{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":10.8,"endTime":15.0,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":10.8,"endTime":15.0,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":15.0,"endTime":19.8,"body":"P, T, T, follow us and join in"},{"speaker":"Unknown","startTime":15.0,"endTime":19.8,"body":"the conversation on Twitter at"},{"speaker":"Unknown","startTime":19.8,"endTime":23.54,"body":"advisor podcast, where you can"},{"speaker":"Unknown","startTime":19.8,"endTime":23.54,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":23.54,"endTime":27.02,"body":"like the trap team to discuss."},{"speaker":"Unknown","startTime":23.54,"endTime":27.02,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":27.02,"endTime":30.62,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":27.02,"endTime":30.62,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":30.62,"endTime":34.58,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":30.62,"endTime":34.58,"body":"really, really helps us, which"},{"speaker":"Unknown","startTime":34.58,"endTime":38.06,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":34.58,"endTime":38.06,"body":"you. Now, let's head over to the"},{"speaker":"Unknown","startTime":38.06,"endTime":40.36,"body":"studio for the latest pile of"},{"speaker":"Unknown","startTime":38.06,"endTime":40.36,"body":"trap you right."},{"speaker":"Nick Lincoln","startTime":46.479,"endTime":49.779,"body":"Yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":46.479,"endTime":49.779,"body":"TRAPPIST, welcome back to"},{"speaker":"Nick Lincoln","startTime":50.199,"endTime":55.899,"body":"Episode 50 of the real advisor"},{"speaker":"Nick Lincoln","startTime":50.199,"endTime":55.899,"body":"podcast, tr, AP trap. My name is"},{"speaker":"Nick Lincoln","startTime":55.899,"endTime":59.859,"body":"lick nincom. Joining me as ever"},{"speaker":"Nick Lincoln","startTime":55.899,"endTime":59.859,"body":"in the digital studio of doom"},{"speaker":"Nick Lincoln","startTime":59.919,"endTime":63.539,"body":"are the three other Horsemen of"},{"speaker":"Nick Lincoln","startTime":59.919,"endTime":63.539,"body":"the Apocalypse, Alan the"},{"speaker":"Nick Lincoln","startTime":63.539,"endTime":69.659,"body":"storyteller, Smith, back from"},{"speaker":"Nick Lincoln","startTime":63.539,"endTime":69.659,"body":"Turkey, Carl de la voce, wieger"},{"speaker":"Nick Lincoln","startTime":69.779,"endTime":77.759,"body":"back from Portugal, and first"},{"speaker":"Nick Lincoln","startTime":69.779,"endTime":77.759,"body":"time ever, Andrew Ultra heart is"},{"speaker":"Nick Lincoln","startTime":77.759,"endTime":82.099,"body":"on The continent in a hot and"},{"speaker":"Nick Lincoln","startTime":77.759,"endTime":82.099,"body":"sweaty Athens. Gentlemen,"},{"speaker":"Nick Lincoln","startTime":82.819,"endTime":88.039,"body":"welcome. How are we doing? All"},{"speaker":"Nick Lincoln","startTime":82.819,"endTime":88.039,"body":"good, all good, little bit hot."},{"speaker":"Nick Lincoln","startTime":88.039,"endTime":91.339,"body":"All good, good, good, good."},{"speaker":"Nick Lincoln","startTime":88.039,"endTime":91.339,"body":"Okay, so we don't have any tech"},{"speaker":"Nick Lincoln","startTime":91.339,"endTime":93.439,"body":"snafus today. There's no"},{"speaker":"Nick Lincoln","startTime":91.339,"endTime":93.439,"body":"internet dropouts on the"},{"speaker":"Nick Lincoln","startTime":93.439,"endTime":96.139,"body":"continent. I personally am glad"},{"speaker":"Nick Lincoln","startTime":93.439,"endTime":96.139,"body":"that we've hit 50, not because"},{"speaker":"Nick Lincoln","startTime":96.139,"endTime":98.719,"body":"it means anything. 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Mr."},{"speaker":"Nick Lincoln","startTime":119.86,"endTime":122.4,"body":"Hart, do you want to crack on"},{"speaker":"Nick Lincoln","startTime":122.4,"endTime":125.46,"body":"and give us two more of your"},{"speaker":"Nick Lincoln","startTime":122.4,"endTime":125.46,"body":"high energy review reads,"},{"speaker":"Nick Lincoln","startTime":125.46,"endTime":126.6,"body":"please, sure."},{"speaker":"Andy Hart","startTime":126.6,"endTime":130.98,"body":"The first one is from"},{"speaker":"Andy Hart","startTime":126.6,"endTime":130.98,"body":"Skinner UK entitled Alan didn't"},{"speaker":"Andy Hart","startTime":130.98,"endTime":134.64,"body":"bottle it. Five stars."},{"speaker":"Andy Hart","startTime":130.98,"endTime":134.64,"body":"Congratulations. 12 months late,"},{"speaker":"Andy Hart","startTime":135.06,"endTime":138.3,"body":"but the honesty now about SJP,"},{"speaker":"Andy Hart","startTime":135.06,"endTime":138.3,"body":"it was never, ever about how"},{"speaker":"Andy Hart","startTime":138.3,"endTime":142.34,"body":"high the charges are were, but"},{"speaker":"Andy Hart","startTime":138.3,"endTime":142.34,"body":"that their fees are commissioned"},{"speaker":"Andy Hart","startTime":142.34,"endTime":145.7,"body":"by another name on the pension"},{"speaker":"Andy Hart","startTime":142.34,"endTime":145.7,"body":"and bond wrapper the front end."},{"speaker":"Andy Hart","startTime":145.7,"endTime":148.88,"body":"Loading of advisory remuneration"},{"speaker":"Andy Hart","startTime":145.7,"endTime":148.88,"body":"has driven the lack of ongoing"},{"speaker":"Andy Hart","startTime":148.88,"endTime":152.78,"body":"servicing. Hence the debacle we"},{"speaker":"Andy Hart","startTime":148.88,"endTime":152.78,"body":"have seen, maybe some had"},{"speaker":"Andy Hart","startTime":152.78,"endTime":155.54,"body":"greater insights. The fact"},{"speaker":"Andy Hart","startTime":152.78,"endTime":155.54,"body":"remains, incentives drive"},{"speaker":"Andy Hart","startTime":155.54,"endTime":158.66,"body":"motivation, which drives"},{"speaker":"Andy Hart","startTime":155.54,"endTime":158.66,"body":"behavior. Keep up the good work."},{"speaker":"Andy Hart","startTime":158.66,"endTime":163.3,"body":"I enjoy every episode and listen"},{"speaker":"Andy Hart","startTime":158.66,"endTime":163.3,"body":"every time. Next up, private"},{"speaker":"Andy Hart","startTime":163.3,"endTime":168.58,"body":"investor, Ashton, 1975 private"},{"speaker":"Andy Hart","startTime":163.3,"endTime":168.58,"body":"investor, five stars. 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I don't"},{"speaker":"Andy Hart","startTime":190.02,"endTime":192.18,"body":"think we've read it out unless"},{"speaker":"Andy Hart","startTime":190.02,"endTime":192.18,"body":"I've got it wrong. But yeah,"},{"speaker":"Nick Lincoln","startTime":192.18,"endTime":194.28,"body":"I think that. I"},{"speaker":"Nick Lincoln","startTime":192.18,"endTime":194.28,"body":"think you're right. Andy, that's"},{"speaker":"Nick Lincoln","startTime":194.28,"endTime":198.9,"body":"it, by the way. Has Ashton 75"},{"speaker":"Nick Lincoln","startTime":194.28,"endTime":198.9,"body":"become a client of any of us? I"},{"speaker":"Nick Lincoln","startTime":198.9,"endTime":199.62,"body":"thought, yeah, well,"},{"speaker":"Alan Smith","startTime":199.979,"endTime":202.939,"body":"well, finally,"},{"speaker":"Alan Smith","startTime":199.979,"endTime":202.939,"body":"cannot possibly discuss,"},{"speaker":"Carl Widger","startTime":205.759,"endTime":207.799,"body":"has been useful for"},{"speaker":"Carl Widger","startTime":205.759,"endTime":207.799,"body":"him to rule us out."},{"speaker":"Alan Smith","startTime":209.419,"endTime":213.199,"body":"Friend, yeah, yeah,"},{"speaker":"Alan Smith","startTime":209.419,"endTime":213.199,"body":"good stuff and the previous one."},{"speaker":"Alan Smith","startTime":213.199,"endTime":215.959,"body":"What did you say? 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I didn't used to watch"},{"speaker":"Alan Smith","startTime":240.099,"endTime":243.659,"body":"podcasts on YouTube, it's quite"},{"speaker":"Alan Smith","startTime":240.099,"endTime":243.659,"body":"good to see the the dynamics"},{"speaker":"Alan Smith","startTime":243.659,"endTime":246.479,"body":"amongst the you know, the facial"},{"speaker":"Alan Smith","startTime":243.659,"endTime":246.479,"body":"expressions, the all in podcast"},{"speaker":"Alan Smith","startTime":246.479,"endTime":250.919,"body":"is great as for exactly that"},{"speaker":"Alan Smith","startTime":246.479,"endTime":250.919,"body":"Nicholas, anyone's"},{"speaker":"Andy Hart","startTime":250.919,"endTime":253.379,"body":"listening so, so"},{"speaker":"Andy Hart","startTime":250.919,"endTime":253.379,"body":"about the new office? Alan,"},{"speaker":"Andy Hart","startTime":253.379,"endTime":256.019,"body":"you've moved to Chancery Lane"},{"speaker":"Andy Hart","startTime":253.379,"endTime":256.019,"body":"from the city little bit"},{"speaker":"Alan Smith","startTime":256.139,"endTime":258.119,"body":"further? Yeah,"},{"speaker":"Alan Smith","startTime":256.139,"endTime":258.119,"body":"Chancery Lane is what they call"},{"speaker":"Alan Smith","startTime":258.119,"endTime":260.899,"body":"Midtown, isn't it? It's neither"},{"speaker":"Alan Smith","startTime":258.119,"endTime":260.899,"body":"city nor West End. 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So good,"},{"speaker":"Alan Smith","startTime":350.859,"endTime":351.339,"body":"brilliant."},{"speaker":"Carl Widger","startTime":352.36,"endTime":356.14,"body":"Good luck with it."},{"speaker":"Carl Widger","startTime":352.36,"endTime":356.14,"body":"Can't wait to see it anytime,"},{"speaker":"Nick Lincoln","startTime":357.16,"endTime":362.62,"body":"yeah, so thank you"},{"speaker":"Nick Lincoln","startTime":357.16,"endTime":362.62,"body":"for sort of the reviews that are"},{"speaker":"Nick Lincoln","startTime":362.68,"endTime":365.1,"body":"read out reviews that read out"},{"speaker":"Nick Lincoln","startTime":362.68,"endTime":365.1,"body":"half an hour ago. Thank you very"},{"speaker":"Nick Lincoln","startTime":365.1,"endTime":368.52,"body":"much those dear Trappist. Give"},{"speaker":"Nick Lincoln","startTime":365.1,"endTime":368.52,"body":"us a shot in the Oh, doesn't"},{"speaker":"Nick Lincoln","startTime":368.52,"endTime":369.18,"body":"leave Watford."},{"speaker":"Alan Smith","startTime":369.54,"endTime":370.68,"body":"He never leaves"},{"speaker":"Alan Smith","startTime":369.54,"endTime":370.68,"body":"Watford."},{"speaker":"Nick Lincoln","startTime":371.4,"endTime":373.02,"body":"Yeah, God forbid I"},{"speaker":"Nick Lincoln","startTime":371.4,"endTime":373.02,"body":"should. I should never leave"},{"speaker":"Nick Lincoln","startTime":373.02,"endTime":376.98,"body":"Watford, right? 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And I love the"},{"speaker":"Carl Widger","startTime":414.52,"endTime":419.32,"body":"way they put so much effort into"},{"speaker":"Carl Widger","startTime":414.52,"endTime":419.32,"body":"telling kind of backstories"},{"speaker":"Carl Widger","startTime":419.32,"endTime":423.9,"body":"about some of the competitors."},{"speaker":"Carl Widger","startTime":419.32,"endTime":423.9,"body":"And there was one as a great"},{"speaker":"Carl Widger","startTime":423.9,"endTime":428.04,"body":"story about a British swimmer,"},{"speaker":"Carl Widger","startTime":423.9,"endTime":428.04,"body":"Adam Petey, yeah, and Gordon"},{"speaker":"Carl Widger","startTime":428.04,"endTime":432.66,"body":"Ramsay actually interviewed him"},{"speaker":"Carl Widger","startTime":428.04,"endTime":432.66,"body":"on the BBC. He ended up winning"},{"speaker":"Carl Widger","startTime":432.72,"endTime":435.72,"body":"a silver medal. But he had, he"},{"speaker":"Carl Widger","startTime":432.72,"endTime":435.72,"body":"was going for three goals, I"},{"speaker":"Carl Widger","startTime":435.72,"endTime":438.54,"body":"think, in three different"},{"speaker":"Carl Widger","startTime":435.72,"endTime":438.54,"body":"Olympics, which is amazing"},{"speaker":"Carl Widger","startTime":438.54,"endTime":442.76,"body":"stuff. But, yeah, I just the"},{"speaker":"Carl Widger","startTime":438.54,"endTime":442.76,"body":"power of storytelling. You know,"},{"speaker":"Carl Widger","startTime":442.76,"endTime":446.42,"body":"we can't, we shouldn't ever"},{"speaker":"Carl Widger","startTime":442.76,"endTime":446.42,"body":"forget that. And we have our own"},{"speaker":"Carl Widger","startTime":446.42,"endTime":449.84,"body":"storyteller amongst us here. But"},{"speaker":"Carl Widger","startTime":446.42,"endTime":449.84,"body":"it is very powerful stuff. And"},{"speaker":"Carl Widger","startTime":449.84,"endTime":453.56,"body":"it makes, it makes for, for"},{"speaker":"Carl Widger","startTime":449.84,"endTime":453.56,"body":"brilliant, brilliant viewing and"},{"speaker":"Carl Widger","startTime":453.68,"endTime":457.28,"body":"but also then I, you know, when"},{"speaker":"Carl Widger","startTime":453.68,"endTime":457.28,"body":"you look at these people, the"},{"speaker":"Carl Widger","startTime":457.28,"endTime":460.72,"body":"hard work, the dedication, the"},{"speaker":"Carl Widger","startTime":457.28,"endTime":460.72,"body":"discipline over such a long"},{"speaker":"Carl Widger","startTime":460.72,"endTime":463.66,"body":"period of time, like we're"},{"speaker":"Carl Widger","startTime":460.72,"endTime":463.66,"body":"watching, you know, swimming"},{"speaker":"Carl Widger","startTime":463.72,"endTime":466.78,"body":"that's gonna two minutes or"},{"speaker":"Carl Widger","startTime":463.72,"endTime":466.78,"body":"three minutes or four minutes or"},{"speaker":"Carl Widger","startTime":466.78,"endTime":470.68,"body":"whatever, like, it's decades in"},{"speaker":"Carl Widger","startTime":466.78,"endTime":470.68,"body":"the making, and there's good"},{"speaker":"Carl Widger","startTime":470.68,"endTime":473.08,"body":"lessons in business for that as"},{"speaker":"Carl Widger","startTime":470.68,"endTime":473.08,"body":"well. Isn't there that? You"},{"speaker":"Carl Widger","startTime":473.08,"endTime":475.9,"body":"know, there are no shortcuts."},{"speaker":"Carl Widger","startTime":473.08,"endTime":475.9,"body":"People might see the end"},{"speaker":"Carl Widger","startTime":475.9,"endTime":479.44,"body":"results, but they don't see all"},{"speaker":"Carl Widger","startTime":475.9,"endTime":479.44,"body":"the hard work that goes in over"},{"speaker":"Carl Widger","startTime":479.44,"endTime":482.16,"body":"a very, very, very, very long"},{"speaker":"Carl Widger","startTime":479.44,"endTime":482.16,"body":"period of time. Anyway, I just"},{"speaker":"Carl Widger","startTime":482.16,"endTime":484.8,"body":"wanted to bring it up because I"},{"speaker":"Carl Widger","startTime":482.16,"endTime":484.8,"body":"absolutely love the Olympics."},{"speaker":"Carl Widger","startTime":485.04,"endTime":485.28,"body":"There's"},{"speaker":"Nick Lincoln","startTime":485.7,"endTime":487.5,"body":"a LinkedIn post"},{"speaker":"Nick Lincoln","startTime":485.7,"endTime":487.5,"body":"there isn't there. While I was"},{"speaker":"Nick Lincoln","startTime":487.5,"endTime":491.58,"body":"watching XYZ swimmer doing it"},{"speaker":"Nick Lincoln","startTime":487.5,"endTime":491.58,"body":"reminded me, Paul, I realized"},{"speaker":"Nick Lincoln","startTime":491.58,"endTime":494.88,"body":"it's taken years and years and"},{"speaker":"Nick Lincoln","startTime":491.58,"endTime":494.88,"body":"years and years of refinement to"},{"speaker":"Nick Lincoln","startTime":494.88,"endTime":497.46,"body":"her ability and her performance,"},{"speaker":"Nick Lincoln","startTime":494.88,"endTime":497.46,"body":"and that's what we've done to"},{"speaker":"Nick Lincoln","startTime":497.46,"endTime":498.24,"body":"our business."},{"speaker":"Andy Hart","startTime":499.56,"endTime":501.74,"body":"Give us a call at"},{"speaker":"Andy Hart","startTime":499.56,"endTime":501.74,"body":"your pensions? No, I'm"},{"speaker":"Alan Smith","startTime":501.74,"endTime":505.28,"body":"with you. Carl, I"},{"speaker":"Alan Smith","startTime":501.74,"endTime":505.28,"body":"enjoy that one of the best"},{"speaker":"Alan Smith","startTime":505.34,"endTime":508.88,"body":"sporting experiences I've ever"},{"speaker":"Alan Smith","startTime":505.34,"endTime":508.88,"body":"had in my life. I attended what"},{"speaker":"Alan Smith","startTime":508.88,"endTime":513.14,"body":"is called Super Saturday in"},{"speaker":"Alan Smith","startTime":508.88,"endTime":513.14,"body":"London, 2012 you know when UK"},{"speaker":"Alan Smith","startTime":513.14,"endTime":513.92,"body":"Brighton won three"},{"speaker":"Andy Hart","startTime":513.919,"endTime":515.779,"body":"gold medals? So Mo,"},{"speaker":"Carl Widger","startTime":517.159,"endTime":519.919,"body":"yeah, and the other"},{"speaker":"Carl Widger","startTime":517.159,"endTime":519.919,"body":"FARA, the the African runner,"},{"speaker":"Carl Widger","startTime":519.979,"endTime":520.239,"body":"yeah, yeah,"},{"speaker":"Alan Smith","startTime":520.78,"endTime":522.94,"body":"three gold medals in"},{"speaker":"Alan Smith","startTime":520.78,"endTime":522.94,"body":"the space of a couple of hours."},{"speaker":"Alan Smith","startTime":522.94,"endTime":526.24,"body":"It was fabulous. It was Saturday"},{"speaker":"Alan Smith","startTime":522.94,"endTime":526.24,"body":"afternoon, evening in central"},{"speaker":"Alan Smith","startTime":526.24,"endTime":529.9,"body":"London and East London, and sun"},{"speaker":"Alan Smith","startTime":526.24,"endTime":529.9,"body":"was shining. Fabulous. I'll"},{"speaker":"Alan Smith","startTime":529.9,"endTime":532.84,"body":"always remember that those those"},{"speaker":"Alan Smith","startTime":529.9,"endTime":532.84,"body":"moments, as you say, it is a"},{"speaker":"Alan Smith","startTime":532.84,"endTime":535.84,"body":"culmination of years and years"},{"speaker":"Alan Smith","startTime":532.84,"endTime":535.84,"body":"and years of dedication, hard"},{"speaker":"Alan Smith","startTime":535.84,"endTime":539.2,"body":"work, commitment, and"},{"speaker":"Alan Smith","startTime":535.84,"endTime":539.2,"body":"unfortunately, you know, most"},{"speaker":"Alan Smith","startTime":539.26,"endTime":542.04,"body":"actually fail the only there's"},{"speaker":"Alan Smith","startTime":539.26,"endTime":542.04,"body":"only one gold medal winner, and"},{"speaker":"Alan Smith","startTime":542.1,"endTime":544.32,"body":"there's lots of others. It's"},{"speaker":"Alan Smith","startTime":542.1,"endTime":544.32,"body":"like there's a psycho,"},{"speaker":"Alan Smith","startTime":544.32,"endTime":547.44,"body":"interesting psychology that says"},{"speaker":"Alan Smith","startTime":544.32,"endTime":547.44,"body":"it's better to win a bronze"},{"speaker":"Alan Smith","startTime":547.44,"endTime":550.02,"body":"medal if you can't win the gold."},{"speaker":"Alan Smith","startTime":547.44,"endTime":550.02,"body":"It's better to win a bronze than"},{"speaker":"Alan Smith","startTime":550.02,"endTime":552.72,"body":"it is a silver. Because in"},{"speaker":"Alan Smith","startTime":550.02,"endTime":552.72,"body":"bronze you ha, you're happy. You"},{"speaker":"Alan Smith","startTime":552.72,"endTime":555.96,"body":"say, well, at least I got a"},{"speaker":"Alan Smith","startTime":552.72,"endTime":555.96,"body":"medal as silver. It's, ah, just"},{"speaker":"Alan Smith","startTime":555.96,"endTime":558.48,"body":"so, so close to get getting the"},{"speaker":"Alan Smith","startTime":555.96,"endTime":558.48,"body":"gold. There"},{"speaker":"Carl Widger","startTime":558.72,"endTime":561.62,"body":"was some guy last"},{"speaker":"Carl Widger","startTime":558.72,"endTime":561.62,"body":"night, uh, finished fourth in"},{"speaker":"Carl Widger","startTime":561.62,"endTime":566.78,"body":"his in his event for the third"},{"speaker":"Carl Widger","startTime":561.62,"endTime":566.78,"body":"Olympics running, he's finished"},{"speaker":"Carl Widger","startTime":566.78,"endTime":570.74,"body":"fourth. Can you imagine that"},{"speaker":"Carl Widger","startTime":566.78,"endTime":570.74,"body":"tragic like, yeah, I"},{"speaker":"Alan Smith","startTime":571.16,"endTime":573.86,"body":"just wanted to see a"},{"speaker":"Alan Smith","startTime":571.16,"endTime":573.86,"body":"picture of Nick Lincoln during"},{"speaker":"Alan Smith","startTime":573.86,"endTime":577.64,"body":"the opening ceremony, the"},{"speaker":"Alan Smith","startTime":573.86,"endTime":577.64,"body":"controversial opening ceremony,"},{"speaker":"Alan Smith","startTime":578.3,"endTime":582.46,"body":"which was somewhat woke as the"},{"speaker":"Alan Smith","startTime":578.3,"endTime":582.46,"body":"me, as some people heard of"},{"speaker":"Alan Smith","startTime":582.46,"endTime":584.38,"body":"said, So Nick, did you watch it?"},{"speaker":"Nick Lincoln","startTime":585.1,"endTime":586.12,"body":"When did it take"},{"speaker":"Nick Lincoln","startTime":585.1,"endTime":586.12,"body":"place?"},{"speaker":"Andy Hart","startTime":588.94,"endTime":591.52,"body":"Just, just, just a"},{"speaker":"Andy Hart","startTime":588.94,"endTime":591.52,"body":"shoehorn, Athens in. I was at"},{"speaker":"Andy Hart","startTime":591.52,"endTime":596.32,"body":"the original Olympic Stadium"},{"speaker":"Andy Hart","startTime":591.52,"endTime":596.32,"body":"yesterday, 1906 was the first"},{"speaker":"Andy Hart","startTime":596.32,"endTime":599.62,"body":"Olympics in Athens. It's still"},{"speaker":"Andy Hart","startTime":596.32,"endTime":599.62,"body":"down the stadium. It's a block"},{"speaker":"Andy Hart","startTime":599.62,"endTime":602.88,"body":"of Con. Cree, it's very warm,"},{"speaker":"Andy Hart","startTime":599.62,"endTime":602.88,"body":"and it's amazing. Simone, Biles"},{"speaker":"Andy Hart","startTime":602.88,"endTime":605.7,"body":"was Biles as well. She's"},{"speaker":"Andy Hart","startTime":602.88,"endTime":605.7,"body":"amazing. Her She's amazing."},{"speaker":"Andy Hart","startTime":605.7,"endTime":609.0,"body":"Brilliant. Watch it. She hasn't"},{"speaker":"Andy Hart","startTime":605.7,"endTime":609.0,"body":"yet won all the gold, but that's"},{"speaker":"Andy Hart","startTime":609.0,"endTime":611.7,"body":"coming, I think today or"},{"speaker":"Andy Hart","startTime":609.0,"endTime":611.7,"body":"tomorrow. She's an amazing"},{"speaker":"Andy Hart","startTime":611.7,"endTime":614.46,"body":"athlete, and all the stars"},{"speaker":"Andy Hart","startTime":611.7,"endTime":614.46,"body":"turned up for her. So, yeah,"},{"speaker":"Andy Hart","startTime":614.46,"endTime":615.9,"body":"again. More Olympic stories,"},{"speaker":"Carl Widger","startTime":616.5,"endTime":618.36,"body":"yeah. Brilliant,"},{"speaker":"Carl Widger","startTime":616.5,"endTime":618.36,"body":"very good. Brilliant."},{"speaker":"Nick Lincoln","startTime":620.04,"endTime":621.92,"body":"Okay, thank you"},{"speaker":"Nick Lincoln","startTime":620.04,"endTime":621.92,"body":"for the Olympic podcast, right?"},{"speaker":"Nick Lincoln","startTime":621.98,"endTime":623.9,"body":"Storyteller, cyber security."},{"speaker":"Alan Smith","startTime":625.22,"endTime":627.86,"body":"I wanted to raise"},{"speaker":"Alan Smith","startTime":625.22,"endTime":627.86,"body":"this. I shared it with you guys"},{"speaker":"Alan Smith","startTime":627.86,"endTime":631.1,"body":"and some others that we know."},{"speaker":"Alan Smith","startTime":627.86,"endTime":631.1,"body":"Whilst I have been on my travels"},{"speaker":"Alan Smith","startTime":631.1,"endTime":636.68,"body":"for the last few weeks, we were"},{"speaker":"Alan Smith","startTime":631.1,"endTime":636.68,"body":"called for a kind of urgent zoom"},{"speaker":"Alan Smith","startTime":636.68,"endTime":640.72,"body":"call teams call a couple of"},{"speaker":"Alan Smith","startTime":636.68,"endTime":640.72,"body":"weeks ago because there had"},{"speaker":"Alan Smith","startTime":640.72,"endTime":644.5,"body":"been, kind of overnight in our"},{"speaker":"Alan Smith","startTime":640.72,"endTime":644.5,"body":"firm, some sort of attempted"},{"speaker":"Alan Smith","startTime":644.5,"endTime":651.1,"body":"cyber hacking attack on our"},{"speaker":"Alan Smith","startTime":644.5,"endTime":651.1,"body":"systems. And the good news is"},{"speaker":"Alan Smith","startTime":651.1,"endTime":657.28,"body":"they were unsuccessful, but we"},{"speaker":"Alan Smith","startTime":651.1,"endTime":657.28,"body":"all had to get on a call. The"},{"speaker":"Alan Smith","startTime":657.28,"endTime":660.12,"body":"whole team arrived with, you"},{"speaker":"Alan Smith","startTime":657.28,"endTime":660.12,"body":"know, we outsource our IT"},{"speaker":"Alan Smith","startTime":660.12,"endTime":663.96,"body":"support, third party specialist"},{"speaker":"Alan Smith","startTime":660.12,"endTime":663.96,"body":"company. They're monitoring this"},{"speaker":"Alan Smith","startTime":663.96,"endTime":667.32,"body":"stuff. 24/7, they got different"},{"speaker":"Alan Smith","startTime":663.96,"endTime":667.32,"body":"levels of support. We pretty"},{"speaker":"Alan Smith","startTime":667.32,"endTime":670.44,"body":"much pay for the highest level"},{"speaker":"Alan Smith","startTime":667.32,"endTime":670.44,"body":"of support. So we all got on the"},{"speaker":"Alan Smith","startTime":670.44,"endTime":672.48,"body":"call. They all went through"},{"speaker":"Alan Smith","startTime":670.44,"endTime":672.48,"body":"everything as to how this had"},{"speaker":"Alan Smith","startTime":672.48,"endTime":675.9,"body":"happened, and they showed they"},{"speaker":"Alan Smith","startTime":672.48,"endTime":675.9,"body":"did a screen share, and they"},{"speaker":"Alan Smith","startTime":675.9,"endTime":682.1,"body":"showed all of us the the log."},{"speaker":"Alan Smith","startTime":675.9,"endTime":682.1,"body":"They call it, and it's just page"},{"speaker":"Alan Smith","startTime":682.16,"endTime":686.48,"body":"after page after page of"},{"speaker":"Alan Smith","startTime":682.16,"endTime":686.48,"body":"attempted, you know, break ins,"},{"speaker":"Alan Smith","startTime":686.48,"endTime":689.06,"body":"effectively cyber break ins. And"},{"speaker":"Alan Smith","startTime":686.48,"endTime":689.06,"body":"I said, What does this? He said,"},{"speaker":"Alan Smith","startTime":689.06,"endTime":691.16,"body":"This is happening all the time,"},{"speaker":"Alan Smith","startTime":689.06,"endTime":691.16,"body":"and it's happening to most"},{"speaker":"Alan Smith","startTime":691.16,"endTime":695.42,"body":"companies all the time. And the"},{"speaker":"Alan Smith","startTime":691.16,"endTime":695.42,"body":"main, you know, geographical"},{"speaker":"Alan Smith","startTime":695.42,"endTime":698.9,"body":"sources are, as you might"},{"speaker":"Alan Smith","startTime":695.42,"endTime":698.9,"body":"expect, maybe Russia, China,"},{"speaker":"Alan Smith","startTime":699.74,"endTime":705.94,"body":"parts of Africa. And it's"},{"speaker":"Alan Smith","startTime":699.74,"endTime":705.94,"body":"constant. And there was one of"},{"speaker":"Alan Smith","startTime":705.94,"endTime":708.16,"body":"our team unfortunately didn't"},{"speaker":"Alan Smith","startTime":705.94,"endTime":708.16,"body":"update their passwords or"},{"speaker":"Alan Smith","startTime":708.16,"endTime":711.34,"body":"something. They kind of got in."},{"speaker":"Alan Smith","startTime":708.16,"endTime":711.34,"body":"But there was, we got a second"},{"speaker":"Alan Smith","startTime":711.34,"endTime":713.14,"body":"and third line of defense"},{"speaker":"Alan Smith","startTime":711.34,"endTime":713.14,"body":"either. You know, this is"},{"speaker":"Alan Smith","startTime":713.14,"endTime":715.66,"body":"obviously above my pay grade. I"},{"speaker":"Alan Smith","startTime":713.14,"endTime":715.66,"body":"don't really understand it all,"},{"speaker":"Alan Smith","startTime":715.66,"endTime":718.96,"body":"but I'm just really keen. I've"},{"speaker":"Alan Smith","startTime":715.66,"endTime":718.96,"body":"said for years that"},{"speaker":"Alan Smith","startTime":719.86,"endTime":723.24,"body":"cybersecurity single biggest"},{"speaker":"Alan Smith","startTime":719.86,"endTime":723.24,"body":"issue that financial planning"},{"speaker":"Alan Smith","startTime":723.24,"endTime":726.9,"body":"firms should be paying their"},{"speaker":"Alan Smith","startTime":723.24,"endTime":726.9,"body":"attention to, not consumer duty,"},{"speaker":"Alan Smith","startTime":726.9,"endTime":730.68,"body":"not many or these other things,"},{"speaker":"Alan Smith","startTime":726.9,"endTime":730.68,"body":"because we have got, most of us"},{"speaker":"Alan Smith","startTime":730.68,"endTime":734.88,"body":"are small businesses, but we and"},{"speaker":"Alan Smith","startTime":730.68,"endTime":734.88,"body":"for that reason, we haven't got"},{"speaker":"Alan Smith","startTime":734.88,"endTime":737.58,"body":"the kind of, I don't know, the"},{"speaker":"Alan Smith","startTime":734.88,"endTime":737.58,"body":"security that Barclays Bank or"},{"speaker":"Alan Smith","startTime":737.58,"endTime":741.02,"body":"HSBC or someone has got, I"},{"speaker":"Alan Smith","startTime":737.58,"endTime":741.02,"body":"presume. But at the same time,"},{"speaker":"Alan Smith","startTime":741.02,"endTime":743.9,"body":"we've got access to very"},{"speaker":"Alan Smith","startTime":741.02,"endTime":743.9,"body":"important, very sensitive data"},{"speaker":"Alan Smith","startTime":743.9,"endTime":746.48,"body":"that in the hands of cyber"},{"speaker":"Alan Smith","startTime":743.9,"endTime":746.48,"body":"criminals and hackers would be"},{"speaker":"Alan Smith","startTime":746.48,"endTime":749.72,"body":"very, very valuable. So we are"},{"speaker":"Alan Smith","startTime":746.48,"endTime":749.72,"body":"as kind of an ideal target for"},{"speaker":"Alan Smith","startTime":749.72,"endTime":753.92,"body":"these. Long story short, I was"},{"speaker":"Alan Smith","startTime":749.72,"endTime":753.92,"body":"very pleased that we were sort"},{"speaker":"Alan Smith","startTime":753.92,"endTime":756.56,"body":"of secure, and we've now, as a"},{"speaker":"Alan Smith","startTime":753.92,"endTime":756.56,"body":"consequence of this little"},{"speaker":"Alan Smith","startTime":758.24,"endTime":761.86,"body":"threat that we had, we've all"},{"speaker":"Alan Smith","startTime":758.24,"endTime":761.86,"body":"kind of gone to another level of"},{"speaker":"Alan Smith","startTime":762.1,"endTime":764.86,"body":"two factor authentication and"},{"speaker":"Alan Smith","startTime":762.1,"endTime":764.86,"body":"passwords and blah, blah, a lot"},{"speaker":"Alan Smith","startTime":764.86,"endTime":767.62,"body":"of other stuff that we now,"},{"speaker":"Alan Smith","startTime":764.86,"endTime":767.62,"body":"we're kind of taking it to the"},{"speaker":"Alan Smith","startTime":767.62,"endTime":772.24,"body":"ultimate level. We are already"},{"speaker":"Alan Smith","startTime":767.62,"endTime":772.24,"body":"certified for something called"},{"speaker":"Alan Smith","startTime":772.24,"endTime":775.0,"body":"Cyber essentials, which, you"},{"speaker":"Alan Smith","startTime":772.24,"endTime":775.0,"body":"know, you got to comply with all"},{"speaker":"Alan Smith","startTime":775.0,"endTime":777.88,"body":"sorts of rules and regulations"},{"speaker":"Alan Smith","startTime":775.0,"endTime":777.88,"body":"you have at this third party"},{"speaker":"Alan Smith","startTime":777.88,"endTime":781.32,"body":"organization come and test your"},{"speaker":"Alan Smith","startTime":777.88,"endTime":781.32,"body":"systems. And we're now going for"},{"speaker":"Alan Smith","startTime":781.32,"endTime":785.64,"body":"cyber essentials, plus, which is"},{"speaker":"Alan Smith","startTime":781.32,"endTime":785.64,"body":"the highest level possible that"},{"speaker":"Alan Smith","startTime":785.64,"endTime":789.78,"body":"any firm can do and that. And"},{"speaker":"Alan Smith","startTime":785.64,"endTime":789.78,"body":"you know, that's all we can do."},{"speaker":"Alan Smith","startTime":789.84,"endTime":792.9,"body":"If we ever did get a breach or a"},{"speaker":"Alan Smith","startTime":789.84,"endTime":792.9,"body":"hack or something, we would be"},{"speaker":"Alan Smith","startTime":792.9,"endTime":795.54,"body":"able to legitimately say that we"},{"speaker":"Alan Smith","startTime":792.9,"endTime":795.54,"body":"did. We've done absolutely"},{"speaker":"Alan Smith","startTime":795.54,"endTime":800.04,"body":"everything we can. And it's just"},{"speaker":"Alan Smith","startTime":795.54,"endTime":800.04,"body":"a kind of a warning shout to"},{"speaker":"Alan Smith","startTime":800.04,"endTime":802.4,"body":"anyone listening to this who's"},{"speaker":"Alan Smith","startTime":800.04,"endTime":802.4,"body":"running a financial planning"},{"speaker":"Alan Smith","startTime":802.4,"endTime":805.4,"body":"business that you should pay a"},{"speaker":"Alan Smith","startTime":802.4,"endTime":805.4,"body":"lot of attention to this,"},{"speaker":"Alan Smith","startTime":805.4,"endTime":808.52,"body":"because, from a reputational"},{"speaker":"Alan Smith","startTime":805.4,"endTime":808.52,"body":"risk viewpoint, if anyone got"},{"speaker":"Alan Smith","startTime":808.52,"endTime":811.4,"body":"access to your client's data and"},{"speaker":"Alan Smith","startTime":808.52,"endTime":811.4,"body":"then began to do funny stuff and"},{"speaker":"Alan Smith","startTime":811.4,"endTime":813.98,"body":"your clients data, access their"},{"speaker":"Alan Smith","startTime":811.4,"endTime":813.98,"body":"bank accounts or anything else,"},{"speaker":"Alan Smith","startTime":813.98,"endTime":818.6,"body":"it would not be a good thing to"},{"speaker":"Alan Smith","startTime":813.98,"endTime":818.6,"body":"have happen. So what a warning"},{"speaker":"Alan Smith","startTime":818.6,"endTime":821.26,"body":"to everyone, look and look into"},{"speaker":"Alan Smith","startTime":818.6,"endTime":821.26,"body":"cyber essentials at the very"},{"speaker":"Alan Smith","startTime":821.26,"endTime":821.5,"body":"least,"},{"speaker":"Nick Lincoln","startTime":823.06,"endTime":829.54,"body":"yeah, yeah, thank"},{"speaker":"Nick Lincoln","startTime":823.06,"endTime":829.54,"body":"you for that. Okie dokie, ultra"},{"speaker":"Nick Lincoln","startTime":829.84,"endTime":830.92,"body":"wealth jar on sale."},{"speaker":"Andy Hart","startTime":832.12,"endTime":836.62,"body":"Okay, so this is the"},{"speaker":"Andy Hart","startTime":832.12,"endTime":836.62,"body":"continued buying, selling,"},{"speaker":"Andy Hart","startTime":836.62,"endTime":840.04,"body":"rolling up of IFA firms and"},{"speaker":"Andy Hart","startTime":836.62,"endTime":840.04,"body":"businesses and wealth management"},{"speaker":"Andy Hart","startTime":840.04,"endTime":844.68,"body":"firms. That the latest news came"},{"speaker":"Andy Hart","startTime":840.04,"endTime":844.68,"body":"out that Evelyn, which is a"},{"speaker":"Andy Hart","startTime":844.68,"endTime":847.98,"body":"combination of, I believe,"},{"speaker":"Andy Hart","startTime":844.68,"endTime":847.98,"body":"Tilney and Smith Williamson and"},{"speaker":"Andy Hart","startTime":847.98,"endTime":850.8,"body":"a couple of other companies, is"},{"speaker":"Andy Hart","startTime":847.98,"endTime":850.8,"body":"potentially going to be sold."},{"speaker":"Andy Hart","startTime":850.98,"endTime":855.42,"body":"The price tag is around 1.5"},{"speaker":"Andy Hart","startTime":850.98,"endTime":855.42,"body":"billion. And also in the same"},{"speaker":"Andy Hart","startTime":855.42,"endTime":859.14,"body":"article, Cooper parry were"},{"speaker":"Andy Hart","startTime":855.42,"endTime":859.14,"body":"mentioned in terms of maybe"},{"speaker":"Andy Hart","startTime":859.14,"endTime":863.18,"body":"their private equity owner is"},{"speaker":"Andy Hart","startTime":859.14,"endTime":863.18,"body":"looking to sell them. So, yeah,"},{"speaker":"Andy Hart","startTime":863.18,"endTime":865.7,"body":"I just thought I'd mention it,"},{"speaker":"Andy Hart","startTime":863.18,"endTime":865.7,"body":"if anyone's got any comments"},{"speaker":"Alan Smith","startTime":867.56,"endTime":870.98,"body":"on it. No. Private"},{"speaker":"Alan Smith","startTime":867.56,"endTime":870.98,"body":"equity investors usually are"},{"speaker":"Alan Smith","startTime":870.98,"endTime":874.82,"body":"running a fund. This is, this is"},{"speaker":"Alan Smith","startTime":870.98,"endTime":874.82,"body":"just reaching its natural cycle."},{"speaker":"Alan Smith","startTime":875.0,"endTime":877.28,"body":"It's, I don't know, the"},{"speaker":"Alan Smith","startTime":875.0,"endTime":877.28,"body":"generally, seven year between"},{"speaker":"Alan Smith","startTime":877.52,"endTime":879.98,"body":"five, between five and 10 years,"},{"speaker":"Alan Smith","startTime":877.52,"endTime":879.98,"body":"it would seem. But the net,"},{"speaker":"Alan Smith","startTime":879.98,"endTime":882.94,"body":"they're generally a fund, and"},{"speaker":"Alan Smith","startTime":879.98,"endTime":882.94,"body":"the original investors want to"},{"speaker":"Alan Smith","startTime":882.94,"endTime":885.88,"body":"have their money back and either"},{"speaker":"Alan Smith","startTime":882.94,"endTime":885.88,"body":"reinvest it or get some"},{"speaker":"Alan Smith","startTime":885.88,"endTime":888.22,"body":"liquidity or some sort so I"},{"speaker":"Alan Smith","startTime":885.88,"endTime":888.22,"body":"don't think there's anything"},{"speaker":"Alan Smith","startTime":888.22,"endTime":891.7,"body":"either positive or negative"},{"speaker":"Alan Smith","startTime":888.22,"endTime":891.7,"body":"about a big sale. It's just the"},{"speaker":"Alan Smith","startTime":891.7,"endTime":894.94,"body":"look for the and I have no doubt"},{"speaker":"Alan Smith","startTime":891.7,"endTime":894.94,"body":"another private equity company"},{"speaker":"Alan Smith","startTime":894.94,"endTime":898.0,"body":"will come in and take it off"},{"speaker":"Alan Smith","startTime":894.94,"endTime":898.0,"body":"your hands, it's before that"},{"speaker":"Alan Smith","startTime":898.0,"endTime":900.78,"body":"price, and then and then roll it"},{"speaker":"Alan Smith","startTime":898.0,"endTime":900.78,"body":"up again. Sell it for double"},{"speaker":"Alan Smith","startTime":900.78,"endTime":901.5,"body":"that in another so"},{"speaker":"Carl Widger","startTime":901.56,"endTime":903.48,"body":"are these"},{"speaker":"Carl Widger","startTime":901.56,"endTime":903.48,"body":"consolidators? Are they? Are"},{"speaker":"Carl Widger","startTime":903.48,"endTime":907.14,"body":"they running into difficulty? I"},{"speaker":"Carl Widger","startTime":903.48,"endTime":907.14,"body":"know consumer duty is, is on our"},{"speaker":"Carl Widger","startTime":907.14,"endTime":910.8,"body":"list for for discussion today,"},{"speaker":"Carl Widger","startTime":907.14,"endTime":910.8,"body":"but to maybe shoehorn it in, it"},{"speaker":"Carl Widger","startTime":910.92,"endTime":914.46,"body":"has consumer duty made it a"},{"speaker":"Carl Widger","startTime":910.92,"endTime":914.46,"body":"little less attractive, a little"},{"speaker":"Carl Widger","startTime":914.46,"endTime":919.38,"body":"more, yeah, more difficult to to"},{"speaker":"Carl Widger","startTime":914.46,"endTime":919.38,"body":"kind of mush them all in"},{"speaker":"Carl Widger","startTime":919.38,"endTime":922.1,"body":"together, and maybe there's a"},{"speaker":"Carl Widger","startTime":919.38,"endTime":922.1,"body":"much greater risk. Now, I"},{"speaker":"Andy Hart","startTime":922.1,"endTime":924.44,"body":"thought the valuation"},{"speaker":"Andy Hart","startTime":922.1,"endTime":924.44,"body":"was a little bit lower than what"},{"speaker":"Andy Hart","startTime":924.44,"endTime":927.56,"body":"we've seen in previous years"},{"speaker":"Andy Hart","startTime":924.44,"endTime":927.56,"body":"based on assets under management"},{"speaker":"Andy Hart","startTime":927.56,"endTime":931.64,"body":"as a sort of crude measurement."},{"speaker":"Andy Hart","startTime":927.56,"endTime":931.64,"body":"But yes, consumer duties had, I"},{"speaker":"Andy Hart","startTime":931.64,"endTime":933.68,"body":"think, a big impact higher"},{"speaker":"Andy Hart","startTime":931.64,"endTime":933.68,"body":"interest rates, you know,"},{"speaker":"Andy Hart","startTime":933.68,"endTime":936.2,"body":"various other things, but"},{"speaker":"Andy Hart","startTime":933.68,"endTime":936.2,"body":"consumer duty and providing a"},{"speaker":"Andy Hart","startTime":936.2,"endTime":939.62,"body":"better and better service, and"},{"speaker":"Andy Hart","startTime":936.2,"endTime":939.62,"body":"not piling on additional cost"},{"speaker":"Andy Hart","startTime":939.62,"endTime":940.42,"body":"for the sake of it?"},{"speaker":"Alan Smith","startTime":941.62,"endTime":944.8,"body":"Yeah, I've heard"},{"speaker":"Alan Smith","startTime":941.62,"endTime":944.8,"body":"that again, somewhat after the"},{"speaker":"Alan Smith","startTime":944.8,"endTime":948.88,"body":"horse is bolted, that any"},{"speaker":"Alan Smith","startTime":944.8,"endTime":948.88,"body":"consolidator or acquirer now, as"},{"speaker":"Alan Smith","startTime":948.88,"endTime":952.12,"body":"part of their due diligence"},{"speaker":"Alan Smith","startTime":948.88,"endTime":952.12,"body":"process is asking to evidence"},{"speaker":"Alan Smith","startTime":952.12,"endTime":954.58,"body":"the fact that you have been"},{"speaker":"Alan Smith","startTime":952.12,"endTime":954.58,"body":"delivering an ongoing service."},{"speaker":"Alan Smith","startTime":954.58,"endTime":957.58,"body":"They hadn't really passed in"},{"speaker":"Alan Smith","startTime":954.58,"endTime":957.58,"body":"many cases, so they effectively"},{"speaker":"Alan Smith","startTime":957.58,"endTime":961.08,"body":"bought firms with kind of, I"},{"speaker":"Alan Smith","startTime":957.58,"endTime":961.08,"body":"suppose, an open ended liability"},{"speaker":"Alan Smith","startTime":961.08,"endTime":964.86,"body":"if you haven't been delivering a"},{"speaker":"Alan Smith","startTime":961.08,"endTime":964.86,"body":"service. So now it is. But you"},{"speaker":"Alan Smith","startTime":964.86,"endTime":967.32,"body":"know, it's all part and parcel"},{"speaker":"Alan Smith","startTime":964.86,"endTime":967.32,"body":"of cleaning up the business,"},{"speaker":"Alan Smith","startTime":967.32,"endTime":969.78,"body":"making it more professional,"},{"speaker":"Alan Smith","startTime":967.32,"endTime":969.78,"body":"making it better. Guess what?"},{"speaker":"Alan Smith","startTime":969.78,"endTime":973.02,"body":"You actually have to do what you"},{"speaker":"Alan Smith","startTime":969.78,"endTime":973.02,"body":"promise you're going to do in"},{"speaker":"Alan Smith","startTime":973.02,"endTime":974.28,"body":"return for the fee? Scan,"},{"speaker":"Nick Lincoln","startTime":974.28,"endTime":975.24,"body":"wow. Scan,"},{"speaker":"Carl Widger","startTime":976.62,"endTime":978.6,"body":"much harder to do"},{"speaker":"Carl Widger","startTime":976.62,"endTime":978.6,"body":"at scale, though. Guys, that's"},{"speaker":"Carl Widger","startTime":978.6,"endTime":980.66,"body":"that's the challenge that"},{"speaker":"Carl Widger","startTime":978.6,"endTime":980.66,"body":"they're all going to have. So,"},{"speaker":"Carl Widger","startTime":981.2,"endTime":982.22,"body":"yeah, my heart"},{"speaker":"Nick Lincoln","startTime":982.22,"endTime":984.74,"body":"breaks. My heart"},{"speaker":"Nick Lincoln","startTime":982.22,"endTime":984.74,"body":"breaks for them. Okay, thank you"},{"speaker":"Nick Lincoln","startTime":984.74,"endTime":989.36,"body":"for that. Back to you."