding something"},{"speaker":"Alan Smith","startTime":1809.97,"endTime":1811.74,"body":"for themselves, wouldn't it?"},{"speaker":"Alan Smith","startTime":1811.77,"endTime":1814.62,"body":"Nick Murray refers to something"},{"speaker":"Alan Smith","startTime":1811.77,"endTime":1814.62,"body":"called a cup of coffee in a"},{"speaker":"Alan Smith","startTime":1814.62,"endTime":1818.85,"body":"second opinion. And it's sort of"},{"speaker":"Alan Smith","startTime":1814.62,"endTime":1818.85,"body":"brought out every now and again,"},{"speaker":"Alan Smith","startTime":1818.8799999999999,"endTime":1821.34,"body":"when you just want to put"},{"speaker":"Alan Smith","startTime":1818.8799999999999,"endTime":1821.34,"body":"yourself forward. It can be used"},{"speaker":"Alan Smith","startTime":1821.34,"endTime":1823.5,"body":"to sort of generate"},{"speaker":"Alan Smith","startTime":1821.34,"endTime":1823.5,"body":"opportunities with other clients"},{"speaker":"Alan Smith","startTime":1823.5,"endTime":1826.6499999999999,"body":"who are not being communicated"},{"speaker":"Alan Smith","startTime":1823.5,"endTime":1826.6499999999999,"body":"to by their current advisors."},{"speaker":"Alan Smith","startTime":1827.61,"endTime":1830.1299999999999,"body":"You could just I'm not going to"},{"speaker":"Alan Smith","startTime":1827.61,"endTime":1830.1299999999999,"body":"read it out, but you could Is"},{"speaker":"Alan Smith","startTime":1830.1299999999999,"endTime":1830.67,"body":"Google it"},{"speaker":"Andy Hart","startTime":1830.76,"endTime":1834.06,"body":"even imagine being a"},{"speaker":"Andy Hart","startTime":1830.76,"endTime":1834.06,"body":"client of these investment"},{"speaker":"Andy Hart","startTime":1834.06,"endTime":1837.8999999999999,"body":"advisors that have just pitched"},{"speaker":"Andy Hart","startTime":1834.06,"endTime":1837.8999999999999,"body":"themselves as be in the markets"},{"speaker":"Andy Hart","startTime":1837.93,"endTime":1842.58,"body":"never having declines? They just"},{"speaker":"Andy Hart","startTime":1837.93,"endTime":1842.58,"body":"be spinning around every single"},{"speaker":"Andy Hart","startTime":1842.58,"endTime":1847.11,"body":"second of these last few weeks,"},{"speaker":"Andy Hart","startTime":1842.58,"endTime":1847.11,"body":"it would just be the most"},{"speaker":"Andy Hart","startTime":1847.35,"endTime":1850.02,"body":"hideous way to survive"},{"speaker":"Alan Smith","startTime":1850.77,"endTime":1853.59,"body":"to defend, Isn't it"},{"speaker":"Alan Smith","startTime":1850.77,"endTime":1853.59,"body":"tough gated fingers? Not only"},{"speaker":"Alan Smith","startTime":1853.62,"endTime":1856.02,"body":"are you done, but you've done"},{"speaker":"Alan Smith","startTime":1853.62,"endTime":1856.02,"body":"more than the actual prevailing"},{"speaker":"Alan Smith","startTime":1856.02,"endTime":1859.05,"body":"markets off as well, which"},{"speaker":"Alan Smith","startTime":1856.02,"endTime":1859.05,"body":"isn't, in most instances they"},{"speaker":"Alan Smith","startTime":1859.05,"endTime":1862.02,"body":"are. But I think it's a nice"},{"speaker":"Alan Smith","startTime":1859.05,"endTime":1862.02,"body":"wording. I think there's a nice"},{"speaker":"Alan Smith","startTime":1862.05,"endTime":1864.33,"body":"language that sits behind, you"},{"speaker":"Alan Smith","startTime":1862.05,"endTime":1864.33,"body":"could just Google it a cup of"},{"speaker":"Alan Smith","startTime":1864.33,"endTime":1867.42,"body":"coffee, in second opinion, you"},{"speaker":"Alan Smith","startTime":1864.33,"endTime":1867.42,"body":"post that out to your contacts,"},{"speaker":"Alan Smith","startTime":1867.42,"endTime":1870.51,"body":"connections, and so on. That's"},{"speaker":"Alan Smith","startTime":1867.42,"endTime":1870.51,"body":"all you're doing and say, I"},{"speaker":"Alan Smith","startTime":1870.51,"endTime":1873.3,"body":"didn't know these are the"},{"speaker":"Alan Smith","startTime":1870.51,"endTime":1873.3,"body":"wording is along the lines of"},{"speaker":"Alan Smith","startTime":1873.3,"endTime":1875.9099999999999,"body":"these are scary times. But you"},{"speaker":"Alan Smith","startTime":1873.3,"endTime":1875.9099999999999,"body":"know, we've been here before"},{"speaker":"Alan Smith","startTime":1875.94,"endTime":1879.57,"body":"we've got years or decades of"},{"speaker":"Alan Smith","startTime":1875.94,"endTime":1879.57,"body":"experience. Don't know when"},{"speaker":"Alan Smith","startTime":1879.57,"endTime":1881.55,"body":"necessary, what the answers are,"},{"speaker":"Alan Smith","startTime":1879.57,"endTime":1881.55,"body":"but you want to sit down have a"},{"speaker":"Alan Smith","startTime":1881.55,"endTime":1883.5,"body":"quiet conversation cup of"},{"speaker":"Alan Smith","startTime":1881.55,"endTime":1883.5,"body":"coffee. Either way, the coffee"},{"speaker":"Alan Smith","startTime":1883.5,"endTime":1886.5,"body":"is on us. You know, it's some,"},{"speaker":"Alan Smith","startTime":1883.5,"endTime":1886.5,"body":"it's a nicely worded narrative"},{"speaker":"Alan Smith","startTime":1886.71,"endTime":1888.6599999999999,"body":"that people can send out to"},{"speaker":"Andy Hart","startTime":1888.6589999999999,"endTime":1891.089,"body":"their clients for"},{"speaker":"Andy Hart","startTime":1888.6589999999999,"endTime":1891.089,"body":"five to five pound 50 cup of"},{"speaker":"Andy Hart","startTime":1891.089,"endTime":1892.049,"body":"coffee is on us."},{"speaker":"Nick Lincoln","startTime":1892.86,"endTime":1894.81,"body":"Is that correctly?"},{"speaker":"Nick Lincoln","startTime":1892.86,"endTime":1894.81,"body":"And that is about five pounds."},{"speaker":"Nick Lincoln","startTime":1894.81,"endTime":1898.11,"body":"50 I went to Costa Coffee and"},{"speaker":"Nick Lincoln","startTime":1894.81,"endTime":1898.11,"body":"Warford on the weekend. Blimey,"},{"speaker":"Nick Lincoln","startTime":1898.53,"endTime":1902.67,"body":"I'm just living the dream. I"},{"speaker":"Nick Lincoln","startTime":1898.53,"endTime":1902.67,"body":"tell you what I shouldn't be"},{"speaker":"Nick Lincoln","startTime":1902.67,"endTime":1906.18,"body":"offered. I was I was dragged"},{"speaker":"Nick Lincoln","startTime":1902.67,"endTime":1906.18,"body":"around the shopping center by"},{"speaker":"Nick Lincoln","startTime":1906.18,"endTime":1909.84,"body":"the lovely Penelope and and then"},{"speaker":"Nick Lincoln","startTime":1906.18,"endTime":1909.84,"body":"we went for a coffee and yeah,"},{"speaker":"Nick Lincoln","startTime":1909.84,"endTime":1911.85,"body":"it was it was okay. It was it"},{"speaker":"Nick Lincoln","startTime":1909.84,"endTime":1911.85,"body":"was one of the highlights of my"},{"speaker":"Nick Lincoln","startTime":1911.85,"endTime":1914.8799999999999,"body":"weekend. And just maybe wrapping"},{"speaker":"Nick Lincoln","startTime":1911.85,"endTime":1914.8799999999999,"body":"a bow on this because we're"},{"speaker":"Nick Lincoln","startTime":1914.8799999999999,"endTime":1917.43,"body":"already 31 minutes said that one"},{"speaker":"Nick Lincoln","startTime":1914.8799999999999,"endTime":1917.43,"body":"thing I hadn't met the one thing"},{"speaker":"Nick Lincoln","startTime":1917.43,"endTime":1919.53,"body":"I think it's gonna do for all of"},{"speaker":"Nick Lincoln","startTime":1917.43,"endTime":1919.53,"body":"us, because we will do Cash Flow"},{"speaker":"Nick Lincoln","startTime":1919.8899999999999,"endTime":1922.59,"body":"Planning without exception. All"},{"speaker":"Nick Lincoln","startTime":1919.8899999999999,"endTime":1922.59,"body":"our clients because we're real"},{"speaker":"Nick Lincoln","startTime":1922.59,"endTime":1925.26,"body":"financial advisors. I've already"},{"speaker":"Nick Lincoln","startTime":1922.59,"endTime":1925.26,"body":"had a couple of clients say I'm"},{"speaker":"Nick Lincoln","startTime":1925.26,"endTime":1927.42,"body":"looking forward to my next"},{"speaker":"Nick Lincoln","startTime":1925.26,"endTime":1927.42,"body":"meeting. We need to come in"},{"speaker":"Nick Lincoln","startTime":1927.42,"endTime":1930.24,"body":"model, can we look at interest"},{"speaker":"Nick Lincoln","startTime":1927.42,"endTime":1930.24,"body":"rate rises? Mortgage Rate,"},{"speaker":"Nick Lincoln","startTime":1930.24,"endTime":1934.53,"body":"because although a 30 year"},{"speaker":"Nick Lincoln","startTime":1930.24,"endTime":1934.53,"body":"cycle, yes, a 30 year cycle, but"},{"speaker":"Nick Lincoln","startTime":1934.53,"endTime":1936.45,"body":"the fact is people are coming"},{"speaker":"Nick Lincoln","startTime":1934.53,"endTime":1936.45,"body":"out of their fixed rate"},{"speaker":"Nick Lincoln","startTime":1936.45,"endTime":1939.75,"body":"mortgages out like 1%. One, and"},{"speaker":"Nick Lincoln","startTime":1936.45,"endTime":1939.75,"body":"they could be going to add"},{"speaker":"Nick Lincoln","startTime":1939.75,"endTime":1942.48,"body":"variable or fixed rate of four"},{"speaker":"Nick Lincoln","startTime":1939.75,"endTime":1942.48,"body":"or 5%. If they're if they're if"},{"speaker":"Nick Lincoln","startTime":1942.69,"endTime":1946.02,"body":"it's happening in this week or"},{"speaker":"Nick Lincoln","startTime":1942.69,"endTime":1946.02,"body":"next month. So that's coming"},{"speaker":"Nick Lincoln","startTime":1946.02,"endTime":1947.7,"body":"back into the mix, which is"},{"speaker":"Nick Lincoln","startTime":1946.02,"endTime":1947.7,"body":"something we haven't had to do."},{"speaker":"Nick Lincoln","startTime":1947.7,"endTime":1950.04,"body":"Right, right. They Yeah, right."},{"speaker":"Carl Widger","startTime":1951.57,"endTime":1953.22,"body":"Can I make you're"},{"speaker":"Carl Widger","startTime":1951.57,"endTime":1953.22,"body":"going to be silly appointment"},{"speaker":"Carl Widger","startTime":1953.22,"endTime":1957.8999999999999,"body":"that we had a child here and"},{"speaker":"Carl Widger","startTime":1953.22,"endTime":1957.8999999999999,"body":"only last week, or maybe the"},{"speaker":"Carl Widger","startTime":1957.8999999999999,"endTime":1962.6399999999999,"body":"week before, but a lot of people"},{"speaker":"Carl Widger","startTime":1957.8999999999999,"endTime":1962.6399999999999,"body":"were still carrying some debts"},{"speaker":"Carl Widger","startTime":1962.6399999999999,"endTime":1966.21,"body":"and mortgages because the they"},{"speaker":"Carl Widger","startTime":1962.6399999999999,"endTime":1966.21,"body":"were on track and rates and"},{"speaker":"Carl Widger","startTime":1966.24,"endTime":1969.81,"body":"rates are pretty much zero. And"},{"speaker":"Carl Widger","startTime":1966.24,"endTime":1969.81,"body":"it made sense to do that and run"},{"speaker":"Carl Widger","startTime":1969.81,"endTime":1972.6,"body":"your investment alongside it."},{"speaker":"Carl Widger","startTime":1969.81,"endTime":1972.6,"body":"And we just had a chart here"},{"speaker":"Carl Widger","startTime":1972.6,"endTime":1977.1599999999999,"body":"that look, when we're doing"},{"speaker":"Carl Widger","startTime":1972.6,"endTime":1977.1599999999999,"body":"reviews. You know, maybe we"},{"speaker":"Carl Widger","startTime":1977.1599999999999,"endTime":1979.68,"body":"should start talking to people"},{"speaker":"Carl Widger","startTime":1977.1599999999999,"endTime":1979.68,"body":"about you know, let's go up"},{"speaker":"Carl Widger","startTime":1979.68,"endTime":1983.28,"body":"here. And actually a little bit"},{"speaker":"Carl Widger","startTime":1979.68,"endTime":1983.28,"body":"stronger than that. Just talk to"},{"speaker":"Carl Widger","startTime":1983.28,"endTime":1986.8799999999999,"body":"people about look, now's the"},{"speaker":"Carl Widger","startTime":1983.28,"endTime":1986.8799999999999,"body":"time, you know, let's maybe take"},{"speaker":"Carl Widger","startTime":1986.8799999999999,"endTime":1990.3,"body":"some some of the investment"},{"speaker":"Carl Widger","startTime":1986.8799999999999,"endTime":1990.3,"body":"money, or liquid cash and"},{"speaker":"Carl Widger","startTime":1990.3,"endTime":1994.23,"body":"dispose of the debt that I'm a"},{"speaker":"Carl Widger","startTime":1990.3,"endTime":1994.23,"body":"little bit distracted here"},{"speaker":"Carl Widger","startTime":1994.23,"endTime":1996.99,"body":"because my friend Alex Smith is"},{"speaker":"Carl Widger","startTime":1994.23,"endTime":1996.99,"body":"coming in twice across the"},{"speaker":"Carl Widger","startTime":1996.99,"endTime":1999.78,"body":"bottom of my screen. I don't"},{"speaker":"Carl Widger","startTime":1996.99,"endTime":1999.78,"body":"know what's happened. But"},{"speaker":"Carl Widger","startTime":1999.78,"endTime":2000.95,"body":"anyway, just just"},{"speaker":"Andy Hart","startTime":2000.95,"endTime":2003.4099999999999,"body":"just on that card"},{"speaker":"Andy Hart","startTime":2000.95,"endTime":2003.4099999999999,"body":"what what what the interest"},{"speaker":"Andy Hart","startTime":2003.4099999999999,"endTime":2006.11,"body":"rates in Ireland? You know, what"},{"speaker":"Andy Hart","startTime":2003.4099999999999,"endTime":2006.11,"body":"were they what are they sort of"},{"speaker":"Andy Hart","startTime":2006.11,"endTime":2008.06,"body":"at the moment what they"},{"speaker":"Andy Hart","startTime":2006.11,"endTime":2008.06,"body":"projected to go to? Is it"},{"speaker":"Andy Hart","startTime":2008.06,"endTime":2010.94,"body":"similar to what was happening"},{"speaker":"Andy Hart","startTime":2008.06,"endTime":2010.94,"body":"UK? Yeah,"},{"speaker":"Carl Widger","startTime":2010.969,"endTime":2012.979,"body":"it's almost"},{"speaker":"Carl Widger","startTime":2010.969,"endTime":2012.979,"body":"identical. So we're looking at"},{"speaker":"Carl Widger","startTime":2012.979,"endTime":2016.4289999999999,"body":"four and a half, five and a half"},{"speaker":"Carl Widger","startTime":2012.979,"endTime":2016.4289999999999,"body":"at the moment. And that's up"},{"speaker":"Carl Widger","startTime":2016.4289999999999,"endTime":2019.6689999999999,"body":"from, you know, very low rates"},{"speaker":"Carl Widger","startTime":2016.4289999999999,"endTime":2019.6689999999999,"body":"of, you know, under three for"},{"speaker":"Carl Widger","startTime":2019.6689999999999,"endTime":2023.6589999999999,"body":"variable rates. So it's, it's"},{"speaker":"Carl Widger","startTime":2019.6689999999999,"endTime":2023.6589999999999,"body":"more people who are on trackers,"},{"speaker":"Carl Widger","startTime":2023.6589999999999,"endTime":2029.359,"body":"so had the ECB rate, plus a"},{"speaker":"Carl Widger","startTime":2023.6589999999999,"endTime":2029.359,"body":"margin of point five or 1%, or"},{"speaker":"Carl Widger","startTime":2029.359,"endTime":2032.809,"body":"whatever. Obviously, that's just"},{"speaker":"Carl Widger","startTime":2029.359,"endTime":2032.809,"body":"going up and up and up. And the"},{"speaker":"Carl Widger","startTime":2032.809,"endTime":2037.249,"body":"projected amount of increases"},{"speaker":"Carl Widger","startTime":2032.809,"endTime":2037.249,"body":"over the next kind of six months"},{"speaker":"Carl Widger","startTime":2037.579,"endTime":2041.329,"body":"mean that it probably no longer"},{"speaker":"Carl Widger","startTime":2037.579,"endTime":2041.329,"body":"makes sense to be carrying it if"},{"speaker":"Carl Widger","startTime":2041.329,"endTime":2044.779,"body":"you also have liquid cash, but I"},{"speaker":"Carl Widger","startTime":2041.329,"endTime":2044.779,"body":"suppose cash on my link that"},{"speaker":"Carl Widger","startTime":2044.779,"endTime":2047.299,"body":"will make sure that you know,"},{"speaker":"Carl Widger","startTime":2044.779,"endTime":2047.299,"body":"you can run these scenarios and"},{"speaker":"Carl Widger","startTime":2047.299,"endTime":2051.139,"body":"say, Look, all other things"},{"speaker":"Carl Widger","startTime":2047.299,"endTime":2051.139,"body":"being equal, I think you could"},{"speaker":"Carl Widger","startTime":2097.219,"endTime":2099.109,"body":"probably get rid of that don't"},{"speaker":"Carl Widger","startTime":2097.219,"endTime":2099.109,"body":"know at this stage."},{"speaker":"Andy Hart","startTime":2099.89,"endTime":2102.17,"body":"Certainly mortgage"},{"speaker":"Andy Hart","startTime":2099.89,"endTime":2102.17,"body":"conversations are a lot more"},{"speaker":"Andy Hart","startTime":2102.26,"endTime":2106.31,"body":"front of mine now with clients."},{"speaker":"Andy Hart","startTime":2102.26,"endTime":2106.31,"body":"And it's good that if you as a"},{"speaker":"Andy Hart","startTime":2106.31,"endTime":2109.4,"body":"financial adviser, sort of"},{"speaker":"Andy Hart","startTime":2106.31,"endTime":2109.4,"body":"understand the mortgage market I"},{"speaker":"Andy Hart","startTime":2109.4,"endTime":2111.98,"body":"fought remember next mortgage"},{"speaker":"Andy Hart","startTime":2109.4,"endTime":2111.98,"body":"brokers I know it very well. So"},{"speaker":"Andy Hart","startTime":2111.98,"endTime":2115.91,"body":"I've lots of conversation with"},{"speaker":"Andy Hart","startTime":2111.98,"endTime":2115.91,"body":"clients about mortgages. I think"},{"speaker":"Andy Hart","startTime":2115.91,"endTime":2118.7,"body":"it's a bit of a hole. A lot of"},{"speaker":"Andy Hart","startTime":2115.91,"endTime":2118.7,"body":"advisors are a bit too,"},{"speaker":"Andy Hart","startTime":2119.06,"endTime":2123.02,"body":"evangelical that they don't sort"},{"speaker":"Andy Hart","startTime":2119.06,"endTime":2123.02,"body":"of know the mortgage market too."},{"speaker":"Andy Hart","startTime":2123.02,"endTime":2125.15,"body":"Well, I think it's a bit of a"},{"speaker":"Andy Hart","startTime":2123.02,"endTime":2125.15,"body":"hole in their arsenal to be to"},{"speaker":"Andy Hart","startTime":2125.15,"endTime":2126.35,"body":"be to be totally honest."},{"speaker":"Nick Lincoln","startTime":2127.58,"endTime":2130.16,"body":"I think what's"},{"speaker":"Nick Lincoln","startTime":2127.58,"endTime":2130.16,"body":"happening in your arsenal, I"},{"speaker":"Nick Lincoln","startTime":2130.16,"endTime":2134.21,"body":"think we're probably doing this"},{"speaker":"Nick Lincoln","startTime":2130.16,"endTime":2134.21,"body":"one to death. Now. If it's okay"},{"speaker":"Nick Lincoln","startTime":2134.21,"endTime":2136.79,"body":"with you, Jen, should we move on"},{"speaker":"Nick Lincoln","startTime":2134.21,"endTime":2136.79,"body":"to answering a couple of"},{"speaker":"Nick Lincoln","startTime":2136.79,"endTime":2138.83,"body":"questions from from our"},{"speaker":"Nick Lincoln","startTime":2136.79,"endTime":2138.83,"body":"Trappists or our beloved"},{"speaker":"Nick Lincoln","startTime":2138.83,"endTime":2144.2,"body":"audience? Let's let's do Yeah,"},{"speaker":"Nick Lincoln","startTime":2138.83,"endTime":2144.2,"body":"let's do it. So we've got a"},{"speaker":"Nick Lincoln","startTime":2144.2,"endTime":2148.58,"body":"question posted via Twitter from"},{"speaker":"Nick Lincoln","startTime":2144.2,"endTime":2148.58,"body":"James Marsden. And he's on"},{"speaker":"Nick Lincoln","startTime":2148.58,"endTime":2151.22,"body":"Twitter at James Marston ATA."},{"speaker":"Nick Lincoln","startTime":2148.58,"endTime":2151.22,"body":"I'll read the question out and"},{"speaker":"Nick Lincoln","startTime":2151.22,"endTime":2153.71,"body":"then one of you maybe can who"},{"speaker":"Nick Lincoln","startTime":2151.22,"endTime":2153.71,"body":"who picked up on this question"},{"speaker":"Nick Lincoln","startTime":2153.71,"endTime":2156.56,"body":"can answer it. Does the recent"},{"speaker":"Nick Lincoln","startTime":2153.71,"endTime":2156.56,"body":"collapse in bonds invalidate the"},{"speaker":"Nick Lincoln","startTime":2156.56,"endTime":2160.0699999999997,"body":"whole risk profiling process?"},{"speaker":"Nick Lincoln","startTime":2156.56,"endTime":2160.0699999999997,"body":"And given the bonds clearly have"},{"speaker":"Nick Lincoln","startTime":2160.0699999999997,"endTime":2163.0099999999998,"body":"as much downside as stocks in"},{"speaker":"Nick Lincoln","startTime":2160.0699999999997,"endTime":2163.0099999999998,"body":"certain scenarios? Are we all"},{"speaker":"Nick Lincoln","startTime":2163.0099999999998,"endTime":2167.72,"body":"better off being in 100% Global"},{"speaker":"Nick Lincoln","startTime":2163.0099999999998,"endTime":2167.72,"body":"Equity ETFs. So who posted that"},{"speaker":"Nick Lincoln","startTime":2167.72,"endTime":2169.49,"body":"question in that in there in"},{"speaker":"Nick Lincoln","startTime":2167.72,"endTime":2169.49,"body":"there?"},{"speaker":"Alan Smith","startTime":2170.06,"endTime":2174.92,"body":"I did. I got I got"},{"speaker":"Alan Smith","startTime":2170.06,"endTime":2174.92,"body":"the message from James about"},{"speaker":"Alan Smith","startTime":2174.92,"endTime":2180.44,"body":"that. Who just been asking me"},{"speaker":"Alan Smith","startTime":2174.92,"endTime":2180.44,"body":"via messages on Twitter. So"},{"speaker":"Alan Smith","startTime":2180.44,"endTime":2183.14,"body":"James, as I understand, it's a"},{"speaker":"Alan Smith","startTime":2180.44,"endTime":2183.14,"body":"relatively new advisor. And of"},{"speaker":"Alan Smith","startTime":2183.14,"endTime":2186.89,"body":"course, he's been given the Kool"},{"speaker":"Alan Smith","startTime":2183.14,"endTime":2186.89,"body":"Aid to drink. This is what you"},{"speaker":"Alan Smith","startTime":2186.89,"endTime":2189.35,"body":"do here, you do a risk profile a"},{"speaker":"Alan Smith","startTime":2186.89,"endTime":2189.35,"body":"questionnaire. And if a client"},{"speaker":"Alan Smith","startTime":2189.35,"endTime":2192.47,"body":"says I'm low volatility, then"},{"speaker":"Alan Smith","startTime":2189.35,"endTime":2192.47,"body":"you give him a lot of bonds in"},{"speaker":"Alan Smith","startTime":2192.47,"endTime":2194.42,"body":"your investment. And he's"},{"speaker":"Alan Smith","startTime":2192.47,"endTime":2194.42,"body":"obviously being somewhat"},{"speaker":"Alan Smith","startTime":2194.42,"endTime":2197.24,"body":"disillusioned by having done"},{"speaker":"Alan Smith","startTime":2194.42,"endTime":2197.24,"body":"that found that he's encountered"},{"speaker":"Alan Smith","startTime":2197.24,"endTime":2199.7599999999998,"body":"tons of volatility and said, you"},{"speaker":"Alan Smith","startTime":2197.24,"endTime":2199.7599999999998,"body":"know, well, we know that long"},{"speaker":"Alan Smith","startTime":2199.7599999999998,"endTime":2203.2999999999997,"body":"term global equities is the"},{"speaker":"Alan Smith","startTime":2199.7599999999998,"endTime":2203.2999999999997,"body":"place to be. And so why don't we"},{"speaker":"Alan Smith","startTime":2203.2999999999997,"endTime":2208.0699999999997,"body":"just invest in that 100%? Which,"},{"speaker":"Alan Smith","startTime":2203.2999999999997,"endTime":2208.0699999999997,"body":"you know, we ought we want to"},{"speaker":"Alan Smith","startTime":2208.0699999999997,"endTime":2211.49,"body":"have some controversy, we want"},{"speaker":"Alan Smith","startTime":2208.0699999999997,"endTime":2211.49,"body":"to have some a good quality"},{"speaker":"Alan Smith","startTime":2211.49,"endTime":2214.2799999999997,"body":"debate on this, but I think"},{"speaker":"Alan Smith","startTime":2211.49,"endTime":2214.2799999999997,"body":"something we all agree with?"},{"speaker":"Nick Lincoln","startTime":2215.3599999999997,"endTime":2218.0899999999997,"body":"Well, I think, I"},{"speaker":"Nick Lincoln","startTime":2215.3599999999997,"endTime":2218.0899999999997,"body":"think, I think we, I think"},{"speaker":"Nick Lincoln","startTime":2218.0899999999997,"endTime":2220.88,"body":"outside of our circle, and maybe"},{"speaker":"Nick Lincoln","startTime":2218.0899999999997,"endTime":2220.88,"body":"the Spartans that the mix with"},{"speaker":"Nick Lincoln","startTime":2220.88,"endTime":2223.13,"body":"what we're about to say, and"},{"speaker":"Nick Lincoln","startTime":2220.88,"endTime":2223.13,"body":"what you just said, is gonna"},{"speaker":"Nick Lincoln","startTime":2223.13,"endTime":2227.27,"body":"give a lot of advisors will is"},{"speaker":"Nick Lincoln","startTime":2223.13,"endTime":2227.27,"body":"because they love their asset"},{"speaker":"Nick Lincoln","startTime":2227.27,"endTime":2230.5699999999997,"body":"allocation. And they love their"},{"speaker":"Nick Lincoln","startTime":2227.27,"endTime":2230.5699999999997,"body":"fixed interest exposure because"},{"speaker":"Nick Lincoln","startTime":2230.5699999999997,"endTime":2235.19,"body":"of modern portfolio theory."},{"speaker":"Nick Lincoln","startTime":2230.5699999999997,"endTime":2235.19,"body":"Stuff that I think we, over the"},{"speaker":"Nick Lincoln","startTime":2235.19,"endTime":2238.0699999999997,"body":"last 15 years, we've we've"},{"speaker":"Nick Lincoln","startTime":2235.19,"endTime":2238.0699999999997,"body":"realized that bonds are rubbish"},{"speaker":"Nick Lincoln","startTime":2238.0699999999997,"endTime":2240.7999999999997,"body":"for income, they don't they"},{"speaker":"Nick Lincoln","startTime":2238.0699999999997,"endTime":2240.7999999999997,"body":"don't do anything for income."},{"speaker":"Nick Lincoln","startTime":2241.73,"endTime":2244.16,"body":"And now we're seeing we actually"},{"speaker":"Nick Lincoln","startTime":2241.73,"endTime":2244.16,"body":"said they don't do anything to"},{"speaker":"Nick Lincoln","startTime":2244.16,"endTime":2247.04,"body":"dampen portfolio volatility. So"},{"speaker":"Nick Lincoln","startTime":2244.16,"endTime":2247.04,"body":"you have to ask the question,"},{"speaker":"Nick Lincoln","startTime":2247.04,"endTime":2249.5299999999997,"body":"what is the point of them? What"},{"speaker":"Nick Lincoln","startTime":2247.04,"endTime":2249.5299999999997,"body":"is the point of attitude to risk"},{"speaker":"Nick Lincoln","startTime":2249.5299999999997,"endTime":2252.95,"body":"questionnaires? I think this is"},{"speaker":"Nick Lincoln","startTime":2249.5299999999997,"endTime":2252.95,"body":"us. This is, this is the great"},{"speaker":"Nick Lincoln","startTime":2252.95,"endTime":2255.29,"body":"reset for bonds, this is our"},{"speaker":"Nick Lincoln","startTime":2252.95,"endTime":2255.29,"body":"chance to get rid of this cancer"},{"speaker":"Nick Lincoln","startTime":2255.29,"endTime":2258.08,"body":"out of our current lives. And I"},{"speaker":"Nick Lincoln","startTime":2255.29,"endTime":2258.08,"body":"feel quite strongly about this,"},{"speaker":"Nick Lincoln","startTime":2258.08,"endTime":2260.3599999999997,"body":"as you'll find out and when I"},{"speaker":"Nick Lincoln","startTime":2258.08,"endTime":2260.3599999999997,"body":"when I, when I talk about it."},{"speaker":"Nick Lincoln","startTime":2260.3599999999997,"endTime":2262.64,"body":"How do you think so we think"},{"speaker":"Nick Lincoln","startTime":2260.3599999999997,"endTime":2262.64,"body":"this is this"},{"speaker":"Alan Smith","startTime":2262.64,"endTime":2266.7799999999997,"body":"is a real risk. Is"},{"speaker":"Alan Smith","startTime":2262.64,"endTime":2266.7799999999997,"body":"it fair to say that this current"},{"speaker":"Alan Smith","startTime":2266.7799999999997,"endTime":2270.14,"body":"crisis is the first the first"},{"speaker":"Alan Smith","startTime":2266.7799999999997,"endTime":2270.14,"body":"time I can remember where you've"},{"speaker":"Alan Smith","startTime":2270.14,"endTime":2276.65,"body":"had a significant correction"},{"speaker":"Alan Smith","startTime":2270.14,"endTime":2276.65,"body":"bear market in equities and long"},{"speaker":"Alan Smith","startTime":2276.65,"endTime":2280.4,"body":"dated bonds, particularly at the"},{"speaker":"Alan Smith","startTime":2276.65,"endTime":2280.4,"body":"same time? I mean, the financial"},{"speaker":"Alan Smith","startTime":2280.4,"endTime":2284.93,"body":"crisis worse? Yeah, I know. But"},{"speaker":"Alan Smith","startTime":2280.4,"endTime":2284.93,"body":"so in in 2007, eight, if you"},{"speaker":"Alan Smith","startTime":2284.93,"endTime":2287.66,"body":"invested in long government"},{"speaker":"Alan Smith","startTime":2284.93,"endTime":2287.66,"body":"bonds, you actually you're in"},{"speaker":"Alan Smith","startTime":2287.66,"endTime":2289.49,"body":"positive territory, I think"},{"speaker":"Alan Smith","startTime":2287.66,"endTime":2289.49,"body":"you're upset. Yeah, he did."},{"speaker":"Alan Smith","startTime":2289.49,"endTime":2291.83,"body":"Right. Yeah, you're right in"},{"speaker":"Alan Smith","startTime":2289.49,"endTime":2291.83,"body":"that period. So that was one"},{"speaker":"Alan Smith","startTime":2291.83,"endTime":2293.81,"body":"where the so called, you know,"},{"speaker":"Alan Smith","startTime":2291.83,"endTime":2293.81,"body":"the asset allocation thing. If"},{"speaker":"Alan Smith","startTime":2293.81,"endTime":2296.7799999999997,"body":"you wanted to dampen volatility,"},{"speaker":"Alan Smith","startTime":2293.81,"endTime":2296.7799999999997,"body":"that was that was fine. You did"},{"speaker":"Alan Smith","startTime":2296.7799999999997,"endTime":2299.96,"body":"get you achieve that now you"},{"speaker":"Alan Smith","startTime":2296.7799999999997,"endTime":2299.96,"body":"haven't had it?"},{"speaker":"Andy Hart","startTime":2300.47,"endTime":2303.17,"body":"You're right, Alan,"},{"speaker":"Andy Hart","startTime":2300.47,"endTime":2303.17,"body":"certainly start having the last"},{"speaker":"Andy Hart","startTime":2303.17,"endTime":2306.38,"body":"25 years. I don't know well"},{"speaker":"Andy Hart","startTime":2303.17,"endTime":2306.38,"body":"enough to even go back further"},{"speaker":"Andy Hart","startTime":2306.38,"endTime":2308.48,"body":"than that. But there might be a"},{"speaker":"Andy Hart","startTime":2306.38,"endTime":2308.48,"body":"case of it's never ever"},{"speaker":"Andy Hart","startTime":2308.48,"endTime":2309.0499999999997,"body":"happened."