},{"speaker":"Nick Lincoln","startTime":984.74,"endTime":989.36,"body":"Stroyteller, Monzo,"},{"speaker":"Alan Smith","startTime":1021.86,"endTime":1024.14,"body":"just flagging"},{"speaker":"Alan Smith","startTime":1021.86,"endTime":1024.14,"body":"something up. I saw this"},{"speaker":"Alan Smith","startTime":1025.22,"endTime":1028.64,"body":"advertised the other day. Monzo,"},{"speaker":"Alan Smith","startTime":1025.22,"endTime":1028.64,"body":"who many people will be familiar"},{"speaker":"Alan Smith","startTime":1028.64,"endTime":1033.52,"body":"with, are a challenger bank, I"},{"speaker":"Alan Smith","startTime":1028.64,"endTime":1033.52,"body":"suppose one of these kind of"},{"speaker":"Alan Smith","startTime":1033.52,"endTime":1038.44,"body":"newer startup tech banks. But"},{"speaker":"Alan Smith","startTime":1033.52,"endTime":1038.44,"body":"they have woken up to the fact"},{"speaker":"Alan Smith","startTime":1038.44,"endTime":1041.74,"body":"that there is money to be made"},{"speaker":"Alan Smith","startTime":1038.44,"endTime":1041.74,"body":"from effectively consolidating"},{"speaker":"Alan Smith","startTime":1042.46,"endTime":1047.32,"body":"legacy pension assets and"},{"speaker":"Alan Smith","startTime":1042.46,"endTime":1047.32,"body":"putting them onto a platform and"},{"speaker":"Alan Smith","startTime":1047.32,"endTime":1050.7,"body":"managing them. There's no doubt"},{"speaker":"Alan Smith","startTime":1047.32,"endTime":1050.7,"body":"about it, your pension B have"},{"speaker":"Alan Smith","startTime":1050.7,"endTime":1054.48,"body":"been a hugely, a big success out"},{"speaker":"Alan Smith","startTime":1050.7,"endTime":1054.48,"body":"of this. They got a full stock"},{"speaker":"Alan Smith","startTime":1054.48,"endTime":1058.56,"body":"market listing a couple of years"},{"speaker":"Alan Smith","startTime":1054.48,"endTime":1058.56,"body":"ago, not sure if make any profit"},{"speaker":"Alan Smith","startTime":1058.56,"endTime":1061.2,"body":"yet, but nevertheless, they have"},{"speaker":"Alan Smith","startTime":1058.56,"endTime":1061.2,"body":"scaled that business quite"},{"speaker":"Alan Smith","startTime":1061.2,"endTime":1064.26,"body":"successfully based on, as I say,"},{"speaker":"Alan Smith","startTime":1061.2,"endTime":1064.26,"body":"just organizing and"},{"speaker":"Alan Smith","startTime":1064.26,"endTime":1067.92,"body":"consolidating historical pension"},{"speaker":"Alan Smith","startTime":1064.26,"endTime":1067.92,"body":"accounts. So no surprise that"},{"speaker":"Alan Smith","startTime":1067.92,"endTime":1071.0,"body":"Monza have done it. Had a quick"},{"speaker":"Alan Smith","startTime":1067.92,"endTime":1071.0,"body":"look at their website. Of"},{"speaker":"Alan Smith","startTime":1071.0,"endTime":1073.7,"body":"course, all these companies, the"},{"speaker":"Alan Smith","startTime":1071.0,"endTime":1073.7,"body":"website looks beautiful, just"},{"speaker":"Alan Smith","startTime":1073.7,"endTime":1077.18,"body":"sort of nice, elegant,"},{"speaker":"Alan Smith","startTime":1073.7,"endTime":1077.18,"body":"interesting. You know, easy to"},{"speaker":"Alan Smith","startTime":1077.18,"endTime":1085.22,"body":"follow. The fee structure, the"},{"speaker":"Alan Smith","startTime":1077.18,"endTime":1085.22,"body":"charge, point six 3% which I"},{"speaker":"Alan Smith","startTime":1085.22,"endTime":1089.48,"body":"Yeah, point six 3% which I don't"},{"speaker":"Alan Smith","startTime":1085.22,"endTime":1089.48,"body":"think is overly cheap. Put it"},{"speaker":"Alan Smith","startTime":1089.48,"endTime":1092.5,"body":"that way. I mean, you could do"},{"speaker":"Alan Smith","startTime":1089.48,"endTime":1092.5,"body":"the same effectively with"},{"speaker":"Alan Smith","startTime":1092.5,"endTime":1097.12,"body":"Vanguard, their DIY approach,"},{"speaker":"Alan Smith","startTime":1092.5,"endTime":1097.12,"body":"for about 23 basis points, or"},{"speaker":"Alan Smith","startTime":1097.12,"endTime":1099.58,"body":"something, for about a third of"},{"speaker":"Alan Smith","startTime":1097.12,"endTime":1099.58,"body":"the cost. Someone like Vanguard"},{"speaker":"Alan Smith","startTime":1100.48,"endTime":1103.3,"body":"would do it. It's, again, a"},{"speaker":"Alan Smith","startTime":1100.48,"endTime":1103.3,"body":"couple of interesting points on"},{"speaker":"Alan Smith","startTime":1103.3,"endTime":1106.84,"body":"this Monza thing. Having had a"},{"speaker":"Alan Smith","startTime":1103.3,"endTime":1106.84,"body":"look at it, all the money goes"},{"speaker":"Alan Smith","startTime":1106.84,"endTime":1113.34,"body":"in to BlackRock. So they are the"},{"speaker":"Alan Smith","startTime":1106.84,"endTime":1113.34,"body":"money managers, 80% of the funds"},{"speaker":"Alan Smith","startTime":1113.34,"endTime":1115.02,"body":"are by default. ESG."},{"speaker":"Andy Hart","startTime":1122.1,"endTime":1124.92,"body":"Was that for ESG or"},{"speaker":"Andy Hart","startTime":1122.1,"endTime":1124.92,"body":"Blackrock Nick both?"},{"speaker":"Nick Lincoln","startTime":1125.76,"endTime":1126.8999999999999,"body":"Choose your pick."},{"speaker":"Nick Lincoln","startTime":1125.76,"endTime":1126.8999999999999,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":1129.06,"endTime":1132.1399999999999,"body":"yeah. So 80% by"},{"speaker":"Alan Smith","startTime":1129.06,"endTime":1132.1399999999999,"body":"default. Again, I don't really"},{"speaker":"Alan Smith","startTime":1132.3799999999999,"endTime":1135.08,"body":"get that because you are the"},{"speaker":"Alan Smith","startTime":1132.3799999999999,"endTime":1135.08,"body":"love ESG, and you want all your"},{"speaker":"Alan Smith","startTime":1135.08,"endTime":1137.78,"body":"money managed by that or you"},{"speaker":"Alan Smith","startTime":1135.08,"endTime":1137.78,"body":"don't, and for them to"},{"speaker":"Andy Hart","startTime":1137.78,"endTime":1141.02,"body":"choose big ESG slant"},{"speaker":"Andy Hart","startTime":1137.78,"endTime":1141.02,"body":"as well. So yeah, maybe the"},{"speaker":"Alan Smith","startTime":1141.2,"endTime":1144.3799999999999,"body":"targeting younger,"},{"speaker":"Alan Smith","startTime":1141.2,"endTime":1144.3799999999999,"body":"non advised investors. Maybe"},{"speaker":"Alan Smith","startTime":1144.44,"endTime":1149.42,"body":"there's a key theme there. Other"},{"speaker":"Alan Smith","startTime":1144.44,"endTime":1149.42,"body":"interesting thing, they say they"},{"speaker":"Alan Smith","startTime":1149.42,"endTime":1152.68,"body":"automatically use target date"},{"speaker":"Alan Smith","startTime":1149.42,"endTime":1152.68,"body":"funds. They said, We will"},{"speaker":"Alan Smith","startTime":1152.68,"endTime":1155.26,"body":"remove, we will reduce your risk"},{"speaker":"Alan Smith","startTime":1152.68,"endTime":1155.26,"body":"as you get closer to your"},{"speaker":"Alan Smith","startTime":1155.26,"endTime":1157.42,"body":"retirement age. They're going to"},{"speaker":"Alan Smith","startTime":1155.26,"endTime":1157.42,"body":"move them into bonds"},{"speaker":"Alan Smith","startTime":1157.48,"endTime":1162.46,"body":"automatically as they get closer"},{"speaker":"Alan Smith","startTime":1157.48,"endTime":1162.46,"body":"to retirement age, of the of the"},{"speaker":"Alan Smith","startTime":1162.46,"endTime":1165.28,"body":"fee structure. Can this? Find"},{"speaker":"Alan Smith","startTime":1162.46,"endTime":1165.28,"body":"this fascinating? So they've"},{"speaker":"Alan Smith","startTime":1165.28,"endTime":1167.8,"body":"gone with, because they disclose"},{"speaker":"Alan Smith","startTime":1165.28,"endTime":1167.8,"body":"all this stuff they've got."},{"speaker":"Alan Smith","startTime":1167.86,"endTime":1170.58,"body":"They've gone with Fnz as their"},{"speaker":"Alan Smith","startTime":1167.86,"endTime":1170.58,"body":"platform, you know, sip"},{"speaker":"Alan Smith","startTime":1170.76,"endTime":1173.6399999999999,"body":"provider, which, again, is"},{"speaker":"Alan Smith","startTime":1170.76,"endTime":1173.6399999999999,"body":"interesting. I would have"},{"speaker":"Alan Smith","startTime":1173.6399999999999,"endTime":1178.74,"body":"thought that our our friend Dave"},{"speaker":"Alan Smith","startTime":1173.6399999999999,"endTime":1178.74,"body":"Ferguson, would have been closer"},{"speaker":"Alan Smith","startTime":1178.74,"endTime":1181.2,"body":"to the action on this. The"},{"speaker":"Alan Smith","startTime":1178.74,"endTime":1181.2,"body":"second would seem a more logical"},{"speaker":"Alan Smith","startTime":1181.2,"endTime":1185.04,"body":"partner, because apart from"},{"speaker":"Alan Smith","startTime":1181.2,"endTime":1185.04,"body":"anything else, the fee structure"},{"speaker":"Alan Smith","startTime":1185.04,"endTime":1188.28,"body":"broken down is point six, three"},{"speaker":"Alan Smith","startTime":1185.04,"endTime":1188.28,"body":"is point four, five is for the"},{"speaker":"Alan Smith","startTime":1188.28,"endTime":1191.36,"body":"platform, and point one, eight"},{"speaker":"Alan Smith","startTime":1188.28,"endTime":1191.36,"body":"is for the funds. It's"},{"speaker":"Alan Smith","startTime":1191.42,"endTime":1194.72,"body":"interesting, isn't it? You pay"},{"speaker":"Alan Smith","startTime":1191.42,"endTime":1194.72,"body":"double for, just for the"},{"speaker":"Alan Smith","startTime":1194.72,"endTime":1197.18,"body":"plumbing. Effectively, you do"},{"speaker":"Alan Smith","startTime":1194.72,"endTime":1197.18,"body":"for access to, you know, the"},{"speaker":"Alan Smith","startTime":1197.18,"endTime":1200.6,"body":"global capital markets. Pay"},{"speaker":"Alan Smith","startTime":1197.18,"endTime":1200.6,"body":"twice the cost for just the"},{"speaker":"Alan Smith","startTime":1200.6,"endTime":1204.92,"body":"administration. Interesting."},{"speaker":"Alan Smith","startTime":1200.6,"endTime":1204.92,"body":"Anyway, that was it. It's all"},{"speaker":"Alan Smith","startTime":1205.04,"endTime":1208.3999999999999,"body":"it's great. Having more options,"},{"speaker":"Alan Smith","startTime":1205.04,"endTime":1208.3999999999999,"body":"more what they do, though, is"},{"speaker":"Alan Smith","startTime":1208.58,"endTime":1209.18,"body":"all you need to"},{"speaker":"Nick Lincoln","startTime":1209.18,"endTime":1210.62,"body":"do. It sounds"},{"speaker":"Nick Lincoln","startTime":1209.18,"endTime":1210.62,"body":"like, is it? Though? It's just,"},{"speaker":"Nick Lincoln","startTime":1210.62,"endTime":1212.98,"body":"it sounds like shit, doesn't it?"},{"speaker":"Nick Lincoln","startTime":1210.62,"endTime":1212.98,"body":"I mean, as you said, Vanguard,"},{"speaker":"Nick Lincoln","startTime":1212.98,"endTime":1216.1,"body":"you get on there for whatever it"},{"speaker":"Nick Lincoln","startTime":1212.98,"endTime":1216.1,"body":"is. 20 pips was quite"},{"speaker":"Nick Lincoln","startTime":1216.1,"endTime":1218.1399999999999,"body":"interesting. They cap it. Yeah,"},{"speaker":"Alan Smith","startTime":1218.1399999999999,"endTime":1220.36,"body":"everything's"},{"speaker":"Alan Smith","startTime":1218.1399999999999,"endTime":1220.36,"body":"nuanced. There's always some"},{"speaker":"Alan Smith","startTime":1221.2,"endTime":1224.1399999999999,"body":"they will do according to again,"},{"speaker":"Alan Smith","startTime":1221.2,"endTime":1224.1399999999999,"body":"all I've done is have a quick"},{"speaker":"Alan Smith","startTime":1224.1399999999999,"endTime":1226.42,"body":"scan through their website. But"},{"speaker":"Alan Smith","startTime":1224.1399999999999,"endTime":1226.42,"body":"because they make it really"},{"speaker":"Alan Smith","startTime":1226.42,"endTime":1228.82,"body":"simple, and he's mentioned, the"},{"speaker":"Alan Smith","startTime":1226.42,"endTime":1228.82,"body":"average person has got, he's"},{"speaker":"Alan Smith","startTime":1228.82,"endTime":1231.6599999999999,"body":"been for four different jobs."},{"speaker":"Alan Smith","startTime":1228.82,"endTime":1231.6599999999999,"body":"Jobs, and they've got, like, 12"},{"speaker":"Alan Smith","startTime":1231.6599999999999,"endTime":1235.3799999999999,"body":"grand with one fund, one ex"},{"speaker":"Alan Smith","startTime":1231.6599999999999,"endTime":1235.3799999999999,"body":"employer, 10 grand with someone"},{"speaker":"Alan Smith","startTime":1235.3799999999999,"endTime":1238.2,"body":"else. And it's just a ball ache"},{"speaker":"Alan Smith","startTime":1235.3799999999999,"endTime":1238.2,"body":"to try to organize it and"},{"speaker":"Alan Smith","startTime":1238.2,"endTime":1241.98,"body":"structure it. And so Vanguard,"},{"speaker":"Alan Smith","startTime":1238.2,"endTime":1241.98,"body":"or whoever else they expect you"},{"speaker":"Alan Smith","startTime":1241.98,"endTime":1246.42,"body":"to do, I think most of the grunt"},{"speaker":"Alan Smith","startTime":1241.98,"endTime":1246.42,"body":"work to organize this with the"},{"speaker":"Alan Smith","startTime":1246.42,"endTime":1249.72,"body":"Monzo platform, you just tell"},{"speaker":"Alan Smith","startTime":1246.42,"endTime":1249.72,"body":"them who you worked for and the"},{"speaker":"Alan Smith","startTime":1249.72,"endTime":1253.58,"body":"approximate months and years you"},{"speaker":"Alan Smith","startTime":1249.72,"endTime":1253.58,"body":"worked for them, and say, we'll"},{"speaker":"Alan Smith","startTime":1253.58,"endTime":1256.46,"body":"do the rest. We'll organize it,"},{"speaker":"Alan Smith","startTime":1253.58,"endTime":1256.46,"body":"we'll structure we'll we'll get"},{"speaker":"Alan Smith","startTime":1256.46,"endTime":1260.0,"body":"the money for you, chase it up,"},{"speaker":"Alan Smith","startTime":1256.46,"endTime":1260.0,"body":"sign the forms. That's what they"},{"speaker":"Alan Smith","startTime":1260.0,"endTime":1262.46,"body":"say. I mean, that's quite"},{"speaker":"Alan Smith","startTime":1260.0,"endTime":1262.46,"body":"attractive. Well, you could do"},{"speaker":"Alan Smith","startTime":1262.46,"endTime":1264.8,"body":"you could game the system. You"},{"speaker":"Alan Smith","startTime":1262.46,"endTime":1264.8,"body":"can get them to do all the work,"},{"speaker":"Alan Smith","startTime":1264.8,"endTime":1267.26,"body":"and then once it's on there, I"},{"speaker":"Alan Smith","startTime":1264.8,"endTime":1267.26,"body":"don't get any exit penalties."},{"speaker":"Alan Smith","startTime":1267.26,"endTime":1271.54,"body":"Move it to Vanguard or someone"},{"speaker":"Alan Smith","startTime":1267.26,"endTime":1271.54,"body":"else encouraging that, but,"},{"speaker":"Alan Smith","startTime":1272.26,"endTime":1275.26,"body":"yeah, interesting. But if"},{"speaker":"Alan Smith","startTime":1272.26,"endTime":1275.26,"body":"nothing, if nothing else, the"},{"speaker":"Alan Smith","startTime":1275.26,"endTime":1279.76,"body":"comparison between, like the"},{"speaker":"Alan Smith","startTime":1275.26,"endTime":1279.76,"body":"average, you know, any of us an"},{"speaker":"Alan Smith","startTime":1279.76,"endTime":1283.48,"body":"IFA type process, ours is by"},{"speaker":"Alan Smith","startTime":1279.76,"endTime":1283.48,"body":"nature. It's very clunky, and,"},{"speaker":"Alan Smith","startTime":1283.6599999999999,"endTime":1286.42,"body":"you know, filling in forms and"},{"speaker":"Alan Smith","startTime":1283.6599999999999,"endTime":1286.42,"body":"sending stuff, it's very manual."},{"speaker":"Alan Smith","startTime":1286.84,"endTime":1290.94,"body":"Their whole process looks really"},{"speaker":"Alan Smith","startTime":1286.84,"endTime":1290.94,"body":"elegant, very attractive, quite"},{"speaker":"Alan Smith","startTime":1290.94,"endTime":1295.68,"body":"sexy, making pension sexy again,"},{"speaker":"Alan Smith","startTime":1290.94,"endTime":1295.68,"body":"that was it back to you, boss."},{"speaker":"Nick Lincoln","startTime":1296.58,"endTime":1299.82,"body":"Thank you. Okay,"},{"speaker":"Nick Lincoln","startTime":1296.58,"endTime":1299.82,"body":"watch client feedback."},{"speaker":"Carl Widger","startTime":1300.6,"endTime":1302.94,"body":"Yeah, I just"},{"speaker":"Carl Widger","startTime":1300.6,"endTime":1302.94,"body":"thought we kind of did an"},{"speaker":"Carl Widger","startTime":1302.94,"endTime":1307.5,"body":"interesting thing recently, got"},{"speaker":"Carl Widger","startTime":1302.94,"endTime":1307.5,"body":"a client, kind of an ideal"},{"speaker":"Carl Widger","startTime":1307.5,"endTime":1312.68,"body":"client of ours, in to do a"},{"speaker":"Carl Widger","startTime":1307.5,"endTime":1312.68,"body":"testimonial video, which we used"},{"speaker":"Carl Widger","startTime":1312.68,"endTime":1316.58,"body":"on social media, which was kind"},{"speaker":"Carl Widger","startTime":1312.68,"endTime":1316.58,"body":"of a short, sharp piece, but"},{"speaker":"Carl Widger","startTime":1316.58,"endTime":1319.52,"body":"then I did a little bit of a"},{"speaker":"Carl Widger","startTime":1316.58,"endTime":1319.52,"body":"longer interview, shall we say,"},{"speaker":"Carl Widger","startTime":1319.52,"endTime":1323.48,"body":"with them, just maybe a 10"},{"speaker":"Carl Widger","startTime":1319.52,"endTime":1323.48,"body":"minutes, just for internal"},{"speaker":"Carl Widger","startTime":1323.48,"endTime":1326.72,"body":"purposes, right, to basically"},{"speaker":"Carl Widger","startTime":1323.48,"endTime":1326.72,"body":"ask them straight out, you know,"},{"speaker":"Carl Widger","startTime":1326.72,"endTime":1329.78,"body":"what are the what are the parts"},{"speaker":"Carl Widger","startTime":1326.72,"endTime":1329.78,"body":"that we do, that we do really"},{"speaker":"Carl Widger","startTime":1329.78,"endTime":1332.5,"body":"well, that you value, that you"},{"speaker":"Carl Widger","startTime":1329.78,"endTime":1332.5,"body":"really like, and maybe are there"},{"speaker":"Carl Widger","startTime":1332.5,"endTime":1336.94,"body":"a couple of things that you"},{"speaker":"Carl Widger","startTime":1332.5,"endTime":1336.94,"body":"don't like us doing or that"},{"speaker":"Carl Widger","startTime":1337.0,"endTime":1342.22,"body":"you'd love if we did do? And"},{"speaker":"Carl Widger","startTime":1337.0,"endTime":1342.22,"body":"despite every which way of me"},{"speaker":"Carl Widger","startTime":1342.22,"endTime":1345.82,"body":"trying to push the conversation"},{"speaker":"Carl Widger","startTime":1342.22,"endTime":1345.82,"body":"around to say, oh, it's the meta"},{"speaker":"Carl Widger","startTime":1345.8799999999999,"endTime":1350.08,"body":"life plan, and it's amazing. It"},{"speaker":"Carl Widger","startTime":1345.8799999999999,"endTime":1350.08,"body":"was communication. It was just"},{"speaker":"Carl Widger","startTime":1350.08,"endTime":1353.7,"body":"straight up communication. So it"},{"speaker":"Carl Widger","startTime":1350.08,"endTime":1353.7,"body":"was like, look, the fact that I"},{"speaker":"Carl Widger","startTime":1353.7,"endTime":1357.3,"body":"know you're there, that I know"},{"speaker":"Carl Widger","startTime":1353.7,"endTime":1357.3,"body":"you'll answer a query. And he"},{"speaker":"Carl Widger","startTime":1357.3,"endTime":1360.96,"body":"even said that, you know, if"},{"speaker":"Carl Widger","startTime":1357.3,"endTime":1360.96,"body":"there was say, potentially some"},{"speaker":"Carl Widger","startTime":1360.96,"endTime":1363.6,"body":"bad news or anything like that,"},{"speaker":"Carl Widger","startTime":1360.96,"endTime":1363.6,"body":"that you know we will address"},{"speaker":"Carl Widger","startTime":1363.6,"endTime":1367.5,"body":"it, and we won't ever shy away"},{"speaker":"Carl Widger","startTime":1363.6,"endTime":1367.5,"body":"from it. And and I kept kind of"},{"speaker":"Carl Widger","startTime":1367.5,"endTime":1369.84,"body":"coming back around and kept"},{"speaker":"Carl Widger","startTime":1367.5,"endTime":1369.84,"body":"asking him, and he was like,"},{"speaker":"Carl Widger","startTime":1370.8,"endTime":1372.98,"body":"you've asked me to do this"},{"speaker":"Carl Widger","startTime":1370.8,"endTime":1372.98,"body":"interview. I'm telling you what"},{"speaker":"Carl Widger","startTime":1372.98,"endTime":1377.42,"body":"the answer is. You know, he was"},{"speaker":"Carl Widger","startTime":1372.98,"endTime":1377.42,"body":"just straight up. So I think the"},{"speaker":"Carl Widger","startTime":1377.42,"endTime":1381.98,"body":"big lesson for us all here is"},{"speaker":"Carl Widger","startTime":1377.42,"endTime":1381.98,"body":"make sure you're in"},{"speaker":"Carl Widger","startTime":1381.98,"endTime":1385.3999999999999,"body":"communication with your clients"},{"speaker":"Carl Widger","startTime":1381.98,"endTime":1385.3999999999999,"body":"all of the time. And it's not"},{"speaker":"Carl Widger","startTime":1385.3999999999999,"endTime":1388.28,"body":"like, you know, you're once or"},{"speaker":"Carl Widger","startTime":1385.3999999999999,"endTime":1388.28,"body":"twice a year. It's if there's"},{"speaker":"Carl Widger","startTime":1388.28,"endTime":1391.54,"body":"other stuff happening or if they"},{"speaker":"Carl Widger","startTime":1388.28,"endTime":1391.54,"body":"have a query, you know, make"},{"speaker":"Carl Widger","startTime":1391.54,"endTime":1394.06,"body":"sure it's dealt with and dealt"},{"speaker":"Carl Widger","startTime":1391.54,"endTime":1394.06,"body":"with really, really quickly,"},{"speaker":"Carl Widger","startTime":1394.3,"endTime":1398.08,"body":"because he gets the comfort out"},{"speaker":"Carl Widger","startTime":1394.3,"endTime":1398.08,"body":"of that, that where is trusted"},{"speaker":"Carl Widger","startTime":1398.08,"endTime":1402.46,"body":"advisor. We're on his side,"},{"speaker":"Carl Widger","startTime":1398.08,"endTime":1402.46,"body":"because we will react to"},{"speaker":"Carl Widger","startTime":1402.52,"endTime":1405.7,"body":"whatever he needs in a"},{"speaker":"Carl Widger","startTime":1402.52,"endTime":1405.7,"body":"particular moment, as well as"},{"speaker":"Carl Widger","startTime":1405.7,"endTime":1408.82,"body":"the stuff that we have"},{"speaker":"Carl Widger","startTime":1405.7,"endTime":1408.82,"body":"scheduled, obviously. But it's"},{"speaker":"Carl Widger","startTime":1408.82,"endTime":1411.12,"body":"more, you know, if he has a"},{"speaker":"Carl Widger","startTime":1408.82,"endTime":1411.12,"body":"query, and he doesn't have"},{"speaker":"Carl Widger","startTime":1411.12,"endTime":1413.76,"body":"loads, by the way, right? So"},{"speaker":"Carl Widger","startTime":1411.12,"endTime":1413.76,"body":"it's not as if we're over and"},{"speaker":"Carl Widger","startTime":1413.76,"endTime":1417.48,"body":"back onto him every week or two,"},{"speaker":"Carl Widger","startTime":1413.76,"endTime":1417.48,"body":"but it's when he does that we"},{"speaker":"Carl Widger","startTime":1417.48,"endTime":1421.98,"body":"kind of front up. And then the"},{"speaker":"Carl Widger","startTime":1417.48,"endTime":1421.98,"body":"second most important thing,"},{"speaker":"Carl Widger","startTime":1421.98,"endTime":1425.6399999999999,"body":"from his point of view, was"},{"speaker":"Carl Widger","startTime":1421.98,"endTime":1425.6399999999999,"body":"early doors with him. We"},{"speaker":"Carl Widger","startTime":1425.6399999999999,"endTime":1430.02,"body":"suggested that he didn't invest"},{"speaker":"Carl Widger","startTime":1425.6399999999999,"endTime":1430.02,"body":"money, and he said, I can't tell"},{"speaker":"Carl Widger","startTime":1430.02,"endTime":1435.8,"body":"you how much the trust was built"},{"speaker":"Carl Widger","startTime":1430.02,"endTime":1435.8,"body":"in that moment. Because we were,"},{"speaker":"Carl Widger","startTime":1435.86,"endTime":1438.5,"body":"he was planning for maybe a"},{"speaker":"Carl Widger","startTime":1435.86,"endTime":1438.5,"body":"business exit and all that kind"},{"speaker":"Carl Widger","startTime":1438.5,"endTime":1441.3799999999999,"body":"of stuff, we said, no, no, that"},{"speaker":"Carl Widger","startTime":1438.5,"endTime":1441.3799999999999,"body":"should not go into anything"},{"speaker":"Carl Widger","startTime":1441.68,"endTime":1443.78,"body":"that's short term money. You"},{"speaker":"Carl Widger","startTime":1441.68,"endTime":1443.78,"body":"need to leave that in the"},{"speaker":"Carl Widger","startTime":1443.78,"endTime":1447.32,"body":"company, and you'll get the tax"},{"speaker":"Carl Widger","startTime":1443.78,"endTime":1447.32,"body":"advantages from it. So they were"},{"speaker":"Carl Widger","startTime":1447.32,"endTime":1450.08,"body":"the two key things. We think"},{"speaker":"Carl Widger","startTime":1447.32,"endTime":1450.08,"body":"it's all about financial"},{"speaker":"Carl Widger","startTime":1450.08,"endTime":1453.82,"body":"planning and about, you know,"},{"speaker":"Carl Widger","startTime":1450.08,"endTime":1453.82,"body":"passive funds, or whatever it"},{"speaker":"Carl Widger","startTime":1453.82,"endTime":1456.6399999999999,"body":"ain't that's not what they're"},{"speaker":"Carl Widger","startTime":1453.82,"endTime":1456.6399999999999,"body":"what what this particular client"},{"speaker":"Carl Widger","startTime":1456.6399999999999,"endTime":1459.34,"body":"told me. And I think if people"},{"speaker":"Carl Widger","startTime":1456.6399999999999,"endTime":1459.34,"body":"bother to go and ask their"},{"speaker":"Carl Widger","startTime":1459.34,"endTime":1462.52,"body":"clients, actually sit down and"},{"speaker":"Carl Widger","startTime":1459.34,"endTime":1462.52,"body":"and ask them these questions."},{"speaker":"Carl Widger","startTime":1462.6399999999999,"endTime":1464.86,"body":"Number one, the clients are"},{"speaker":"Carl Widger","startTime":1462.6399999999999,"endTime":1464.86,"body":"happy to help, especially if"},{"speaker":"Carl Widger","startTime":1464.86,"endTime":1467.3799999999999,"body":"they're kind of long term"},{"speaker":"Carl Widger","startTime":1464.86,"endTime":1467.3799999999999,"body":"clients people, most people are"},{"speaker":"Carl Widger","startTime":1467.3799999999999,"endTime":1470.1399999999999,"body":"nice and they'll have they'll be"},{"speaker":"Carl Widger","startTime":1467.3799999999999,"endTime":1470.1399999999999,"body":"happy to help. And number two,"},{"speaker":"Carl Widger","startTime":1470.1399999999999,"endTime":1473.3999999999999,"body":"they might tell you stuff that's"},{"speaker":"Carl Widger","startTime":1470.1399999999999,"endTime":1473.3999999999999,"body":"a little bit different from what"},{"speaker":"Carl Widger","startTime":1473.3999999999999,"endTime":1475.92,"body":"you think is really, really"},{"speaker":"Carl Widger","startTime":1473.3999999999999,"endTime":1475.92,"body":"important. So I just thought I'd"},{"speaker":"Carl Widger","startTime":1475.92,"endTime":1478.5,"body":"mention it, because it was a bit"},{"speaker":"Carl Widger","startTime":1475.92,"endTime":1478.5,"body":"of an eye opener for me. To be"},{"speaker":"Carl Widger","startTime":1478.5,"endTime":1478.98,"body":"honest. I"},{"speaker":"Alan Smith","startTime":1479.7,"endTime":1482.04,"body":"think that's really"},{"speaker":"Alan Smith","startTime":1479.7,"endTime":1482.04,"body":"good what you've done, Carl, and"},{"speaker":"Alan Smith","startTime":1482.3999999999999,"endTime":1485.1599999999999,"body":"it just reminds me that we don't"},{"speaker":"Alan Smith","startTime":1482.3999999999999,"endTime":1485.1599999999999,"body":"do enough of it, and we should"},{"speaker":"Alan Smith","startTime":1485.1599999999999,"endTime":1488.22,"body":"do most devices don't do enough"},{"speaker":"Alan Smith","startTime":1485.1599999999999,"endTime":1488.22,"body":"of it. I'm reminded of mention"},{"speaker":"Alan Smith","startTime":1488.22,"endTime":1493.3999999999999,"body":"of at least once or twice on"},{"speaker":"Alan Smith","startTime":1488.22,"endTime":1493.3999999999999,"body":"this podcast before a guy in the"},{"speaker":"Alan Smith","startTime":1493.3999999999999,"endTime":1496.46,"body":"US called Dan Allison. He's got"},{"speaker":"Alan Smith","startTime":1493.3999999999999,"endTime":1496.46,"body":"a whole sort of script and"},{"speaker":"Alan Smith","startTime":1496.46,"endTime":1498.98,"body":"process with feedback marketing,"},{"speaker":"Alan Smith","startTime":1496.46,"endTime":1498.98,"body":"go and speak to your best"},{"speaker":"Alan Smith","startTime":1498.98,"endTime":1501.98,"body":"clients, sit down and really"},{"speaker":"Alan Smith","startTime":1498.98,"endTime":1501.98,"body":"important, if you can this face"},{"speaker":"Alan Smith","startTime":1501.98,"endTime":1505.3999999999999,"body":"to face, not not a not an email"},{"speaker":"Alan Smith","startTime":1501.98,"endTime":1505.3999999999999,"body":"exchange, not even a zoom call,"},{"speaker":"Alan Smith","startTime":1506.06,"endTime":1508.52,"body":"can I buy you breakfast? Can I"},{"speaker":"Alan Smith","startTime":1506.06,"endTime":1508.52,"body":"buy a cup of coffee? Can I just"},{"speaker":"Alan Smith","startTime":1508.52,"endTime":1511.54,"body":"want to ask you some honest and"},{"speaker":"Alan Smith","startTime":1508.52,"endTime":1511.54,"body":"and it's kind of because you're"},{"speaker":"Alan Smith","startTime":1511.54,"endTime":1515.3799999999999,"body":"authentically you really value"},{"speaker":"Alan Smith","startTime":1511.54,"endTime":1515.3799999999999,"body":"their opinion. We can't see our"},{"speaker":"Alan Smith","startTime":1515.3799999999999,"endTime":1518.3799999999999,"body":"business because we're inside of"},{"speaker":"Alan Smith","startTime":1515.3799999999999,"endTime":1518.3799999999999,"body":"it. You have someone from the"},{"speaker":"Alan Smith","startTime":1518.3799999999999,"endTime":1522.1,"body":"outside, and they also think"},{"speaker":"Alan Smith","startTime":1518.3799999999999,"endTime":1522.1,"body":"sometimes clients use certain"},{"speaker":"Alan Smith","startTime":1522.1,"endTime":1524.86,"body":"words and language. You think,"},{"speaker":"Alan Smith","startTime":1522.1,"endTime":1524.86,"body":"Man, that is just beautiful. I"},{"speaker":"Alan Smith","startTime":1524.86,"endTime":1527.5,"body":"love the way you said that. And"},{"speaker":"Alan Smith","startTime":1524.86,"endTime":1527.5,"body":"if you ask permission, if you"},{"speaker":"Alan Smith","startTime":1527.5,"endTime":1530.52,"body":"do, you're not fishing for that."},{"speaker":"Alan Smith","startTime":1527.5,"endTime":1530.52,"body":"You're just asking the. Genuine,"},{"speaker":"Alan Smith","startTime":1530.58,"endTime":1533.6399999999999,"body":"honest opinion. They say"},{"speaker":"Alan Smith","startTime":1530.58,"endTime":1533.6399999999999,"body":"something really smart. They're"},{"speaker":"Alan Smith","startTime":1533.6399999999999,"endTime":1536.1,"body":"saying it in, like, normal human"},{"speaker":"Alan Smith","startTime":1533.6399999999999,"endTime":1536.1,"body":"language. We're talking about"},{"speaker":"Alan Smith","startTime":1536.1,"endTime":1538.62,"body":"financial planning and stuff."},{"speaker":"Alan Smith","startTime":1536.1,"endTime":1538.62,"body":"And I'll say, Did you mind that"},{"speaker":"Alan Smith","startTime":1538.62,"endTime":1541.2,"body":"sentence? Can I use that in our"},{"speaker":"Alan Smith","startTime":1538.62,"endTime":1541.2,"body":"website or something? Yeah, it's"},{"speaker":"Alan Smith","startTime":1541.56,"endTime":1542.1,"body":"really good."},{"speaker":"Carl Widger","startTime":1542.1599999999999,"endTime":1543.8999999999999,"body":"You nailed you"},{"speaker":"Carl Widger","startTime":1542.1599999999999,"endTime":1543.8999999999999,"body":"nailed that one. You took the"},{"speaker":"Carl Widger","startTime":1543.8999999999999,"endTime":1549.18,"body":"words out of me, like it's they"},{"speaker":"Carl Widger","startTime":1543.8999999999999,"endTime":1549.18,"body":"describe. We have a way of of"},{"speaker":"Carl Widger","startTime":1549.18,"endTime":1552.44,"body":"making it complex, right? They"},{"speaker":"Carl Widger","startTime":1549.18,"endTime":1552.44,"body":"describe what we do for them"},{"speaker":"Carl Widger","startTime":1552.44,"endTime":1556.6399999999999,"body":"really simplistically. So it's,"},{"speaker":"Carl Widger","startTime":1552.44,"endTime":1556.6399999999999,"body":"it's like, that's what you know"},{"speaker":"Carl Widger","startTime":1556.6399999999999,"endTime":1559.3999999999999,"body":"if you're gonna, if you're gonna"},{"speaker":"Carl Widger","startTime":1556.6399999999999,"endTime":1559.3999999999999,"body":"do some marketing, they're the"},{"speaker":"Carl Widger","startTime":1559.3999999999999,"endTime":1562.22,"body":"kind of words that you should"},{"speaker":"Carl Widger","startTime":1559.3999999999999,"endTime":1562.22,"body":"use, if that's the if they're"},{"speaker":"Carl Widger","startTime":1562.22,"endTime":1564.44,"body":"the words that your ideal"},{"speaker":"Carl Widger","startTime":1562.22,"endTime":1564.44,"body":"clients are already using to"},{"speaker":"Carl Widger","startTime":1564.44,"endTime":1568.04,"body":"describe what you do for them."},{"speaker":"Carl Widger","startTime":1564.44,"endTime":1568.04,"body":"So, yeah, look, I suppose the"},{"speaker":"Carl Widger","startTime":1568.04,"endTime":1570.8799999999999,"body":"big message here is, go talk to"},{"speaker":"Carl Widger","startTime":1568.04,"endTime":1570.8799999999999,"body":"your best clients. Go talk to"},{"speaker":"Carl Widger","startTime":1570.8799999999999,"endTime":1573.46,"body":"your most, your most ideal"},{"speaker":"Carl Widger","startTime":1570.8799999999999,"endTime":1573.46,"body":"clients. It will also, I"},{"speaker":"Carl Widger","startTime":1573.46,"endTime":1577.3,"body":"believe, help those clients. If"},{"speaker":"Carl Widger","startTime":1573.46,"endTime":1577.3,"body":"you, as you say, if you ask for"},{"speaker":"Carl Widger","startTime":1577.3,"endTime":1580.72,"body":"help, I think they become more"},{"speaker":"Carl Widger","startTime":1577.3,"endTime":1580.72,"body":"on side, and you might get more"},{"speaker":"Carl Widger","startTime":1580.72,"endTime":1583.78,"body":"referrals out of it as well. So"},{"speaker":"Carl Widger","startTime":1580.72,"endTime":1583.78,"body":"interesting thing to do, for"},{"speaker":"Carl Widger","startTime":1583.78,"endTime":1584.08,"body":"sure."},{"speaker":"Nick Lincoln","startTime":1585.58,"endTime":1588.34,"body":"Okay, okay, let's"},{"speaker":"Nick Lincoln","startTime":1585.58,"endTime":1588.34,"body":"bring the assignment level down."},{"speaker":"Nick Lincoln","startTime":1588.34,"endTime":1591.36,"body":"Storyteller, the new DFA matrix"},{"speaker":"Nick Lincoln","startTime":1588.34,"endTime":1591.36,"body":"book. Am"},{"speaker":"Alan Smith","startTime":1591.36,"endTime":1594.54,"body":"I the only one with"},{"speaker":"Alan Smith","startTime":1591.36,"endTime":1594.54,"body":"any contributions this? You guys"},{"speaker":"Alan Smith","startTime":1594.54,"endTime":1595.5,"body":"have all been to somebody."},{"speaker":"Nick Lincoln","startTime":1595.5,"endTime":1597.54,"body":"Contribution is"},{"speaker":"Nick Lincoln","startTime":1595.5,"endTime":1597.54,"body":"that we were just padding out"},{"speaker":"Nick Lincoln","startTime":1597.54,"endTime":1600.42,"body":"topical tidbits. And this is"},{"speaker":"Nick Lincoln","startTime":1597.54,"endTime":1600.42,"body":"just a bit of padder, so crack"},{"speaker":"Nick Lincoln","startTime":1600.42,"endTime":1601.74,"body":"on. At least I was padding"},{"speaker":"Alan Smith","startTime":1604.5,"endTime":1607.5,"body":"it comes up"},{"speaker":"Alan Smith","startTime":1604.5,"endTime":1607.5,"body":"periodically, but I noticed it"},{"speaker":"Alan Smith","startTime":1607.56,"endTime":1611.36,"body":"in my inbox this week, the"},{"speaker":"Alan Smith","startTime":1607.56,"endTime":1611.36,"body":"latest version of the"},{"speaker":"Alan Smith","startTime":1611.42,"endTime":1618.02,"body":"dimensional fund advisors matrix"},{"speaker":"Alan Smith","startTime":1611.42,"endTime":1618.02,"body":"book has just been released, and"},{"speaker":"Alan Smith","startTime":1618.02,"endTime":1623.42,"body":"it should be part of any"},{"speaker":"Alan Smith","startTime":1618.02,"endTime":1623.42,"body":"advisors toolkit. You can go"},{"speaker":"Alan Smith","startTime":1623.42,"endTime":1626.8999999999999,"body":"online. You can speak to"},{"speaker":"Alan Smith","startTime":1623.42,"endTime":1626.8999999999999,"body":"dimensional if you're a"},{"speaker":"Alan Smith","startTime":1626.8999999999999,"endTime":1630.26,"body":"dimensional user, you can get"},{"speaker":"Alan Smith","startTime":1626.8999999999999,"endTime":1630.26,"body":"access to it. You can get a"},{"speaker":"Alan Smith","startTime":1630.26,"endTime":1633.22,"body":"digital copy. You get a PDF"},{"speaker":"Alan Smith","startTime":1630.26,"endTime":1633.22,"body":"copy. You can get hard copies"},{"speaker":"Alan Smith","startTime":1633.8799999999999,"endTime":1638.68,"body":"sent to you. Our advisors often"},{"speaker":"Alan Smith","startTime":1633.8799999999999,"endTime":1638.68,"body":"are using them in client"},{"speaker":"Alan Smith","startTime":1638.68,"endTime":1641.62,"body":"meetings. It's just a useful"},{"speaker":"Alan Smith","startTime":1638.68,"endTime":1641.62,"body":"piece of kit. It's quite geeky,"},{"speaker":"Alan Smith","startTime":1641.62,"endTime":1645.46,"body":"but it's interesting for most,"},{"speaker":"Alan Smith","startTime":1641.62,"endTime":1645.46,"body":"most people. And if you're not a"},{"speaker":"Alan Smith","startTime":1645.46,"endTime":1647.92,"body":"dimensional user, I think"},{"speaker":"Alan Smith","startTime":1645.46,"endTime":1647.92,"body":"they'll provide access to you on"},{"speaker":"Alan Smith","startTime":1647.92,"endTime":1650.6399999999999,"body":"the basis that they'll be open"},{"speaker":"Alan Smith","startTime":1647.92,"endTime":1650.6399999999999,"body":"to having a conversation about"},{"speaker":"Alan Smith","startTime":1651.06,"endTime":1653.8799999999999,"body":"their their investment models"},{"speaker":"Alan Smith","startTime":1651.06,"endTime":1653.8799999999999,"body":"and proposition. It's just a"},{"speaker":"Alan Smith","startTime":1653.8799999999999,"endTime":1656.28,"body":"really good piece of care. I"},{"speaker":"Alan Smith","startTime":1653.8799999999999,"endTime":1656.28,"body":"think all of us, to one degree"},{"speaker":"Alan Smith","startTime":1656.28,"endTime":1659.46,"body":"another, have used it or"},{"speaker":"Alan Smith","startTime":1656.28,"endTime":1659.46,"body":"referred to it from time, from"},{"speaker":"Alan Smith","startTime":1659.46,"endTime":1662.58,"body":"time to time. As I say, it's"},{"speaker":"Alan Smith","startTime":1659.46,"endTime":1662.58,"body":"topical, because it just"},{"speaker":"Alan Smith","startTime":1662.76,"endTime":1664.5,"body":"released the latest version"},{"speaker":"Carl Widger","startTime":1665.46,"endTime":1666.78,"body":"to the end of 2023"},{"speaker":"Alan Smith","startTime":1667.86,"endTime":1669.8999999999999,"body":"Yeah, no, they never"},{"speaker":"Alan Smith","startTime":1667.86,"endTime":1669.8999999999999,"body":"do it quick enough for you."},{"speaker":"Alan Smith","startTime":1669.8999999999999,"endTime":1672.02,"body":"Carl, do they? But it does. It"},{"speaker":"Alan Smith","startTime":1669.8999999999999,"endTime":1672.02,"body":"doesn't really matter. It"},{"speaker":"Alan Smith","startTime":1672.02,"endTime":1674.96,"body":"doesn't really matter. Yeah,"},{"speaker":"Alan Smith","startTime":1672.02,"endTime":1674.96,"body":"time is an interesting concept."},{"speaker":"Alan Smith","startTime":1675.02,"endTime":1676.7,"body":"Don't worry about it. Just"},{"speaker":"Alan Smith","startTime":1675.02,"endTime":1676.7,"body":"another it"},{"speaker":"Carl Widger","startTime":1676.7,"endTime":1679.1599999999999,"body":"does, but, but I"},{"speaker":"Carl Widger","startTime":1676.7,"endTime":1679.1599999999999,"body":"will say there are a couple of"},{"speaker":"Carl Widger","startTime":1679.1599999999999,"endTime":1683.3,"body":"pages that we use all of the"},{"speaker":"Carl Widger","startTime":1679.1599999999999,"endTime":1683.3,"body":"time. It is seriously, seriously"},{"speaker":"Carl Widger","startTime":1683.3,"endTime":1686.6599999999999,"body":"good, good data, and really good"},{"speaker":"Carl Widger","startTime":1683.3,"endTime":1686.6599999999999,"body":"to use with clients. Yeah,"},{"speaker":"Andy Hart","startTime":1686.6599999999999,"endTime":1688.1599999999999,"body":"just to hammer it"},{"speaker":"Andy Hart","startTime":1686.6599999999999,"endTime":1688.1599999999999,"body":"home, yeah, as a younger"},{"speaker":"Andy Hart","startTime":1688.1599999999999,"endTime":1691.18,"body":"advisor, I spent hours and hours"},{"speaker":"Andy Hart","startTime":1688.1599999999999,"endTime":1691.18,"body":"and hours in that book. I'll get"},{"speaker":"Andy Hart","startTime":1691.18,"endTime":1695.62,"body":"the latest version. The best"},{"speaker":"Andy Hart","startTime":1691.18,"endTime":1695.62,"body":"page goal. You talking about the"},{"speaker":"Andy Hart","startTime":1695.62,"endTime":1698.32,"body":"world map page code. You like"},{"speaker":"Andy Hart","startTime":1695.62,"endTime":1698.32,"body":"that one? No,"},{"speaker":"Carl Widger","startTime":1698.32,"endTime":1701.44,"body":"that's good. But"},{"speaker":"Carl Widger","startTime":1698.32,"endTime":1701.44,"body":"no, I love the the the various"},{"speaker":"Carl Widger","startTime":1701.44,"endTime":1706.18,"body":"portfolios and maximum"},{"speaker":"Carl Widger","startTime":1701.44,"endTime":1706.18,"body":"drawdowns, as in what over the"},{"speaker":"Carl Widger","startTime":1706.48,"endTime":1709.78,"body":"last 20 years? What was the"},{"speaker":"Carl Widger","startTime":1706.48,"endTime":1709.78,"body":"worst? One year performance,"},{"speaker":"Carl Widger","startTime":1709.78,"endTime":1712.8,"body":"three year performance? Because"},{"speaker":"Carl Widger","startTime":1709.78,"endTime":1712.8,"body":"we're going to be talking about,"},{"speaker":"Carl Widger","startTime":1712.8,"endTime":1717.24,"body":"you know, you know, 6040, 8020,"},{"speaker":"Carl Widger","startTime":1712.8,"endTime":1717.24,"body":"later on, I think this stuff is"},{"speaker":"Carl Widger","startTime":1717.24,"endTime":1721.98,"body":"really, really good to lead the"},{"speaker":"Carl Widger","startTime":1717.24,"endTime":1721.98,"body":"conversation at the very outset,"},{"speaker":"Carl Widger","startTime":1768.3,"endTime":1771.9599999999998,"body":"that this isn't risk. This is"},{"speaker":"Carl Widger","startTime":1768.3,"endTime":1771.9599999999998,"body":"the volatility, yeah, but here's"},{"speaker":"Carl Widger","startTime":1771.9599999999998,"endTime":1775.6799999999998,"body":"the here's, are you okay if this"},{"speaker":"Carl Widger","startTime":1771.9599999999998,"endTime":1775.6799999999998,"body":"happens, but in the long term,"},{"speaker":"Carl Widger","startTime":1775.6799999999998,"endTime":1778.34,"body":"this is what we're looking for,"},{"speaker":"Carl Widger","startTime":1775.6799999999998,"endTime":1778.34,"body":"and that's all on one page, and"},{"speaker":"Carl Widger","startTime":1778.34,"endTime":1780.6799999999998,"body":"it's a brilliant, brilliant"},{"speaker":"Carl Widger","startTime":1778.34,"endTime":1780.6799999999998,"body":"page. Really, really good. Yeah,"},{"speaker":"Andy Hart","startTime":1780.6799999999998,"endTime":1782.7199999999998,"body":"younger advisors"},{"speaker":"Andy Hart","startTime":1780.6799999999998,"endTime":1782.7199999999998,"body":"definitely get a copy. I get a"},{"speaker":"Andy Hart","startTime":1782.7199999999998,"endTime":1785.06,"body":"physical copy. That's what you"},{"speaker":"Andy Hart","startTime":1782.7199999999998,"endTime":1785.06,"body":"would learn it the most there is"},{"speaker":"Andy Hart","startTime":1785.06,"endTime":1788.36,"body":"a digital copy, but the PDF, but"},{"speaker":"Andy Hart","startTime":1785.06,"endTime":1788.36,"body":"the physical copy is amazing."