},{"speaker":"Nick Lincoln","startTime":2309.83,"endTime":2314.24,"body":"It has about"},{"speaker":"Nick Lincoln","startTime":2309.83,"endTime":2314.24,"body":"1994 1990 With global equities,"},{"speaker":"Nick Lincoln","startTime":2314.24,"endTime":2317.96,"body":"lost value in that year, and the"},{"speaker":"Nick Lincoln","startTime":2314.24,"endTime":2317.96,"body":"fixed income markets, global"},{"speaker":"Nick Lincoln","startTime":2318.0499999999997,"endTime":2321.29,"body":"government bonds around the"},{"speaker":"Nick Lincoln","startTime":2318.0499999999997,"endTime":2321.29,"body":"world fell in value. Okay. So"},{"speaker":"Nick Lincoln","startTime":2321.29,"endTime":2323.3599999999997,"body":"unusual. It's so ya know, it's"},{"speaker":"Andy Hart","startTime":2323.3599999999997,"endTime":2326.93,"body":"20 years ago. So"},{"speaker":"Andy Hart","startTime":2323.3599999999997,"endTime":2326.93,"body":"you're about you're about 45"},{"speaker":"Andy Hart","startTime":2326.93,"endTime":2327.65,"body":"them on your neck."},{"speaker":"Nick Lincoln","startTime":2328.43,"endTime":2329.96,"body":"In Earth years, I"},{"speaker":"Nick Lincoln","startTime":2328.43,"endTime":2329.96,"body":"was 45."},{"speaker":"Alan Smith","startTime":2332.2999999999997,"endTime":2334.67,"body":"But is that maybe"},{"speaker":"Alan Smith","startTime":2332.2999999999997,"endTime":2334.67,"body":"the answer if you've been"},{"speaker":"Alan Smith","startTime":2334.67,"endTime":2338.45,"body":"contentious, are you defending,"},{"speaker":"Alan Smith","startTime":2334.67,"endTime":2338.45,"body":"you know, Asset Modeling and"},{"speaker":"Alan Smith","startTime":2338.45,"endTime":2341.93,"body":"risk profile, and sadly, it is a"},{"speaker":"Alan Smith","startTime":2338.45,"endTime":2341.93,"body":"once in a quarter of a century"},{"speaker":"Alan Smith","startTime":2341.93,"endTime":2345.5899999999997,"body":"or more situation and you can't"},{"speaker":"Alan Smith","startTime":2341.93,"endTime":2345.5899999999997,"body":"mitigate for those things in"},{"speaker":"Alan Smith","startTime":2345.74,"endTime":2348.29,"body":"relatively normal market times."},{"speaker":"Alan Smith","startTime":2345.74,"endTime":2348.29,"body":"I mean, relatively normal is a"},{"speaker":"Alan Smith","startTime":2348.44,"endTime":2352.46,"body":"global financial crisis 2008"},{"speaker":"Alan Smith","startTime":2348.44,"endTime":2352.46,"body":"They held up? Well, I can't"},{"speaker":"Alan Smith","startTime":2352.46,"endTime":2354.77,"body":"remember what happened in COVID"},{"speaker":"Alan Smith","startTime":2352.46,"endTime":2354.77,"body":"times I think bonds must have"},{"speaker":"Alan Smith","startTime":2354.77,"endTime":2357.77,"body":"held up pretty well as well,"},{"speaker":"Alan Smith","startTime":2354.77,"endTime":2357.77,"body":"when the markets collapsed, when"},{"speaker":"Alan Smith","startTime":2357.77,"endTime":2360.0499999999997,"body":"they liquidate when equity"},{"speaker":"Alan Smith","startTime":2357.77,"endTime":2360.0499999999997,"body":"markets collapse. So generally"},{"speaker":"Alan Smith","startTime":2360.0499999999997,"endTime":2362.9,"body":"speaking, they do. And this is"},{"speaker":"Alan Smith","startTime":2360.0499999999997,"endTime":2362.9,"body":"this is you have to be clear as"},{"speaker":"Alan Smith","startTime":2362.9,"endTime":2365.54,"body":"well about the particular type"},{"speaker":"Alan Smith","startTime":2362.9,"endTime":2365.54,"body":"of bonds because I know in 2007,"},{"speaker":"Alan Smith","startTime":2365.93,"endTime":2368.5099999999998,"body":"people were investing corporate"},{"speaker":"Alan Smith","startTime":2365.93,"endTime":2368.5099999999998,"body":"bonds, which collapsed as far"},{"speaker":"Alan Smith","startTime":2368.5099999999998,"endTime":2371.33,"body":"and fast as equities did, but,"},{"speaker":"Alan Smith","startTime":2368.5099999999998,"endTime":2371.33,"body":"you know, government sovereign"},{"speaker":"Alan Smith","startTime":2371.33,"endTime":2375.2,"body":"debt with like the countries"},{"speaker":"Alan Smith","startTime":2371.33,"endTime":2375.2,"body":"like UK, US and so on, tend to"},{"speaker":"Alan Smith","startTime":2375.2,"endTime":2376.31,"body":"be a safe haven asset."},{"speaker":"Nick Lincoln","startTime":2376.97,"endTime":2380.15,"body":"So, there are two"},{"speaker":"Nick Lincoln","startTime":2376.97,"endTime":2380.15,"body":"points here there are that I"},{"speaker":"Nick Lincoln","startTime":2380.15,"endTime":2382.49,"body":"hear what you're saying, but we"},{"speaker":"Nick Lincoln","startTime":2380.15,"endTime":2382.49,"body":"bet we've had bonds in"},{"speaker":"Nick Lincoln","startTime":2382.49,"endTime":2386.96,"body":"portfolios as this as this"},{"speaker":"Nick Lincoln","startTime":2382.49,"endTime":2386.96,"body":"dampener. But But why? Because"},{"speaker":"Nick Lincoln","startTime":2386.99,"endTime":2389.8399999999997,"body":"there's this this this slag is"},{"speaker":"Nick Lincoln","startTime":2386.99,"endTime":2389.8399999999997,"body":"this dragon that was saying it"},{"speaker":"Nick Lincoln","startTime":2389.8399999999997,"endTime":2392.54,"body":"doesn't exist. You know, when"},{"speaker":"Nick Lincoln","startTime":2389.8399999999997,"endTime":2392.54,"body":"you only run out and you"},{"speaker":"Nick Lincoln","startTime":2392.54,"endTime":2394.67,"body":"mentioned that we were looking"},{"speaker":"Nick Lincoln","startTime":2392.54,"endTime":2394.67,"body":"at 30 year plans, multi"},{"speaker":"Nick Lincoln","startTime":2394.67,"endTime":2397.91,"body":"generational plans, plans that"},{"speaker":"Nick Lincoln","startTime":2394.67,"endTime":2397.91,"body":"will span decades, it's"},{"speaker":"Nick Lincoln","startTime":2397.91,"endTime":2401.0,"body":"impossible to lose money"},{"speaker":"Nick Lincoln","startTime":2397.91,"endTime":2401.0,"body":"historically, over any rolling"},{"speaker":"Nick Lincoln","startTime":2401.0,"endTime":2404.99,"body":"20 year period and the MSCI MSCI"},{"speaker":"Nick Lincoln","startTime":2401.0,"endTime":2404.99,"body":"World Index, you cannot lose"},{"speaker":"Nick Lincoln","startTime":2404.99,"endTime":2408.77,"body":"money, of course, why. So this"},{"speaker":"Nick Lincoln","startTime":2404.99,"endTime":2408.77,"body":"is a sop"},{"speaker":"Alan Smith","startTime":2408.7999999999997,"endTime":2412.94,"body":"to is a sauce to"},{"speaker":"Alan Smith","startTime":2408.7999999999997,"endTime":2412.94,"body":"human behavioral psychology,"},{"speaker":"Alan Smith","startTime":2412.97,"endTime":2415.85,"body":"because we know there are"},{"speaker":"Alan Smith","startTime":2412.97,"endTime":2415.85,"body":"certain people that see if my"},{"speaker":"Alan Smith","startTime":2415.85,"endTime":2418.8199999999997,"body":"investments for I know, Nick,"},{"speaker":"Alan Smith","startTime":2415.85,"endTime":2418.8199999999997,"body":"I'm investing for 20 or 30"},{"speaker":"Alan Smith","startTime":2418.8199999999997,"endTime":2422.15,"body":"years. But if I wake up one day,"},{"speaker":"Alan Smith","startTime":2418.8199999999997,"endTime":2422.15,"body":"and my 100,000 pounds is worth"},{"speaker":"Alan Smith","startTime":2422.15,"endTime":2425.75,"body":"80,000, or by millions worth"},{"speaker":"Alan Smith","startTime":2422.15,"endTime":2425.75,"body":"800, I'm going to be I will be"},{"speaker":"Alan Smith","startTime":2425.75,"endTime":2428.9,"body":"able to sleep at night that all"},{"speaker":"Alan Smith","startTime":2425.75,"endTime":2428.9,"body":"that. So that's why and yes,"},{"speaker":"Alan Smith","startTime":2428.9,"endTime":2431.66,"body":"it's an education process. But I"},{"speaker":"Alan Smith","startTime":2428.9,"endTime":2431.66,"body":"think as we've all identified,"},{"speaker":"Alan Smith","startTime":2432.29,"endTime":2435.0499999999997,"body":"you can have these conversations"},{"speaker":"Alan Smith","startTime":2432.29,"endTime":2435.0499999999997,"body":"with the clients that one of the"},{"speaker":"Alan Smith","startTime":2435.0499999999997,"endTime":2438.56,"body":"biggest failings in my mind for"},{"speaker":"Alan Smith","startTime":2435.0499999999997,"endTime":2438.56,"body":"risk profiling is it asks you a"},{"speaker":"Alan Smith","startTime":2438.56,"endTime":2442.25,"body":"question at a time when you're"},{"speaker":"Alan Smith","startTime":2438.56,"endTime":2442.25,"body":"in a in a place of if you'd like"},{"speaker":"Alan Smith","startTime":2442.25,"endTime":2445.16,"body":"calm, calm discussions, you"},{"speaker":"Alan Smith","startTime":2442.25,"endTime":2445.16,"body":"know, what would you how would"},{"speaker":"Alan Smith","startTime":2445.16,"endTime":2447.7999999999997,"body":"you feel if such and such such"},{"speaker":"Alan Smith","startTime":2445.16,"endTime":2447.7999999999997,"body":"and such. So what but what"},{"speaker":"Alan Smith","startTime":2447.7999999999997,"endTime":2450.89,"body":"always happens when you have"},{"speaker":"Alan Smith","startTime":2447.7999999999997,"endTime":2450.89,"body":"significant market volatility,"},{"speaker":"Alan Smith","startTime":2451.0099999999998,"endTime":2453.3199999999997,"body":"there's loads of other things"},{"speaker":"Alan Smith","startTime":2451.0099999999998,"endTime":2453.3199999999997,"body":"going on in the world by so"},{"speaker":"Alan Smith","startTime":2453.3199999999997,"endTime":2456.38,"body":"COVID was you might bloody die"},{"speaker":"Alan Smith","startTime":2453.3199999999997,"endTime":2456.38,"body":"and your family might die so you"},{"speaker":"Alan Smith","startTime":2456.38,"endTime":2459.0499999999997,"body":"don't really work. And right now"},{"speaker":"Alan Smith","startTime":2456.38,"endTime":2459.0499999999997,"body":"your mortgage rates gone through"},{"speaker":"Alan Smith","startTime":2459.0499999999997,"endTime":2461.0899999999997,"body":"the roof, you might lose your"},{"speaker":"Alan Smith","startTime":2459.0499999999997,"endTime":2461.0899999999997,"body":"job, your family might lose"},{"speaker":"Alan Smith","startTime":2461.0899999999997,"endTime":2464.06,"body":"their job. So there's a lot of"},{"speaker":"Alan Smith","startTime":2461.0899999999997,"endTime":2464.06,"body":"other things which makes risk"},{"speaker":"Alan Smith","startTime":2464.06,"endTime":2470.2999999999997,"body":"profiling in itself."},{"speaker":"Alan Smith","startTime":2464.06,"endTime":2470.2999999999997,"body":"Questionable though, I've talked"},{"speaker":"Alan Smith","startTime":2470.2999999999997,"endTime":2474.5899999999997,"body":"in the past if I said to either"},{"speaker":"Alan Smith","startTime":2470.2999999999997,"endTime":2474.5899999999997,"body":"of any of you. Are you are you"},{"speaker":"Alan Smith","startTime":2474.5899999999997,"endTime":2478.52,"body":"scared of snakes? You might see"},{"speaker":"Alan Smith","startTime":2474.5899999999997,"endTime":2478.52,"body":"them not really, if I literally"},{"speaker":"Alan Smith","startTime":2478.52,"endTime":2481.0099999999998,"body":"throw a live snake on your lap,"},{"speaker":"Alan Smith","startTime":2478.52,"endTime":2481.0099999999998,"body":"or trust me, you're going to,"},{"speaker":"Alan Smith","startTime":2481.13,"endTime":2483.44,"body":"you're going to recoil, you're"},{"speaker":"Alan Smith","startTime":2481.13,"endTime":2483.44,"body":"gonna stand up or do something"},{"speaker":"Alan Smith","startTime":2483.44,"endTime":2487.7599999999998,"body":"you told me not scared of them."},{"speaker":"Alan Smith","startTime":2483.44,"endTime":2487.7599999999998,"body":"So, risk profiles are somewhat"},{"speaker":"Alan Smith","startTime":2487.79,"endTime":2490.37,"body":"artificial in the way that they"},{"speaker":"Alan Smith","startTime":2487.79,"endTime":2490.37,"body":"are presented and the time"},{"speaker":"Alan Smith","startTime":2490.37,"endTime":2491.96,"body":"they're presented, because you"},{"speaker":"Alan Smith","startTime":2490.37,"endTime":2491.96,"body":"don't know how you're gonna"},{"speaker":"Alan Smith","startTime":2491.96,"endTime":2495.23,"body":"feel, because there's probably a"},{"speaker":"Alan Smith","startTime":2491.96,"endTime":2495.23,"body":"lot of other things going on. So"},{"speaker":"Alan Smith","startTime":2495.23,"endTime":2498.02,"body":"I do hope that this is an"},{"speaker":"Alan Smith","startTime":2495.23,"endTime":2498.02,"body":"opportunity, the current"},{"speaker":"Alan Smith","startTime":2498.3199999999997,"endTime":2501.44,"body":"situation is opportunity for"},{"speaker":"Alan Smith","startTime":2498.3199999999997,"endTime":2501.44,"body":"that entire kind of sector and"},{"speaker":"Alan Smith","startTime":2501.44,"endTime":2505.3399999999997,"body":"industry to reappraise rethink,"},{"speaker":"Alan Smith","startTime":2501.44,"endTime":2505.3399999999997,"body":"or good quality advisors to"},{"speaker":"Alan Smith","startTime":2505.3399999999997,"endTime":2510.08,"body":"rethink how the how they use"},{"speaker":"Alan Smith","startTime":2505.3399999999997,"endTime":2510.08,"body":"these sort of tools, as opposed"},{"speaker":"Alan Smith","startTime":2510.08,"endTime":2513.08,"body":"to just being a tick box"},{"speaker":"Alan Smith","startTime":2510.08,"endTime":2513.08,"body":"exercise for the compliance"},{"speaker":"Alan Smith","startTime":2513.08,"endTime":2514.85,"body":"people. And, yeah,"},{"speaker":"Andy Hart","startTime":2515.15,"endTime":2518.2999999999997,"body":"yeah, we've been"},{"speaker":"Andy Hart","startTime":2515.15,"endTime":2518.2999999999997,"body":"questioning them for years, I"},{"speaker":"Andy Hart","startTime":2518.2999999999997,"endTime":2522.47,"body":"think the good thing about a"},{"speaker":"Andy Hart","startTime":2518.2999999999997,"endTime":2522.47,"body":"potential crisis that we're"},{"speaker":"Andy Hart","startTime":2522.47,"endTime":2526.37,"body":"going into the principles and"},{"speaker":"Andy Hart","startTime":2522.47,"endTime":2526.37,"body":"the essence of what we've been"},{"speaker":"Andy Hart","startTime":2526.37,"endTime":2528.74,"body":"preaching to clients never"},{"speaker":"Andy Hart","startTime":2526.37,"endTime":2528.74,"body":"changed. And this is through the"},{"speaker":"Andy Hart","startTime":2528.74,"endTime":2531.71,"body":"good times and the bad times,"},{"speaker":"Andy Hart","startTime":2528.74,"endTime":2531.71,"body":"try and control your expenses as"},{"speaker":"Andy Hart","startTime":2531.71,"endTime":2534.5,"body":"best you can. The markets will"},{"speaker":"Andy Hart","startTime":2531.71,"endTime":2534.5,"body":"be volatile, ideally, invest"},{"speaker":"Andy Hart","startTime":2534.5,"endTime":2539.0899999999997,"body":"every single month focus on the"},{"speaker":"Andy Hart","startTime":2534.5,"endTime":2539.0899999999997,"body":"unit units, not the prices, you"},{"speaker":"Andy Hart","startTime":2539.0899999999997,"endTime":2542.33,"body":"know, so that's the good thing."},{"speaker":"Andy Hart","startTime":2539.0899999999997,"endTime":2542.33,"body":"We're not always reacting to,"},{"speaker":"Andy Hart","startTime":2543.02,"endTime":2547.6099999999997,"body":"you know, the new environment"},{"speaker":"Andy Hart","startTime":2543.02,"endTime":2547.6099999999997,"body":"over to call."},{"speaker":"Carl Widger","startTime":2549.35,"endTime":2553.49,"body":"Yeah, I think like,"},{"speaker":"Carl Widger","startTime":2549.35,"endTime":2553.49,"body":"Nick, I love the mumbo jumbo"},{"speaker":"Carl Widger","startTime":2553.49,"endTime":2557.2999999999997,"body":"questionnaires know what you"},{"speaker":"Carl Widger","startTime":2553.49,"endTime":2557.2999999999997,"body":"called the risk profiles. Yeah,"},{"speaker":"Carl Widger","startTime":2557.33,"endTime":2561.5899999999997,"body":"look, I get all that guys. But"},{"speaker":"Carl Widger","startTime":2557.33,"endTime":2561.5899999999997,"body":"at the same time, from a"},{"speaker":"Carl Widger","startTime":2561.5899999999997,"endTime":2564.35,"body":"compliance point of view and a"},{"speaker":"Carl Widger","startTime":2561.5899999999997,"endTime":2564.35,"body":"regulatory point of view, we"},{"speaker":"Carl Widger","startTime":2564.35,"endTime":2568.46,"body":"need to make sure that we are"},{"speaker":"Carl Widger","startTime":2564.35,"endTime":2568.46,"body":"fulfilling our obligations. So"},{"speaker":"Carl Widger","startTime":2569.66,"endTime":2574.19,"body":"asking advisors to solve the"},{"speaker":"Carl Widger","startTime":2569.66,"endTime":2574.19,"body":"problem. I'm not sure that we"},{"speaker":"Carl Widger","startTime":2574.19,"endTime":2577.43,"body":"can actually solve the problem,"},{"speaker":"Carl Widger","startTime":2574.19,"endTime":2577.43,"body":"or it should be up to us to"},{"speaker":"Carl Widger","startTime":2577.43,"endTime":2581.0299999999997,"body":"solve the problem. Maybe it's"},{"speaker":"Carl Widger","startTime":2577.43,"endTime":2581.0299999999997,"body":"our regulators should be"},{"speaker":"Andy Hart","startTime":2581.0299999999997,"endTime":2583.0699999999997,"body":"so the Act will"},{"speaker":"Andy Hart","startTime":2581.0299999999997,"endTime":2583.0699999999997,"body":"regulate. It's not done"},{"speaker":"Andy Hart","startTime":2583.0699999999997,"endTime":2585.35,"body":"anything. The academics have not"},{"speaker":"Andy Hart","startTime":2583.0699999999997,"endTime":2585.35,"body":"done anything. I call them"},{"speaker":"Andy Hart","startTime":2585.35,"endTime":2587.99,"body":"misconception mirrors that"},{"speaker":"Andy Hart","startTime":2585.35,"endTime":2587.99,"body":"they're absolutely atrocious. I"},{"speaker":"Andy Hart","startTime":2587.99,"endTime":2591.14,"body":"mean, Jesus Christ, I mean, I've"},{"speaker":"Andy Hart","startTime":2587.99,"endTime":2591.14,"body":"got my own, I've got an investor"},{"speaker":"Andy Hart","startTime":2591.14,"endTime":2594.56,"body":"profile, I think the best on the"},{"speaker":"Andy Hart","startTime":2591.14,"endTime":2594.56,"body":"market, one of our famous"},{"speaker":"Andy Hart","startTime":2594.56,"endTime":2597.08,"body":"friends has stolen it basically"},{"speaker":"Andy Hart","startTime":2594.56,"endTime":2597.08,"body":"word for word. So I think it is"},{"speaker":"Andy Hart","startTime":2597.08,"endTime":2600.23,"body":"the best on the market. So I"},{"speaker":"Andy Hart","startTime":2597.08,"endTime":2600.23,"body":"gave it a good crack, and I'm"},{"speaker":"Andy Hart","startTime":2600.23,"endTime":2602.33,"body":"still struggling with it. But"},{"speaker":"Andy Hart","startTime":2600.23,"endTime":2602.33,"body":"you're right, we've got our"},{"speaker":"Andy Hart","startTime":2602.63,"endTime":2605.9,"body":"compliance, regulatory"},{"speaker":"Andy Hart","startTime":2602.63,"endTime":2605.9,"body":"obligation. And it is a bit of a"},{"speaker":"Andy Hart","startTime":2605.9,"endTime":2608.3599999999997,"body":"process with clients. But then"},{"speaker":"Andy Hart","startTime":2605.9,"endTime":2608.3599999999997,"body":"again, they've got us in their"},{"speaker":"Andy Hart","startTime":2608.3599999999997,"endTime":2610.58,"body":"corner, and we're going to be"},{"speaker":"Andy Hart","startTime":2608.3599999999997,"endTime":2610.58,"body":"holding their hands, we're going"},{"speaker":"Andy Hart","startTime":2610.58,"endTime":2613.97,"body":"to be you know, on the phone, on"},{"speaker":"Andy Hart","startTime":2610.58,"endTime":2613.97,"body":"email, etc. But yeah,"},{"speaker":"Alan Smith","startTime":2615.77,"endTime":2620.06,"body":"to answer James's"},{"speaker":"Alan Smith","startTime":2615.77,"endTime":2620.06,"body":"question, which was in the end,"},{"speaker":"Alan Smith","startTime":2620.18,"endTime":2622.79,"body":"aren't we all better off just"},{"speaker":"Alan Smith","startTime":2620.18,"endTime":2622.79,"body":"been invested? 100% global"},{"speaker":"Alan Smith","startTime":2622.79,"endTime":2623.42,"body":"equities?"},{"speaker":"Andy Hart","startTime":2623.99,"endTime":2626.18,"body":"Yeah, from a"},{"speaker":"Andy Hart","startTime":2623.99,"endTime":2626.18,"body":"financial point of view, he's,"},{"speaker":"Andy Hart","startTime":2626.21,"endTime":2629.96,"body":"he's correct. from an emotional"},{"speaker":"Andy Hart","startTime":2626.21,"endTime":2629.96,"body":"point of view, regulatory"},{"speaker":"Andy Hart","startTime":2629.96,"endTime":2632.99,"body":"compliance point of view. That's"},{"speaker":"Andy Hart","startTime":2629.96,"endTime":2632.99,"body":"something else that we need to"},{"speaker":"Andy Hart","startTime":2632.99,"endTime":2638.15,"body":"consider. But I'm an insider."},{"speaker":"Andy Hart","startTime":2632.99,"endTime":2638.15,"body":"I'm 100% invested in 100% global"},{"speaker":"Andy Hart","startTime":2638.15,"endTime":2642.17,"body":"equities 100% At the time, and"},{"speaker":"Andy Hart","startTime":2638.15,"endTime":2642.17,"body":"I'm an insider, you know, follow"},{"speaker":"Andy Hart","startTime":2642.17,"endTime":2645.38,"body":"what the insiders do chemists,"},{"speaker":"Andy Hart","startTime":2642.17,"endTime":2645.38,"body":"you know, pharmacists, they take"},{"speaker":"Andy Hart","startTime":2645.38,"endTime":2647.9,"body":"generic drugs. That's the"},{"speaker":"Andy Hart","startTime":2645.38,"endTime":2647.9,"body":"correct answer. The correct"},{"speaker":"Andy Hart","startTime":2647.9,"endTime":2650.7799999999997,"body":"answer in investing is be"},{"speaker":"Andy Hart","startTime":2647.9,"endTime":2650.7799999999997,"body":"invested in 100% global"},{"speaker":"Andy Hart","startTime":2650.7799999999997,"endTime":2654.2599999999998,"body":"equities, 100% of the time. And"},{"speaker":"Andy Hart","startTime":2650.7799999999997,"endTime":2654.2599999999998,"body":"that's it. I'm an insider, but"},{"speaker":"Andy Hart","startTime":2654.2599999999998,"endTime":2657.7999999999997,"body":"then we have to pander to non"},{"speaker":"Andy Hart","startTime":2654.2599999999998,"endTime":2657.7999999999997,"body":"professionals non Insider's who"},{"speaker":"Andy Hart","startTime":2657.7999999999997,"endTime":2660.5,"body":"are our clients and we want the"},{"speaker":"Andy Hart","startTime":2657.7999999999997,"endTime":2660.5,"body":"best portfolio is the portfolio"},{"speaker":"Andy Hart","startTime":2660.5,"endTime":2663.83,"body":"you stick to. That's it. The"},{"speaker":"Andy Hart","startTime":2660.5,"endTime":2663.83,"body":"best portfolio is a portfolio"},{"speaker":"Andy Hart","startTime":2663.83,"endTime":2666.41,"body":"you stick to so we just got to"},{"speaker":"Andy Hart","startTime":2663.83,"endTime":2666.41,"body":"work out what portfolio you're"},{"speaker":"Andy Hart","startTime":2666.41,"endTime":2669.5899999999997,"body":"going to stick to two new"},{"speaker":"Andy Hart","startTime":2666.41,"endTime":2669.5899999999997,"body":"clients I've taken on long term."},{"speaker":"Andy Hart","startTime":2669.77,"endTime":2673.1,"body":"Sorry. Is that my first class?"},{"speaker":"Alan Smith","startTime":2674.2999999999997,"endTime":2676.49,"body":"Well done just"},{"speaker":"Alan Smith","startTime":2674.2999999999997,"endTime":2676.49,"body":"probably your last"},{"speaker":"Andy Hart","startTime":2677.12,"endTime":2681.23,"body":"month just Randy,"},{"speaker":"Andy Hart","startTime":2677.12,"endTime":2681.23,"body":"you're just I've just taken I've"},{"speaker":"Andy Hart","startTime":2681.23,"endTime":2683.8399999999997,"body":"just taken on some new clients,"},{"speaker":"Andy Hart","startTime":2681.23,"endTime":2683.8399999999997,"body":"Mr. And Mrs."},{"speaker":"Alan Smith","startTime":2683.87,"endTime":2685.43,"body":"Well done is just"},{"speaker":"Alan Smith","startTime":2683.87,"endTime":2685.43,"body":"another round of applause,"},{"speaker":"Alan Smith","startTime":2685.43,"endTime":2692.7799999999997,"body":"please. You catch me on Lake"},{"speaker":"Alan Smith","startTime":2685.43,"endTime":2692.7799999999997,"body":"nine."},{"speaker":"Andy Hart","startTime":2694.7599999999998,"endTime":2697.5499999999997,"body":"They both filled in"},{"speaker":"Andy Hart","startTime":2694.7599999999998,"endTime":2697.5499999999997,"body":"my investor profile mister is a"},{"speaker":"Andy Hart","startTime":2697.5499999999997,"endTime":2701.24,"body":"longtime podcast listener. So"},{"speaker":"Andy Hart","startTime":2697.5499999999997,"endTime":2701.24,"body":"he's well versed with, with with"},{"speaker":"Andy Hart","startTime":2701.24,"endTime":2704.7799999999997,"body":"global equities and being calm"},{"speaker":"Andy Hart","startTime":2701.24,"endTime":2704.7799999999997,"body":"through market cycles. In the"},{"speaker":"Andy Hart","startTime":2704.7799999999997,"endTime":2707.18,"body":"end, we've ended up with Mr."},{"speaker":"Andy Hart","startTime":2704.7799999999997,"endTime":2707.18,"body":"Bean invested in the Maven"},{"speaker":"Andy Hart","startTime":2707.18,"endTime":2710.21,"body":"invest 100. And Miss has been"},{"speaker":"Andy Hart","startTime":2707.18,"endTime":2710.21,"body":"invested in the Maven invest at,"},{"speaker":"Andy Hart","startTime":2710.72,"endTime":2713.48,"body":"you know, I'm just as I say, the"},{"speaker":"Andy Hart","startTime":2710.72,"endTime":2713.48,"body":"best portfolio is the one that"},{"speaker":"Andy Hart","startTime":2713.48,"endTime":2716.0,"body":"they stick to, he'll stick to"},{"speaker":"Andy Hart","startTime":2713.48,"endTime":2716.0,"body":"the 100% global equity"},{"speaker":"Andy Hart","startTime":2716.0,"endTime":2718.16,"body":"portfolio, and we love it during"},{"speaker":"Andy Hart","startTime":2716.0,"endTime":2718.16,"body":"the declines because he's buying"},{"speaker":"Andy Hart","startTime":2718.16,"endTime":2721.97,"body":"more units. And she'll hopefully"},{"speaker":"Andy Hart","startTime":2718.16,"endTime":2721.97,"body":"stick to the moment invest at"},{"speaker":"Andy Hart","startTime":2721.97,"endTime":2724.22,"body":"portfolio. So that's a yeah,"},{"speaker":"Andy Hart","startTime":2721.97,"endTime":2724.22,"body":"that's that."},{"speaker":"Alan Smith","startTime":2726.109,"endTime":2728.569,"body":"Okay, we probably"},{"speaker":"Alan Smith","startTime":2726.109,"endTime":2728.569,"body":"cover that off as best we can."},{"speaker":"Alan Smith","startTime":2728.5989999999997,"endTime":2732.1389999999997,"body":"There is no obvious answer to"},{"speaker":"Alan Smith","startTime":2728.5989999999997,"endTime":2732.1389999999997,"body":"it. But I think we've, you know,"},{"speaker":"Alan Smith","startTime":2732.1389999999997,"endTime":2735.3489999999997,"body":"we've debated it, and I think it"},{"speaker":"Alan Smith","startTime":2732.1389999999997,"endTime":2735.3489999999997,"body":"was it seems that this is"},{"speaker":"Alan Smith","startTime":2735.3489999999997,"endTime":2738.0789999999997,"body":"something which is evolving, and"},{"speaker":"Alan Smith","startTime":2735.3489999999997,"endTime":2738.0789999999997,"body":"certainly, perhaps more people"},{"speaker":"Alan Smith","startTime":2738.0789999999997,"endTime":2741.739,"body":"will question, just getting a"},{"speaker":"Alan Smith","startTime":2738.0789999999997,"endTime":2741.739,"body":"standard risk profile"},{"speaker":"Alan Smith","startTime":2741.739,"endTime":2744.169,"body":"questionnaire delivering a"},{"speaker":"Alan Smith","startTime":2741.739,"endTime":2744.169,"body":"portfolio which exactly what it"},{"speaker":"Alan Smith","startTime":2744.169,"endTime":2744.769,"body":"tells you."},{"speaker":"Andy Hart","startTime":2745.16,"endTime":2747.92,"body":"The answer is"},{"speaker":"Andy Hart","startTime":2745.16,"endTime":2747.92,"body":"certainly not giving an"},{"speaker":"Andy Hart","startTime":2747.92,"endTime":2751.25,"body":"investing illiterate, who are"},{"speaker":"Andy Hart","startTime":2747.92,"endTime":2751.25,"body":"most of the people that come to"},{"speaker":"Andy Hart","startTime":2751.25,"endTime":2757.67,"body":"us who's 60 to a 25 question."},{"speaker":"Andy Hart","startTime":2751.25,"endTime":2757.67,"body":"Survey that in some ways, fills"},{"speaker":"Andy Hart","startTime":2757.67,"endTime":2759.8599999999997,"body":"them with financial anxiety"},{"speaker":"Andy Hart","startTime":2757.67,"endTime":2759.8599999999997,"body":"already, and we told them, we're"},{"speaker":"Andy Hart","startTime":2759.8599999999997,"endTime":2763.25,"body":"going to remove that, and then"},{"speaker":"Andy Hart","startTime":2759.8599999999997,"endTime":2763.25,"body":"it pops up. They should be in a"},{"speaker":"Andy Hart","startTime":2763.2799999999997,"endTime":2767.3599999999997,"body":"60% bond portfolio for the next"},{"speaker":"Andy Hart","startTime":2763.2799999999997,"endTime":2767.3599999999997,"body":"40 years. That is certainly not"},{"speaker":"Andy Hart","startTime":2767.3599999999997,"endTime":2772.88,"body":"the answer. As I say, Yeah,"},{"speaker":"Andy Hart","startTime":2767.3599999999997,"endTime":2772.88,"body":"okay. And I thought about that."