},{"speaker":"Unknown","startTime":1788.8999999999999,"endTime":1789.3799999999999,"body":"Yeah,"},{"speaker":"Nick Lincoln","startTime":1791.12,"endTime":1795.9799999999998,"body":"okay, watch Metis"},{"speaker":"Nick Lincoln","startTime":1791.12,"endTime":1795.9799999999998,"body":"Norway featured in some thing."},{"speaker":"Carl Widger","startTime":1797.1799999999998,"endTime":1800.62,"body":"Yes, whilst I was"},{"speaker":"Carl Widger","startTime":1797.1799999999998,"endTime":1800.62,"body":"away, the Sunday Times with"},{"speaker":"Carl Widger","startTime":1800.6799999999998,"endTime":1805.2399999999998,"body":"work, L for business launched"},{"speaker":"Carl Widger","startTime":1800.6799999999998,"endTime":1805.2399999999998,"body":"their inaugural Best Places to"},{"speaker":"Carl Widger","startTime":1805.2399999999998,"endTime":1811.3,"body":"Work list and metas Ireland were"},{"speaker":"Carl Widger","startTime":1805.2399999999998,"endTime":1811.3,"body":"amongst those nominated."},{"speaker":"Carl Widger","startTime":1816.52,"endTime":1821.82,"body":"So for for this award, you first"},{"speaker":"Carl Widger","startTime":1816.52,"endTime":1821.82,"body":"of all have to fill in a an"},{"speaker":"Carl Widger","startTime":1821.82,"endTime":1826.3799999999999,"body":"application form and tell them"},{"speaker":"Carl Widger","startTime":1821.82,"endTime":1826.3799999999999,"body":"all of the things that we do for"},{"speaker":"Carl Widger","startTime":1826.3799999999999,"endTime":1831.78,"body":"our team here at Metis, and then"},{"speaker":"Carl Widger","startTime":1826.3799999999999,"endTime":1831.78,"body":"they will decide if they push"},{"speaker":"Carl Widger","startTime":1831.78,"endTime":1835.02,"body":"you into the It's not bullshit,"},{"speaker":"Carl Widger","startTime":1831.78,"endTime":1835.02,"body":"actually. And I'm very proud of"},{"speaker":"Carl Widger","startTime":1835.02,"endTime":1842.54,"body":"this one, and I'm certainly"},{"speaker":"Carl Widger","startTime":1835.02,"endTime":1842.54,"body":"going this award. No this one."},{"speaker":"Carl Widger","startTime":1842.7199999999998,"endTime":1846.32,"body":"If to get into phase two, they"},{"speaker":"Carl Widger","startTime":1842.7199999999998,"endTime":1846.32,"body":"send an anonymous survey to all"},{"speaker":"Carl Widger","startTime":1846.32,"endTime":1850.3999999999999,"body":"of the team, and you have to"},{"speaker":"Carl Widger","startTime":1846.32,"endTime":1850.3999999999999,"body":"score more than 80 out of 100 so"},{"speaker":"Carl Widger","startTime":1850.8799999999999,"endTime":1854.12,"body":"this one, you can't buy. You"},{"speaker":"Carl Widger","startTime":1850.8799999999999,"endTime":1854.12,"body":"can't make up. And it's"},{"speaker":"Carl Widger","startTime":1854.12,"endTime":1857.9199999999998,"body":"basically my own team saying"},{"speaker":"Carl Widger","startTime":1854.12,"endTime":1857.9199999999998,"body":"this is a cool place to work."},{"speaker":"Carl Widger","startTime":1858.1599999999999,"endTime":1861.4599999999998,"body":"I've worked really, really,"},{"speaker":"Carl Widger","startTime":1858.1599999999999,"endTime":1861.4599999999998,"body":"really hard over the last while"},{"speaker":"Carl Widger","startTime":1861.76,"endTime":1864.52,"body":"to create a really good"},{"speaker":"Carl Widger","startTime":1861.76,"endTime":1864.52,"body":"environment. And for me, as I"},{"speaker":"Carl Widger","startTime":1864.52,"endTime":1867.82,"body":"always say to my own team, my"},{"speaker":"Carl Widger","startTime":1864.52,"endTime":1867.82,"body":"job is to create an environment"},{"speaker":"Carl Widger","startTime":1867.82,"endTime":1871.4199999999998,"body":"where high performers can"},{"speaker":"Carl Widger","startTime":1867.82,"endTime":1871.4199999999998,"body":"perform highly. I really believe"},{"speaker":"Carl Widger","startTime":1871.4199999999998,"endTime":1875.1999999999998,"body":"in it, and I'm and I'm really,"},{"speaker":"Carl Widger","startTime":1871.4199999999998,"endTime":1875.1999999999998,"body":"really proud of this one, and I"},{"speaker":"Carl Widger","startTime":1875.1999999999998,"endTime":1879.8999999999999,"body":"suppose the challenge. Me is,"},{"speaker":"Carl Widger","startTime":1875.1999999999998,"endTime":1879.8999999999999,"body":"can we be, you know, can we get"},{"speaker":"Carl Widger","startTime":1879.8999999999999,"endTime":1883.26,"body":"on the list again next year? So"},{"speaker":"Carl Widger","startTime":1879.8999999999999,"endTime":1883.26,"body":"this is a, this is a never"},{"speaker":"Carl Widger","startTime":1883.26,"endTime":1887.1,"body":"ending story, and hopefully, you"},{"speaker":"Carl Widger","startTime":1883.26,"endTime":1887.1,"body":"know, something that we can"},{"speaker":"Carl Widger","startTime":1887.1,"endTime":1888.4799999999998,"body":"replicate again next year. Was"},{"speaker":"Andy Hart","startTime":1888.4799999999998,"endTime":1891.84,"body":"it ranked? Carl? Was"},{"speaker":"Andy Hart","startTime":1888.4799999999998,"endTime":1891.84,"body":"it just these 50? A decent? Was"},{"speaker":"Andy Hart","startTime":1891.8999999999999,"endTime":1894.6599999999999,"body":"it like one to one to 50 or not?"},{"speaker":"Andy Hart","startTime":1891.8999999999999,"endTime":1894.6599999999999,"body":"No,"},{"speaker":"Carl Widger","startTime":1894.6599999999999,"endTime":1896.9599999999998,"body":"it wasn't ranked,"},{"speaker":"Carl Widger","startTime":1894.6599999999999,"endTime":1896.9599999999998,"body":"no, because it was in"},{"speaker":"Carl Widger","startTime":1896.9599999999998,"endTime":1899.54,"body":"alphabetical order, but they"},{"speaker":"Carl Widger","startTime":1896.9599999999998,"endTime":1899.54,"body":"did. There was a kind of"},{"speaker":"Carl Widger","startTime":1899.54,"endTime":1903.26,"body":"magazine in the Sunday Times,"},{"speaker":"Carl Widger","startTime":1899.54,"endTime":1903.26,"body":"and they did a little profile on"},{"speaker":"Carl Widger","startTime":1903.26,"endTime":1906.26,"body":"each of the companies. And they"},{"speaker":"Carl Widger","startTime":1903.26,"endTime":1906.26,"body":"kind of highlighted the Venice"},{"speaker":"Carl Widger","startTime":1906.26,"endTime":1906.86,"body":"piece, which was"},{"speaker":"Alan Smith","startTime":1908.54,"endTime":1912.02,"body":"two points, good"},{"speaker":"Alan Smith","startTime":1908.54,"endTime":1912.02,"body":"moment. Two points to make all"},{"speaker":"Alan Smith","startTime":1912.02,"endTime":1915.26,"body":"your greatest successes in your"},{"speaker":"Alan Smith","startTime":1912.02,"endTime":1915.26,"body":"business car seem to happen when"},{"speaker":"Alan Smith","startTime":1915.26,"endTime":1918.52,"body":"you're away. Did it last year"},{"speaker":"Alan Smith","startTime":1915.26,"endTime":1918.52,"body":"when you were waiting hardly."},{"speaker":"Alan Smith","startTime":1918.52,"endTime":1921.2199999999998,"body":"Last year you had some great new"},{"speaker":"Alan Smith","startTime":1918.52,"endTime":1921.2199999999998,"body":"business, great successes. Hit"},{"speaker":"Alan Smith","startTime":1921.2199999999998,"endTime":1923.86,"body":"some milestones. We"},{"speaker":"Carl Widger","startTime":1923.86,"endTime":1926.32,"body":"also passed a"},{"speaker":"Carl Widger","startTime":1923.86,"endTime":1926.32,"body":"significant milestone in terms"},{"speaker":"Carl Widger","startTime":1926.32,"endTime":1930.52,"body":"of Aom, which is, yeah, oh,"},{"speaker":"Carl Widger","startTime":1926.32,"endTime":1930.52,"body":"which is cool. It is Oh, whilst"},{"speaker":"Carl Widger","startTime":1930.6999999999998,"endTime":1932.32,"body":"I was away, that's the"},{"speaker":"Alan Smith","startTime":1932.32,"endTime":1936.2199999999998,"body":"first thing. The"},{"speaker":"Alan Smith","startTime":1932.32,"endTime":1936.2199999999998,"body":"second thing is, every ever"},{"speaker":"Alan Smith","startTime":1936.2199999999998,"endTime":1940.3799999999999,"body":"since we did the episode on"},{"speaker":"Alan Smith","startTime":1936.2199999999998,"endTime":1940.3799999999999,"body":"awards, and the conclusion was,"},{"speaker":"Alan Smith","startTime":1940.3799999999999,"endTime":1944.9399999999998,"body":"it's not worth not they're not"},{"speaker":"Alan Smith","startTime":1940.3799999999999,"endTime":1944.9399999999998,"body":"worth bothering about. We seem"},{"speaker":"Alan Smith","startTime":1944.9399999999998,"endTime":1948.36,"body":"to want an award. 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And"},{"speaker":"Carl Widger","startTime":1967.1,"endTime":1970.58,"body":"then as you mature, maybe there"},{"speaker":"Carl Widger","startTime":1967.1,"endTime":1970.58,"body":"are some that are more important"},{"speaker":"Carl Widger","startTime":1970.58,"endTime":1973.34,"body":"than you know. This one was"},{"speaker":"Carl Widger","startTime":1970.58,"endTime":1973.34,"body":"important to me as the team"},{"speaker":"Carl Widger","startTime":1973.34,"endTime":1976.36,"body":"grows, because, look, it means"},{"speaker":"Carl Widger","startTime":1973.34,"endTime":1976.36,"body":"that we'll be able to do great"},{"speaker":"Carl Widger","startTime":1976.36,"endTime":1979.6599999999999,"body":"work. 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Like"},{"speaker":"Nick Lincoln","startTime":1999.8999999999999,"endTime":2002.3,"body":"I said, we actually are the"},{"speaker":"Nick Lincoln","startTime":2002.3,"endTime":2004.76,"body":"award, the next gen award that"},{"speaker":"Nick Lincoln","startTime":2002.3,"endTime":2004.76,"body":"we didn't know we'd entered in,"},{"speaker":"Nick Lincoln","startTime":2004.76,"endTime":2007.76,"body":"been incident into, and that we"},{"speaker":"Nick Lincoln","startTime":2004.76,"endTime":2007.76,"body":"didn't even know we'd won until"},{"speaker":"Nick Lincoln","startTime":2007.76,"endTime":2010.4599999999998,"body":"someone at the ceremony said"},{"speaker":"Nick Lincoln","startTime":2007.76,"endTime":2010.4599999999998,"body":"we'd won. That trophy is winging"},{"speaker":"Nick Lincoln","startTime":2010.4599999999998,"endTime":2015.1399999999999,"body":"its way back to us. 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It's"},{"speaker":"Alan Smith","startTime":2063.02,"endTime":2067.04,"body":"pretty clear that the regulator"},{"speaker":"Alan Smith","startTime":2067.04,"endTime":2070.1,"body":"are taking this quite seriously."},{"speaker":"Alan Smith","startTime":2067.04,"endTime":2070.1,"body":"The challenges that the likes of"},{"speaker":"Alan Smith","startTime":2070.1,"endTime":2074.12,"body":"St James's place and others have"},{"speaker":"Alan Smith","startTime":2070.1,"endTime":2074.12,"body":"had as a consequence of this"},{"speaker":"Alan Smith","startTime":2074.48,"endTime":2077.38,"body":"means that their teeth are quite"},{"speaker":"Alan Smith","startTime":2074.48,"endTime":2077.38,"body":"sharp, unlike perhaps some"},{"speaker":"Alan Smith","startTime":2077.38,"endTime":2080.44,"body":"previous legislation, which"},{"speaker":"Alan Smith","startTime":2077.38,"endTime":2080.44,"body":"seemed to get announced and then"},{"speaker":"Alan Smith","startTime":2080.44,"endTime":2086.8,"body":"quite quickly forgotten about. I"},{"speaker":"Alan Smith","startTime":2080.44,"endTime":2086.8,"body":"don't know what you guys are"},{"speaker":"Alan Smith","startTime":2086.8,"endTime":2091.0,"body":"doing, but Shireen, our head of"},{"speaker":"Alan Smith","startTime":2086.8,"endTime":2091.0,"body":"operations, was telling me this"},{"speaker":"Alan Smith","startTime":2091.0,"endTime":2094.6,"body":"morning that she's currently"},{"speaker":"Alan Smith","startTime":2091.0,"endTime":2094.6,"body":"sort of completely busy making"},{"speaker":"Alan Smith","startTime":2094.6,"endTime":2100.5,"body":"sure that we are filing our"},{"speaker":"Alan Smith","startTime":2094.6,"endTime":2100.5,"body":"report, documenting it. There's"},{"speaker":"Alan Smith","startTime":2100.5,"endTime":2104.64,"body":"a we use it. We use we get some"},{"speaker":"Alan Smith","startTime":2100.5,"endTime":2104.64,"body":"compliance support. Company"},{"speaker":"Alan Smith","startTime":2104.64,"endTime":2107.7,"body":"called 360 services. They"},{"speaker":"Alan Smith","startTime":2104.64,"endTime":2107.7,"body":"provided at least a template."},{"speaker":"Alan Smith","startTime":2107.76,"endTime":2112.32,"body":"I'm sure other companies do the"},{"speaker":"Alan Smith","startTime":2107.76,"endTime":2112.32,"body":"templates, 46 pages long, and"},{"speaker":"Alan Smith","startTime":2112.32,"endTime":2115.02,"body":"you've got to go into detail"},{"speaker":"Alan Smith","startTime":2112.32,"endTime":2115.02,"body":"about what you've actually done,"},{"speaker":"Alan Smith","startTime":2115.5,"endTime":2119.0,"body":"provide evidence of what you've"},{"speaker":"Alan Smith","startTime":2115.5,"endTime":2119.0,"body":"done waste of time, submitted,"},{"speaker":"Alan Smith","startTime":2119.06,"endTime":2122.6,"body":"and it actually Nick forms part"},{"speaker":"Alan Smith","startTime":2119.06,"endTime":2122.6,"body":"of your RM, ar, Gabriel,"},{"speaker":"Alan Smith","startTime":2122.6,"endTime":2125.12,"body":"whatever it's called,"},{"speaker":"Alan Smith","startTime":2122.6,"endTime":2125.12,"body":"submission, because we're also"},{"speaker":"Alan Smith","startTime":2125.12,"endTime":2126.74,"body":"due to do that quite soon as"},{"speaker":"Alan Smith","startTime":2125.12,"endTime":2126.74,"body":"well."},{"speaker":"Nick Lincoln","startTime":2127.4,"endTime":2130.04,"body":"I just did by year"},{"speaker":"Nick Lincoln","startTime":2127.4,"endTime":2130.04,"body":"end one. Yeah, well, the big one"},{"speaker":"Nick Lincoln","startTime":2130.7599999999998,"endTime":2131.0,"body":"that's"},{"speaker":"Alan Smith","startTime":2131.0,"endTime":2134.48,"body":"prior to the 31st of"},{"speaker":"Alan Smith","startTime":2131.0,"endTime":2134.48,"body":"July, though, isn't it because"},{"speaker":"Alan Smith","startTime":2134.48,"endTime":2138.22,"body":"as of because now we are, you"},{"speaker":"Alan Smith","startTime":2134.48,"endTime":2138.22,"body":"know, we're arriving at this one"},{"speaker":"Alan Smith","startTime":2138.22,"endTime":2141.1,"body":"year anniversary, by which time"},{"speaker":"Alan Smith","startTime":2138.22,"endTime":2141.1,"body":"every company has to submit that"},{"speaker":"Alan Smith","startTime":2141.1,"endTime":2144.04,"body":"they've done something and have"},{"speaker":"Alan Smith","startTime":2141.1,"endTime":2144.04,"body":"it proved that it was signed off"},{"speaker":"Alan Smith","startTime":2144.1,"endTime":2146.2599999999998,"body":"at board level. I don't know if"},{"speaker":"Alan Smith","startTime":2144.1,"endTime":2146.2599999999998,"body":"you you haven't got"},{"speaker":"Andy Hart","startTime":2146.259,"endTime":2147.999,"body":"a board, yeah,"},{"speaker":"Andy Hart","startTime":2146.259,"endTime":2147.999,"body":"there's a different deadline,"},{"speaker":"Andy Hart","startTime":2147.999,"endTime":2150.279,"body":"end of July, yeah. So"},{"speaker":"Alan Smith","startTime":2150.339,"endTime":2154.239,"body":"it's just, you know,"},{"speaker":"Alan Smith","startTime":2150.339,"endTime":2154.239,"body":"it's the thing. Fundamentally,"},{"speaker":"Alan Smith","startTime":2154.479,"endTime":2157.5589999999997,"body":"it's a good thing. Actually, I'm"},{"speaker":"Alan Smith","startTime":2154.479,"endTime":2157.5589999999997,"body":"quite happy with it. Progress"},{"speaker":"Alan Smith","startTime":2157.5589999999997,"endTime":2160.0789999999997,"body":"has been made. If it does sort"},{"speaker":"Alan Smith","startTime":2157.5589999999997,"endTime":2160.0789999999997,"body":"the wheat from the chaff, it"},{"speaker":"Alan Smith","startTime":2160.439,"endTime":2162.719,"body":"doesn't apply. I know, Nick, you"},{"speaker":"Alan Smith","startTime":2160.439,"endTime":2162.719,"body":"don't agree with it. Okay,"},{"speaker":"Alan Smith","startTime":2162.719,"endTime":2166.679,"body":"you're doing. You're doing."},{"speaker":"Alan Smith","startTime":2162.719,"endTime":2166.679,"body":"There is still a tail end of"},{"speaker":"Alan Smith","startTime":2166.679,"endTime":2169.859,"body":"this industry which is a bit"},{"speaker":"Alan Smith","startTime":2166.679,"endTime":2169.859,"body":"scrappy and doesn't really do"},{"speaker":"Alan Smith","startTime":2169.859,"endTime":2172.979,"body":"what it should do. And if this"},{"speaker":"Alan Smith","startTime":2169.859,"endTime":2172.979,"body":"is helpful, if this clears it"},{"speaker":"Alan Smith","startTime":2172.979,"endTime":2175.799,"body":"up, if this removes those"},{"speaker":"Alan Smith","startTime":2172.979,"endTime":2175.799,"body":"handfuls, well, for the good"},{"speaker":"Alan Smith","startTime":2175.799,"endTime":2176.239,"body":"boys. To"},{"speaker":"Nick Lincoln","startTime":2176.24,"endTime":2178.4,"body":"do this stuff"},{"speaker":"Nick Lincoln","startTime":2176.24,"endTime":2178.4,"body":"anyway. It doesn't, it doesn't"},{"speaker":"Nick Lincoln","startTime":2178.4,"endTime":2181.3399999999997,"body":"boxes. That's all it is."},{"speaker":"Nick Lincoln","startTime":2178.4,"endTime":2181.3399999999997,"body":"Regulation"},{"speaker":"Alan Smith","startTime":2181.3399999999997,"endTime":2183.62,"body":"works its lowest"},{"speaker":"Alan Smith","startTime":2181.3399999999997,"endTime":2183.62,"body":"common denominator. That's how"},{"speaker":"Alan Smith","startTime":2183.62,"endTime":2186.68,"body":"it kind of how it has to work."},{"speaker":"Alan Smith","startTime":2183.62,"endTime":2186.68,"body":"It'd be great to have different"},{"speaker":"Alan Smith","startTime":2186.68,"endTime":2191.6,"body":"tiers of regulation, but at this"},{"speaker":"Alan Smith","startTime":2186.68,"endTime":2191.6,"body":"stage, we're all tarred for the"},{"speaker":"Alan Smith","startTime":2191.6,"endTime":2194.24,"body":"same brush. But as I've always"},{"speaker":"Alan Smith","startTime":2191.6,"endTime":2194.24,"body":"said before, Carl and I've"},{"speaker":"Alan Smith","startTime":2194.24,"endTime":2197.08,"body":"spoken about in the past, if you"},{"speaker":"Alan Smith","startTime":2194.24,"endTime":2197.08,"body":"use compliance as a tool for"},{"speaker":"Alan Smith","startTime":2197.3199999999997,"endTime":2201.04,"body":"your advantage. It's a pain in"},{"speaker":"Alan Smith","startTime":2197.3199999999997,"endTime":2201.04,"body":"the ass, but you get it done,"},{"speaker":"Alan Smith","startTime":2201.1,"endTime":2204.2799999999997,"body":"you systemize it, you move"},{"speaker":"Alan Smith","startTime":2201.1,"endTime":2204.2799999999997,"body":"forward and you feel, you know,"},{"speaker":"Alan Smith","startTime":2204.3399999999997,"endTime":2207.64,"body":"positive about it. And should"},{"speaker":"Alan Smith","startTime":2204.3399999999997,"endTime":2207.64,"body":"the regulator come knocking on"},{"speaker":"Alan Smith","startTime":2207.64,"endTime":2210.1,"body":"our door, we got a clean bill of"},{"speaker":"Alan Smith","startTime":2207.64,"endTime":2210.1,"body":"health. Here's the work we've"},{"speaker":"Alan Smith","startTime":2210.1,"endTime":2212.62,"body":"done, and we have done quite a"},{"speaker":"Alan Smith","startTime":2210.1,"endTime":2212.62,"body":"lot of work. You know, I think"},{"speaker":"Alan Smith","startTime":2212.62,"endTime":2216.72,"body":"any firm who was most firms were"},{"speaker":"Alan Smith","startTime":2212.62,"endTime":2216.72,"body":"in decent shape anyway, but it"},{"speaker":"Alan Smith","startTime":2216.72,"endTime":2220.44,"body":"may not have been superbly well"},{"speaker":"Alan Smith","startTime":2216.72,"endTime":2220.44,"body":"documented. There may not have"},{"speaker":"Alan Smith","startTime":2220.44,"endTime":2224.4,"body":"been a lot of evidence you can"},{"speaker":"Alan Smith","startTime":2220.44,"endTime":2224.4,"body":"easily lay your hands on. So now"},{"speaker":"Alan Smith","startTime":2224.4,"endTime":2228.24,"body":"we've all it's basically good"},{"speaker":"Alan Smith","startTime":2224.4,"endTime":2228.24,"body":"business practice. A lot of this"},{"speaker":"Alan Smith","startTime":2228.24,"endTime":2230.88,"body":"stuff is good business practice."},{"speaker":"Alan Smith","startTime":2228.24,"endTime":2230.88,"body":"You know, it's, maybe it's a"},{"speaker":"Alan Smith","startTime":2230.88,"endTime":2237.02,"body":"sledgehammer to cracking up to a"},{"speaker":"Alan Smith","startTime":2230.88,"endTime":2237.02,"body":"one advisor firm, possibly, but"},{"speaker":"Alan Smith","startTime":2237.02,"endTime":2239.66,"body":"certainly the larger"},{"speaker":"Alan Smith","startTime":2237.02,"endTime":2239.66,"body":"organizations have had to get"},{"speaker":"Alan Smith","startTime":2239.66,"endTime":2242.72,"body":"more focused, get get smarter"},{"speaker":"Alan Smith","startTime":2239.66,"endTime":2242.72,"body":"about it, be more professional"},{"speaker":"Alan Smith","startTime":2242.72,"endTime":2245.8399999999997,"body":"than perhaps they've been in the"},{"speaker":"Alan Smith","startTime":2242.72,"endTime":2245.8399999999997,"body":"past. And as I always say, this"},{"speaker":"Alan Smith","startTime":2245.8399999999997,"endTime":2249.02,"body":"is important stuff. This is"},{"speaker":"Alan Smith","startTime":2245.8399999999997,"endTime":2249.02,"body":"family's life savings. You need"},{"speaker":"Alan Smith","startTime":2249.02,"endTime":2249.98,"body":"to take it seriously."},{"speaker":"Nick Lincoln","startTime":2251.179,"endTime":2253.519,"body":"Regulators draft"},{"speaker":"Nick Lincoln","startTime":2251.179,"endTime":2253.519,"body":"good business practice. They've"},{"speaker":"Nick Lincoln","startTime":2253.519,"endTime":2256.779,"body":"never they don't run businesses."},{"speaker":"Nick Lincoln","startTime":2253.519,"endTime":2256.779,"body":"So I just, I this, this, I"},{"speaker":"Nick Lincoln","startTime":2256.779,"endTime":2257.679,"body":"cannot score."},{"speaker":"Alan Smith","startTime":2257.679,"endTime":2260.439,"body":"Should they do they"},{"speaker":"Alan Smith","startTime":2257.679,"endTime":2260.439,"body":"ignore it? Should they just"},{"speaker":"Alan Smith","startTime":2260.499,"endTime":2261.819,"body":"allow people to"},{"speaker":"Nick Lincoln","startTime":2261.879,"endTime":2264.6389999999997,"body":"do whatever?"},{"speaker":"Nick Lincoln","startTime":2261.879,"endTime":2264.6389999999997,"body":"Where's your TCF report file"},{"speaker":"Nick Lincoln","startTime":2264.6389999999997,"endTime":2267.5789999999997,"body":"now? And is that in some draw in"},{"speaker":"Nick Lincoln","startTime":2264.6389999999997,"endTime":2267.5789999999997,"body":"the back room where you got to"},{"speaker":"Nick Lincoln","startTime":2267.5789999999997,"endTime":2270.5789999999997,"body":"update that all the time, in all"},{"speaker":"Nick Lincoln","startTime":2267.5789999999997,"endTime":2270.5789999999997,"body":"the order of these things? Well,"},{"speaker":"Nick Lincoln","startTime":2270.5789999999997,"endTime":2271.479,"body":"it's just nonsense"},{"speaker":"Andy Hart","startTime":2271.48,"endTime":2274.0,"body":"compounds. They don't"},{"speaker":"Andy Hart","startTime":2271.48,"endTime":2274.0,"body":"bring out something new and get"},{"speaker":"Andy Hart","startTime":2274.0,"endTime":2277.14,"body":"something rid of something old."},{"speaker":"Andy Hart","startTime":2274.0,"endTime":2277.14,"body":"It's like everything that's been"},{"speaker":"Andy Hart","startTime":2277.14,"endTime":2278.2799999999997,"body":"previously introduced"},{"speaker":"Nick Lincoln","startTime":2278.279,"endTime":2280.499,"body":"this, yeah, the"},{"speaker":"Nick Lincoln","startTime":2278.279,"endTime":2280.499,"body":"previous job anymore, but I'm"},{"speaker":"Nick Lincoln","startTime":2280.499,"endTime":2284.459,"body":"sure we still have to file"},{"speaker":"Nick Lincoln","startTime":2280.499,"endTime":2284.459,"body":"something somewhere every year,"},{"speaker":"Nick Lincoln","startTime":2284.6389999999997,"endTime":2288.239,"body":"an affidavit with our blood"},{"speaker":"Nick Lincoln","startTime":2284.6389999999997,"endTime":2288.239,"body":"saying we've done it. Zero"},{"speaker":"Nick Lincoln","startTime":2288.239,"endTime":2291.359,"body":"complaints. How about that? Is"},{"speaker":"Nick Lincoln","startTime":2288.239,"endTime":2291.359,"body":"the metric that matters, right?"},{"speaker":"Nick Lincoln","startTime":2291.419,"endTime":2294.0589999999997,"body":"Zero. Little churn. How about"},{"speaker":"Nick Lincoln","startTime":2291.419,"endTime":2294.0589999999997,"body":"having some real metrics?"},{"speaker":"Nick Lincoln","startTime":2294.239,"endTime":2294.5389999999998,"body":"Anyway,"},{"speaker":"Carl Widger","startTime":2294.54,"endTime":2295.92,"body":"I'd have a"},{"speaker":"Carl Widger","startTime":2294.54,"endTime":2295.92,"body":"different, different view. I"},{"speaker":"Carl Widger","startTime":2295.92,"endTime":2299.0,"body":"think the corporate governance"},{"speaker":"Carl Widger","startTime":2295.92,"endTime":2299.0,"body":"and compliance in this business"},{"speaker":"Carl Widger","startTime":2299.0,"endTime":2302.48,"body":"has been sadly lacking in"},{"speaker":"Carl Widger","startTime":2299.0,"endTime":2302.48,"body":"Ireland, in the UK, for years"},{"speaker":"Carl Widger","startTime":2302.48,"endTime":2304.88,"body":"and years and years. And if we"},{"speaker":"Carl Widger","startTime":2302.48,"endTime":2304.88,"body":"want to be considered a real"},{"speaker":"Carl Widger","startTime":2304.88,"endTime":2308.0,"body":"profession, like the legal"},{"speaker":"Carl Widger","startTime":2304.88,"endTime":2308.0,"body":"profession, like the accountancy"},{"speaker":"Carl Widger","startTime":2308.0,"endTime":2308.54,"body":"profession,"},{"speaker":"Unknown","startTime":2308.66,"endTime":2309.8599999999997,"body":"we gotta"},{"speaker":"Carl Widger","startTime":2311.359,"endTime":2314.479,"body":"step up, step up to"},{"speaker":"Carl Widger","startTime":2311.359,"endTime":2314.479,"body":"the mark. And we gotta, you"},{"speaker":"Carl Widger","startTime":2314.479,"endTime":2317.199,"body":"know, just, there's some stuff"},{"speaker":"Carl Widger","startTime":2314.479,"endTime":2317.199,"body":"that just needs to be done. And"},{"speaker":"Carl Widger","startTime":2317.199,"endTime":2320.5589999999997,"body":"I couldn't agree with you more,"},{"speaker":"Carl Widger","startTime":2317.199,"endTime":2320.5589999999997,"body":"Alan, people who take this stuff"},{"speaker":"Carl Widger","startTime":2320.5589999999997,"endTime":2326.499,"body":"seriously, and who, you know,"},{"speaker":"Carl Widger","startTime":2320.5589999999997,"endTime":2326.499,"body":"commit to the highest possible"},{"speaker":"Carl Widger","startTime":2326.499,"endTime":2330.0989999999997,"body":"standards in this I think you're"},{"speaker":"Carl Widger","startTime":2326.499,"endTime":2330.0989999999997,"body":"setting yourself apart from your"},{"speaker":"Carl Widger","startTime":2330.0989999999997,"endTime":2332.979,"body":"competitors. And I think, you"},{"speaker":"Carl Widger","startTime":2330.0989999999997,"endTime":2332.979,"body":"know, getting these kind of"},{"speaker":"Carl Widger","startTime":2332.979,"endTime":2337.199,"body":"messages out, and we started to"},{"speaker":"Carl Widger","startTime":2332.979,"endTime":2337.199,"body":"do it to your own clients. I"},{"speaker":"Carl Widger","startTime":2337.199,"endTime":2340.439,"body":"think will, you know, again,"},{"speaker":"Carl Widger","startTime":2337.199,"endTime":2340.439,"body":"build that trust with your"},{"speaker":"Carl Widger","startTime":2340.439,"endTime":2343.019,"body":"clients. So, yeah, I disagree."},{"speaker":"Carl Widger","startTime":2340.439,"endTime":2343.019,"body":"Nick, I'm afraid."},{"speaker":"Nick Lincoln","startTime":2343.62,"endTime":2346.38,"body":"Okay, well, we'll"},{"speaker":"Nick Lincoln","startTime":2343.62,"endTime":2346.38,"body":"agree to disagree because I have"},{"speaker":"Nick Lincoln","startTime":2346.38,"endTime":2349.02,"body":"a fundamentally, fundamentally"},{"speaker":"Nick Lincoln","startTime":2346.38,"endTime":2349.02,"body":"different and there's nothing"},{"speaker":"Nick Lincoln","startTime":2349.02,"endTime":2351.72,"body":"all of us have really good"},{"speaker":"Nick Lincoln","startTime":2349.02,"endTime":2351.72,"body":"businesses and medicine capital"},{"speaker":"Nick Lincoln","startTime":2352.14,"endTime":2354.6,"body":"are bigger businesses. There's"},{"speaker":"Nick Lincoln","startTime":2352.14,"endTime":2354.6,"body":"nothing in consumer duty that's"},{"speaker":"Nick Lincoln","startTime":2354.6,"endTime":2357.38,"body":"going to change the way you do"},{"speaker":"Nick Lincoln","startTime":2354.6,"endTime":2357.38,"body":"your work, your fundamental"},{"speaker":"Nick Lincoln","startTime":2357.38,"endTime":2360.7999999999997,"body":"work, nothing, nothing. You"},{"speaker":"Nick Lincoln","startTime":2357.38,"endTime":2360.7999999999997,"body":"might be able to advertise that"},{"speaker":"Nick Lincoln","startTime":2360.7999999999997,"endTime":2364.16,"body":"you do it a certain way. Great."},{"speaker":"Nick Lincoln","startTime":2360.7999999999997,"endTime":2364.16,"body":"Why you should have to? I've got"},{"speaker":"Nick Lincoln","startTime":2364.16,"endTime":2365.2999999999997,"body":"no idea. My"},{"speaker":"Carl Widger","startTime":2365.2999999999997,"endTime":2367.58,"body":"guide our systems"},{"speaker":"Carl Widger","startTime":2365.2999999999997,"endTime":2367.58,"body":"and processes a little bit"},{"speaker":"Carl Widger","startTime":2367.88,"endTime":2372.56,"body":"better, more streamlined. Make"},{"speaker":"Carl Widger","startTime":2367.88,"endTime":2372.56,"body":"sure. I guess one of the worries"},{"speaker":"Carl Widger","startTime":2372.56,"endTime":2375.92,"body":"for a regulator would be, if"},{"speaker":"Carl Widger","startTime":2372.56,"endTime":2375.92,"body":"Alan has 10 different people"},{"speaker":"Carl Widger","startTime":2375.92,"endTime":2380.08,"body":"offering advice in capital. Do"},{"speaker":"Carl Widger","startTime":2375.92,"endTime":2380.08,"body":"they all get, broadly speaking,"},{"speaker":"Carl Widger","startTime":2380.2599999999998,"endTime":2384.52,"body":"the same kind of service and"},{"speaker":"Carl Widger","startTime":2380.2599999999998,"endTime":2384.52,"body":"results and outcomes that's"},{"speaker":"Carl Widger","startTime":2384.52,"endTime":2386.98,"body":"really important, so that you"},{"speaker":"Carl Widger","startTime":2384.52,"endTime":2386.98,"body":"can't have any loose cannons in"},{"speaker":"Carl Widger","startTime":2386.98,"endTime":2390.16,"body":"your business. And I think"},{"speaker":"Carl Widger","startTime":2386.98,"endTime":2390.16,"body":"certainly for us, that has it"},{"speaker":"Carl Widger","startTime":2390.16,"endTime":2393.4,"body":"has been a massive help for us."},{"speaker":"Carl Widger","startTime":2390.16,"endTime":2393.4,"body":"I know everybody gets the same"},{"speaker":"Carl Widger","startTime":2393.7,"endTime":2397.3199999999997,"body":"types of outcomes, albeit"},{"speaker":"Carl Widger","startTime":2393.7,"endTime":2397.3199999999997,"body":"there's individual styles with"},{"speaker":"Carl Widger","startTime":2397.3199999999997,"endTime":2399.24,"body":"various individuals. But I think"},{"speaker":"Carl Widger","startTime":2397.3199999999997,"endTime":2399.24,"body":"it's,"},{"speaker":"Alan Smith","startTime":2399.2999999999997,"endTime":2402.2999999999997,"body":"I have to say, Sure,"},{"speaker":"Alan Smith","startTime":2399.2999999999997,"endTime":2402.2999999999997,"body":"we always talk about evidence"},{"speaker":"Alan Smith","startTime":2402.2999999999997,"endTime":2405.18,"body":"based. I think should be"},{"speaker":"Alan Smith","startTime":2402.2999999999997,"endTime":2405.18,"body":"evidence based and not not"},{"speaker":"Alan Smith","startTime":2405.18,"endTime":2407.8199999999997,"body":"guesswork. And again, we've"},{"speaker":"Alan Smith","startTime":2405.18,"endTime":2407.8199999999997,"body":"mentioned this. I mentioned it"},{"speaker":"Alan Smith","startTime":2407.8199999999997,"endTime":2412.8599999999997,"body":"on this podcast before, thematic"},{"speaker":"Alan Smith","startTime":2407.8199999999997,"endTime":2412.8599999999997,"body":"reviews and stuff that FCA has"},{"speaker":"Alan Smith","startTime":2412.8599999999997,"endTime":2416.54,"body":"done, and they asked for data"},{"speaker":"Alan Smith","startTime":2412.8599999999997,"endTime":2416.54,"body":"from, you know, a random bunch"},{"speaker":"Alan Smith","startTime":2416.54,"endTime":2419.12,"body":"of companies, small ones, big"},{"speaker":"Alan Smith","startTime":2416.54,"endTime":2419.12,"body":"ones, everything in between. I"},{"speaker":"Alan Smith","startTime":2419.12,"endTime":2422.66,"body":"can't remember the stats, but"},{"speaker":"Alan Smith","startTime":2419.12,"endTime":2422.66,"body":"they were pretty poor. You know,"},{"speaker":"Alan Smith","startTime":2422.66,"endTime":2425.66,"body":"60% of companies hadn't done"},{"speaker":"Alan Smith","startTime":2422.66,"endTime":2425.66,"body":"whatever they're supposed to do."},{"speaker":"Alan Smith","startTime":2425.66,"endTime":2427.7,"body":"There's a bunch of stuff out"},{"speaker":"Alan Smith","startTime":2425.66,"endTime":2427.7,"body":"there. And so if that is the"},{"speaker":"Alan Smith","startTime":2427.7,"endTime":2432.08,"body":"case, if that is factual and"},{"speaker":"Alan Smith","startTime":2427.7,"endTime":2432.08,"body":"evidence based, there's a lot of"},{"speaker":"Alan Smith","startTime":2432.08,"endTime":2434.72,"body":"work to be done. And if the"},{"speaker":"Alan Smith","startTime":2432.08,"endTime":2434.72,"body":"regulator is providing a"},{"speaker":"Alan Smith","startTime":2434.72,"endTime":2439.6,"body":"framework to they don't seem to"},{"speaker":"Alan Smith","startTime":2434.72,"endTime":2439.6,"body":"be really coming down with, you"},{"speaker":"Alan Smith","startTime":2439.6,"endTime":2442.7799999999997,"body":"know, size 10 boots and smashing"},{"speaker":"Alan Smith","startTime":2439.6,"endTime":2442.7799999999997,"body":"everyone. They're saying, look,"},{"speaker":"Alan Smith","startTime":2442.7799999999997,"endTime":2444.8199999999997,"body":"for the time being, we're going"},{"speaker":"Alan Smith","startTime":2442.7799999999997,"endTime":2444.8199999999997,"body":"to work collaboratively"},{"speaker":"Alan Smith","startTime":2444.8199999999997,"endTime":2449.14,"body":"together. We're going to"},{"speaker":"Alan Smith","startTime":2444.8199999999997,"endTime":2449.14,"body":"organize things together for the"},{"speaker":"Alan Smith","startTime":2449.14,"endTime":2453.16,"body":"good of the industry. So but the"},{"speaker":"Alan Smith","startTime":2449.14,"endTime":2453.16,"body":"facts are, you only see your own"},{"speaker":"Alan Smith","startTime":2454.42,"endTime":2457.92,"body":"business, and in your opinion,"},{"speaker":"Alan Smith","startTime":2454.42,"endTime":2457.92,"body":"you run it super well, but the"},{"speaker":"Alan Smith","startTime":2457.92,"endTime":2460.8599999999997,"body":"evidence seems to be there's a"},{"speaker":"Alan Smith","startTime":2457.92,"endTime":2460.8599999999997,"body":"quite a high number of firms"},{"speaker":"Alan Smith","startTime":2461.16,"endTime":2462.96,"body":"that aren't meeting minimum"},{"speaker":"Alan Smith","startTime":2461.16,"endTime":2462.96,"body":"standards."},{"speaker":"Nick Lincoln","startTime":2464.46,"endTime":2466.44,"body":"So we're trying,"},{"speaker":"Nick Lincoln","startTime":2464.46,"endTime":2466.44,"body":"and those firms will continue"},{"speaker":"Nick Lincoln","startTime":2466.44,"endTime":2469.3199999999997,"body":"not to meet minimum standards,"},{"speaker":"Nick Lincoln","startTime":2466.44,"endTime":2469.3199999999997,"body":"not if they are, not if they get"},{"speaker":"Nick Lincoln","startTime":2469.7999999999997,"endTime":2472.62,"body":"you I didn't. I didn't even know"},{"speaker":"Nick Lincoln","startTime":2469.7999999999997,"endTime":2472.62,"body":"it launched nine then, so that"},{"speaker":"Nick Lincoln","startTime":2472.62,"endTime":2475.5,"body":"that slipped under the radar."},{"speaker":"Nick Lincoln","startTime":2472.62,"endTime":2475.5,"body":"I'm glad you're embracing it."},{"speaker":"Alan Smith","startTime":2475.5,"endTime":2477.56,"body":"You don't have to."},{"speaker":"Alan Smith","startTime":2475.5,"endTime":2477.56,"body":"Wait for a piece of legislation"},{"speaker":"Alan Smith","startTime":2478.4,"endTime":2480.08,"body":"to run a good business, correct?"},{"speaker":"Carl Widger","startTime":2480.68,"endTime":2483.02,"body":"You can go and do"},{"speaker":"Carl Widger","startTime":2480.68,"endTime":2483.02,"body":"best practice."},{"speaker":"Nick Lincoln","startTime":2484.279,"endTime":2486.919,"body":"Okay, all right,"},{"speaker":"Nick Lincoln","startTime":2484.279,"endTime":2486.919,"body":"we'll agree to differ, right?"},{"speaker":"Nick Lincoln","startTime":2486.919,"endTime":2489.1389999999997,"body":"Uh, watch Morgan Stanley."},{"speaker":"Carl Widger","startTime":2489.98,"endTime":2491.54,"body":"Yeah, I put this"},{"speaker":"Carl Widger","startTime":2489.98,"endTime":2491.54,"body":"one in because we were"},{"speaker":"Carl Widger","startTime":2491.54,"endTime":2494.42,"body":"struggling for topical tidbits."},{"speaker":"Carl Widger","startTime":2491.54,"endTime":2494.42,"body":"So this will be 10 second job."},{"speaker":"Carl Widger","startTime":2494.6,"endTime":2498.1,"body":"Some dude from this is a good"},{"speaker":"Carl Widger","startTime":2494.6,"endTime":2498.1,"body":"one. Some dude from Morgan"},{"speaker":"Carl Widger","startTime":2498.1,"endTime":2502.72,"body":"Stanley said we should brace"},{"speaker":"Carl Widger","startTime":2498.1,"endTime":2502.72,"body":"ourselves for a 10% correction"},{"speaker":"Carl Widger","startTime":2502.72,"endTime":2506.8599999999997,"body":"in advance of the US elections."},{"speaker":"Carl Widger","startTime":2502.72,"endTime":2506.8599999999997,"body":"On, it's behind a paywall. The"},{"speaker":"Carl Widger","startTime":2506.8599999999997,"endTime":2509.68,"body":"article right? So I read the"},{"speaker":"Carl Widger","startTime":2506.8599999999997,"endTime":2509.68,"body":"first four lines. There was no"},{"speaker":"Carl Widger","startTime":2509.68,"endTime":2512.62,"body":"chance I was going to pay to go"},{"speaker":"Carl Widger","startTime":2509.68,"endTime":2512.62,"body":"in and read that article. But it"},{"speaker":"Carl Widger","startTime":2512.62,"endTime":2517.08,"body":"was like, it was like, mother of"},{"speaker":"Carl Widger","startTime":2512.62,"endTime":2517.08,"body":"sweet is divine. Jesus Christ,"},{"speaker":"Carl Widger","startTime":2517.08,"endTime":2521.58,"body":"like that person and or Morgan"},{"speaker":"Carl Widger","startTime":2517.08,"endTime":2521.58,"body":"Stanley, and must have gone"},{"speaker":"Carl Widger","startTime":2521.58,"endTime":2524.88,"body":"through their compliance"},{"speaker":"Carl Widger","startTime":2521.58,"endTime":2524.88,"body":"department has decided, let's"},{"speaker":"Carl Widger","startTime":2524.88,"endTime":2530.58,"body":"put this out there. I have"},{"speaker":"Carl Widger","startTime":2524.88,"endTime":2530.58,"body":"absolutely no idea whatsoever if"},{"speaker":"Carl Widger","startTime":2530.58,"endTime":2533.22,"body":"this is going to be right or"},{"speaker":"Carl Widger","startTime":2530.58,"endTime":2533.22,"body":"wrong. We'll just ignore it if"},{"speaker":"Carl Widger","startTime":2533.22,"endTime":2535.56,"body":"it's wrong and sure if it's"},{"speaker":"Carl Widger","startTime":2533.22,"endTime":2535.56,"body":"right, won't we seem like"},{"speaker":"Carl Widger","startTime":2535.56,"endTime":2540.2599999999998,"body":"geniuses active fund management."},{"speaker":"Carl Widger","startTime":2535.56,"endTime":2540.2599999999998,"body":"Oh, my mother of Swedish divine"},{"speaker":"Carl Widger","startTime":2540.2599999999998,"endTime":2542.12,"body":"Christ, will you give us a"},{"speaker":"Carl Widger","startTime":2540.2599999999998,"endTime":2542.12,"body":"break, please?"},{"speaker":"Andy Hart","startTime":2542.8399999999997,"endTime":2545.0,"body":"Yeah, no. I quite"},{"speaker":"Andy Hart","startTime":2542.8399999999997,"endTime":2545.0,"body":"like, quite like these articles,"},{"speaker":"Andy Hart","startTime":2545.0,"endTime":2548.18,"body":"because people publicly showing"},{"speaker":"Andy Hart","startTime":2545.0,"endTime":2548.18,"body":"that they're investing"},{"speaker":"Andy Hart","startTime":2548.18,"endTime":2550.52,"body":"illiterate. The markets"},{"speaker":"Andy Hart","startTime":2548.18,"endTime":2550.52,"body":"declines, as we know, regularly,"},{"speaker":"Andy Hart","startTime":2550.52,"endTime":2555.8599999999997,"body":"every single year, minus 15% is"},{"speaker":"Andy Hart","startTime":2550.52,"endTime":2555.8599999999997,"body":"now. So we've basically, you"},{"speaker":"Andy Hart","startTime":2555.8599999999997,"endTime":2557.02,"body":"know, state in a historical"},{"speaker":"Alan Smith","startTime":2557.199,"endTime":2560.499,"body":"you Stacy, this"},{"speaker":"Alan Smith","startTime":2557.199,"endTime":2560.499,"body":"happens every single year."