},{"speaker":"Nick Lincoln","startTime":2773.419,"endTime":2776.089,"body":"Wait, yeah, and"},{"speaker":"Nick Lincoln","startTime":2773.419,"endTime":2776.089,"body":"it's just waiting for regulatory"},{"speaker":"Nick Lincoln","startTime":2776.1189999999997,"endTime":2779.839,"body":"to regulators or compliance to"},{"speaker":"Nick Lincoln","startTime":2776.1189999999997,"endTime":2779.839,"body":"lead to successful client"},{"speaker":"Nick Lincoln","startTime":2779.839,"endTime":2783.019,"body":"outcomes. I think you've you've"},{"speaker":"Nick Lincoln","startTime":2779.839,"endTime":2783.019,"body":"got a you've got a long way and"},{"speaker":"Nick Lincoln","startTime":2783.019,"endTime":2786.3489999999997,"body":"we put we've got, we've got to"},{"speaker":"Nick Lincoln","startTime":2783.019,"endTime":2786.3489999999997,"body":"be as brave as we can be without"},{"speaker":"Nick Lincoln","startTime":2786.3489999999997,"endTime":2791.089,"body":"transcripts. We've got to be"},{"speaker":"Nick Lincoln","startTime":2786.3489999999997,"endTime":2791.089,"body":"exactly as we can be. Okay. The"},{"speaker":"Nick Lincoln","startTime":2791.089,"endTime":2794.659,"body":"next one second question from"},{"speaker":"Nick Lincoln","startTime":2791.089,"endTime":2794.659,"body":"our beloved Trappists. This is"},{"speaker":"Nick Lincoln","startTime":2794.719,"endTime":2798.319,"body":"from Joshua Carr, who's on"},{"speaker":"Nick Lincoln","startTime":2794.719,"endTime":2798.319,"body":"Twitter as at Josh, Joshua"},{"speaker":"Nick Lincoln","startTime":2798.379,"endTime":2801.589,"body":"Baramulla. Was there a moment in"},{"speaker":"Nick Lincoln","startTime":2798.379,"endTime":2801.589,"body":"your career when everything"},{"speaker":"Nick Lincoln","startTime":2801.589,"endTime":2805.669,"body":"clicked and your role in your"},{"speaker":"Nick Lincoln","startTime":2801.589,"endTime":2805.669,"body":"clients lives became clear? I"},{"speaker":"Nick Lincoln","startTime":2805.669,"endTime":2808.669,"body":"would like a first stab at"},{"speaker":"Nick Lincoln","startTime":2805.669,"endTime":2808.669,"body":"answering that. very succinct"},{"speaker":"Nick Lincoln","startTime":2808.669,"endTime":2810.679,"body":"answer. And then I guess it"},{"speaker":"Nick Lincoln","startTime":2808.669,"endTime":2810.679,"body":"might be an hour and against"},{"speaker":"Nick Lincoln","startTime":2810.679,"endTime":2814.0989999999997,"body":"Rama, that's, I think you put it"},{"speaker":"Nick Lincoln","startTime":2810.679,"endTime":2814.0989999999997,"body":"into the, our script here. You"},{"speaker":"Nick Lincoln","startTime":2814.0989999999997,"endTime":2815.989,"body":"Yeah, there was a moment"},{"speaker":"Nick Lincoln","startTime":2814.0989999999997,"endTime":2815.989,"body":"actually, and I've spoken about"},{"speaker":"Nick Lincoln","startTime":2815.989,"endTime":2818.029,"body":"this, and I think many people"},{"speaker":"Nick Lincoln","startTime":2815.989,"endTime":2818.029,"body":"have gone down the same road."},{"speaker":"Nick Lincoln","startTime":2818.029,"endTime":2822.679,"body":"And it was, it was the time when"},{"speaker":"Nick Lincoln","startTime":2818.029,"endTime":2822.679,"body":"I discovered via a man who is"},{"speaker":"Nick Lincoln","startTime":2822.679,"endTime":2825.109,"body":"very much Marmite, Mr. Paul"},{"speaker":"Nick Lincoln","startTime":2822.679,"endTime":2825.109,"body":"Armisen, but I went to this"},{"speaker":"Nick Lincoln","startTime":2825.109,"endTime":2828.319,"body":"thing in 2008, I went to this"},{"speaker":"Nick Lincoln","startTime":2825.109,"endTime":2828.319,"body":"presentation, and he showed me"},{"speaker":"Nick Lincoln","startTime":2828.319,"endTime":2831.949,"body":"how he does proper financial"},{"speaker":"Nick Lincoln","startTime":2828.319,"endTime":2831.949,"body":"planning, using cash flow"},{"speaker":"Nick Lincoln","startTime":2831.949,"endTime":2834.319,"body":"modeling software, I didn't know"},{"speaker":"Nick Lincoln","startTime":2831.949,"endTime":2834.319,"body":"what proper financial planning"},{"speaker":"Nick Lincoln","startTime":2834.319,"endTime":2836.3289999999997,"body":"was, I didn't know what cash"},{"speaker":"Nick Lincoln","startTime":2834.319,"endTime":2836.3289999999997,"body":"flow modeling software was"},{"speaker":"Nick Lincoln","startTime":2836.3289999999997,"endTime":2839.629,"body":"walking into this, this event, I"},{"speaker":"Nick Lincoln","startTime":2836.3289999999997,"endTime":2839.629,"body":"walked out and it blew away my"},{"speaker":"Nick Lincoln","startTime":2840.2889999999998,"endTime":2842.779,"body":"mind. It just blew me away. And"},{"speaker":"Nick Lincoln","startTime":2840.2889999999998,"endTime":2842.779,"body":"that was when I thought, You"},{"speaker":"Nick Lincoln","startTime":2842.779,"endTime":2845.089,"body":"know what, this is my role for"},{"speaker":"Nick Lincoln","startTime":2842.779,"endTime":2845.089,"body":"clients. This is the guiding"},{"speaker":"Nick Lincoln","startTime":2845.089,"endTime":2848.509,"body":"them to the financial, the"},{"speaker":"Nick Lincoln","startTime":2845.089,"endTime":2848.509,"body":"financial security of taking"},{"speaker":"Nick Lincoln","startTime":2848.509,"endTime":2851.1189999999997,"body":"them away from the darkness from"},{"speaker":"Nick Lincoln","startTime":2848.509,"endTime":2851.1189999999997,"body":"the wilderness that's coming to"},{"speaker":"Nick Lincoln","startTime":2851.1189999999997,"endTime":2853.519,"body":"them, This is what I need to do."},{"speaker":"Nick Lincoln","startTime":2851.1189999999997,"endTime":2853.519,"body":"And it was that moment, and it"},{"speaker":"Nick Lincoln","startTime":2853.519,"endTime":2856.999,"body":"just changed off that cascade so"},{"speaker":"Nick Lincoln","startTime":2853.519,"endTime":2856.999,"body":"much else, that you suddenly"},{"speaker":"Nick Lincoln","startTime":2856.999,"endTime":2859.8489999999997,"body":"realized that investing and"},{"speaker":"Nick Lincoln","startTime":2856.999,"endTime":2859.8489999999997,"body":"investments and picking funds"},{"speaker":"Nick Lincoln","startTime":2859.879,"endTime":2863.749,"body":"not important dial, you realize"},{"speaker":"Nick Lincoln","startTime":2859.879,"endTime":2863.749,"body":"that people just want to be"},{"speaker":"Nick Lincoln","startTime":2863.749,"endTime":2866.779,"body":"having a damn good listening to."},{"speaker":"Nick Lincoln","startTime":2863.749,"endTime":2866.779,"body":"And then most people who come to"},{"speaker":"Nick Lincoln","startTime":2866.779,"endTime":2868.909,"body":"you with concerns about pensions"},{"speaker":"Nick Lincoln","startTime":2866.779,"endTime":2868.909,"body":"are actually saying, Nick, are"},{"speaker":"Nick Lincoln","startTime":2868.909,"endTime":2871.819,"body":"we going to be okay? And it just"},{"speaker":"Nick Lincoln","startTime":2868.909,"endTime":2871.819,"body":"transformed everything. And"},{"speaker":"Nick Lincoln","startTime":2871.819,"endTime":2874.0389999999998,"body":"that's 2008. And I've built my"},{"speaker":"Nick Lincoln","startTime":2871.819,"endTime":2874.0389999999998,"body":"business on the back of that"},{"speaker":"Nick Lincoln","startTime":2874.0389999999998,"endTime":2877.069,"body":"meeting with Paul Armisen, and"},{"speaker":"Nick Lincoln","startTime":2874.0389999999998,"endTime":2877.069,"body":"whatever else, we think of the"},{"speaker":"Nick Lincoln","startTime":2877.069,"endTime":2879.469,"body":"guy that is to his eternal"},{"speaker":"Nick Lincoln","startTime":2877.069,"endTime":2879.469,"body":"credit, and there are many"},{"speaker":"Nick Lincoln","startTime":2879.469,"endTime":2882.469,"body":"advisors, good advisors in the"},{"speaker":"Nick Lincoln","startTime":2879.469,"endTime":2882.469,"body":"UK, doing proper financial"},{"speaker":"Nick Lincoln","startTime":2882.469,"endTime":2884.689,"body":"planning, who wouldn't be doing"},{"speaker":"Nick Lincoln","startTime":2882.469,"endTime":2884.689,"body":"it for Paul Armisen. So that's"},{"speaker":"Nick Lincoln","startTime":2884.689,"endTime":2885.1389999999997,"body":"my"},{"speaker":"Andy Hart","startTime":2885.65,"endTime":2888.38,"body":"I was, I was at the"},{"speaker":"Andy Hart","startTime":2885.65,"endTime":2888.38,"body":"same presentation in St. Albans,"},{"speaker":"Andy Hart","startTime":2888.38,"endTime":2891.65,"body":"I was blown away that these"},{"speaker":"Andy Hart","startTime":2888.38,"endTime":2891.65,"body":"people in the room were not"},{"speaker":"Andy Hart","startTime":2891.65,"endTime":2895.5499999999997,"body":"doing what he was showing"},{"speaker":"Andy Hart","startTime":2891.65,"endTime":2895.5499999999997,"body":"already. I couldn't believe that"},{"speaker":"Andy Hart","startTime":2895.5499999999997,"endTime":2899.33,"body":"the low level of what financial"},{"speaker":"Andy Hart","startTime":2895.5499999999997,"endTime":2899.33,"body":"advice was in the UK when I came"},{"speaker":"Andy Hart","startTime":2899.33,"endTime":2901.91,"body":"into the business, you mentioned"},{"speaker":"Andy Hart","startTime":2899.33,"endTime":2901.91,"body":"about investments, they're going"},{"speaker":"Andy Hart","startTime":2901.91,"endTime":2905.18,"body":"to push back on that it is very"},{"speaker":"Andy Hart","startTime":2901.91,"endTime":2905.18,"body":"important, but very easy. If"},{"speaker":"Andy Hart","startTime":2905.18,"endTime":2907.91,"body":"that makes sense. You said it's"},{"speaker":"Andy Hart","startTime":2905.18,"endTime":2907.91,"body":"not important. Picking"},{"speaker":"Andy Hart","startTime":2907.91,"endTime":2910.91,"body":"investments and stuff. I know,"},{"speaker":"Andy Hart","startTime":2907.91,"endTime":2910.91,"body":"you know, how important is we"},{"speaker":"Andy Hart","startTime":2910.91,"endTime":2913.67,"body":"are going to give our clients a"},{"speaker":"Andy Hart","startTime":2910.91,"endTime":2913.67,"body":"great portfolio is going to give"},{"speaker":"Andy Hart","startTime":2913.67,"endTime":2917.0299999999997,"body":"great returns, but certainly not"},{"speaker":"Andy Hart","startTime":2913.67,"endTime":2917.0299999999997,"body":"the central thing that we're"},{"speaker":"Andy Hart","startTime":2917.0299999999997,"endTime":2919.0699999999997,"body":"doing. I mean, it's easy to just"},{"speaker":"Andy Hart","startTime":2917.0299999999997,"endTime":2919.0699999999997,"body":"set up and get them the right"},{"speaker":"Andy Hart","startTime":2919.0699999999997,"endTime":2921.8599999999997,"body":"portfolio, you know, early on."},{"speaker":"Andy Hart","startTime":2919.0699999999997,"endTime":2921.8599999999997,"body":"So I'd say is important, but"},{"speaker":"Andy Hart","startTime":2921.8599999999997,"endTime":2924.1099999999997,"body":"it's quite easy. Anyway, push"},{"speaker":"Andy Hart","startTime":2921.8599999999997,"endTime":2924.1099999999997,"body":"back on a good point, and it"},{"speaker":"Andy Hart","startTime":2924.1099999999997,"endTime":2927.65,"body":"will come back to you. As you"},{"speaker":"Andy Hart","startTime":2924.1099999999997,"endTime":2927.65,"body":"answer the question of what was"},{"speaker":"Andy Hart","startTime":2927.65,"endTime":2930.8599999999997,"body":"the career defining moment for"},{"speaker":"Andy Hart","startTime":2927.65,"endTime":2930.8599999999997,"body":"you? But just to be easy? I'll"},{"speaker":"Andy Hart","startTime":2930.8599999999997,"endTime":2933.29,"body":"just jump in your Slipstream,"},{"speaker":"Andy Hart","startTime":2930.8599999999997,"endTime":2933.29,"body":"Nick, because mine's the same."},{"speaker":"Andy Hart","startTime":2933.3199999999997,"endTime":2937.7,"body":"It's my own version of that. And"},{"speaker":"Andy Hart","startTime":2933.3199999999997,"endTime":2937.7,"body":"is with the same guy, Paul, Paul"},{"speaker":"Andy Hart","startTime":2937.73,"endTime":2938.15,"body":"Thompson,"},{"speaker":"Alan Smith","startTime":2938.18,"endTime":2940.79,"body":"I think mine's must"},{"speaker":"Alan Smith","startTime":2938.18,"endTime":2940.79,"body":"have been a year or two before"},{"speaker":"Alan Smith","startTime":2941.0,"endTime":2944.6,"body":"you. And the reason why. And I"},{"speaker":"Alan Smith","startTime":2941.0,"endTime":2944.6,"body":"spoke about this, we don't have"},{"speaker":"Alan Smith","startTime":2944.6,"endTime":2947.27,"body":"time to go into this in great"},{"speaker":"Alan Smith","startTime":2944.6,"endTime":2947.27,"body":"detail. But I sat in that room"},{"speaker":"Alan Smith","startTime":2947.27,"endTime":2952.22,"body":"is actually in London, were poor"},{"speaker":"Alan Smith","startTime":2947.27,"endTime":2952.22,"body":"presented. And it was like the"},{"speaker":"Alan Smith","startTime":2952.22,"endTime":2955.19,"body":"biggest light bulb moment going"},{"speaker":"Alan Smith","startTime":2952.22,"endTime":2955.19,"body":"off. I thought, wow, hallelujah,"},{"speaker":"Alan Smith","startTime":2955.22,"endTime":2958.0699999999997,"body":"I finally can put everything"},{"speaker":"Alan Smith","startTime":2955.22,"endTime":2958.0699999999997,"body":"into context. But what I thought"},{"speaker":"Alan Smith","startTime":2958.0699999999997,"endTime":2959.69,"body":"actually about this was about"},{"speaker":"Alan Smith","startTime":2958.0699999999997,"endTime":2959.69,"body":"myself, were"},{"speaker":"Andy Hart","startTime":2959.69,"endTime":2962.99,"body":"you guys doing before"},{"speaker":"Andy Hart","startTime":2959.69,"endTime":2962.99,"body":"just telling clients, I gotta"},{"speaker":"Andy Hart","startTime":2962.99,"endTime":2964.46,"body":"help you. We were just"},{"speaker":"Alan Smith","startTime":2965.93,"endTime":2968.27,"body":"we were finding the"},{"speaker":"Alan Smith","startTime":2965.93,"endTime":2968.27,"body":"best pensions best investments"},{"speaker":"Alan Smith","startTime":2968.2999999999997,"endTime":2976.0099999999998,"body":"for me, teaches a shiny suit on,"},{"speaker":"Alan Smith","startTime":2968.2999999999997,"endTime":2976.0099999999998,"body":"don't don't criticize, there"},{"speaker":"Alan Smith","startTime":2976.0099999999998,"endTime":2978.38,"body":"isn't, there's still plenty of"},{"speaker":"Alan Smith","startTime":2976.0099999999998,"endTime":2978.38,"body":"big part of the community, the"},{"speaker":"Alan Smith","startTime":2978.38,"endTime":2982.04,"body":"market still sells funds and"},{"speaker":"Alan Smith","startTime":2978.38,"endTime":2982.04,"body":"policies and portfolios, and so"},{"speaker":"Alan Smith","startTime":2982.04,"endTime":2986.42,"body":"on. But I thought that I had a"},{"speaker":"Alan Smith","startTime":2982.04,"endTime":2986.42,"body":"kind of revelation in my own"},{"speaker":"Alan Smith","startTime":2986.45,"endTime":2989.72,"body":"life. He I mean, Paul tells, and"},{"speaker":"Alan Smith","startTime":2986.45,"endTime":2989.72,"body":"if you've read his book, he"},{"speaker":"Alan Smith","startTime":2989.72,"endTime":2992.2999999999997,"body":"tells us very deep and personal"},{"speaker":"Alan Smith","startTime":2989.72,"endTime":2992.2999999999997,"body":"stories about you know, losing"},{"speaker":"Alan Smith","startTime":2992.2999999999997,"endTime":2995.24,"body":"his mom when he was quite young,"},{"speaker":"Alan Smith","startTime":2992.2999999999997,"endTime":2995.24,"body":"and all this kind of, we put off"},{"speaker":"Alan Smith","startTime":2995.24,"endTime":2997.7,"body":"things for later, you know,"},{"speaker":"Alan Smith","startTime":2995.24,"endTime":2997.7,"body":"wait, so this happens. Wait till"},{"speaker":"Alan Smith","startTime":2997.7,"endTime":3001.5699999999997,"body":"that happens and actually spoke"},{"speaker":"Alan Smith","startTime":2997.7,"endTime":3001.5699999999997,"body":"about this, if it's still"},{"speaker":"Alan Smith","startTime":3001.5699999999997,"endTime":3004.9,"body":"available for you can still get"},{"speaker":"Alan Smith","startTime":3001.5699999999997,"endTime":3004.9,"body":"this a poor answers first."