},{"speaker":"Alan Smith","startTime":2560.499,"endTime":2561.759,"body":"Decline in three year decline."},{"speaker":"Andy Hart","startTime":2562.239,"endTime":2564.459,"body":"He said, I think the"},{"speaker":"Andy Hart","startTime":2562.239,"endTime":2564.459,"body":"market, if he said, I think the"},{"speaker":"Andy Hart","startTime":2564.459,"endTime":2567.6389999999997,"body":"market by the end of October, is"},{"speaker":"Andy Hart","startTime":2564.459,"endTime":2567.6389999999997,"body":"going to go down by minus 63%"},{"speaker":"Andy Hart","startTime":2568.359,"endTime":2572.859,"body":"and I'm dead sure about it. I"},{"speaker":"Andy Hart","startTime":2568.359,"endTime":2572.859,"body":"prefer that person when they're"},{"speaker":"Andy Hart","startTime":2572.859,"endTime":2575.679,"body":"just mentioning something that"},{"speaker":"Andy Hart","startTime":2572.859,"endTime":2575.679,"body":"happens every year as regularly"},{"speaker":"Andy Hart","startTime":2575.679,"endTime":2577.799,"body":"as your birthday. It's"},{"speaker":"Andy Hart","startTime":2575.679,"endTime":2577.799,"body":"ridiculous"},{"speaker":"Nick Lincoln","startTime":2578.04,"endTime":2578.7599999999998,"body":"news cycle."},{"speaker":"Andy Hart","startTime":2578.759,"endTime":2580.859,"body":"So I love it. It's"},{"speaker":"Andy Hart","startTime":2578.759,"endTime":2580.859,"body":"the summer that someone who's"},{"speaker":"Andy Hart","startTime":2580.859,"endTime":2584.6389999999997,"body":"highly paid, highly intelligent,"},{"speaker":"Andy Hart","startTime":2580.859,"endTime":2584.6389999999997,"body":"you know, highly experienced,"},{"speaker":"Andy Hart","startTime":2584.939,"endTime":2587.879,"body":"publicly declares that they're"},{"speaker":"Andy Hart","startTime":2584.939,"endTime":2587.879,"body":"an investing illiterate. You"},{"speaker":"Andy Hart","startTime":2587.879,"endTime":2589.0789999999997,"body":"know, it's brilliant. The"},{"speaker":"Alan Smith","startTime":2589.08,"endTime":2590.88,"body":"great thing about"},{"speaker":"Alan Smith","startTime":2589.08,"endTime":2590.88,"body":"the internet is these things"},{"speaker":"Alan Smith","startTime":2590.88,"endTime":2593.4,"body":"stay forever, don't they, all"},{"speaker":"Alan Smith","startTime":2590.88,"endTime":2593.4,"body":"these great predictions that"},{"speaker":"Alan Smith","startTime":2593.4,"endTime":2596.3399999999997,"body":"were made. Remember that one?"},{"speaker":"Alan Smith","startTime":2593.4,"endTime":2596.3399999999997,"body":"And it was a good few years ago."},{"speaker":"Alan Smith","startTime":2596.3399999999997,"endTime":2599.72,"body":"Now it was the Bank of Scotland,"},{"speaker":"Alan Smith","startTime":2596.3399999999997,"endTime":2599.72,"body":"the Royal Bank of Scotland."},{"speaker":"Alan Smith","startTime":2599.72,"endTime":2600.5,"body":"Remember Nick you"},{"speaker":"Nick Lincoln","startTime":2600.62,"endTime":2601.7,"body":"saw? And it was,"},{"speaker":"Nick Lincoln","startTime":2600.62,"endTime":2601.7,"body":"I've"},{"speaker":"Alan Smith","startTime":2602.0,"endTime":2604.8199999999997,"body":"got that one in my"},{"speaker":"Alan Smith","startTime":2602.0,"endTime":2604.8199999999997,"body":"folder, brought up every now and"},{"speaker":"Alan Smith","startTime":2604.8199999999997,"endTime":2608.18,"body":"again, and I can't remember you"},{"speaker":"Alan Smith","startTime":2604.8199999999997,"endTime":2608.18,"body":"just there are so many"},{"speaker":"Alan Smith","startTime":2608.42,"endTime":2611.48,"body":"predictions of doom and gloom,"},{"speaker":"Alan Smith","startTime":2608.42,"endTime":2611.48,"body":"which so and eventually, as we"},{"speaker":"Alan Smith","startTime":2611.48,"endTime":2613.8199999999997,"body":"all say, they will be right. You"},{"speaker":"Alan Smith","startTime":2611.48,"endTime":2613.8199999999997,"body":"know, there will be a massive"},{"speaker":"Alan Smith","startTime":2613.8199999999997,"endTime":2614.66,"body":"correction. Or haven't"},{"speaker":"Andy Hart","startTime":2614.66,"endTime":2617.02,"body":"we got that famous"},{"speaker":"Andy Hart","startTime":2614.66,"endTime":2617.02,"body":"one who's a consultant in our"},{"speaker":"Andy Hart","startTime":2617.02,"endTime":2619.48,"body":"business that said, like, the"},{"speaker":"Andy Hart","startTime":2617.02,"endTime":2619.48,"body":"market's screamingly too high at"},{"speaker":"Andy Hart","startTime":2619.48,"endTime":2622.12,"body":"the moment, and it's literally,"},{"speaker":"Andy Hart","startTime":2619.48,"endTime":2622.12,"body":"it's literally gone up like 140%"},{"speaker":"Andy Hart","startTime":2622.96,"endTime":2623.44,"body":"since then."},{"speaker":"Carl Widger","startTime":2623.8599999999997,"endTime":2626.62,"body":"Alan has tracking"},{"speaker":"Carl Widger","startTime":2623.8599999999997,"endTime":2626.62,"body":"that was we get the graphs"},{"speaker":"Alan Smith","startTime":2630.699,"endTime":2635.919,"body":"from stupid"},{"speaker":"Alan Smith","startTime":2630.699,"endTime":2635.919,"body":"advisors, or something, some"},{"speaker":"Alan Smith","startTime":2635.919,"endTime":2636.359,"body":"very"},{"speaker":"Andy Hart","startTime":2636.359,"endTime":2638.6389999999997,"body":"derogatory. Financial"},{"speaker":"Andy Hart","startTime":2636.359,"endTime":2638.6389999999997,"body":"Advisors always telling you to"},{"speaker":"Andy Hart","startTime":2638.6389999999997,"endTime":2642.839,"body":"stay invested. Now's a good time"},{"speaker":"Andy Hart","startTime":2638.6389999999997,"endTime":2642.839,"body":"to get out the market. 30% since"},{"speaker":"Andy Hart","startTime":2642.839,"endTime":2643.739,"body":"you did that post,"},{"speaker":"Alan Smith","startTime":2645.0,"endTime":2647.04,"body":"you'd be right."},{"speaker":"Alan Smith","startTime":2645.0,"endTime":2647.04,"body":"Eventually, I won't actually"},{"speaker":"Alan Smith","startTime":2647.04,"endTime":2647.46,"body":"can't be"},{"speaker":"Andy Hart","startTime":2647.88,"endTime":2651.2999999999997,"body":"that insane to"},{"speaker":"Andy Hart","startTime":2647.88,"endTime":2651.2999999999997,"body":"publicly stamp an opinion"},{"speaker":"Alan Smith","startTime":2653.219,"endTime":2656.219,"body":"you know, having to"},{"speaker":"Alan Smith","startTime":2653.219,"endTime":2656.219,"body":"make an attack convictions, make"},{"speaker":"Alan Smith","startTime":2656.219,"endTime":2660.799,"body":"an attack on people who, you"},{"speaker":"Alan Smith","startTime":2656.219,"endTime":2660.799,"body":"know in the arena, who have got"},{"speaker":"Alan Smith","startTime":2660.799,"endTime":2664.159,"body":"the qualifications, who are"},{"speaker":"Alan Smith","startTime":2660.799,"endTime":2664.159,"body":"dealing with real clients, who"},{"speaker":"Alan Smith","startTime":2664.159,"endTime":2667.339,"body":"are putting their money where"},{"speaker":"Alan Smith","startTime":2664.159,"endTime":2667.339,"body":"their mouth is themselves, and"},{"speaker":"Alan Smith","startTime":2667.339,"endTime":2670.0389999999998,"body":"to say these advisors are all"},{"speaker":"Alan Smith","startTime":2667.339,"endTime":2670.0389999999998,"body":"was it the dumb and something"},{"speaker":"Alan Smith","startTime":2670.0389999999998,"endTime":2674.239,"body":"else? Yeah, phrase, it was"},{"speaker":"Alan Smith","startTime":2670.0389999999998,"endTime":2674.239,"body":"awful, but it will not be"},{"speaker":"Alan Smith","startTime":2674.239,"endTime":2676.839,"body":"forgotten about. We'll make sure"},{"speaker":"Alan Smith","startTime":2674.239,"endTime":2676.839,"body":"never forgotten about, actually,"},{"speaker":"Alan Smith","startTime":2676.839,"endTime":2681.279,"body":"as it is, a quiet Newsweek,"},{"speaker":"Alan Smith","startTime":2676.839,"endTime":2681.279,"body":"bring something else up, which"},{"speaker":"Alan Smith","startTime":2681.279,"endTime":2684.939,"body":"is not on our docket. It's"},{"speaker":"Alan Smith","startTime":2681.279,"endTime":2684.939,"body":"always quite interesting. A"},{"speaker":"Alan Smith","startTime":2685.719,"endTime":2689.499,"body":"close personal friend of mine,"},{"speaker":"Alan Smith","startTime":2685.719,"endTime":2689.499,"body":"true story, Eddie Jordan, the"},{"speaker":"Alan Smith","startTime":2689.499,"endTime":2693.759,"body":"previous the ex Formula One"},{"speaker":"Alan Smith","startTime":2689.499,"endTime":2693.759,"body":"racing team owner. I don't know"},{"speaker":"Alan Smith","startTime":2693.759,"endTime":2696.159,"body":"if you saw that in the press"},{"speaker":"Alan Smith","startTime":2693.759,"endTime":2696.159,"body":"over the week. It's not the"},{"speaker":"Alan Smith","startTime":2696.159,"endTime":2701.5789999999997,"body":"claim self bankrupt. No, far"},{"speaker":"Alan Smith","startTime":2696.159,"endTime":2701.5789999999997,"body":"from it. Okay. He put, he's very"},{"speaker":"Alan Smith","startTime":2701.5789999999997,"endTime":2705.299,"body":"wealthy guy, put a chunk of"},{"speaker":"Alan Smith","startTime":2701.5789999999997,"endTime":2705.299,"body":"money. He was advised by his"},{"speaker":"Alan Smith","startTime":2705.419,"endTime":2708.0589999999997,"body":"banker, private bankers, which,"},{"speaker":"Alan Smith","startTime":2705.419,"endTime":2708.0589999999997,"body":"again, his old public domain."},{"speaker":"Alan Smith","startTime":2708.0589999999997,"endTime":2713.399,"body":"Just look it up, HSBC, who's"},{"speaker":"Alan Smith","startTime":2708.0589999999997,"endTime":2713.399,"body":"banked with for years. And they"},{"speaker":"Alan Smith","startTime":2713.999,"endTime":2717.739,"body":"advised him to put the thick"},{"speaker":"Alan Smith","startTime":2713.999,"endTime":2717.739,"body":"hair 4946 point something"},{"speaker":"Alan Smith","startTime":2717.739,"endTime":2721.5789999999997,"body":"million, so nearly 50 million"},{"speaker":"Alan Smith","startTime":2717.739,"endTime":2721.5789999999997,"body":"pounds into an investment and"},{"speaker":"Alan Smith","startTime":2721.5789999999997,"endTime":2727.699,"body":"on, all he was looking for was"},{"speaker":"Alan Smith","startTime":2721.5789999999997,"endTime":2727.699,"body":"low risk, safely, just and"},{"speaker":"Alan Smith","startTime":2728.419,"endTime":2731.179,"body":"there's a lot of these things"},{"speaker":"Alan Smith","startTime":2728.419,"endTime":2731.179,"body":"around kind of cash, proxy type"},{"speaker":"Alan Smith","startTime":2731.179,"endTime":2733.879,"body":"funds. So this was supposed to"},{"speaker":"Alan Smith","startTime":2731.179,"endTime":2733.879,"body":"be, is going to keep your money"},{"speaker":"Alan Smith","startTime":2733.879,"endTime":2736.6389999999997,"body":"safe. It won't go down. It won't"},{"speaker":"Alan Smith","startTime":2733.879,"endTime":2736.6389999999997,"body":"make you a high, particularly"},{"speaker":"Alan Smith","startTime":2736.6389999999997,"endTime":2739.899,"body":"high return, but you'll, uh,"},{"speaker":"Alan Smith","startTime":2736.6389999999997,"endTime":2739.899,"body":"you'll do okay by anyway."},{"speaker":"Alan Smith","startTime":2739.959,"endTime":2743.499,"body":"Inevitably, it's all going tits"},{"speaker":"Alan Smith","startTime":2739.959,"endTime":2743.499,"body":"up. He's taking them. He's in"},{"speaker":"Alan Smith","startTime":2743.499,"endTime":2746.739,"body":"the High Court, I think, this"},{"speaker":"Alan Smith","startTime":2743.499,"endTime":2746.739,"body":"week, suing the advice that he"},{"speaker":"Alan Smith","startTime":2746.739,"endTime":2750.939,"body":"was given and the and again, you"},{"speaker":"Alan Smith","startTime":2746.739,"endTime":2750.939,"body":"read through the article. I"},{"speaker":"Alan Smith","startTime":2750.939,"endTime":2754.359,"body":"mean, it's, it's, it's, it's"},{"speaker":"Alan Smith","startTime":2750.939,"endTime":2754.359,"body":"comical in a way, albeit it's"},{"speaker":"Alan Smith","startTime":2754.359,"endTime":2757.259,"body":"sad for somebody who wanted"},{"speaker":"Alan Smith","startTime":2754.359,"endTime":2757.259,"body":"something safe and secure. It's"},{"speaker":"Alan Smith","startTime":2757.259,"endTime":2760.499,"body":"something called a floating"},{"speaker":"Alan Smith","startTime":2757.259,"endTime":2760.499,"body":"rate, floating rate bond. It's a"},{"speaker":"Alan Smith","startTime":2760.499,"endTime":2763.679,"body":"bunch of different underlying"},{"speaker":"Alan Smith","startTime":2760.499,"endTime":2763.679,"body":"securities and bonds and trading"},{"speaker":"Alan Smith","startTime":2763.739,"endTime":2765.0589999999997,"body":"of different 100%"},{"speaker":"Andy Hart","startTime":2765.7799999999997,"endTime":2767.7599999999998,"body":"capital. Wipe"},{"speaker":"Alan Smith","startTime":2767.759,"endTime":2770.999,"body":"out. No, no, no, no,"},{"speaker":"Alan Smith","startTime":2767.759,"endTime":2770.999,"body":"he's declining. It's declined in"},{"speaker":"Alan Smith","startTime":2770.999,"endTime":2774.299,"body":"value. It's done. It hasn't done"},{"speaker":"Alan Smith","startTime":2770.999,"endTime":2774.299,"body":"as well as it's done. It didn't"},{"speaker":"Alan Smith","startTime":2774.299,"endTime":2777.6189999999997,"body":"preserve capital. He said it"},{"speaker":"Alan Smith","startTime":2774.299,"endTime":2777.6189999999997,"body":"lost. A 5 million quid suing for"},{"speaker":"Alan Smith","startTime":2777.6189999999997,"endTime":2780.919,"body":"5 million pounds. Fine, fine,"},{"speaker":"Alan Smith","startTime":2777.6189999999997,"endTime":2780.919,"body":"fine. But in the vast and, of"},{"speaker":"Alan Smith","startTime":2780.919,"endTime":2783.379,"body":"course, these things, and it"},{"speaker":"Alan Smith","startTime":2780.919,"endTime":2783.379,"body":"reminds me a little bit of the"},{"speaker":"Alan Smith","startTime":2783.679,"endTime":2787.279,"body":"the previous Aberdeen Standard"},{"speaker":"Alan Smith","startTime":2783.679,"endTime":2787.279,"body":"Life gars Fund, which, again, on"},{"speaker":"Alan Smith","startTime":2787.279,"endTime":2789.679,"body":"the on the surface, it all looks"},{"speaker":"Alan Smith","startTime":2787.279,"endTime":2789.679,"body":"great, you know, preserve"},{"speaker":"Alan Smith","startTime":2789.679,"endTime":2792.739,"body":"capital, you know, give you a"},{"speaker":"Alan Smith","startTime":2789.679,"endTime":2792.739,"body":"high return, or a reasonable"},{"speaker":"Alan Smith","startTime":2792.739,"endTime":2797.1389999999997,"body":"return in any market. And it's"},{"speaker":"Alan Smith","startTime":2792.739,"endTime":2797.1389999999997,"body":"similar to this, because this"},{"speaker":"Alan Smith","startTime":2797.319,"endTime":2801.699,"body":"HSBC bombed account, it had"},{"speaker":"Alan Smith","startTime":2797.319,"endTime":2801.699,"body":"investments in amongst other"},{"speaker":"Alan Smith","startTime":2801.699,"endTime":2806.319,"body":"places, China and Zimbabwe, you"},{"speaker":"Alan Smith","startTime":2801.699,"endTime":2806.319,"body":"know, so that they're the"},{"speaker":"Alan Smith","startTime":2806.319,"endTime":2810.699,"body":"bastions of safety and security"},{"speaker":"Alan Smith","startTime":2806.319,"endTime":2810.699,"body":"from a financial viewpoint. And"},{"speaker":"Alan Smith","startTime":2810.699,"endTime":2810.939,"body":"is it"},{"speaker":"Carl Widger","startTime":2811.179,"endTime":2813.0389999999998,"body":"this sounds a"},{"speaker":"Carl Widger","startTime":2811.179,"endTime":2813.0389999999998,"body":"little bit like that? Do you"},{"speaker":"Carl Widger","startTime":2813.0389999999998,"endTime":2817.5589999999997,"body":"remember that case I brought up"},{"speaker":"Carl Widger","startTime":2813.0389999999998,"endTime":2817.5589999999997,"body":"a month or so back where that"},{"speaker":"Carl Widger","startTime":2817.859,"endTime":2822.239,"body":"that financial advisory firm"},{"speaker":"Carl Widger","startTime":2817.859,"endTime":2822.239,"body":"were were found to be, you know,"},{"speaker":"Carl Widger","startTime":2822.239,"endTime":2826.0789999999997,"body":"selling these safe bonds. Yeah,"},{"speaker":"Carl Widger","startTime":2822.239,"endTime":2826.0789999999997,"body":"it all went pear shaped as well."},{"speaker":"Carl Widger","startTime":2826.0789999999997,"endTime":2829.379,"body":"So sounds pretty similar. Well,"},{"speaker":"Carl Widger","startTime":2826.0789999999997,"endTime":2829.379,"body":"floating, floating,"},{"speaker":"Alan Smith","startTime":2830.819,"endTime":2835.6189999999997,"body":"yeah. But another is"},{"speaker":"Alan Smith","startTime":2830.819,"endTime":2835.6189999999997,"body":"yet. Another example of the"},{"speaker":"Alan Smith","startTime":2835.6189999999997,"endTime":2839.1189999999997,"body":"theme that we keep coming back"},{"speaker":"Alan Smith","startTime":2835.6189999999997,"endTime":2839.1189999999997,"body":"to is, the wealthier you are,"},{"speaker":"Alan Smith","startTime":2839.1189999999997,"endTime":2843.6189999999997,"body":"the more complexity seems to get"},{"speaker":"Alan Smith","startTime":2839.1189999999997,"endTime":2843.6189999999997,"body":"shown. If you just said, Yeah,"},{"speaker":"Alan Smith","startTime":2843.679,"endTime":2846.499,"body":"you know, put this in whatever."},{"speaker":"Alan Smith","startTime":2843.679,"endTime":2846.499,"body":"It's some sort of government"},{"speaker":"Alan Smith","startTime":2846.499,"endTime":2849.259,"body":"treasury or National Savings"},{"speaker":"Alan Smith","startTime":2846.499,"endTime":2849.259,"body":"type account or something which"},{"speaker":"Alan Smith","startTime":2849.259,"endTime":2851.5989999999997,"body":"is just a cash account, you're"},{"speaker":"Alan Smith","startTime":2849.259,"endTime":2851.5989999999997,"body":"going to make nothing, but it's"},{"speaker":"Alan Smith","startTime":2851.5989999999997,"endTime":2855.019,"body":"pretty safe. No, the one, I have"},{"speaker":"Alan Smith","startTime":2851.5989999999997,"endTime":2855.019,"body":"no doubt, imagine what it would"},{"speaker":"Alan Smith","startTime":2855.019,"endTime":2858.459,"body":"be like going to HSBC and Canary"},{"speaker":"Alan Smith","startTime":2855.019,"endTime":2858.459,"body":"Wharf up in the executive suite,"},{"speaker":"Alan Smith","startTime":2858.459,"endTime":2860.859,"body":"and just being pitched something"},{"speaker":"Alan Smith","startTime":2858.459,"endTime":2860.859,"body":"rather saying, this is safe and"},{"speaker":"Alan Smith","startTime":2860.859,"endTime":2865.479,"body":"secure. And even this, this the,"},{"speaker":"Alan Smith","startTime":2860.859,"endTime":2865.479,"body":"you know, the very wealthy. They"},{"speaker":"Alan Smith","startTime":2865.479,"endTime":2868.659,"body":"tend not to be financially"},{"speaker":"Alan Smith","startTime":2865.479,"endTime":2868.659,"body":"sophisticated in these types of"},{"speaker":"Alan Smith","startTime":2868.659,"endTime":2871.419,"body":"products, and so, but they meet"},{"speaker":"Alan Smith","startTime":2868.659,"endTime":2871.419,"body":"a nice guy, and he's wearing a"},{"speaker":"Alan Smith","startTime":2871.419,"endTime":2873.5789999999997,"body":"nice suit, and they pitch it to"},{"speaker":"Alan Smith","startTime":2871.419,"endTime":2873.5789999999997,"body":"him, and he goes, That sounds"},{"speaker":"Alan Smith","startTime":2873.5789999999997,"endTime":2877.919,"body":"great. And anyway, he's ended up"},{"speaker":"Alan Smith","startTime":2873.5789999999997,"endTime":2877.919,"body":"in court. If I was HSBC, I'd"},{"speaker":"Alan Smith","startTime":2877.919,"endTime":2881.0389999999998,"body":"have just paid him, you know,"},{"speaker":"Alan Smith","startTime":2877.919,"endTime":2881.0389999999998,"body":"given a 5 million coins. Now,"},{"speaker":"Andy Hart","startTime":2881.1,"endTime":2883.38,"body":"I mean, they are,"},{"speaker":"Andy Hart","startTime":2881.1,"endTime":2883.38,"body":"it's around. It's a rounding"},{"speaker":"Andy Hart","startTime":2883.38,"endTime":2884.64,"body":"error. Yeah, it is."},{"speaker":"Alan Smith","startTime":2884.64,"endTime":2887.3399999999997,"body":"And it's, it's not"},{"speaker":"Alan Smith","startTime":2884.64,"endTime":2887.3399999999997,"body":"going to do them any good"},{"speaker":"Alan Smith","startTime":2887.3399999999997,"endTime":2889.92,"body":"whatsoever, from a publicity"},{"speaker":"Alan Smith","startTime":2887.3399999999997,"endTime":2889.92,"body":"viewpoint. But anyway, that was"},{"speaker":"Alan Smith","startTime":2889.92,"endTime":2892.8599999999997,"body":"just an extra one added in"},{"speaker":"Alan Smith","startTime":2889.92,"endTime":2892.8599999999997,"body":"that's just hot off the press in"},{"speaker":"Alan Smith","startTime":2892.8599999999997,"endTime":2894.0,"body":"the papers this week."},{"speaker":"Andy Hart","startTime":2894.42,"endTime":2897.7999999999997,"body":"And good one. And"},{"speaker":"Andy Hart","startTime":2894.42,"endTime":2897.7999999999997,"body":"even this very day, those"},{"speaker":"Andy Hart","startTime":2897.7999999999997,"endTime":2900.5,"body":"wealthy people sitting in"},{"speaker":"Andy Hart","startTime":2897.7999999999997,"endTime":2900.5,"body":"skyscrapers all around the world"},{"speaker":"Andy Hart","startTime":2900.5,"endTime":2904.22,"body":"being sold a load of other guff."},{"speaker":"Andy Hart","startTime":2900.5,"endTime":2904.22,"body":"Yeah, that in three months, six"},{"speaker":"Andy Hart","startTime":2904.22,"endTime":2906.56,"body":"months, nine months, three"},{"speaker":"Andy Hart","startTime":2904.22,"endTime":2906.56,"body":"years, will turn out to be"},{"speaker":"Andy Hart","startTime":2907.16,"endTime":2910.16,"body":"financial trash that I should"},{"speaker":"Andy Hart","startTime":2907.16,"endTime":2910.16,"body":"have avoided. But again, Chinese"},{"speaker":"Andy Hart","startTime":2910.16,"endTime":2911.96,"body":"suit, wealthy people, more lies."},{"speaker":"Alan Smith","startTime":2912.68,"endTime":2915.5,"body":"I did a post on"},{"speaker":"Alan Smith","startTime":2912.68,"endTime":2915.5,"body":"that, rinsen, repeated a post on"},{"speaker":"Alan Smith","startTime":2915.5,"endTime":2917.74,"body":"that on LinkedIn, I think last"},{"speaker":"Alan Smith","startTime":2915.5,"endTime":2917.74,"body":"week, I think before, when I was"},{"speaker":"Alan Smith","startTime":2917.74,"endTime":2921.8199999999997,"body":"in holes, about this, just"},{"speaker":"Alan Smith","startTime":2917.74,"endTime":2921.8199999999997,"body":"keeping your big part of the"},{"speaker":"Alan Smith","startTime":2921.8199999999997,"endTime":2925.12,"body":"advisors jobs keeping clients"},{"speaker":"Alan Smith","startTime":2921.8199999999997,"endTime":2925.12,"body":"safe from trash. There is so"},{"speaker":"Alan Smith","startTime":2925.12,"endTime":2926.92,"body":"much trash out there, and"},{"speaker":"Andy Hart","startTime":2927.16,"endTime":2929.68,"body":"we read about all the"},{"speaker":"Andy Hart","startTime":2927.16,"endTime":2929.68,"body":"trash, and our job is to protect"},{"speaker":"Andy Hart","startTime":2929.68,"endTime":2933.64,"body":"you from it, like we're aware of"},{"speaker":"Andy Hart","startTime":2929.68,"endTime":2933.64,"body":"all this crap, yeah, to protect"},{"speaker":"Andy Hart","startTime":2933.64,"endTime":2935.92,"body":"you from it. Like, that's why"},{"speaker":"Andy Hart","startTime":2933.64,"endTime":2935.92,"body":"I'm reading about this crap,"},{"speaker":"Alan Smith","startTime":2936.1,"endTime":2940.2599999999998,"body":"and I've certainly"},{"speaker":"Alan Smith","startTime":2936.1,"endTime":2940.2599999999998,"body":"met in real life some very"},{"speaker":"Alan Smith","startTime":2940.2599999999998,"endTime":2943.8599999999997,"body":"smart, seriously smart,"},{"speaker":"Alan Smith","startTime":2940.2599999999998,"endTime":2943.8599999999997,"body":"intelligent human beings who"},{"speaker":"Alan Smith","startTime":2943.8599999999997,"endTime":2946.2599999999998,"body":"have been seduced by some of"},{"speaker":"Alan Smith","startTime":2943.8599999999997,"endTime":2946.2599999999998,"body":"this stuff, and they've and"},{"speaker":"Alan Smith","startTime":2946.2599999999998,"endTime":2948.6,"body":"they've lost one client in"},{"speaker":"Alan Smith","startTime":2946.2599999999998,"endTime":2948.6,"body":"particular, one person I know,"},{"speaker":"Alan Smith","startTime":2948.6,"endTime":2952.38,"body":"lost a million quid, pretty much"},{"speaker":"Alan Smith","startTime":2948.6,"endTime":2952.38,"body":"wiped out that amount of money,"},{"speaker":"Alan Smith","startTime":2952.38,"endTime":2956.6,"body":"never going to get it back. It"},{"speaker":"Alan Smith","startTime":2952.38,"endTime":2956.6,"body":"was a fraud. And I do think that"},{"speaker":"Alan Smith","startTime":2956.6,"endTime":2960.14,"body":"is a significant and I kind of"},{"speaker":"Alan Smith","startTime":2956.6,"endTime":2960.14,"body":"sometimes not particularly"},{"speaker":"Alan Smith","startTime":2960.14,"endTime":2962.54,"body":"talked about very much, because"},{"speaker":"Alan Smith","startTime":2960.14,"endTime":2962.54,"body":"we talk about the things we do."},{"speaker":"Alan Smith","startTime":2962.54,"endTime":2965.06,"body":"Do we advise you to invest in"},{"speaker":"Alan Smith","startTime":2962.54,"endTime":2965.06,"body":"simple, low cost, highly"},{"speaker":"Alan Smith","startTime":2965.06,"endTime":2968.48,"body":"diversified, la, la, la. But"},{"speaker":"Alan Smith","startTime":2965.06,"endTime":2968.48,"body":"what do you tell me to avoid?"},{"speaker":"Alan Smith","startTime":2969.2,"endTime":2972.02,"body":"What are the things that with"},{"speaker":"Alan Smith","startTime":2969.2,"endTime":2972.02,"body":"your expertise, knowledge,"},{"speaker":"Alan Smith","startTime":2972.02,"endTime":2975.56,"body":"connections, contacts, you can"},{"speaker":"Alan Smith","startTime":2972.02,"endTime":2975.56,"body":"keep me safe from, because a lot"},{"speaker":"Alan Smith","startTime":2975.56,"endTime":2978.4,"body":"of this stuff, again, back to"},{"speaker":"Alan Smith","startTime":2975.56,"endTime":2978.4,"body":"this idea of we're dealing with"},{"speaker":"Alan Smith","startTime":2978.4,"endTime":2982.0,"body":"human beings. Even the smartest"},{"speaker":"Alan Smith","startTime":2978.4,"endTime":2982.0,"body":"people are seduced by attractive"},{"speaker":"Alan Smith","startTime":2982.0,"endTime":2985.12,"body":"sounding offers, and"},{"speaker":"Alan Smith","startTime":2982.0,"endTime":2985.12,"body":"particularly, you know, not"},{"speaker":"Alan Smith","startTime":2985.12,"endTime":2988.54,"body":"usually men in in nice suits"},{"speaker":"Alan Smith","startTime":2985.12,"endTime":2988.54,"body":"with them. You know the nice"},{"speaker":"Alan Smith","startTime":2988.54,"endTime":2991.12,"body":"smile and a charming way of"},{"speaker":"Alan Smith","startTime":2988.54,"endTime":2991.12,"body":"being. And it sounds, it sounds"},{"speaker":"Alan Smith","startTime":2991.12,"endTime":2993.1,"body":"too good to be true. Fabulously."},{"speaker":"Alan Smith","startTime":2991.12,"endTime":2993.1,"body":"Where do I"},{"speaker":"Andy Hart","startTime":2993.16,"endTime":2996.22,"body":"be so easy? It would"},{"speaker":"Andy Hart","startTime":2993.16,"endTime":2996.22,"body":"be so easy to sell these schemes"},{"speaker":"Andy Hart","startTime":2996.22,"endTime":2998.58,"body":"and scams. It would be shooting"},{"speaker":"Andy Hart","startTime":2996.22,"endTime":2998.58,"body":"fish in a barrel."},{"speaker":"Alan Smith","startTime":2998.64,"endTime":3001.3399999999997,"body":"They are optimized."},{"speaker":"Alan Smith","startTime":2998.64,"endTime":3001.3399999999997,"body":"They are designed all the words"},{"speaker":"Alan Smith","startTime":3001.3399999999997,"endTime":3003.62,"body":"and the language and everything"},{"speaker":"Alan Smith","startTime":3001.3399999999997,"endTime":3003.62,"body":"else is designed to be"},{"speaker":"Andy Hart","startTime":3003.62,"endTime":3006.62,"body":"always looking for"},{"speaker":"Andy Hart","startTime":3003.62,"endTime":3006.62,"body":"something new, shiny, exciting."},{"speaker":"Andy Hart","startTime":3006.62,"endTime":3011.3599999999997,"body":"What's the returns? Is it Yes?"},{"speaker":"Andy Hart","startTime":3006.62,"endTime":3011.3599999999997,"body":"Guaranteed 14.9% Yeah. It's just"},{"speaker":"Andy Hart","startTime":3011.6,"endTime":3012.74,"body":"Yeah, shooting fish in a barrel."},{"speaker":"Nick Lincoln","startTime":3014.839,"endTime":3017.439,"body":"While we were just"},{"speaker":"Nick Lincoln","startTime":3014.839,"endTime":3017.439,"body":"digressing on a very interesting"},{"speaker":"Nick Lincoln","startTime":3017.439,"endTime":3019.839,"body":"subject. I looked, opened up my"},{"speaker":"Nick Lincoln","startTime":3017.439,"endTime":3019.839,"body":"Evernote and went into my"},{"speaker":"Nick Lincoln","startTime":3019.839,"endTime":3023.199,"body":"forecasts folder. So Morgan"},{"speaker":"Nick Lincoln","startTime":3019.839,"endTime":3023.199,"body":"Stanley said, brace for 10%"},{"speaker":"Nick Lincoln","startTime":3023.6189999999997,"endTime":3025.899,"body":"correct. And I wonder if the"},{"speaker":"Nick Lincoln","startTime":3023.6189999999997,"endTime":3025.899,"body":"chap at Morgan Stan who said"},{"speaker":"Nick Lincoln","startTime":3025.899,"endTime":3029.919,"body":"that was the same guy who at the"},{"speaker":"Nick Lincoln","startTime":3025.899,"endTime":3029.919,"body":"end of 2022 said new stock"},{"speaker":"Nick Lincoln","startTime":3029.919,"endTime":3034.239,"body":"market low coming in 2023"},{"speaker":"Nick Lincoln","startTime":3029.919,"endTime":3034.239,"body":"according to Morgan Stanley, US"},{"speaker":"Nick Lincoln","startTime":3034.239,"endTime":3036.959,"body":"equities are set for their worst"},{"speaker":"Nick Lincoln","startTime":3034.239,"endTime":3036.959,"body":"year since the global financial"},{"speaker":"Nick Lincoln","startTime":3036.959,"endTime":3040.1389999999997,"body":"crisis, and according to a"},{"speaker":"Nick Lincoln","startTime":3036.959,"endTime":3040.1389999999997,"body":"Morgan Stanley strategist"},{"speaker":"Nick Lincoln","startTime":3040.1389999999997,"endTime":3043.679,"body":"Michael Wilson, corporate"},{"speaker":"Nick Lincoln","startTime":3040.1389999999997,"endTime":3043.679,"body":"profits are about to meet the"},{"speaker":"Nick Lincoln","startTime":3043.679,"endTime":3046.379,"body":"same fate. Plus shows clue"},{"speaker":"Nick Lincoln","startTime":3043.679,"endTime":3046.379,"body":"sailor men shows it's just"},{"speaker":"Nick Lincoln","startTime":3046.379,"endTime":3049.979,"body":"garbage, isn't it? But if you go"},{"speaker":"Nick Lincoln","startTime":3046.379,"endTime":3049.979,"body":"and come back, you won't, isn't"},{"speaker":"Alan Smith","startTime":3050.04,"endTime":3052.92,"body":"that crazy? Morgan's"},{"speaker":"Alan Smith","startTime":3050.04,"endTime":3052.92,"body":"down a huge global investment"},{"speaker":"Alan Smith","startTime":3052.92,"endTime":3057.7999999999997,"body":"bank got to lose his job on this"},{"speaker":"Alan Smith","startTime":3052.92,"endTime":3057.7999999999997,"body":"junk. It's crazy. Yeah,"},{"speaker":"Nick Lincoln","startTime":3057.7999999999997,"endTime":3059.8399999999997,"body":"okay, just in"},{"speaker":"Nick Lincoln","startTime":3057.7999999999997,"endTime":3059.8399999999997,"body":"chaps. We're at 50 minutes more"},{"speaker":"Nick Lincoln","startTime":3059.8399999999997,"endTime":3062.9,"body":"or less. So let's do the final,"},{"speaker":"Nick Lincoln","startTime":3059.8399999999997,"endTime":3062.9,"body":"the final topical tidbit. Oh,"},{"speaker":"Nick Lincoln","startTime":3063.08,"endTime":3064.7,"body":"this one's from stories. Yeah,"},{"speaker":"Nick Lincoln","startTime":3063.08,"endTime":3064.7,"body":"no, this is"},{"speaker":"Alan Smith","startTime":3064.7,"endTime":3067.58,"body":"just a, just"},{"speaker":"Alan Smith","startTime":3064.7,"endTime":3067.58,"body":"pointing things out. I did a, it"},{"speaker":"Alan Smith","startTime":3067.58,"endTime":3071.42,"body":"was a kind of rehash, and I"},{"speaker":"Alan Smith","startTime":3067.58,"endTime":3071.42,"body":"updated a post I did. We often,"},{"speaker":"Alan Smith","startTime":3071.42,"endTime":3074.7799999999997,"body":"all of us get contacts from"},{"speaker":"Alan Smith","startTime":3071.42,"endTime":3074.7799999999997,"body":"young financial planners,"},{"speaker":"Alan Smith","startTime":3074.7799999999997,"endTime":3077.7999999999997,"body":"Trappists, people who list. Into"},{"speaker":"Alan Smith","startTime":3074.7799999999997,"endTime":3077.7999999999997,"body":"the show and they want a bit of"},{"speaker":"Alan Smith","startTime":3077.7999999999997,"endTime":3080.3199999999997,"body":"feedback, thoughts, ideas,"},{"speaker":"Alan Smith","startTime":3077.7999999999997,"endTime":3080.3199999999997,"body":"suggestions, how to progress"},{"speaker":"Alan Smith","startTime":3080.3199999999997,"endTime":3083.44,"body":"their career. I wrote something"},{"speaker":"Alan Smith","startTime":3080.3199999999997,"endTime":3083.44,"body":"posted on LinkedIn and Twitter,"},{"speaker":"Alan Smith","startTime":3083.92,"endTime":3088.48,"body":"and it's available. So posted if"},{"speaker":"Alan Smith","startTime":3083.92,"endTime":3088.48,"body":"you if you didn't see it, the"},{"speaker":"Alan Smith","startTime":3088.48,"endTime":3091.42,"body":"link is in the show notes. I"},{"speaker":"Alan Smith","startTime":3088.48,"endTime":3091.42,"body":"hope it's of some value to"},{"speaker":"Alan Smith","startTime":3091.42,"endTime":3093.8199999999997,"body":"someone out there. I thank you."},{"speaker":"Nick Lincoln","startTime":3095.5,"endTime":3099.96,"body":"Okay, thank you"},{"speaker":"Nick Lincoln","startTime":3095.5,"endTime":3099.96,"body":"very, very much. Okay, so Ultras"},{"speaker":"Nick Lincoln","startTime":3099.96,"endTime":3102.72,"body":"Ultra screen's gone off, but I"},{"speaker":"Nick Lincoln","startTime":3099.96,"endTime":3102.72,"body":"think his microphone is still"},{"speaker":"Nick Lincoln","startTime":3102.72,"endTime":3105.54,"body":"on, so his roommate is going to"},{"speaker":"Nick Lincoln","startTime":3102.72,"endTime":3105.54,"body":"the toilet. This could be some"},{"speaker":"Nick Lincoln","startTime":3105.54,"endTime":3108.9,"body":"interesting background noise."},{"speaker":"Nick Lincoln","startTime":3105.54,"endTime":3108.9,"body":"Again. Let's move on to what"},{"speaker":"Nick Lincoln","startTime":3108.96,"endTime":3112.44,"body":"many people call the meat and"},{"speaker":"Nick Lincoln","startTime":3108.96,"endTime":3112.44,"body":"potatoes of the show. And for"},{"speaker":"Nick Lincoln","startTime":3112.44,"endTime":3115.3199999999997,"body":"episode 50, we've got a bit of a"},{"speaker":"Nick Lincoln","startTime":3112.44,"endTime":3115.3199999999997,"body":"doozy for you. We want to kind"},{"speaker":"Nick Lincoln","startTime":3115.3199999999997,"endTime":3117.7999999999997,"body":"of address this subject and make"},{"speaker":"Nick Lincoln","startTime":3115.3199999999997,"endTime":3117.7999999999997,"body":"it. Make this episode the"},{"speaker":"Nick Lincoln","startTime":3117.7999999999997,"endTime":3120.8599999999997,"body":"reference point for this"},{"speaker":"Nick Lincoln","startTime":3117.7999999999997,"endTime":3120.8599999999997,"body":"subject. And this was inspired"},{"speaker":"Nick Lincoln","startTime":3120.8599999999997,"endTime":3124.52,"body":"by one of the many tweets that"},{"speaker":"Nick Lincoln","startTime":3120.8599999999997,"endTime":3124.52,"body":"storyteller was sending while he"},{"speaker":"Nick Lincoln","startTime":3124.52,"endTime":3127.16,"body":"was on holiday, notionally, with"},{"speaker":"Nick Lincoln","startTime":3124.52,"endTime":3127.16,"body":"his family, but read his glue to"},{"speaker":"Nick Lincoln","startTime":3127.16,"endTime":3130.3399999999997,"body":"his phone. And this was about"},{"speaker":"Nick Lincoln","startTime":3127.16,"endTime":3130.3399999999997,"body":"risk and volatility and so"},{"speaker":"Nick Lincoln","startTime":3130.3399999999997,"endTime":3133.88,"body":"forth. That's, that's, that's"},{"speaker":"Nick Lincoln","startTime":3130.3399999999997,"endTime":3133.88,"body":"the essence of it. And Alan"},{"speaker":"Nick Lincoln","startTime":3133.88,"endTime":3136.46,"body":"said, you know, if we can"},{"speaker":"Nick Lincoln","startTime":3133.88,"endTime":3136.46,"body":"persuade clients to go in from a"},{"speaker":"Nick Lincoln","startTime":3136.46,"endTime":3141.64,"body":"6040, or even got a bit of 5050,"},{"speaker":"Nick Lincoln","startTime":3136.46,"endTime":3141.64,"body":"into a 7030, or an 8020, and"},{"speaker":"Nick Lincoln","startTime":3141.64,"endTime":3145.24,"body":"then help them stay the course."},{"speaker":"Nick Lincoln","startTime":3141.64,"endTime":3145.24,"body":"The value we add not just for"},{"speaker":"Nick Lincoln","startTime":3145.24,"endTime":3148.66,"body":"the clients, but for that"},{"speaker":"Nick Lincoln","startTime":3145.24,"endTime":3148.66,"body":"client's family, in terms of"},{"speaker":"Nick Lincoln","startTime":3148.66,"endTime":3152.2599999999998,"body":"children and grandchildren and"},{"speaker":"Nick Lincoln","startTime":3148.66,"endTime":3152.2599999999998,"body":"so forth, the value is just a"},{"speaker":"Nick Lincoln","startTime":3152.2599999999998,"endTime":3156.66,"body":"medicine, and it brought up a"},{"speaker":"Nick Lincoln","startTime":3152.2599999999998,"endTime":3156.66,"body":"whole lot of some views that"},{"speaker":"Nick Lincoln","startTime":3156.66,"endTime":3159.3599999999997,"body":"were very much applauding what,"},{"speaker":"Nick Lincoln","startTime":3156.66,"endTime":3159.3599999999997,"body":"what storyteller has said, and"},{"speaker":"Nick Lincoln","startTime":3159.3599999999997,"endTime":3164.52,"body":"other views that look to Him"},{"speaker":"Nick Lincoln","startTime":3159.3599999999997,"endTime":3164.52,"body":"askance. One one, if a lady"},{"speaker":"Nick Lincoln","startTime":3164.52,"endTime":3167.8199999999997,"body":"said, Is this a joke? So and of"},{"speaker":"Nick Lincoln","startTime":3164.52,"endTime":3167.8199999999997,"body":"course, there'll be links."},{"speaker":"Nick Lincoln","startTime":3167.8199999999997,"endTime":3170.58,"body":"There'll be links to this, the"},{"speaker":"Nick Lincoln","startTime":3167.8199999999997,"endTime":3170.58,"body":"tweet in, in the so called show"},{"speaker":"Nick Lincoln","startTime":3170.58,"endTime":3174.0,"body":"notes, and also a link to the"},{"speaker":"Nick Lincoln","startTime":3170.58,"endTime":3174.0,"body":"LinkedIn reposting of it that I"},{"speaker":"Nick Lincoln","startTime":3174.0,"endTime":3178.7599999999998,"body":"put on on on LinkedIn under the"},{"speaker":"Nick Lincoln","startTime":3174.0,"endTime":3178.7599999999998,"body":"trap brand. So storyteller."},{"speaker":"Nick Lincoln","startTime":3178.7599999999998,"endTime":3180.38,"body":"Where do you want to start with"},{"speaker":"Nick Lincoln","startTime":3178.7599999999998,"endTime":3180.38,"body":"this one?"},{"speaker":"Alan Smith","startTime":3180.44,"endTime":3183.98,"body":"Well, I thought it"},{"speaker":"Alan Smith","startTime":3180.44,"endTime":3183.98,"body":"was, it was time we kind of"},{"speaker":"Alan Smith","startTime":3184.88,"endTime":3188.2999999999997,"body":"nailed, nailed our colors to the"},{"speaker":"Alan Smith","startTime":3184.88,"endTime":3188.2999999999997,"body":"mask clearly and create"},{"speaker":"Alan Smith","startTime":3188.2999999999997,"endTime":3190.7599999999998,"body":"something we just have a"},{"speaker":"Alan Smith","startTime":3188.2999999999997,"endTime":3190.7599999999998,"body":"conversation for next 10 minutes"},{"speaker":"Alan Smith","startTime":3190.7599999999998,"endTime":3195.02,"body":"or so that we could perhaps"},{"speaker":"Alan Smith","startTime":3190.7599999999998,"endTime":3195.02,"body":"point people to in the future."},{"speaker":"Alan Smith","startTime":3195.02,"endTime":3197.68,"body":"Because this is a perennial"},{"speaker":"Alan Smith","startTime":3195.02,"endTime":3197.68,"body":"subject. We go round and round"},{"speaker":"Alan Smith","startTime":3197.68,"endTime":3202.72,"body":"every time. And what happens is,"},{"speaker":"Alan Smith","startTime":3197.68,"endTime":3202.72,"body":"I see some chart or something"},{"speaker":"Alan Smith","startTime":3202.7799999999997,"endTime":3205.8399999999997,"body":"posted, and I think, oh, that's"},{"speaker":"Alan Smith","startTime":3202.7799999999997,"endTime":3205.8399999999997,"body":"quite interesting. And it was"},{"speaker":"Alan Smith","startTime":3205.8399999999997,"endTime":3208.42,"body":"just, it was a chart, actually,"},{"speaker":"Alan Smith","startTime":3205.8399999999997,"endTime":3208.42,"body":"again, our friends dimensional"},{"speaker":"Alan Smith","startTime":3209.2,"endTime":3215.44,"body":"had produced. And all it was"},{"speaker":"Alan Smith","startTime":3209.2,"endTime":3215.44,"body":"was, I think, 6040, 8020, few"},{"speaker":"Alan Smith","startTime":3215.44,"endTime":3218.04,"body":"different portfolios. And again,"},{"speaker":"Alan Smith","startTime":3215.44,"endTime":3218.04,"body":"going back over a meaning I"},{"speaker":"Alan Smith","startTime":3218.04,"endTime":3220.8599999999997,"body":"can't remember exactly, but a"},{"speaker":"Alan Smith","startTime":3218.04,"endTime":3220.8599999999997,"body":"meaningful time period. And I"},{"speaker":"Alan Smith","startTime":3220.8599999999997,"endTime":3224.7,"body":"was quite struck by the"},{"speaker":"Alan Smith","startTime":3220.8599999999997,"endTime":3224.7,"body":"difference between a 6040"},{"speaker":"Alan Smith","startTime":3225.18,"endTime":3229.74,"body":"portfolio. And again, all the"},{"speaker":"Alan Smith","startTime":3225.18,"endTime":3229.74,"body":"caveats about whether it's"},{"speaker":"Alan Smith","startTime":3229.74,"endTime":3234.42,"body":"global, s, p, whatever, but it's"},{"speaker":"Alan Smith","startTime":3229.74,"endTime":3234.42,"body":"a thought experiment, a 6040"},{"speaker":"Alan Smith","startTime":3234.72,"endTime":3238.2799999999997,"body":"portfolio and an 8020 portfolio."},{"speaker":"Alan Smith","startTime":3234.72,"endTime":3238.2799999999997,"body":"In other words, you've got 80%"},{"speaker":"Alan Smith","startTime":3238.94,"endTime":3244.88,"body":"of your investments exposed to"},{"speaker":"Alan Smith","startTime":3238.94,"endTime":3244.88,"body":"equities versus 60% exposed to"},{"speaker":"Alan Smith","startTime":3244.88,"endTime":3247.1,"body":"equities, you would think,"},{"speaker":"Alan Smith","startTime":3244.88,"endTime":3247.1,"body":"intuitively, wouldn't make a"},{"speaker":"Alan Smith","startTime":3247.1,"endTime":3250.04,"body":"huge difference. You'd expect of"},{"speaker":"Alan Smith","startTime":3247.1,"endTime":3250.04,"body":"the last certainly, the way they"},{"speaker":"Alan Smith","startTime":3250.4,"endTime":3254.6,"body":"the equity bull market has been"},{"speaker":"Alan Smith","startTime":3250.4,"endTime":3254.6,"body":"in existence for the last dozen"},{"speaker":"Alan Smith","startTime":3254.6,"endTime":3259.0,"body":"years or so. You'd expect it to"},{"speaker":"Alan Smith","startTime":3254.6,"endTime":3259.0,"body":"outperform, but it the impact"},{"speaker":"Alan Smith","startTime":3259.0,"endTime":3262.48,"body":"was quite was really, quite"},{"speaker":"Alan Smith","startTime":3259.0,"endTime":3262.48,"body":"significant and really"},{"speaker":"Alan Smith","startTime":3262.48,"endTime":3265.42,"body":"meaningful. And I thought that's"},{"speaker":"Alan Smith","startTime":3262.48,"endTime":3265.42,"body":"quite interesting, if you were"},{"speaker":"Alan Smith","startTime":3265.42,"endTime":3268.6,"body":"able to as an advisor, again,"},{"speaker":"Alan Smith","startTime":3265.42,"endTime":3268.6,"body":"caveat all the other stuff,"},{"speaker":"Alan Smith","startTime":3268.6,"endTime":3271.3599999999997,"body":"provided that you've done all"},{"speaker":"Alan Smith","startTime":3268.6,"endTime":3271.3599999999997,"body":"your homework and the clients"},{"speaker":"Alan Smith","startTime":3271.66,"endTime":3274.3599999999997,"body":"comfortable with it, if you're"},{"speaker":"Alan Smith","startTime":3271.66,"endTime":3274.3599999999997,"body":"able to say, rather than do the"},{"speaker":"Alan Smith","startTime":3274.3599999999997,"endTime":3279.42,"body":"default, which is a default in"},{"speaker":"Alan Smith","startTime":3274.3599999999997,"endTime":3279.42,"body":"our sector, 6040 portfolio. Can"},{"speaker":"Alan Smith","startTime":3279.42,"endTime":3282.48,"body":"I encourage you to think about"},{"speaker":"Alan Smith","startTime":3279.42,"endTime":3282.48,"body":"moving to an 8020 portfolio? The"},{"speaker":"Alan Smith","startTime":3282.48,"endTime":3287.88,"body":"impact is significant, and as"},{"speaker":"Alan Smith","startTime":3282.48,"endTime":3287.88,"body":"often is the case, I get"},{"speaker":"Alan Smith","startTime":3287.88,"endTime":3291.06,"body":"slaughtered by a bunch of"},{"speaker":"Alan Smith","startTime":3287.88,"endTime":3291.06,"body":"people. But yeah, the"},{"speaker":"Alan Smith","startTime":3291.06,"endTime":3295.08,"body":"interesting thing was, quite a"},{"speaker":"Alan Smith","startTime":3291.06,"endTime":3295.08,"body":"number of financial planners."},{"speaker":"Alan Smith","startTime":3296.16,"endTime":3300.62,"body":"Yeah, that, that, that some lady"},{"speaker":"Alan Smith","startTime":3296.16,"endTime":3300.62,"body":"financial planner also said, I"},{"speaker":"Alan Smith","startTime":3300.62,"endTime":3306.08,"body":"don't know, it was just, is this"},{"speaker":"Alan Smith","startTime":3300.62,"endTime":3306.08,"body":"a joke? And you kind of don't"},{"speaker":"Alan Smith","startTime":3306.08,"endTime":3308.3599999999997,"body":"understand it, and I don't know,"},{"speaker":"Alan Smith","startTime":3306.08,"endTime":3308.3599999999997,"body":"said something else, can't"},{"speaker":"Alan Smith","startTime":3308.3599999999997,"endTime":3310.94,"body":"remember, but covid, you know,"},{"speaker":"Alan Smith","startTime":3308.3599999999997,"endTime":3310.94,"body":"pretty derogatory, really"},{"speaker":"Alan Smith","startTime":3311.18,"endTime":3315.3199999999997,"body":"personal attack. Fine. I'm used"},{"speaker":"Alan Smith","startTime":3311.18,"endTime":3315.3199999999997,"body":"to it. Hang out with you boys."},{"speaker":"Alan Smith","startTime":3315.7999999999997,"endTime":3319.72,"body":"But I thought if we could just"},{"speaker":"Alan Smith","startTime":3315.7999999999997,"endTime":3319.72,"body":"go through and let me lead it,"},{"speaker":"Alan Smith","startTime":3319.72,"endTime":3324.4,"body":"because if we could just maybe"},{"speaker":"Alan Smith","startTime":3319.72,"endTime":3324.4,"body":"raise amongst ourselves the"},{"speaker":"Alan Smith","startTime":3324.4,"endTime":3326.8599999999997,"body":"questions and the pushback that"},{"speaker":"Alan Smith","startTime":3324.4,"endTime":3326.8599999999997,"body":"happens during these"},{"speaker":"Alan Smith","startTime":3326.8599999999997,"endTime":3330.16,"body":"conversations. Because I think"},{"speaker":"Alan Smith","startTime":3326.8599999999997,"endTime":3330.16,"body":"fundamentally, the four of us on"},{"speaker":"Alan Smith","startTime":3330.16,"endTime":3332.8599999999997,"body":"this are broadly in agreement. I"},{"speaker":"Alan Smith","startTime":3330.16,"endTime":3332.8599999999997,"body":"don't think anyone's violently"},{"speaker":"Alan Smith","startTime":3332.8599999999997,"endTime":3335.02,"body":"disagreeing. It should hold a"},{"speaker":"Alan Smith","startTime":3332.8599999999997,"endTime":3335.02,"body":"maybe a lot. As a long term"},{"speaker":"Alan Smith","startTime":3335.02,"endTime":3337.98,"body":"investor, should hold a higher"},{"speaker":"Alan Smith","startTime":3335.02,"endTime":3337.98,"body":"proportion of equities than"},{"speaker":"Alan Smith","startTime":3337.98,"endTime":3344.04,"body":"maybe 60% subject to all the"},{"speaker":"Alan Smith","startTime":3337.98,"endTime":3344.04,"body":"caveats. So let me just pose a"},{"speaker":"Alan Smith","startTime":3344.04,"endTime":3346.92,"body":"couple of questions, and maybe"},{"speaker":"Alan Smith","startTime":3344.04,"endTime":3346.92,"body":"I'll just go, go round the"},{"speaker":"Alan Smith","startTime":3346.92,"endTime":3349.5,"body":"house, if you like, and just get"},{"speaker":"Alan Smith","startTime":3346.92,"endTime":3349.5,"body":"your views. And anyone feel free"},{"speaker":"Alan Smith","startTime":3349.5,"endTime":3353.16,"body":"to chip in. And we can use this"},{"speaker":"Alan Smith","startTime":3349.5,"endTime":3353.16,"body":"as a kind of template or a model"},{"speaker":"Alan Smith","startTime":3353.16,"endTime":3357.44,"body":"for others who disagree in the"},{"speaker":"Alan Smith","startTime":3353.16,"endTime":3357.44,"body":"future. So one of the questions,"},{"speaker":"Alan Smith","startTime":3357.56,"endTime":3359.66,"body":"I think this lady might have"},{"speaker":"Alan Smith","startTime":3357.56,"endTime":3359.66,"body":"said it, or someone else said"},{"speaker":"Alan Smith","startTime":3359.66,"endTime":3367.04,"body":"something along these lines, but"},{"speaker":"Alan Smith","startTime":3359.66,"endTime":3367.04,"body":"what if a 6040, portfolio gives"},{"speaker":"Alan Smith","startTime":3367.04,"endTime":3371.6,"body":"you the expected returns needed"},{"speaker":"Alan Smith","startTime":3367.04,"endTime":3371.6,"body":"to satisfy your financial plan?"},{"speaker":"Alan Smith","startTime":3372.2,"endTime":3375.14,"body":"You understand this so Nick, you"},{"speaker":"Alan Smith","startTime":3372.2,"endTime":3375.14,"body":"understand what that what the"},{"speaker":"Alan Smith","startTime":3375.14,"endTime":3379.3599999999997,"body":"question is. If you can achieve"},{"speaker":"Alan Smith","startTime":3375.14,"endTime":3379.3599999999997,"body":"what you want to achieve, the IU"},{"speaker":"Alan Smith","startTime":3379.3599999999997,"endTime":3382.8399999999997,"body":"you on course for a successful"},{"speaker":"Alan Smith","startTime":3379.3599999999997,"endTime":3382.8399999999997,"body":"retirement with a 6040,"},{"speaker":"Alan Smith","startTime":3383.2,"endTime":3386.74,"body":"portfolio, why would you do"},{"speaker":"Alan Smith","startTime":3383.2,"endTime":3386.74,"body":"anything other than than that?"},{"speaker":"Alan Smith","startTime":3386.74,"endTime":3388.12,"body":"What are your thoughts? Nick on"},{"speaker":"Alan Smith","startTime":3386.74,"endTime":3388.12,"body":"that?"},{"speaker":"Nick Lincoln","startTime":3389.859,"endTime":3391.5389999999998,"body":"Well, that's"},{"speaker":"Nick Lincoln","startTime":3389.859,"endTime":3391.5389999999998,"body":"before that is, is one of the"},{"speaker":"Nick Lincoln","startTime":3391.5389999999998,"endTime":3395.0789999999997,"body":"best questions you can be asked"},{"speaker":"Nick Lincoln","startTime":3391.5389999999998,"endTime":3395.0789999999997,"body":"around this. I think I do. We"},{"speaker":"Nick Lincoln","startTime":3395.0789999999997,"endTime":3398.0789999999997,"body":"all believe, and I'm sure the"},{"speaker":"Nick Lincoln","startTime":3395.0789999999997,"endTime":3398.0789999999997,"body":"vast majority of Trappists"},{"speaker":"Nick Lincoln","startTime":3398.0789999999997,"endTime":3400.859,"body":"believe that the finance that"},{"speaker":"Nick Lincoln","startTime":3398.0789999999997,"endTime":3400.859,"body":"the financial plan comes before"},{"speaker":"Nick Lincoln","startTime":3400.859,"endTime":3403.679,"body":"the portfolio. It's the"},{"speaker":"Nick Lincoln","startTime":3400.859,"endTime":3403.679,"body":"financial plan that determines"},{"speaker":"Nick Lincoln","startTime":3403.679,"endTime":3408.0589999999997,"body":"the rate of return that our"},{"speaker":"Nick Lincoln","startTime":3403.679,"endTime":3408.0589999999997,"body":"clients and our friends are"},{"speaker":"Nick Lincoln","startTime":3408.0589999999997,"endTime":3411.1189999999997,"body":"going to need to lead them to"},{"speaker":"Nick Lincoln","startTime":3408.0589999999997,"endTime":3411.1189999999997,"body":"financial salvation over a"},{"speaker":"Nick Lincoln","startTime":3411.1189999999997,"endTime":3414.5389999999998,"body":"typical three decade of time."},{"speaker":"Nick Lincoln","startTime":3411.1189999999997,"endTime":3414.5389999999998,"body":"And for some clients, perhaps"},{"speaker":"Nick Lincoln","startTime":3414.5389999999998,"endTime":3420.979,"body":"the 6464 40 portfolio will, net"},{"speaker":"Nick Lincoln","startTime":3414.5389999999998,"endTime":3420.979,"body":"of fees, generate a sufficient"},{"speaker":"Nick Lincoln","startTime":3420.979,"endTime":3425.0589999999997,"body":"return over and above inflation,"},{"speaker":"Nick Lincoln","startTime":3420.979,"endTime":3425.0589999999997,"body":"a real return for many clients,"},{"speaker":"Nick Lincoln","startTime":3425.0589999999997,"endTime":3427.879,"body":"it won't flat. So that argument"},{"speaker":"Nick Lincoln","startTime":3425.0589999999997,"endTime":3427.879,"body":"said, you can knock them to a"},{"speaker":"Nick Lincoln","startTime":3427.879,"endTime":3431.5389999999998,"body":"cocked hat. But I also think"},{"speaker":"Nick Lincoln","startTime":3427.879,"endTime":3431.5389999999998,"body":"because we believe in the in the"},{"speaker":"Nick Lincoln","startTime":3431.5389999999998,"endTime":3434.659,"body":"long term advance, and that the"},{"speaker":"Nick Lincoln","startTime":3431.5389999999998,"endTime":3434.659,"body":"declines really are temporary,"},{"speaker":"Nick Lincoln","startTime":3434.659,"endTime":3438.459,"body":"and the advance is permanent and"},{"speaker":"Nick Lincoln","startTime":3434.659,"endTime":3438.459,"body":"permanent loss in a beautifully"},{"speaker":"Nick Lincoln","startTime":3438.459,"endTime":3441.759,"body":"diversified portfolio of the"},{"speaker":"Nick Lincoln","startTime":3438.459,"endTime":3441.759,"body":"great companies of the world is"},{"speaker":"Nick Lincoln","startTime":3441.759,"endTime":3444.759,"body":"is not a market phenomenon. It's"},{"speaker":"Nick Lincoln","startTime":3441.759,"endTime":3444.759,"body":"a human phenomenon. And if we"},{"speaker":"Nick Lincoln","startTime":3444.759,"endTime":3447.819,"body":"can control the human behavior,"},{"speaker":"Nick Lincoln","startTime":3444.759,"endTime":3447.819,"body":"why would you not, for your"},{"speaker":"Nick Lincoln","startTime":3447.819,"endTime":3450.819,"body":"clients, want to give them the"},{"speaker":"Nick Lincoln","startTime":3447.819,"endTime":3450.819,"body":"chance to create something a"},{"speaker":"Nick Lincoln","startTime":3450.819,"endTime":3454.5389999999998,"body":"legacy of meaning, not just"},{"speaker":"Nick Lincoln","startTime":3450.819,"endTime":3454.5389999999998,"body":"dying at 100 with one pound in"},{"speaker":"Nick Lincoln","startTime":3454.5389999999998,"endTime":3458.459,"body":"their pension pot? Because cash"},{"speaker":"Nick Lincoln","startTime":3454.5389999999998,"endTime":3458.459,"body":"flow says just building"},{"speaker":"Nick Lincoln","startTime":3458.459,"endTime":3460.979,"body":"something that's just could be"},{"speaker":"Nick Lincoln","startTime":3458.459,"endTime":3460.979,"body":"something that could be passed"},{"speaker":"Nick Lincoln","startTime":3460.979,"endTime":3464.819,"body":"down children and grandchildren"},{"speaker":"Nick Lincoln","startTime":3460.979,"endTime":3464.819,"body":"and or for those clients who've"},{"speaker":"Nick Lincoln","startTime":3464.819,"endTime":3467.339,"body":"got that charitable bent to"},{"speaker":"Nick Lincoln","startTime":3464.819,"endTime":3467.339,"body":"them, want to do stuff in their"},{"speaker":"Nick Lincoln","startTime":3467.339,"endTime":3470.159,"body":"lifetime with foundations and"},{"speaker":"Nick Lincoln","startTime":3467.339,"endTime":3470.159,"body":"endowments and giving money"},{"speaker":"Nick Lincoln","startTime":3470.159,"endTime":3472.439,"body":"away, well here's your chance to"},{"speaker":"Nick Lincoln","startTime":3470.159,"endTime":3472.439,"body":"build something to give away"},{"speaker":"Nick Lincoln","startTime":3472.439,"endTime":3475.259,"body":"with a warm hand in your"},{"speaker":"Nick Lincoln","startTime":3472.439,"endTime":3475.259,"body":"lifetime. And I think if you"},{"speaker":"Nick Lincoln","startTime":3475.6189999999997,"endTime":3478.5789999999997,"body":"we've internalized this argument"},{"speaker":"Nick Lincoln","startTime":3475.6189999999997,"endTime":3478.5789999999997,"body":"that actually, you know, but the"},{"speaker":"Nick Lincoln","startTime":3478.759,"endTime":3480.679,"body":"long term, real return of"},{"speaker":"Nick Lincoln","startTime":3478.759,"endTime":3480.679,"body":"actors, ever bonds, is"},{"speaker":"Nick Lincoln","startTime":3480.679,"endTime":3484.759,"body":"significant, a significant"},{"speaker":"Nick Lincoln","startTime":3480.679,"endTime":3484.759,"body":"difference three times not give"},{"speaker":"Nick Lincoln","startTime":3484.759,"endTime":3488.899,"body":"people the chance to benefit"},{"speaker":"Nick Lincoln","startTime":3484.759,"endTime":3488.899,"body":"from that and and and for us to"},{"speaker":"Nick Lincoln","startTime":3488.899,"endTime":3493.699,"body":"stand as a bulwark between our"},{"speaker":"Nick Lincoln","startTime":3488.899,"endTime":3493.699,"body":"clients best doing the very best"},{"speaker":"Nick Lincoln","startTime":3493.699,"endTime":3495.979,"body":"work for our clients, and all"},{"speaker":"Nick Lincoln","startTime":3493.699,"endTime":3495.979,"body":"the nonsense you know that"},{"speaker":"Nick Lincoln","startTime":3495.979,"endTime":3498.759,"body":"Morgan Stanley being A classic,"},{"speaker":"Nick Lincoln","startTime":3495.979,"endTime":3498.759,"body":"just being, just being, like,"},{"speaker":"Nick Lincoln","startTime":3498.759,"endTime":3502.0589999999997,"body":"holding this up to the RSO on"},{"speaker":"Nick Lincoln","startTime":3498.759,"endTime":3502.0589999999997,"body":"those listings, but I'm holding"},{"speaker":"Nick Lincoln","startTime":3502.1189999999997,"endTime":3506.019,"body":"my hand up to that video camera"},{"speaker":"Nick Lincoln","startTime":3502.1189999999997,"endTime":3506.019,"body":"now saying, No, back off. You"},{"speaker":"Nick Lincoln","startTime":3506.019,"endTime":3509.319,"body":"know, we're not, not in this"},{"speaker":"Nick Lincoln","startTime":3506.019,"endTime":3509.319,"body":"world. You're not welcome here"},{"speaker":"Nick Lincoln","startTime":3509.6189999999997,"endTime":3513.999,"body":"as a firewall between our our"},{"speaker":"Nick Lincoln","startTime":3509.6189999999997,"endTime":3513.999,"body":"clients and the nonsense. So"},{"speaker":"Nick Lincoln","startTime":3513.999,"endTime":3516.719,"body":"that's that. That would be my"},{"speaker":"Nick Lincoln","startTime":3513.999,"endTime":3516.719,"body":"argument too. But in a short,"},{"speaker":"Nick Lincoln","startTime":3516.839,"endTime":3520.1389999999997,"body":"short, short, short, boss, 6040,"},{"speaker":"Nick Lincoln","startTime":3516.839,"endTime":3520.1389999999997,"body":"ain't going to cut it on from a"},{"speaker":"Nick Lincoln","startTime":3520.1389999999997,"endTime":3522.419,"body":"financial plan point of view,"},{"speaker":"Nick Lincoln","startTime":3520.1389999999997,"endTime":3522.419,"body":"either. They'll need the extra"},{"speaker":"Nick Lincoln","startTime":3522.419,"endTime":3526.6189999999997,"body":"1% potential return that's"},{"speaker":"Nick Lincoln","startTime":3522.419,"endTime":3526.6189999999997,"body":"there, compounded over 30 years"},{"speaker":"Nick Lincoln","startTime":3526.6189999999997,"endTime":3528.179,"body":"to get them to where they need"},{"speaker":"Andy Hart","startTime":3528.179,"endTime":3530.399,"body":"to be. Andy just"},{"speaker":"Andy Hart","startTime":3528.179,"endTime":3530.399,"body":"followed on, followed on the"},{"speaker":"Andy Hart","startTime":3530.399,"endTime":3532.799,"body":"same point. Yeah, the real"},{"speaker":"Andy Hart","startTime":3530.399,"endTime":3532.799,"body":"return from equity over bonds,"},{"speaker":"Andy Hart","startTime":3532.799,"endTime":3535.799,"body":"long term is three times as"},{"speaker":"Andy Hart","startTime":3532.799,"endTime":3535.799,"body":"much. So we know that equities"},{"speaker":"Andy Hart","startTime":3535.799,"endTime":3540.439,"body":"are the superior wealth,"},{"speaker":"Andy Hart","startTime":3535.799,"endTime":3540.439,"body":"building asset class. The other"},{"speaker":"Andy Hart","startTime":3540.439,"endTime":3544.459,"body":"thing, the most detailed,"},{"speaker":"Andy Hart","startTime":3540.439,"endTime":3544.459,"body":"complicated, accurate financial"},{"speaker":"Andy Hart","startTime":3544.459,"endTime":3548.899,"body":"plan, doesn't factor in the"},{"speaker":"Andy Hart","startTime":3544.459,"endTime":3548.899,"body":"unknown. So what I mean by that"},{"speaker":"Andy Hart","startTime":3548.959,"endTime":3552.979,"body":"is, let's say the plan gets them"},{"speaker":"Andy Hart","startTime":3548.959,"endTime":3552.979,"body":"over the line with X 100,000x"},{"speaker":"Andy Hart","startTime":3553.5789999999997,"endTime":3557.0789999999997,"body":"million still there, as in, you"},{"speaker":"Andy Hart","startTime":3553.5789999999997,"endTime":3557.0789999999997,"body":"know the people out. You know,"},{"speaker":"Andy Hart","startTime":3557.1389999999997,"endTime":3560.319,"body":"the money outlasts the people."},{"speaker":"Andy Hart","startTime":3557.1389999999997,"endTime":3560.319,"body":"It doesn't factor in the"},{"speaker":"Andy Hart","startTime":3560.319,"endTime":3563.979,"body":"unknown. So I'm okay investing"},{"speaker":"Andy Hart","startTime":3560.319,"endTime":3563.979,"body":"in creating a bit more wealth"},{"speaker":"Andy Hart","startTime":3563.979,"endTime":3567.399,"body":"for the unknowns. So the"},{"speaker":"Andy Hart","startTime":3563.979,"endTime":3567.399,"body":"unknowns are their kids get"},{"speaker":"Andy Hart","startTime":3567.399,"endTime":3571.299,"body":"divorced and they're going to be"},{"speaker":"Andy Hart","startTime":3567.399,"endTime":3571.299,"body":"kicked out of a house and the"},{"speaker":"Andy Hart","startTime":3571.299,"endTime":3575.1389999999997,"body":"school that they want, grand,"},{"speaker":"Andy Hart","startTime":3571.299,"endTime":3575.1389999999997,"body":"etc, etc, the grandkids want to"},{"speaker":"Andy Hart","startTime":3575.1389999999997,"endTime":3577.679,"body":"put through, put them through"},{"speaker":"Andy Hart","startTime":3575.1389999999997,"endTime":3577.679,"body":"private school was originally"},{"speaker":"Andy Hart","startTime":3577.679,"endTime":3582.0589999999997,"body":"that wasn't the plan. They get"},{"speaker":"Andy Hart","startTime":3577.679,"endTime":3582.0589999999997,"body":"divorced, Mr. And Mrs. Clients,"},{"speaker":"Andy Hart","startTime":3582.419,"endTime":3586.379,"body":"they get divorced, or a medical"},{"speaker":"Andy Hart","startTime":3582.419,"endTime":3586.379,"body":"situation rocks up with the"},{"speaker":"Andy Hart","startTime":3586.379,"endTime":3589.739,"body":"clients with the family. So the"},{"speaker":"Andy Hart","startTime":3586.379,"endTime":3589.739,"body":"most accurate financial plan"},{"speaker":"Andy Hart","startTime":3589.739,"endTime":3594.179,"body":"doesn't factor in unknown. So"},{"speaker":"Andy Hart","startTime":3589.739,"endTime":3594.179,"body":"I'm okay creating wealth for the"},{"speaker":"Andy Hart","startTime":3594.179,"endTime":3599.359,"body":"unknown. Obviously caveats"},{"speaker":"Andy Hart","startTime":3594.179,"endTime":3599.359,"body":"within reason. But having"},{"speaker":"Andy Hart","startTime":3599.5989999999997,"endTime":3604.159,"body":"switching the equity portfolio,"},{"speaker":"Andy Hart","startTime":3599.5989999999997,"endTime":3604.159,"body":"there's no behavioral change."},{"speaker":"Andy Hart","startTime":3604.159,"endTime":3607.699,"body":"It's just a temperamental"},{"speaker":"Andy Hart","startTime":3604.159,"endTime":3607.699,"body":"change. If I say, let's create"},{"speaker":"Andy Hart","startTime":3607.699,"endTime":3609.859,"body":"more wealth for the sake of it,"},{"speaker":"Andy Hart","startTime":3607.699,"endTime":3609.859,"body":"you need to increase your"},{"speaker":"Andy Hart","startTime":3609.859,"endTime":3612.5589999999997,"body":"contributions by three grand a"},{"speaker":"Andy Hart","startTime":3609.859,"endTime":3612.5589999999997,"body":"month. That's like ridiculous."},{"speaker":"Andy Hart","startTime":3612.5589999999997,"endTime":3614.959,"body":"That's actually going to change"},{"speaker":"Andy Hart","startTime":3612.5589999999997,"endTime":3614.959,"body":"and impact their lifestyle. I'm"},{"speaker":"Andy Hart","startTime":3614.959,"endTime":3617.299,"body":"saying your money's going to be"},{"speaker":"Andy Hart","startTime":3614.959,"endTime":3617.299,"body":"invested. If you leave it in"},{"speaker":"Andy Hart","startTime":3617.299,"endTime":3619.5389999999998,"body":"cash, you're going to run out of"},{"speaker":"Andy Hart","startTime":3617.299,"endTime":3619.5389999999998,"body":"money if you don't out of money."},{"speaker":"Andy Hart","startTime":3619.5989999999997,"endTime":3621.939,"body":"If you do a 5050, there's a"},{"speaker":"Andy Hart","startTime":3619.5989999999997,"endTime":3621.939,"body":"chart, you might run out of"},{"speaker":"Andy Hart","startTime":3621.939,"endTime":3624.699,"body":"money if you do an 8020, it's a"},{"speaker":"Andy Hart","startTime":3621.939,"endTime":3624.699,"body":"temperamental change, not a"},{"speaker":"Andy Hart","startTime":3624.699,"endTime":3626.979,"body":"behavioral change. Your"},{"speaker":"Andy Hart","startTime":3624.699,"endTime":3626.979,"body":"lifestyle is not impacted. The"},{"speaker":"Andy Hart","startTime":3626.979,"endTime":3630.339,"body":"idea is, don't look, don't"},{"speaker":"Andy Hart","startTime":3626.979,"endTime":3630.339,"body":"react, etc, etc. And these"},{"speaker":"Andy Hart","startTime":3630.339,"endTime":3632.799,"body":"people that mention things on"},{"speaker":"Andy Hart","startTime":3630.339,"endTime":3632.799,"body":"Twitter, just say to them, did"},{"speaker":"Andy Hart","startTime":3632.799,"endTime":3635.979,"body":"your clients lose money during"},{"speaker":"Andy Hart","startTime":3632.799,"endTime":3635.979,"body":"covid? Did they lose money? Can"},{"speaker":"Andy Hart","startTime":3635.979,"endTime":3638.159,"body":"they ask? Can they ask? Can they"},{"speaker":"Andy Hart","startTime":3635.979,"endTime":3638.159,"body":"even ask that question? Because"},{"speaker":"Andy Hart","startTime":3638.159,"endTime":3640.919,"body":"they'll say, yes, they did lose"},{"speaker":"Andy Hart","startTime":3638.159,"endTime":3640.919,"body":"money, but then they didn't. No,"},{"speaker":"Andy Hart","startTime":3640.919,"endTime":3643.0789999999997,"body":"it's like, no, no. There was a"},{"speaker":"Andy Hart","startTime":3640.919,"endTime":3643.0789999999997,"body":"temporary decline, then the"},{"speaker":"Andy Hart","startTime":3643.0789999999997,"endTime":3645.5389999999998,"body":"market continued. That's another"},{"speaker":"Andy Hart","startTime":3643.0789999999997,"endTime":3645.5389999999998,"body":"point. Carl, over to you, my"},{"speaker":"Andy Hart","startTime":3645.5389999999998,"endTime":3645.839,"body":"friend."},{"speaker":"Carl Widger","startTime":3646.859,"endTime":3651.479,"body":"Yeah, all valid"},{"speaker":"Carl Widger","startTime":3646.859,"endTime":3651.479,"body":"points. I think that dimensional"},{"speaker":"Carl Widger","startTime":3651.479,"endTime":3655.979,"body":"page that I spoke about actually"},{"speaker":"Carl Widger","startTime":3651.479,"endTime":3655.979,"body":"is a really good way of setting,"},{"speaker":"Carl Widger","startTime":3656.0389999999998,"endTime":3659.299,"body":"kind of the tone with with,"},{"speaker":"Carl Widger","startTime":3656.0389999999998,"endTime":3659.299,"body":"particularly with new clients."},{"speaker":"Carl Widger","startTime":3659.299,"endTime":3663.0789999999997,"body":"And you're talking about, as you"},{"speaker":"Carl Widger","startTime":3659.299,"endTime":3663.0789999999997,"body":"say, Nick, we always start with"},{"speaker":"Carl Widger","startTime":3663.0789999999997,"endTime":3666.5589999999997,"body":"the financial plan so you can"},{"speaker":"Carl Widger","startTime":3663.0789999999997,"endTime":3666.5589999999997,"body":"identify the short term money. I"},{"speaker":"Carl Widger","startTime":3666.5589999999997,"endTime":3669.019,"body":"like the idea of short term,"},{"speaker":"Carl Widger","startTime":3666.5589999999997,"endTime":3669.019,"body":"medium term or long term. And I"},{"speaker":"Carl Widger","startTime":3669.019,"endTime":3673.819,"body":"think, you know, maybe there is"},{"speaker":"Carl Widger","startTime":3669.019,"endTime":3673.819,"body":"a bond element in the in the"},{"speaker":"Carl Widger","startTime":3673.819,"endTime":3678.939,"body":"medium term, yeah. And as you"},{"speaker":"Carl Widger","startTime":3673.819,"endTime":3678.939,"body":"guys know. I probably more okay"},{"speaker":"Carl Widger","startTime":3678.939,"endTime":3683.739,"body":"with a bond element than than"},{"speaker":"Carl Widger","startTime":3678.939,"endTime":3683.739,"body":"some of you guys would be. And I"},{"speaker":"Carl Widger","startTime":3683.739,"endTime":3688.5989999999997,"body":"think that's okay, so I but I"},{"speaker":"Carl Widger","startTime":3683.739,"endTime":3688.5989999999997,"body":"think that that that dimensional"},{"speaker":"Carl Widger","startTime":3688.5989999999997,"endTime":3692.859,"body":"page showing, look, we're always"},{"speaker":"Carl Widger","startTime":3688.5989999999997,"endTime":3692.859,"body":"saying it's risk versus"},{"speaker":"Carl Widger","startTime":3692.859,"endTime":3697.199,"body":"volatility. It is volatility."},{"speaker":"Carl Widger","startTime":3692.859,"endTime":3697.199,"body":"And we got it, if we show you"},{"speaker":"Carl Widger","startTime":3697.199,"endTime":3701.399,"body":"this now and we tell you this is"},{"speaker":"Carl Widger","startTime":3697.199,"endTime":3701.399,"body":"going to happen, yeah, but here"},{"speaker":"Carl Widger","startTime":3701.399,"endTime":3706.1389999999997,"body":"are the long term returns. I"},{"speaker":"Carl Widger","startTime":3701.399,"endTime":3706.1389999999997,"body":"think that's your best way of"},{"speaker":"Carl Widger","startTime":3706.199,"endTime":3709.679,"body":"successfully investing. Andy,"},{"speaker":"Carl Widger","startTime":3706.199,"endTime":3709.679,"body":"you have a phrase. I can't"},{"speaker":"Carl Widger","startTime":3709.679,"endTime":3712.919,"body":"remember it, but it's something"},{"speaker":"Carl Widger","startTime":3709.679,"endTime":3712.919,"body":"like what you just said, but"},{"speaker":"Carl Widger","startTime":3712.919,"endTime":3715.259,"body":"you're okay with creating"},{"speaker":"Carl Widger","startTime":3712.919,"endTime":3715.259,"body":"wealth. You know, it's like, we"},{"speaker":"Carl Widger","startTime":3715.259,"endTime":3718.759,"body":"shouldn't shy away from creating"},{"speaker":"Carl Widger","startTime":3715.259,"endTime":3718.759,"body":"wealth. So, like, if something"},{"speaker":"Carl Widger","startTime":3718.759,"endTime":3722.719,"body":"is clearly long term investing,"},{"speaker":"Carl Widger","startTime":3718.759,"endTime":3722.719,"body":"so a lot of clients, pension"},{"speaker":"Carl Widger","startTime":3722.719,"endTime":3725.479,"body":"funds would be the way they're"},{"speaker":"Carl Widger","startTime":3722.719,"endTime":3725.479,"body":"structured in Ireland, that you"},{"speaker":"Carl Widger","startTime":3725.479,"endTime":3727.759,"body":"can pass them on to your spouse"},{"speaker":"Carl Widger","startTime":3725.479,"endTime":3727.759,"body":"and then your kids. They're"},{"speaker":"Carl Widger","startTime":3727.759,"endTime":3730.159,"body":"going to be there forever, and"},{"speaker":"Carl Widger","startTime":3727.759,"endTime":3730.159,"body":"they're going to they're going"},{"speaker":"Carl Widger","startTime":3730.219,"endTime":3734.899,"body":"to live way beyond you. That's"},{"speaker":"Carl Widger","startTime":3730.219,"endTime":3734.899,"body":"equity investing. Like, there"},{"speaker":"Carl Widger","startTime":3734.899,"endTime":3740.319,"body":"you go all the way. But I'm okay"},{"speaker":"Carl Widger","startTime":3734.899,"endTime":3740.319,"body":"with having a some bond content"},{"speaker":"Carl Widger","startTime":3740.319,"endTime":3744.279,"body":"there. I would if it was, if it"},{"speaker":"Carl Widger","startTime":3740.319,"endTime":3744.279,"body":"was me with many millions, which"},{"speaker":"Carl Widger","startTime":3744.279,"endTime":3747.5789999999997,"body":"I don't have, but if I did, I"},{"speaker":"Carl Widger","startTime":3744.279,"endTime":3747.5789999999997,"body":"would have some bond content in"},{"speaker":"Carl Widger","startTime":3747.5789999999997,"endTime":3750.879,"body":"there, but certainly I wouldn't"},{"speaker":"Carl Widger","startTime":3747.5789999999997,"endTime":3750.879,"body":"have my overall portfolio at"},{"speaker":"Carl Widger","startTime":3750.879,"endTime":3753.219,"body":"6040 that's for sure, I'd be"},{"speaker":"Carl Widger","startTime":3750.879,"endTime":3753.219,"body":"much higher in 40%"},{"speaker":"Alan Smith","startTime":3753.5789999999997,"endTime":3758.339,"body":"is a high proportion"},{"speaker":"Alan Smith","startTime":3753.5789999999997,"endTime":3758.339,"body":"of wealth to be to be held"},{"speaker":"Alan Smith","startTime":3758.339,"endTime":3760.919,"body":"knowing that there are better"},{"speaker":"Alan Smith","startTime":3758.339,"endTime":3760.919,"body":"returns, albeit subject to"},{"speaker":"Alan Smith","startTime":3760.919,"endTime":3763.6189999999997,"body":"greater volatility, particularly"},{"speaker":"Alan Smith","startTime":3760.919,"endTime":3763.6189999999997,"body":"when most people have got other"},{"speaker":"Alan Smith","startTime":3763.6189999999997,"endTime":3766.6189999999997,"body":"assets, they've got cash,"},{"speaker":"Alan Smith","startTime":3763.6189999999997,"endTime":3766.6189999999997,"body":"they've got property, they might"},{"speaker":"Alan Smith","startTime":3766.6189999999997,"endTime":3771.839,"body":"have other stuff which is less"},{"speaker":"Alan Smith","startTime":3766.6189999999997,"endTime":3771.839,"body":"short term, volatile. The key"},{"speaker":"Alan Smith","startTime":3771.839,"endTime":3776.959,"body":"thing here is wealth equals"},{"speaker":"Alan Smith","startTime":3771.839,"endTime":3776.959,"body":"freedom, and who doesn't want"},{"speaker":"Alan Smith","startTime":3776.959,"endTime":3781.159,"body":"more freedom? Why would you not?"},{"speaker":"Alan Smith","startTime":3776.959,"endTime":3781.159,"body":"Why would you want to just get"},{"speaker":"Alan Smith","startTime":3781.159,"endTime":3783.919,"body":"under a minimal amount of"},{"speaker":"Alan Smith","startTime":3781.159,"endTime":3783.919,"body":"freedom that your financial"},{"speaker":"Alan Smith","startTime":3783.919,"endTime":3787.159,"body":"plan, which, again, as Andy's"},{"speaker":"Alan Smith","startTime":3783.919,"endTime":3787.159,"body":"talked about as well, it's"},{"speaker":"Alan Smith","startTime":3787.159,"endTime":3792.0789999999997,"body":"ridiculous to assume, it's, you"},{"speaker":"Alan Smith","startTime":3787.159,"endTime":3792.0789999999997,"body":"know, naive to think that I've"},{"speaker":"Alan Smith","startTime":3792.439,"endTime":3795.679,"body":"we don't need, we don't need to"},{"speaker":"Alan Smith","startTime":3792.439,"endTime":3795.679,"body":"do any more because 6040, gives"},{"speaker":"Alan Smith","startTime":3795.679,"endTime":3799.419,"body":"us enough, and we die with zero"},{"speaker":"Alan Smith","startTime":3795.679,"endTime":3799.419,"body":"or something? Okay? Oh, well,"},{"speaker":"Alan Smith","startTime":3799.419,"endTime":3802.5989999999997,"body":"and good. So there's no safety"},{"speaker":"Alan Smith","startTime":3799.419,"endTime":3802.5989999999997,"body":"net. There's nothing else in"},{"speaker":"Alan Smith","startTime":3802.5989999999997,"endTime":3806.1389999999997,"body":"place. And if some of the"},{"speaker":"Alan Smith","startTime":3802.5989999999997,"endTime":3806.1389999999997,"body":"issues, and we've talked about"},{"speaker":"Alan Smith","startTime":3806.1389999999997,"endTime":3809.439,"body":"this in the podcast as well in"},{"speaker":"Alan Smith","startTime":3806.1389999999997,"endTime":3809.439,"body":"the past, classic financial"},{"speaker":"Alan Smith","startTime":3809.499,"endTime":3809.799,"body":"life,"},{"speaker":"Carl Widger","startTime":3809.7999999999997,"endTime":3812.38,"body":"life throws, life"},{"speaker":"Carl Widger","startTime":3809.7999999999997,"endTime":3812.38,"body":"doesn't"},{"speaker":"Alan Smith","startTime":3813.64,"endTime":3817.08,"body":"take account of"},{"speaker":"Alan Smith","startTime":3813.64,"endTime":3817.08,"body":"those, not really. Yeah, and why"},{"speaker":"Alan Smith","startTime":3817.08,"endTime":3819.48,"body":"wouldn't you want an extra"},{"speaker":"Alan Smith","startTime":3817.08,"endTime":3819.48,"body":"safety net? Is kind of the"},{"speaker":"Alan Smith","startTime":3819.48,"endTime":3822.54,"body":"thing. So that's maybe, maybe,"},{"speaker":"Alan Smith","startTime":3819.48,"endTime":3822.54,"body":"maybe we've addressed that. One"},{"speaker":"Alan Smith","startTime":3822.54,"endTime":3826.44,"body":"other thing I've just thought"},{"speaker":"Alan Smith","startTime":3822.54,"endTime":3826.44,"body":"about briefly as well. It's kind"},{"speaker":"Alan Smith","startTime":3826.44,"endTime":3829.5,"body":"of this idea about inflation."},{"speaker":"Alan Smith","startTime":3826.44,"endTime":3829.5,"body":"You know, you need to, wealth"},{"speaker":"Alan Smith","startTime":3829.5,"endTime":3833.1,"body":"needs to be preserved. In real"},{"speaker":"Alan Smith","startTime":3829.5,"endTime":3833.1,"body":"terms, the cost of living is"},{"speaker":"Alan Smith","startTime":3833.1,"endTime":3838.1,"body":"going up. Don't always believed"},{"speaker":"Alan Smith","startTime":3833.1,"endTime":3838.1,"body":"the kind of prevailing rate that"},{"speaker":"Alan Smith","startTime":3838.1,"endTime":3841.1,"body":"we're down back at 3% inflation"},{"speaker":"Alan Smith","startTime":3838.1,"endTime":3841.1,"body":"or whatever. Inflation's highly"},{"speaker":"Alan Smith","startTime":3841.1,"endTime":3844.7599999999998,"body":"personalized. Yeah, rubbish."},{"speaker":"Alan Smith","startTime":3841.1,"endTime":3844.7599999999998,"body":"Highly personalized. And a lot"},{"speaker":"Alan Smith","startTime":3844.7599999999998,"endTime":3847.2799999999997,"body":"of people sort of, as they get"},{"speaker":"Alan Smith","startTime":3844.7599999999998,"endTime":3847.2799999999997,"body":"older and go into retirement,"},{"speaker":"Alan Smith","startTime":3847.2799999999997,"endTime":3849.68,"body":"some of that, I mean, I just"},{"speaker":"Alan Smith","startTime":3847.2799999999997,"endTime":3849.68,"body":"think about my own circumstance."},{"speaker":"Alan Smith","startTime":3849.68,"endTime":3853.2799999999997,"body":"Some of my biggest expenses are"},{"speaker":"Alan Smith","startTime":3849.68,"endTime":3853.2799999999997,"body":"things like travel. I like to go"},{"speaker":"Alan Smith","startTime":3853.2799999999997,"endTime":3856.54,"body":"on good holidays. The cost of"},{"speaker":"Alan Smith","startTime":3853.2799999999997,"endTime":3856.54,"body":"our holidays has gone up a lot"},{"speaker":"Alan Smith","startTime":3856.54,"endTime":3861.58,"body":"more than 3% I can assure you,"},{"speaker":"Alan Smith","startTime":3856.54,"endTime":3861.58,"body":"school fees, ignoring, ignoring"},{"speaker":"Alan Smith","startTime":3862.24,"endTime":3867.7599999999998,"body":"the 18, five, 770, 10% a year,"},{"speaker":"Alan Smith","startTime":3862.24,"endTime":3867.7599999999998,"body":"school fees and food food costs,"},{"speaker":"Alan Smith","startTime":3867.7599999999998,"endTime":3870.58,"body":"you know, family food, that's"},{"speaker":"Alan Smith","startTime":3867.7599999999998,"endTime":3870.58,"body":"gone up a lot more than 3% and"},{"speaker":"Alan Smith","startTime":3870.58,"endTime":3873.88,"body":"continues to rise as well. So if"},{"speaker":"Alan Smith","startTime":3870.58,"endTime":3873.88,"body":"you work out your personal"},{"speaker":"Alan Smith","startTime":3874.48,"endTime":3878.16,"body":"inflation rate, particularly for"},{"speaker":"Alan Smith","startTime":3874.48,"endTime":3878.16,"body":"those retired who like to go on"},{"speaker":"Alan Smith","startTime":3878.16,"endTime":3882.0,"body":"holidays and things like that. I"},{"speaker":"Alan Smith","startTime":3878.16,"endTime":3882.0,"body":"want to maybe our part funding"},{"speaker":"Alan Smith","startTime":3882.0,"endTime":3885.48,"body":"or helping children or"},{"speaker":"Alan Smith","startTime":3882.0,"endTime":3885.48,"body":"grandchildren with school fees"},{"speaker":"Alan Smith","startTime":3885.48,"endTime":3888.06,"body":"and some other costs and"},{"speaker":"Alan Smith","startTime":3885.48,"endTime":3888.06,"body":"expenses. You tend to find"},{"speaker":"Alan Smith","startTime":3888.06,"endTime":3890.58,"body":"inflation is more like 7% 8% 9%"},{"speaker":"Carl Widger","startTime":3890.94,"endTime":3893.16,"body":"something like"},{"speaker":"Carl Widger","startTime":3890.94,"endTime":3893.16,"body":"that. A person a personalized"},{"speaker":"Carl Widger","startTime":3893.16,"endTime":3896.04,"body":"inflation rate. I love it. Alan."},{"speaker":"Carl Widger","startTime":3893.16,"endTime":3896.04,"body":"Well, you can"},{"speaker":"Unknown","startTime":3896.88,"endTime":3897.98,"body":"also i and, yeah,"},{"speaker":"Unknown","startTime":3898.4,"endTime":3898.8199999999997,"body":"I've"},{"speaker":"Alan Smith","startTime":3898.819,"endTime":3901.279,"body":"gone to try to, you"},{"speaker":"Alan Smith","startTime":3898.819,"endTime":3901.279,"body":"know, see if there's any online"},{"speaker":"Alan Smith","startTime":3901.279,"endTime":3904.159,"body":"tools. Can be wary, be careful"},{"speaker":"Alan Smith","startTime":3901.279,"endTime":3904.159,"body":"about this, because I plugged my"},{"speaker":"Alan Smith","startTime":3904.159,"endTime":3907.879,"body":"details into the BBC. Have got a"},{"speaker":"Alan Smith","startTime":3904.159,"endTime":3907.879,"body":"version of this, and it's"},{"speaker":"Alan Smith","startTime":3907.879,"endTime":3913.519,"body":"bullshit. So you are the just"},{"speaker":"Alan Smith","startTime":3907.879,"endTime":3913.519,"body":"you spit out your whatever"},{"speaker":"Alan Smith","startTime":3913.519,"endTime":3914.0589999999997,"body":"you're eating."},{"speaker":"Nick Lincoln","startTime":3914.66,"endTime":3916.72,"body":"I had a mint. I"},{"speaker":"Nick Lincoln","startTime":3914.66,"endTime":3916.72,"body":"was just sucking on a mint, and"},{"speaker":"Nick Lincoln","startTime":3916.72,"endTime":3917.8599999999997,"body":"I'm gonna spat it out, which is"},{"speaker":"Alan Smith","startTime":3919.179,"endTime":3921.819,"body":"yes, so be careful"},{"speaker":"Alan Smith","startTime":3919.179,"endTime":3921.819,"body":"about these other sort of there"},{"speaker":"Alan Smith","startTime":3921.819,"endTime":3924.219,"body":"might be, I didn't spend much"},{"speaker":"Alan Smith","startTime":3921.819,"endTime":3924.219,"body":"time doing it, but I know for"},{"speaker":"Alan Smith","startTime":3924.219,"endTime":3926.739,"body":"sure we've all got, well, we for"},{"speaker":"Alan Smith","startTime":3924.219,"endTime":3926.739,"body":"sure, we depends where you spend"},{"speaker":"Alan Smith","startTime":3926.739,"endTime":3929.319,"body":"your money, but a lot of people"},{"speaker":"Alan Smith","startTime":3926.739,"endTime":3929.319,"body":"go into retirement have got, you"},{"speaker":"Alan Smith","startTime":3929.319,"endTime":3931.779,"body":"just got, well, I'm beating"},{"speaker":"Alan Smith","startTime":3929.319,"endTime":3931.779,"body":"inflation because inflation is"},{"speaker":"Alan Smith","startTime":3931.779,"endTime":3934.719,"body":"3% and I got 6% Well, not"},{"speaker":"Alan Smith","startTime":3931.779,"endTime":3934.719,"body":"really. You actually, your"},{"speaker":"Alan Smith","startTime":3934.719,"endTime":3937.379,"body":"personal inflation was 10. You"},{"speaker":"Alan Smith","startTime":3934.719,"endTime":3937.379,"body":"actually lost money in real"},{"speaker":"Alan Smith","startTime":3937.379,"endTime":3940.1389999999997,"body":"terms, particularly if you go"},{"speaker":"Alan Smith","startTime":3937.379,"endTime":3940.1389999999997,"body":"ask bond exposure Nick, I'm"},{"speaker":"Nick Lincoln","startTime":3940.14,"endTime":3942.48,"body":"just going to do"},{"speaker":"Nick Lincoln","startTime":3940.14,"endTime":3942.48,"body":"it. I'm going to do a first on"},{"speaker":"Nick Lincoln","startTime":3942.48,"endTime":3944.7599999999998,"body":"track with that. I'm going to"},{"speaker":"Nick Lincoln","startTime":3942.48,"endTime":3944.7599999999998,"body":"share a screen. So I'm not sure"},{"speaker":"Nick Lincoln","startTime":3944.7599999999998,"endTime":3947.16,"body":"how this resonate results at"},{"speaker":"Nick Lincoln","startTime":3944.7599999999998,"endTime":3947.16,"body":"your end. And obviously, if"},{"speaker":"Nick Lincoln","startTime":3947.16,"endTime":3949.8599999999997,"body":"you're listening to this, it'll"},{"speaker":"Nick Lincoln","startTime":3947.16,"endTime":3949.8599999999997,"body":"mean absolutely nothing. So we"},{"speaker":"Nick Lincoln","startTime":3949.8599999999997,"endTime":3952.3199999999997,"body":"won't dwell on it for too long."