},{"speaker":"Alan Smith","startTime":3005.8599999999997,"endTime":3009.94,"body":"conference started, was it start"},{"speaker":"Alan Smith","startTime":3005.8599999999997,"endTime":3009.94,"body":"with why? Back to why? Back to"},{"speaker":"Alan Smith","startTime":3009.94,"endTime":3013.39,"body":"why? Back to why? And I spoke"},{"speaker":"Alan Smith","startTime":3009.94,"endTime":3013.39,"body":"about this my sort of moment of"},{"speaker":"Alan Smith","startTime":3013.39,"endTime":3016.0899999999997,"body":"the penny dropping, and it had a"},{"speaker":"Alan Smith","startTime":3013.39,"endTime":3016.0899999999997,"body":"big impact on me. Because as a"},{"speaker":"Alan Smith","startTime":3016.0899999999997,"endTime":3018.6099999999997,"body":"result of that, and I thought"},{"speaker":"Alan Smith","startTime":3016.0899999999997,"endTime":3018.6099999999997,"body":"about my own life, I ended up"},{"speaker":"Alan Smith","startTime":3018.6099999999997,"endTime":3021.58,"body":"getting married, I ended up"},{"speaker":"Alan Smith","startTime":3018.6099999999997,"endTime":3021.58,"body":"having a kid also, because I"},{"speaker":"Alan Smith","startTime":3021.58,"endTime":3024.91,"body":"just thought, yeah, this puts"},{"speaker":"Alan Smith","startTime":3021.58,"endTime":3024.91,"body":"everything in perspective, what"},{"speaker":"Alan Smith","startTime":3024.91,"endTime":3028.18,"body":"are you doing with your life?"},{"speaker":"Alan Smith","startTime":3024.91,"endTime":3028.18,"body":"Why do you keep kicking things"},{"speaker":"Alan Smith","startTime":3028.18,"endTime":3030.73,"body":"down the road and wait for it,"},{"speaker":"Alan Smith","startTime":3028.18,"endTime":3030.73,"body":"wait till something gets better?"},{"speaker":"Alan Smith","startTime":3031.66,"endTime":3033.7599999999998,"body":"You know, take action on it. And"},{"speaker":"Alan Smith","startTime":3031.66,"endTime":3033.7599999999998,"body":"so I just thought at that at"},{"speaker":"Alan Smith","startTime":3033.7599999999998,"endTime":3038.2,"body":"that moment, I'm going to start"},{"speaker":"Alan Smith","startTime":3033.7599999999998,"endTime":3038.2,"body":"my own sort of situation. And"},{"speaker":"Alan Smith","startTime":3038.2,"endTime":3040.63,"body":"then I'm going to get this"},{"speaker":"Alan Smith","startTime":3038.2,"endTime":3040.63,"body":"software into the business. And"},{"speaker":"Alan Smith","startTime":3040.66,"endTime":3043.0,"body":"you know, and we've been using"},{"speaker":"Alan Smith","startTime":3040.66,"endTime":3043.0,"body":"it ever since. And it was a it"},{"speaker":"Alan Smith","startTime":3043.0,"endTime":3045.64,"body":"really was a game changer. So"},{"speaker":"Alan Smith","startTime":3043.0,"endTime":3045.64,"body":"Paul has been hugely"},{"speaker":"Alan Smith","startTime":3045.64,"endTime":3049.99,"body":"influential, has to be said,"},{"speaker":"Alan Smith","startTime":3045.64,"endTime":3049.99,"body":"over to you, Andy, what was your"},{"speaker":"Alan Smith","startTime":3050.23,"endTime":3052.24,"body":"getting back to the question,"},{"speaker":"Alan Smith","startTime":3050.23,"endTime":3052.24,"body":"was there a moment in your"},{"speaker":"Alan Smith","startTime":3052.24,"endTime":3055.63,"body":"career when everything clicked,"},{"speaker":"Alan Smith","startTime":3052.24,"endTime":3055.63,"body":"and your role in clients lives"},{"speaker":"Alan Smith","startTime":3055.63,"endTime":3056.47,"body":"became clearer?"},{"speaker":"Andy Hart","startTime":3057.8199999999997,"endTime":3062.08,"body":"I don't think it was."},{"speaker":"Andy Hart","startTime":3057.8199999999997,"endTime":3062.08,"body":"I can't isolate one moment. me"},{"speaker":"Andy Hart","startTime":3062.08,"endTime":3065.41,"body":"finding voient financial"},{"speaker":"Andy Hart","startTime":3062.08,"endTime":3065.41,"body":"planning software was in terms"},{"speaker":"Andy Hart","startTime":3065.41,"endTime":3067.87,"body":"of the plumbing of this whole"},{"speaker":"Andy Hart","startTime":3065.41,"endTime":3067.87,"body":"business. That was a key moment."},{"speaker":"Andy Hart","startTime":3069.6099999999997,"endTime":3073.5699999999997,"body":"From that I was exposed to lots"},{"speaker":"Andy Hart","startTime":3069.6099999999997,"endTime":3073.5699999999997,"body":"of different advisors. So that's"},{"speaker":"Andy Hart","startTime":3073.5699999999997,"endTime":3076.8399999999997,"body":"where I somewhat have unique"},{"speaker":"Andy Hart","startTime":3073.5699999999997,"endTime":3076.8399999999997,"body":"position. Where I've traveled"},{"speaker":"Andy Hart","startTime":3076.8399999999997,"endTime":3079.21,"body":"the whole country and gone into"},{"speaker":"Andy Hart","startTime":3076.8399999999997,"endTime":3079.21,"body":"firms and learn loads of stuff"},{"speaker":"Andy Hart","startTime":3079.21,"endTime":3081.94,"body":"and loads of people. And there's"},{"speaker":"Andy Hart","startTime":3079.21,"endTime":3081.94,"body":"a few key advisors I've met"},{"speaker":"Andy Hart","startTime":3081.94,"endTime":3085.54,"body":"along the way. Alan, you're"},{"speaker":"Andy Hart","startTime":3081.94,"endTime":3085.54,"body":"definitely not in the top three"},{"speaker":"Andy Hart","startTime":3085.54,"endTime":3090.13,"body":"of those people. I joke at it"},{"speaker":"Andy Hart","startTime":3085.54,"endTime":3090.13,"body":"when do we have a coffee about"},{"speaker":"Andy Hart","startTime":3090.22,"endTime":3093.37,"body":"11 years ago or something and"},{"speaker":"Andy Hart","startTime":3090.22,"endTime":3093.37,"body":"Marleybone High Street who pay"},{"speaker":"Andy Hart","startTime":3093.37,"endTime":3097.72,"body":"for the coffee? Maybe message"},{"speaker":"Andy Hart","startTime":3093.37,"endTime":3097.72,"body":"was less than half iPads 50."},{"speaker":"Andy Hart","startTime":3098.5,"endTime":3102.58,"body":"Anyway, we'll move on from that."},{"speaker":"Andy Hart","startTime":3098.5,"endTime":3102.58,"body":"For me, it's finding Nick"},{"speaker":"Andy Hart","startTime":3102.58,"endTime":3105.88,"body":"Murray. So he was introduced me"},{"speaker":"Andy Hart","startTime":3102.58,"endTime":3105.88,"body":"introduced to me by another"},{"speaker":"Andy Hart","startTime":3105.88,"endTime":3109.18,"body":"financial advisor. And that"},{"speaker":"Andy Hart","startTime":3105.88,"endTime":3109.18,"body":"completely changed my entire"},{"speaker":"Andy Hart","startTime":3109.18,"endTime":3112.75,"body":"life. And well, to be totally"},{"speaker":"Andy Hart","startTime":3109.18,"endTime":3112.75,"body":"honest. And that spawned lots of"},{"speaker":"Andy Hart","startTime":3112.75,"endTime":3116.8599999999997,"body":"other things. Yeah, so he is"},{"speaker":"Andy Hart","startTime":3112.75,"endTime":3116.8599999999997,"body":"definitely the biggest influence"},{"speaker":"Andy Hart","startTime":3116.8599999999997,"endTime":3118.66,"body":"on my career over to call"},{"speaker":"Carl Widger","startTime":3120.79,"endTime":3126.19,"body":"mine I told the"},{"speaker":"Carl Widger","startTime":3120.79,"endTime":3126.19,"body":"story of back in 2018, we set up"},{"speaker":"Carl Widger","startTime":3126.19,"endTime":3127.0299999999997,"body":"matters to"},{"speaker":"Carl Widger","startTime":3132.1,"endTime":3136.7799999999997,"body":"too, I want to give you any V"},{"speaker":"Carl Widger","startTime":3132.1,"endTime":3136.7799999999997,"body":"signs. We had set up mentors to"},{"speaker":"Carl Widger","startTime":3136.7799999999997,"endTime":3142.42,"body":"do real financial planning. And"},{"speaker":"Carl Widger","startTime":3136.7799999999997,"endTime":3142.42,"body":"cut a very long story short,"},{"speaker":"Carl Widger","startTime":3143.02,"endTime":3146.2,"body":"basically, we had a chartered"},{"speaker":"Carl Widger","startTime":3143.02,"endTime":3146.2,"body":"accountant who had left"},{"speaker":"Carl Widger","startTime":3146.2,"endTime":3150.13,"body":"practice, good industry had done"},{"speaker":"Carl Widger","startTime":3146.2,"endTime":3150.13,"body":"very, very well was married to a"},{"speaker":"Carl Widger","startTime":3150.13,"endTime":3153.6099999999997,"body":"nurse. And the chartered"},{"speaker":"Carl Widger","startTime":3150.13,"endTime":3153.6099999999997,"body":"accountant was telling his nurse"},{"speaker":"Carl Widger","startTime":3153.6099999999997,"endTime":3156.2799999999997,"body":"wife, who he loved dearly that"},{"speaker":"Carl Widger","startTime":3153.6099999999997,"endTime":3156.2799999999997,"body":"she could give up nursing, and"},{"speaker":"Carl Widger","startTime":3156.2799999999997,"endTime":3161.02,"body":"she didn't believe them. And we"},{"speaker":"Carl Widger","startTime":3156.2799999999997,"endTime":3161.02,"body":"did the the financial plan,"},{"speaker":"Carl Widger","startTime":3161.1099999999997,"endTime":3165.1,"body":"which demonstrated that the"},{"speaker":"Carl Widger","startTime":3161.1099999999997,"endTime":3165.1,"body":"avoidance of and she got"},{"speaker":"Carl Widger","startTime":3165.1,"endTime":3168.31,"body":"emotional. She was like, for the"},{"speaker":"Carl Widger","startTime":3165.1,"endTime":3168.31,"body":"first time could see right in"},{"speaker":"Carl Widger","startTime":3168.31,"endTime":3172.27,"body":"front of her eyes in pictures"},{"speaker":"Carl Widger","startTime":3168.31,"endTime":3172.27,"body":"that they were going to be okay."},{"speaker":"Carl Widger","startTime":3172.81,"endTime":3176.17,"body":"And she leaned across to him and"},{"speaker":"Carl Widger","startTime":3172.81,"endTime":3176.17,"body":"said, Are you Can you promise me"},{"speaker":"Carl Widger","startTime":3176.2,"endTime":3179.2,"body":"that we're going to be okay, if"},{"speaker":"Carl Widger","startTime":3176.2,"endTime":3179.2,"body":"I give up? And I went, Yes. And"},{"speaker":"Carl Widger","startTime":3179.2,"endTime":3183.31,"body":"she, and I can tell you up, I"},{"speaker":"Carl Widger","startTime":3179.2,"endTime":3183.31,"body":"got a little bit of emotional"},{"speaker":"Carl Widger","startTime":3183.3399999999997,"endTime":3185.92,"body":"and so that the Chartered"},{"speaker":"Carl Widger","startTime":3183.3399999999997,"endTime":3185.92,"body":"Accountant, and for me that was"},{"speaker":"Carl Widger","startTime":3185.95,"endTime":3188.47,"body":"we had been doing it a while at"},{"speaker":"Carl Widger","startTime":3185.95,"endTime":3188.47,"body":"that stage. But that was the"},{"speaker":"Carl Widger","startTime":3188.47,"endTime":3192.7,"body":"first time. Yeah, we're actually"},{"speaker":"Carl Widger","startTime":3188.47,"endTime":3192.7,"body":"having a real impact here. This"},{"speaker":"Carl Widger","startTime":3192.7,"endTime":3195.7599999999998,"body":"is this is real stuff. So that"},{"speaker":"Carl Widger","startTime":3192.7,"endTime":3195.7599999999998,"body":"was my moment. And that kind of"},{"speaker":"Carl Widger","startTime":3195.7599999999998,"endTime":3199.93,"body":"gave me the impetus to drive"},{"speaker":"Carl Widger","startTime":3195.7599999999998,"endTime":3199.93,"body":"this business on and to try and"},{"speaker":"Carl Widger","startTime":3199.99,"endTime":3202.87,"body":"I suppose expanded and scale it"},{"speaker":"Carl Widger","startTime":3199.99,"endTime":3202.87,"body":"to where we are today."},{"speaker":"Nick Lincoln","startTime":3204.49,"endTime":3206.65,"body":"Okay, wow, some"},{"speaker":"Nick Lincoln","startTime":3204.49,"endTime":3206.65,"body":"some powerful, powerful,"},{"speaker":"Nick Lincoln","startTime":3206.65,"endTime":3210.13,"body":"powerful stuff there. So I hope"},{"speaker":"Nick Lincoln","startTime":3206.65,"endTime":3210.13,"body":"James and Joshua, you got some"},{"speaker":"Nick Lincoln","startTime":3210.13,"endTime":3213.67,"body":"value for that. And, ladies and"},{"speaker":"Nick Lincoln","startTime":3210.13,"endTime":3213.67,"body":"gents, any questions, please do"},{"speaker":"Nick Lincoln","startTime":3213.67,"endTime":3216.94,"body":"post them. Follow us on Twitter"},{"speaker":"Nick Lincoln","startTime":3213.67,"endTime":3216.94,"body":"at advisor podcast, you'll find"},{"speaker":"Nick Lincoln","startTime":3216.94,"endTime":3219.94,"body":"a pin tweet at the top of our"},{"speaker":"Nick Lincoln","startTime":3216.94,"endTime":3219.94,"body":"Twitter account where that where"},{"speaker":"Nick Lincoln","startTime":3219.94,"endTime":3222.7,"body":"you can leave comments and or"},{"speaker":"Nick Lincoln","startTime":3219.94,"endTime":3222.7,"body":"just leave your question in a"},{"speaker":"Nick Lincoln","startTime":3222.7,"endTime":3225.3399999999997,"body":"Google form. So we don't miss"},{"speaker":"Nick Lincoln","startTime":3222.7,"endTime":3225.3399999999997,"body":"it. If we put in the"},{"speaker":"Nick Lincoln","startTime":3225.3399999999997,"endTime":3227.7999999999997,"body":"conversation, there's a good"},{"speaker":"Nick Lincoln","startTime":3225.3399999999997,"endTime":3227.7999999999997,"body":"chance that one of us for idiots"},{"speaker":"Nick Lincoln","startTime":3227.7999999999997,"endTime":3231.4,"body":"might miss it. I think it's time"},{"speaker":"Nick Lincoln","startTime":3227.7999999999997,"endTime":3231.4,"body":"for us to move on to culture"},{"speaker":"Nick Lincoln","startTime":3231.4,"endTime":3238.39,"body":"corner. And look ecological. I'm"},{"speaker":"Nick Lincoln","startTime":3231.4,"endTime":3238.39,"body":"gonna go first very quickly, and"},{"speaker":"Nick Lincoln","startTime":3238.39,"endTime":3240.1,"body":"I'm talking about something"},{"speaker":"Nick Lincoln","startTime":3238.39,"endTime":3240.1,"body":"that's a bit in the weeds. And"},{"speaker":"Nick Lincoln","startTime":3240.1,"endTime":3241.5099999999998,"body":"you might think Well, Nick,"},{"speaker":"Nick Lincoln","startTime":3240.1,"endTime":3241.5099999999998,"body":"that's of interest to you,"},{"speaker":"Nick Lincoln","startTime":3241.5099999999998,"endTime":3245.65,"body":"because you're a podcast kind of"},{"speaker":"Nick Lincoln","startTime":3241.5099999999998,"endTime":3245.65,"body":"person. But I might my gadget is"},{"speaker":"Nick Lincoln","startTime":3245.65,"endTime":3249.91,"body":"what I'm talking to today, which"},{"speaker":"Nick Lincoln","startTime":3245.65,"endTime":3249.91,"body":"is a Samsung gotrek Pro Mic. And"},{"speaker":"Nick Lincoln","startTime":3249.94,"endTime":3252.25,"body":"the reason why I think the"},{"speaker":"Nick Lincoln","startTime":3249.94,"endTime":3252.25,"body":"audience might want to know"},{"speaker":"Nick Lincoln","startTime":3252.25,"endTime":3255.46,"body":"about this is that we're all now"},{"speaker":"Nick Lincoln","startTime":3252.25,"endTime":3255.46,"body":"doing way more zoom than we were"},{"speaker":"Nick Lincoln","startTime":3255.46,"endTime":3258.5499999999997,"body":"before. And some of us are doing"},{"speaker":"Nick Lincoln","startTime":3255.46,"endTime":3258.5499999999997,"body":"nearly all of our client facing"},{"speaker":"Nick Lincoln","startTime":3258.5499999999997,"endTime":3260.98,"body":"work through the medium of zoom."