},{"speaker":"Nick Lincoln","startTime":3949.8599999999997,"endTime":3952.3199999999997,"body":"But let me well, how does that"},{"speaker":"Nick Lincoln","startTime":3952.3199999999997,"endTime":3956.42,"body":"come? That's the tweet from the"},{"speaker":"Nick Lincoln","startTime":3952.3199999999997,"endTime":3956.42,"body":"lady who said a joke. Okay,"},{"speaker":"Alan Smith","startTime":3956.66,"endTime":3958.7,"body":"if it was, if it"},{"speaker":"Alan Smith","startTime":3956.66,"endTime":3958.7,"body":"were this simple, why bother"},{"speaker":"Alan Smith","startTime":3958.7,"endTime":3963.62,"body":"with an advisor? Oh, my God, I"},{"speaker":"Alan Smith","startTime":3958.7,"endTime":3963.62,"body":"think that's the point. I think"},{"speaker":"Alan Smith","startTime":3963.62,"endTime":3966.14,"body":"that's the point. Well, look,"},{"speaker":"Alan Smith","startTime":3963.62,"endTime":3966.14,"body":"I'm not, this is not. This is"},{"speaker":"Alan Smith","startTime":3966.14,"endTime":3969.92,"body":"not, unlike some of the people"},{"speaker":"Alan Smith","startTime":3966.14,"endTime":3969.92,"body":"who commented on me, this is not"},{"speaker":"Alan Smith","startTime":3969.92,"endTime":3972.56,"body":"a personal attack, where I want"},{"speaker":"Alan Smith","startTime":3969.92,"endTime":3972.56,"body":"to, we want to be here as a"},{"speaker":"Alan Smith","startTime":3972.56,"endTime":3976.04,"body":"community, kind of all help each"},{"speaker":"Alan Smith","startTime":3972.56,"endTime":3976.04,"body":"other, support each other, the."},{"speaker":"Alan Smith","startTime":3976.12,"endTime":3978.22,"body":"Of us on this conversation,"},{"speaker":"Alan Smith","startTime":3976.12,"endTime":3978.22,"body":"we've arrived at our"},{"speaker":"Alan Smith","startTime":3978.22,"endTime":3982.24,"body":"conclusions, rightly or wrongly."},{"speaker":"Alan Smith","startTime":3978.22,"endTime":3982.24,"body":"Obviously, they're right, but"},{"speaker":"Alan Smith","startTime":3982.7799999999997,"endTime":3985.3599999999997,"body":"some of the other conversations,"},{"speaker":"Alan Smith","startTime":3982.7799999999997,"endTime":3985.3599999999997,"body":"some of the other pushbacks. So"},{"speaker":"Alan Smith","startTime":3985.48,"endTime":3988.24,"body":"let me give you another"},{"speaker":"Alan Smith","startTime":3985.48,"endTime":3988.24,"body":"question, or something else that"},{"speaker":"Alan Smith","startTime":3988.24,"endTime":3996.24,"body":"I noticed on the comments box,"},{"speaker":"Alan Smith","startTime":3988.24,"endTime":3996.24,"body":"which was, let me see Carl. I'll"},{"speaker":"Alan Smith","startTime":3996.24,"endTime":4000.68,"body":"throw this one at, at you,"},{"speaker":"Alan Smith","startTime":3996.24,"endTime":4000.68,"body":"because I think, I think it's"},{"speaker":"Alan Smith","startTime":4000.68,"endTime":4008.3599999999997,"body":"Andy Andy, can you? Can you"},{"speaker":"Alan Smith","startTime":4000.68,"endTime":4008.3599999999997,"body":"mute? What are you doing? Ultra,"},{"speaker":"Alan Smith","startTime":4008.3599999999997,"endTime":4009.08,"body":"you're in twice."},{"speaker":"Nick Lincoln","startTime":4012.799,"endTime":4015.979,"body":"We're losing you."},{"speaker":"Nick Lincoln","startTime":4012.799,"endTime":4015.979,"body":"We're losing you from Boston,"},{"speaker":"Nick Lincoln","startTime":4015.979,"endTime":4016.339,"body":"The $6"},{"speaker":"Unknown","startTime":4017.299,"endTime":4018.259,"body":"million Man, God,"},{"speaker":"Andy Hart","startTime":4018.259,"endTime":4019.479,"body":"it was all going so"},{"speaker":"Andy Hart","startTime":4018.259,"endTime":4019.479,"body":"well."},{"speaker":"Nick Lincoln","startTime":4023.08,"endTime":4025.24,"body":"Andy, turn off"},{"speaker":"Nick Lincoln","startTime":4023.08,"endTime":4025.24,"body":"your microphone, shocking."},{"speaker":"Alan Smith","startTime":4026.02,"endTime":4031.48,"body":"Carl, the voice of"},{"speaker":"Alan Smith","startTime":4026.02,"endTime":4031.48,"body":"reason. Someone pushed back. I"},{"speaker":"Alan Smith","startTime":4031.48,"endTime":4037.2599999999998,"body":"said this. You know, 8020 is"},{"speaker":"Alan Smith","startTime":4031.48,"endTime":4037.2599999999998,"body":"better than 6040, what about"},{"speaker":"Alan Smith","startTime":4037.2599999999998,"endTime":4039.0,"body":"clients who need income now?"},{"speaker":"Carl Widger","startTime":4041.819,"endTime":4045.719,"body":"Yeah, so look,"},{"speaker":"Carl Widger","startTime":4041.819,"endTime":4045.719,"body":"we've been now, I am. I'm very"},{"speaker":"Carl Widger","startTime":4045.719,"endTime":4049.0789999999997,"body":"straightforward on this one. I"},{"speaker":"Carl Widger","startTime":4045.719,"endTime":4049.0789999999997,"body":"know there's all this setting up"},{"speaker":"Carl Widger","startTime":4049.0789999999997,"endTime":4052.739,"body":"portfolios with income producing"},{"speaker":"Carl Widger","startTime":4049.0789999999997,"endTime":4052.739,"body":"blah, blah, blah, blah, right?"},{"speaker":"Carl Widger","startTime":4052.979,"endTime":4055.799,"body":"That's, that's what financial"},{"speaker":"Carl Widger","startTime":4052.979,"endTime":4055.799,"body":"planning is about. That's why"},{"speaker":"Carl Widger","startTime":4055.799,"endTime":4060.679,"body":"financial planning is a process,"},{"speaker":"Carl Widger","startTime":4055.799,"endTime":4060.679,"body":"right? It is not a one and done,"},{"speaker":"Carl Widger","startTime":4060.919,"endTime":4064.699,"body":"and that's why, every year, when"},{"speaker":"Carl Widger","startTime":4060.919,"endTime":4064.699,"body":"you're sitting down doing your"},{"speaker":"Carl Widger","startTime":4064.939,"endTime":4066.439,"body":"annual planning,"},{"speaker":"Nick Lincoln","startTime":4067.22,"endTime":4070.16,"body":"I'm sorry, got an"},{"speaker":"Nick Lincoln","startTime":4067.22,"endTime":4070.16,"body":"error message from Riverside"},{"speaker":"Nick Lincoln","startTime":4070.16,"endTime":4073.16,"body":"saying Ultras browsing is"},{"speaker":"Nick Lincoln","startTime":4070.16,"endTime":4073.16,"body":"preventing recording. Ask Ultra"},{"speaker":"Nick Lincoln","startTime":4073.16,"endTime":4076.96,"body":"to refresh the page. Sorry."},{"speaker":"Nick Lincoln","startTime":4073.16,"endTime":4076.96,"body":"Carl, okay, also, what"},{"speaker":"Unknown","startTime":4076.96,"endTime":4077.8599999999997,"body":"did he"},{"speaker":"Carl Widger","startTime":4079.299,"endTime":4086.1389999999997,"body":"do? Yeah, I think I"},{"speaker":"Carl Widger","startTime":4079.299,"endTime":4086.1389999999997,"body":"vote for Nick. Yeah. Can you"},{"speaker":"Carl Widger","startTime":4086.1389999999997,"endTime":4086.6189999999997,"body":"hear me?"},{"speaker":"Nick Lincoln","startTime":4087.3399999999997,"endTime":4089.92,"body":"Yeah, you're okay."},{"speaker":"Andy Hart","startTime":4089.92,"endTime":4093.94,"body":"My battery's dying on"},{"speaker":"Andy Hart","startTime":4089.92,"endTime":4093.94,"body":"my laptop because I've got the"},{"speaker":"Andy Hart","startTime":4093.94,"endTime":4097.86,"body":"wrong freaking charger. I know"},{"speaker":"Andy Hart","startTime":4093.94,"endTime":4097.86,"body":"my phone, so I might have to"},{"speaker":"Andy Hart","startTime":4097.92,"endTime":4099.4800000000005,"body":"bugger off. Is it doing"},{"speaker":"Andy Hart","startTime":4097.92,"endTime":4099.4800000000005,"body":"anything?"},{"speaker":"Nick Lincoln","startTime":4100.7390000000005,"endTime":4102.719,"body":"Nick, John, leave."},{"speaker":"Nick Lincoln","startTime":4100.7390000000005,"endTime":4102.719,"body":"John, leave completely and come"},{"speaker":"Nick Lincoln","startTime":4102.719,"endTime":4105.179,"body":"back in if you want to come back"},{"speaker":"Nick Lincoln","startTime":4102.719,"endTime":4105.179,"body":"with you."},{"speaker":"Andy Hart","startTime":4107.52,"endTime":4109.26,"body":"No, listen"},{"speaker":"Nick Lincoln","startTime":4110.22,"endTime":4114.4800000000005,"body":"to this. Can we"},{"speaker":"Nick Lincoln","startTime":4110.22,"endTime":4114.4800000000005,"body":"just leave you present in the"},{"speaker":"Nick Lincoln","startTime":4114.4800000000005,"endTime":4117.9800000000005,"body":"meeting twice, Andy, so if you"},{"speaker":"Nick Lincoln","startTime":4114.4800000000005,"endTime":4117.9800000000005,"body":"can get yourself to bugger off,"},{"speaker":"Nick Lincoln","startTime":4118.04,"endTime":4118.28,"body":"just"},{"speaker":"Alan Smith","startTime":4118.28,"endTime":4120.8,"body":"cut, just come up,"},{"speaker":"Alan Smith","startTime":4118.28,"endTime":4120.8,"body":"come back in again. Let's move"},{"speaker":"Alan Smith","startTime":4120.8,"endTime":4126.8,"body":"on. God, yeah, this, yeah, the"},{"speaker":"Alan Smith","startTime":4120.8,"endTime":4126.8,"body":"art of financial planning."},{"speaker":"Alan Smith","startTime":4126.92,"endTime":4127.52,"body":"Financial"},{"speaker":"Carl Widger","startTime":4127.52,"endTime":4132.14,"body":"Planning being a"},{"speaker":"Carl Widger","startTime":4127.52,"endTime":4132.14,"body":"process that you look at every"},{"speaker":"Carl Widger","startTime":4132.14,"endTime":4135.4400000000005,"body":"single year, and therefore the"},{"speaker":"Carl Widger","startTime":4132.14,"endTime":4135.4400000000005,"body":"beautiful software that we all"},{"speaker":"Carl Widger","startTime":4135.4400000000005,"endTime":4141.82,"body":"have for financial planning, can"},{"speaker":"Carl Widger","startTime":4135.4400000000005,"endTime":4141.82,"body":"look for the next 234, years,"},{"speaker":"Carl Widger","startTime":4141.82,"endTime":4144.76,"body":"whatever you you decide is right"},{"speaker":"Carl Widger","startTime":4141.82,"endTime":4144.76,"body":"for your business, what your"},{"speaker":"Carl Widger","startTime":4144.76,"endTime":4149.26,"body":"house view is in terms of what"},{"speaker":"Carl Widger","startTime":4144.76,"endTime":4149.26,"body":"cash is required. And that's"},{"speaker":"Carl Widger","startTime":4149.26,"endTime":4153.58,"body":"also another reason, guys, why I"},{"speaker":"Carl Widger","startTime":4149.26,"endTime":4153.58,"body":"like to have your short medium"},{"speaker":"Carl Widger","startTime":4153.58,"endTime":4156.1,"body":"and long term, because if you"},{"speaker":"Carl Widger","startTime":4153.58,"endTime":4156.1,"body":"have your medium and long term,"},{"speaker":"Carl Widger","startTime":4156.1,"endTime":4159.42,"body":"you will have some bond content"},{"speaker":"Carl Widger","startTime":4156.1,"endTime":4159.42,"body":"in your medium. Now for medium,"},{"speaker":"Carl Widger","startTime":4159.42,"endTime":4162.9000000000005,"body":"for me, it's kind of seven,"},{"speaker":"Carl Widger","startTime":4159.42,"endTime":4162.9000000000005,"body":"eight years, okay, so, and then"},{"speaker":"Carl Widger","startTime":4162.9000000000005,"endTime":4166.68,"body":"after that, it's equities. It"},{"speaker":"Carl Widger","startTime":4162.9000000000005,"endTime":4166.68,"body":"allows you then decide where you"},{"speaker":"Carl Widger","startTime":4166.68,"endTime":4172.08,"body":"want to take your to top up your"},{"speaker":"Carl Widger","startTime":4166.68,"endTime":4172.08,"body":"three year cash. So you could go"},{"speaker":"Carl Widger","startTime":4172.08,"endTime":4176.22,"body":"for and take it out of your"},{"speaker":"Carl Widger","startTime":4172.08,"endTime":4176.22,"body":"6040, your 8020, portfolio, or"},{"speaker":"Carl Widger","startTime":4176.22,"endTime":4178.88,"body":"you might decide to take it out"},{"speaker":"Carl Widger","startTime":4176.22,"endTime":4178.88,"body":"of your equity portfolio, but"},{"speaker":"Carl Widger","startTime":4178.88,"endTime":4184.22,"body":"now we've got loads of different"},{"speaker":"Carl Widger","startTime":4178.88,"endTime":4184.22,"body":"things going on. So yeah, I"},{"speaker":"Carl Widger","startTime":4184.22,"endTime":4188.9,"body":"can't. I'm like, when, when,"},{"speaker":"Carl Widger","startTime":4184.22,"endTime":4188.9,"body":"when I used to think about this"},{"speaker":"Carl Widger","startTime":4188.9,"endTime":4190.88,"body":"at the at the outset, when"},{"speaker":"Carl Widger","startTime":4188.9,"endTime":4190.88,"body":"people were bringing in all"},{"speaker":"Carl Widger","startTime":4190.88,"endTime":4193.16,"body":"these, you know, all the 4%"},{"speaker":"Carl Widger","startTime":4190.88,"endTime":4193.16,"body":"rule, and you need to have your"},{"speaker":"Carl Widger","startTime":4193.16,"endTime":4200.74,"body":"guardrails in place. What am I"},{"speaker":"Carl Widger","startTime":4193.16,"endTime":4200.74,"body":"missing here. I think we all my"},{"speaker":"Carl Widger","startTime":4200.74,"endTime":4204.28,"body":"stupid and I'll be reading this"},{"speaker":"Carl Widger","startTime":4200.74,"endTime":4204.28,"body":"stuff and saying, no, no,"},{"speaker":"Carl Widger","startTime":4205.18,"endTime":4209.14,"body":"they've never advised, never it"},{"speaker":"Carl Widger","startTime":4205.18,"endTime":4209.14,"body":"never made sense to me, and"},{"speaker":"Carl Widger","startTime":4209.86,"endTime":4213.46,"body":"you're adding complexity that's"},{"speaker":"Carl Widger","startTime":4209.86,"endTime":4213.46,"body":"not required. Just invest in the"},{"speaker":"Carl Widger","startTime":4213.46,"endTime":4217.38,"body":"global stock market. And if you"},{"speaker":"Carl Widger","startTime":4213.46,"endTime":4217.38,"body":"wanna, you'll have your short"},{"speaker":"Carl Widger","startTime":4217.38,"endTime":4220.26,"body":"term liquidity. And if you want"},{"speaker":"Carl Widger","startTime":4217.38,"endTime":4220.26,"body":"to add in your bonds, which is"},{"speaker":"Carl Widger","startTime":4220.26,"endTime":4224.04,"body":"certainly the house view in"},{"speaker":"Carl Widger","startTime":4220.26,"endTime":4224.04,"body":"metas, that's fine. That's all"},{"speaker":"Carl Widger","startTime":4224.04,"endTime":4226.92,"body":"you need. You don't need"},{"speaker":"Carl Widger","startTime":4224.04,"endTime":4226.92,"body":"anything else. You do not go on."},{"speaker":"Carl Widger","startTime":4226.92,"endTime":4228.0599999999995,"body":"Nick, sorry, sorry,"},{"speaker":"Nick Lincoln","startTime":4228.059,"endTime":4230.099,"body":"sorry. So I mean"},{"speaker":"Nick Lincoln","startTime":4228.059,"endTime":4230.099,"body":"in accumulation, or what human"},{"speaker":"Nick Lincoln","startTime":4230.099,"endTime":4233.219,"body":"beings call the saving stage, I"},{"speaker":"Nick Lincoln","startTime":4230.099,"endTime":4233.219,"body":"pretty much moved to all my"},{"speaker":"Nick Lincoln","startTime":4233.219,"endTime":4236.159,"body":"clients being 100% great"},{"speaker":"Nick Lincoln","startTime":4233.219,"endTime":4236.159,"body":"companies in the world, because"},{"speaker":"Nick Lincoln","startTime":4236.159,"endTime":4238.499,"body":"it doesn't matter. They want"},{"speaker":"Nick Lincoln","startTime":4236.159,"endTime":4238.499,"body":"volatility, right? They want the"},{"speaker":"Nick Lincoln","startTime":4238.499,"endTime":4241.699,"body":"down cost out. Want discount"},{"speaker":"Nick Lincoln","startTime":4238.499,"endTime":4241.699,"body":"cost averaging in the spending"},{"speaker":"Nick Lincoln","startTime":4241.699,"endTime":4244.8189999999995,"body":"stage. What people who don't do"},{"speaker":"Nick Lincoln","startTime":4241.699,"endTime":4244.8189999999995,"body":"our job called decumulation in"},{"speaker":"Nick Lincoln","startTime":4244.8189999999995,"endTime":4248.059,"body":"the spending stage. I will have"},{"speaker":"Nick Lincoln","startTime":4244.8189999999995,"endTime":4248.059,"body":"the short, medium and long term"},{"speaker":"Nick Lincoln","startTime":4248.419,"endTime":4250.939,"body":"portfolios. And funnily enough,"},{"speaker":"Nick Lincoln","startTime":4248.419,"endTime":4250.939,"body":"when you combine them all"},{"speaker":"Nick Lincoln","startTime":4250.939,"endTime":4253.879,"body":"together, it comes in at about"},{"speaker":"Nick Lincoln","startTime":4250.939,"endTime":4253.879,"body":"8020 or a 90 or an 8550"},{"speaker":"Nick Lincoln","startTime":4254.3589999999995,"endTime":4257.379,"body":"portfolio. Anyway, when you look"},{"speaker":"Nick Lincoln","startTime":4254.3589999999995,"endTime":4257.379,"body":"at everything in the round,"},{"speaker":"Nick Lincoln","startTime":4257.559,"endTime":4260.199,"body":"because you do have a place for"},{"speaker":"Nick Lincoln","startTime":4257.559,"endTime":4260.199,"body":"bonds there for short term,"},{"speaker":"Nick Lincoln","startTime":4261.099,"endTime":4265.059,"body":"short term needs, you know. So"},{"speaker":"Nick Lincoln","startTime":4261.099,"endTime":4265.059,"body":"it kind of comes back to 8020,"},{"speaker":"Nick Lincoln","startTime":4265.3589999999995,"endTime":4268.059,"body":"anyway, naturally, in saving if"},{"speaker":"Nick Lincoln","startTime":4265.3589999999995,"endTime":4268.059,"body":"you're doing proper financial"},{"speaker":"Nick Lincoln","startTime":4268.059,"endTime":4269.439,"body":"planning, sorry, yeah. And"},{"speaker":"Carl Widger","startTime":4269.439,"endTime":4272.139,"body":"look, if I get, if"},{"speaker":"Carl Widger","startTime":4269.439,"endTime":4272.139,"body":"so, you've asked two questions"},{"speaker":"Carl Widger","startTime":4272.139,"endTime":4275.3189999999995,"body":"there. Alan, so if I can just,"},{"speaker":"Carl Widger","startTime":4272.139,"endTime":4275.3189999999995,"body":"just kind of reiterate a point"},{"speaker":"Carl Widger","startTime":4275.3189999999995,"endTime":4279.959,"body":"Nick made. I think the first"},{"speaker":"Carl Widger","startTime":4275.3189999999995,"endTime":4279.959,"body":"question is valid. I do. I think"},{"speaker":"Carl Widger","startTime":4279.959,"endTime":4283.559,"body":"it's worth a discussion around,"},{"speaker":"Carl Widger","startTime":4279.959,"endTime":4283.559,"body":"well, if a 6040, is going to"},{"speaker":"Carl Widger","startTime":4283.559,"endTime":4287.579,"body":"give me what I need, why would I"},{"speaker":"Carl Widger","startTime":4283.559,"endTime":4287.579,"body":"go any more volatile? I think"},{"speaker":"Carl Widger","startTime":4287.579,"endTime":4290.459,"body":"there's a, there's a discussion"},{"speaker":"Carl Widger","startTime":4287.579,"endTime":4290.459,"body":"piece around that, for sure. But"},{"speaker":"Carl Widger","startTime":4290.459,"endTime":4293.639,"body":"I don't think this if someone is"},{"speaker":"Carl Widger","startTime":4290.459,"endTime":4293.639,"body":"in, you know, needs an income"},{"speaker":"Carl Widger","startTime":4293.759,"endTime":4296.839,"body":"because they're in decumulation,"},{"speaker":"Carl Widger","startTime":4293.759,"endTime":4296.839,"body":"that they need to be invested in"},{"speaker":"Carl Widger","startTime":4296.839,"endTime":4298.999,"body":"something else, altogether"},{"speaker":"Carl Widger","startTime":4296.839,"endTime":4298.999,"body":"different. I"},{"speaker":"Alan Smith","startTime":4299.18,"endTime":4303.5,"body":"do not say it, but I"},{"speaker":"Alan Smith","startTime":4299.18,"endTime":4303.5,"body":"can't remember who said that,"},{"speaker":"Alan Smith","startTime":4303.5,"endTime":4308.78,"body":"and I think more than one person"},{"speaker":"Alan Smith","startTime":4303.5,"endTime":4308.78,"body":"said it. It means it tells me"},{"speaker":"Alan Smith","startTime":4308.78,"endTime":4312.74,"body":"that they don't understand the"},{"speaker":"Alan Smith","startTime":4308.78,"endTime":4312.74,"body":"fundamentals of real financial"},{"speaker":"Alan Smith","startTime":4312.74,"endTime":4316.22,"body":"planning. That is kind of one of"},{"speaker":"Alan Smith","startTime":4312.74,"endTime":4316.22,"body":"the most important things that"},{"speaker":"Alan Smith","startTime":4316.22,"endTime":4320.5599999999995,"body":"we do is managing liquidity,"},{"speaker":"Alan Smith","startTime":4316.22,"endTime":4320.5599999999995,"body":"managing income needs,"},{"speaker":"Alan Smith","startTime":4320.5599999999995,"endTime":4323.92,"body":"expectations and requirements."},{"speaker":"Alan Smith","startTime":4320.5599999999995,"endTime":4323.92,"body":"And as we've said many times in"},{"speaker":"Alan Smith","startTime":4323.92,"endTime":4327.4,"body":"the past, it is an art, as much"},{"speaker":"Alan Smith","startTime":4323.92,"endTime":4327.4,"body":"as it's a science. It's a blend"},{"speaker":"Alan Smith","startTime":4327.4,"endTime":4330.22,"body":"of both of them, and that's"},{"speaker":"Alan Smith","startTime":4327.4,"endTime":4330.22,"body":"where the value lies. Just to"},{"speaker":"Alan Smith","startTime":4330.22,"endTime":4333.94,"body":"say the person needs income, and"},{"speaker":"Alan Smith","startTime":4330.22,"endTime":4333.94,"body":"assuming they're just going to"},{"speaker":"Alan Smith","startTime":4333.94,"endTime":4337.44,"body":"take it directly from an 8020"},{"speaker":"Alan Smith","startTime":4333.94,"endTime":4337.44,"body":"portfolio, just cash in units to"},{"speaker":"Alan Smith","startTime":4337.44,"endTime":4341.22,"body":"pay an income. I'm sorry, but it"},{"speaker":"Alan Smith","startTime":4337.44,"endTime":4341.22,"body":"tells me they don't understand"},{"speaker":"Alan Smith","startTime":4341.46,"endTime":4342.78,"body":"the real art of the work that"},{"speaker":"Carl Widger","startTime":4342.7789999999995,"endTime":4345.299,"body":"we do. Yeah, and"},{"speaker":"Carl Widger","startTime":4342.7789999999995,"endTime":4345.299,"body":"Alan, go, you go. You can go a"},{"speaker":"Carl Widger","startTime":4345.299,"endTime":4348.719,"body":"step further. They don't"},{"speaker":"Carl Widger","startTime":4345.299,"endTime":4348.719,"body":"understand the long term nature"},{"speaker":"Carl Widger","startTime":4348.719,"endTime":4350.039,"body":"of successful investing."},{"speaker":"Alan Smith","startTime":4350.46,"endTime":4353.46,"body":"They don't there's,"},{"speaker":"Alan Smith","startTime":4350.46,"endTime":4353.46,"body":"there's no work and education"},{"speaker":"Alan Smith","startTime":4353.5199999999995,"endTime":4356.48,"body":"needs to be done. Let me let and"},{"speaker":"Alan Smith","startTime":4353.5199999999995,"endTime":4356.48,"body":"these"},{"speaker":"Carl Widger","startTime":4356.48,"endTime":4358.82,"body":"are fundamental,"},{"speaker":"Carl Widger","startTime":4356.48,"endTime":4358.82,"body":"fundamental, yeah,"},{"speaker":"Nick Lincoln","startTime":4360.2,"endTime":4363.0199999999995,"body":"it's amazing. It's"},{"speaker":"Nick Lincoln","startTime":4360.2,"endTime":4363.0199999999995,"body":"that's all part of life, rich"},{"speaker":"Nick Lincoln","startTime":4363.0199999999995,"endTime":4365.12,"body":"pageant. It's such a such a"},{"speaker":"Nick Lincoln","startTime":4363.0199999999995,"endTime":4365.12,"body":"broad church. It"},{"speaker":"Alan Smith","startTime":4365.119,"endTime":4372.199,"body":"is another question"},{"speaker":"Alan Smith","startTime":4365.119,"endTime":4372.199,"body":"or pushback was, yes, yes, but"},{"speaker":"Alan Smith","startTime":4372.199,"endTime":4375.679,"body":"what if the next 30 years are"},{"speaker":"Alan Smith","startTime":4372.199,"endTime":4375.679,"body":"different to the last 30 years?"},{"speaker":"Nick Lincoln","startTime":4377.72,"endTime":4380.68,"body":"No, we cannot"},{"speaker":"Nick Lincoln","startTime":4377.72,"endTime":4380.68,"body":"know. So what do you want us to"},{"speaker":"Nick Lincoln","startTime":4380.68,"endTime":4382.5999999999995,"body":"do? Make policy on the hoof."},{"speaker":"Alan Smith","startTime":4383.62,"endTime":4386.74,"body":"So what should we"},{"speaker":"Alan Smith","startTime":4383.62,"endTime":4386.74,"body":"do? I mean, history is the only"},{"speaker":"Alan Smith","startTime":4386.74,"endTime":4390.34,"body":"guide we've got, and we have got"},{"speaker":"Alan Smith","startTime":4386.74,"endTime":4390.34,"body":"more than a century of history"},{"speaker":"Alan Smith","startTime":4390.5199999999995,"endTime":4394.0,"body":"which does cover world wars and"},{"speaker":"Alan Smith","startTime":4390.5199999999995,"endTime":4394.0,"body":"global catastrophes and"},{"speaker":"Alan Smith","startTime":4394.0,"endTime":4396.5999999999995,"body":"everything else, and there may"},{"speaker":"Alan Smith","startTime":4394.0,"endTime":4396.5999999999995,"body":"be more of that in the future,"},{"speaker":"Alan Smith","startTime":4396.5999999999995,"endTime":4402.0,"body":"God forbid. But what else do you"},{"speaker":"Alan Smith","startTime":4396.5999999999995,"endTime":4402.0,"body":"do but use it as a rough proxy"},{"speaker":"Alan Smith","startTime":4402.48,"endTime":4405.54,"body":"for this, what the future might"},{"speaker":"Alan Smith","startTime":4402.48,"endTime":4405.54,"body":"look like,"},{"speaker":"Nick Lincoln","startTime":4406.14,"endTime":4409.26,"body":"but Alan, Alan"},{"speaker":"Nick Lincoln","startTime":4406.14,"endTime":4409.26,"body":"bond yields are higher. Haven't"},{"speaker":"Nick Lincoln","startTime":4409.26,"endTime":4410.82,"body":"you seen bond yields are higher?"},{"speaker":"Carl Widger","startTime":4410.88,"endTime":4414.3,"body":"This time is not"},{"speaker":"Carl Widger","startTime":4410.88,"endTime":4414.3,"body":"different. This time will never"},{"speaker":"Carl Widger","startTime":4414.3,"endTime":4418.5199999999995,"body":"be different. It won't be the"},{"speaker":"Carl Widger","startTime":4414.3,"endTime":4418.5199999999995,"body":"ever be the exact same? But"},{"speaker":"Carl Widger","startTime":4418.5199999999995,"endTime":4421.7,"body":"history has an awful habit of"},{"speaker":"Carl Widger","startTime":4418.5199999999995,"endTime":4421.7,"body":"repeating itself. But you're"},{"speaker":"Carl Widger","startTime":4421.7,"endTime":4425.54,"body":"what we're asking people to do,"},{"speaker":"Carl Widger","startTime":4421.7,"endTime":4425.54,"body":"what we're asking our clients to"},{"speaker":"Carl Widger","startTime":4425.54,"endTime":4432.14,"body":"do is to invest in, yeah, the"},{"speaker":"Carl Widger","startTime":4425.54,"endTime":4432.14,"body":"human race, the ingenuity of the"},{"speaker":"Carl Widger","startTime":4432.14,"endTime":4437.92,"body":"human race. Are we always going"},{"speaker":"Carl Widger","startTime":4432.14,"endTime":4437.92,"body":"to try and be progressive? We"},{"speaker":"Carl Widger","startTime":4437.92,"endTime":4442.9,"body":"are. That's what you're buying"},{"speaker":"Carl Widger","startTime":4437.92,"endTime":4442.9,"body":"into. Be optimistic about that"},{"speaker":"Carl Widger","startTime":4442.9,"endTime":4448.3,"body":"into the long term, we are in"},{"speaker":"Carl Widger","startTime":4442.9,"endTime":4448.3,"body":"the best place ever. You know,"},{"speaker":"Carl Widger","startTime":4448.36,"endTime":4451.84,"body":"in history, we live in the best"},{"speaker":"Carl Widger","startTime":4448.36,"endTime":4451.84,"body":"place ever. What's that one? The"},{"speaker":"Carl Widger","startTime":4451.9,"endTime":4458.0999999999995,"body":"Rational Optimist? Yeah, yeah,"},{"speaker":"Carl Widger","startTime":4451.9,"endTime":4458.0999999999995,"body":"exactly. And what my grandkids"},{"speaker":"Carl Widger","startTime":4458.4,"endTime":4462.78,"body":"just like I'm I'm in a much"},{"speaker":"Carl Widger","startTime":4458.4,"endTime":4462.78,"body":"better I live, a much better,"},{"speaker":"Carl Widger","startTime":4462.78,"endTime":4467.04,"body":"easier quality of life than my"},{"speaker":"Carl Widger","startTime":4462.78,"endTime":4467.04,"body":"grandparents. My grandkids, in"},{"speaker":"Carl Widger","startTime":4467.04,"endTime":4469.74,"body":"turn, will will definitely do"},{"speaker":"Carl Widger","startTime":4467.04,"endTime":4469.74,"body":"the same. You just spent a"},{"speaker":"Nick Lincoln","startTime":4469.74,"endTime":4472.08,"body":"month celebrating"},{"speaker":"Nick Lincoln","startTime":4469.74,"endTime":4472.08,"body":"your 50th there's no arguing"},{"speaker":"Nick Lincoln","startTime":4472.08,"endTime":4472.98,"body":"with that. My friend,"},{"speaker":"Carl Widger","startTime":4474.54,"endTime":4477.8,"body":"I did. And you know"},{"speaker":"Carl Widger","startTime":4474.54,"endTime":4477.8,"body":"what, I loved it, and I'm not"},{"speaker":"Carl Widger","startTime":4477.8,"endTime":4481.58,"body":"sorry at all, and I'm feeling"},{"speaker":"Carl Widger","startTime":4477.8,"endTime":4481.58,"body":"very grateful. And I believe in"},{"speaker":"Carl Widger","startTime":4481.58,"endTime":4485.54,"body":"the human race, where up be"},{"speaker":"Carl Widger","startTime":4481.58,"endTime":4485.54,"body":"optimistic, that's the way you"},{"speaker":"Carl Widger","startTime":4485.54,"endTime":4487.04,"body":"have to be. Yeah. Can you"},{"speaker":"Carl Widger","startTime":4485.54,"endTime":4487.04,"body":"imagine"},{"speaker":"Alan Smith","startTime":4487.04,"endTime":4489.68,"body":"the technological"},{"speaker":"Alan Smith","startTime":4487.04,"endTime":4489.68,"body":"advances and medical and know,"},{"speaker":"Alan Smith","startTime":4489.68,"endTime":4492.14,"body":"the early advances, or the next"},{"speaker":"Alan Smith","startTime":4489.68,"endTime":4492.14,"body":"three decades is going to be"},{"speaker":"Alan Smith","startTime":4492.14,"endTime":4495.5599999999995,"body":"extraordinary, and you want to"},{"speaker":"Alan Smith","startTime":4492.14,"endTime":4495.5599999999995,"body":"participate? You"},{"speaker":"Carl Widger","startTime":4495.739,"endTime":4498.459,"body":"have not. You have"},{"speaker":"Carl Widger","startTime":4495.739,"endTime":4498.459,"body":"no idea like, Yeah, well, you"},{"speaker":"Carl Widger","startTime":4498.459,"endTime":4505.179,"body":"have no idea about the leaps and"},{"speaker":"Carl Widger","startTime":4498.459,"endTime":4505.179,"body":"bounds Ireland has gone through"},{"speaker":"Carl Widger","startTime":4505.179,"endTime":4510.159,"body":"in the last 50 years, right? And"},{"speaker":"Carl Widger","startTime":4505.179,"endTime":4510.159,"body":"the UK was probably much more"},{"speaker":"Carl Widger","startTime":4510.159,"endTime":4514.3589999999995,"body":"sophisticated. So you guys"},{"speaker":"Carl Widger","startTime":4510.159,"endTime":4514.3589999999995,"body":"haven't seen the huge, huge"},{"speaker":"Carl Widger","startTime":4514.3589999999995,"endTime":4517.8589999999995,"body":"improvements in lifestyles. So"},{"speaker":"Carl Widger","startTime":4514.3589999999995,"endTime":4517.8589999999995,"body":"like I've seen it, I've lived"},{"speaker":"Carl Widger","startTime":4517.8589999999995,"endTime":4525.3589999999995,"body":"through it. Onwards we go, and"},{"speaker":"Carl Widger","startTime":4517.8589999999995,"endTime":4525.3589999999995,"body":"they'll also, they'll also see"},{"speaker":"Carl Widger","startTime":4525.3589999999995,"endTime":4528.239,"body":"that I was deeply uncomfortable"},{"speaker":"Carl Widger","startTime":4525.3589999999995,"endTime":4528.239,"body":"with the content of some of"},{"speaker":"Carl Widger","startTime":4528.239,"endTime":4533.879,"body":"today's podcast owing to the"},{"speaker":"Carl Widger","startTime":4528.239,"endTime":4533.879,"body":"Irish versus UK cultural"},{"speaker":"Carl Widger","startTime":4533.879,"endTime":4547.459,"body":"differences. I that just cost us"},{"speaker":"Carl Widger","startTime":4533.879,"endTime":4547.459,"body":"money. We don't have demonetized"},{"speaker":"Carl Widger","startTime":4547.579,"endTime":4554.479,"body":"what? Again, the other question,"},{"speaker":"Carl Widger","startTime":4547.579,"endTime":4554.479,"body":"go on. I'll hit us. Hit us. Hit"},{"speaker":"Carl Widger","startTime":4554.479,"endTime":4555.619,"body":"us some more. Nick"},{"speaker":"Alan Smith","startTime":4557.0,"endTime":4558.4,"body":"but what about"},{"speaker":"Alan Smith","startTime":4557.0,"endTime":4558.4,"body":"Japan?"},{"speaker":"Nick Lincoln","startTime":4560.439,"endTime":4562.719,"body":"What about Japan?"},{"speaker":"Nick Lincoln","startTime":4560.439,"endTime":4562.719,"body":"What about you? I mean, that is,"},{"speaker":"Nick Lincoln","startTime":4562.7789999999995,"endTime":4563.379,"body":"was that, I"},{"speaker":"Alan Smith","startTime":4563.38,"endTime":4565.78,"body":"think I did that"},{"speaker":"Alan Smith","startTime":4563.38,"endTime":4565.78,"body":"one, but that was just often"},{"speaker":"Alan Smith","startTime":4565.84,"endTime":4568.48,"body":"that one gets brought in."},{"speaker":"Alan Smith","startTime":4565.84,"endTime":4568.48,"body":"There's one there's one guy"},{"speaker":"Alan Smith","startTime":4568.54,"endTime":4571.36,"body":"again, shoulder. I've actually"},{"speaker":"Alan Smith","startTime":4568.54,"endTime":4571.36,"body":"muted him because I can't deal"},{"speaker":"Alan Smith","startTime":4571.36,"endTime":4574.96,"body":"with it anymore. It just does my"},{"speaker":"Alan Smith","startTime":4571.36,"endTime":4574.96,"body":"head in every time I post"},{"speaker":"Alan Smith","startTime":4574.96,"endTime":4579.0599999999995,"body":"anything to do with any of. You"},{"speaker":"Alan Smith","startTime":4574.96,"endTime":4579.0599999999995,"body":"know, markets, s, p, anything"},{"speaker":"Alan Smith","startTime":4579.0599999999995,"endTime":4581.5199999999995,"body":"else, it's but what about Japan?"},{"speaker":"Nick Lincoln","startTime":4583.5,"endTime":4586.68,"body":"Well, that that is"},{"speaker":"Nick Lincoln","startTime":4583.5,"endTime":4586.68,"body":"actually a really good advert"},{"speaker":"Nick Lincoln","startTime":4586.68,"endTime":4589.68,"body":"for what we do. Because, yeah,"},{"speaker":"Nick Lincoln","startTime":4586.68,"endTime":4589.68,"body":"what about Japan? What if you"},{"speaker":"Nick Lincoln","startTime":4589.68,"endTime":4592.32,"body":"put all of your all of your"},{"speaker":"Nick Lincoln","startTime":4589.68,"endTime":4592.32,"body":"money, or your clients money,"},{"speaker":"Nick Lincoln","startTime":4592.32,"endTime":4596.04,"body":"in, not in just a one asset"},{"speaker":"Nick Lincoln","startTime":4592.32,"endTime":4596.04,"body":"class equities, but into one"},{"speaker":"Nick Lincoln","startTime":4596.88,"endTime":4600.8,"body":"country's equities. Well, we"},{"speaker":"Nick Lincoln","startTime":4596.88,"endTime":4600.8,"body":"wouldn't do that in a million"},{"speaker":"Nick Lincoln","startTime":4600.8,"endTime":4603.32,"body":"years, not because of the Japan"},{"speaker":"Nick Lincoln","startTime":4600.8,"endTime":4603.32,"body":"experience. We wouldn't do it"},{"speaker":"Nick Lincoln","startTime":4603.32,"endTime":4606.38,"body":"full stop, because that's taking"},{"speaker":"Nick Lincoln","startTime":4603.32,"endTime":4606.38,"body":"a massive geographical bet. And"},{"speaker":"Nick Lincoln","startTime":4606.38,"endTime":4608.66,"body":"we're not doing that. We just"},{"speaker":"Nick Lincoln","startTime":4606.38,"endTime":4608.66,"body":"say we want to buy the world. We"},{"speaker":"Nick Lincoln","startTime":4608.66,"endTime":4611.72,"body":"want to buy human ingenuity"},{"speaker":"Nick Lincoln","startTime":4608.66,"endTime":4611.72,"body":"wherever it may be around the"},{"speaker":"Nick Lincoln","startTime":4611.72,"endTime":4615.62,"body":"world. And we don't try and"},{"speaker":"Nick Lincoln","startTime":4611.72,"endTime":4615.62,"body":"guess where the next hot spot is"},{"speaker":"Nick Lincoln","startTime":4615.62,"endTime":4619.12,"body":"or what the next hot sectors. We"},{"speaker":"Nick Lincoln","startTime":4615.62,"endTime":4619.12,"body":"just buy human ingenuity en"},{"speaker":"Nick Lincoln","startTime":4619.12,"endTime":4623.14,"body":"masse. So yes, Japan had that"},{"speaker":"Nick Lincoln","startTime":4619.12,"endTime":4623.14,"body":"awful 30 years. There's nothing"},{"speaker":"Nick Lincoln","startTime":4623.14,"endTime":4625.5999999999995,"body":"about Japan as well. It was a"},{"speaker":"Nick Lincoln","startTime":4623.14,"endTime":4625.5999999999995,"body":"completely corrupt and rigged"},{"speaker":"Nick Lincoln","startTime":4625.72,"endTime":4628.78,"body":"Nikkei in 1989 I mean, it really"},{"speaker":"Nick Lincoln","startTime":4625.72,"endTime":4628.78,"body":"wasn't. It took decades to"},{"speaker":"Nick Lincoln","startTime":4628.78,"endTime":4632.14,"body":"unwind that. So it was a bubble,"},{"speaker":"Nick Lincoln","startTime":4628.78,"endTime":4632.14,"body":"a bubble, a bubble of bubbles."},{"speaker":"Nick Lincoln","startTime":4632.92,"endTime":4635.68,"body":"But yes, we don't What about"},{"speaker":"Nick Lincoln","startTime":4632.92,"endTime":4635.68,"body":"Japan? Absolutely right. What"},{"speaker":"Nick Lincoln","startTime":4635.68,"endTime":4638.64,"body":"about Japan? We don't want to"},{"speaker":"Nick Lincoln","startTime":4635.68,"endTime":4638.64,"body":"Japan. We want to buy the global"},{"speaker":"Nick Lincoln","startTime":4638.64,"endTime":4641.58,"body":"market. And yes, the global"},{"speaker":"Nick Lincoln","startTime":4638.64,"endTime":4641.58,"body":"market will have severe"},{"speaker":"Nick Lincoln","startTime":4641.58,"endTime":4644.0999999999995,"body":"temporary declines sometimes"},{"speaker":"Nick Lincoln","startTime":4641.58,"endTime":4644.0999999999995,"body":"that will give our clients the"},{"speaker":"Nick Lincoln","startTime":4644.0999999999995,"endTime":4646.5,"body":"willies. And we're there to say,"},{"speaker":"Nick Lincoln","startTime":4644.0999999999995,"endTime":4646.5,"body":"hold the course. This too shall"},{"speaker":"Nick Lincoln","startTime":4646.5,"endTime":4650.64,"body":"pass, and everything will come"},{"speaker":"Nick Lincoln","startTime":4646.5,"endTime":4650.64,"body":"back to where it was and then go"},{"speaker":"Nick Lincoln","startTime":4650.64,"endTime":4653.76,"body":"on to new plateaus. But yeah,"},{"speaker":"Nick Lincoln","startTime":4650.64,"endTime":4653.76,"body":"you mentioned Japan, absolutely"},{"speaker":"Nick Lincoln","startTime":4653.76,"endTime":4655.74,"body":"right. We do not do Japan. We"},{"speaker":"Nick Lincoln","startTime":4653.76,"endTime":4655.74,"body":"don't do the"},{"speaker":"Alan Smith","startTime":4655.74,"endTime":4658.82,"body":"I suppose you could"},{"speaker":"Alan Smith","startTime":4655.74,"endTime":4658.82,"body":"say, if your global market cap"},{"speaker":"Alan Smith","startTime":4658.82,"endTime":4665.48,"body":"weighted, you are 60% over 60%"},{"speaker":"Alan Smith","startTime":4658.82,"endTime":4665.48,"body":"US stock. That's that's quite a"},{"speaker":"Alan Smith","startTime":4665.48,"endTime":4669.68,"body":"big bet for but well, but what"},{"speaker":"Alan Smith","startTime":4665.48,"endTime":4669.68,"body":"else can you do? Anything else"},{"speaker":"Alan Smith","startTime":4669.68,"endTime":4670.04,"body":"is a"},{"speaker":"Nick Lincoln","startTime":4670.64,"endTime":4673.0999999999995,"body":"what else you can"},{"speaker":"Nick Lincoln","startTime":4670.64,"endTime":4673.0999999999995,"body":"do? We don't I mean, we know"},{"speaker":"Nick Lincoln","startTime":4673.0999999999995,"endTime":4675.5599999999995,"body":"some ifas in the southwest of"},{"speaker":"Nick Lincoln","startTime":4673.0999999999995,"endTime":4675.5599999999995,"body":"this country apparently have a"},{"speaker":"Nick Lincoln","startTime":4675.5599999999995,"endTime":4677.92,"body":"crystal ball down, and they"},{"speaker":"Nick Lincoln","startTime":4675.5599999999995,"endTime":4677.92,"body":"spend all their time looking at"},{"speaker":"Nick Lincoln","startTime":4677.92,"endTime":4681.16,"body":"incredibly complex charts and"},{"speaker":"Nick Lincoln","startTime":4677.92,"endTime":4681.16,"body":"things, because they're just"},{"speaker":"Nick Lincoln","startTime":4681.16,"endTime":4683.62,"body":"gifted, but we're not. But one"},{"speaker":"Nick Lincoln","startTime":4681.16,"endTime":4683.62,"body":"of the points I talked about was"},{"speaker":"Nick Lincoln","startTime":4683.62,"endTime":4686.32,"body":"the mag seven dominates the"},{"speaker":"Nick Lincoln","startTime":4683.62,"endTime":4686.32,"body":"market. It does absolutely maybe"},{"speaker":"Nick Lincoln","startTime":4686.98,"endTime":4689.5,"body":"the values are too high to risk."},{"speaker":"Nick Lincoln","startTime":4686.98,"endTime":4689.5,"body":"The one thing I would say is"},{"speaker":"Nick Lincoln","startTime":4689.5,"endTime":4692.68,"body":"that if you have a portfolio"},{"speaker":"Nick Lincoln","startTime":4689.5,"endTime":4692.68,"body":"that is tilted towards certain"},{"speaker":"Nick Lincoln","startTime":4692.68,"endTime":4697.08,"body":"factors, small cap, perhaps in"},{"speaker":"Nick Lincoln","startTime":4692.68,"endTime":4697.08,"body":"value and perhaps momentum, that"},{"speaker":"Nick Lincoln","startTime":4697.08,"endTime":4701.16,"body":"when we have these significant"},{"speaker":"Nick Lincoln","startTime":4697.08,"endTime":4701.16,"body":"bear markets, those kind of"},{"speaker":"Nick Lincoln","startTime":4701.16,"endTime":4703.86,"body":"portfolios, for whatever reason,"},{"speaker":"Nick Lincoln","startTime":4701.16,"endTime":4703.86,"body":"the Federal technical reasons,"},{"speaker":"Nick Lincoln","startTime":4703.86,"endTime":4709.44,"body":"tend to ride out better than a"},{"speaker":"Nick Lincoln","startTime":4703.86,"endTime":4709.44,"body":"pure cap, weighted global equity"},{"speaker":"Nick Lincoln","startTime":4709.44,"endTime":4712.44,"body":"fund. So you can even, to a"},{"speaker":"Nick Lincoln","startTime":4709.44,"endTime":4712.44,"body":"degree, ameliorate that, that"},{"speaker":"Nick Lincoln","startTime":4712.44,"endTime":4715.2,"body":"that's that, that stock"},{"speaker":"Nick Lincoln","startTime":4712.44,"endTime":4715.2,"body":"concentration risk, which,"},{"speaker":"Nick Lincoln","startTime":4715.2,"endTime":4716.5999999999995,"body":"which, which is a real present"},{"speaker":"Nick Lincoln","startTime":4715.2,"endTime":4716.5999999999995,"body":"danger"},{"speaker":"Alan Smith","startTime":4716.599,"endTime":4720.139,"body":"I get that. You"},{"speaker":"Alan Smith","startTime":4716.599,"endTime":4720.139,"body":"know? The thing is, you've got"},{"speaker":"Alan Smith","startTime":4720.139,"endTime":4724.219,"body":"to do the work personally to get"},{"speaker":"Alan Smith","startTime":4720.139,"endTime":4724.219,"body":"this to understand on the the"},{"speaker":"Alan Smith","startTime":4724.219,"endTime":4727.039,"body":"investment side of things, you"},{"speaker":"Alan Smith","startTime":4724.219,"endTime":4727.039,"body":"know, I've talked in the past, I"},{"speaker":"Alan Smith","startTime":4727.039,"endTime":4731.239,"body":"think, on this pod, about when"},{"speaker":"Alan Smith","startTime":4727.039,"endTime":4731.239,"body":"we kind of saw the light after"},{"speaker":"Alan Smith","startTime":4731.299,"endTime":4736.099,"body":"2009 coming out of the great"},{"speaker":"Alan Smith","startTime":4731.299,"endTime":4736.099,"body":"financial crisis. And I was just"},{"speaker":"Alan Smith","startTime":4736.099,"endTime":4739.059,"body":"thinking, what the hell this"},{"speaker":"Alan Smith","startTime":4736.099,"endTime":4739.059,"body":"does not make any sense to me."},{"speaker":"Alan Smith","startTime":4739.059,"endTime":4743.439,"body":"And so we spent such a long"},{"speaker":"Alan Smith","startTime":4739.059,"endTime":4743.439,"body":"time, and I now feel quietly"},{"speaker":"Alan Smith","startTime":4743.439,"endTime":4746.259,"body":"confident that we're doing the"},{"speaker":"Alan Smith","startTime":4743.439,"endTime":4746.259,"body":"right thing. We are optimized. I"},{"speaker":"Alan Smith","startTime":4746.259,"endTime":4749.199,"body":"think every one of us on this"},{"speaker":"Alan Smith","startTime":4746.259,"endTime":4749.199,"body":"pod, and that quite a lot of"},{"speaker":"Alan Smith","startTime":4749.199,"endTime":4753.2789999999995,"body":"listeners, have got what I would"},{"speaker":"Alan Smith","startTime":4749.199,"endTime":4753.2789999999995,"body":"humbly refer to as a world class"},{"speaker":"Alan Smith","startTime":4753.2789999999995,"endTime":4756.899,"body":"investment portfolio based on"},{"speaker":"Alan Smith","startTime":4753.2789999999995,"endTime":4756.899,"body":"rigorous data, facts, evidence"},{"speaker":"Alan Smith","startTime":4756.899,"endTime":4760.259,"body":"and science, it just exists. Is"},{"speaker":"Alan Smith","startTime":4756.899,"endTime":4760.259,"body":"there a better way of doing it?"},{"speaker":"Alan Smith","startTime":4760.259,"endTime":4763.979,"body":"I don't know, maybe, but not"},{"speaker":"Alan Smith","startTime":4760.259,"endTime":4763.979,"body":"that I've found. And we leave no"},{"speaker":"Alan Smith","startTime":4763.979,"endTime":4767.699,"body":"stone unturned in our quest to"},{"speaker":"Alan Smith","startTime":4763.979,"endTime":4767.699,"body":"continually tweak, enhance or"},{"speaker":"Alan Smith","startTime":4767.699,"endTime":4772.139,"body":"improve our investment strategy."},{"speaker":"Alan Smith","startTime":4767.699,"endTime":4772.139,"body":"And if you combine that with the"},{"speaker":"Alan Smith","startTime":4772.139,"endTime":4775.379,"body":"behavioral stuff and the, you"},{"speaker":"Alan Smith","startTime":4772.139,"endTime":4775.379,"body":"know, uniquely human stuff, you"},{"speaker":"Alan Smith","startTime":4775.739,"endTime":4778.339,"body":"know, it's about as good as you"},{"speaker":"Alan Smith","startTime":4775.739,"endTime":4778.339,"body":"can get, really,"},{"speaker":"Carl Widger","startTime":4779.54,"endTime":4781.4,"body":"yeah, and the and"},{"speaker":"Carl Widger","startTime":4779.54,"endTime":4781.4,"body":"the other thing, Alan, I'd say,"},{"speaker":"Carl Widger","startTime":4781.4,"endTime":4784.88,"body":"like, if, if you've been on this"},{"speaker":"Carl Widger","startTime":4781.4,"endTime":4784.88,"body":"journey since 2009 you're,"},{"speaker":"Carl Widger","startTime":4784.88,"endTime":4787.28,"body":"you're, you're ahead of me,"},{"speaker":"Carl Widger","startTime":4784.88,"endTime":4787.28,"body":"right? But you should get great"},{"speaker":"Carl Widger","startTime":4787.28,"endTime":4792.08,"body":"comfort from the fact that in"},{"speaker":"Carl Widger","startTime":4787.28,"endTime":4792.08,"body":"2009 you dealt with the historic"},{"speaker":"Carl Widger","startTime":4792.08,"endTime":4796.24,"body":"data, and you went evidence"},{"speaker":"Carl Widger","startTime":4792.08,"endTime":4796.24,"body":"based in 2009 on this way"},{"speaker":"Carl Widger","startTime":4796.24,"endTime":4800.8,"body":"forward. You're 15 years in of"},{"speaker":"Carl Widger","startTime":4796.24,"endTime":4800.8,"body":"proving to yourself every single"},{"speaker":"Carl Widger","startTime":4800.8,"endTime":4805.72,"body":"day exactly right? So it's so,"},{"speaker":"Carl Widger","startTime":4800.8,"endTime":4805.72,"body":"so it's not, it's not like that,"},{"speaker":"Carl Widger","startTime":4805.72,"endTime":4809.5599999999995,"body":"you know? Oh, I'm hoping that"},{"speaker":"Carl Widger","startTime":4805.72,"endTime":4809.5599999999995,"body":"the historical data you are"},{"speaker":"Carl Widger","startTime":4809.5599999999995,"endTime":4811.0,"body":"actually living proof 2009"},{"speaker":"Alan Smith","startTime":4811.96,"endTime":4815.86,"body":"when we first"},{"speaker":"Alan Smith","startTime":4811.96,"endTime":4815.86,"body":"started our journey. And it took"},{"speaker":"Alan Smith","startTime":4815.86,"endTime":4819.96,"body":"a year for myself and my"},{"speaker":"Alan Smith","startTime":4815.86,"endTime":4819.96,"body":"colleagues to just to go through"},{"speaker":"Alan Smith","startTime":4819.96,"endTime":4826.32,"body":"this that 2008 2008 or 2009 is"},{"speaker":"Alan Smith","startTime":4819.96,"endTime":4826.32,"body":"when the market suddenly"},{"speaker":"Alan Smith","startTime":4826.32,"endTime":4826.86,"body":"recovered."},{"speaker":"Nick Lincoln","startTime":4828.54,"endTime":4830.0999999999995,"body":"Yeah, but I made"},{"speaker":"Nick Lincoln","startTime":4828.54,"endTime":4830.0999999999995,"body":"that switch."},{"speaker":"Alan Smith","startTime":4831.96,"endTime":4834.9,"body":"But we were all kind"},{"speaker":"Alan Smith","startTime":4831.96,"endTime":4834.9,"body":"of, you know, we never navigated"},{"speaker":"Alan Smith","startTime":4834.9,"endTime":4837.5,"body":"our way through, but we're all"},{"speaker":"Alan Smith","startTime":4834.9,"endTime":4837.5,"body":"quite, I suppose, shaken up by"},{"speaker":"Alan Smith","startTime":4837.5,"endTime":4842.5999999999995,"body":"because we trusted the this is"},{"speaker":"Alan Smith","startTime":4837.5,"endTime":4842.5999999999995,"body":"still called excellent we, you"},{"speaker":"Alan Smith","startTime":4842.5999999999995,"endTime":4845.5999999999995,"body":"know, is well documented. I've"},{"speaker":"Alan Smith","startTime":4842.5999999999995,"endTime":4845.5999999999995,"body":"talked, spoke about, spoken"},{"speaker":"Alan Smith","startTime":4845.5999999999995,"endTime":4849.14,"body":"about in the past, you know,"},{"speaker":"Alan Smith","startTime":4845.5999999999995,"endTime":4849.14,"body":"outsourced a lot of investment"},{"speaker":"Alan Smith","startTime":4849.14,"endTime":4854.12,"body":"management to Nick's friends"},{"speaker":"Alan Smith","startTime":4849.14,"endTime":4854.12,"body":"that what they call posh DFM or"},{"speaker":"Alan Smith","startTime":4854.12,"endTime":4858.16,"body":"the equip, or the equivalent and"},{"speaker":"Alan Smith","startTime":4854.12,"endTime":4858.16,"body":"but the point is, it's like a"},{"speaker":"Alan Smith","startTime":4858.16,"endTime":4861.0999999999995,"body":"lot of things in life. It's,"},{"speaker":"Alan Smith","startTime":4858.16,"endTime":4861.0999999999995,"body":"you've got to do the work, if"},{"speaker":"Alan Smith","startTime":4861.0999999999995,"endTime":4865.9,"body":"you think you can, I don't know,"},{"speaker":"Alan Smith","startTime":4861.0999999999995,"endTime":4865.9,"body":"read a couple of articles and or"},{"speaker":"Alan Smith","startTime":4865.96,"endTime":4868.78,"body":"even go on the DFA foundation"},{"speaker":"Alan Smith","startTime":4865.96,"endTime":4868.78,"body":"course, and you think you found"},{"speaker":"Alan Smith","startTime":4868.78,"endTime":4871.54,"body":"the salvation and solution, you"},{"speaker":"Alan Smith","startTime":4868.78,"endTime":4871.54,"body":"can. There's no shortcut to"},{"speaker":"Alan Smith","startTime":4871.54,"endTime":4874.42,"body":"this. You have to. I do feel"},{"speaker":"Alan Smith","startTime":4871.54,"endTime":4874.42,"body":"now, one of the few things I do"},{"speaker":"Alan Smith","startTime":4874.42,"endTime":4876.9,"body":"feel very confident about in my"},{"speaker":"Alan Smith","startTime":4874.42,"endTime":4876.9,"body":"life. If I sat down with a"},{"speaker":"Alan Smith","startTime":4876.9,"endTime":4879.66,"body":"prospective client and they"},{"speaker":"Alan Smith","startTime":4876.9,"endTime":4879.66,"body":"asked me to justify our thought"},{"speaker":"Alan Smith","startTime":4879.66,"endTime":4882.72,"body":"process and why we do what we"},{"speaker":"Alan Smith","startTime":4879.66,"endTime":4882.72,"body":"do, I would be able to"},{"speaker":"Alan Smith","startTime":4883.0199999999995,"endTime":4886.0199999999995,"body":"confidently articulate and even"},{"speaker":"Alan Smith","startTime":4883.0199999999995,"endTime":4886.0199999999995,"body":"share the journey that we've"},{"speaker":"Alan Smith","startTime":4886.0199999999995,"endTime":4888.36,"body":"been on why we've done it. And"},{"speaker":"Alan Smith","startTime":4886.0199999999995,"endTime":4888.36,"body":"I'm just saying to anyone"},{"speaker":"Alan Smith","startTime":4888.36,"endTime":4892.8,"body":"listening to this, this podcast,"},{"speaker":"Alan Smith","startTime":4888.36,"endTime":4892.8,"body":"this episode is not a quick fix."},{"speaker":"Alan Smith","startTime":4892.86,"endTime":4896.78,"body":"This episode should encourage"},{"speaker":"Alan Smith","startTime":4892.86,"endTime":4896.78,"body":"you to go and learn more. Do you"},{"speaker":"Alan Smith","startTime":4896.78,"endTime":4899.78,"body":"further do anything in life? You"},{"speaker":"Alan Smith","startTime":4896.78,"endTime":4899.78,"body":"can't, you can't borrow someone"},{"speaker":"Alan Smith","startTime":4899.78,"endTime":4904.16,"body":"else's experience. You got to,"},{"speaker":"Alan Smith","startTime":4899.78,"endTime":4904.16,"body":"have to do it yourself. I think,"},{"speaker":"Alan Smith","startTime":4905.0,"endTime":4905.42,"body":"yeah,"},{"speaker":"Carl Widger","startTime":4905.42,"endTime":4908.9,"body":"like another way of"},{"speaker":"Carl Widger","startTime":4905.42,"endTime":4908.9,"body":"putting this right is you've"},{"speaker":"Carl Widger","startTime":4909.0199999999995,"endTime":4912.2,"body":"you've looked, you've done the"},{"speaker":"Carl Widger","startTime":4909.0199999999995,"endTime":4912.2,"body":"evidence based research, you've"},{"speaker":"Carl Widger","startTime":4912.2,"endTime":4915.68,"body":"looked at what's the best for"},{"speaker":"Carl Widger","startTime":4912.2,"endTime":4915.68,"body":"your clients going forward. And"},{"speaker":"Carl Widger","startTime":4915.68,"endTime":4918.94,"body":"anybody say our Morgan Stanley"},{"speaker":"Carl Widger","startTime":4915.68,"endTime":4918.94,"body":"friend who said, prepare for a"},{"speaker":"Carl Widger","startTime":4918.94,"endTime":4923.98,"body":"10% just correction in the"},{"speaker":"Carl Widger","startTime":4918.94,"endTime":4923.98,"body":"market. Are your floating rate,"},{"speaker":"Carl Widger","startTime":4924.04,"endTime":4928.5999999999995,"body":"no bonds or whatever, right? So"},{"speaker":"Carl Widger","startTime":4924.04,"endTime":4928.5999999999995,"body":"take your own life savings and"},{"speaker":"Carl Widger","startTime":4928.5999999999995,"endTime":4933.28,"body":"you have three options, A, B and"},{"speaker":"Carl Widger","startTime":4928.5999999999995,"endTime":4933.28,"body":"C. You're going to go into long"},{"speaker":"Carl Widger","startTime":4933.28,"endTime":4937.14,"body":"term. Buy the whole market."},{"speaker":"Carl Widger","startTime":4933.28,"endTime":4937.14,"body":"You're going to put your life"},{"speaker":"Carl Widger","startTime":4937.14,"endTime":4940.08,"body":"savings with Mr. Morgan Stanley"},{"speaker":"Carl Widger","startTime":4937.14,"endTime":4940.08,"body":"because he said it's going to go"},{"speaker":"Carl Widger","startTime":4940.08,"endTime":4943.26,"body":"down 10% were you going to put"},{"speaker":"Carl Widger","startTime":4940.08,"endTime":4943.26,"body":"it into a floating rate? No"},{"speaker":"Carl Widger","startTime":4943.38,"endTime":4950.34,"body":"bond, right? And I'd ask Mr."},{"speaker":"Carl Widger","startTime":4943.38,"endTime":4950.34,"body":"Morgan Stanley man, which option"},{"speaker":"Carl Widger","startTime":4950.34,"endTime":4955.08,"body":"he would go for. And I know it"},{"speaker":"Carl Widger","startTime":4950.34,"endTime":4955.08,"body":"wouldn't be the gamble that"},{"speaker":"Carl Widger","startTime":4955.2,"endTime":4958.46,"body":"between now and the next three"},{"speaker":"Carl Widger","startTime":4955.2,"endTime":4958.46,"body":"months, which"},{"speaker":"Alan Smith","startTime":4958.46,"endTime":4960.68,"body":"which is, which is"},{"speaker":"Alan Smith","startTime":4958.46,"endTime":4960.68,"body":"the Yeah, which is the other"},{"speaker":"Alan Smith","startTime":4960.68,"endTime":4964.28,"body":"thing as well, which everyone"},{"speaker":"Alan Smith","startTime":4960.68,"endTime":4964.28,"body":"needs to be wary of, and our"},{"speaker":"Alan Smith","startTime":4964.28,"endTime":4969.38,"body":"clients need to be reminded of,"},{"speaker":"Alan Smith","startTime":4964.28,"endTime":4969.38,"body":"is that all these people with"},{"speaker":"Alan Smith","startTime":4969.38,"endTime":4971.9,"body":"their forecasts and stuff,"},{"speaker":"Alan Smith","startTime":4969.38,"endTime":4971.9,"body":"they've got a different agenda,"},{"speaker":"Alan Smith","startTime":4972.08,"endTime":4974.3,"body":"then they're not worth listening"},{"speaker":"Alan Smith","startTime":4972.08,"endTime":4974.3,"body":"to it the best of times, they"},{"speaker":"Alan Smith","startTime":4974.3,"endTime":4977.5599999999995,"body":"don't understand you Your"},{"speaker":"Alan Smith","startTime":4974.3,"endTime":4977.5599999999995,"body":"circumstances and also get that"},{"speaker":"Alan Smith","startTime":4977.5599999999995,"endTime":4980.92,"body":"that clearly has achieved column"},{"speaker":"Alan Smith","startTime":4977.5599999999995,"endTime":4980.92,"body":"inches. We know for a fact, if"},{"speaker":"Alan Smith","startTime":4980.92,"endTime":4983.68,"body":"you say, and if you predict"},{"speaker":"Alan Smith","startTime":4980.92,"endTime":4983.68,"body":"anything particularly doom and"},{"speaker":"Alan Smith","startTime":4983.68,"endTime":4986.44,"body":"gloom and negative, you're"},{"speaker":"Alan Smith","startTime":4983.68,"endTime":4986.44,"body":"likely to be picked up by the"},{"speaker":"Alan Smith","startTime":4986.44,"endTime":4989.08,"body":"press. You get and eventually"},{"speaker":"Alan Smith","startTime":4986.44,"endTime":4989.08,"body":"some of the stuff that's the"},{"speaker":"Alan Smith","startTime":4989.08,"endTime":4991.5999999999995,"body":"point, they will be right. Oh,"},{"speaker":"Alan Smith","startTime":4989.08,"endTime":4991.5999999999995,"body":"Mr. Morgan Stanley, predicted"},{"speaker":"Alan Smith","startTime":4991.5999999999995,"endTime":4995.26,"body":"10% and 10% surely came along,"},{"speaker":"Alan Smith","startTime":4991.5999999999995,"endTime":4995.26,"body":"if you are, if he says it every"},{"speaker":"Alan Smith","startTime":4995.5,"endTime":4997.8,"body":"you know often enough that will"},{"speaker":"Alan Smith","startTime":4995.5,"endTime":4997.8,"body":"that will happen, but it's"},{"speaker":"Alan Smith","startTime":4997.8,"endTime":5000.08,"body":"entirely different. It's"},{"speaker":"Alan Smith","startTime":4997.8,"endTime":5000.08,"body":"correctly called 10 of the last"},{"speaker":"Alan Smith","startTime":5000.08,"endTime":5002.42,"body":"three, but it's entirely"},{"speaker":"Alan Smith","startTime":5000.08,"endTime":5002.42,"body":"different thought process and"},{"speaker":"Alan Smith","startTime":5002.42,"endTime":5005.78,"body":"agenda. And one thing that I"},{"speaker":"Alan Smith","startTime":5002.42,"endTime":5005.78,"body":"will see as well as it refers to"},{"speaker":"Alan Smith","startTime":5006.08,"endTime":5010.0999999999995,"body":"an investment philosophy. We"},{"speaker":"Alan Smith","startTime":5006.08,"endTime":5010.0999999999995,"body":"continue to have investment"},{"speaker":"Alan Smith","startTime":5010.0999999999995,"endTime":5012.92,"body":"committee meetings and the"},{"speaker":"Alan Smith","startTime":5010.0999999999995,"endTime":5012.92,"body":"agenda. We got an agenda,"},{"speaker":"Alan Smith","startTime":5012.92,"endTime":5015.68,"body":"obviously have, you know, third"},{"speaker":"Alan Smith","startTime":5012.92,"endTime":5015.68,"body":"party support comes in and helps"},{"speaker":"Alan Smith","startTime":5015.68,"endTime":5019.48,"body":"us and guides us through this"},{"speaker":"Alan Smith","startTime":5015.68,"endTime":5019.48,"body":"agenda item number one on every"},{"speaker":"Alan Smith","startTime":5019.48,"endTime":5023.62,"body":"investment committee meeting is,"},{"speaker":"Alan Smith","startTime":5019.48,"endTime":5023.62,"body":"does this stuff still work? Is"},{"speaker":"Alan Smith","startTime":5023.62,"endTime":5027.04,"body":"there any new evidence which has"},{"speaker":"Alan Smith","startTime":5023.62,"endTime":5027.04,"body":"come to light, which which makes"},{"speaker":"Alan Smith","startTime":5027.04,"endTime":5030.46,"body":"us pause for reflection, makes"},{"speaker":"Alan Smith","startTime":5027.04,"endTime":5030.46,"body":"us explore a bit more? Whatever"},{"speaker":"Alan Smith","startTime":5030.46,"endTime":5032.68,"body":"your deeply held beliefs are,"},{"speaker":"Alan Smith","startTime":5030.46,"endTime":5032.68,"body":"you should always be open to"},{"speaker":"Alan Smith","startTime":5032.68,"endTime":5036.24,"body":"challenging them or looking for"},{"speaker":"Alan Smith","startTime":5032.68,"endTime":5036.24,"body":"new evidence to come to light in"},{"speaker":"Alan Smith","startTime":5036.24,"endTime":5038.82,"body":"the in the, all the years we've"},{"speaker":"Alan Smith","startTime":5036.24,"endTime":5038.82,"body":"been doing it, despite the fact"},{"speaker":"Alan Smith","startTime":5038.82,"endTime":5041.28,"body":"that's on the agenda. Every now"},{"speaker":"Alan Smith","startTime":5038.82,"endTime":5041.28,"body":"and again, something does come"},{"speaker":"Alan Smith","startTime":5041.28,"endTime":5045.18,"body":"up. To be fair, there's a paper"},{"speaker":"Alan Smith","startTime":5041.28,"endTime":5045.18,"body":"written by someone interesting."},{"speaker":"Alan Smith","startTime":5045.18,"endTime":5049.0199999999995,"body":"Let's explore further. And"},{"speaker":"Alan Smith","startTime":5045.18,"endTime":5049.0199999999995,"body":"without exception, so far it's"},{"speaker":"Alan Smith","startTime":5049.0199999999995,"endTime":5052.0199999999995,"body":"been, well, it's a six year data"},{"speaker":"Alan Smith","startTime":5049.0199999999995,"endTime":5052.0199999999995,"body":"set. It's not long enough to,"},{"speaker":"Alan Smith","startTime":5052.0199999999995,"endTime":5054.0,"body":"or, you know, whatever, or, or"},{"speaker":"Alan Smith","startTime":5052.0199999999995,"endTime":5054.0,"body":"it's, or it's, they've got"},{"speaker":"Alan Smith","startTime":5054.0,"endTime":5057.08,"body":"confused by something. There's"},{"speaker":"Alan Smith","startTime":5054.0,"endTime":5057.08,"body":"never been sufficient"},{"speaker":"Alan Smith","startTime":5057.14,"endTime":5061.58,"body":"independent, you know, research"},{"speaker":"Alan Smith","startTime":5057.14,"endTime":5061.58,"body":"or data to make us change, in"},{"speaker":"Alan Smith","startTime":5061.58,"endTime":5064.64,"body":"any way, our investment"},{"speaker":"Alan Smith","startTime":5061.58,"endTime":5064.64,"body":"philosophy. But I think that's"},{"speaker":"Alan Smith","startTime":5064.64,"endTime":5067.34,"body":"important to do. Don't just"},{"speaker":"Alan Smith","startTime":5064.64,"endTime":5067.34,"body":"continually, just say, My way is"},{"speaker":"Alan Smith","startTime":5067.34,"endTime":5070.64,"body":"the best way. All the rest of"},{"speaker":"Alan Smith","startTime":5067.34,"endTime":5070.64,"body":"you are stupid. Be prepared to"},{"speaker":"Alan Smith","startTime":5070.64,"endTime":5074.42,"body":"challenge your current thinking."},{"speaker":"Alan Smith","startTime":5070.64,"endTime":5074.42,"body":"The last question that I'm going"},{"speaker":"Alan Smith","startTime":5074.42,"endTime":5078.76,"body":"to raise on this little excerpt,"},{"speaker":"Alan Smith","startTime":5074.42,"endTime":5078.76,"body":"which I do think is not an"},{"speaker":"Alan Smith","startTime":5078.76,"endTime":5081.88,"body":"unreasonable one, because"},{"speaker":"Alan Smith","startTime":5078.76,"endTime":5081.88,"body":"someone just pushed back. So"},{"speaker":"Alan Smith","startTime":5081.88,"endTime":5084.5199999999995,"body":"again, just just to remind you,"},{"speaker":"Alan Smith","startTime":5081.88,"endTime":5084.5199999999995,"body":"we talk about this for a while,"},{"speaker":"Alan Smith","startTime":5084.94,"endTime":5087.94,"body":"I think there's merit in"},{"speaker":"Alan Smith","startTime":5084.94,"endTime":5087.94,"body":"advisors encouraging their"},{"speaker":"Alan Smith","startTime":5087.94,"endTime":5091.3,"body":"clients who are sitting in a"},{"speaker":"Alan Smith","startTime":5087.94,"endTime":5091.3,"body":"broadly 6040, or 5050, type"},{"speaker":"Alan Smith","startTime":5091.42,"endTime":5096.88,"body":"portfolio to just dial it up a"},{"speaker":"Alan Smith","startTime":5091.42,"endTime":5096.88,"body":"bit, to move to a, say, an 8021,"},{"speaker":"Alan Smith","startTime":5096.88,"endTime":5103.98,"body":"8020 which means the expectation"},{"speaker":"Alan Smith","startTime":5096.88,"endTime":5103.98,"body":"is higher returns alongside some"},{"speaker":"Alan Smith","startTime":5103.98,"endTime":5106.92,"body":"higher volatility across that"},{"speaker":"Alan Smith","startTime":5103.98,"endTime":5106.92,"body":"portfolio. And one of the one of"},{"speaker":"Alan Smith","startTime":5106.92,"endTime":5110.28,"body":"the pushbacks was Yes, but what"},{"speaker":"Alan Smith","startTime":5106.92,"endTime":5110.28,"body":"if the clients can't sleep at"},{"speaker":"Alan Smith","startTime":5110.28,"endTime":5114.78,"body":"night? Nick, but"},{"speaker":"Nick Lincoln","startTime":5116.28,"endTime":5120.5,"body":"Okay, thanks. Um,"},{"speaker":"Nick Lincoln","startTime":5116.28,"endTime":5120.5,"body":"well, I think if you, if you, if"},{"speaker":"Nick Lincoln","startTime":5120.5,"endTime":5122.3,"body":"they're already with you, and"},{"speaker":"Nick Lincoln","startTime":5120.5,"endTime":5122.3,"body":"they've been with you for a"},{"speaker":"Nick Lincoln","startTime":5122.3,"endTime":5125.48,"body":"number of years, say they were"},{"speaker":"Nick Lincoln","startTime":5122.3,"endTime":5125.48,"body":"with you in that crucible of"},{"speaker":"Nick Lincoln","startTime":5125.48,"endTime":5128.84,"body":"2007 to nine, you know, the the"},{"speaker":"Nick Lincoln","startTime":5125.48,"endTime":5128.84,"body":"upside beforehand, and then the"},{"speaker":"Nick Lincoln","startTime":5128.84,"endTime":5132.2,"body":"calamitous roller coaster ride"},{"speaker":"Nick Lincoln","startTime":5128.84,"endTime":5132.2,"body":"for the next two years, and"},{"speaker":"Nick Lincoln","startTime":5132.2,"endTime":5134.9,"body":"they've been with you if they"},{"speaker":"Nick Lincoln","startTime":5132.2,"endTime":5134.9,"body":"didn't, if they weren't with"},{"speaker":"Nick Lincoln","startTime":5134.9,"endTime":5137.26,"body":"you, then they've been through"},{"speaker":"Nick Lincoln","startTime":5134.9,"endTime":5137.26,"body":"subsequent things, the Wuhan bed"},{"speaker":"Nick Lincoln","startTime":5137.26,"endTime":5141.5199999999995,"body":"wetting. You know that 34%"},{"speaker":"Nick Lincoln","startTime":5137.26,"endTime":5141.5199999999995,"body":"decline in 33 days the list"},{"speaker":"Nick Lincoln","startTime":5141.5199999999995,"endTime":5144.04,"body":"trust attempt at rainy and"},{"speaker":"Nick Lincoln","startTime":5141.5199999999995,"endTime":5144.04,"body":"spending and doing something"},{"speaker":"Nick Lincoln","startTime":5144.04,"endTime":5147.34,"body":"sensible with taxation, that"},{"speaker":"Nick Lincoln","startTime":5144.04,"endTime":5147.34,"body":"that was that apparently spooked"},{"speaker":"Nick Lincoln","startTime":5147.34,"endTime":5150.04,"body":"the markets. And then bond, you"},{"speaker":"Nick Lincoln","startTime":5147.34,"endTime":5150.04,"body":"know that will that Chao,"},{"speaker":"Nick Lincoln","startTime":5150.04,"endTime":5154.0,"body":"everything we've had, I think"},{"speaker":"Nick Lincoln","startTime":5150.04,"endTime":5154.0,"body":"they're going to trust you when"},{"speaker":"Nick Lincoln","startTime":5154.0,"endTime":5157.0199999999995,"body":"you say to them, Listen, I, as"},{"speaker":"Nick Lincoln","startTime":5154.0,"endTime":5157.0199999999995,"body":"you just said, when the facts"},{"speaker":"Nick Lincoln","startTime":5157.0199999999995,"endTime":5160.2,"body":"change. I change my mind. I"},{"speaker":"Nick Lincoln","startTime":5157.0199999999995,"endTime":5160.2,"body":"don't think a 6040 portfolio is"},{"speaker":"Nick Lincoln","startTime":5160.2,"endTime":5163.62,"body":"really me giving me giving you"},{"speaker":"Nick Lincoln","startTime":5160.2,"endTime":5163.62,"body":"the best opportunity. I think we"},{"speaker":"Nick Lincoln","startTime":5163.62,"endTime":5167.4,"body":"go to 8020 and I do because it's"},{"speaker":"Nick Lincoln","startTime":5163.62,"endTime":5167.4,"body":"you. If you do have clients who"},{"speaker":"Nick Lincoln","startTime":5167.4,"endTime":5171.24,"body":"the extra 20% equity asset"},{"speaker":"Nick Lincoln","startTime":5167.4,"endTime":5171.24,"body":"allocation would give them"},{"speaker":"Nick Lincoln","startTime":5171.54,"endTime":5174.0599999999995,"body":"sleepless nights, then they're"},{"speaker":"Nick Lincoln","startTime":5171.54,"endTime":5174.0599999999995,"body":"probably that's a reflection on"},{"speaker":"Nick Lincoln","startTime":5174.0599999999995,"endTime":5176.72,"body":"your onboarding service as much"},{"speaker":"Nick Lincoln","startTime":5174.0599999999995,"endTime":5176.72,"body":"as anything else. And you might"},{"speaker":"Nick Lincoln","startTime":5176.72,"endTime":5178.88,"body":"want to disengage. The end of"},{"speaker":"Nick Lincoln","startTime":5176.72,"endTime":5178.88,"body":"the day the class might say,"},{"speaker":"Nick Lincoln","startTime":5178.88,"endTime":5181.82,"body":"well, it's my money, and I want"},{"speaker":"Nick Lincoln","startTime":5178.88,"endTime":5181.82,"body":"it 6040 so anyway, so I'm going"},{"speaker":"Nick Lincoln","startTime":5181.82,"endTime":5183.98,"body":"to keep it where it is. I'd be"},{"speaker":"Nick Lincoln","startTime":5181.82,"endTime":5183.98,"body":"very surprised if just"},{"speaker":"Nick Lincoln","startTime":5183.98,"endTime":5187.76,"body":"ratcheting up from 6040 I mean,"},{"speaker":"Nick Lincoln","startTime":5183.98,"endTime":5187.76,"body":"God forbid, six I haven't got,"},{"speaker":"Nick Lincoln","startTime":5187.82,"endTime":5191.48,"body":"I've got so few plants in 6040"},{"speaker":"Nick Lincoln","startTime":5187.82,"endTime":5191.48,"body":"I'm just trying to think. But, I"},{"speaker":"Nick Lincoln","startTime":5191.48,"endTime":5193.88,"body":"mean, I imagine two or three"},{"speaker":"Nick Lincoln","startTime":5191.48,"endTime":5193.88,"body":"years ago and then with that"},{"speaker":"Nick Lincoln","startTime":5193.88,"endTime":5196.46,"body":"sudden rise in interest rates,"},{"speaker":"Nick Lincoln","startTime":5193.88,"endTime":5196.46,"body":"where we saw Bond prices fall, I"},{"speaker":"Nick Lincoln","startTime":5196.7,"endTime":5199.24,"body":"imagine there were some really"},{"speaker":"Nick Lincoln","startTime":5196.7,"endTime":5199.24,"body":"difficult conversations with"},{"speaker":"Nick Lincoln","startTime":5199.24,"endTime":5203.26,"body":"clients. Clients then who are"},{"speaker":"Nick Lincoln","startTime":5199.24,"endTime":5203.26,"body":"maybe by nature, more nervous,"},{"speaker":"Nick Lincoln","startTime":5203.26,"endTime":5206.68,"body":"so they're in a 6040. Actually"},{"speaker":"Nick Lincoln","startTime":5203.26,"endTime":5206.68,"body":"had a really bad ride, because"},{"speaker":"Nick Lincoln","startTime":5206.68,"endTime":5209.62,"body":"that 40% element of the"},{"speaker":"Nick Lincoln","startTime":5206.68,"endTime":5209.62,"body":"portfolio that's supposed to be"},{"speaker":"Nick Lincoln","startTime":5209.62,"endTime":5212.44,"body":"the bit that didn't give them"},{"speaker":"Nick Lincoln","startTime":5209.62,"endTime":5212.44,"body":"the willies, had a horrendous"},{"speaker":"Nick Lincoln","startTime":5212.44,"endTime":5214.48,"body":"time, didn't it? So you were"},{"speaker":"Nick Lincoln","startTime":5212.44,"endTime":5214.48,"body":"talking them off a ledge"},{"speaker":"Nick Lincoln","startTime":5214.48,"endTime":5217.48,"body":"probably every day. I don't"},{"speaker":"Nick Lincoln","startTime":5214.48,"endTime":5217.48,"body":"think it's a problem. We're here"},{"speaker":"Nick Lincoln","startTime":5217.48,"endTime":5219.72,"body":"to be we're here to help clients"},{"speaker":"Nick Lincoln","startTime":5217.48,"endTime":5219.72,"body":"manage. Clients manage their"},{"speaker":"Nick Lincoln","startTime":5219.72,"endTime":5223.74,"body":"behaviors through constant"},{"speaker":"Nick Lincoln","startTime":5219.72,"endTime":5223.74,"body":"empathy and education and just"},{"speaker":"Nick Lincoln","startTime":5223.74,"endTime":5226.08,"body":"getting them, the clients to"},{"speaker":"Nick Lincoln","startTime":5223.74,"endTime":5226.08,"body":"understand that we are on your"},{"speaker":"Nick Lincoln","startTime":5226.08,"endTime":5228.66,"body":"side. We have no vested interest"},{"speaker":"Nick Lincoln","startTime":5226.08,"endTime":5228.66,"body":"in this. We have no skin in the"},{"speaker":"Nick Lincoln","startTime":5228.66,"endTime":5231.3,"body":"game. We don't represent a fund"},{"speaker":"Nick Lincoln","startTime":5228.66,"endTime":5231.3,"body":"management group. We don't work"},{"speaker":"Nick Lincoln","startTime":5231.3,"endTime":5233.64,"body":"for a fund management group. We"},{"speaker":"Nick Lincoln","startTime":5231.3,"endTime":5233.64,"body":"don't work for a bank. I'm"},{"speaker":"Nick Lincoln","startTime":5233.64,"endTime":5236.0999999999995,"body":"giving you my best advice"},{"speaker":"Nick Lincoln","startTime":5233.64,"endTime":5236.0999999999995,"body":"because you will do well by it,"},{"speaker":"Nick Lincoln","startTime":5236.0999999999995,"endTime":5239.3,"body":"and if you do well by it, I will"},{"speaker":"Nick Lincoln","startTime":5236.0999999999995,"endTime":5239.3,"body":"do well by it. Get out of my"},{"speaker":"Nick Lincoln","startTime":5239.3,"endTime":5242.18,"body":"office. Yeah. And are"},{"speaker":"Carl Widger","startTime":5242.18,"endTime":5245.0599999999995,"body":"like, you know, if"},{"speaker":"Carl Widger","startTime":5242.18,"endTime":5245.0599999999995,"body":"I invest, if I just, you know,"},{"speaker":"Carl Widger","startTime":5245.0599999999995,"endTime":5248.66,"body":"tell you to put your money into"},{"speaker":"Carl Widger","startTime":5245.0599999999995,"endTime":5248.66,"body":"cryptocurrency. Or Japan, I'm"},{"speaker":"Carl Widger","startTime":5248.66,"endTime":5252.98,"body":"getting paid the same. So I'm"},{"speaker":"Carl Widger","startTime":5248.66,"endTime":5252.98,"body":"clearly, I'm here to give you"},{"speaker":"Carl Widger","startTime":5252.98,"endTime":5256.64,"body":"what I think is my best shot"},{"speaker":"Carl Widger","startTime":5252.98,"endTime":5256.64,"body":"here. Okay, couple of points on"},{"speaker":"Carl Widger","startTime":5256.64,"endTime":5260.8,"body":"that Nick That's we do have a"},{"speaker":"Carl Widger","startTime":5256.64,"endTime":5260.8,"body":"lot of 6040 people, and I think"},{"speaker":"Carl Widger","startTime":5260.8,"endTime":5263.74,"body":"it's we have them all"},{"speaker":"Carl Widger","startTime":5260.8,"endTime":5263.74,"body":"appropriately invested in their"},{"speaker":"Carl Widger","startTime":5263.74,"endTime":5267.16,"body":"medium term portfolios. That the"},{"speaker":"Carl Widger","startTime":5263.74,"endTime":5267.16,"body":"point you just raised is the"},{"speaker":"Carl Widger","startTime":5267.16,"endTime":5270.64,"body":"reason for people not to be"},{"speaker":"Carl Widger","startTime":5267.16,"endTime":5270.64,"body":"moving out of 6040 portfolios"},{"speaker":"Carl Widger","startTime":5270.64,"endTime":5274.54,"body":"right now. But yes, having the"},{"speaker":"Carl Widger","startTime":5270.64,"endTime":5274.54,"body":"conversation about longer term"},{"speaker":"Carl Widger","startTime":5274.54,"endTime":5279.9,"body":"stuff, certainly for new money,"},{"speaker":"Carl Widger","startTime":5274.54,"endTime":5279.9,"body":"but you touched on exactly the"},{"speaker":"Carl Widger","startTime":5279.9,"endTime":5285.48,"body":"point your onboarding process is"},{"speaker":"Carl Widger","startTime":5279.9,"endTime":5285.48,"body":"really important, that you use"},{"speaker":"Carl Widger","startTime":5285.48,"endTime":5289.62,"body":"that as your educational piece,"},{"speaker":"Carl Widger","startTime":5285.48,"endTime":5289.62,"body":"and that you do talk about these"},{"speaker":"Carl Widger","startTime":5289.62,"endTime":5293.7,"body":"maximum drawdowns and that it's"},{"speaker":"Carl Widger","startTime":5289.62,"endTime":5293.7,"body":"short term volatility, but in"},{"speaker":"Carl Widger","startTime":5293.7,"endTime":5297.5599999999995,"body":"the long term. And Andy has"},{"speaker":"Carl Widger","startTime":5293.7,"endTime":5297.5599999999995,"body":"described this stuff really"},{"speaker":"Carl Widger","startTime":5297.5599999999995,"endTime":5300.14,"body":"well. So spitty's not here, but,"},{"speaker":"Carl Widger","startTime":5297.5599999999995,"endTime":5300.14,"body":"you know, it's like, do you want"},{"speaker":"Carl Widger","startTime":5300.14,"endTime":5304.46,"body":"to, do you want to? Do you want,"},{"speaker":"Carl Widger","startTime":5300.14,"endTime":5304.46,"body":"not a low risk growth, uh, fund."},{"speaker":"Carl Widger","startTime":5304.46,"endTime":5306.62,"body":"Do you want a low return fund or"},{"speaker":"Carl Widger","startTime":5304.46,"endTime":5306.62,"body":"a high return"},{"speaker":"Alan Smith","startTime":5306.62,"endTime":5309.44,"body":"this rest, just"},{"speaker":"Alan Smith","startTime":5306.62,"endTime":5309.44,"body":"reframing, you know, I'd like"},{"speaker":"Alan Smith","startTime":5310.04,"endTime":5312.5,"body":"the high return one, please."},{"speaker":"Alan Smith","startTime":5310.04,"endTime":5312.5,"body":"Absolutely. It does come with a"},{"speaker":"Alan Smith","startTime":5312.5,"endTime":5315.44,"body":"little bit more volatility. You"},{"speaker":"Alan Smith","startTime":5312.5,"endTime":5315.44,"body":"okay, yeah, it's fine. How you"},{"speaker":"Alan Smith","startTime":5315.44,"endTime":5316.34,"body":"frame it? Yeah,"},{"speaker":"Carl Widger","startTime":5317.18,"endTime":5319.5999999999995,"body":"yeah. Yeah. And let"},{"speaker":"Carl Widger","startTime":5317.18,"endTime":5319.5999999999995,"body":"and let me show you how this. So"},{"speaker":"Carl Widger","startTime":5319.5999999999995,"endTime":5322.24,"body":"I do think that's that's the"},{"speaker":"Carl Widger","startTime":5319.5999999999995,"endTime":5322.24,"body":"kind of communication, the"},{"speaker":"Carl Widger","startTime":5322.24,"endTime":5325.66,"body":"education, the honesty at the"},{"speaker":"Carl Widger","startTime":5322.24,"endTime":5325.66,"body":"outset, the honesty to have the"},{"speaker":"Carl Widger","startTime":5325.66,"endTime":5328.9,"body":"courage of your conviction to"},{"speaker":"Carl Widger","startTime":5325.66,"endTime":5328.9,"body":"say this, this has happened"},{"speaker":"Carl Widger","startTime":5328.9,"endTime":5332.08,"body":"before. It will happen again."},{"speaker":"Carl Widger","startTime":5328.9,"endTime":5332.08,"body":"And here are the here the"},{"speaker":"Carl Widger","startTime":5332.08,"endTime":5335.14,"body":"ballpark numbers, so you're"},{"speaker":"Carl Widger","startTime":5332.08,"endTime":5335.14,"body":"talking to them about it. But"},{"speaker":"Carl Widger","startTime":5335.26,"endTime":5339.0,"body":"this is appropriate for you,"},{"speaker":"Carl Widger","startTime":5335.26,"endTime":5339.0,"body":"because let's go back to our"},{"speaker":"Carl Widger","startTime":5339.0,"endTime":5341.5199999999995,"body":"financial plan, and let's see"},{"speaker":"Carl Widger","startTime":5339.0,"endTime":5341.5199999999995,"body":"when you're going to need this"},{"speaker":"Carl Widger","startTime":5341.5199999999995,"endTime":5344.64,"body":"money. This is long term"},{"speaker":"Carl Widger","startTime":5341.5199999999995,"endTime":5344.64,"body":"investing, so I think it's about"},{"speaker":"Carl Widger","startTime":5344.82,"endTime":5347.94,"body":"how you're framing it at the"},{"speaker":"Carl Widger","startTime":5344.82,"endTime":5347.94,"body":"outset. Because if you don't do"},{"speaker":"Carl Widger","startTime":5348.36,"endTime":5351.54,"body":"that, and it's easier not do"},{"speaker":"Carl Widger","startTime":5348.36,"endTime":5351.54,"body":"that at the start, right?"},{"speaker":"Carl Widger","startTime":5351.54,"endTime":5356.0999999999995,"body":"Because you do inverted commas,"},{"speaker":"Carl Widger","startTime":5351.54,"endTime":5356.0999999999995,"body":"risk losing a client, right? If,"},{"speaker":"Carl Widger","startTime":5356.0999999999995,"endTime":5358.5199999999995,"body":"because, in case, you might"},{"speaker":"Carl Widger","startTime":5356.0999999999995,"endTime":5358.5199999999995,"body":"scare the shit out of them,"},{"speaker":"Carl Widger","startTime":5358.5199999999995,"endTime":5362.24,"body":"right? So you have to have the"},{"speaker":"Carl Widger","startTime":5358.5199999999995,"endTime":5362.24,"body":"courage of your conviction to"},{"speaker":"Carl Widger","startTime":5362.24,"endTime":5366.0199999999995,"body":"actually be brave enough to have"},{"speaker":"Carl Widger","startTime":5362.24,"endTime":5366.0199999999995,"body":"those discussions at the outset,"},{"speaker":"Carl Widger","startTime":5366.08,"endTime":5369.14,"body":"so that they're not then"},{"speaker":"Carl Widger","startTime":5366.08,"endTime":5369.14,"body":"surprised when things happen,"},{"speaker":"Carl Widger","startTime":5369.14,"endTime":5372.08,"body":"because that's when really"},{"speaker":"Carl Widger","startTime":5369.14,"endTime":5372.08,"body":"detrimental stuff can happen,"},{"speaker":"Carl Widger","startTime":5372.08,"endTime":5373.16,"body":"and people go jumping out"},{"speaker":"Alan Smith","startTime":5373.16,"endTime":5375.14,"body":"of portfolios. I've"},{"speaker":"Alan Smith","startTime":5373.16,"endTime":5375.14,"body":"always said the early client"},{"speaker":"Alan Smith","startTime":5375.26,"endTime":5378.28,"body":"meetings. This is not an if,"},{"speaker":"Alan Smith","startTime":5375.26,"endTime":5378.28,"body":"this is a when it's just a"},{"speaker":"Alan Smith","startTime":5378.28,"endTime":5383.2,"body":"matter of when your portfolio"},{"speaker":"Alan Smith","startTime":5378.28,"endTime":5383.2,"body":"suffers a 2025, 30% short term"},{"speaker":"Alan Smith","startTime":5383.2,"endTime":5386.08,"body":"correction, there's never been a"},{"speaker":"Alan Smith","startTime":5383.2,"endTime":5386.08,"body":"time in history where it hasn't"},{"speaker":"Alan Smith","startTime":5386.08,"endTime":5389.74,"body":"recovered to greater highs, but"},{"speaker":"Alan Smith","startTime":5386.08,"endTime":5389.74,"body":"it's a bit uncomfortable. So I'm"},{"speaker":"Alan Smith","startTime":5389.74,"endTime":5392.5599999999995,"body":"just telling you this is, this"},{"speaker":"Alan Smith","startTime":5389.74,"endTime":5392.5599999999995,"body":"is not it might happen, it will"},{"speaker":"Alan Smith","startTime":5392.5599999999995,"endTime":5395.98,"body":"happen. But this is, and then"},{"speaker":"Alan Smith","startTime":5392.5599999999995,"endTime":5395.98,"body":"you go to explore and explain"},{"speaker":"Alan Smith","startTime":5395.98,"endTime":5399.0,"body":"that, and this is, this is the"},{"speaker":"Alan Smith","startTime":5395.98,"endTime":5399.0,"body":"point about this. And this is"},{"speaker":"Alan Smith","startTime":5399.0,"endTime":5401.46,"body":"the thing that kind of"},{"speaker":"Alan Smith","startTime":5399.0,"endTime":5401.46,"body":"frustrates me, if you think"},{"speaker":"Alan Smith","startTime":5401.46,"endTime":5404.46,"body":"across the board, and everyone"},{"speaker":"Alan Smith","startTime":5401.46,"endTime":5404.46,"body":"gets wrapped up and you used a"},{"speaker":"Alan Smith","startTime":5404.46,"endTime":5408.96,"body":"good sort of explanation there."},{"speaker":"Alan Smith","startTime":5404.46,"endTime":5408.96,"body":"Carl, words and language is so"},{"speaker":"Alan Smith","startTime":5408.96,"endTime":5411.96,"body":"important. This comes back to"},{"speaker":"Alan Smith","startTime":5408.96,"endTime":5411.96,"body":"this perennial subject. You can"},{"speaker":"Alan Smith","startTime":5411.96,"endTime":5414.66,"body":"start risk versus volatility."