},{"speaker":"Nick Lincoln","startTime":3258.5499999999997,"endTime":3260.98,"body":"So you want to give the very"},{"speaker":"Nick Lincoln","startTime":3261.04,"endTime":3264.13,"body":"best presentation of yourself as"},{"speaker":"Nick Lincoln","startTime":3261.04,"endTime":3264.13,"body":"you can do all the time, because"},{"speaker":"Nick Lincoln","startTime":3264.13,"endTime":3266.23,"body":"perception is reality. And if"},{"speaker":"Nick Lincoln","startTime":3264.13,"endTime":3266.23,"body":"you've got a crappy sounding"},{"speaker":"Nick Lincoln","startTime":3266.23,"endTime":3269.08,"body":"microphone and a crappy sounding"},{"speaker":"Nick Lincoln","startTime":3266.23,"endTime":3269.08,"body":"camera, it's a pretty crappy"},{"speaker":"Nick Lincoln","startTime":3269.08,"endTime":3271.3599999999997,"body":"experience. And we don't know"},{"speaker":"Nick Lincoln","startTime":3269.08,"endTime":3271.3599999999997,"body":"we're in the service business"},{"speaker":"Nick Lincoln","startTime":3271.3599999999997,"endTime":3275.0499999999997,"body":"ultimately. So I bought this"},{"speaker":"Nick Lincoln","startTime":3271.3599999999997,"endTime":3275.0499999999997,"body":"mic. It's lovely. What Why is it"},{"speaker":"Nick Lincoln","startTime":3275.0499999999997,"endTime":3277.2999999999997,"body":"better than anything else? Well,"},{"speaker":"Nick Lincoln","startTime":3275.0499999999997,"endTime":3277.2999999999997,"body":"it's got a it's got the mute"},{"speaker":"Nick Lincoln","startTime":3277.2999999999997,"endTime":3279.13,"body":"button on it. So I can press"},{"speaker":"Nick Lincoln","startTime":3277.2999999999997,"endTime":3279.13,"body":"that without having to fiddle"},{"speaker":"Nick Lincoln","startTime":3279.13,"endTime":3281.62,"body":"around with my computer"},{"speaker":"Nick Lincoln","startTime":3279.13,"endTime":3281.62,"body":"settings. It's got a level"},{"speaker":"Nick Lincoln","startTime":3281.62,"endTime":3284.1099999999997,"body":"thing. So I can adjust the level"},{"speaker":"Nick Lincoln","startTime":3281.62,"endTime":3284.1099999999997,"body":"of the microphone again without"},{"speaker":"Nick Lincoln","startTime":3284.1099999999997,"endTime":3286.72,"body":"having to fiddle around with my"},{"speaker":"Nick Lincoln","startTime":3284.1099999999997,"endTime":3286.72,"body":"computer settings. And it weighs"},{"speaker":"Nick Lincoln","startTime":3286.72,"endTime":3290.23,"body":"1.6 kilograms built like an"},{"speaker":"Nick Lincoln","startTime":3286.72,"endTime":3290.23,"body":"absolute brick. You know what"},{"speaker":"Nick Lincoln","startTime":3290.23,"endTime":3293.74,"body":"house and I love it. You can get"},{"speaker":"Nick Lincoln","startTime":3290.23,"endTime":3293.74,"body":"it they retail for 150 on"},{"speaker":"Nick Lincoln","startTime":3293.74,"endTime":3296.29,"body":"Amazon, but you can get this as"},{"speaker":"Nick Lincoln","startTime":3293.74,"endTime":3296.29,"body":"an eBay source knocking out for"},{"speaker":"Nick Lincoln","startTime":3296.29,"endTime":3301.2999999999997,"body":"99 quid, and so far, I'm very"},{"speaker":"Nick Lincoln","startTime":3296.29,"endTime":3301.2999999999997,"body":"much in love with it. ALAN SMITH"},{"speaker":"Nick Lincoln","startTime":3301.33,"endTime":3304.81,"body":"scandal bringing down Wirecard"},{"speaker":"Nick Lincoln","startTime":3301.33,"endTime":3304.81,"body":"on Netflix tell us, Mr. Smith."},{"speaker":"Nick Lincoln","startTime":3305.3199999999997,"endTime":3305.95,"body":"Yeah, there's"},{"speaker":"Alan Smith","startTime":3305.95,"endTime":3308.8599999999997,"body":"something I watched"},{"speaker":"Alan Smith","startTime":3305.95,"endTime":3308.8599999999997,"body":"over the weekend. This is"},{"speaker":"Alan Smith","startTime":3309.16,"endTime":3313.0299999999997,"body":"available on Netflix. It's a"},{"speaker":"Alan Smith","startTime":3309.16,"endTime":3313.0299999999997,"body":"sort of film documentary about"},{"speaker":"Alan Smith","startTime":3313.0299999999997,"endTime":3315.52,"body":"you'll remember a couple of"},{"speaker":"Alan Smith","startTime":3313.0299999999997,"endTime":3315.52,"body":"years ago German company called"},{"speaker":"Alan Smith","startTime":3315.52,"endTime":3321.16,"body":"Wirecard. And there was this"},{"speaker":"Alan Smith","startTime":3315.52,"endTime":3321.16,"body":"whole kind of deep investigative"},{"speaker":"Alan Smith","startTime":3321.16,"endTime":3324.22,"body":"journalism process that went"},{"speaker":"Alan Smith","startTime":3321.16,"endTime":3324.22,"body":"through a young Financial Times"},{"speaker":"Alan Smith","startTime":3324.22,"endTime":3328.06,"body":"journalist by the name of Dan"},{"speaker":"Alan Smith","startTime":3324.22,"endTime":3328.06,"body":"McCrum. And it really you watch"},{"speaker":"Alan Smith","startTime":3328.06,"endTime":3332.23,"body":"it, it's like a bloody spy movie"},{"speaker":"Alan Smith","startTime":3328.06,"endTime":3332.23,"body":"and sort of espionage thing. You"},{"speaker":"Alan Smith","startTime":3332.23,"endTime":3334.9,"body":"wouldn't believe that there's"},{"speaker":"Alan Smith","startTime":3332.23,"endTime":3334.9,"body":"Russians involved. There's all"},{"speaker":"Alan Smith","startTime":3334.9,"endTime":3337.5699999999997,"body":"sorts of shady characters. In"},{"speaker":"Alan Smith","startTime":3334.9,"endTime":3337.5699999999997,"body":"fact, one of them who was the"},{"speaker":"Alan Smith","startTime":3337.5699999999997,"endTime":3341.44,"body":"Chief Operations Officer of"},{"speaker":"Alan Smith","startTime":3337.5699999999997,"endTime":3341.44,"body":"Wirecard, has just disappeared."},{"speaker":"Alan Smith","startTime":3341.44,"endTime":3345.37,"body":"He's just He's flown to wherever"},{"speaker":"Alan Smith","startTime":3341.44,"endTime":3345.37,"body":"we destination unknown and"},{"speaker":"Alan Smith","startTime":3345.37,"endTime":3348.22,"body":"continues to be out with the"},{"speaker":"Alan Smith","startTime":3345.37,"endTime":3348.22,"body":"grasp of the, you know, the"},{"speaker":"Alan Smith","startTime":3348.22,"endTime":3352.45,"body":"regulators and the authorities,"},{"speaker":"Alan Smith","startTime":3348.22,"endTime":3352.45,"body":"because it was this huge scandal"},{"speaker":"Alan Smith","startTime":3352.48,"endTime":3354.64,"body":"and a fraud and a company that"},{"speaker":"Alan Smith","startTime":3352.48,"endTime":3354.64,"body":"was you know, that it was"},{"speaker":"Alan Smith","startTime":3355.5099999999998,"endTime":3359.44,"body":"supposed to be the darling of"},{"speaker":"Alan Smith","startTime":3355.5099999999998,"endTime":3359.44,"body":"the German economy fated by the"},{"speaker":"Alan Smith","startTime":3359.44,"endTime":3363.73,"body":"Chancellor of Germany, or the"},{"speaker":"Alan Smith","startTime":3359.44,"endTime":3363.73,"body":"politicians that was going to"},{"speaker":"Alan Smith","startTime":3363.73,"endTime":3366.22,"body":"compete with all this a US"},{"speaker":"Alan Smith","startTime":3363.73,"endTime":3366.22,"body":"Silicon Valley companies appears"},{"speaker":"Alan Smith","startTime":3366.22,"endTime":3370.33,"body":"like a, you know, a sort of"},{"speaker":"Alan Smith","startTime":3366.22,"endTime":3370.33,"body":"PayPal payment processing type"},{"speaker":"Alan Smith","startTime":3370.33,"endTime":3374.1099999999997,"body":"company. But once that once this"},{"speaker":"Alan Smith","startTime":3370.33,"endTime":3374.1099999999997,"body":"journalism journalists started"},{"speaker":"Alan Smith","startTime":3374.1099999999997,"endTime":3377.5899999999997,"body":"digging in, it's funny more and"},{"speaker":"Alan Smith","startTime":3374.1099999999997,"endTime":3377.5899999999997,"body":"more irregularity. He's really"},{"speaker":"Alan Smith","startTime":3377.62,"endTime":3380.0499999999997,"body":"there was death threats against"},{"speaker":"Alan Smith","startTime":3377.62,"endTime":3380.0499999999997,"body":"him and his family was people"},{"speaker":"Alan Smith","startTime":3380.0499999999997,"endTime":3382.96,"body":"following him for a period of"},{"speaker":"Alan Smith","startTime":3380.0499999999997,"endTime":3382.96,"body":"time they, he was he was sort of"},{"speaker":"Alan Smith","startTime":3382.99,"endTime":3386.62,"body":"suspended by the FT for a period"},{"speaker":"Alan Smith","startTime":3382.99,"endTime":3386.62,"body":"of time. It really is like a"},{"speaker":"Alan Smith","startTime":3386.62,"endTime":3389.17,"body":"story that you couldn't imagine"},{"speaker":"Alan Smith","startTime":3386.62,"endTime":3389.17,"body":"was, you know, as they say,"},{"speaker":"Alan Smith","startTime":3389.17,"endTime":3392.8599999999997,"body":"truth is stranger than fiction."},{"speaker":"Alan Smith","startTime":3389.17,"endTime":3392.8599999999997,"body":"It's well worth watching, just"},{"speaker":"Alan Smith","startTime":3392.8599999999997,"endTime":3395.1099999999997,"body":"because it's fun and interesting"},{"speaker":"Alan Smith","startTime":3392.8599999999997,"endTime":3395.1099999999997,"body":"and really engaging. I remember"},{"speaker":"Alan Smith","startTime":3395.1099999999997,"endTime":3397.63,"body":"reading the newspaper reports,"},{"speaker":"Alan Smith","startTime":3395.1099999999997,"endTime":3397.63,"body":"it was only a couple of years"},{"speaker":"Alan Smith","startTime":3397.63,"endTime":3402.49,"body":"ago. I think the moral of the"},{"speaker":"Alan Smith","startTime":3397.63,"endTime":3402.49,"body":"story here is that linking it"},{"speaker":"Alan Smith","startTime":3402.49,"endTime":3405.31,"body":"back to investment is that"},{"speaker":"Alan Smith","startTime":3402.49,"endTime":3405.31,"body":"diversification is your friend."},{"speaker":"Alan Smith","startTime":3405.85,"endTime":3408.94,"body":"Because, you know, no doubt many"},{"speaker":"Alan Smith","startTime":3405.85,"endTime":3408.94,"body":"of most of our clients were"},{"speaker":"Alan Smith","startTime":3408.94,"endTime":3411.04,"body":"invested in Wirecard, for a"},{"speaker":"Alan Smith","startTime":3408.94,"endTime":3411.04,"body":"period of time as one of the"},{"speaker":"Alan Smith","startTime":3411.04,"endTime":3414.0099999999998,"body":"sort of biggest companies in the"},{"speaker":"Alan Smith","startTime":3411.04,"endTime":3414.0099999999998,"body":"German economy, they would have"},{"speaker":"Alan Smith","startTime":3414.0099999999998,"endTime":3417.13,"body":"been, but the fact that they"},{"speaker":"Alan Smith","startTime":3414.0099999999998,"endTime":3417.13,"body":"went under went out of business"},{"speaker":"Alan Smith","startTime":3417.13,"endTime":3419.2599999999998,"body":"due to fraud probably didn't"},{"speaker":"Alan Smith","startTime":3417.13,"endTime":3419.2599999999998,"body":"make much difference to the"},{"speaker":"Alan Smith","startTime":3419.2599999999998,"endTime":3421.3599999999997,"body":"overall client investment"},{"speaker":"Alan Smith","startTime":3419.2599999999998,"endTime":3421.3599999999997,"body":"returns, because it'd been a"},{"speaker":"Alan Smith","startTime":3421.3599999999997,"endTime":3424.42,"body":"very small part, but no highly"},{"speaker":"Alan Smith","startTime":3421.3599999999997,"endTime":3424.42,"body":"entertaining worth watching."},{"speaker":"Alan Smith","startTime":3424.8399999999997,"endTime":3427.5699999999997,"body":"And, you know, hats off to Dan"},{"speaker":"Alan Smith","startTime":3424.8399999999997,"endTime":3427.5699999999997,"body":"McCrum, the FT journalist who"},{"speaker":"Alan Smith","startTime":3427.5699999999997,"endTime":3428.56,"body":"did a sterling job."},{"speaker":"Nick Lincoln","startTime":3429.16,"endTime":3431.65,"body":"Excellent. Thank"},{"speaker":"Nick Lincoln","startTime":3429.16,"endTime":3431.65,"body":"you very much. And Carl, you"},{"speaker":"Nick Lincoln","startTime":3431.92,"endTime":3435.49,"body":"have a episode 300 of the"},{"speaker":"Nick Lincoln","startTime":3431.92,"endTime":3435.49,"body":"Michael Kitsis podcast featuring"},{"speaker":"Nick Lincoln","startTime":3435.52,"endTime":3438.85,"body":"Mr. Joe Duran, I think Alan and"},{"speaker":"Nick Lincoln","startTime":3435.52,"endTime":3438.85,"body":"myself might just quickly"},{"speaker":"Nick Lincoln","startTime":3439.0299999999997,"endTime":3440.38,"body":"comment on this as we go, sir."},{"speaker":"Carl Widger","startTime":3441.609,"endTime":3447.459,"body":"Get the nose ready."},{"speaker":"Carl Widger","startTime":3441.609,"endTime":3447.459,"body":"Yeah, so the name of the podcast"},{"speaker":"Carl Widger","startTime":3447.459,"endTime":3451.899,"body":"was the evolution of the advice"},{"speaker":"Carl Widger","startTime":3447.459,"endTime":3451.899,"body":"business at scale, and the true"},{"speaker":"Carl Widger","startTime":3451.899,"endTime":3455.769,"body":"power of brand. And these are"},{"speaker":"Carl Widger","startTime":3451.899,"endTime":3455.769,"body":"things that are very interesting"},{"speaker":"Carl Widger","startTime":3455.769,"endTime":3460.3889999999997,"body":"to me. And I'm always wanting to"},{"speaker":"Carl Widger","startTime":3455.769,"endTime":3460.3889999999997,"body":"try and learn from people,"},{"speaker":"Carl Widger","startTime":3460.509,"endTime":3464.979,"body":"especially who've been there and"},{"speaker":"Carl Widger","startTime":3460.509,"endTime":3464.979,"body":"done that. And I know that we"},{"speaker":"Carl Widger","startTime":3464.979,"endTime":3467.589,"body":"would discuss amongst ourselves,"},{"speaker":"Carl Widger","startTime":3464.979,"endTime":3467.589,"body":"you know, taking advice from"},{"speaker":"Carl Widger","startTime":3467.589,"endTime":3471.279,"body":"people who haven't actually done"},{"speaker":"Carl Widger","startTime":3467.589,"endTime":3471.279,"body":"it, Georgia, whatever you guys"},{"speaker":"Carl Widger","startTime":3471.3089999999997,"endTime":3476.409,"body":"might want to say about Joel,"},{"speaker":"Carl Widger","startTime":3471.3089999999997,"endTime":3476.409,"body":"he's done it twice. And he is"},{"speaker":"Carl Widger","startTime":3476.409,"endTime":3479.949,"body":"very interesting. And I think"},{"speaker":"Carl Widger","startTime":3476.409,"endTime":3479.949,"body":"United capital, which was his"},{"speaker":"Carl Widger","startTime":3479.949,"endTime":3484.719,"body":"business, before he sought to"},{"speaker":"Carl Widger","startTime":3479.949,"endTime":3484.719,"body":"Goldman Sachs, was superb. And I"},{"speaker":"Carl Widger","startTime":3486.489,"endTime":3490.299,"body":"read off and listened to as much"},{"speaker":"Carl Widger","startTime":3486.489,"endTime":3490.299,"body":"as I possibly could. So a lot of"},{"speaker":"Carl Widger","startTime":3490.299,"endTime":3493.5389999999998,"body":"matters is based around some of"},{"speaker":"Carl Widger","startTime":3490.299,"endTime":3493.5389999999998,"body":"the stuff that I would have"},{"speaker":"Carl Widger","startTime":3493.5389999999998,"endTime":3496.959,"body":"learned from him. Amongst lots"},{"speaker":"Carl Widger","startTime":3493.5389999999998,"endTime":3496.959,"body":"of other people. Obviously,"},{"speaker":"Carl Widger","startTime":3497.199,"endTime":3501.339,"body":"there are things that he says,"},{"speaker":"Carl Widger","startTime":3497.199,"endTime":3501.339,"body":"but I don't agree with. But I"},{"speaker":"Carl Widger","startTime":3501.339,"endTime":3505.719,"body":"think the point before you guys"},{"speaker":"Carl Widger","startTime":3501.339,"endTime":3505.719,"body":"have your say on this, I think"},{"speaker":"Carl Widger","startTime":3505.719,"endTime":3509.5589999999997,"body":"the point on this is that Well,"},{"speaker":"Carl Widger","startTime":3505.719,"endTime":3509.5589999999997,"body":"number one, if you're into real"},{"speaker":"Carl Widger","startTime":3509.5589999999997,"endTime":3513.189,"body":"financial planning, I think that"},{"speaker":"Carl Widger","startTime":3509.5589999999997,"endTime":3513.189,"body":"Mike, Michael Kitsis podcast is"},{"speaker":"Carl Widger","startTime":3513.189,"endTime":3516.489,"body":"a really good one to be"},{"speaker":"Carl Widger","startTime":3513.189,"endTime":3516.489,"body":"following, among some other"},{"speaker":"Carl Widger","startTime":3516.489,"endTime":3521.049,"body":"really good ones from America."