},{"speaker":"Alan Smith","startTime":5411.96,"endTime":5414.66,"body":"And those risk risk. No one"},{"speaker":"Alan Smith","startTime":5414.66,"endTime":5418.28,"body":"wants risk, no one wants"},{"speaker":"Alan Smith","startTime":5414.66,"endTime":5418.28,"body":"volatility. But I want to have"},{"speaker":"Alan Smith","startTime":5418.28,"endTime":5420.92,"body":"independence, financial"},{"speaker":"Alan Smith","startTime":5418.28,"endTime":5420.92,"body":"independence. I want to help my"},{"speaker":"Alan Smith","startTime":5420.92,"endTime":5423.32,"body":"children, my grandchildren, and"},{"speaker":"Alan Smith","startTime":5420.92,"endTime":5423.32,"body":"all these good things. Okay,"},{"speaker":"Alan Smith","startTime":5423.32,"endTime":5426.5599999999995,"body":"we're fine. And the truth is"},{"speaker":"Alan Smith","startTime":5423.32,"endTime":5426.5599999999995,"body":"somewhere between the two. Now,"},{"speaker":"Alan Smith","startTime":5427.0999999999995,"endTime":5429.74,"body":"if your client literally says I"},{"speaker":"Alan Smith","startTime":5427.0999999999995,"endTime":5429.74,"body":"wouldn't sleep a wink at night"},{"speaker":"Alan Smith","startTime":5429.74,"endTime":5432.92,"body":"if my portfolio fell by x, I"},{"speaker":"Alan Smith","startTime":5429.74,"endTime":5432.92,"body":"don't even know what the data"},{"speaker":"Alan Smith","startTime":5432.92,"endTime":5436.48,"body":"is. There can't be that much"},{"speaker":"Alan Smith","startTime":5432.92,"endTime":5436.48,"body":"difference between a the biggest"},{"speaker":"Alan Smith","startTime":5436.48,"endTime":5440.32,"body":"drawdown on a 6040 and biggest"},{"speaker":"Alan Smith","startTime":5436.48,"endTime":5440.32,"body":"drawdown on an 8020 it will be"},{"speaker":"Alan Smith","startTime":5440.32,"endTime":5445.0,"body":"material, but it won't be like"},{"speaker":"Alan Smith","startTime":5440.32,"endTime":5445.0,"body":"three times the amount, but"},{"speaker":"Alan Smith","startTime":5445.0,"endTime":5447.88,"body":"that's where the magic lies."},{"speaker":"Alan Smith","startTime":5445.0,"endTime":5447.88,"body":"Now, at the end of the day, if"},{"speaker":"Alan Smith","startTime":5447.88,"endTime":5450.46,"body":"the client says, you know, no"},{"speaker":"Alan Smith","startTime":5447.88,"endTime":5450.46,"body":"chance, I wouldn't sleep a wink"},{"speaker":"Alan Smith","startTime":5450.46,"endTime":5454.0,"body":"all night. I'd be just dreadful"},{"speaker":"Alan Smith","startTime":5450.46,"endTime":5454.0,"body":"for me. Then fine. You know, if"},{"speaker":"Alan Smith","startTime":5454.0,"endTime":5458.46,"body":"that's the thing, we failed in"},{"speaker":"Alan Smith","startTime":5454.0,"endTime":5458.46,"body":"our duty to educate, inform and"},{"speaker":"Alan Smith","startTime":5458.46,"endTime":5462.24,"body":"coach. Fine, but we recognize"},{"speaker":"Alan Smith","startTime":5458.46,"endTime":5462.24,"body":"that not everyone is rational."},{"speaker":"Alan Smith","startTime":5462.24,"endTime":5464.88,"body":"Some people are scared of snakes"},{"speaker":"Alan Smith","startTime":5462.24,"endTime":5464.88,"body":"or spiders or whatever it might"},{"speaker":"Alan Smith","startTime":5464.88,"endTime":5467.7,"body":"be, and there's not lot you can"},{"speaker":"Alan Smith","startTime":5464.88,"endTime":5467.7,"body":"do to deal with that in the"},{"speaker":"Alan Smith","startTime":5467.7,"endTime":5472.62,"body":"short term. And what she was"},{"speaker":"Alan Smith","startTime":5467.7,"endTime":5472.62,"body":"saying, Nick, a man persuaded"},{"speaker":"Alan Smith","startTime":5472.62,"endTime":5476.96,"body":"against his will is obviously"},{"speaker":"Alan Smith","startTime":5472.62,"endTime":5476.96,"body":"the same. Opinion. So you don't"},{"speaker":"Alan Smith","startTime":5476.96,"endTime":5481.5199999999995,"body":"want to let bro beat somebody."},{"speaker":"Alan Smith","startTime":5476.96,"endTime":5481.5199999999995,"body":"But this, this is why I put that"},{"speaker":"Alan Smith","startTime":5481.5199999999995,"endTime":5484.58,"body":"tweet out, because I said you'd"},{"speaker":"Alan Smith","startTime":5481.5199999999995,"endTime":5484.58,"body":"earn your fee 10 times over,"},{"speaker":"Alan Smith","startTime":5484.82,"endTime":5488.48,"body":"because over the next 30 years,"},{"speaker":"Alan Smith","startTime":5484.82,"endTime":5488.48,"body":"you're using 120 years of"},{"speaker":"Alan Smith","startTime":5488.48,"endTime":5491.72,"body":"history as our guide. No"},{"speaker":"Alan Smith","startTime":5488.48,"endTime":5491.72,"body":"guarantee the next 30 years will"},{"speaker":"Alan Smith","startTime":5491.72,"endTime":5495.0199999999995,"body":"be the exactly the same. Then,"},{"speaker":"Alan Smith","startTime":5491.72,"endTime":5495.0199999999995,"body":"no, they won't be, but they're"},{"speaker":"Alan Smith","startTime":5495.0199999999995,"endTime":5498.88,"body":"likely to be broadly similar in"},{"speaker":"Alan Smith","startTime":5495.0199999999995,"endTime":5498.88,"body":"that allocating some of your"},{"speaker":"Alan Smith","startTime":5498.94,"endTime":5503.44,"body":"wealth to human ingenuity,"},{"speaker":"Alan Smith","startTime":5498.94,"endTime":5503.44,"body":"creativity and progress is"},{"speaker":"Alan Smith","startTime":5503.44,"endTime":5507.7,"body":"likely to provide to be"},{"speaker":"Alan Smith","startTime":5503.44,"endTime":5507.7,"body":"rewarding. If it didn't, then"},{"speaker":"Alan Smith","startTime":5507.7,"endTime":5510.46,"body":"the entire financial system"},{"speaker":"Alan Smith","startTime":5507.7,"endTime":5510.46,"body":"would have broken down. That's a"},{"speaker":"Alan Smith","startTime":5510.46,"endTime":5513.28,"body":"trade off. That's a trade off"},{"speaker":"Alan Smith","startTime":5510.46,"endTime":5513.28,"body":"you give accepting short term"},{"speaker":"Alan Smith","startTime":5513.28,"endTime":5515.5,"body":"volatility gives you higher"},{"speaker":"Alan Smith","startTime":5513.28,"endTime":5515.5,"body":"returns. Yeah, if you could get"},{"speaker":"Alan Smith","startTime":5515.5,"endTime":5518.46,"body":"higher returns for lower"},{"speaker":"Alan Smith","startTime":5515.5,"endTime":5518.46,"body":"volatility, everyone would do it"},{"speaker":"Alan Smith","startTime":5518.46,"endTime":5521.04,"body":"in the market wouldn't exist. So"},{"speaker":"Alan Smith","startTime":5518.46,"endTime":5521.04,"body":"this is"},{"speaker":"Nick Lincoln","startTime":5521.58,"endTime":5523.62,"body":"and you wouldn't"},{"speaker":"Nick Lincoln","startTime":5521.58,"endTime":5523.62,"body":"get that. You wouldn't need the"},{"speaker":"Nick Lincoln","startTime":5523.62,"endTime":5530.94,"body":"compensation you cannot get"},{"speaker":"Nick Lincoln","startTime":5523.62,"endTime":5530.94,"body":"pointless. And just to close, I"},{"speaker":"Nick Lincoln","startTime":5530.94,"endTime":5535.08,"body":"think we should close 90 minutes"},{"speaker":"Nick Lincoln","startTime":5530.94,"endTime":5535.08,"body":"in Carl used the word surprised."},{"speaker":"Nick Lincoln","startTime":5535.14,"endTime":5538.5199999999995,"body":"It's perfectly okay for your"},{"speaker":"Nick Lincoln","startTime":5535.14,"endTime":5538.5199999999995,"body":"clients to be shocked when they"},{"speaker":"Nick Lincoln","startTime":5538.5199999999995,"endTime":5541.46,"body":"see the valuation of their"},{"speaker":"Nick Lincoln","startTime":5538.5199999999995,"endTime":5541.46,"body":"pensions or whatever ices you"},{"speaker":"Nick Lincoln","startTime":5541.46,"endTime":5544.34,"body":"trust go down in value during"},{"speaker":"Nick Lincoln","startTime":5541.46,"endTime":5544.34,"body":"temporary decline, because it is"},{"speaker":"Nick Lincoln","startTime":5544.34,"endTime":5547.46,"body":"a shocking they must never be"},{"speaker":"Nick Lincoln","startTime":5544.34,"endTime":5547.46,"body":"surprised. That's the"},{"speaker":"Nick Lincoln","startTime":5547.46,"endTime":5549.98,"body":"difference. You must never not"},{"speaker":"Nick Lincoln","startTime":5547.46,"endTime":5549.98,"body":"know this couldn't happen, and"},{"speaker":"Nick Lincoln","startTime":5549.98,"endTime":5553.58,"body":"that's why the education cliche"},{"speaker":"Nick Lincoln","startTime":5549.98,"endTime":5553.58,"body":"again, but you do the lifeboat"},{"speaker":"Nick Lincoln","startTime":5553.58,"endTime":5556.48,"body":"exercise when the boat's in the"},{"speaker":"Nick Lincoln","startTime":5553.58,"endTime":5556.48,"body":"still water, in the dock, you"},{"speaker":"Nick Lincoln","startTime":5556.48,"endTime":5559.9,"body":"don't do it when? Yeah, Colin"},{"speaker":"Nick Lincoln","startTime":5556.48,"endTime":5559.9,"body":"captain has just clipped a great"},{"speaker":"Nick Lincoln","startTime":5559.9,"endTime":5563.14,"body":"big grass here, and the thing's"},{"speaker":"Nick Lincoln","startTime":5559.9,"endTime":5563.14,"body":"listing is too late. People,"},{"speaker":"Nick Lincoln","startTime":5563.14,"endTime":5563.38,"body":"won't"},{"speaker":"Carl Widger","startTime":5563.5,"endTime":5565.84,"body":"I just, I just, I"},{"speaker":"Carl Widger","startTime":5563.5,"endTime":5565.84,"body":"know. Sorry, Nick, I just, as"},{"speaker":"Carl Widger","startTime":5565.84,"endTime":5570.34,"body":"we're wrapping up here, right?"},{"speaker":"Carl Widger","startTime":5565.84,"endTime":5570.34,"body":"I'm, I'd love to get, I'd love"},{"speaker":"Carl Widger","startTime":5570.34,"endTime":5573.82,"body":"to get, you know, a debate"},{"speaker":"Carl Widger","startTime":5570.34,"endTime":5573.82,"body":"going, a proper debate with, you"},{"speaker":"Carl Widger","startTime":5573.82,"endTime":5576.5999999999995,"body":"know, people who believe the"},{"speaker":"Carl Widger","startTime":5573.82,"endTime":5576.5999999999995,"body":"opposite of what we're saying,"},{"speaker":"Carl Widger","startTime":5576.5999999999995,"endTime":5579.78,"body":"because I genuinely don't"},{"speaker":"Carl Widger","startTime":5576.5999999999995,"endTime":5579.78,"body":"believe there are valid"},{"speaker":"Carl Widger","startTime":5579.78,"endTime":5583.8,"body":"arguments, or that there are"},{"speaker":"Carl Widger","startTime":5579.78,"endTime":5583.8,"body":"things that we can't explain as"},{"speaker":"Carl Widger","startTime":5583.8,"endTime":5587.64,"body":"to why this is the best way"},{"speaker":"Carl Widger","startTime":5583.8,"endTime":5587.64,"body":"forward. Of course, people have"},{"speaker":"Carl Widger","startTime":5587.64,"endTime":5590.94,"body":"different views, but I'm always"},{"speaker":"Carl Widger","startTime":5587.64,"endTime":5590.94,"body":"mind, wouldn't it just be"},{"speaker":"Carl Widger","startTime":5590.94,"endTime":5593.64,"body":"butting it? But I'm always"},{"speaker":"Carl Widger","startTime":5590.94,"endTime":5593.64,"body":"minded of asking these active"},{"speaker":"Carl Widger","startTime":5593.64,"endTime":5598.22,"body":"fund managers, would you, would"},{"speaker":"Carl Widger","startTime":5593.64,"endTime":5598.22,"body":"you invest in a capital asset"},{"speaker":"Carl Widger","startTime":5598.22,"endTime":5602.54,"body":"management plan. I long term"},{"speaker":"Carl Widger","startTime":5598.22,"endTime":5602.54,"body":"investment are the one that"},{"speaker":"Carl Widger","startTime":5602.54,"endTime":5605.66,"body":"you're that you're peddling"},{"speaker":"Carl Widger","startTime":5602.54,"endTime":5605.66,"body":"yourself. I think we"},{"speaker":"Alan Smith","startTime":5606.0199999999995,"endTime":5607.94,"body":"know, but we don't"},{"speaker":"Alan Smith","startTime":5606.0199999999995,"endTime":5607.94,"body":"disclose it topically."},{"speaker":"Nick Lincoln","startTime":5608.659,"endTime":5611.239,"body":"Okay, let's move"},{"speaker":"Nick Lincoln","startTime":5608.659,"endTime":5611.239,"body":"on. Okay, so we're 90 minutes,"},{"speaker":"Nick Lincoln","startTime":5611.239,"endTime":5615.079,"body":"and I'm, I'm proposing that we"},{"speaker":"Nick Lincoln","startTime":5611.239,"endTime":5615.079,"body":"skip the TRAPPIST questions for"},{"speaker":"Nick Lincoln","startTime":5615.079,"endTime":5617.899,"body":"this episode, because we still"},{"speaker":"Nick Lincoln","startTime":5615.079,"endTime":5617.899,"body":"got to do culture corner. We can"},{"speaker":"Nick Lincoln","startTime":5617.899,"endTime":5620.259,"body":"Jill, you'll be very patient."},{"speaker":"Nick Lincoln","startTime":5617.899,"endTime":5620.259,"body":"You're in the heart of Jill"},{"speaker":"Nick Lincoln","startTime":5620.259,"endTime":5623.559,"body":"Turner. We will do you in"},{"speaker":"Nick Lincoln","startTime":5620.259,"endTime":5623.559,"body":"episode 51 in terms of answering"},{"speaker":"Nick Lincoln","startTime":5623.559,"endTime":5626.919,"body":"your question that's poorly"},{"speaker":"Nick Lincoln","startTime":5623.559,"endTime":5626.919,"body":"phrased. Let's move on to,"},{"speaker":"Nick Lincoln","startTime":5633.04,"endTime":5637.14,"body":"oh god, it's a hot day. It's 20"},{"speaker":"Nick Lincoln","startTime":5633.04,"endTime":5637.14,"body":"it's 29 internal temperature in"},{"speaker":"Nick Lincoln","startTime":5637.14,"endTime":5640.5,"body":"my office. I'm just, basically,"},{"speaker":"Nick Lincoln","startTime":5637.14,"endTime":5640.5,"body":"I'm just dissipating into a"},{"speaker":"Nick Lincoln","startTime":5640.5,"endTime":5640.8,"body":"puddle,"},{"speaker":"Alan Smith","startTime":5640.8,"endTime":5642.48,"body":"but no air"},{"speaker":"Alan Smith","startTime":5640.8,"endTime":5642.48,"body":"conditioning in Okay,"},{"speaker":"Nick Lincoln","startTime":5644.46,"endTime":5647.88,"body":"not in the not my"},{"speaker":"Nick Lincoln","startTime":5644.46,"endTime":5647.88,"body":"office. No, we don't, okay. I'm"},{"speaker":"Nick Lincoln","startTime":5647.88,"endTime":5650.34,"body":"not gonna read any price"},{"speaker":"Nick Lincoln","startTime":5647.88,"endTime":5650.34,"body":"straight on to me"},{"speaker":"Alan Smith","startTime":5651.599,"endTime":5655.8589999999995,"body":"first. Oh, there's a"},{"speaker":"Alan Smith","startTime":5651.599,"endTime":5655.8589999999995,"body":"book. Now, this book has been"},{"speaker":"Alan Smith","startTime":5655.8589999999995,"endTime":5659.719,"body":"out for, I think, the best part"},{"speaker":"Alan Smith","startTime":5655.8589999999995,"endTime":5659.719,"body":"of 40 years. I've heard about it"},{"speaker":"Alan Smith","startTime":5659.719,"endTime":5663.559,"body":"before, but just my friend of"},{"speaker":"Alan Smith","startTime":5659.719,"endTime":5663.559,"body":"mine when I was just up in"},{"speaker":"Alan Smith","startTime":5663.559,"endTime":5666.559,"body":"Scotland last week, David"},{"speaker":"Alan Smith","startTime":5663.559,"endTime":5666.559,"body":"McChrystal, shout out to David"},{"speaker":"Alan Smith","startTime":5666.8589999999995,"endTime":5671.419,"body":"Irish man, but he's a listener."},{"speaker":"Alan Smith","startTime":5666.8589999999995,"endTime":5671.419,"body":"He's a listener to the podcast,"},{"speaker":"Alan Smith","startTime":5671.419,"endTime":5674.419,"body":"despite the fact he's not in our"},{"speaker":"Alan Smith","startTime":5671.419,"endTime":5674.419,"body":"industry at all. He's a he's a"},{"speaker":"Alan Smith","startTime":5674.419,"endTime":5679.719,"body":"property man, as a lot of Irish"},{"speaker":"Alan Smith","startTime":5674.419,"endTime":5679.719,"body":"people seem to be but we, we"},{"speaker":"Alan Smith","startTime":5679.719,"endTime":5682.7789999999995,"body":"sorry about that, a glass of"},{"speaker":"Alan Smith","startTime":5679.719,"endTime":5682.7789999999995,"body":"wine. And David likes a glass of"},{"speaker":"Alan Smith","startTime":5682.7789999999995,"endTime":5685.599,"body":"wine. He likes several. But"},{"speaker":"Alan Smith","startTime":5682.7789999999995,"endTime":5685.599,"body":"we're chatting about stuff and"},{"speaker":"Alan Smith","startTime":5685.599,"endTime":5688.419,"body":"little sort of tips and tricks"},{"speaker":"Alan Smith","startTime":5685.599,"endTime":5688.419,"body":"and sort of and he said, Have"},{"speaker":"Alan Smith","startTime":5688.419,"endTime":5691.479,"body":"you ever read swim with the"},{"speaker":"Alan Smith","startTime":5688.419,"endTime":5691.479,"body":"sharks without being eaten"},{"speaker":"Alan Smith","startTime":5691.479,"endTime":5694.7789999999995,"body":"alive? Swim with the sharks"},{"speaker":"Alan Smith","startTime":5691.479,"endTime":5694.7789999999995,"body":"without being I said, No, I have"},{"speaker":"Alan Smith","startTime":5694.7789999999995,"endTime":5699.059,"body":"not. So he gifted me his own"},{"speaker":"Alan Smith","startTime":5694.7789999999995,"endTime":5699.059,"body":"copy by is by a guy called"},{"speaker":"Alan Smith","startTime":5699.059,"endTime":5704.519,"body":"Harvey Mackay, American guy, and"},{"speaker":"Alan Smith","startTime":5699.059,"endTime":5704.519,"body":"it is dated, for sure, it's pre"},{"speaker":"Alan Smith","startTime":5704.519,"endTime":5707.399,"body":"internet, but it is brilliant."},{"speaker":"Alan Smith","startTime":5704.519,"endTime":5707.399,"body":"It's just full of loads and"},{"speaker":"Alan Smith","startTime":5707.399,"endTime":5711.3589999999995,"body":"loads of little snippets and"},{"speaker":"Alan Smith","startTime":5707.399,"endTime":5711.3589999999995,"body":"sound bites about selling, God"},{"speaker":"Alan Smith","startTime":5711.3589999999995,"endTime":5714.599,"body":"forbid, about working with"},{"speaker":"Alan Smith","startTime":5711.3589999999995,"endTime":5714.599,"body":"customers, about building"},{"speaker":"Alan Smith","startTime":5714.599,"endTime":5717.919,"body":"rapport. It's a kind of it"},{"speaker":"Alan Smith","startTime":5714.599,"endTime":5717.919,"body":"reminded me a bit Nick of one of"},{"speaker":"Alan Smith","startTime":5717.919,"endTime":5720.259,"body":"our favorites, How to Win"},{"speaker":"Alan Smith","startTime":5717.919,"endTime":5720.259,"body":"Friends and Influence People."},{"speaker":"Alan Smith","startTime":5720.919,"endTime":5724.159,"body":"And I looked him up. He's got"},{"speaker":"Alan Smith","startTime":5720.919,"endTime":5724.159,"body":"his own website and so on. An"},{"speaker":"Alan Smith","startTime":5724.339,"endTime":5726.979,"body":"interesting thing he does, you"},{"speaker":"Alan Smith","startTime":5724.339,"endTime":5726.979,"body":"can just download a template."},{"speaker":"Alan Smith","startTime":5726.979,"endTime":5731.419,"body":"It's called the Mackay 66 and"},{"speaker":"Alan Smith","startTime":5726.979,"endTime":5731.419,"body":"it's just a list of things that"},{"speaker":"Alan Smith","startTime":5731.419,"endTime":5734.719,"body":"you should know about your"},{"speaker":"Alan Smith","startTime":5731.419,"endTime":5734.719,"body":"customer, all the things that we"},{"speaker":"Alan Smith","startTime":5734.719,"endTime":5737.259,"body":"talked about in the past, like"},{"speaker":"Alan Smith","startTime":5734.719,"endTime":5737.259,"body":"in your CRM system. But, you"},{"speaker":"Alan Smith","startTime":5737.259,"endTime":5739.719,"body":"know, they're the kids, the"},{"speaker":"Alan Smith","startTime":5737.259,"endTime":5739.719,"body":"children's names as hobbies, as"},{"speaker":"Alan Smith","startTime":5739.719,"endTime":5743.139,"body":"clubs. He's a member of all that"},{"speaker":"Alan Smith","startTime":5739.719,"endTime":5743.139,"body":"sort of stuff. And Harvey McKay"},{"speaker":"Alan Smith","startTime":5743.199,"endTime":5746.019,"body":"owned, of all things, an"},{"speaker":"Alan Smith","startTime":5743.199,"endTime":5746.019,"body":"envelope company selling"},{"speaker":"Alan Smith","startTime":5746.019,"endTime":5749.679,"body":"envelopes. But, you know, at"},{"speaker":"Alan Smith","startTime":5746.019,"endTime":5749.679,"body":"scale, mass stuff. And he all"},{"speaker":"Alan Smith","startTime":5749.679,"endTime":5753.159,"body":"his salespeople would look at"},{"speaker":"Alan Smith","startTime":5749.679,"endTime":5753.159,"body":"their 66 thing and go in, you"},{"speaker":"Alan Smith","startTime":5753.759,"endTime":5757.019,"body":"know, old school build rapport,"},{"speaker":"Alan Smith","startTime":5753.759,"endTime":5757.019,"body":"position, the thing, and sell"},{"speaker":"Alan Smith","startTime":5757.019,"endTime":5760.439,"body":"their stuff. But anyway, it's a"},{"speaker":"Alan Smith","startTime":5757.019,"endTime":5760.439,"body":"night. It's a nice book worth"},{"speaker":"Alan Smith","startTime":5760.439,"endTime":5763.8589999999995,"body":"getting. Got it. It's available"},{"speaker":"Alan Smith","startTime":5760.439,"endTime":5763.8589999999995,"body":"on Amazon, swimmer the sharks"},{"speaker":"Alan Smith","startTime":5763.919,"endTime":5766.259,"body":"without being eaten alive. Thank"},{"speaker":"Alan Smith","startTime":5763.919,"endTime":5766.259,"body":"you."},{"speaker":"Nick Lincoln","startTime":5768.54,"endTime":5770.16,"body":"Great stuff. I've"},{"speaker":"Nick Lincoln","startTime":5768.54,"endTime":5770.16,"body":"actually just bought it on"},{"speaker":"Nick Lincoln","startTime":5770.16,"endTime":5773.0999999999995,"body":"Kindle for seven pounds 99 and"},{"speaker":"Nick Lincoln","startTime":5770.16,"endTime":5773.0999999999995,"body":"the book came out in October"},{"speaker":"Nick Lincoln","startTime":5773.0999999999995,"endTime":5777.98,"body":"1989 which that. Was when the"},{"speaker":"Nick Lincoln","startTime":5773.0999999999995,"endTime":5777.98,"body":"New World was coming in, when"},{"speaker":"Nick Lincoln","startTime":5777.98,"endTime":5780.44,"body":"the when the burning wall was"},{"speaker":"Nick Lincoln","startTime":5777.98,"endTime":5780.44,"body":"just about to come down, and"},{"speaker":"Nick Lincoln","startTime":5780.44,"endTime":5782.72,"body":"Eastern Europe was just a"},{"speaker":"Nick Lincoln","startTime":5780.44,"endTime":5782.72,"body":"different world. Completely"},{"speaker":"Nick Lincoln","startTime":5782.72,"endTime":5786.38,"body":"different. One amazing. Okay, my"},{"speaker":"Nick Lincoln","startTime":5782.72,"endTime":5786.38,"body":"culture corner. Does it have"},{"speaker":"Nick Lincoln","startTime":5786.38,"endTime":5789.38,"body":"anything with people with with"},{"speaker":"Nick Lincoln","startTime":5786.38,"endTime":5789.38,"body":"our things? Think of ours. And"},{"speaker":"Nick Lincoln","startTime":5789.38,"endTime":5792.08,"body":"finance, a little bit certainly"},{"speaker":"Nick Lincoln","startTime":5789.38,"endTime":5792.08,"body":"has a lot to do with human"},{"speaker":"Nick Lincoln","startTime":5792.08,"endTime":5795.14,"body":"beings and mistreatment of human"},{"speaker":"Nick Lincoln","startTime":5792.08,"endTime":5795.14,"body":"beings around money, the post"},{"speaker":"Nick Lincoln","startTime":5795.14,"endTime":5797.68,"body":"office versus or Mr. Bates"},{"speaker":"Nick Lincoln","startTime":5795.14,"endTime":5797.68,"body":"versus the post office was the"},{"speaker":"Nick Lincoln","startTime":5797.68,"endTime":5800.08,"body":"ITN three part that came out a"},{"speaker":"Nick Lincoln","startTime":5797.68,"endTime":5800.08,"body":"few months ago about the"},{"speaker":"Nick Lincoln","startTime":5800.08,"endTime":5803.14,"body":"scandalous and the worst scandal"},{"speaker":"Nick Lincoln","startTime":5800.08,"endTime":5803.14,"body":"is ever used sometimes. This was"},{"speaker":"Nick Lincoln","startTime":5803.14,"endTime":5807.16,"body":"an absolute scandal, the"},{"speaker":"Nick Lincoln","startTime":5803.14,"endTime":5807.16,"body":"horizons computer scandal, the"},{"speaker":"Nick Lincoln","startTime":5807.16,"endTime":5809.86,"body":"Fujitsu horizon computer"},{"speaker":"Nick Lincoln","startTime":5807.16,"endTime":5809.86,"body":"scandal. And this is the story"},{"speaker":"Nick Lincoln","startTime":5809.92,"endTime":5816.66,"body":"of it, and it is just"},{"speaker":"Nick Lincoln","startTime":5809.92,"endTime":5816.66,"body":"heartbreaking. And it, it's,"},{"speaker":"Nick Lincoln","startTime":5816.66,"endTime":5819.96,"body":"it's just, it beggars believe. I"},{"speaker":"Nick Lincoln","startTime":5816.66,"endTime":5819.96,"body":"think we all know what happened."},{"speaker":"Nick Lincoln","startTime":5819.96,"endTime":5823.5,"body":"These sub postmasters were given"},{"speaker":"Nick Lincoln","startTime":5819.96,"endTime":5823.5,"body":"this very, very poor computer"},{"speaker":"Nick Lincoln","startTime":5823.5,"endTime":5826.92,"body":"software to use in 1999 stroke"},{"speaker":"Nick Lincoln","startTime":5823.5,"endTime":5826.92,"body":"2000 they were given minimal"},{"speaker":"Nick Lincoln","startTime":5826.92,"endTime":5829.86,"body":"training and told to use this."},{"speaker":"Nick Lincoln","startTime":5826.92,"endTime":5829.86,"body":"And these, the reason this isn't"},{"speaker":"Nick Lincoln","startTime":5829.86,"endTime":5832.5,"body":"this is this is so sad, is that"},{"speaker":"Nick Lincoln","startTime":5829.86,"endTime":5832.5,"body":"sub postmasters the kind of"},{"speaker":"Nick Lincoln","startTime":5832.5,"endTime":5836.22,"body":"people who are the they are the"},{"speaker":"Nick Lincoln","startTime":5832.5,"endTime":5836.22,"body":"community for a lot of these,"},{"speaker":"Nick Lincoln","startTime":5836.22,"endTime":5839.42,"body":"these little villages, I'm sure"},{"speaker":"Nick Lincoln","startTime":5836.22,"endTime":5839.42,"body":"it's the same. Maybe in Ireland,"},{"speaker":"Nick Lincoln","startTime":5839.42,"endTime":5842.0,"body":"it's the same that the post"},{"speaker":"Nick Lincoln","startTime":5839.42,"endTime":5842.0,"body":"office is where you know, you"},{"speaker":"Nick Lincoln","startTime":5842.0,"endTime":5845.24,"body":"have the board, the notice"},{"speaker":"Nick Lincoln","startTime":5842.0,"endTime":5845.24,"body":"board, you know, lost property,"},{"speaker":"Nick Lincoln","startTime":5845.24,"endTime":5848.42,"body":"whatever the sub customer, most"},{"speaker":"Nick Lincoln","startTime":5845.24,"endTime":5848.42,"body":"of knows it. Knows everybody."},{"speaker":"Nick Lincoln","startTime":5848.5999999999995,"endTime":5851.72,"body":"These may not be high alpha"},{"speaker":"Nick Lincoln","startTime":5848.5999999999995,"endTime":5851.72,"body":"people, okay? They may not be"},{"speaker":"Nick Lincoln","startTime":5852.0199999999995,"endTime":5855.86,"body":"technically that great, but"},{"speaker":"Nick Lincoln","startTime":5852.0199999999995,"endTime":5855.86,"body":"they're just good. They're the"},{"speaker":"Nick Lincoln","startTime":5855.86,"endTime":5858.76,"body":"good little people, okay? And"},{"speaker":"Nick Lincoln","startTime":5855.86,"endTime":5858.76,"body":"they were, they were absolutely"},{"speaker":"Nick Lincoln","startTime":5858.76,"endTime":5861.76,"body":"screwed over a barrel by Fujitsu"},{"speaker":"Nick Lincoln","startTime":5858.76,"endTime":5861.76,"body":"when this system wasn't working"},{"speaker":"Nick Lincoln","startTime":5861.76,"endTime":5864.64,"body":"and they couldn't reconcile it"},{"speaker":"Nick Lincoln","startTime":5861.76,"endTime":5864.64,"body":"daily, they had to pick up the"},{"speaker":"Nick Lincoln","startTime":5864.64,"endTime":5867.76,"body":"losses. And these losses got"},{"speaker":"Nick Lincoln","startTime":5864.64,"endTime":5867.76,"body":"bigger and bigger and bigger."},{"speaker":"Nick Lincoln","startTime":5867.88,"endTime":5870.76,"body":"And every time one of these poor"},{"speaker":"Nick Lincoln","startTime":5867.88,"endTime":5870.76,"body":"buggers phoned Fujitsu the"},{"speaker":"Nick Lincoln","startTime":5870.76,"endTime":5874.0,"body":"helpline, they were told no"},{"speaker":"Nick Lincoln","startTime":5870.76,"endTime":5874.0,"body":"other sub postmaster has"},{"speaker":"Nick Lincoln","startTime":5874.0,"endTime":5877.86,"body":"reported a fault. Yeah, it must"},{"speaker":"Nick Lincoln","startTime":5874.0,"endTime":5877.86,"body":"be down to you. Scandalous. And"},{"speaker":"Nick Lincoln","startTime":5877.86,"endTime":5881.4,"body":"people lost their lives. They"},{"speaker":"Nick Lincoln","startTime":5877.86,"endTime":5881.4,"body":"lost their names. Loads of"},{"speaker":"Nick Lincoln","startTime":5881.4,"endTime":5883.74,"body":"people lost money, and in the"},{"speaker":"Nick Lincoln","startTime":5881.4,"endTime":5883.74,"body":"end, it came good. But the book"},{"speaker":"Nick Lincoln","startTime":5883.74,"endTime":5886.98,"body":"is brilliant. It's 500 pages,"},{"speaker":"Nick Lincoln","startTime":5883.74,"endTime":5886.98,"body":"and the last quarter is heavy on"},{"speaker":"Nick Lincoln","startTime":5886.98,"endTime":5890.94,"body":"the legal stuff, but it's very"},{"speaker":"Nick Lincoln","startTime":5886.98,"endTime":5890.94,"body":"well documented. But if you want"},{"speaker":"Nick Lincoln","startTime":5890.94,"endTime":5893.16,"body":"to see how rotten our"},{"speaker":"Nick Lincoln","startTime":5890.94,"endTime":5893.16,"body":"establishment is and how they"},{"speaker":"Nick Lincoln","startTime":5893.16,"endTime":5897.32,"body":"went to they all en masse, came"},{"speaker":"Nick Lincoln","startTime":5893.16,"endTime":5897.32,"body":"together to make sure these sub"},{"speaker":"Nick Lincoln","startTime":5897.32,"endTime":5900.08,"body":"postmasters never had a fair"},{"speaker":"Nick Lincoln","startTime":5897.32,"endTime":5900.08,"body":"chance for years and years and"},{"speaker":"Nick Lincoln","startTime":5900.08,"endTime":5902.84,"body":"years. Read the great post"},{"speaker":"Nick Lincoln","startTime":5900.08,"endTime":5902.84,"body":"office scandal by Nick Wallace,"},{"speaker":"Nick Lincoln","startTime":5902.84,"endTime":5908.18,"body":"it's, it's just an eye opener,"},{"speaker":"Nick Lincoln","startTime":5902.84,"endTime":5908.18,"body":"it it's a real scandal, right?"},{"speaker":"Nick Lincoln","startTime":5908.24,"endTime":5909.62,"body":"There we go. Voice,"},{"speaker":"Carl Widger","startTime":5911.599,"endTime":5914.119,"body":"you shouldn't have"},{"speaker":"Carl Widger","startTime":5911.599,"endTime":5914.119,"body":"called me. I was like because I"},{"speaker":"Carl Widger","startTime":5914.899,"endTime":5918.879,"body":"knew clearly, do business, do"},{"speaker":"Carl Widger","startTime":5914.899,"endTime":5918.879,"body":"life. Brad Johnson, I've"},{"speaker":"Carl Widger","startTime":5918.879,"endTime":5922.3589999999995,"body":"mentioned him before, try on my"},{"speaker":"Carl Widger","startTime":5918.879,"endTime":5922.3589999999995,"body":"holidays to listen to stuff"},{"speaker":"Carl Widger","startTime":5922.3589999999995,"endTime":5924.519,"body":"that's maybe a little bit"},{"speaker":"Carl Widger","startTime":5922.3589999999995,"endTime":5924.519,"body":"different. So why were you"},{"speaker":"Carl Widger","startTime":5924.519,"endTime":5927.039,"body":"listening to a financial"},{"speaker":"Carl Widger","startTime":5924.519,"endTime":5927.039,"body":"planning podcast to hear you say"},{"speaker":"Carl Widger","startTime":5927.339,"endTime":5932.979,"body":"it's actually a little bit about"},{"speaker":"Carl Widger","startTime":5927.339,"endTime":5932.979,"body":"his personal story and some of"},{"speaker":"Carl Widger","startTime":5932.979,"endTime":5937.019,"body":"the struggles he had in terms of"},{"speaker":"Carl Widger","startTime":5932.979,"endTime":5937.019,"body":"work, life balance, in terms of"},{"speaker":"Carl Widger","startTime":5937.019,"endTime":5940.019,"body":"setting up a business, feeling"},{"speaker":"Carl Widger","startTime":5937.019,"endTime":5940.019,"body":"the pressure of a business. And"},{"speaker":"Carl Widger","startTime":5940.379,"endTime":5944.999,"body":"his message is kind of"},{"speaker":"Carl Widger","startTime":5940.379,"endTime":5944.999,"body":"everybody, every entrepreneur or"},{"speaker":"Carl Widger","startTime":5945.059,"endTime":5948.599,"body":"business owner, or whatever you"},{"speaker":"Carl Widger","startTime":5945.059,"endTime":5948.599,"body":"want to call it, should be in"},{"speaker":"Carl Widger","startTime":5948.659,"endTime":5951.959,"body":"some type of therapy. Now, he"},{"speaker":"Carl Widger","startTime":5948.659,"endTime":5951.959,"body":"does qualify by saying you"},{"speaker":"Carl Widger","startTime":5951.959,"endTime":5954.3589999999995,"body":"should have a coach. You should"},{"speaker":"Carl Widger","startTime":5951.959,"endTime":5954.3589999999995,"body":"have a mentor. You should have"},{"speaker":"Carl Widger","startTime":5954.3589999999995,"endTime":5961.159,"body":"someone that you can talk to. I"},{"speaker":"Carl Widger","startTime":5954.3589999999995,"endTime":5961.159,"body":"firmly believe he's correct. I"},{"speaker":"Carl Widger","startTime":5961.159,"endTime":5965.479,"body":"have probably all of the above,"},{"speaker":"Carl Widger","startTime":5961.159,"endTime":5965.479,"body":"and by God, I'm happy I do, and"},{"speaker":"Carl Widger","startTime":5965.479,"endTime":5969.619,"body":"I'm in a much better place for"},{"speaker":"Carl Widger","startTime":5965.479,"endTime":5969.619,"body":"it. And I think anybody who's"},{"speaker":"Carl Widger","startTime":5969.619,"endTime":5973.459,"body":"struggling a little bit in"},{"speaker":"Carl Widger","startTime":5969.619,"endTime":5973.459,"body":"business, have a listen to that"},{"speaker":"Carl Widger","startTime":5973.519,"endTime":5976.479,"body":"and then take his advice. I"},{"speaker":"Carl Widger","startTime":5973.519,"endTime":5976.479,"body":"think, I think it's a really"},{"speaker":"Carl Widger","startTime":5976.479,"endTime":5981.2789999999995,"body":"good episode and just worth"},{"speaker":"Carl Widger","startTime":5976.479,"endTime":5981.2789999999995,"body":"hearing sometimes that if you're"},{"speaker":"Carl Widger","startTime":5981.759,"endTime":5984.459,"body":"having a little bit of a"},{"speaker":"Carl Widger","startTime":5981.759,"endTime":5984.459,"body":"struggle and it seems that"},{"speaker":"Carl Widger","startTime":5984.459,"endTime":5987.039,"body":"everyone else around you has"},{"speaker":"Carl Widger","startTime":5984.459,"endTime":5987.039,"body":"been, you know, massively"},{"speaker":"Carl Widger","startTime":5987.039,"endTime":5991.7789999999995,"body":"successful, that's just not the"},{"speaker":"Carl Widger","startTime":5987.039,"endTime":5991.7789999999995,"body":"case. And go and talk to"},{"speaker":"Carl Widger","startTime":5991.7789999999995,"endTime":5995.799,"body":"somebody, and you'll be amazed"},{"speaker":"Carl Widger","startTime":5991.7789999999995,"endTime":5995.799,"body":"how that will help you through"},{"speaker":"Carl Widger","startTime":5995.8589999999995,"endTime":5999.059,"body":"the bad times to get to the good"},{"speaker":"Carl Widger","startTime":5995.8589999999995,"endTime":5999.059,"body":"times, because good times are"},{"speaker":"Carl Widger","startTime":5999.059,"endTime":6000.079,"body":"ahead. I promise you"},{"speaker":"Nick Lincoln","startTime":6000.26,"endTime":6002.36,"body":"interesting. I had"},{"speaker":"Nick Lincoln","startTime":6000.26,"endTime":6002.36,"body":"one session with a therapist"},{"speaker":"Nick Lincoln","startTime":6002.36,"endTime":6005.0,"body":"once, then she probably retired."},{"speaker":"Nick Lincoln","startTime":6002.36,"endTime":6005.0,"body":"I wouldn't say my call got my"},{"speaker":"Nick Lincoln","startTime":6005.0,"endTime":6005.3,"body":"number."},{"speaker":"Carl Widger","startTime":6006.92,"endTime":6008.9,"body":"I don't think she"},{"speaker":"Carl Widger","startTime":6006.92,"endTime":6008.9,"body":"retired. I think she's in"},{"speaker":"Carl Widger","startTime":6008.9,"endTime":6009.62,"body":"therapy herself."},{"speaker":"Alan Smith","startTime":6009.68,"endTime":6012.32,"body":"I agree you should."},{"speaker":"Alan Smith","startTime":6009.68,"endTime":6012.32,"body":"You should have a therapist, not"},{"speaker":"Alan Smith","startTime":6012.32,"endTime":6015.62,"body":"here. Nick is mine. Nick is"},{"speaker":"Alan Smith","startTime":6012.32,"endTime":6015.62,"body":"mine. Every time I've got"},{"speaker":"Alan Smith","startTime":6015.62,"endTime":6019.0599999999995,"body":"something on my mind, send him a"},{"speaker":"Alan Smith","startTime":6015.62,"endTime":6019.0599999999995,"body":"little WhatsApp, and he tells me"},{"speaker":"Alan Smith","startTime":6019.0599999999995,"endTime":6020.38,"body":"to sort myself out"},{"speaker":"Nick Lincoln","startTime":6022.18,"endTime":6026.32,"body":"fully, a self"},{"speaker":"Nick Lincoln","startTime":6022.18,"endTime":6026.32,"body":"heart isn't here to give his one"},{"speaker":"Nick Lincoln","startTime":6026.44,"endTime":6029.2,"body":"shot. Probably annoy Ultra but"},{"speaker":"Nick Lincoln","startTime":6026.44,"endTime":6029.2,"body":"dirty pop, Netflix, I do know"},{"speaker":"Nick Lincoln","startTime":6029.2,"endTime":6032.38,"body":"about about this is this. This"},{"speaker":"Nick Lincoln","startTime":6029.2,"endTime":6032.38,"body":"is the pop the boy pop"},{"speaker":"Nick Lincoln","startTime":6032.38,"endTime":6036.48,"body":"impresario Lou Backstreet Boys"},{"speaker":"Nick Lincoln","startTime":6032.38,"endTime":6036.48,"body":"who NSYNC and Backstreet Boys."},{"speaker":"Nick Lincoln","startTime":6036.48,"endTime":6039.18,"body":"It's a very good, apparently,"},{"speaker":"Nick Lincoln","startTime":6036.48,"endTime":6039.18,"body":"Netflix documentary. This guy"},{"speaker":"Nick Lincoln","startTime":6039.18,"endTime":6041.64,"body":"was a complete Ponzi scheme in"},{"speaker":"Nick Lincoln","startTime":6039.18,"endTime":6041.64,"body":"terms of what he's doing with"},{"speaker":"Nick Lincoln","startTime":6041.64,"endTime":6044.76,"body":"the money. But maybe we'll let"},{"speaker":"Nick Lincoln","startTime":6041.64,"endTime":6044.76,"body":"Ultra give it justice when he"},{"speaker":"Nick Lincoln","startTime":6044.76,"endTime":6048.96,"body":"returns to it. What a tech snafu"},{"speaker":"Nick Lincoln","startTime":6044.76,"endTime":6048.96,"body":"from the tech wonderful as well."},{"speaker":"Nick Lincoln","startTime":6049.44,"endTime":6052.86,"body":"Miami, wrong charger, flat"},{"speaker":"Nick Lincoln","startTime":6049.44,"endTime":6052.86,"body":"battery, wrong microphones,"},{"speaker":"Alan Smith","startTime":6052.86,"endTime":6054.72,"body":"absolutely. Anyway,"},{"speaker":"Alan Smith","startTime":6052.86,"endTime":6054.72,"body":"it"},{"speaker":"Nick Lincoln","startTime":6054.72,"endTime":6059.18,"body":"is what it is,"},{"speaker":"Nick Lincoln","startTime":6054.72,"endTime":6059.18,"body":"absolute, absolute shambles,"},{"speaker":"Alan Smith","startTime":6059.36,"endTime":6062.18,"body":"absolute shambles."},{"speaker":"Alan Smith","startTime":6059.36,"endTime":6062.18,"body":"There we go. We done,"},{"speaker":"Nick Lincoln","startTime":6064.939,"endTime":6067.039,"body":"absolutely"},{"speaker":"Nick Lincoln","startTime":6064.939,"endTime":6067.039,"body":"shambles, okay. I think we had"},{"speaker":"Nick Lincoln","startTime":6067.039,"endTime":6068.179,"body":"okay. So we are at"},{"speaker":"Alan Smith","startTime":6069.26,"endTime":6074.3,"body":"one day, one day,"},{"speaker":"Alan Smith","startTime":6069.26,"endTime":6074.3,"body":"100% perfectly. No tech balls"},{"speaker":"Alan Smith","startTime":6074.3,"endTime":6075.62,"body":"ups. But."},{"speaker":"Nick Lincoln","startTime":6076.12,"endTime":6079.12,"body":"I think it's the"},{"speaker":"Nick Lincoln","startTime":6076.12,"endTime":6079.12,"body":"the overseas trails do tend to"},{"speaker":"Nick Lincoln","startTime":6079.54,"endTime":6080.26,"body":"for what better"},{"speaker":"Alan Smith","startTime":6080.259,"endTime":6084.399,"body":"do, what Carl does."},{"speaker":"Alan Smith","startTime":6080.259,"endTime":6084.399,"body":"Just saying, Yeah, stop talk."},{"speaker":"Alan Smith","startTime":6085.479,"endTime":6086.079,"body":"Yeah. Have"},{"speaker":"Carl Widger","startTime":6086.08,"endTime":6089.68,"body":"I not proven at"},{"speaker":"Carl Widger","startTime":6086.08,"endTime":6089.68,"body":"this stage, for Christ's sake,"},{"speaker":"Carl Widger","startTime":6089.68,"endTime":6089.8,"body":"to"},{"speaker":"Nick Lincoln","startTime":6089.8,"endTime":6092.68,"body":"goof up, but it's"},{"speaker":"Nick Lincoln","startTime":6089.8,"endTime":6092.68,"body":"coming. It's coming. Without a"},{"speaker":"Nick Lincoln","startTime":6092.68,"endTime":6093.04,"body":"doubt. You"},{"speaker":"Carl Widger","startTime":6093.099,"endTime":6095.439,"body":"did you at the"},{"speaker":"Carl Widger","startTime":6093.099,"endTime":6095.439,"body":"cleaning lady and everything"},{"speaker":"Carl Widger","startTime":6095.439,"endTime":6097.739,"body":"coming into you in Sicily when"},{"speaker":"Carl Widger","startTime":6095.439,"endTime":6097.739,"body":"you got stuck there?"},{"speaker":"Nick Lincoln","startTime":6097.86,"endTime":6100.0199999999995,"body":"I worked that into"},{"speaker":"Nick Lincoln","startTime":6097.86,"endTime":6100.0199999999995,"body":"comedy gold. That's the, that's,"},{"speaker":"Nick Lincoln","startTime":6100.0199999999995,"endTime":6100.98,"body":"that's the skill, you see,"},{"speaker":"Carl Widger","startTime":6101.2789999999995,"endTime":6104.459,"body":"right? Depends on"},{"speaker":"Carl Widger","startTime":6101.2789999999995,"endTime":6104.459,"body":"your definition of belt out"},{"speaker":"Nick Lincoln","startTime":6104.46,"endTime":6106.5,"body":"come. We gotta, we"},{"speaker":"Nick Lincoln","startTime":6104.46,"endTime":6106.5,"body":"gotta get it. We gotta do this."},{"speaker":"Nick Lincoln","startTime":6106.5,"endTime":6109.44,"body":"Otherwise we'll be all day. That"},{"speaker":"Nick Lincoln","startTime":6106.5,"endTime":6109.44,"body":"is a wrap for the episode. Thank"},{"speaker":"Nick Lincoln","startTime":6109.44,"endTime":6111.66,"body":"you, dear trappers for leaving."},{"speaker":"Nick Lincoln","startTime":6109.44,"endTime":6111.66,"body":"Please do leave a six out of"},{"speaker":"Nick Lincoln","startTime":6111.66,"endTime":6114.54,"body":"five star review on iTunes, like"},{"speaker":"Nick Lincoln","startTime":6111.66,"endTime":6114.54,"body":"and subscribe to our YouTube"},{"speaker":"Nick Lincoln","startTime":6114.54,"endTime":6118.16,"body":"channel. I think we're 860"},{"speaker":"Nick Lincoln","startTime":6114.54,"endTime":6118.16,"body":"subscribers now, so we're"},{"speaker":"Nick Lincoln","startTime":6118.16,"endTime":6121.28,"body":"getting very close to hitting"},{"speaker":"Nick Lincoln","startTime":6118.16,"endTime":6121.28,"body":"the magic 1000 and then still"},{"speaker":"Nick Lincoln","startTime":6121.28,"endTime":6124.4,"body":"earning any money, because we"},{"speaker":"Nick Lincoln","startTime":6121.28,"endTime":6124.4,"body":"get demon size anyway. So until"},{"speaker":"Nick Lincoln","startTime":6124.4,"endTime":6127.64,"body":"the next time from the trap"},{"speaker":"Nick Lincoln","startTime":6124.4,"endTime":6127.64,"body":"pack, it's adios. Take care of"},{"speaker":"Nick Lincoln","startTime":6127.64,"endTime":6132.0199999999995,"body":"there, and we'll see you on the"},{"speaker":"Nick Lincoln","startTime":6127.64,"endTime":6132.0199999999995,"body":"other side. Goodbye."},{"speaker":"Carl Widger","startTime":6132.44,"endTime":6133.28,"body":"Bye. Bye. You."},{"speaker":"Alan Smith","startTime":6142.84,"endTime":6145.12,"body":"Yo, what happened to"},{"speaker":"Alan Smith","startTime":6142.84,"endTime":6145.12,"body":"heart? I."}]}