},{"speaker":"Carl Widger","startTime":3516.489,"endTime":3521.049,"body":"And number two, you know, you,"},{"speaker":"Carl Widger","startTime":3521.589,"endTime":3527.5589999999997,"body":"you should be taking as much"},{"speaker":"Carl Widger","startTime":3521.589,"endTime":3527.5589999999997,"body":"inspiration as you possibly can,"},{"speaker":"Carl Widger","startTime":3528.069,"endTime":3532.629,"body":"from people who have been there,"},{"speaker":"Carl Widger","startTime":3528.069,"endTime":3532.629,"body":"done that, and from things or"},{"speaker":"Carl Widger","startTime":3532.629,"endTime":3538.569,"body":"values that they have promoted,"},{"speaker":"Carl Widger","startTime":3532.629,"endTime":3538.569,"body":"that you can also align your old"},{"speaker":"Carl Widger","startTime":3538.569,"endTime":3542.739,"body":"values, too. So I think that's"},{"speaker":"Carl Widger","startTime":3538.569,"endTime":3542.739,"body":"important. So yeah, I found it"},{"speaker":"Carl Widger","startTime":3543.129,"endTime":3546.549,"body":"really good. Probably not as"},{"speaker":"Carl Widger","startTime":3543.129,"endTime":3546.549,"body":"good as some of the other"},{"speaker":"Carl Widger","startTime":3546.549,"endTime":3550.299,"body":"podcasts that Joe has done. But"},{"speaker":"Carl Widger","startTime":3546.549,"endTime":3550.299,"body":"I guess he's a little bit"},{"speaker":"Carl Widger","startTime":3550.299,"endTime":3554.109,"body":"hanging off now that he's under"},{"speaker":"Carl Widger","startTime":3550.299,"endTime":3554.109,"body":"the Goldman Sachs brand. So"},{"speaker":"Carl Widger","startTime":3554.109,"endTime":3557.5589999999997,"body":"yeah, it's worth it's worth"},{"speaker":"Carl Widger","startTime":3554.109,"endTime":3557.5589999999997,"body":"listening to. If scaling of"},{"speaker":"Carl Widger","startTime":3557.5589999999997,"endTime":3560.8289999999997,"body":"financial planning business and"},{"speaker":"Carl Widger","startTime":3557.5589999999997,"endTime":3560.8289999999997,"body":"growing a financial planning"},{"speaker":"Carl Widger","startTime":3560.8289999999997,"endTime":3563.019,"body":"brand is on your radar."},{"speaker":"Andy Hart","startTime":3563.68,"endTime":3564.79,"body":"Don't listen to it,"},{"speaker":"Andy Hart","startTime":3563.68,"endTime":3564.79,"body":"Nick."},{"speaker":"Nick Lincoln","startTime":3567.22,"endTime":3570.1,"body":"You're ready to"},{"speaker":"Nick Lincoln","startTime":3567.22,"endTime":3570.1,"body":"let Alan your very brief"},{"speaker":"Nick Lincoln","startTime":3570.1,"endTime":3571.8399999999997,"body":"feedback on that on that"},{"speaker":"Nick Lincoln","startTime":3570.1,"endTime":3571.8399999999997,"body":"particular episode."},{"speaker":"Alan Smith","startTime":3573.16,"endTime":3575.41,"body":"Yeah, I know it's"},{"speaker":"Alan Smith","startTime":3573.16,"endTime":3575.41,"body":"sacrilege to say anything"},{"speaker":"Alan Smith","startTime":3575.41,"endTime":3577.21,"body":"negative about Georgia rang"},{"speaker":"Alan Smith","startTime":3575.41,"endTime":3577.21,"body":"because you're right. He's a"},{"speaker":"Alan Smith","startTime":3577.21,"endTime":3580.18,"body":"legend. What he's done. I was a"},{"speaker":"Alan Smith","startTime":3577.21,"endTime":3580.18,"body":"huge admirer of United capital."},{"speaker":"Alan Smith","startTime":3581.77,"endTime":3585.25,"body":"I, it felt to me that he's"},{"speaker":"Alan Smith","startTime":3581.77,"endTime":3585.25,"body":"really been bitten by the"},{"speaker":"Alan Smith","startTime":3585.25,"endTime":3589.06,"body":"Goldmans bug. Yeah. And it was"},{"speaker":"Alan Smith","startTime":3585.25,"endTime":3589.06,"body":"all about, you know, how can we"},{"speaker":"Alan Smith","startTime":3589.06,"endTime":3592.0899999999997,"body":"squeeze an extra dollar out of"},{"speaker":"Alan Smith","startTime":3589.06,"endTime":3592.0899999999997,"body":"our clients? And he constantly"},{"speaker":"Alan Smith","startTime":3592.0899999999997,"endTime":3594.5499999999997,"body":"was talking about is what what"},{"speaker":"Alan Smith","startTime":3592.0899999999997,"endTime":3594.5499999999997,"body":"are you going to do for your 1%,"},{"speaker":"Alan Smith","startTime":3594.5499999999997,"endTime":3597.0099999999998,"body":"your 1%. And once it doesn't"},{"speaker":"Alan Smith","startTime":3594.5499999999997,"endTime":3597.0099999999998,"body":"have to be the way you charge"},{"speaker":"Alan Smith","startTime":3597.0099999999998,"endTime":3600.67,"body":"your clients and certain clients"},{"speaker":"Alan Smith","startTime":3597.0099999999998,"endTime":3600.67,"body":"be certain wealth levels were"},{"speaker":"Alan Smith","startTime":3600.7,"endTime":3605.3199999999997,"body":"uneconomical. And he was talking"},{"speaker":"Alan Smith","startTime":3600.7,"endTime":3605.3199999999997,"body":"about getting using technology"},{"speaker":"Alan Smith","startTime":3605.35,"endTime":3609.58,"body":"to get the number of clients or"},{"speaker":"Alan Smith","startTime":3605.35,"endTime":3609.58,"body":"any individual advisor can look"},{"speaker":"Alan Smith","startTime":3609.58,"endTime":3614.02,"body":"after up to 250 or 300. And"},{"speaker":"Alan Smith","startTime":3609.58,"endTime":3614.02,"body":"kitchens sort of trying to push"},{"speaker":"Alan Smith","startTime":3614.02,"endTime":3616.06,"body":"back on that sort of unpacked"},{"speaker":"Alan Smith","startTime":3614.02,"endTime":3616.06,"body":"it. So there's only you know,"},{"speaker":"Alan Smith","startTime":3616.06,"endTime":3620.29,"body":"there's 2000 hours in the in the"},{"speaker":"Alan Smith","startTime":3616.06,"endTime":3620.29,"body":"year how and Georgia and come up"},{"speaker":"Alan Smith","startTime":3620.29,"endTime":3622.72,"body":"with well, you know, you need"},{"speaker":"Alan Smith","startTime":3620.29,"endTime":3622.72,"body":"five minutes preparation for a"},{"speaker":"Alan Smith","startTime":3622.72,"endTime":3626.14,"body":"client meeting all you guys, you"},{"speaker":"Alan Smith","startTime":3622.72,"endTime":3626.14,"body":"seem very, very down on a"},{"speaker":"Alan Smith","startTime":3626.14,"endTime":3629.74,"body":"negative about your independent"},{"speaker":"Alan Smith","startTime":3626.14,"endTime":3629.74,"body":"advisors, you know, the smaller"},{"speaker":"Alan Smith","startTime":3629.74,"endTime":3632.95,"body":"boutique style firms, all of us"},{"speaker":"Alan Smith","startTime":3629.74,"endTime":3632.95,"body":"represent very negative. I just"},{"speaker":"Alan Smith","startTime":3632.95,"endTime":3635.35,"body":"thought, come on. That's what"},{"speaker":"Alan Smith","startTime":3632.95,"endTime":3635.35,"body":"you were. That's what you built."},{"speaker":"Alan Smith","startTime":3635.35,"endTime":3638.44,"body":"He built United capital through"},{"speaker":"Alan Smith","startTime":3635.35,"endTime":3638.44,"body":"a significant acquisition model,"},{"speaker":"Alan Smith","startTime":3638.44,"endTime":3640.81,"body":"he bought lots of other firms"},{"speaker":"Alan Smith","startTime":3638.44,"endTime":3640.81,"body":"and he rolled that into"},{"speaker":"Alan Smith","startTime":3640.81,"endTime":3645.52,"body":"Goldman's. And it just felt to"},{"speaker":"Alan Smith","startTime":3640.81,"endTime":3645.52,"body":"me he was a bit more negative"},{"speaker":"Alan Smith","startTime":3645.52,"endTime":3648.0099999999998,"body":"than they perhaps should have"},{"speaker":"Alan Smith","startTime":3645.52,"endTime":3648.0099999999998,"body":"been biting the hand that feeds"},{"speaker":"Alan Smith","startTime":3648.04,"endTime":3650.83,"body":"because he's now part of this"},{"speaker":"Alan Smith","startTime":3648.04,"endTime":3650.83,"body":"huge kind of global investment"},{"speaker":"Alan Smith","startTime":3650.83,"endTime":3655.18,"body":"bank machine. And I think it"},{"speaker":"Alan Smith","startTime":3650.83,"endTime":3655.18,"body":"just did push back and you're"},{"speaker":"Alan Smith","startTime":3655.18,"endTime":3657.6099999999997,"body":"right what you say Carl, there's"},{"speaker":"Alan Smith","startTime":3655.18,"endTime":3657.6099999999997,"body":"lots to be learned from Georgia"},{"speaker":"Alan Smith","startTime":3657.6099999999997,"endTime":3662.68,"body":"and I will go back to Episode"},{"speaker":"Alan Smith","startTime":3657.6099999999997,"endTime":3662.68,"body":"whatever it was 200 to 200 or"},{"speaker":"Alan Smith","startTime":3662.68,"endTime":3666.0699999999997,"body":"100. There's 100 100 100th"},{"speaker":"Alan Smith","startTime":3662.68,"endTime":3666.0699999999997,"body":"episode when he was at United"},{"speaker":"Alan Smith","startTime":3666.0699999999997,"endTime":3668.74,"body":"capital, because I remember that"},{"speaker":"Alan Smith","startTime":3666.0699999999997,"endTime":3668.74,"body":"one listen to that all was good"},{"speaker":"Alan Smith","startTime":3668.74,"endTime":3671.95,"body":"a few years ago. Tons of good"},{"speaker":"Alan Smith","startTime":3668.74,"endTime":3671.95,"body":"ideas which still stand the test"},{"speaker":"Alan Smith","startTime":3671.95,"endTime":3676.0899999999997,"body":"of time today. I just I just"},{"speaker":"Alan Smith","startTime":3671.95,"endTime":3676.0899999999997,"body":"didn't love what he was saying."},{"speaker":"Alan Smith","startTime":3676.12,"endTime":3679.0299999999997,"body":"about the kind of the the"},{"speaker":"Alan Smith","startTime":3676.12,"endTime":3679.0299999999997,"body":"advisory model, the independent"},{"speaker":"Alan Smith","startTime":3679.0299999999997,"endTime":3682.18,"body":"advisory model and how he's"},{"speaker":"Alan Smith","startTime":3679.0299999999997,"endTime":3682.18,"body":"pushing forward and coming up"},{"speaker":"Alan Smith","startTime":3682.18,"endTime":3684.7,"body":"with ideas how you can squeeze"},{"speaker":"Alan Smith","startTime":3682.18,"endTime":3684.7,"body":"more revenue out of your"},{"speaker":"Alan Smith","startTime":3684.7,"endTime":3687.16,"body":"clients. But what do you think"},{"speaker":"Alan Smith","startTime":3684.7,"endTime":3687.16,"body":"about it, Nick?"},{"speaker":"Nick Lincoln","startTime":3687.4,"endTime":3689.29,"body":"I felt the same. I"},{"speaker":"Nick Lincoln","startTime":3687.4,"endTime":3689.29,"body":"haven't listened to that"},{"speaker":"Nick Lincoln","startTime":3689.29,"endTime":3692.7999999999997,"body":"previous episode, Episode 100"},{"speaker":"Nick Lincoln","startTime":3689.29,"endTime":3692.7999999999997,"body":"before and united capital"},{"speaker":"Nick Lincoln","startTime":3692.7999999999997,"endTime":3695.65,"body":"fantastic. Like this and I think"},{"speaker":"Nick Lincoln","startTime":3692.7999999999997,"endTime":3695.65,"body":"when you sell to Goldman Sachs"},{"speaker":"Nick Lincoln","startTime":3695.74,"endTime":3698.62,"body":"part of your dies inside that's,"},{"speaker":"Nick Lincoln","startTime":3695.74,"endTime":3698.62,"body":"I mean, I really do think that"},{"speaker":"Nick Lincoln","startTime":3699.31,"endTime":3702.7599999999998,"body":"he referenced Ken Fisher as"},{"speaker":"Nick Lincoln","startTime":3699.31,"endTime":3702.7599999999998,"body":"someone who he overlays it when"},{"speaker":"Nick Lincoln","startTime":3702.7599999999998,"endTime":3705.49,"body":"I'd love it he respects I'm"},{"speaker":"Nick Lincoln","startTime":3702.7599999999998,"endTime":3705.49,"body":"sorry that is an immediate red"},{"speaker":"Nick Lincoln","startTime":3705.49,"endTime":3709.33,"body":"flag just seemed about our USP"},{"speaker":"Nick Lincoln","startTime":3705.49,"endTime":3709.33,"body":"is we can flow special"},{"speaker":"Nick Lincoln","startTime":3709.33,"endTime":3711.91,"body":"investments because we've got"},{"speaker":"Nick Lincoln","startTime":3709.33,"endTime":3711.91,"body":"the Goldman Sachs wait behinds I"},{"speaker":"Nick Lincoln","startTime":3711.91,"endTime":3716.02,"body":"thought God is that I could feel"},{"speaker":"Nick Lincoln","startTime":3711.91,"endTime":3716.02,"body":"much Michael Kitsis is a very"},{"speaker":"Nick Lincoln","startTime":3716.02,"endTime":3720.52,"body":"polite host I could feel him"},{"speaker":"Nick Lincoln","startTime":3716.02,"endTime":3720.52,"body":"wincing I some of the answers I"},{"speaker":"Nick Lincoln","startTime":3720.52,"endTime":3724.8399999999997,"body":"could feel. So that's the debits"},{"speaker":"Nick Lincoln","startTime":3720.52,"endTime":3724.8399999999997,"body":"Well, you know what, this guy's"},{"speaker":"Nick Lincoln","startTime":3724.8399999999997,"endTime":3727.69,"body":"story his career story is very"},{"speaker":"Nick Lincoln","startTime":3724.8399999999997,"endTime":3727.69,"body":"interesting. Guys, we're at the"},{"speaker":"Nick Lincoln","startTime":3727.69,"endTime":3730.7799999999997,"body":"hour mark. I'm channeling our"},{"speaker":"Nick Lincoln","startTime":3727.69,"endTime":3730.7799999999997,"body":"inner Michael Kitsis in the"},{"speaker":"Nick Lincoln","startTime":3730.7799999999997,"endTime":3733.3599999999997,"body":"shownotes I got a line saying"},{"speaker":"Nick Lincoln","startTime":3730.7799999999997,"endTime":3733.3599999999997,"body":"and be sure to listen to the end"},{"speaker":"Nick Lincoln","startTime":3733.72,"endTime":3736.96,"body":"when nothing much happens. And"},{"speaker":"Nick Lincoln","startTime":3733.72,"endTime":3736.96,"body":"this is the end of our episode"},{"speaker":"Nick Lincoln","startTime":3736.96,"endTime":3740.2,"body":"so I think on that note, we'll"},{"speaker":"Nick Lincoln","startTime":3736.96,"endTime":3740.2,"body":"say goodbye Andy your posts your"},{"speaker":"Nick Lincoln","startTime":3740.2,"endTime":3745.48,"body":"posts. Are you done, sir? Done."},{"speaker":"Nick Lincoln","startTime":3740.2,"endTime":3745.48,"body":"Okay, guys, all right. Nothing"},{"speaker":"Alan Smith","startTime":3745.48,"endTime":3746.8599999999997,"body":"much happens at this"},{"speaker":"Alan Smith","startTime":3745.48,"endTime":3746.8599999999997,"body":"part,"},{"speaker":"Nick Lincoln","startTime":3746.92,"endTime":3747.7599999999998,"body":"but nothing much"},{"speaker":"Nick Lincoln","startTime":3746.92,"endTime":3747.7599999999998,"body":"happens."}]}